The document provides an investor presentation for Teranga Gold Corporation. Key points include: - Teranga operates the only gold mine and mill in Senegal, which has produced over 1 million ounces to date. - The company recently integrated the nearby OJVG mine, doubling reserves, resources, mine life and production. - Short and medium term plans focus on optimizing the combined mine plan, mill throughput, and evaluating heap leaching to increase reserves and cash flow. - Exploration is targeting reserve growth through drilling existing deposits and evaluating prospects across the company's large land package.

1. 1
INVESTOR PRESENTATION
AUGUST 2014

2. 2
FORWARD LOOKING STATEMENTS
Thispresentationcontainscertainstatementsthatconstituteforward-lookinginformationwithinthemeaningofapplicablesecuritieslaws(“forward-lookingstatements”),whichreflectsmanagement’sexpectationsregardingTerangaGoldCorporation’s(“Teranga”orthe“Company”)futuregrowth,resultsofoperations(including,withoutlimitation,futureproductionandcapitalexpenditures),performance(bothoperationalandfinancial)andbusinessprospects(includingthetiminganddevelopmentofnewdepositsandthesuccessofexplorationactivities)andopportunities.Whereverpossible,wordssuchas“plans”,“expects”,“doesnotexpect”,“budget”,“scheduled”,“estimates”,“forecasts”,“anticipate”or“doesnotanticipate”, “believe”,“intend”andsimilarexpressionsorstatementsthatcertainactions,eventsorresults“may”,“could”,“would”,“might” or“will”betaken,occurorbeachieved,havebeenusedtoidentifysuchforwardlookinginformation.Althoughtheforwardlookinginformationcontainedinthispresentationreflectmanagement’scurrentbeliefsbaseduponinformationcurrentlyavailabletomanagementandbaseduponwhatmanagementbelievestobereasonableassumptions,Terangacannotbecertainthatactualresultswillbeconsistentwithsuchforwardlookinginformation.Suchforward-lookingstatementsarebaseduponassumptions,opinionsandanalysismadebymanagementinlightofitsexperience,currentconditionsanditsexpectationsoffuturedevelopmentsthatmanagementbelievetobereasonableandrelevant.Theseassumptionsinclude, amongotherthings,theabilitytoobtainanyrequisiteSenegalesegovernmentalapprovals,theaccuracyofmineralreserveandmineralresourceestimates,goldprice,exchangerates,fuelandenergycosts,futureeconomicconditionsandcoursesofaction.Terangacautionsyounottoplaceunduerelianceuponanysuchforward-lookingstatements,whichspeakonlyasofthedatetheyaremade.Therisksanduncertaintiesthatmayaffectforward-lookingstatementsinclude,amongothers:theinherentrisksinvolvedinexplorationanddevelopmentofmineralproperties,includinggovernmentapprovalsandpermitting, changesineconomicconditions,changesintheworldwidepriceofgoldandotherkeyinputs,changesinmineplansandotherfactors,suchasprojectexecutiondelays,manyofwhicharebeyondthecontrolofTeranga,aswellasotherrisksanduncertaintieswhicharemorefullydescribedintheCompany’sAnnualInformationFormdatedMarch31,2014,andinothercompanyfilingswithsecuritiesandregulatoryauthoritieswhichareavailableatwww.sedar.com.Terangadoesnotundertakeanyobligationtoupdateforward-lookingstatementsshouldassumptionsrelatedtotheseplans,estimates,projections,beliefsandopinionschange.NothinginthisreportshouldbeconstruedaseitheranoffertosellorasolicitationtobuyorsellTerangasecurities.
ThispresentationisdatedasofAugust22,2014.AllreferencestotheCompanyincludeitssubsidiariesunlessthecontextrequiresotherwise.
ThispresentationcontainsreferencestoTerangausingthewords“we”,“us”,“our”andsimilarwordsandthereaderisreferredtousingthewords“you”,“your”andsimilarwords.
AlldollaramountsstatedaredenominatedinU.S.dollarsunlessspecifiedotherwise

3. 3
TERANGA GOLD
•Ticker symbols/share price:1
TSX:TGZ / C$0.78
ASX:TGZ / A$0.70
•Domicile:Canada
•Basic shares outstanding:3353M
•Options outstanding:423M
•Market capitalization:1$251M
•Cash & equivalents:2$28M
•Project finance outstanding:5$20M
•Mining fleet loan facility:5$10M
CAPITALIZATION SUMMARY
OPERATIONS
*All amounts in US$ unless stated otherwise, 1At 08/22/2014. 2Cash position as at 06/30/2014. 3Shares outstanding post equity issue 05/01/2014. 4Average exercise of C$2.57, including 15.4M at C$3.00 5At 06/30/2014.

4. 4
INVESTMENT SUMMARY
Solid operations
•Low cost –long life
•Expect to generate significant free cash flow in 2015 and beyond
Significant opportunity for RESERVE, PRODUCTION & FREE CASH FLOW growth
•Near term –Combined Sabodala/OJVG Mine Licenses
•Longer term –Regional Land Package –70km of strike length
•Only mill in Senegal –centrally located on prolific greenstone belt
Trading at a discount to peer group

5. 5
ONLY GOLD MINE & MILL IN SENEGAL
•Sixth year of operation
•Production to date ~1 Moz
•Expanded mill to 3.5 -4.0 mtpa
•Only mill in Senegal –centrally located on prolific greenstone belt

6. 6
COMBINED MINE PLAN –BASE CASE
•Doubled reserves, resources, mine life and increased production base
•Competitive AISC structure
See Appendix (Base Case Life of Mine Plan)
•Reserve/production growth opportunities in near term
•Significant free cash flow

7. 7
ACHIEVED GUIDANCE IN 2012 & 2013 ON TRACK FOR 2014
Achieved guidance for last two years
See Appendix (Historical results and guidance)
GuidanceActualGuidanceActualGuidanceForecastProduction(koz)210-225214190-210207220-240On trackCash Costs($/oz)$600-650$627$650-700$641$650-700On trackAISC($/oz)N/A$1,200$1,000-1,100$1,033$800-875~$900/oz201220132014

8. 8
•Integrate OJVG and Sabodala operations
-Develop Masato
-Maximize free cash flow
•Reserve/production/free cash flow growth opportunities:
1.Continually optimizing mine plan and grade
2.Optimize mill throughput
3.Evaluate heap leaching
4.Conversion of M&I and Inferred to reserves
SHORT AND MEDIUM-TERM (2014-16)
LONG-TERM (2015+)
•Exploration discoveries through systematic identification and evaluation of targets on:
1.Expanded Sabodala Mine License (246km2)
2.Regional land package (1,055km2)
3.Potential growth within Senegal
RESERVE, PRODUCTION AND CASH FLOW GROWTH

9. 9
OJVG INTEGRATION
Masato
•Development completed in Q2
•Mining expected to begin in September
2015 Mine Plan: Optimizing mining and costs
-Lower material movement
-Lower capital expenditures
-Higher free cash flows in 2015 and beyond
•Opportunities to optimize and improve March 2014 Base Case LOM plan

10. 10
MILL ENHANCEMENT OPPORTUNITIES
•Sabodala mill currently operating at design capacity:
-3.5 mtpa (~430 tpoh) throughput
•When crushed stockpiles ~100% full
-480 tpoh throughput
•Correlation between crusher downtime and mill throughput
-Directly related to inventory level of crushed ore stockpiles feeding mill
•Sustained high crushed stockpiles could result in:
-5-10% increase in overall throughput
-Allows for optimization of mill
•Test work underway
-Expecting results in Q3
-Decision by year end
0
100
200
300
400
500
600
0
2,000
4,000
6,000
8,000
10,000
Mill TPOH
Crusher Throughput per Shift
Crusher Throughput vs. Mill tpoh
(July 2013 –May 2014)
-Strong relationship between crushes tonnes and mill rate
-Increasing crushing capacity may result in higher mill throughput

11. 11
HEAP LEACH OPPORTUNITY
Heap leachable reserve growth
(Niakafiri structure, Maki Madina)
•Significant low grade oxide and sulphide ore stockpiled
•Opportunity to increase oxide ore reserves over >8km mineralized trend
•Comprehensive test work program in progress, potential to bring forward ore from later in mine life
-Phase 1: determine optimum economics for oxide ore
-Phase 2: examine sulphides ore
•Exploration strategy will target near surface oxide ore
•KCA (Reno) performing heap leach test work
-Expecting Phase 1 results in Q3
-Decision by year end
~8km

12. 12
GORA DEVELOPMENT ~300 kozat ~5 g/t
Gora
Sabodala
Mill
•Development on track
•Permitting process expected to be completed in Q3
•Initial engineering underway
•Site surveys conducted in Q2
-Allow for access road construction to begin in Q4
•Production expected mid-2015

13. 13
SYSTEMATIC EXPLORATION PROGRAM
•$10M initial budget
-Mine Licenses / Regional Land Package
•Masato
-Infill drilling of high grade zone
-Extend mineralization along strike
•Golouma
-Infill drilling in Q3
•Kerekounda
-RC and DD in Q4 along strike
•Niakafiri SE and Maki Madina
-RC and diamond drilling
-Geotech holes for determining pit walls

14. 14
SYSTEMATIC EXPLORATION PROGRAM CONT’D
•Regional program seeking:
1.Multi-Moz deposits with economics to support standalone operation
2.High grade, satellite deposits with economics to be trucked to central mill
•Ninienko
-Mapping and trenching program Q2
-500m x 1,500m gold mineralized zone outlined
-Flat-lying, near surface quartz veins
-Possible DD and RC program in Q4
-More trenching H2
•Highlights of Ninienko gold showings:
-0.5m @ 3.96 g/t, Quartz feldspar breccia
-1.5m @ 7.24 g/t, Broken quartz feldspar breccia
-0.9m @ 7.38 g/t, Quartz vein
-0.4m @ 9.65 g/t, Quartz feldspar breccia and quartz vein
-1.0m @ 2.53 g/t, Quartz feldspar breccia and quartz vein
-1.0m @ 2.70 g/t, Quartz feldspar breccia and quartz vein
-0.4m @ 2.48 g/t, Quartz vein
-1.2m @ 2.45 g/t, Quartz feldspar breccia and quartz vein
-0.8m @ 3.27 g/t, Quartz vein
-1.0m @ 8.89 g/t, Quartz vein

15. 15
SYSTEMATIC EXPLORATION PROGRAM CONT’D
•Soreto
-15 DDH program in progress (7 DDH completed over 1,500m), results pending
-Intersected shallow dipping (25 -35º) altered shear zones, visible gold
-Shear zones coincide with major NNE regional shear structure and associated 6km long geochemical soil anomaly, sampling ongoing

16. 16
DEVELOPMENT STRATEGY (TDS)
SETTING BENCHMARK FOR
MAINTAINING STRONG SOCIAL LICENSE
Culmination of 18 month process of
extensive roundtable discussions
with our local, regional and national
stakeholders, identified three
priority areas:
1. Sustainable Economic
Development
2. Agriculture and Food Security
3. Youth Education and Training
The complete TDS is available on the Company’s website at www.terangagold.com/English/CorporateResponsibility/Overview

17. 17
IN PARTNERSHIP WITH SENEGALPresident Macky Sall’s recent site visit (April 2014)

18. 18
SENEGAL COMPARES FAVOURABLY TOOTHER AFRICAN GOLD MINING JURISDICTIONS IN TERMS OF SECURITY AND POLITICAL RISKS
Source: Control Risks, RiskMap 2014

19. 19
POISED FOR GROWTH
•On track to meet production and cash cost guidance
•Strong H2 expected, higher production of ~130,000 oz’s and better costs
•Masato production to commence in September
•Mill optimization results expected in Q3, development decision by year end
•Initial heap leach results expected in Q3, development decision by year end
•Exploration on combined mine licenses and regional land package continues –updates expected in H2
•Focused on free cash flow generation –expect to be debt free by year end
•Expect higher free cash flows in 2015 and beyond

20. 20
APPENDIX

21. 21
CONTACTUS

22. 22
2013 ACHIEVEMENTS
CSR
TheCompany’smissionistosharethebenefitsofresponsibleminingwithallofourstakeholders.Westrivetoactasaresponsiblecorporatecitizenbybuildingprojectstogetherwiththecommunities,andbybeingcommittedtousingthebestavailabletechniquesaswecarryoutouractions.Weaimtoachievebenefitsforallpartiesinvolved,andourquestforcontinuousimprovementdrivesourwayofdoingbusiness.
-Completion of the Teranga Development Strategy (TDS)
-Increase income-generating activities for the local population through the enhancement of agricultural activities and local small business initiatives
-Improve external communication of the Company’s profile as a responsible miner organizing workshops and information meetings with key stakeholders
-Strengthen the skills and capabilities of the local Human Resources and the Learning and Development teams
-Expand the learning and development offerings available to our employees
-Strengthen partnerships with specific vocational schools and higher learning institutes in Senegal
-Participate in the creation of the Senegal Chamber of Mines
-Contribute to the Government of Senegal’s EITI application
5 PILLARS OF COMMITMENT TO SUSTAINABILITY
OUR FOCUS
1.Economic Sustainability
2.Agriculture and Food Security
3.Youth Education and Training

23. 23
SAFETY STATISTICS
TRACK RECORD OF SAFE OPERATIONS
•Teranga is dedicated to excellence in safety and aims its OHS indicators to exceed global benchmarking standards
•Teranga is committed to creating and sustaining a healthy and safe work environment
•Sabodala’s Lost Time Injury (LTI) frequency is well below the international benchmarking standards
-Sabodala –0.97vs. International Standard –4.19
Per million hours work
•We actively report and look at improvement of all incidents no matter how small
•Sabodala continues to operate at a standard equal to best practice international standards
•We use internationally researched methodology to investigate high potential incidents (HPI’s)
COMMENTS
201120122013Hours Worked3,057,9073,474,8902,879,685LTI162MTI161312FAI557572Incidents219374345High Potential Incidents224025

24. 24
Q2 FINANCIAL RESULTS
(US$000's, except where indicated) Financial Data2014 2013 2014 2013 Revenue 57,522 75,246 127,324 189,061 Profit attributable to shareholders of Teranga (12,018) 7,196 (8,061) 52,179 Per share (0.04) 0.03 (0.02) 0.21 Operating cash flow (9,793) 20,838 4,510 44,478 Capital expenditures 6,846 25,990 9,555 48,166 Free cash flow1 (16,639) (5,152) (5,045) (3,688) Cash and cash equivalents (including bullion receivables and restricted cash) 28,381 53,536 28,381 53,536 Net debt2 280 28,925 280 28,925 Total assets 706,182 583,937 706,182 583,937 Total non-current financial liabilities 128,069 20,484 128,069 20,484 1 Free cash flow is defined as operating cash flow less capital expenditures. 2 Net debt is defined as total borrowings and financial derivative liabilities less cash and cash equivalents, bullion receivables and restricted cash. Six months ended June 30Note: Results include the consolidation of 100% of the OJVG's operating results, cash flows and net assets from January 15, 2014. Three months ended June 30

25. 25
Q2 OPERATING RESULTS
Operating Results 2014201320142013Ore mined(‘000t) 974 698 2,236 2,011 Waste mined - operating(‘000t) 5,233 2,683 11,384 5,197 Waste mined - capitalized(‘000t) 458 4,770 955 9,792 Total mined(‘000t) 6,665 8,151 14,575 17,000 Grade mined(g/t) 1.39 1.59 1.51 1.77 Ounces mined(oz) 43,601 35,728 109,053 114,657 Strip ratiowaste/ore 5.8 10.7 5.5 7.5 Ore milled(‘000t) 817 709 1,710 1,405 Head grade(g/t) 1.69 2.36 1.86 2.83 Recovery rate% 89.8 92.3 89.9 92.2 Gold produced1(oz) 39,857 49,661 91,947 117,962 Gold sold(oz) 44,285 54,513 98,052 124,180 Average realized price$/oz 1,295 1,379 1,294 1,217 Total cash cost (incl. royalties)2$/oz sold 815 642 750 582 All-in sustaining costs2$/oz sold 1,060 1,185 925 1,024 Mining($/t mined) 2.90 2.64 2.85 2.62 Milling ($/t milled) 21.29 23.77 19.68 23.13 G&A ($/t milled) 4.92 6.25 4.88 6.21 2 Total cash costs per ounce and all-in sustaining costs per ounce are prior to a non-cash inventory write-down to net realizable value and are non-IFRS financial measures that do not have a standard meaning under IFRS. Please refer to Non-IFRS Performance Measures at the end of this report. Three months ended June 30Six months ended June 301 Gold produced represents change in gold in circuit inventory plus gold recovered during the period.

26. 26
FRANCO-NEVADA STREAM AGREEMENT
•Franco-Nevada provided an upfront cash payment of $135M in exchange for a fixed and floating stream on future production
-2014 to 2019: 22,500 ounces per year
-2020 and thereafter: 6% of gold production
•Franco-Nevada to pay 20% of spot gold price on each ounce delivered (the 6% stream is equivalent to a 4.8% NSR royalty)
•Higher stream in first six years
-Allowed us to retire half of our debt facility
-Accelerate and repay balance of facility in 2014
-Provides certainty to Franco-Nevada as mine plan evolves
•Repaying debt more rapidly has clear benefits to the Company and shareholders
-Removing onerous financial covenants
-Reduced balance sheet risk
-Enables earlier initiation of return of capital

27. 27
FISCAL REGIME
SENEGAL INVESTMENT AGREEMENT AND FISCAL REGIME
•The Senegalese Government has stated the importance of the mining industry in Senegal
•Partnership and trust between Senegalese Government and Canadian & Senegalese Management teams built on transparency
-Committed to growing domestic gold production as quickly as possible
-Signing the Definitive Global Agreement (May 2013) provided a clear and transparent framework that allowed investor confidence
-Agreement provides a price and formula to acquire Government’s additional option on satellite deposits and to incorporate these into the existing mine license and fiscal regime
-Ensuring full access to exploration targets currently occupied by artisanal miners
-Supporting drilling of the Niakafiri deposit on the Mine License
-Extending the mine license by five years to 2022 and five key exploration licenses by 18 months
•The agreement made the Franco-Nevada investment possible and paved the way for the consolidation of the OJVG
IN PARTNERSHIP WITH SENEGAL
•5% government royalty
•25% corporate income tax after tax holiday ends in May 2015
•10% Government of Senegal free-carried interest
•From 2009 to the end of 2013 Teranga has:
-Invested more than $500M in Senegal
-Paid $70M in royalties, dividends, and other government payments

28. 28
MANAGEMENT TEAM
Richard Young
President & CEO, Director
•Over 10 years experience in mining finance, development, corporate development, and investor relations with Barrick Gold
•Former VP and CFO of Gabriel Resources (2005-2010)
Mark English
VP, Sabodala Operations
•Over 24 years experience in the gold mining industry
•Previously worked for several companies in Australia, East and West Africa being involved in operating mines and development,inclusive of greenfieldstart-ups
•Joined Mineral Deposits Ltd. in June 2006
Paul Chawrun
VP, Technical Services
•Mining Engineer andgeologist with over 23 years experience
•Former EVP Corporate Development for Chieftain Metals
•Former Director, Technical Services Detour Gold
Navin Dyal
VP & CFO
•Over 13 years in finance, most recently 7 years with Barrick Gold (2005-2012)
•Former Director of Finance, Global Copper Business Unit –Barrick Gold
•Chartered Accountant –Four years at major public accounting firm
David Savarie
VP, General Counsel & Corporate Secretary
•Over 10 years experience in the legal industry
•Former Deputy General Counsel and Corporate Secretary of Gabriel Resources
•Previously in private practice at Miller Thomson LLP
Kathy Sipos
VP, Investor & Stakeholder Relations
•10 years experience in Corporate Communications and Investor Relations with Barrick Gold (1996-2006)
•Former VP of Corporate Communications and Investor Relations of Gabriel Resources (2006-2009)
Aziz Sy
VP, Development Senegal
•Over 18 years experience in managing exploration projects from grassroots to development level
•Former VP of Oromin Joint-Venture Group overseeing Senegal Operations
•Former Country & Exploration Manager of Randgold Resources Limited in Senegaland Senior Manager Exploration of Lonmin Plc for West Africa and Gabon
Macoumba Diop
General Manager & Government Relations Manager
•Geological Engineer, Master of Science in Finance with over 12 years experience in the mining industry
•Previously spent 11 years in a consulting business and in mineral project marketing and development
•Joined SGO in July 2011

29. 29
NON-EXECUTIVE DIRECTORS
Alan R. Hill
Chairman
•Mining engineer with over 20 years experience globally in project evaluations, acquisitions and mine development as ExecutiveVPof Barrick Gold
•Currently a Director of Gold Fields
•Former President and CEO of Gabriel Resources (2005-2009) and non-Executive Chairman of Alamos Gold (2004-2007)
Alan R. Thomas
•Director/trustee and Chief Financial Officer of Labrador Iron Ore Royalty Corporation (formerly Labrador Iron Ore Trust) since 2004
•Served on the board of directors of Gabriel Resources Ltd. from May 2006 until June 2010
•From 2000 to 2006held the position of Vice-President and Chief Financial Officer of ShawCor Ltd., and CFO of Noranda Inc. from 1987 to 1998
•Chartered accountant and graduate of the University of Toronto
Frank Wheatley
•Chief Executive Officer and director of Yellowhead Mining Inc.,Executive Director, Corporate Affairs and Strategy of Talison Lithium Ltd. and a member of the board of directors of Selwyn Resources Ltd.
•Vice-President and General Counsel of Gabriel Resources Ltd., from 2000 to 2009, and prior to which, the President and Chief Operating Officer of Gabriel Resources Ltd. from March 1999 to October 2000
•Before joining Gabriel Resources Ltd., he was Vice-President, Legal Affairs of Eldorado Gold Corporation
•28 years experience as a director and senior officer of, and legal counsel to, a number of Canadian public mining companies
•Received his Bachelor of Commerce and LL.B. degrees from the University of British Columbia
Edward S. Goldenberg
•Senior partner at the law firm of Bennett Jones LLP where he has a corporate practice, advising clients on governance issues,public policy and government relations
•Distinguished background working with the Government of Canada, having been the Senior Policy Advisor to the Prime Minister of Canada (1993-2003) and the Prime Minister's Chief of Staff (2003)
•Awarded an Honourary Doctorate of Laws from McGill University in 2004
•Holds a BA, MA and BCL from McGill University and is also a graduate of the Institut d'Études Politiques de Paris (France)
Christopher R. Lattanzi
•Director of Argonaut Gold Inc. and Spanish Mountain Gold Ltd
•Associate consultant for Micon International Ltd., having been the founding member of Micon in 1988 and serving as its presidentfrom formation until 2005
•Prior to 1988, was a consultant with David Robertson and Associates
•Invaluable experience in property valuation, scoping, feasibility studies and project monitoring on a global basis
•Appointed a director of Meridian Gold Inc. in 1999 and was chairman of the board from mid-2004 until December 2006
•Holds a B.Eng (Mining) from Melbourne University
Jendayi Frazer
•Former U.S. Assistant Secretary of State for Africa Affairs (2005-2009) and first female U.S. Ambassador toSouth Africa(2004)
•Leading architect of U.S.-Africapolicy after serving as Special Assistant to the President and Sr. Director for African Affairs on theNational Security Council
•Distinguished Public Service Professor at Carnegie Mellon University (2009) with joint appointments in theDepartment of Social and Decision Sciences, and in theH. John Heinz College's Schoolof Public Policy and Management
•Awarded the Distinguished Service Award (2009) by Condoleezza Rice, the highest award bestowed by the Secretary of State, forher critical role in resolvingKenya's2007 presidential election crisis
•Holds a B.A. (honors), M.A., and a Ph.D. fromStanford Universitywith a focus on Political Science, African and Afro-American Studies, and International Development Education

30. 30
BASE CASE LOM PLAN (NI 43-101 Technical Report Filed March 13, 2014)
Source: Base Case Sabodala Combined Life of Mine Plan (NI 43-101 Technical Report, March 13, 2014)
LOM2014-2019 AVG2014201520162017201820192020202120222023202420252026202720282029Ore MinedMt4.8 4.8 - - - - - - - - - - - - - - - Ore Gradeg/t1.68 1.68 - - - - - - - - - - - - - - - Waste Mt16.5 16.5 - - - - - - - - - - - - - - - Contained OzMoz0.26 0.26 - - - - - - - - - - - - - - - Ore MinedMt4.1 - - 0.5 1.7 1.9 - - - - - - - - - - - Ore Gradeg/t1.51 - - 1.01 1.53 1.61 - - - - - - - - - - - Waste Mt29.6 - - 13.1 11.9 4.6 - - - - - - - - - - - Contained OzMoz0.20 - - 0.02 0.09 0.10 - - - - - - - - - - - Ore MinedMt13.5 0.9 12.6 - - - - - - - - - - - - - - Ore Gradeg/t1.09 0.91 1.10 - - - - - - - - - - - - - - Waste Mt32.3 3.4 28.9 - - - - - - - - - - - - - - Contained OzMoz0.47 0.03 0.44 - - - - - - - - - - - - - - Ore MinedMt11.8 - - - - - - 0.3 2.5 9.0 - - - - - - - Ore Gradeg/t1.37 - - - - - - 0.60 0.98 1.50 - - - - - - - Waste Mt101.3 - - - - - - 29.9 38.6 32.7 - - - - - - - Contained OzMoz0.52 - - - - - - 0.01 0.08 0.43 - - - - - - - Ore MinedMt1.9 - 0.2 0.7 0.3 0.4 0.2 - - - - - - - - - - Ore Gradeg/t4.74 - 3.80 4.15 6.55 3.75 6.99 - - - - - - - - - - WasteMt38.1 - 5.1 12.0 9.7 9.6 1.7 - - - - - - - - - - Contained OzMoz0.29 - 0.03 0.10 0.06 0.05 0.05 - - - - - - - - - - Ore MinedMt6.5 - - 1.0 0.5 0.8 2.5 1.7 - - - - - - - - - Ore Gradeg/t2.24 - - 2.89 2.61 2.26 2.01 2.07 - - - - - - - - - WasteMt89.8 - - 16.1 15.7 17.0 35.0 6.0 - - - - - - - - - Contained OzMoz0.46 - - 0.09 0.04 0.06 0.16 0.11 - - - - - - - - - Ore MinedMt0.9 - - 0.1 0.8 - - - - - - - - - - - - Ore Gradeg/t3.26 - - 1.50 3.53 - - - - - - - - - - - - Waste Mt18.0 - - 7.4 10.6 - - - - - - - - - - - - Contained OzMoz0.09 - - 0.01 0.09 - - - - - - - - - - - - Ore MinedMt7.8 - - - - 4.6 3.2 - - - - - - - - - - Ore Gradeg/t1.14 - - - - 1.14 1.14 - - - - - - - - - - WasteMt22.6 - - - - 12.9 9.7 - - - - - - - - - - Contained OzMoz0.29 - - - - 0.17 0.12 - - - - - - - - - - Ore MinedMt51.3 6.3 5.7 12.8 2.3 3.3 7.7 5.9 2.1 2.5 9.0 - - - - - - - Ore Gradeg/t1.57 1.61 1.56 1.15 2.84 2.60 1.51 1.74 1.82 0.98 1.50 - - - - - - - WasteMt348.0 40.1 19.9 33.9 48.6 47.8 44.1 46.4 35.9 38.6 32.7 - - - - - - - Contained OzMoz2.58 0.33 0.29 0.47 0.21 0.27 0.37 0.33 0.12 0.08 0.43 - - - - - - - Stockpile Ore BalanceMt10.9 19.7 18.0 17.4 21.2 23.1 21.4 20.0 25.2 21.4 17.6 13.8 10.0 6.2 2.2 0.0 Stockpile Gradeg/t0.79 0.77 0.71 0.71 0.70 0.69 0.69 0.69 0.73 0.70 0.70 0.69 0.67 0.65 0.66 - Contained OzMoz0.27 0.48 0.41 0.40 0.47 0.51 0.47 0.44 0.60 0.48 0.39 0.31 0.22 0.13 0.05 0.00 Ore MilledMt59.9 3.9 3.4 4.0 4.0 3.8 4.0 4.0 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 4.0 2.2 Head Gradeg/t1.46 2.24 2.25 2.05 2.21 2.35 2.31 2.27 1.32 0.89 2.29 0.93 0.71 0.71 0.74 0.71 0.64 0.62 Oxide %13%23%6%50%34%6%26%15%0%1%0%0%0%0%0%0%36%50% Rec. ozMoz2.553 0.254 0.227 0.242 0.260 0.261 0.271 0.265 0.145 0.097 0.254 0.102 0.078 0.078 0.081 0.078 0.075 0.040 Sabodala Phase 3TotalNiakafiriKerekoundaGoloumaGoraMasato Phase 2Masato Phase 1Sabodala Phase 4

31. 31
BASE CASE CAPITAL & OPERATING COSTS (NI 43-101 Technical Report Filed March 13, 2014)
Source: Base Case Sabodala Combined Life of Mine Plan (NI 43-101 Technical Report, March 13, 2014)
Capital ExpendituresSustaining CapexUnitLOM2014-2019 AVG2014201520162017201820192020202120222023202420252026202720282029Mining USDM25.5 3.6 3.5 3.5 3.5 3.5 3.5 4.0 3.5 0.5 - - - - - - - - ProcessingUSDM29.5 2.2 3.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 0.5 - Admin & Other SustainingUSDM11.3 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 0.8 0.5 0.5 0.5 0.5 0.3 0.3 - Community RelationsUSDM25.0 4.2 - - 8.3 8.3 8.3 - - - - - - - - - - - Total Sustaining CapexUSDM91.3 10.9 7.5 6.5 14.8 14.8 14.8 7.0 6.5 3.5 2.8 2.5 2.5 2.5 2.5 2.3 0.8 - Capital Projects & DevelopmentUSDMOJVG & Gora DevelopmentUSDM62.1 10.3 7.0 42.0 12.2 - 0.9 - - - - - - - - - - - Government Waiver PaymentsUSDM16.9 2.8 10.0 4.2 - - 2.7 - - - - - - - - - - - Other Projects & DevelopmentUSDM3.0 0.5 - - 3.0 - - - - - - - - - - - - - Total Projects and DevelopmentUSDM82.0 13.7 17.0 46.2 15.2 - 3.6 - - - - - - - - - - - Combined Total (USDM)USDM173.2 24.6 24.5 52.7 30.0 14.8 18.4 7.0 6.5 3.5 2.8 2.5 2.5 2.5 2.5 2.3 0.8 - Operating CostsActivityUnitLOM2014-2019 AVG2014201520162017201820192020202120222023202420252026202720282029MiningUSD/t mined 2.55 2.53 2.85 2.39 2.51 2.54 2.49 2.55 2.50 2.53 2.66 - - - - - - - ProcessingUSD/t milled 17.78 17.26 18.50 16.01 17.35 18.01 16.93 16.98 17.59 17.86 18.01 18.26 18.26 18.26 18.26 18.26 18.26 18.26 General & Admin.USDM 165 15 18 16 15 14 14 14 14 14 10 6 6 6 6 6 4 2 MiningUSDM 1,014 117 71 112 128 130 129 134 95 104 112 - - - - - - - ProcessingUSDM 1,072 67 65 64 70 68 68 68 67 68 68 69 70 69 69 69 73 46 General & AdminUSDM 165 15 18 16 15 14 14 14 14 14 10 6 6 6 6 6 4 2 Refining & FreightUSDM 13 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 Byproduct CreditsUSDM (5) (0) (0) (0) (0) (0) (1) (0) (0) (0) (0) (0) (0) (0) (0) (0) (0) (0) Total Operating CostsUSDM 2,259 200 154 193 213 213 212 216 176 186 191 76 76 76 76 76 77 48 Deferred Stripping Adjustment(2)USDM (3) (1) (3) - - - - - - - - - - - - - - - Inventory AdjustmentUSDM 62 (26) (17) (52) (30) (17) (17) (22) (28) (48) 16 51 37 39 39 39 37 35 RoyaltyUSDM 154 15 12 15 16 16 17 17 9 6 15 6 5 5 5 5 4 3 Total Cash Costs(1)USDM 2,472 190 146 156 200 213 212 211 157 144 221 133 118 119 119 119 119 86 Total Cash Costs(1)USD/oz 968 745 675 645 768 814 781 796 1,085 1,479 873 1,307 1,512 1,533 1,535 1,535 1,589 1,935 CapexUSDM 173 25 25 53 30 15 18 7 7 4 3 3 3 3 3 2 1 - Capitalized Deferred StrippingUSDM 3 1 3 - - - - - - - - - - - - - - - Capitalized Reserve DevelopmentUSDM 9 2 5 4 - - - - - - - - - - - - - - Corporate AdminUSDM 142 14 16 15 14 14 14 14 14 14 8 4 4 3 2 2 2 2 All-In Sustaining Cash Costs(1)USDM 2,799 231 194 227 244 242 245 232 178 161 232 140 124 124 123 123 121 88 All-In Sustaining Cash Costs(1)USD/oz 1,096 906 838 941 937 925 901 875 1,226 1,659 915 1,371 1,595 1,604 1,593 1,590 1,626 1,980 (2) Excludes any deferred stripping adjustment beyond 2014 as required by IFRIC20(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 non-IFRS Performance Measures at the end of this report.

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OUTLOOK 2014
2013 Actuals2014 Guidance RangeOperating Results Ore mined(‘000t) 4,540 5,300 - 6,000 Waste mined - operating(‘000t) 15,172 18,200 - 19,000 Waste mined - capitalized(‘000t) 15,066 500 - 1,000 Total mined(‘000t) 34,778 24,000 - 26,000 Grade mined(g/t) 1.62 1.60 - 1.70 Strip ratio(waste/ore) 6.7 3.25 - 3.50 Ore milled(‘000t) 3,152 3,400 - 3,600 Head grade(g/t) 2.24 2.20 - 2.40 Recovery rate% 91.4 90.0 - 91.0 Gold produced1(oz) 207,204 220,000 - 240,000 Total cash cost (incl. royalties)2,3$/oz sold 641 650 - 700 All-in sustaining costs2,3$/oz sold 1,033 800 - 875 Mining($/t mined) 2.59 2.75 - 2.95 Milling ($/t milled) 20.15 18.00 - 19.00 G&A ($/t milled) 5.38 4.75 - 5.25 Gold sold to Franco-Nevada1(oz) - 22,500 Exploration and evaluation expense (Regional Land Package)($ millions) 5.4 4.0 - 6.0 Administration expenses and Social community costs (excluding depreciation)($ millions) 13.6 15.0 - 16.0 Mine production costs($ millions) 170.8 155.0 - 165.0 Capital expenditures Mine site sustaining($ millions) 9.9 7.0 - 8.0 Capitalized reserve development (Mine License)($ millions) 3.5 4.0 - 6.0 Project development costs Government payments($ millions) 3.5 12.0 - 14.0 Development($ millions) 0.5 3.0 - 5.0 Mobile equipment and other($ millions) 8.4 - Total project development costs($ millions) 12.4 15.0 - 19.0 Capitalized deferred stripping2($ millions) 43.3 2.0 - 3.0 Total capital expenditures($ millions) 69.1 28.0 - 33.0 Key assumptions: Gold spot price/ounce - US$1,250, Light fuel oil - US$1.15/litre, Heavy fuel oil - US$0.98/litre, US/Euro exchange rate - $1.325Other 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; and no unplanned delays in or interruption of scheduled production. Year ended December 311 22,500 ounces of production are to be sold to Franco Nevada at 20% of the spot gold price. 2 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 Non-IFRS Performance Measures at the end of this report. 4 All-in sustaining costs per ounce sold include total cash costs per ounce, administration expenses (excluding Corporate depreciation expense and social community costs not related to current operations), capitalized deferred stripping, capitalized reserve development and mine site sustaining capital expenditures (including project development costs) as defined by the World Gold Council. 3 Total cash costs per ounce sold for 2012 were restated to comply with the Company’s adoption of IFRIC 20 - Stripping Costs in the Production Phase of a Surface Mine, in line with the Company’s accounting policies and industry standards.

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HISTORICAL RESULTS AND GUIDANCE
2009A 2010A 2011A 2012A 2013A 2014F
Ore Mined (000t) 2,637 2,915 3,973 5,915 4,540 5,300 - 6,000
Waste Mined - operating (000t) 9,144 13,199 21,818 12,265 15,172 18,200 - 19,000
Waste Mined - capitalized1 (000t) 10,696 15,066 500 - 1,000
Total Mined (000t) 11,781 16,114 25,791 28,877 34,778 24,000 - 26,000
Grade Mined (g/t) 2.19 1.80 1.39 1.98 1.62 1.60 - 1.70
Ounces Mined (oz) 186,077 168,979 177,362 376,185 236,718
Ore Milled (000t) 1,806 2,285 2,444 2,439 3,152 3,400 - 3,600
Head Grade (g/t) 3.12 2.12 1.87 3.08 2.24 2.20 - 2.40
Recovery (%) 92.2 90.7 89.5 88.7 91.4 90.0 - 91.0
Production (oz) 166,769 141,119 131,461 214,310 207,204 220,000 - 240,000
Mining ($/t) 2.24 2.42 2.29 2.71 2.59 2.75 - 2.95
Milling ($/t) 15.56 15.22 16.81 20.39 20.15 18.00 - 19.00
G&A ($/t) 9.54 5.17 5.75 6.12 5.38 4.75 - 5.25
Spot Sales Price ($/oz) 1,006 1,252 1,548 1,677 1,368
Avg Realized Price ($/oz) 902 1,072 1,236 1,422 1,246
Total Cash Costs ($/oz) 782 556 641 650 - 700
All-in Sustaining Costs2 ($/oz) 1,200 1,033 800 - 875
1 The Company adopted IFRIC 20 on January 1, 2013 and restated the 2012 comparative amounts
2
All-in sustaining costs per ounce sold include total cash costs per ounce, administration expenses (excluding Corporate depreciation expense and social community costs not related to current operations), capitalized deferred stripping, capitalized reserve development
and mine site sustaining capital expenditures as defined by the World Gold Council

34. 34
Note: Please see 2013 Financial Report and MD&A, 2013 for Resource and Reserve estimate assumptions
COMBINED RESERVES AND RESOURCES
TonnesGradeAuTonnesGradeAuTonnesGradeAu(Mt)(g/t)(Moz)(Mt)(g/t)(Moz)(Mt)(g/t)(Moz) Sabodala24.281.321.0322.951.290.9547.231.311.98Gora0.495.270.081.844.930.292.325.000.37Niakafiri0.301.740.0210.501.100.3710.701.120.39ML OtherSubtotal ML25.071.401.1335.291.421.6160.251.422.74Masato43.931.111.5743.931.111.57Goluma12.042.691.0412.042.691.04Kerekounda2.203.770.272.203.770.27Somigol Other18.720.930.5618.720.930.56Subtotal Somigol0.000.000.0076.891.393.4476.891.393.44Total25.071.401.13112.181.405.05137.141.406.18TonnesAuAu(Mt)g/tMozSabodala17.880.940.54Gora0.213.380.02Niakafiri7.200.880.21ML Other10.600.970.33Subtotal ML35.890.951.11 Masato25.591.130.93Goluma2.462.010.16Kerekounda0.344.210.05Somigol Other12.870.840.35Subtotal Somigol41.261.121.49Total77.161.042.59MeasuredIndicatedMeasured and IndicatedInferred

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Note: Please see 2013 Financial Report and MD&A, 2013 for Resource and Reserve estimate assumptions
COMBINED RESERVES AND RESOURCES
TonnesGradeAuTonnesGradeAuTonnesGradeAu(Mt)(g/t)(Moz)(Mt)(g/t)(Moz)(Mt)(g/t)(Moz) Sabodala3.451.640.185.531.580.288.981.600.46Gora0.504.580.071.394.800.211.894.740.29Niakafiri0.231.690.017.581.120.277.811.140.29Stockpiles8.600.860.248.600.860.24Subtotal ML12.781.230.5114.501.650.7727.281.451.27Masato25.241.210.9825.241.210.98Golouma6.472.240.466.472.240.46Kerekounda0.883.260.090.883.260.09Subtotal Somigol 0.000.000.0032.591.471.5432.591.471.54Total12.781.230.5147.091.522.3159.871.462.81ProvenProbableProven and Probable

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COMPETENT PERSONS STATEMENT
ThetechnicalinformationcontainedinthisdocumentrelatingtothemineralreserveestimatesforSabodala,thestockpiles,Masato,GoloumaandKerekoundaisbasedon,andfairlyrepresents,informationcompiledbyMr.WilliamPaulChawrun,P.EngwhoisamemberoftheProfessionalEngineersOntario,whichiscurrentlyincludedasa"RecognizedOverseasProfessionalOrganization"inalistpromulgatedbytheASXfromtimetotime.Mr.Chawrunisafull-timeemployeeofTerangaandisa"qualifiedperson"asdefinedinNI43-101anda"competentperson"asdefinedinthe2012Editionofthe"AustralasianCodeforReportingofExplorationResults,MineralResourcesandOreReserves".Mr. ChawrunhassufficientexperiencerelevanttothestyleofmineralizationandtypeofdepositunderconsiderationandtotheactivityheisundertakingtoqualifyasaCompetentPersonasdefinedinthe2012Editionofthe"AustralasianCodeforReportingofExplorationResults,MineralResourcesandOreReserves".Mr.ChawrunhasconsentedtotheinclusioninthisReportofthemattersbasedonhiscompiledinformationintheformandcontextinwhichitappearsinthisReport.
ThetechnicalinformationcontainedinthisdocumentrelatingtothemineralreserveestimatesforGoraandNiakafiriisbasedon,andfairlyrepresents,informationandsupportingdocumentationpreparedbyJuliaMartin,P.Eng.whoisamemberoftheProfessionalEngineersofOntarioandaMemberofAusIMM(CP).Ms.MartinisafulltimeemployeewithAMCMiningConsultants(Canada)Ltd.,isindependentofTeranga,isa“qualifiedperson”asdefinedinNI43-101anda“competentperson”asdefinedinthe2004Editionofthe“AustralasianCodeforReportingofExplorationResults,MineralResourcesandOreReserves”.Ms.MartinhassufficientexperiencerelevanttothestyleofmineralizationandtypeofdepositunderconsiderationandtotheactivitysheisundertakingtoqualifyasaCompetentPersonasdefinedinthe2004Editionofthe“AustralasianCodeforReportingofExplorationResults,MineralResourcesandOreReserves”.Ms.Martinisa“QualifiedPerson”underNationalInstrument43-101StandardsofDisclosureforMineralProjects. Ms.MartinhasreviewedandacceptsresponsibilityfortheMineralReserveestimatesforGoraandNiakafiridisclosedinthisdocumentandhasconsentedtotheinclusionofthemattersbasedonherinformationintheformandcontextinwhichitappearsinthisReport
ThetechnicalinformationcontainedinthisReportrelatingtomineralresourceestimatesforNiakafiri,Gora,NiakafiriWest,Soukhoto,andDiadiakoisbasedon,andfairlyrepresents,informationcompiledbyMs.Nakai-Lajoie.Ms.PattiNakai-Lajoie,P.Geo.,isaMemberoftheAssociationofProfessionalGeoscientistsofOntario,whichiscurrentlyincludedasa"RecognizedOverseasProfessionalOrganization"inalistpromulgatedbytheASXfromtimetotime.Ms.Nakai-LajoieisafulltimeemployeeofTerangaandisnot"independent"withinthemeaningofNationalInstrument43-101.Ms.Nakai-LajoiehassufficientexperiencewhichisrelevanttothestyleofmineralizationandtypeofdepositunderconsiderationandtotheactivitywhichsheisundertakingtoqualifyasaCompetentPersonasdefinedinthe2004Editionofthe"AustralasianCodeforReportingofExplorationResults,MineralResourcesandOreReserves".Ms.Nakai-Lajoieisa"QualifiedPerson"underNationalInstrument43-101StandardsofDisclosureforMineralProjects.Ms.Nakai-LajoiehasconsentedtotheinclusioninthisReportofthemattersbasedonhercompiledinformationintheformandcontextinwhichitappearsinthisReport.
ThetechnicalinformationcontainedinthisReportrelatingtomineralresourceestimatesforSabodala,Masato,Golouma,Kerekounda,andSomigolOtherarebasedon,andfairlyrepresents,informationcompiledbyMs.Nakai-Lajoie.Ms.PattiNakai-Lajoie,P.Geo.,isaMemberoftheAssociationofProfessionalGeoscientistsofOntario,whichiscurrentlyincludedasa"RecognizedOverseasProfessionalOrganization"inalistpromulgatedbytheASXfromtimetotime.Ms.Nakai-LajoieisafulltimeemployeeofTerangaandisnot"independent"withinthemeaningofNationalInstrument43-101.Ms.Nakai-LajoiehassufficientexperiencewhichisrelevanttothestyleofmineralizationandtypeofdepositunderconsiderationandtotheactivitywhichsheisundertakingtoqualifyasaCompetentPersonasdefinedinthe2012Editionofthe"AustralasianCodeforReportingofExplorationResults,MineralResourcesandOreReserves".Ms.Nakai-Lajoieisa"QualifiedPerson"underNationalInstrument43-101StandardsofDisclosureforMineralProjects.Ms.Nakai-LajoiehasconsentedtotheinclusioninthisReportofthemattersbasedonhercompiledinformationintheformandcontextinwhichitappearsinthisReport.
Teranga'sdisclosureofmineralreserveandmineralresourceinformationisgovernedbyNI43-101undertheguidelinessetoutintheCanadianInstituteofMining,MetallurgyandPetroleum(the"CIM")StandardsonMineralResourcesandMineralReserves,adoptedbytheCIMCouncil,asmaybeamendedfromtimetotimebytheCIM("CIMStandards"). CIMdefinitionsoftheterms"mineralreserve","provenmineralreserve","probablemineralreserve","mineralresource","measuredmineralresource","indicatedmineralresource" and"inferredmineralresource",aresubstantiallysimilartotheJORCCodecorrespondingdefinitionsoftheterms"orereserve","provedorereserve","probableorereserve", "mineralresource","measuredmineralresource","indicatedmineralresource"and"inferredmineralresource",respectively.EstimatesofmineralresourcesandmineralreservespreparedinaccordancewiththeJORCCodewouldnotbemateriallydifferentifpreparedinaccordancewiththeCIMdefinitionsapplicableunderNI43-101.Therecanbenoassurancethatthoseportionsofmineralresourcesthatarenotmineralreserveswillultimatelybeconvertedintomineralreserves.