march swiss mining lunch presentation

1. TSX:TGZ / OTCQX:TGCDF
Swiss Mining Conference
March 21-22, 2018
Building The Next
Multi-Asset Mid-Tier
West African Gold Producer

2. 2
Sepanta Dorri
Vice President, Corporate & Stakeholder Development

3. Forward-Looking Statements
3
This document 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's future growth opportunities, results of operations, performance (both operational and financial) and business prospects
(including the timing and development of new deposits and the success of exploration activities) and other opportunities. Wherever possible, words such as “plans”, “expects”,
“does not expect”, “scheduled”, “trends”, “indications”, “potential”, “estimates”, “predicts”, “anticipate”, “to establish” or “does not anticipate”, “believe”, “intend”, “ability to” and
similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might”, “will”, or are "likely" to be taken, occur or be achieved, have been used to
identify such forward looking information. Specific forward-looking statements include, without limitation, all disclosure regarding possible events, conditions or results of
operations, future economic conditions and anticipated courses of action. Although the forward-looking statements contained in this document 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 but that may prove
to be incorrect. These assumptions include, among other things, 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, as well as other risks and uncertainties which are more fully described in Teranga's
Annual Information Form dated March 30, 2017, and in other filings of Teranga 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
document 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 is as of March 20, 2018. 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.

4. Senegal
Côte d’Ivoire
Burkina Faso
Mali
Guinea
Guinea-
Bisseau
The Gambia
Ghana
Benin
Niger
Sierra
Leone
Liberia
Togo
Sabodala Gold Mine
1.4Moz production
since IPO in late 2010
4
Wahgnion Development Project
Expect to close financing and
commence construction in Q2 2018
Golden Hill
Exploration JV
Gourma
Exploration JV
Guitry
Dianra
Mahepleu
Tiassale
Sangaredougou
Building The Next Multi-Asset Mid-Tier West African Gold Producer
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)

5. Achieved record
production of
233,267 oz
of gold
Increased
Sabodala reserves
by 400,000 oz
and filed
updated
NI 43-101(2)
Announced
positive feasibility
for Wahgnion
Project including
reserves of 1.2
million oz(1)
More positive
drill results
from Golden Hill
Entered into joint
venture on Afema
land pcakage in
Côte d’lvoire
FY2017 Highlights
5
    
Refer to Appendix – Endnotes (1) and (2)
5

6. 6
Our resettlement
has really improved
our lives
“
”
6

7. 7
• 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

8. 10,000 Trees produced for rehabilitation in 2016
300 Bags of seeds collected for forestry rehabilitation
928 Women working in 10 market gardens producing 350 tons of vegetables since inception
$1.7M Sustainable investments in 2016 as determined by the communities
725Farmers supported in 2016
$139M Local procurement in 2016
93% National employees out of 1,258 site employees in 2016
170 Progressions and promotions of national employees in 2016
+11,000 People benefiting from malaria spray program in 2016 8
Sharing the Benefits of Responsible Mining

9. 
Prospectors & Developers Association of Canada
2017 Environmental & Social Responsibility Award
United Nations Global Compact
Network Canada Sustainability Award
Three Time Winner of Corporate Knights Future
40 Responsible Corporate Leaders in Canada
Capital Finance International: Best ESG
Responsible Mining Management West Africa
9



Garnering International Awards & Recognition

10. • Resettlements led by ERM Group, experienced global sustainability consultants
• The resettlements comply with the IFC Performance Standards and reflect international best practice in resettlement and livelihood
• 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
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
10

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 (Senegal)
2.7 Million Ounces in Proven & Probable Reserves
• 4.4 million ounces in measured and indicated resources(9)
• 13-year mine life(9)
• Focused on resource definition and resource conversion at
Niakafiri to expand reserves and extend mine life
Largest Gold Mine in Mining-Friendly Senegal
Refer to Appendix – Endnotes (2) and (9)
Mali
Niakafiri
Goumbati
West
Life of Mine Summary(2)
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

13. (8)
Proven and Probable Reserves(2) (Moz)
Replacing Reserves & Increasing Production and Cash Flow
1.7 1.6
2.8 2.6 2.6 2.7
2011 2012 2013 2014 2015 2017
Updated Sabodala Technical Report: Annual Average
Production of 176Koz at AISC* of Less Than $900/oz
Maki
Medina
13*Refer to Appendix – Non-IFRS Performance Measures
Refer to Appendix – Endnotes (2) and (6)
($40)
($20)
$0
$20
$40
$60
$80
2018 2019 2020 2021 2022
5-Year Cash Flow(6) Before Taxes and
Other ($1,250/oz)
June 2017 43-101 Dec 2015 43-101
--
50,000
100,000
150,000
200,000
250,000
2018 2019 2020 2021 2022
5-Year Production Profile (oz)
June 2017 43-101 Dec 2015 43-101

14. Wahgnion Project
Burkina Faso, West Africa
14

15. Mali
Ghana
Benin
Niger
Togo
Burkina Faso
Côte
d’Ivoire
Tongon
Bobo-Dioulasso
15
Strategic Pillar of Teranga’s Growth Plan
Wahgnion is Ideally Situated on a Prolific Gold Belt
• Permitted mining license that covers 89 km2
• Exploration licenses covering +1,000 km2
Initial Feasibility Study
• Includes only 4 deposits: Nogbele, Stinger, Samavogo and Fourkoura
• Proven and probable reserves of 1.2Moz
• Measured and indicated resources of 1.8Moz
• Inferred resources of 0.7Moz
Samavogo
Stinger
Wahgnion Project
Nogbele
Fourkoura
Wahgnion
Proposed Plant Site
Life of Mine Summary 5.5 years LOM (9 years)
Annual production(1) 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
Refer to Appendix – Endnote (1)

16. 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
~$100M annual free cash flow* (11)
Significantly Increasing Production and Improving Free Cash Flow
16
*Refer to Appendix – Non-IFRS Performance Measures
Refer to Appendix – Endnotes (3), (4), (5), (7) and (11)
Teranga Consolidated Production Profile (koz)(3),(4),(7)
350Koz
~$70M annual free cash flow*(5)
2020 – 2022
Sabodala + Wahgnion
~350Koz annual
production
Opportunities to maintain
production and free cash flow
through resource conversion &
discoveries at Sabodala &
Wahgnion

17. Golden Hill
Burkina Faso
17

18. 18
Sources
¹ Semafo Corporate Presentation (Mar 2017)
² Roxgold Corporate Presentation (Feb 2017)
³ Endeavour Corporate Presentation (Feb 2017)
⁴ Acacia Preliminary Results (Feb 2017)
⁵ Savary Corporate Presentation (Mar 2017)
M&I Resources are inclusive of P&P Reserves
Siou Pit
M&I: 0.89 Moz ¹
Yaramoko
M&I: 0.81 Moz ²
Houndé
M&I: 2.55 Moz ³
Mana
M&I: 3.63 Moz ¹
Teranga’s JV
Golden Hill Project
Karankasso JV
Inf: 0.67 Moz ⁵
Sarama
Permits
South Houndé JV
Inf: 2.10 Moz ⁴
Acacia JVs ⁴
Situated in the Heart of the Houndé Belt in Burkina Faso
• 468 km2 situated ~200km NE of Wahgnion gold project
• One of the most prospective gold belts in the world today
• On the Houndé belt in close proximity and along strike to other
large deposits
One of the Best High-Grade Exploration Projects in West Africa
• Plan to release an initial resource for Golden Hill’s most
advanced prospects by end of 2018
• $25 million financing secured for the future advancement of
Golden Hill feasibility study
Joint Venture with Boss Resources (51%, earning 80%)
• Teranga, as the operator, can earn an 80% interest in the JV
upon delivery of a feasibility study and the payment of
AUD2.5 million
Uniquely Positioned and Advancing Quickly

19. 19
High-Grade with Significant Potential
Five Prospects Within ~5-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

20. Côte d’Ivoire Exploration
Guitry & Afema
20

21. Exciting Opportunities in Côte d’Ivoire
Initial 5 Greenfield Exploration Tenements Totaling +1,800 km2
• Positive preliminary results at the Guitry prospect have
made it a priority
• 3 km x 7 km gold-in-soil geochemical anomaly
• Initial drilling evaluation being undertaken with
4000-metre RC drill program underway
Recently Added 1,400 km2 Afema Land Package
• Afema mine license
• Three exploration permits (Ayame, Mafere, Aboisso) Endeavour
Endeavour
Perseus
Randgold
Côte d’Ivoire
Guitry
Tiassale
Mahepleu
Sangaredougou
Operating Gold Mine/ Development Project
Newcrest
Dianra
21
Afema

22. Côte d’Ivoire
Ahafo 17 Moz Newmont
3 Afema
Exploration
Permits
Afema Mining Permit
Bibiani 7 Moz Resolute Mining
Chirano 5 Moz Kinross
Edikan 6.6 Moz Perseus
Bogoso/Prestea18
Moz Gold Star
Konogo 1.4
MozSignature Metals
Akyem
Newmont
Essase
5.19 Moz
Obotan 5.5 Moz Asanko
Obuasi 41 Moz Anglo Gold Ashanti
Kubi 0.9 MozAsaute Gold Corporation
Damang 7.1 Moz Goldfields
Tarkwa 24 Moz
Iduapriem 8.2 Moz
AngloGold Ashanti
Kumasi
Cape Coast
Sefwi-Bibiani Gold Belt
Asankrangwa Gold Belt
Ashanti Gold Belt
Winneba-Kibi
Gold Belt
Ghana
22
Afema: Looking to Confirm and Improve Historical Resource* of 2Moz of Gold
Well Located Geologically
• Along trend and within the same gold belts of a
number of high profile producing mines in Ghana
JV With Sodim Limited (51%, earning 70%)
• Teranga can earn a 70% interest in the Afema
mining license and exploration permits through:
– completion of a 3-year $11M exploration and
community relations work program; and
– delivery of an updated technical study
• Teranga will sole fund and manage the
exploration programs and studies
• Upon delivery of an updated technical study,
Sodim can elect to maintain 30% or convert to a
3% NSR
*Refer to Appendix – Afema Mine License Historical Resource Estimate

23. Wrap-Up
23

24. Strong Financial Position to Fund Construction of Second Mine
24
$88 Million
Cash balance
as at December 31, 2017
+$90 Million(6)
Estimated cash flow from
Sabodala 2018-2019
$165 Million
$165M (net $150M)
project debt facility expected to
close in Q2 2018
Solid Financial
Position
to fund pre-production
capital cost
of building second mine
(Wahgnion)
Refer to Appendix – Endnote (6)

25. 2018 News Flow and Milestones
25
Regular exploration updates starting in Q1
Maiden resource
Close project financing
Commence mill construction
Update reserves
Update NI 43-101 technical report
Project updates from Guitry and Afema
WahgnionGolden Hill
Côte d’Ivoire Senegal
Production of 210Koz-225Koz
Commence Niakafiri relocation

26. Top 10 Shareholders
% of o/s
shares
Shares Owned
as at March 7, 2018
1 Tablo Corporation 21.7% 23,322,400
2 Van Eck Associates Corporation 6.1% 6,573,022
3 Heartland Advisors 4.5% 4,800,000
4 Ruffer LLP 4.3% 4,607,243
5 Oppenheimer Funds 3.2% 3,460,828
6 Dimensional Fund Advisors 2.9% 3,100,539
7 Franklin Advisers 2.5% 2,707,200
8 Universal-Investment Gesellschaft 1.6% 1,735,000
9 LSV Asset Management 1.6% 1,719,540
10 Konwave AG 1.6% 1,698,197
26
Share Price Performance (TSX: TGZ)
(Closing price on December 12, 2017 – March 14, 2018)
Capital Structure and Recent Share Price Performance
Source: IR Insight on March 13, 2018
ASX Delisting
Completed Compulsory Sale Facility before markets
open on December 13 – stock price hit low of $2.30
(compared to $2.42 closing price on December 12)
+7%
+5%
+72%
TGZ-TSX
GDXJ
Gold Price
Capital Structure (at December 31, 2017 unless otherwise noted)
Common shares outstanding 107.3M
Stock options outstanding 4.5M
Fully diluted 111.8M
Number of shares owned by insiders 23.8M
Market capitalization (March 14, 2018) C$446M/ US$343M
Cash / Net cash US$88M / US$70M

27. Potential for Significant Share Appreciation
27
Teranga’s Share Price
vs. Net Present Value* (NPV)(12) per Share
90%
*Refer to Appendix – Non-IFRS Performance Measures
Refer to Appendix – Endnote (12)
US$3.20
US$5.56 US$6.12
Share Price BMO NPV per Share
(Spot)
Revalued Share Price
0.70x
Current TGZ
NPV Trading
Multiple(12)
1.1x
Average NPV Multiple
for Medium
Producers(12)
Data Source: BMO GoldPages published March 12, 2018
EV/2018E EBITDA
492
443
318
240
235
97
91
55
53
B2Gold
Roxgold
Endeavour
Golden Star
Semafo
Teranga
Alacer
Asanko
Perseus
EV/2P Reserves ($/oz)
3.3
3.4
3.5
4.1
5.0
6.1
6.2
30.0
Asanko
Golden Star
Teranga
Roxgold
Semafo
B2Gold
Endeavour
Alacer

28. 28
Deep Value
Gold Price per Ounce Assumption
Cash balance as at December 31, 2017
Wahgnion Project NPV5% based on 2P(1)
Sabodala NPV5% based on 2P(2)
US$3.93
US$1.09
US$0.79
$1,300
US$3.20
TGZ Current
Share Price
(closing price
Mar 14, 2018)
US$5.81
NPV*
Per Share
based on cash &
2P reserves(1)(2)
Excludes potential value from:
• Wahgnion infill drill program
• Golden Hill
• Afema and Côte d’Ivoire assets
*Refer to Appendix – Non-IFRS Performance Measures
Refer to Appendix – Endnotes (1) and (2)
USD/CAD FX rate 0.77

29. 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