The document discusses Teranga Gold Corporation's 2012 annual general meeting of shareholders. It focuses on growing reserves, growing production, and financial strength. Key points include plans to spend $40 million on exploration in 2012, including $20 million to potentially double gold inventory on the mine license to 2.5-3.5 million ounces through deeper drilling. It also outlines $20 million for regional exploration across the company's 1,500 square kilometer land package and operational highlights from 2011 aimed at increasing production.

1. PRODUCING
AND
EXPLORING
2012 ANNUAL GENERAL
MEETING OF SHAREHOLDERS
1

2. 2012 ANNUAL GENERAL MEETING OF
SHAREHOLDERS
FOCUSED
ON GROWTH
Alan R. Hill Chairman & CEO
FOCUSED ON:
Richard Young President & CFO
GROWING
RESERVES
GROWING
PRODUCTION
FINANCIAL
STRENGTH
2

3. CAUTIONARY STATEMENT
This presentation contains forward looking information, within the meaning of applicable Canadian securities legislation, and forward looking statements, within the
meaning of applicable United States securities legislation, which reflects management’s expectations regarding Teranga Gold Corporation’s (“Teranga” or the
“Company”) future growth, results of operations (including, without limitation, future production and capital expenditures), performance (both operational and
financial) and business prospects (including the timing and development of new deposits and the success of exploration activities) and opportunities. Wherever
possible, words such as “plans”, “expects”, “does not expect”, “budget”, “scheduled”, “estimates”, “forecasts”, “anticipate” or “does not anticipate”, “believe”,
“intend” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, have
been used to identify such forward looking information. Although the forward looking information contained in this presentation reflect management’s current beliefs
based upon information currently available to management and based upon what management believes to be reasonable assumptions, Teranga cannot be certain
that actual results will be consistent with such forward looking information. A number of factors could cause actual results, performance or achievements to differ
materially from the results expressed or implied in the forward looking information, including those listed in the “Risk Factors” section of the prospectus of Teranga,
dated November 11, 2010 (the “Prospectus”). These factors should be considered carefully and prospective investors should not place undue reliance on the
forward looking information. Forward looking information necessarily involves significant known and unknown risks, assumptions and uncertainties that may cause
Teranga’s actual results, performance, prospects and opportunities in future periods to differ materially from those expressed or implied by such forward looking
information. Although Teranga has attempted to identify important risks and factors that could cause actual actions, events or results to differ materially from those
described in the forward looking information, there may be other factors and risks that cause actions, events or results not to be as anticipated, estimated or
intended. There can be no assurance that the forward looking information will prove to be accurate, as actual results and future events could differ materially from
those anticipated in such statements. Accordingly, prospective investors should not place undue reliance on such forward looking information. Teranga expressly
disclaims any intention or obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise, except
in accordance with applicable securities law.
Forward looking information and other information contained herein concerning mineral exploration and management’s general expectations concerning the
mineral exploration industry are based on estimates prepared by management using data from publicly available industry sources as well as from market research
and industry analysis and on assumptions based on data and knowledge of this industry which management believes to be reasonable. However, this data is
inherently imprecise, although generally indicative of relative market positions, market shares and performance characteristics. While management is not aware of
any misstatements regarding any industry data presented herein, mineral exploration involves risks and uncertainties and industry data is subject to change based
on various factors.
In addition, please note that statements relating to “reserves” or “resources” are deemed to be forward looking information as they involve the implied assessment,
based on certain estimates and assumptions, that the resources and reserves described can be profitably mined in the future. While management has confidence
in its projections based on exploration work done to date, the potential quantity and grade disclosed herein is conceptual in nature, and there has been insufficient
exploration to define a mineral resource, therefore it is uncertain if further exploration will result in the targets being delineated as a mineral resource.
This presentation does not constitute in any way an offer or invitation to subscribe for securities in Teranga pursuant to the Corporations Act 2001 (Cth) and has
not been lodged with the Australian Securities and Investment Commission.
3

4. TERANGA – YEAR ONE
FOCUSED
ON GROWTH
• 2011 prepared us for increasing production
and lowering costs and increasing cash
margins as we move forward FOCUSED ON:
• Continue to self-fund extensive exploration
program GROWING
RESERVES
• Very encouraging drill results on Mine
License GROWING
PRODUCTION
• Goal: double gold inventory on Mine
License alone FINANCIAL
STRENGTH
• Promising results on Regional Exploration
Program
4

5. OPERATING HIGHLIGHTS
Fiscal 2011(1)
• 147,728 oz’s produced
• 153,728 oz’s sold at cash cost of
$872/oz
Calendar 2011
• 131,461 oz’s produced
• 137,136 oz’s sold at cash cost of
$900/oz
• In line with revised guidance
• Costs affected by higher fuel, labour
and maintenance costs
(1) Fiscal year is from October 1, 2010 to December 31, 2011, a 15 month year. Teranga has converted from a June
30 to calendar year end. 5

6. FINANCIAL HIGHLIGHTS
Revenue for the fiscal 2011:
• $187M
• 47% of oz’s delivered into the forward
sales contracts at $846/oz
• 53% of oz’s delivered into the spot market
at an average priced of $1,537/oz
• $1,213/oz – average realized price
6

7. FINANCIAL HIGHLIGHTS
Net loss for the fiscal 2011:
• $15.8M or $0.09/share
• Affected by deliveries into hedge book,
high exploration costs, and stock based
compensation expense
Capital expenditure:
• For the fiscal year: $76.4M
• Primarily for mill expansion, mobile
equipment, and capitalized mine site
exploration
7

8. FINANCIAL HIGHLIGHTS
Cash position*:
• $11M at December 31, 2011
• $26.5M at January 31, 2012
• Sufficient cash + expected future cash
flows support liquidity requirements
• Additional flexibility – deferred delivery of
28,000 oz’s due in Q1 to second half ‘12
• Rebuild cash balance
• Maintain cash balance of ~$20M
• Consider revolving finance facility
*Cash, cash equivalents and short term investments including restricted cash
8

9. FINANCIAL HIGHLIGHTS
Plant expansion:
• Doubling mill capacity to ~4 Mtpa
• The new mill will be commissioned in the
second week of April
• Expected total cost of $62M
• $15M remaining to be spent in 2012
9

10. FINANCIAL HIGHLIGHTS
Gold Sales Contracts:
• Unrealized non-cash gain of $1.8M for the
15 months ended December 31, 2011
• 174,500 oz’s remain under hedge contract
• Expect to have 66,000 oz’s remaining at
year end (final delivery August 2013)
• Objective to eliminate hedge position as
quickly but prudently as possible
10

11. FINANCIAL HIGHLIGHTS
Mobile equipment loan facility:
• December quarter – expansion of mobile
equipment loan with Société Générale –
additional $12.8M
• Final payment on September 30, 2013
• Currently drawn down to $24.4M
11

12. FOCUSED ON BUILDING Cash Margin ($/oz)(2,3)
FINANCIAL STRENGTH 1200
Outlook – 2012 1000
800
• 210,000 – 225,000 oz’s at cash costs of
$600 - $650/oz(1)
600
• Rising production, lowering costs 400
200
• Margin expansion + increased production
profile = significant free cash flow to self-fund 0
exploration and development strategy 2011 2012 2013* 2014
Rate of margin expansion is a function
of increasing production through regional
• Manageable capex requirements in 2012: $30M* exploration success
*After eliminating hedge position
(1) This production target is based on existing proven and probable reserves only.
(2) Assumes $1600/oz gold price and cash cost of $625/oz (3) Non-Deferred Hedge Schedule page 39 12
*Excluding Mine License exploration costs

13. 2011 OPERATIONAL
HIGHLIGHTS FOCUSED
Changes made to reduce operating risks: ON GROWTH
• Automated controls for better blending to
FOCUSED ON:
increase throughput
• Second access ramp to the pit GROWING
RESERVES
• Revised drilling, blasting, and maintenance
contracts in order to increase mining rate GROWING
PRODUCTION
• Improvements to employee compensation
FINANCIAL
STRENGTH
13

14. FOCUSED ON Kedougou-Kenieba Inlier – A Birimian Greenstone Belt
GROWING RESERVES
Reserves and Resources(1,2)
December 31, 2011
2.50
2.00
1.50
M oz
1.00 2.14
1.66
1.51
0.50
0.00
Proven and Measured and Inferred
Probable Indicated Resources
Reserves Resources
(1) See page 38 (2) M+I Resources are inclusive of reserves
14

15. FOCUSED ON
GROWING RESERVES
2012 Exploration Program
1. Mine License Exploration: $20M
(77,000m)
2. Regional Exploration: $20M
(90,000m)
TOTAL: $40M
(167,000m)
(+140,000m RAB)
2011 Exploration Program: $46M
Full drill results are posted at terangagold.com
15

16. 1. MINE LICENSE EXPLORATION 2. REGIONAL EXPLORATION
33km2 1,500km2
35 km radius
16

17. 1. SABODALA MINE LICENSE
EXPLORATION
• $20M exploration program underway on
the Sabodala Mine License
• Potential to expand gold inventory on the
ML from 1.55M oz to 2.5 – 3.5M oz(1,2,3)
over 12 to 18 months increasing the mine
life to ~ 10 to 15 years
From:
• Deepening the Sabodala pit to the north along the
Main Flat Extension
• Continuation of the Masato deposit
• Conversion of Niakafiri resources to
reserves
(1) Potential to expand existing gold mineralization to between 40 and 50 M
tonnes at grades of between 1.5 to 2.0 gpt Au for a total inventory of 2.5 to
3.5M oz
(2) This exploration target is not a Mineral Resource. The potential quality and
grade is conceptual in nature and there has been insufficient exploration to
define a Mineral Resource. It is uncertain if further exploration will result in
the determination of a Mineral Resource. 17
(3) See Key Assumptions on page 37

18. 2011 MINE LICENSE
EXPLORATION HIGHLIGHTS FOCUSED
ON GROWTH
• Intersection of significant widths of high grade
mineralization outside the Sabodala ultimate pit
limit as part of MFE drill program FOCUSED ON:
• Discovery of multiple high-grade zones in the
LFZ just below the MFE area GROWING
RESERVES
• Successful intersection and extension of the
Masato deposit down dip onto our Mine License
and 200m down dip and 500m along strike with
potentially underground mineable high-grade
ore
18

19. 2012 MINE LICENSE
EXPLORATION FOCUSED
• Minimum 6 drill rigs ON GROWTH
FOCUSED ON:
• $20M
GROWING
• 77,000m of diamond and RC drilling RESERVES
19

20. MINE LICENSE EXPLORATION – SABODALA
Main Flat Extension (“MFE”) – principal
gold hosts of Sabodala deposit
• MFE program is designed to test the continuity of
this structure to the north beginning with infilling
holes
• Significant widths of high grade mineralization:
SBDH141D – 131m at 3.45 gpt
SBDH143D – 87m at 3.11 gpt
SBDH147D – 49m at 2.2 gpt
SBDH157D – 53m at 4.5 gpt
SBDH160DD – 70m at 3.0 gpt
SBDH161D – 85m at 3.0 gpt
Lower Flat Zone (“LFZ”) – deeper zone
below MFE
• Drilling confirms multiple flat zones immediately
below Sabodala ultimate pit:
SBDH160DD – 27m at 3.6 gpt
SBDH161D – 11m at 7.2 gpt
SBDH170DD – 34m at 6.3 gpt
SBDH171DD – 46m at 9.8 gpt
(1) MFE - open pit mineable gold inventory at an average grade between 1.5 – 2.0 gpt, LFZ potentially a
similar amount to lower/underground at an average grade between 3.0 and 4.0 gpt, in 2012
Full drill results are posted at terangagold.com 20

21. LONG SECTION OF SABODALA GOLD DEPOSIT
21

22. MINE LICENSE EXPLORATION –
SABODALA PIT FOCUSED
INCREASED OBJECTIVES: ON GROWTH
• Sabodala pit (MFE/LFZ) objective over next 18 FOCUSED ON:
months
• Previous open pit objective GROWING
• To add 250,000 – 500,000 oz’s RESERVES
• New open pit objective
• To add 500,000 – 1,000,000 oz’s
• Larger pit
• Add to underground gold inventory
22

23. MINE LICENSE EXPLORATION – MASATO
Masato structural trend strikes across onto our
Mine License
Main Flat Extension
• Oromin Joint Venture has identified open pit
reserves of 0.5M oz about 2km from our mill
• Tracking the deposit as it crosses onto our
Masato Down Dip
property
Sabodala Pit
• Multiple mineralized zones have been identified
Sambaya Hill
with high grade intervals apparent
• Confirmed strike length of 500m, a dip extent of
Masato Extensions 200m, and a band of about 40m of solid grade
mineralization
• 2km of strike length still to be tested
• Recent results from Masato Down Dip include:
37m at 4.5 gpt 44m at 2.0 gpt
Full drill results are posted at terangagold.com
23

24. MINE LICENSE EXPLORATION – NIAKAFIRI
Niakafiri area has ~300,000 oz’s in reserves in a
mineralized envelope of about ~800,000 oz’s
• Deposit remains open below 200m level
• Potential 2H 2012 drilling with intentions of adding
to reserves
• Ongoing community discussions
Full drill results are posted at terangagold.com
24

25. 1. MINE LICENSE EXPLORATION 2. REGIONAL EXPLORATION
33km2 1,500km2
35 km radius
25

26. 2. REGIONAL EXPLORATION
• From 2007 – 2009, no significant drilling
was done on the 1,455km2 Regional
Land Package due to cash
constraints
• There are ~40 drill targets identified;
$32M spent in 2011 and $20M planned for
2012
• Addition of Garaboureya North
exploration permit, land package
increases to ~1,500km2
26

27. GORA
• Current reserves of 114,000 oz’s at 5 gpt
• Most advanced target: moving from exploration to
development
• Objective of having production in early 2013
permitting dependent
• 22km from Sabodala mill, truckable
• High grade-drill intersections continue to expand the
potential footprint of the deposit
Trace of blind veins from RC holes
Projected to surface – high correlation with
IP trends.
Full drill results are posted at terangagold.com
27

28. TOUMBOUMBA – NEWEST TARGET
• Latest discovery, potential to become second
regional deposit through the mill
• Located 10km NW from Sabodala mill
• High grade, lower grade halo, and oxide material
• Easily processing at minimum, potential
for heap leaching
• Alteration hosted mostly in granite (laterite
cover)
• Oxide mineralization of up to 60m in depth
• RAB results:
• 6m at 18.54 gpt
• 4m at 3.31 gpt
• 8m at 5.46 gpt
• RC results:
• 1m at 5.20 gpt
• 2m at 21.45 gpt
Full drill results are posted at terangagold.com
• 4m at 6.32 gpt
28

29. DIEGOUN NORTH – “THE DONUT”
• 7km x 4km complex of gold anomalism
• Contrasting rock types, porphyries, granites,
dolerite & sediments
Sabodala Ore Body
• Rock samples to 80 gpt Au
• RAB drilling has defined gold mineralization in bedrock
• Honey and Jam
• First pass RC program at Honey and Jam; 51 holes
completed for just under 8,800m (51 holes
anomalous levels of gold > 0.1 gpt; 40 holes were
>0.5 gpt)
• Recognition of a well-developed, auriferous NE
trending structure
Full drill results are posted at terangagold.com • 2012 drilling to focus on understanding ore-grade
structural controls and orientations 29

30. • >5km long, up to 1 km wide gold anomaly defined by
TOUROKHOTO termite sampling, similar geology as Loulo across
the border (12M oz resource)
Sabodala Ore Body
• Drilling to date has identified a substantial,
mineralization system
• Potential to host-ore grade shoots within
• First pass drill program is designed to test for large,
near surface open-pitable resource
• Parallels NE trending shears of the MTZ
• 3M oz Massawa deposit hosted on MTZ about
25km south
Full drill results are posted at terangagold.com
30

31. OUR VISION
To become a preeminent gold producer in West Africa while setting the benchmark
for responsible mining
Phase 1: Become a mid-tier gold producer in Senegal with 250,000 to 350,000
ounces(1) of annual gold production with existing infrastructure
Phase 2: Increase annual gold production to 400,000 to 500,000 ounces(1)
(1) See page 37 and 38
31

32. CORPORATE
SOCIAL RESPONSIBILITY
• CSR is fundamental to the success of our business
• Healthy, safety, education, sustainability
• Developing schools, health clinics, and improving access to
potable water
• Engaged a renowned Canadian group to assist us in putting
together a comprehensive regional development plan
• Along with local, regional, and national government
• Improve the livelihoods of those in the communities in
which we operate
• A key component of our vision is to set the benchmark in
Senegal for responsible mining
Mining Responsibly and Sharing the
Benefits
32

33. 5 YEAR GOLD PRICE
2000 FOCUSED
ON GROWTH
1800
1600 FOCUSED ON:
1400
$/oz
1200 GROWING
RESERVES
1000
GROWING
800 PRODUCTION
600 FINANCIAL
STRENGTH
400
2007 2008 2009 2010 2011
33

34. SUMMARY –
FOCUSED ON
GROWTH
1. Only mill in Senegal – expansion almost complete
2. Largest land position in Senegal
3. Rising production, declining costs
4. Building a stronger balance sheet
– increasing production and free cash flow with margin expansion
5. Extensive exploration program
6. Experienced management team
34

35. PRODUCING
AND
EXPLORING
2012 ANNUAL GENERAL
MEETING OF SHAREHOLDERS
35

36. APPENDICES
36

37. KEY ASSUMPTIONS
Basis for 2.5 – 3.5M oz gold inventory from Mine License
 Expand upon existing gold mineralization by an additional 20M to 30M tonnes at grades of between 1.5 and 2.0 gpt for a total
inventory of 2.5 to 3.5M oz from the Sabodala Mining License (“ML”) over the next 12 to 18 months.
 The larger gold inventory base is expected to result from the success of deepening the Sabodala pit to the north along the
MFE/LFZ, extension of the Masato pit onto the ML, potential conversion of Niakafiri resources to reserves as well as adding to
the gold mineralization inventory below these three large open pits.
 This exploration target is not a Mineral Resource. The potential quantity and grade disclosed herein is conceptual in nature, and
there has been insufficient exploration to define a Mineral Resource, therefore it is uncertain if further exploration will result in the
targets being delineated as a Mineral Resource.
 The goal of the MFE/LFZ programs is to add 500,000 to 1,000,000 ounces of gold to the open pit mineable gold inventory at an
average grade between 1.5 – 2.0 gpt, as well as adding underground gold inventory at an average grade between 3.0 and 4.0
gpt.
Rationale:
 Recent drilling confirms extension of mineralization to the north of the existing pit
 Potential for identification of additional ounces through infill drilling within area of existing resources under the ML
 Minimum 5 drill rigs and exploration budget of US$20M dedicated to ML alone in 2012
 Program to continue to test similar geophysical anomalies and identified structures within the ML
37

38. SABODALA GOLD PROJECT: RESERVES & RESOURCES
(DECEMBER 31, 2011)
M Grade M oz
tonnes g/t Au Au
Proven and Probable
Sabodala 19.89 1.54 0.987
Niakafiri 7.814 1.14 0.287
Stockpile 4.211 0.94 0.128
Subtotal 31.915 1.37 1.402
Sutuba 0.353 1.06 0.012
Gora 0.709 5.01 0.114
Sabodala - additional 3.232 1.26 0.131
Total 36.209 1.43 1.659
Measured and Indicated
Sabodala 44.371 1.07 1.525
Niakafiri 10.741 1.12 0.386
Gora 1.282 5.22 0.215
Sutuba 0.353 1.06 0.012
Total 56.747 1.17 2.138
Inferred
Sabodala 26.205 1.01 0.848
Niakafiri 7.248 0.88 0.205
Niakafiri West 7.144 0.82 0.188
Soukhoto 0.566 1.32 0.024
Gora 0.286 4.16 0.038
Diadiako 2.917 1.49 0.119
Majiva 2.593 0.64 0.047
Toumboumba 0.855 1.5 0.041
Total 47.814 0.98 1.51
38

39. NON-DEFERRED HEDGE SCHEDULE
DELIVERY DATE PRICE U.S.$/OZ OUNCES
17-May-12 846 28,000
15-Aug-12 838.33 41,500
21-Nov-12 829.45 39,000
20-Feb-13 832.92 25,000
17-May-13 790.66 25,000
21-Aug-13 791.5 16,000
TOTAL 826 174,500
39

40. MANAGEMENT
Alan R. Hill • Mining engineer with over 20 years experience globally in project evaluations, acquisitions and mine
development as Executive VP of Barrick Gold
Executive Chairman & CEO • Currently a Director of Gold Fields
• Former President and CEO of Gabriel Resources (2005 – 2009) and non-Executive Chairman of Alamos Gold
(2004 – 2007)
Richard S. Young • Over 10 years experience in mining finance, development, corporate development, and investor relations with
Barrick Gold
President & CFO • Former VP and CFO of Gabriel Resources (2005 – 2010)
Yani Roditis • Over 10 years experience in mine development and operations with Barrick Gold (1994 – 2005)
• Former Chief Operating Officer of Gabriel Resources (2005 – 2010)
Vice President, Operations
Kathy Sipos • 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)
Vice President, Investor &
Stakeholder Relations
David Savarie • Over 10 years experience in the legal industry
• Former Deputy General Counsel and Corporate Secretary of Gabriel Resources
Vice President, General Counsel & • Previously in private practice at Miller Thomson LLP
Corporate Secretary
Mark English • 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
General Manager and development, inclusive of greenfield start-ups
• Joined Mineral Deposits Ltd. in June 2006
Bruce Van Brunt • Mining engineer and geologist with over 20 years experience
• Previously worked in a number of technical capacities with Placer Dome and Echo Bay Mines
Business Development Manager • Joined Mineral Deposits Ltd. in March 2006
Martin Pawlitschek • Geologist with over 15 years experience in the mining industry
• Previously spent 11 years at BHP and a number of smaller exploration companies, working in Australia, South
Regional Exploration Manager East Asia and Africa
• Joined Mineral Deposits Ltd. in July 2007
40

41. COMPETENT PERSONS STATEMENT
The information in this presentation relating to the reserve estimate associated with the Sabodala and Niakafiri pits as well as the Stockpiles is based on
information compiled by Ms. Julia Martin, PEng, MAusIMM (CP) who is a full time employee of AMC Mining Consultants Canada and 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 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Ms. Martin is a
Qualified Person in accordance with NI 43-101 and consents to the inclusion in the report of the matters based on his information in the form and context in which it
appears.
The information in this presentation relating to the reserve estimate for Sutuba, Gora and the additional reserves from the Sabodala pit as well as information in
this presentation relating to exploration results and targets on the Sabodala Mining License are based on information compiled by Mr. Bruce Van Brunt, who is a
Fellow of the Australasian Institute of Mining and Metallurgy. Mr. Van Brunt is a full time employee of Teranga and not independent. Mr. Van Brunt 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 2004 Edition of the “Australasian Code of Report of exploration Results, Mineral Resources and Ore Reserves” and as defined in NI 43-101. Mr.
Van Brunt consents to the inclusion of this information in the form and context in which it appears in this presentation.
The information in this presentation relating to the exploration results and targets within the Regional Exploration Program are based on information compiled by
Mr. Martin Pawlitschek, who is a member of the Australian Institute of Geoscientists. Mr. Pawlitschek is a full time employee of Teranga and not independent. Mr.
Pawlitschek 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 2004 Edition of the “Australasian Code of Report of exploration Results, Mineral Resources and Ore Reserves” and as
defined in NI 43-101. Mr. Pawlitschek consents to the inclusion of this information in the form and context in which it appears in this presentation.
41