Teranga Gold Third Quarter 2015 Presentation

1. Q3 2015
FINANCIAL & OPERATING
HIGHLIGHTS
October 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
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 Revised Annual Information Form dated September 1, 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. 2013 2014 2015
164
215
316
371
332 346
271
190
153
53 61
101
Rainfall Over Period from July - October
3-Year History
(millimetres)
July August September October
859 798 916
Heaviest rainy season in at least 3 years, with substantial
precipitation continuing into October
Reduced mining rate and lower grade at Masato due to
sheeting of pit floor and higher dilution
Process throughput rate severely impacted by material
handling issues caused by the wet oxide ore
Process grades negatively impacted by lower pit grades
and the blending of low-grade stockpile material
with wet oxide ore
FACTORS AFFECTING PRODUCTION
4

5. YTD 2014 YTD 2015
140,545
130,991
Q3 2014 Q3 2015
48,598
32,956
5
Gold Production
(ounces)
32%
7%
SOFT Q3 PRODUCTION DUE TO IMPACT OF RAIN ON THROUGHPUT AND GRADE
Refer to Endnote (1) on slide 23
Q3 production impacted by ~17,000 ounces, including ~10,000 ounces reduction in throughput
and 7,000 ounces due to lower grade

6. 2012 2013 2014 YTD2015
3.5M 2.9M
3.2M
6.7M
775+ Consecutive Days Worked Without
a Lost Time Injury
(per one million man hours worked)
Improvements in throughput
Reduction in overall costs and unit costs
Reduction in sourcing costs
Reduction in contractor costs
Maintain safety performance
$100+ PER OUNCE IN COST SAVINGS REALIZED YEAR-TO-DATE
6
6 LTI
2 LTI
Zero LTI Zero LTI
Lost Time Injury Rate (LTI)
Ongoing Initiatives
Business improvements, together with lower currency and fuel prices, expected to result in
$20 million in savings for the full year compared to budget

7. 7
UPDATE ON INITIATIVES TO INCREASE PRODUCTION AND REDUCE COSTS
Gora Deposit
H2 2015
Expected production of
50K-75Koz of gold
per year
POST Q3 UPDATE
Deferral of three high-grade
benches into 2016
Projected to come in 15%
below budget of $19 million
Mill Optimization
Target Capacity: 4.0+Mt
Up to 10% increase in
throughput & minimum 5%
cost reduction
POST Q3 UPDATE
Project accelerated with
~$8 million in capex
expected to be spent
in 2015
H2 2016
Heap Leaching
Target Capacity: 2.5-4.0Mt
Potential to increase
annual production by
10%-20%
POST Q3 UPDATE
Tests delivering positive results
Pre-feasibility study
anticipated to be completed
by end of 2015
2018E

8. Focus is on converting resources to reserves at Niakafiri
Niakafiri resettlement launched with drilling to
follow in due course
Work has commenced to add high-grade ounces from
resources previously classified by Oromin as
underground reserves
Regional exploration(8) program ramping up
Refer to Endnotes (2) and (8) on slide 23 8
FOCUSED ON GROWING RESERVES(2)

9. Gora expected to represent ~25,000 out of ~70,000
ounces forecasted to be produced
Processing rates expected to return to normal
in November
With higher grade Gora and Masato ore, head grades
expected to be higher for Q4 than YTD
Anticipate that total cash costs will be
the lowest of the year
Expect to generate positive free cash flow in the fourth
quarter, assuming $1,100 gold for remainder of the year
SIGNIFICANT INCREASES IN PRODUCTION & FREE CASH FLOW(3)
EXPECTED IN Q4
200-
230
9Refer to Endnote (3) on slide 23
High-Grade Gora Deposit

10. 10
2015 OUTLOOK UPDATED TO REFLECT IMPROVEMENT IN TOTAL CASH COSTS
(1)
Refer to Endnotes (1) (4) (5) (6) and (7) on slide 23
2015 Guidance Update
 Production(4)(6) expected to be at low end of guidance --
however, potential impact of Gora artisanal mining is a risk to
fourth quarter production forecast
 Total cash costs expected to be below bottom end of range
 Anticipate ending the year with a strong balance sheet
Assumptions(5)
 $1,100 average gold price for the year
 Gora and mill optimization development cost of approximately
$135 per ounce included in all-in sustaining costs
Franco-Nevada Streaming(7)
 All-in sustaining costs exclude stream impact of
approximately $100/oz as stream is treated as deferred
revenue under IFRS
REVISED Original
2015 Guidance
Range
2015 Guidance
Range
Operating results
Total material mined (‘000t) ~ 33,000 28,500 - 30,500
Ore milled (‘000t) 3,350 - 3,450 3,600 - 3,800
Gold produced (4)(6)(7) (oz) ~ 200,000 200,000 - 230,000
Total cash cost (incl. royalties)1 ($/oz sold) < 650 650 - 700
All-in sustaining costs1 ($/oz sold) < 975 900 - 975
Total depreciation and amortization1 ($/oz sold) < 260 260 - 275
Mining ($/t mined) < 2.50 2.75 - 2.90
Mining long haul ($/t hauled) < 6.00 5.00 - 6.00
Milling ($/t milled) < 15.00 15.50 - 17.50
G&A ($/t milled) < 5.25 5.25 - 5.75
Gold sold to Franco-Nevada7 (oz) 24,375 24,375
Exploration and evaluation expense (Regional Land Package) ($ millions) ~ 2.0 1.0 - 2.0
Administration and corporate social responsibility costs
(excluding depreciation)
Administration expense ($ millions) ~ 13.0 11.5 - 12.5
Corporate social responsibility expense ($ millions) ~ 3.0 ~ 3.5
Mine production costs ($ millions) 140.0 - 150.0 155.0 - 165.0
Less capitalized deferred stripping ($ millions) ~ 15.0 8.0 - 10.0
Net mine production costs ($ millions) 125.0 -135.0 147.0 -155.0
Capital expenditures
Mine site sustaining ($ millions ) ~ 8.0 6.0 - 8.0
Capitalized reserve development (Mine License) ($ millions) ~ 6.0 6.0 - 8.0
Project development costs (Gora/Golouma/Kerekounda)
Mill optimization ($ millions) ~ 8.0 5.0 - 6.0
Development ($ millions ~ 10.0 16.5 - 17.5
Mobile equipment and other ($ millions) ~ 7.0 7.5 - 8.5
Total project development costs ($ millions) ~ 25.0 29.0 - 32.0
Capitalized deferred stripping ($ millions) ~ 15.0 8.0 - 10.0
Total capital expenditures ($ millions) ~ 54.0 49.0 - 58.0

11. NAVIN DYAL
VICE PRESIDENT & CFO

12. 12
YTD 2014 YTD 2015
$184.0
$166.4
Q3 2014 Q3 2015
$56.7
$37.8
REVENUE REFLECTS SOFT Q3 PRODUCTION & LOWER YoY GOLD PRICES
10%
Total Revenue
($M)
Price per ounce of gold
Three months ended September 30 Nine months ended September 30
2015 2014 % Change 2015 2014 % Change
Average realized gold price $1,112 $1,269 (12%) $1,185 $1,286 (8%)
Average spot gold price $1,124 $1,282 (12%) $1,178 $1,288 (9%)
Low $1,081 $1,214 (11%) $1,081 $1,214 (11%)
High $1,168 $1,340 (13%) $1,296 $1,385 (6%)
Total Revenue
($M)

13. 13
Q3 2014 Q3 2015
$15.96
$16.50
YTD 2014 YTD 2015
$2.93
$2.30
Q3 2014 Q3 2015
$3.12
$2.47
ACHIEVING CONTINUED PRODUCTIVITY & COST IMPROVEMENTS
21%
3%21%
22%
Mining Costs
($/t mined)
Milling Costs
($/t milled)
Total Cash Costs Including Royalties(1)
($/oz)
Refer to Endnote (1) on slide 23
Q3 2014 Q3 2015
$781
$712
9%
YTD 2014 YTD 2015
$18.39
$14.29
YTD 2014 YTD 2015
$760
$631
17%

14. 14
YTD 2014 YTD 2015
$760 $631
$150
$217
$25
$116
Q3 2014 Q3 2015
$781 $712
$153 $232
$20
$247
All-in Sustaining Costs(1)
(per ounce sold)
AISC INCLUDES MORE DEVELOPMENT CAPITAL THAN PRIOR YEAR PERIOD
Refer to Endnote (1) on slide 23
25% 3%
All-in Sustaining Costs(1)
(per ounce sold)
Administration expenses, capitalized
deferred stripping, capitalized reserve
development, and sustaining capital
Development capex
Total cash costs(1)
$954
$1,191
$964$934
AISC expected to come in at high end of guidance due to the
impact of rain on number of ounces produced and sold

15. 15
Lower costs offset sharp decline in the price of gold
Effective May 2015, became fully taxable in Senegal
following end of 7-year tax holiday
2015 taxes will be paid to government of Senegal
in 2016
YTD 2014 YTD 2015
($0.03)
$0.06
Q3 2014 Q3 2015
$0.0 $0.0
YTD 2014 YTD 2015
($9.9M)
$21.3M
Q3 2014 Q3 2015
Net Profit
INCREASE IN NET PROFIT DESPITE SOFT Q3 PRODUCTION & LOWER GOLD PRICES
(10)
Refer to Endnote (10) on slide 23
Earnings per Share
$1.6M
($1.5M)

16. 16
$20.7M
$18.3M
Refer to Endnote (3) on slide 23
Cash Flow From Operations
SIGNIFICANT CASH OUTLAYS IMPACT CASH FLOWS
Free Cash Flow(3) Free Cash Flow per Ounce of
Gold Sold(3)
($14.7M)
$12.5M
$192
($632)
$88
($105)
$8.6M
($21.5M)
$13.8M
($8.2M)
YTD 2014 YTD 2015YTD 2014 YTD 2015
Q3 2014 Q3 2015
YTD 2014 YTD 2015
Q3 2014 Q3 2015
Q3 2014 Q3 2015

17. 17
YTD capex of $35 million is almost double the amount of
spent throughout all of last year
Growth initiatives represent nearly half of 2015 capex
By year end, expect to spend approximately $54 million
and to have completed the Gora development project
and made good progress on mill optimization
2015 CAPEX EXPECTED TO FALL IN MIDDLE OF GUIDANCE RANGE
Gora
Development
Mill
Optimization
Other
Project
Development
Capitalized
Reserve
Development
Capitalized
Deferred Stripping
Sustaining
15% 18%
Revised 2015 Outlook for Total Capital Expenditures: ~ $54M
17% 15%
13%
7%
28%
11%

18. 18
2012 2013 2014 Q3 2015 Pro forma
Q3 2015
($75M)
($32M)
$32M
$15M
$40M
Refer to Endnote (9) on slide 23
Maintaining Net Cash (Debt)(9)
Despite Significant Decline in
Average Gold Price per Ounce
AMPLE LIQUIDITY & FINANCIAL FLEXIBILITY
Cash and cash equivalents of $30 million – including
private placement and VAT recoverable, pro forma cash
balance is $55 million
Inventory of 330,000 ounces in low-grade ore stockpile
New $30 million revolving credit facility - $15 million
drawn down in Q3 2015
Subsequent to end of quarter, completed strategic private
placement for C$22.7 million
$7.8 million in VAT recoverable owing to Teranga





$1,669
$1,411
$1,266
$1,112

19. RICHARD YOUNG
PRESIDENT & CEO

20. Proceeds of $17.4 million from strategic private
placement with new cornerstone investor
Proceeds will be used to support growth beyond
current life-of-mine
Tablo Corporation, a Mimran family company, was
issued 39,200,000 common shares of Teranga at a
premium to market
Mimran family has a long history of successfully
operating in Senegal and West Africa
STRATEGIC PRIVATE PLACEMENT SUPPORTS GROWTH STRATEGY
Increase
Production
Grow
Reserve
Base
20

21. Q&A

22. The technical information contained in this presentation relating to mine plans and associated costs 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
22

23. 1. Total cash costs per ounce, all-in sustaining costs per ounce, and total depreciation and amortization 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 third 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. Mineral Reserves and Mineral Resources estimates as at December 31, 2014 as per Company disclosure. For more information regarding Teranga Gold’s Mineral Reserves and Resources,
please refer to the Company’s 2014 Annual MD&A available on the Company’s website at www.terangagold.com.
3. 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.
4. 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.
5. Key assumptions: This forecast financial information is based on the following material assumptions for the balance of 2015: gold price: $1,100 per ounce; LFO: $0.98 per litre; HFO: $0.69 per
litre; USD:Euro exchange rate of 1.08:1. 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.
6. 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.
7. 22,500 ounces of production are to be sold to Franco Nevada at 20% of the spot gold price. Due to the timing of shipment schedules near year end, the delivery of 1,875 ounces of gold for the
month of December 2014 was not received by Franco-Nevada until early January 2015. The transaction with Franco-Nevada permits for the delivery of payable gold for up to five business
days following a month end.
8. 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 to anticipate future resource to reserve conversion.
9. Net cash (debt) is defined as total borrowings and financial derivative liabilities less cash and cash equivalents, and restricted cash.
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. The nine months ended September 30, 2015 includes the impact of restating the deferred income tax expenses related to temporary
timing differences.
In U.S. dollar amounts unless stated otherwise
ENDNOTES
23

24. 121 KING STREET WEST
SUITE 2600
TORONTO, ON M5H 3T9
TELEPHONE: +1.416.594.000
EMAIL: INVESTOR@TERANGAGOLD.COM
WWW.TERANGAGOLD.COM
TSX:TGZ / ASX:TGZ