First Quarter Results

1. Q1 2015
FINANCIAL & OPERATING
HIGHLIGHTS
APRIL 29, 2015

2. This presentation contains certain statements that constitute forward-looking information within the meaning of applicable securities laws (“forward-looking
statements”), which reflects management’s expectations regarding Teranga Gold Corporation’s (“Teranga” or the “Company”) future growth, results of operations
(including, without limitation, future production and capital expenditures), performance (both operational and financial) and business prospects (including the timing
and development of new deposits and the success of exploration activities) and opportunities. Wherever possible, words such as “plans”, “expects”, “does not
expect”, “budget”, “scheduled”, “estimates”, “forecasts”, “anticipate” or “does not anticipate”, “believe”, “intend”, “ability to” and similar expressions or statements that
certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, have been used to identify such forward looking
information. Although the forward-looking information contained in this presentation reflect management’s current beliefs based upon information currently available
to management and based upon what management believes to be reasonable assumptions, Teranga cannot be certain that actual results will be consistent with
such forward looking information. Such forward-looking statements are based upon assumptions, opinions and analysis made by management in light of its
experience, current conditions and its expectations of future developments that management believe to be reasonable and relevant. These assumptions include,
among other things, the ability to obtain any requisite Senegalese 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, which speak only as of the date they are made.
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, as well as other risks and uncertainties which
are more fully described in the Company’s Annual Information Form dated March 31, 2015, and in other company filings with securities and regulatory authorities
which are available at www.sedar.com. Teranga does not undertake any obligation to update forward-looking statements should assumptions related to these plans,
estimates, projections, beliefs and opinions change. Nothing in this report should be construed as either an offer to sell or a solicitation to buy or sell Teranga
securities.
This presentation is dated as of the date on the front cover. All references to the Company 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.
FORWARD-LOOKING STATEMENTS
2

3. RICHARD YOUNG
PRESIDENT & CEO

4. Solid financial and operating results
SOLID FIRST QUARTER PERFORMANCE
4
Attractive free cash flow
Debt-free balance sheet
Moving forward with organic growth initiatives
($50)
$78
$189
$131
Free Cash Flow
per Ounce of Gold Sold(2)
2012 2013 2014 Q1 2015
Refer to Endnote (2) on slide 20

5. NAVIN DYAL
VICE PRESIDENT & CFO

6. REVENUE REFLECTS HIGHER VOLUME & LOWER AVERAGE PRICE
5% increase in gold sales offset by 6% decline in
average realized gold price
Sales volume exceeded production by ~7,600 ounces,
reflecting drawdown of gold-in-circuit inventory
built up at year end
Hedge gain of $1.8 million recorded in other income
(15,000 gold ounces @ $1,297/ounce)
6
$70 $69
Q1 2014 Q1 2015
Revenue Average Realized Gold Price/oz
$1,217
$1,293
Revenue
($ millions)
(2%)

7. 48,643 ounces of gold produced in Q1 2015
in line with expectations
2015 PRODUCTION PROFILE EXPECTED TO MIRROR 2014
Total tonnes mined rose by 10%
and at lower costs
2015 production profile expected to mirror 2014 with
significantly higher production in fourth quarter
7
52
40
49
71
212
Q1 2014 Q2 2014 Q3 2014 Q4 2014 FY 2014
FY 2014 Production Profile
(Koz Au)
49
Q1 2015 2015 Outlook
2015 Production
(Koz Au)
200-230

8. ACHIEVING SIGNIFICANT PRODUCTIVITY & COST IMPROVEMENTS
8
$696
$609
Q1 2014 Q1 2015
Cash Costs
($/oz)
(13%)
$2.81
$2.06
Q1 2014 Q1 2015
Mining Costs
($/t mined)
(27%)
$18.20
$14.64
Q1 2014 Q1 2015
Milling Costs
($/t milled)
(20%)

9. ALL-IN SUSTAINING COSTS HIGHER DUE TO GROWTH CAPEX
9
$556
$641 $710 $609 $650 –
$700
2012 2013 2014 Q1 2015 2015 Outlook
Cash Costs/oz All-in Sustaining Cost/oz
$1,200
$1,033
$865 $900 - $975
$841
2015 outlook is for all-in sustaining costs of $900 - $975
per ounce, excluding $100 impact of Franco-Nevada
stream, which is treated as deferred revenue
2015 includes growth capital of $125 per ounce relating
to Gora development and mill optimization
(1) refer to Endnote on slide 20
Q1 2015 all-in sustaining costs higher due to capital
spending related to deferred stripping at Masato and
reserve development drilling
All-in Sustaining Costs
(1) (1)

10. Increase in net profit attributable to lower cost
of sales, increase in other income from gain on
short-term hedge and interest expense savings
SIGNIFICANT INCREASE IN NET PROFIT
Earnings per share quadrupled
10
Net profit more than tripled
$0.01
$0.04
Q1 2014 Q1 2015
Earnings per Share
$4.2
$15.3
Q1 2014 Q1 2015
Net Profit
($ millions)
3.7x 4.0x
(10)
(10) refer to Endnote on slide 20

11. ($75M)
($32M)
$32M
$39
$1,669
$1,411
$1,266
$1,218
Improving Net Cash (Debt)
vs. Declining Gold Price Average
Net Cash (Debt) Gold Price Average/oz (London PM Fix)
(7) refer to Endnote on slide 20
Solid operating cash flow underpins increase
in cash position
CASH BUILDING UP ON DEBT-FREE BALANCE SHEET
Eliminated a total of $77 million of debt in 12 months
$30 million revolving credit facility with Société Générale
expected to close by end of second quarter
11
2012 2013 2014 Q1 2015
(7)

12. REAFFIRMING GUIDANCE
12
Units 2015 Guidance(4)
Total material mined (‘000t) 28,500 - 30,500
Ore mined (‘000t) 6,500 - 7,500
Grade mined (g/t) 1.40 - 1.60
Ore milled (‘000t) 3,600 - 3,800
Head grade (g/t) 2.00 - 2.20
Gold produced(3) (‘000 oz) 200 - 230
Total cash costs(1)
(including royalties)
$/oz sold 650 - 700
All-in sustaining costs(1) $/oz sold 900 - 975*
Mine production costs
(net of capitalized deferred stripping)
$ millions 147 - 155
Capital expenditures $ millions 49.0 - 58.0
Assumptions
 $1,200 per ounce gold price assumption
 High-grade Gora deposit comes into production
by beginning of Q4 2015
 Gora and mill optimization development cost of
approximately $125 per ounce included in all-in sustaining
costs
Levers / Sensitivities
 2015 cash costs expected to be in range of $650-$700 with
the following sensitivities:
– 10% change in currency $40/oz
– $0.10/litre change in fuel $20/oz
*All-in sustaining costs exclude Franco-Nevada stream impact of approximately $100/oz as stream is treated as
deferred revenue
(1) (3) (4) refer to Endnotes on slide 20

13. RICHARD YOUNG
PRESIDENT & CEO

14. NEW THREE-YEAR PRODUCTION PROFILE VS. NI 43-101
14(8) Refer to Endnote on slide 20
Filed in 2014
250K ounces
per annum
Economics based on
$1,350/oz gold
NI 43-101
2015 -2017
230K – 240K ounces
per annum
Economics based on
$1,200/oz gold
3-Year
Mine Plan
(8)

15. NEW THREE-YEAR COST PROFILE VS. NI 43-101
15
Reduction in operating & capital costs due to
less material movement
Productivity improvement program
Cost savings
Benefits from mill optimization
Favourable fuel and currency environment






16. 16(9) Refer to endnote on slide 20
CATALYSTS FOR FUTURE GROWTH
Catalyst Timing Impact
Gora
Mill Optimization
Heap Leach
Mine License Exploration
Regional Land Package Exploration
2018E
2015 - 2019
Ongoing
2015 - 2016
H2 2015 30K – 45K oz
5% - 10% increase in throughput
10% - 20% increase in gold production
Extend mine life/add to reserves / increase
production
Extend mine life/add to reserves / increase
production
Internal rate of return hurdle is 20%+
(9)

17. 17(9) Refer to endnote on slide 20
CATALYSTS FOR FUTURE GROWTH
Catalyst Timing Impact
Gora
Mill Optimization
Heap Leach
Mine License Exploration
Regional Land Package Exploration
2018E
2015 - 2019
Ongoing
2015 - 2016
H2 2015 30K – 45K oz
5% - 10% increase in throughput
10% - 20% increase in gold production
Extend mine life/add to reserves / increase
production
Extend mine life/add to reserves / increase
production
Internal rate of return hurdle is 20%+
(9)

18. 18(9) Refer to endnote on slide 20
CATALYSTS FOR FUTURE GROWTH
Catalyst Timing Impact
Gora
Mill Optimization
Heap Leach
Mine License Exploration
Regional Land Package Exploration
2018E
2015 - 2019
Ongoing
2015 - 2016
H2 2015 30K – 45K oz
5% - 10% increase in throughput
10% - 20% increase in gold production
Extend mine life/add to reserves / increase
production
Extend mine life/add to reserves / increase
production
Internal rate of return hurdle is 20%+
(9)

19. The technical information contained in this presentation is based on, and fairly represents, information compiled by Mr. William Paul Chawrun, P. Eng who is a
member of the Professional Engineers of 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 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". 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 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". 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 presentation.
COMPETENT AND QUALIFIED PERSONS STATEMENT

20. 1. Total cash costs per ounce and all-in sustaining costs per ounce are non-IFRS financial measures and do not have a standard meaning under IFRS. Please refer to the Non-IFRS Financial
Measures section in the Company’s 2015 first quarter Management Discussion & Analysis available on the Company’s website at www.terangagold.com. All-in sustaining costs include: total
cash costs, administrative expenses (including share based compensation, and excluding corporate depreciation expense and social community costs not related to current operations),
capitalized deferred stripping, capitalized reserve development, and mine site sustaining & development capital expenditures as defined by the World Gold Council.
2. Free cash flow (“FCF”) is defined as operating cash flow less capital expenditures and includes the impact of the Franco-Nevada stream. For 2013 and 2014, FCF is before the OJVG
transaction costs.
3. 24,375 gold ounces of production are to be sold to Franco Nevada at 20% of the spot gold price.
4. Key assumptions: Gold spot price/ounce - US$1,200, Light fuel oil - US$0.95/litre, Heavy fuel oil - US$0.76/litre, US/Euro exchange rate - $1.20, USD/CAD exchange rate - $0.85.Other
important assumptions include: any political events are not expected to impact operations, including movement of people, supplies and gold shipments; grades and recoveries will remain
consistent with the life-of-mine plan to achieve the forecast gold production; income tax rate for Teranga’s 25% in Senegal, royalty rate is 5%, the Company’s tax holiday ending May 2015, and
no unplanned delays in or interruption of scheduled production.
5. Mineral Reserves and Mineral Resources estimates as at December 31, 2013 as per technical reports and Company disclosure. For more information regarding Teranga Gold’s Mineral
Reserves and Resources, please refer to the full National Instrument 43-101 Technical Report released on March 13, 2014 available on the Company’s website at www.terangagold.com.
6. Over the past several years more than twelve million ounces of measured and indicated resources have been identified within the south eastern Senegal region, including the Massawa,
Golouma, Makabingui and Mako projects, along with the Company’s own Sabodala gold mine. With exploration work completed to date and the prior exploration success seen in the area
Management believes there is a reasonable basis for an exploration target that would substantiate the annual production targets set by the second and third phases of our vision. However, the
potential quantity and grade of an exploration target is conceptual in nature. There has been insufficient exploration to determine a mineral resource of the size required to achieve the
production target we have established and there is no certainty that further exploration work will result in the determination of mineral resources or that the production target itself will be
realized.
7. Net cash (debt) is defined as total borrowings and financial derivative liabilities less cash and cash equivalents, bullion receivable and restricted cash.
8. The production guidance is based on existing proven and probable reserves only from both the Sabodala mining license and Golouma mining license as disclosed in the Company’s December
31, 2014 Annual MD&A.
9. This production guidance assumes the conversion of a material portion of existing resources into reserves, the successful completion of drilling potential low grade heap leach material from the
combined mine license, and the completion of a pre-feasibility study confirming the economics and scale of operations of this proposed project.
10. In 2014, the Company reassessed the accounting for deferred stripping assets to include amortization of equipment directly related to deferred stripping activity. The impact of this adjustment
has been applied retrospectively from January 1, 2012.
In U.S. dollar amounts unless stated otherwise
ENDNOTES
20