Teranga gold agm 2018

1. TSX:TGZ / OTCQX:TGCDF
AGM
May 8, 2018
Building The Next
Multi-Asset Mid-Tier
West African Gold Producer

2. ALAN R. HILL
CHAIRMAN

3. 3
Business of the Meeting
Receive 2017 Financial Statements
Re-appointment of Auditors
Election of Directors

4. RICHARD YOUNG
PRESIDENT & CEO

5. Forward-Looking Statements
5
All information included in this presentation, including any information as to Teranga’s future financial or operating performance and other statements that express management’s
expectations or estimates of future performance, other than statements of historical fact, constitute forward-looking information or forward-looking statements within the meaning of
applicable securities laws and are based on expectations, estimates and projections as of the date hereof. Forward-looking statements are included for the purpose of providing
information about management’s current expectations and plans relating to the future. Wherever possible, words such as “plans”, “expects”, “scheduled”, “trends”, “indications”,
“potential”, “estimates”, “predicts”, “anticipate”, “to establish”, “believe”, “intend”, “ability to”, or statements that certain actions, events or results “may”, “could”, “would”, “might”,
“will”, or are "likely" to be taken, occur or be achieved, or the negative of these words or other variations thereof, have been used to identify such forward-looking information.
Specific forward-looking statements include, without limitation, all disclosure regarding future results of operations, economic conditions and anticipated courses of action.
Although the forward-looking statements contained herein reflect management's current beliefs and reasonable assumptions based upon information available to management as
of the date hereof, Teranga cannot be certain that actual results will be consistent with such forward-looking information. Such assumptions include, among others, the ability to
obtain any requisite governmental approvals, the accuracy of mineral reserve and mineral resource estimates, gold price, exchange rates, fuel and energy costs, future economic
conditions, anticipated future estimates of free cash flow, and courses of action. Teranga cautions you not to place undue reliance upon any such forward-looking statements.
The risks and uncertainties that may affect forward-looking statements include, among others, the inherent risks involved in exploration and development of mineral properties,
including government approvals and permitting, changes in economic conditions, changes in the worldwide price of gold and other key inputs, changes in mine plans and other
factors, such as project execution delays, many of which are beyond the control of Teranga. For a more comprehensive discussion of the risks faced by Teranga, and which may
cause the actual financial results, performance or achievements of Teranga to be materially different from estimated future results, performance or achievements expressed or
implied by forward-looking information or forward-looking statements, please refer to Teranga’s latest Annual Information Form filed with Canadian securities regulatory authorities
at www.sedar.com or on Teranga’s website at www.terangagold.com. The risks described in the Annual Information Form (filed and viewable on www.sedar.com and on
Teranga’s website at www.terangagold.com) are hereby incorporated by reference herein. Teranga disclaims any intention or obligation to update or revise any forward-looking
statements whether as a result of new information, future events or otherwise, except as required by applicable law. Nothing herein should be construed as either an offer to sell
or a solicitation to buy or sell Teranga securities.
All references to Teranga include its subsidiaries unless the context requires otherwise. This presentation contains references to Teranga using the words “we”, “us”, “our” and
similar words and the reader is referred to using the words “you”, “your” and similar words. All dollar amounts stated are denominated in U.S. dollars unless specified otherwise.

6. Senegal
Côte d’Ivoire
Burkina Faso
Mali
Guinea
Guinea-
Bisseau
The Gambia
Ghana
Benin
Niger
Sierra
Leone
Liberia
Togo
Sabodala Gold Mine
• Long-life mine
• More than 1.4Moz production since 2010
• Niakafiri resettlement on track for 2019
6
Wahgnion Development Project
• Concluded financing
• Major construction in Q2 2018
• Resources update in Q2
• Reserves update in Q3
Golden Hill Exploration JV
• Initial resource expected in 2018
• Fully funded to feasibility
Gourma
Exploration
JV
Guitry
Dianra
Mahepleu
Tiassale
Sangaredougou
Building A Multi-Asset Mid-Tier Gold Producer in Mining-Friendly West Africa
Teranga has nearly
4.0 million ounces of
gold reserves from
its Sabodala Gold Mine
and its Wahgnion
Development Project(1)(2)
Afema
Refer to Appendix – Endnotes (1) and (2)

7. Achieved record
production of
233,267 oz
of gold
Announced positive
feasibility for
Wahgnion Project
including reserves
of 1.2Moz(1)
Positive drill results
from Golden Hill
Entered into joint
venture on Afema
land package in
Côte d’lvoire
FY2017 Highlights
7
  
Refer to Appendix – Endnote (1)

8. 8
• Deliver projects on time and on budget
• Trust-based relationship with all
stakeholders
• Safeguard reputation
• Ability to grow footprint in West Africa
Creating Long-Term Sustainable Value for Our Stakeholders Through Responsible Mining
Shareholder Value Risk Management Improve Local Livelihoods
• Avoid community unrest & conflict
• Avoid work stoppages
• Avoid legal action
• Avoid withdrawal of operating licenses
• Local recruitment
• Local progression & promotion
• Local procurement & other capacity
building

9. 9
Managing Two World-Class Resettlements: Sabodala and Wahgnion
Resettlement of Communities
• Household and farmland surveys
• Community negotiations on physical resettlement
• Permitting and urban planning
• Financial compensation for land, crops, trees,
inconvenience, annexes
• Resettlement site construction
• Livelihood restoration
• Monitoring and evaluation and continued support
• Village resettlements led by ERM Group, experienced
global sustainability consultants
• The resettlements comply with IFC Performance Standards
and reflect international best practices
• Members of the affected communities participate in all
areas of decision making
• Our mission is to leave the communities better off than
before we arrived

10. 
Prospectors & Developers Association of Canada
2017 Environmental & Social Responsibility Award
2016 United Nations Global Compact
Network Canada Sustainability Award
Four Time Winner of Corporate Knights Future
40 Responsible Corporate Leaders in Canada
2016 Capital Finance International: Best ESG
Responsible Mining Management West Africa
10



Leading With Our Social License
2017 RSE (Responsabilité Sociale et
Environnementale) Senegal Award

11. Sabodala
Senegal, West Africa
11

12. 12
Exploration Prospects
Mineral Resources
Masato Style Bulk
Tonnage Gold Trend
Golouma Style High-
Grade Gold Trend
Mining Concession
Exploration Permits
Previous Mine License
Sabodala
Mill
Sabodala Mine License &
Regional Land Package
Largest Gold Producer in Senegal:
Continuing to Replace Reserves, Strong 5-Year Profile
Mali
Niakafiri
Goumbati
West
Life of Mine
Summary(5)(6)(7)
5 years
(2018-2022)
13 years
(2018-2030)
Annual production 213koz 176koz
All-in sustaining costs* $885/oz $893/oz
Total free cash flow* $230M $556M
2.7Moz
2P Reserves(2)
4.4Moz
M&I Resources(7)
13-Year
Mine Life(7)
*Refer to Appendix – Non-IFRS Performance Measures
Refer to Appendix – Endnotes (2), (5), (6) and (7)

13. Wahgnion Project
Burkina Faso, West Africa
13

14. 14
Solid Start to Teranga’s Second Mine – Wahgnion
Nogbele
Stinger
15km from plant
Samavogo
25km from plant
Fourkoura
6km from plant
Life of Mine Summary
Initial
5.5 years
LOM
(9 years)
Annual production(4)(5) 131koz 119koz
All-in Sustaining Costs* $807/oz $843/oz
Total free cash flow* $302M $409M
Pre-production capital** ($232M)
Net cash flow $176M
*Refer to Appendix – Non-IFRS Performance Measures
**Pre-production capital costs of $232 million excludes $12 million in construction readiness
activities spent prior to major construction
Refer to Appendix – Endnote (1)
1.2Moz
2P
Reserves(1)
1.8Moz
M&I
Resources(8)
0.7Moz
Inferred
Resources(8)
Wahgnion Development Project
Permitted mining license: 89 km2
Exploration licenses:+1,000 km2
Four initial deposits at Wahgnion
(Nogbele, Samavogo, Fourkoura
& Stinger) located in close proximity
to proposed plant site
Proposed
Processing Plant

15. Golden Hill
Burkina Faso, West Africa
15

16. 16
Five Prospects Within ~6-Kilometre Radius of Central Point
• In just one year, there have been three discoveries at
Golden Hill
• To date Golden Hill has produced a series of high-grade,
near-surface drill results at the first five prospects:
– Ma
– Jackhammer Hill
– Peksou
– C-Zone
– Nahiri
• The close proximity of these targets
and prospects lends itself to a central
mill/multi-deposit operation similar to
Sabodala and Wahgnion
For full details on Golden Hill, please visit www.terangagold.com
Rapidly Progressing Golden Hill Towards an Initial Resource
GEOLOGY
Tarkwaian Type Sediments
Volcano Sediments
Mixed Volcano Sediments & Volcanics
Basalt
Grantoid
Batholith
Ma North
Ma Main
Ma East
Jackhammer Hill
PeksouC-Zone
B-Zone
A-Zone
Nahiri

17. Côte d’Ivoire
Exploration
Guitry & Afema
17

18. Afema (Côte d’Ivoire)
18
Afema
Mine License
Afema
Exploration
Permit
Afema
Exploration
Permit Afema
Exploration
Permit
Ayamé Gold Horizon
(33k Strike Length)
Bafla Gold Horizon
(34 km Strike Length)
Sefwi-Bibiani Gold Belt
(34 km Strike Length)
Asankrangwa Gold Belt
(30 km Strike Length)
Andina Gold Horizon
(13 km Strike Length)
Q1 2018 Activities
• Finalized Afema joint venture with Sodim
Limited (51%, earning 70%)
• Initiated early-stage field exploration at both
the mine license and regional land package
totaling 1,400 km2
Next Steps
• Compile and review previous technical data
to assist in guiding exploration programs
• Re-model historic resources to identify
areas for initial drilling evaluation
• Anticipate initiation of a property-wide
stream-sediment BLEG sampling program,
soil sampling and drilling during Q2 2018

19. Guitry (Côte d’Ivoire)
• Completed the first-ever drilling program on the
property
– 68 shallow air-core sectional profile holes
– comprising 3,300 metres over the central
1 km extent of our current 7 km strike
length gold-in-soil geochem anomaly
• Results from this first pass, near-surface drilling
program, will help us determine where to focus
subsequent exploration within this large target
Endeavour
Endeavour
Perseus
Randgold
Côte d’Ivoire
Guitry
Tiassale
Mahepleu
Sangaredougou
Operating Gold Mine/ Development Project
Newcrest
Dianra
19
Afema

20. Wrap-Up
20

21. Strong Financial Position
21
$60 Million
Cash balance
as at March 31, 2018
+$90 Million(6)
Estimated cash flow from
Sabodala 2018-2019
$190 Million
Wahgnion Project debt +
Golden Hill facility
Solid Financial
Position
to optimize our Sabodala
Operations, bring Wahgnion
into production and to advance
Golden Hill through feasibility
Refer to Appendix – Endnote (6)

22. Regular exploration updates
Initial resource estimations by year end
Golden HillSabodala
Production of 210Koz-225Koz
2018 News Flow and Milestones
22
Commence mill construction in Q2
Update resources in Q2
Update reserves in Q3
Update NI 43-101 technical report
Project updates from Guitry and Afema
Wahgnion Côte d’Ivoire

23. APPENDIX

24. Endnotes
26
1. Refers to proven and probable reserves of 1.2Moz for the Wahgnion project as per reserve estimate as of September 7, 2017 included in the Wahgnion technical report dated October 20, 2017 available on the
Company’s website at www.terangagold.com and SEDAR at www.sedar.com.
2. Refers to proven and probable reserves of 2.7Moz for the Sabodala project as per reserve estimate as of June 30, 2017 included in the Sabodala NI 43-101 technical report dated August 30, 2017 available on
the Company’s website at www.terangagold.com and SEDAR at www.sedar.com.
3. This production target is based on proven and probable reserves only from Teranga’s Sabodala Project as at June 30, 2017. For more information regarding Teranga Gold’s Mineral Reserves and Resources and
related notes, please refer to the NI 43-101 compliant technical report for the Sabodala Project dated August 30, 2017 available on the Company’s website at www.terangagold.com and on SEDAR at
www.sedar.com.
4. This production target is based on proven and probable ore reserves only for Teranga’s Wahgnion Project as at September 7, 2017. For more information regarding the Wahgnion’s Mineral Reserves and
Resources and related notes, please refer to the NI 43-101 compliant technical report for the Wahgnion Project dated October 20, 2017 accessible on the Company’s website at www.terangagold.com and on
SEDAR at www.sedar.com.
5. LOM assumptions include: Gold Price $1,250 per ounce
Heavy Fuel Oil (HFO): Wahgnion - $0.59 per litre; Sabodala - $0.46 per litre
Light Fuel Oil (LFO): Wahgnion - $1.04 per litre ($0.88 per litre during construction period); Sabodala - $0.81 per litre
Euro to USD Exchange Rate: $1.10
6. This Sabodala free cash flow is an estimate that is based on the updated life of mine plan and reserve estimate for the Sabodala project, as set out in the Technical Report of Teranga for the Sabodala Project,
Senegal, West Africa, dated August 30, 2017 (the “Sabodala Technical Report”). See in particular Section 21 of the Sabodala Technical Report - Capital and Operating Costs.
7. Teranga’s Sabodala Mineral Reserves and Mineral Resources estimates as at June 30, 2017. For more information regarding Sabodala’s Mineral Reserves and Resources and related notes, please refer to the NI
43-101 compliant technical report for the Sabodala Project dated August 30, 2017 accessible on the Company’s website at www.terangagold.com and on SEDAR at www.sedar.com.
8. Teranga’s Wahgnion Mineral Reserves and Mineral Resources estimates as at September 7, 2017. For more information regarding Wahgnion’s Mineral Reserves and Resources and related notes, please refer to
the NI 43-101 compliant technical report for the Wahgnion Project dated October 20, 2017 accessible on the Company’s website at www.terangagold.com and on SEDAR at www.sedar.com.

25. Competent & Qualified Persons Statement
27
The technical information contained in this document relating to the open pit mineral reserve estimates for Niakafiri is based on, and fairly represents, information compiled by Mr. William Paul Chawrun, P. Eng who is a member of the Professional
Engineers Ontario, which is currently included as a "Recognized Overseas Professional Organization" in a list promulgated by the ASX from time to time. Mr. Chawrun is a full time employee of Teranga and is not "independent" within the meaning of
43-101. However, he is a "qualified person" as defined in NI 43-101 and a “competent person” as defined in the 2012 Edition of the “Australasian code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (the “JORC Code”).
Mr. Chawrun has sufficient experience relevant to the style of mineralization and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person as defined in the JORC Code. Mr. Chawrun has consented to
the inclusion in this document of the matters based on his compiled information in the form and context in which it appears in this document.
The technical information contained in this document relating to mineral resource estimates for Niakafiri is based on, and fairly represents, information compiled by Ms. Patti Nakai-Lajoie. Ms. Nakai-Lajoie, P. Geo., is a Member of the Association of
Professional Geoscientists of Ontario, which is currently included as a "Recognized Overseas Professional Organization" in a list promulgated by the ASX from time to time. Ms. Nakai-Lajoie is a full time employee of Teranga and is not "independent"
within the meaning of NI 43-101. However, she is a "qualified person" as defined in NI 43-101 and a “competent person” as defined in the JORC Code. Ms. Nakai-Lajoie has sufficient experience relevant to the style of mineralization and type of
deposit under consideration and to the activity she is undertaking to qualify as a Competent Person as defined in the JORC Code. Ms. Nakai-Lajoie has consented to the inclusion in this document of the matters based on her compiled information in
the form and context in which it appears in this document.
The information in this document that relates to Mineral Reserve estimates has been extracted from the Technical Report dated March 22, 2016 (“Technical Report”). The Technical Report is available to be viewed on the company’s website at:
www.terangagold.com
Teranga's exploration programs are being managed by Peter Mann, M.Sc. Geology, Minerals Exploration who is a Professional Fellow Member of the Australasian Institute of Mining and Metallurgy (Reg. 990534). The technical information contained
in this document relating exploration results are based on, and fairly represents, information compiled by Mr. Mann. Mr. Mann has verified and approved the data disclosed in this release, including the sampling, analytical and test data underlying the
information. Mr. Mann is a full time employee of Teranga and is not "independent" within the meaning of NI 43-101. However, he is a "qualified person" as defined in NI 43-101 and a “competent person” as defined in the JORC Code. Mr. Mann has
sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the JORC Code. Mr. Mann has consented to the
inclusion in this Report of the matters based on his compiled information in the form and context in which it appears herein.
Teranga's disclosure of mineral reserve and mineral resource information is governed by NI 43-101 under the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum Standards on Mineral Resources and Mineral Reserves (the
“CIM Standards”), adopted by the Canadian Institute of Mining, Metallurgy, and Petroleum (“CIM”) and its council, as may be amended from time to time by CIM. CIM definitions of the terms "mineral reserve", "proven mineral reserve", "probable
mineral reserve", "mineral resource", "measured mineral resource", "indicated mineral resource" and "inferred mineral resource", are substantially similar to the JORC Code corresponding definitions of the terms "ore reserve", "proved ore reserve",
"probable ore reserve", "mineral resource", "measured mineral resource", "indicated mineral resource" and "inferred mineral resource", respectively. Estimates of mineral resources and mineral reserves prepared in accordance with the JORC Code
would not be materially different if prepared in accordance with the CIM definitions applicable under NI 43-101. There can be no assurance that those portions of mineral resources that are not mineral reserves will ultimately be converted into mineral
reserves.
Teranga confirms that it is not aware of any new information or data that materially affects the information included in the Technical Report or first quarter 2017 results, market announcements and, in the case of estimates of Mineral Resources, that all
material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s
findings are presented have not been materially modified from the original market announcement.

26. 28
Non-IFRS Performance Measures
The Company has included non-IFRS measures in this document, including “total cash costs”, “total cash costs per ounce sold”, “all-in sustaining costs” (“AISC”), “AISC (excluding cash / (non-cash) inventory movements
and amortized advanced royalty costs)”, “AISC per ounce”, “AISC (excluding cash / (non-cash) inventory movements and amortized advanced royalty costs) per ounce”, “average realized gold price”, “earnings before
interest, taxes, depreciation and amortization” (“EBITDA”), “free cash flow”, “adjusted net profit attributable to shareholders” and “adjusted basic earnings per share”. These measures are intended to provide additional
information only and do not have any standardized definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measures are
not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate these measures differently.
“Total cash costs” figures are calculated in accordance with a standard developed by The Gold Institute, which was a worldwide association of suppliers of gold and gold products and included leading North American
gold producers. The Gold Institute ceased operations in 2002, but the standard is considered the accepted standard of reporting cash cost of production in North America. Adoption of the standard is voluntary and the
cost measures presented may not be comparable to other similarly titled measure of other companies. “Total cash costs per ounce sold” is a common financial performance measure in the gold mining industry but has
no standard meaning under IFRS. The Company reports total cash costs on a sales basis. The World Gold Council (“WGC”) definition of AISC seeks to extend the definition of total cash costs by adding corporate
general and administrative costs, reclamation and remediation costs (including accretion and amortization), exploration and study costs (capital and expensed), capitalized stripping costs and sustaining capital
expenditures and represents the total costs of producing gold from current operations. AISC excludes income tax payments, interest costs, costs related to business acquisitions and items needed to normalize earnings.
Consequently, this measure is not representative of all of the Company’s cash expenditures. In addition, the calculation of AISC does not include depreciation expense as it does not reflect the impact of expenditures
incurred in prior periods. Therefore, it is not indicative of the Company’s overall profitability. The Company also expands upon the WGC definition of AISC by presenting an additional measure of “AISC (excluding cash /
(non-cash) inventory movements and amortized advanced royalty costs)”. This measure excludes cash and non-cash inventory movements and amortized advanced royalty costs which management does not believe to
be true cash costs and are not fully indicative of performance for the period. For Sabodala and Wahgnion, life of mine total cash costs and AISC figures used in this presentation are before cash/non-cash inventory
movements and exclude any allocation of corporate overheads. Consolidated total cash costs and all-in sustaining cost figures add corporate overhead costs.
“Average realized price” excludes from revenues unrealized gains and losses on non-hedge derivative contracts. Management uses this measure to better understand the price realized in each reporting period for gold
and silver sales.
“EBITDA” excludes income tax, finance costs (before accretion expense), interest income, depreciation and amortization, and non-cash impairment charges from net profits. EBITDA is intended to provide additional
information to investors and analysts and do not have any standardized definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
Management believes that EBITDA is a valuable indicator of our ability to generate liquidity by producing operating cash flow to: fund working capital needs, service debt obligations, and fund capital expenditures.
“Free cash flow” is calculated as net cash flow provided by operating activities less sustaining capital expenditures. The Company believes this to be a useful indicator of our ability generate cash for growth initiatives.
Starting in 2018, the Company adopted “adjusted net profit attributable to shareholders” and “adjusted basic earnings per share” as new non-IFRS financial measures. These non-IFRS financial measures are used by
management and investors to measure the underlying operating performance of the Company. Presenting these measures from period to period will help management and investors evaluate earnings trends more
readily in comparison with results from prior periods. The Company calculates “adjusted net profit attributable to shareholders” as net profit attributable to shareholders adjusted to exclude specific items that are
significant, but not reflective of the underlying operations of the Company, including: the impact of unrealized and realized foreign exchange gains and losses, gains and losses on derivative instruments, accretion
expense on long-term obligations, impairment provisions and reversals thereof, and other unusual or non-recurring items. “Adjusted basic earnings per share” is calculated using the weighted average number of shares
outstanding under the basic method of earnings per share as determined under IFRS.
For more information regarding these measures, please refer to the Company’s management’s discussion and analysis accessible on the Company’s website at www.terangagold.com.

27. Trish Moran
Head of Investor Relations
77 King Street West, Suite 2110
Toronto, ON M5K 2A1
T: +1.416.607.4507
E: investor@terangagold.com
W: terangagold.com
TSX:TGZ / OTCQX:TGCDF