Sprott Natural Resource Symposium

The Next Multi-Jurisdictional West African Gold Producer

Forward-Looking Statements
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”, “trends”, “indications”,
“potential”, “estimates”, “predicts”, “forecasts”, “focused on”, “anticipate” 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 in this presentation include the commencement of expected drill programs, anticipated future cash flows, anticipated construction readiness
activities for the Company’s Banfora gold project in Burkina Faso as well as the anticipated completion of construction of the Banfora project - including the first gold pour, the
anticipated discovery of reserves at the Banfora project, the timing of completion of a Feasibility Study for the Banfora project, and Teranga’s estimated full year financial and
operating totals, as well as anticipated 2017 operating results. 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 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 29, 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
report should be construed as either an offer to sell or a solicitation to buy or sell Teranga securities.
This presentation is as of July 24, 2017. 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.

3
Building a Profitable Multi-Asset Mid-Tier West African Gold Producer
FULLY
PERMITTED
DEVELOPMENT
ASSET IN
BURKINA FASO
PRODUCING
ASSET
IN SENEGAL
PROVIDES
FOUNDATION
FOR GROWTH
EXPLORATION
OPPORTUNITIES
ON WORLD-CLASS
GOLD BELTS
STRONG
BALANCE SHEET
& SUPPORTIVE
CORNERSTONE
INVESTOR
STRONG
SOCIAL LICENSE
& AWARD-WINNING
CSR
PROVEN &
EXPERIENCED
LEADERSHIP
TEAM

Source: 2016 gold production from CPM Gold Yearbook 2017
Refer to Endnote (1) on the second last slide
4
West Africa: One of the World’s Fastest Growing Regions for Gold Production
NORTH AMERICA
12.0Moz
Senegal
Côte
d’Ivoire
Burkina
Faso
CENTRAL AMERICA
5.7Moz
SOUTH AMERICA
14.8Moz
EUROPE
8.7Moz
AFRICA
17.4Moz
ASIA
20.4Moz
OCEANIA
11.7Moz
WEST AFRICA
8.2Moz
TRANSITIONAL
ECONOMIES(1)
6.8Moz

5
Banfora Gold
Project
Golden Hill Gourma
Burkina Faso
Centamin
Semafo
Nordgold
Avocet
Iamgold
Nordgold
Roxgold
Endeavour
Endeavour
Orezone
West African Res.
B2Gold
MNG Gold
Semafo
Operating Gold Mine/ Development Project
Two discoveries at high-grade Golden Hill
followed by successful phase 2 drilling
Winner of 2017 PDAC Environmental
& Social Responsibility Award
Record Q2 production – 114,460 ounces YTD


Accomplishments in 2017

Sabodala reserves increase by 400Koz to 2.7Moz
Multiple Assets in One of the World’s Most Attractive Gold Frontiers
Commences construction readiness
activities at Banfora gold project


Senegal
Côte d’Ivoire
Burkina Faso
Mali
Guinea
Guinea-
Bisseau
The Gambia
Ghana
Benin
Niger
Sierra
Leone
Liberia
Togo
Sabodala Gold Mine
Status: Producing
Reserves: 2.7Moz(2)
M&I: 4.4Moz(2)
6
Banfora Project
Status: Feasibility
Golden Hill
Exploration JV
Gourma
Exploration JV
Guitry
Dianra
Mahepleu
Tiassale
Sangaredougou
Extensive Opportunities for Growth With Assets at Production, Feasibility and Exploration Stages

Exploration
• Burkina Faso
• Senegal
• Côte d’Ivoire
Development
• Complete Banfora project feasibility study – results expected in August
• Obtain board approval to proceed
• Announce construction decision
Production
• On track to achieve 2017 production outlook: 205,000 – 225,000 ounces(3)
• Generate free cash flow(4) from Sabodala
Significant Catalysts for 2017
Refer to Endnotes (3) and (4) on the second last slide

Producing Asset
Senegal, West Africa

+200Koz average
annual production
from 2017 - 2022(3)
Updating Sabodala Reserves to 2.7 Moz Improves 5-Year Production & Cash Flow
99
Refer to Endnotes (5)
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
000’sozAu
2017 Outlook
205K - 225Koz(3)
Opportunity to increase production through
resource conversion and new discoveries
Targeting +200Koz average
annual production from 2023- 2027(5)
(open pit production with deferral of underground by +two years)
Refer to Endnote (3) and (5) on the second last slide

10
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
(inclusive of proven and probable reserves) at an
average grade of 1.59 g/t(2)
Mine License Reserve Development
• Focused on resource definition and converting resources
at Niakafiri
• Continued delineation of Goumbati West
Regional Land Package
• Property-wide bulk leach extractable gold (BLEG)
sampling program completed to identify new exploration
targets
Significant Potential on Large Land Package
Mali
Niakafiri
Goumbati
West

Garnering International Recognition for Corporate Social Responsibility



PDAC 2017 Environmental
& Social Responsibility Award
United Nations Global Compact
Network Canada Sustainability Award
Corporate Knights Future 40 Responsible
Corporate Leaders in Canada

Capital Finance International: Best ESG-Responsible
Mining Management West Africa Award
11

Development Asset
Burkina Faso, West Africa
12

Fast-Tracking Completion of Banfora Feasibility Study
Complete
feasibility study
& approve
construction
Board approves
$10 million
investment for
further
advancement of
construction
readiness
activities
July
2017
August
2017
2019
Anticipated first
gold pour at Banfora
Major
construction
2018
13
Commenced
drilling
campaign to
confirm &
increase
reserves
H2
2016

Exploration Assets
Burkina Faso, Senegal & Côte d’Ivoire
14

15
Exploring Highly Prospective Properties Across West Africa
Burkina Faso Senegal Côte d'lvoire
$15*
MILLION
2017 Exploration Budget
Senegal
Burkina Faso
• Banfora $4M
• Golden Hill $4M
• Gourma $0.5M
Côte d’Ivoire
• $0.5M
Senegal
• Mine License $4M
• Regional $2M
*Based on recent positive drill results, this figure is expected to increase.

16Golden Hill Joint Venture
(Burkina Faso)
Uniquely Positioned at Golden Hill
Situated Near Other High-Grade, High-Value Properties
• 468km2 situated ~200km NE of Banfora gold project
• On the Houndé belt in close proximity and along strike to other large
deposits
Exploring Drill-Ready Targets
• Previous exploration work defined high quality prospects
• More advanced work, including substantial drilling, reported week of July 24,
and continuing in Q3
Joint Venture (51%, earning 80%)
• Joint venture partner is Boss Resources (ASX:BOE)
• Teranga has an earn-in agreement with Boss pursuant to which 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.
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

17
New Discoveries and Drill Targets
New Discoveries: Ma and Nahiri
• Two new discoveries reported April 25, 2017
• Favourable intersections reported (highlights of core drill results on
following slide)
New Drill Targets: Peksou and Jackhammer Hill
• Peksou Consists of a broadly altered structural zone that crosses both
mafic volcanics and granitic intrusive units displaying favorable grades and
widths in both host units -- core drilling evaluation will resume in Q4 on this
high priority prospect
• Jackhammer Hill Never before drilled, robust gold-in-soil and auger
geochemical anomaly measuring in excess of 2 kilometres of strike extent --
two core holes drilled to obtain structural orientation and geological
information; additional drilling planned for August
Golden Hill Property Location Map
Initial drill results from both new targets are available on the Company’s website.

A complete table of results for all 30 core drill holes is available on the Company’s
website.
Ma Drill Plan
18
• 30 core drill holes were completed during initial Phase 2 drill
evaluation
• Phase 2 drill program continues to intersect favorable intersections
over the minimum 1,300-metre strike extent drilled to date. Initial
highlights include:
‒ 9 m @ 4.04 g/t Au including 3 m @ 9.44 g/t Au (GHDD-040)
‒ 4 m @ 3.38 g/t Au (GHDD-038)
• Drill program (minimum 7,500 metres) is scheduled to re-start at
Ma prospect in early August
Ma: Initial Phase 2 Continues to Yield Positive Results

A complete table of results for all seven core drill holes is available on the Company’s website.
Nahiri Drill Plan
19
• Seven core holes were completed to both confirm earlier reverse
circulation drill results and provide better geological and structural
orientation information at this new discovery
• Favourable core drilling intersections including:
‒ 34 m @ 6.08 g/t Au including 14 m @ 12.38 g/t Au (GHDD-
026)
Nahiri Results Provides Enhanced Geological Interpretations

Potential Resource Conversion/Expansion
at Niakafiri on Senegal Mine License
Niakafiri Deposit (Senegal)
A Very Prospective Target on the Mine License
• Situated ~5km from the mill
• Majority of added reserves in June 30, 2017 update came from
Niakafiri
• Measured and indicated resources of ~850,000 ounces, and
over 200,000 ounces of inferred, inclusive of 590,000 ounces
in proven and probable reserves as at June 30, 2017(2)
Advanced Drill Program
• Over 16,000 metres have been drilled year to date
• Ongoing drill program is expected to run concurrently with the
Sabodala Village relocation
Refer to Endnote (2) on the second last slide 20
Mine License
(Senegal)
Niakafiri
Sabodala
Mill

21
Some of the Widest and Highest Grade Mineralised Intervals
Encountered to Date
• 4.18 g/t Au over 23 metres including 6.52 g/t Au over 12 metres in MDD17-279
• 3.19 g/t Au over 21 metres at the end-of-hole in MDD17-284
Phase 2 Follow-up Commenced
• Two drills currently active and focused on extending the mineralisation along
trend and to depth
Positive Drill Results at Niakafiri Extend
Mineralisation Along Strike and at Depth
Niakafiri Main NNE Section 560N
Niakafiri Main NNE Section 440N

Banfora Mine License Activities
22
Banfora Project Mine License (Burkina Faso)
Initial Evaluation Drilling on Targets
Kafina West
• Initial RC drill results display broad anomalous, near-
surface oxide mineralization
• Recently completed follow-up diamond drill program to
evaluate structural control
Hillside
• Five core holes returned favourable visuals along 350-metre
strike length within the ~1,000-metre geochemical trend
• Further core drilling planned for Q4
Raul
• Approximately 100 RAB drill holes were completed at the
Raul prospect to test a ~1,500 metres long combined gold-
in-soil and auger geochem anomaly
• Results pending, with follow up core drilling planned based
on results
BAGU SUD
/WEAH
KAFINA
WEST
OUAHIRI
KONANDOUGOU
BAZOGO
BASSONOGRO
HILLSIDE
SUD
Proposed
Plant
RAUL
KORINDOUGOU
SAMAVOGO
STINGER
FOURKOURA
NOGBELE

23
Early-Stage Exploration at Gourma
Gourma
Golden Hill
Banfora
Burkina Faso
Initial Field Program Commenced
• Included prospecting, mapping and auger
drilling
• Ten prospects prioritized for more
advanced work in 2017
• Based on positive auger results, an initial
core drilling evaluation began late in Q2
resulting in eight holes at three prospects
thus far
• A follow-up evaluation is planned for the
Q4 once the rainy season has concluded
Gourma (Burkina Faso)

24
Optionality in Côte d’Ivoire
Guitry Exploration Program a Priority
• Five greenfield exploration tenements totaling 1,838 km2
• Positive preliminary results at the Guitry prospect have
made it a priority for additional exploration work in 2017
• Hand-pitting program centered on the strongest portions
of the previously discovered 3 by 6 kilometre gold-in-soil
geochemical anomaly
• Initial drilling evaluation to be undertaken in Q4
Endeavour
Endeavour
Taurus
Perseus
Randgold
Côte d’Ivoire
Guitry
Tiassale
Mahepleu
Sangaredougou
Newcrest
Dianra

2.9x
4.0x
4.3x
5.1x
5.8x
6.9x
15.8x
Teranga
Asanko
Roxgold
Golden Star
Semafo
Endeavour
B2Gold
25
80
101
180
190
264
329
460
Perseus
Asanko
Teranga
Semafo
Golden Star
Endeavour
Roxgold
B2Gold
C$3.42 C$4.20
C$7.14
Share Price BMO NPV per Share Revalued Share Price
Enterprise Value/2017E EBITDA ($)
Potential Re-Rate With Achievement of Game-Changing Milestones in 2017
Teranga’s Share Price vs. Net Present Value (NPV)(6) per Share
109%
Refer to Endnote (6) on the second last slide. Data Source: BMO GoldPages published July 17, 2017
1.7x
Average NPV
Multiple for Medium
Producers(6)
Enterprise Value/2P Reserves ($/oz)
0.8x
Current TGZ NPV
Trading Multiple(6)
26

Capital Structure & Shareholders
27
Geographic Breakdown of TGZ Shareholders
(as at June 30, 2017)
Capital Structure Post-Consolidation
Basic common shares outstanding (June 30, 2017) 107,343,902
Stock options outstanding 4,480,023
Fully diluted 111,823,925
Number of shares owned by insiders 21,978,006
Market capitalization (June 30, 2017) C$368M/ US$293M
Cash (as at June 30, 2017) $80.3M
Top 5 Shareholders (June 30, 2017) % O/S Position
Tablo Corporation 19.8% 21,273,500
Van Eck Associates Corporation (GDXJ) 5.0% 5,417,764
Heartland Advisors, Inc. 2.8% 3,000,000
Oppenheimer Funds, Inc. 2.3% 2,467,795
Ruffer LLP. 2.3% 2,415,244
North America
30%
Europe
27%
Unidentified
36%
United
Kingdom
5%
Australia
2%

8.4%
4.8%
Implied Net Smelter Royalty
OJVG Acquisition Financed by Franco-Nevada
• In connection with Teranga’s transformational
acquisition of Oromin Joint Venture Group in 2014,
Franco-Nevada invested $135 million in exchange for
a fixed and floating stream on Teranga’s future
production
• Fixed gold deliveries of 22,500 ounces per year from
2014 to 2019 with trailing 6% gold stream once fixed
deliveries completed in 2019*
• Franco-Nevada to pay 20% of spot gold price per
ounce delivered (6% stream is equivalent to a 4.8%
NSR royalty)
• Streaming agreement covers Teranga’s current mine
license and land package
Effective Cost of Franco-Nevada Stream on
All-in Sustaining Costs per Ounce
(based on $1,200/ounce gold price)
$100
$58
2016E Post 2019
EffectiveCost
28

Refer to Endnotes (3), (7), (8), (9) and (10) on second last slide
2017 Outlook
29
Year Ended December 31
2016 2016 2017
Guidance Actual Guidance(10)
Operating Results
Ore mined (‘000t) 2,000 – 2,500 2,132 2,000 – 2,500
Waste mined (‘000t) 34,500 – 36,000 33,512 35,000 – 37,000
Total mined (‘000t) 36,500 – 38,500 35,644 37,000 – 39,500
Grade mined (g/t) 2.75 – 3.25 2.66 2.50 – 3.00
Strip ratio waste/ore 13.00 – 15.00 15.7 15.5 – 17.5
Ore milled (‘000t) 3,700 – 3,900 4,025 4,000 – 4,300
Head grade (g/t) 1.80 – 2.00 1.81 1.70 – 1.90
Recovery rate % 90.0 – 91.0 92.6 90.0 – 91.5
Gold produced (7)
(oz) 200,000 – 215,000 216,735 205,000 – 225,000 (3)
Cost of sales per ounce sold $/oz sold Not applicable 834 950 – 1,025
Total cash cost per ounce sold (8)
$/oz sold 600 - 650 622 725 – 775
All-in sustaining costs (8)
$/oz sold 900 – 975 929 1,000 – 1,075
Cash / (non-cash) inventory movements and amortized
advanced royalty costs (8) $/oz sold Not Applicable 42 (100)
All-in sustaining costs (excluding cash / (non-cash) inventory
movements and amortized advanced royalty costs) (8) $/oz sold Not Applicable 971 900 – 975
Mining ($/t mined) 2.20 – 2.40 2.33 2.25 – 2.50
Mining long haul ($/t hauled) 4.00 – 4.50 3.41 2.50 – 3.50
Milling ($/t milled) 11.00 – 12.00 10.70 11.00 – 12.00
General and Administration ($/t milled) 4.25 – 4.50 4.46 4.25 – 4.50
Mine Production Costs $ millions 145.0 – 155.0 148.6 155.0 – 165.0
Corporate Administration Expense $ millions 8.0 – 9.0 9.0 10.0 – 11.0
Regional Administration Costs $ millions 2.0 2.1 3.0
Community Social Responsibility Expense $ millions 3.0 – 3.5 3.6 3.5 – 4.0
Exploration & Evaluation (Expensed) $ millions 5.0 4.8 6.0 – 7.0
Sustaining Capital Expenditures
Mine site sustaining $ millions 8.0 – 10.0 7.4 10.0 – 15.0
Capitalized reserve development $ millions 7.0 7.1 3.0 – 4.0
Site development costs $ millions 17.0 – 20.0 18.5 2.0
Total Sustaining Capital Expenditures (9)
$ millions 32.0 – 37.0 33.0 15.0 – 21.0
Growth Capital Expenditures (Banfora)
Feasibility study $ millions Not Applicable 0.3 3.0
Capitalized reserve development $ millions Not Applicable 0.3 3.0 – 4.0
Construction readiness $ millions Not Applicable 1.0 17.0 – 20.0
Total Growth Capital Expenditures $ millions Not Applicable 1.6 23.0 – 27.0

Open Pit and Underground Mineral Resources Summary(2)
As at June 30, 2017 Inclusive of Reserves
30
Deposit Domain
Measured Indicated Measured and Indicated Inferred
Tonnes Grade Au Tonnes Grade Au Tonnes Grade Au Tonnes Grade Au
('000s)
(g/t
Au)
('000s) ('000s)
(g/t
Au)
('000s) ('000s) (g/t Au) ('000s) ('000s) (g/t Au) ('000s)
Sabodala
Open Pit 11,725 1.17 442 6,488 1.59 332 18,213 1.32 774 2,525 1.23 100
Underground 1,631 3.65 191 1,631 3.65 191 460 3.60 53
Combined 11,725 1.17 442 8,119 2.01 524 19,844 1.51 965 2,985 1.60 153
Masato
Open Pit 4,163 0.68 92 22,212 1.16 829 26,375 1.09 921
Underground 1,163 2.75 103 1,163 2.75 103 1,984 2.85 182
Combined 4,163 0.68 92 23,375 1.24 932 27,537 1.16 1,024 1,984 2.85 182
Gora
Open Pit 439 2.47 35 471 8.67 131 911 5.68 166 35 5.60 6
Underground 315 5.14 52 315 5.14 52 59 4.83 9
Combined 439 2.47 35 786 7.26 183 1,226 5.54 218 95 5.12 16
Golouma
Open Pit 40 1.38 2 5,857 2.85 536 5,897 2.84 538 84 2.49 7
Underground 2,134 4.09 280 2,134 4.09 280 854 3.66 100
Combined 40 1.38 2 7,991 3.18 816 8,031 3.17 818 939 3.55 107
Kerekounda
Open Pit 30 3.30 3 1,153 4.45 165 1,184 4.42 168 5 1.12 0
Underground 499 4.88 78 499 4.88 78 235 5.70 43
Combined 30 3.30 3 1,653 4.58 243 1,683 4.56 247 239 5.61 43
Niakafiri East
Open Pit 4,776 1.37 210 14,140 1.14 516 18,916 1.19 726 4,515 0.93 135
Underground 224 2.72 20 224 2.72 20 514 2.70 45
Combined 4,776 1.37 210 14,364 1.16 536 19,140 1.21 746 5,030 1.11 180
Niakafiri
West
Open Pit 3,061 1.02 100 3,061 1.02 100 673 0.86 19
Underground 74 2.67 6 74 2.67 6 71 2.84 6
Combined 3,135 1.06 107 3,135 1.06 107 744 1.05 25
Table continues on next slide…
Notes for Mineral Resources Estimates
1. CIM definitions were followed for Mineral Resources.
2. Open pit oxide Mineral Resources are estimated at a
cut-off grade of 0.35 g/t Au, except for Gora and
Marougou at 0.48 g/t Au.
3. Open pit transition and fresh rock Mineral Resources
are estimated at a cut-off grade of 0.40 g/t Au, except
for Gora and Marougou at 0.55 g/t Au.
4. Underground Mineral Resources are estimated at a
cut-off grade of 2.00 g/t Au.
5. Measured Resources at Sabodala include stockpiles
which total 7.2 Mt at 0.75 g/t Au for 174,000 oz.
6. Measured Resources at Masato include stockpiles
7. Measured Resources at Gora include stockpiles
8. Measured Resources at Golouma include stockpiles
9. Measured Resources at Kerekounda include
stockpiles which total 0.03 Mt at 3.30 g/t Au for 3,000
oz.
10. High grade assays were capped at grades ranging
from 1.5 g/t Au to 110 g/t Au.
11. The figures above are "Total" Mineral Resources
and include Mineral Reserves.
12. Open pit shells were used to constrain open pit
resources.
13. Mineral Resources are estimated using a gold price
of US$1,450 per ounce.
14. Sum of individual amounts may not equal due to
rounding.

(Continued) Open Pit and Underground Mineral Resources Summary(2)
31
Deposit Domain
('000s)
(g/t
Au)
('000s) ('000s)
(g/t
Au)
('000s) ('000s) (g/t Au) ('000s) ('000s) (g/t Au) ('000s)
Maki Medina
Open Pit 2,112 1.22 83 2,112 1.22 83 114 0.81 3
Underground 109 2.71 10 109 2.71 10 85 2.54 7
Combined 2,221 1.30 93 2,221 1.30 93 199 1.55 10
Goumbati
West -
Kobokoto
Open Pit 2,678 1.35 116 2,678 1.35 116 498 0.81 13
Underground 131 3.25 14 131 3.25 14 79 2.90 7
Combined 2,809 1.44 130 2,809 1.44 130 577 1.09 20
Golouma
North
Open Pit 170 1.32 7 170 1.32 7 295 1.42 14
Underground 14 2.64 1 14 2.64 1 19 2.93 2
Combined 184 1.42 8 184 1.42 8 314 1.51 15
Diadiako
Open Pit 178 1.27 7
Underground 663 2.89 61
Combined 841 2.54 69
Kinemba
Open Pit 24 1.06 1 24 1.06 1 91 0.95 3
Combined 24 1.06 1 24 1.06 1 147 1.55 7
Koulouqwinde
Open Pit 230 1.42 11
Kourouloulou
Open Pit 96 11.51 36 96 11.51 36 22 6.71 5
Underground 59 9.15 18 59 9.15 18 86 13.58 38
Combined 156 10.61 53 156 10.61 53 108 12.18 42
Table continues on next slide…
oz.
resources.
rounding.

(Continued) Open Pit and Underground Mineral Resources Summary(2)
Deposit Domain
('000s)
(g/t
Au)
('000s) ('000s)
(g/t
Au)
('000s) ('000s) (g/t Au) ('000s) ('000s) (g/t Au) ('000s)
Kouroundi
Open Pit 67 0.93 2 67 0.93 2 42 0.74 1
Underground
Combined 67 0.93 2 67 0.93 2 42 0.74 1
Koutouniokolla
Open Pit 85 1.58 4
Combined 108 1.78 6
Mamasato
Open Pit 560 1.45 26 560 1.45 26 305 1.25 12
Combined 560 1.45 26 560 1.45 26 347 1.38 15
Marougou
Open Pit 1,198 1.41 54
Underground
Combined 1,198 1.41 54
Sekoto
Open Pit 485 0.89 14
Soukhoto
Open Pit 550 1.46 26
Underground
Total
Open Pit 21,174 1.15 783 59,091 1.52 2,882 80,264 1.42 3,665 11,933 1.13 434
Underground 6,354 3.78 773 6,354 3.78 773 5,315 3.34 570
Combined 21,174 1.15 783 65,444 1.74 3,655 86,618 1.59 4,438 17,247 1.81 1,004
31
oz.
resources.
rounding.

Open Pit & Underground Mineral Reserves Summary(2)
As At June 30, 2017
Notes for Mineral Reserves Estimates
1. CIM definitions were followed for Mineral Reserves.
2. Mineral Reserve cut-off grades range from 0.38 g/t to
0.57 g/t Au for oxide and 0.44 g/t to 0.63 g/t Au for fresh
rock based on a $1,200/oz gold price.
3. Underground Mineral Reserve cut-off grades range from
2.3 g/t to 2.6 g/t Au based on a $1,200/oz gold price.
4. Mineral Reserves account for mining dilution and mining
ore loss.
5. Proven Mineral Reserves are based on Measured
Mineral Resources only.
6. Probable Mineral Reserves are based on Indicated
Mineral Resources only.
rounding.
8. The Niakafiri East and West deposits are adjacent to the
Sabodala village and relocation of at least some portion
of the village will be required which will necessitate a
negotiated resettlement program with the affected
community members.
33Refer to Endnote (2) on the second last slide
Deposits
Proven Probable Proven and Probable
Tonnes
(Mt)
Grade
(g/t)
Au (Moz)
Tonnes
(Mt)
Grade
(g/t)
Au
(Moz)
Tonnes
(Mt)
Grade
(g/t)
Au
(Moz)
Masato 18.62 1.10 0.66 18.62 1.10 0.66
Niakafiri East 4.61 1.32 0.20 9.92 1.10 0.35 14.53 1.17 0.55
Golouma West 4.11 1.91 0.25 4.11 1.91 0.25
Sabodala 2.04 1.56 0.10 3.18 1.33 0.14 5.22 1.42 0.24
Gora 0.82 5.25 0.14 0.82 5.25 0.14
Kerekounda 0.53 4.71 0.08 0.53 4.71 0.08
Goumbati West and Kobokoto 1.42 1.31 0.06 1.42 1.31 0.06
Maki Medina 0.98 1.12 0.04 0.98 1.12 0.04
Niakafiri West 1.20 1.06 0.04 1.20 1.06 0.04
Golouma South 0.24 3.23 0.02 0.24 3.23 0.02
Subtotal Open Pit 6.65 1.39 0.30 41.02 1.35 1.78 47.66 1.35 2.07
Stockpiles 11.80 0.75 0.28 11.80 0.75 0.28
Total Open Pit with Stockpiles (OP) 18.45 0.98 0.58 41.02 1.35 1.78 59.47 1.23 2.36
Golouma West 1 0.62 6.07 0.12 0.62 6.07 0.12
Kerekounda 0.61 4.95 0.10 0.61 4.95 0.10
Golouma West 2 0.45 4.39 0.06 0.45 4.39 0.06
Golouma South 0.47 4.28 0.06 0.47 4.28 0.06
Subtotal Underground (UG) 2.15 5.01 0.35 2.15 5.01 0.35
TOTAL OPEN PIT & UNDERGROUND 18.45 0.98 0.58 43.17 1.53 2.12 61.62 1.37 2.70

Competent & Qualified Persons Statement
34
The technical information contained in this document relating to the open pit mineral reserve estimates is based on, and fairly represents, information compiled by Mr. Stephen Ling, 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. Ling is a full time employee of Teranga and is not "independent" within the meaning of National Instrument 43-101.
However, he is a "Qualified Person" as defined in NI 43-101. Mr. Ling has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which 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 (the “JORC Code”). Mr. Ling is a "Qualified Person" under National Instrument 43-101 Standards of Disclosure
for Mineral Projects. Mr. Ling 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 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 National Instrument 43-101. Ms. Nakai-Lajoie has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which she is undertaking to qualify as a Competent Person as
defined in the 2012 Edition of the JORC Code. Ms. Nakai-Lajoie is a "Qualified Person" under National Instrument 43-101 Standards of Disclosure for Mineral Projects. 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 technical information contained in this document relating to the underground ore reserves estimates is based on, and fairly represents, information compiled by Jeff Sepp, 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. Sepp is independent 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 JORC Code. Mr. Sepp 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 JORC Code. Mr. Sepp 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.
Teranga's exploration programs are being managed by Peter Mann, FAusIMM. Mr. Mann is a full time employee of Teranga and is not "independent" within the meaning of National Instrument 43-101. Mr. Mann has sufficient experience which is
relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the JORC Code. Mr. Mann is a "Qualified Person" under
National Instrument 43-101 Standards of Disclosure for Mineral Projects. The technical information contained in this presentation 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. The RC samples are prepared at site and assayed in the SGS laboratory located at the site. Analysis for diamond drilling is
sent for fire assay analysis at ALS Johannesburg, South Africa. Mr. Mann has consented to the inclusion in this presentation 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 (the "CIM") Standards on Mineral Resources and Mineral
Reserves, adopted by the CIM Council, as may be amended from time to time by the CIM ("CIM Standards"). 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. See the Appendix in the Teranga press release
dated July 24, 2017 found on www.SEDAR.com for the JORC Code explanations relating to the results in this press release.

Endnotes
1) According to the CPM Gold Yearbook 2017, Transitional Economies include: Vietnam, North Korea, Soviet Union, Russia, Uzbekistan, Kazakhstan, Armenia, Azerbaijan, Kyrgyzstan, Georgia, Tajikistan, and Cuba.
2) Teranga’s Sabodala Mineral Reserves and Mineral Resources estimates as at June 30, 2017 as per Company disclosure. For more information regarding Teranga Gold’s Mineral Reserves and Resources and
related notes, please refer to the press release title, “Teranga Gold Increases Sabodala's Reserve Base to 2.7 Million Ounces: Adds More Than 400,000 Ounces of Gold and Improves Five-Year Production and
Cash Flow Profile” dated July 19, 2017 accessible on the Teranga’s website at www.terangagold.com.
3) This production profile is based on existing proven and probable reserves only from the Sabodala mining license as disclosed on the Company’s website at www.terangagold.com and on SEDAR at
www.sedar.com. The estimated ore reserves underpinning this production guidance have been prepared by a competent person in accordance with the requirements of the 2012 Australasian Code for Reporting
of Exploration Results, Mineral Resources and Ore Reserves (the “2012 JORC Code”). Please refer to the Competent Persons Statement in this presentation.
4) “Free cash flow” is a non-IFRS financial measure and does not have a standard meaning under IFRS. The Company calculates free cash flow 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. Other companies may calculate this measure differently. Please see the Non-IFRS
Performance Measures section in Management’s Discussion & Analysis for the three and twelve months ended December 31, 2016 available on the Company’s website at www.terangagold.com.
5) This production target of 200,000 ounces per year for an additional 5-year period beyond 2022, is based on proven and probable ore reserves of 2.7 million ounces and the anticipated conversion of approximately
500,000 ounces of measured and indicated resources at an average grade of approximately 1.5 grams per tonne.
6) Net Present Value (“NPV”) per share is a Non-IFRS financial measure. NPV per share, average NPV multiple of medium producers, and Teranga’s share price is as per BMO GoldPages published July 17, 2017.
According to BMO GoldPages, NPV per share is calculated using the net present value of the life of mine cash flows based on the NI 43-101 plan, less cash flow of corporate costs, less net debt per share, using
the model at SPOT commodity prices and exchange rates. The “Revalued Share Price” is calculated using the NPV per share at SPOT times the NPV multiples as listed. The BMO NPV calculation assumes a
US$1,229 SPOT gold price per ounce, 5% discount, 0.79 USD/CAD exchange rate. For more information regarding Non-IFRS financial measures, please refer to Non-IFRS Performance Measures in the
Company’s Management’s Discussion and Analysis for the three and twelve months ended December 31, 2016 available on the Company’s website at www.terangagold.com.
7) 22,500 ounces of gold production are to be sold to Franco-Nevada Corporation at 20% of the spot gold price.
8) Total cash costs per ounce sold, all-in sustaining costs per ounce, and all-in sustaining costs (excluding cash / (non-cash) inventory movements and amortized advanced royalty costs), and earnings before
interest, taxes, depreciation and amortization (“EBITDA”) are non-IFRS financial measures and do not have standard meanings under IFRS. Please see the Non-IFRS Performance Measures section in
Management’s Discussion & Analysis for the year ended December 31, 2016 available on the Company’s website at www.terangagold.com. All-in sustaining costs per ounce sold include total cash costs per
ounce, administration expenses, share based compensation and sustaining capital expenditures as defined by the World Gold Council. All-in sustaining costs also include cash/(non-cash) inventory movements
and non-cash amortization of advanced royalties.
9) This forecast financial information is based on the following material assumptions for 2017: gold price: $1,200 per ounce; light fuel oil price $0.81/L; heavy fuel oil price $0.46/L; Euro:USD exchange rate of 1:1.10.
Other important assumptions: 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.
35

TSX & ASX: TGZ
Trish Moran
Head of Investor Relations
T: +1.416.607.4507
E: investor@terangagold.com
W: terangagold.com
121 King Street West, Suite 2600
Toronto, ON M5H 3T9

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