Tgz q3 2017 results webcast final

1. Q3 2017 Highlights
Thursday November 2, 2017TSX:TGZ

2. 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”, “intended to”, “objective 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, 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 November 2, 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. Agenda
33
Paul Chawrun
Chief Operating Officer
Navin Dyal
Chief Financial Officer
Richard Young
President &
Chief Executive Officer
Q & A

4. Paul Chawrun
Chief Operating Officer

5. Q3 Operating Highlights
5

Production of
50,873 oz
of gold
On track to
achieve 2017
guidance
Increased
Sabodala reserves
by 400,000 oz
and filed updated
NI 43-101(1)
Announced
positive feasibility
for Banfora Project
including reserves
of 1.2 million oz(3)
More positive drill
results from
Golden Hill
   
Refer to Endnotes (1) and (3) on slide 24

6. Tracking to Upper End of 2017 Production Guidance
6
56,903 57,557
50,873
Q1 2017 Q2 2017 Q3 2017
Production
(oz Au)
165,333
YTD 2017 Production
2017 Production
Guidance
205,000–225,000(4)
Solid Production Despite Rainy Season
• Q3 2017 gold production was 50,873 ounces,
bringing year-to-date total to 165,333 ounces
• Head grade of 1.66 during the quarter, down 7%
Q4 Forecast: 50,000-60,000 Ounces
• Tracking to upper end of 2017 production guidance
of between 205,000 and 225,000 ounces of gold(4)
Refer to Endnote (4) on slide 24

7. (8)
80
140
270
590
350
660
2.7M Proven &
Probable Reserves(1)
(As at June 30, 2017)Proven and Probable Reserves(1)
(Moz)
Replacing Proven & Probable Reserves & Extending Sabodala Mine Life to 2031
7
1.4
1.6
2.8 2.6 2.6 2.7
2011 2012 2013 2014 2015 2017
280
240
40
60
Sabodala Profile 2018-2022: Production of 200,000 ounces per year and total free cash flow of $230 million
Maki
Medina
Goumbati West
& Kobokoto
*Refer to Non-IFRS Performance Measures endnote (2) on slide 24
Refer to endnote (1) on slide 24

8. Banfora Project: Solid Base Case with Upside Potential from Infill Drill Program
8
Infill Drill Program Scheduled for November Completion
• 75,000-metre infill drill program is targeting inferred
resources located near to the current reserve pits
• Objective is to increase drill hole density within the
existing inferred resources
Aiming for a Conversion Rate of 25%-50% of Inferred
• Given demonstrated continuity of mineralization of the
inferred resources, 25%-50% of inferred resources is
targeted to be converted to indicated
Near-Term Upside Expected to Improve Economics
• Reserves update expected in H1 2018
Target Area Along Strike
Target Area at Depth
$1,450 Resource Pit Limit
$1,200
Reserves Pit Limit

9. 9
Positive Results Drive Q4 Activity and Increase in 2017 Exploration Budget to $20-$25 M
Operating Gold Mine/ Development Project
Banfora Mining Lease 2017E: $7.5M)
Continue resource re-classification
infill drilling program at Nogbele and
Stinger deposits with anticipated
conclusion to all drilling in late
November
Golden Hill (2017E: 6.0M)
Continue core drilling evaluations
at the Ma prospect complex,
Jackhammer Hill prospect and the
Peksou prospect. Initiate early-
stage review of other prospects.
Guitry – Sangaredougou (2017E: $0.5M)
Complete soil sampling at Sangaredougou and pitting at
Guitry. Auger and RC drilling at Guitry later in the quarter.
Sabodala Mining Lease (2017E: $7.5M)
Further exploration drilling at Niakafiri West
with primary focus on the northern extension
potential and near-surface oxide
mineralization. RAB drilling at Goumbati
West northern extension area.
Sabodala Regional (2017E: $1.0)
Conclude modest scout drill program at the
SSC targets, detailed mapping and
prospecting of the SSC area as well as
selective trenching at Marougou.

10. Navin Dyal
Chief Financial Officer
10

11. Revenue
($M)
Revenue Increases in Q3 But Down YTD Due to Lower Gold Sales
11
Three months ended September 30 YTD September 30
Per ounce 2017 2016 % Change 2017 2016 % Change
Average realized gold price* $1,277 $1,333 (4%) $1,253 $1,244 1%
Average spot gold price $1,278 $1,335 (4%) $1,251 $1,258 (1%)
Low $1,211 $1,308 (7%) $1,151 $1,077 7%
High $1,346 $1,366 (1%) $1,346 $1,366 (1%)
$60.3 $61.0
$213.1 $203.4
Q3 2016 Q3 2017 YTD 2016 YTD 2017
*Refer to Non-IFRS Performance Measures endnote (2) on slide 24

12. Productivity & Efficiencies Continue to Improve
12
$3.12
$2.47 $2.59 $2.46
Q3 2014 Q3 2015 Q3 2016 Q3 2017
Mining Costs
($/t mined)
Milling Costs
($/t milled)
$15.96 $16.50
$11.05
$10.46
Q3 2014 Q3 2015 Q3 2016 Q3 2017
G&A Costs
($/t milled)
$4.46
$5.66
$4.55
$4.16
Q3 2014 Q3 2015 Q3 2016 Q3 2017

13. $1,091 $1,084
Q3 2016 Q3 2017
13
All-in Sustaining Costs
excluding cash/non-cash inventory movements
and amortized advanced royalty costs
(per ounce sold)*
Cost of Sales
(per ounce sold)
Total Cash Costs
(per ounce sold)*
$836
$1,032
Q3 2016 Q3 2017
$620
$782
Q3 2016 Q3 2017
Increase in Material Mined & Processed and Lower Grade Not Expected to Recur in Q4
*Refer to Non-IFRS Performance Measures endnote (2) on slide 24

14. $919
$978
YTD 2016 YTD 2017
Reiterating 2017 Per Ounce Cost Guidance
14
Cost of Sales
(per ounce sold)
Total Cash Costs
(per ounce sold)*
$809
$974
YTD 2016 YTD 2017
$600
$735
YTD 2016 YTD 2017
*Refer to Non-IFRS Performance Measures endnote (2) on slide 24
All-in Sustaining Costs
excluding cash/non-cash inventory movements
and amortized advanced royalty costs
(per ounce sold)*

15. EBITDA Includes Non-Cash Change in Inventory Movements
15
$26.8
$23.0
Q3 2016 Q3 2017
EBITDA*
($ millions)
$82.5
$68.7
YTD 2016 YTD 2017
Stockpile Drawdown Creates Volatility in Cost of Sales
• Inventory movements are recognized in cost of sales
(mine operations expense)
• Inventory movements related to non-cash historic
mining costs of stockpile ore:
• -$0.3 million and -$8.7 million for Q3 2017 and
2016, respectively; and
• +$11.3 million and -$6.0 million for YTD 2017 and
YTD 2016, respectively.
No Impact on Operating Cash Flow
• Changes in inventory movement relating to the
drawdown of the stock pile does not impact cash flow.
*Refer to Non-IFRS Performance Measures endnote (2) on slide 24

16. $13.3
$10.2
$58.4
$38.9
Q3 2016 Q3 2017 YTD 2016 YTD 2017
Operating Cash Flows
16
Net Cash Provided by Operating Activities
($ millions)
$8.0
$11.9
$52.0
$57.9
Q3 2016 Q3 2017 YTD 2016 YTD 2017
Cash Flows related to Operating Activities, Before Changes
in Working Capital Excluding Inventories
($ millions)

17. 17
Prudent and Disciplined Allocation of Capital
• Objective is to put an optimal financing plan in place which
eliminates, or at least minimizes, requirement for issuing
new equity
• quarter provides incremental cash flow from Sabodala
• Banfora Project infill drill program may result either in an
increase in the size of the debt facility and/or lower cost of
capital
Hedging Mitigates Cash Flow Volatility Until End of 2018
• Forward gold sales program(8)
– provides greater cash flow certainty for ~50% of
production up to end of 2018
– increases cash flows from Sabodala versus lenders’
lower gold price assumption
Strong Financial Position
Banfora pre-production capital(12) 232
Banfora pre-production operating costs(12) 19
Corporate overhead 20
Consolidated minimum cash(13) 20
Total Anticipated Uses 291
Cash balance(9) 80
For sale securities(10) 4
Sabodala free cash flow (5) 88
Forward gold sales 131Koz @1,336/oz(8) 11
Debt facility (based on indicative term sheets)(11) 150
Total Anticipated Sources 333
Anticipated Sources & Uses: 2018/2019 ($ millions)
Other Considerations (Uses) 42
Refer to Endnotes (5), (8), (9), (10), (11), (12) and (13) on slide 24

18. Richard Young
President & CEO

19. Exploration
• Senegal
• Burkina Faso
• Côte d’Ivoire
Development
• Complete Banfora project feasibility study
• Obtain board approval to proceed
• Announce funding and construction
Production
• Targeting upper end of 2017 production guidance: 205,000 – 225,000 ounces(4)
• Generate free cash flow from Sabodala*
Checking Off the Boxes
Refer to Endnote (4) on slide 24 19


*Refer to Non-IFRS Performance Measures endnote (2) on slide 24

20. 20
Senegal
Côte d’Ivoire
Burkina Faso
Mali
Guinea
Guinea-
Bisseau
The Gambia
Ghana Benin
Niger
Sierra
Leone
Liberia
Togo
Sabodala Gold Mine
Producing Since 2009
Reserves: 2.7Moz(1)
M&I: 4.4Moz(1)
Banfora Project
Construction Q2 2018
Reserves: 1.2Moz (3)
M&I: 1.8Moz (3)
Golden Hill
Exploration JV
Gourma
Exploration JV
Guitry
Dianra
Mahepleu
Tiassale
Sangaredougou
Organic
Growth
Sabodala
VISION
Building The Next Multi-Asset Mid-Tier West African Gold Producer
Pro Forma
Consolidated
Average Annual
Production(4),(5)
300Koz – 350Koz
Banfora
Project
Refer to Endnotes (1), (3), (4), (5) and (7) on slide 24

21. Q&A

22. Appendix

23. Competent & Qualified Persons Statement
23
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.

24. Endnotes
24
1) Teranga’s Sabodala Mineral Reserves and Mineral Resources estimates as at June 30, 2017. For more information regarding Sabodala’s Mineral Reserves and Resources and related notes, please refer to the NI 43-101
compliant technical report for the Sabodala Project dated August 30, 2017 accessible on the Company’s website at www.terangagold.com and on SEDAR at www.sedar.com.
2) Total cash costs per ounce, earnings before interest, taxes, depreciation and amortization (“EBITDA”), free cash flow, all-in sustaining costs (excluding cash/non-cash inventory movements and amortized advanced royalty
costs) per ounce, and average realized gold price are non-IFRS financial measures and do not have standard meanings under IFRS. All-in sustaining costs (excluding non-cash inventory movements and amortized advanced
royalty costs) per ounce is a non-IFRS financial measure. The comparable IFRS measure is cost of sales per ounce, which for 2017, is expected in the range of $950 - $1,025 per ounce. Please see the Non-IFRS
Performance Measures section in Management’s Discussion & Analysis for the three and nine months ended September 30, 2017 available on the Company’s website at www.terangagold.com.
3) Teranga’s Banfora Mineral Reserves and Mineral Resources estimates as at September 7, 2017. For more information regarding Banfora’s Mineral Reserves and Resources and related notes, please refer to the NI 43-101
compliant technical report for the Banfora Project dated October 20, 2017 accessible on the Company’s website at www.terangagold.com and on SEDAR at www.sedar.com.
4) This production target is based on proven and probable reserves only from Teranga’s Sabodala Project as at June 30, 2017. For more information regarding Teranga Gold’s Mineral Reserves and Resources and related
notes, please refer to the NI 43-101 compliant technical report for the Sabodala Project dated August 30, 2017 accessible on the Company’s website at www.terangagold.com and on SEDAR at www.sedar.com.
5) This production target is based on proven and probable ore reserves only for Teranga’s Banfora Project as at September 7, 2017. For more information regarding the Banfora’s Mineral Reserves and Resources and related
notes, please refer to the NI 43-101 compliant technical report for the Banfora Project dated October 20, 2017 accessible on the Company’s website at www.terangagold.com and on SEDAR at www.sedar.com.
6) This Sabodala free cash flow is an estimate that is based on the updated life of mine plan and reserve estimate for the Sabodala project, as set out in the Technical Report of Teranga for the Sabodala Project, Senegal, West
Africa, dated August 30, 2017 (the “Sabodala Technical Report”). See in particular Section 21 of the Sabodala Technical Report - Capital and Operating Costs.
7) See the NI 43-101 compliant technical report for the Banfora Project. This LOM production plan assumes that the Banfora Project plant construction will commence in Q1 2018. If the Banfora plant construction commences in
Q2 2018 instead, the LOM production plan is expected to shift by several months.
8) The Company executed gold sales contracts totaling 131,000 ounces of gold commencing October 1, 2017 through December 31, 2018, at a price of $1,336 per ounce of gold. The forward sale contracts can be settled at the
option of Teranga in either cash or by physical delivery of gold. As part of this forward sales program, 25,000 ounces of gold are due for settlement during the fourth quarter of 2017, with 26,500 ounces of gold for settlement
due in each of the four quarters of 2018, for a total of 131,000 ounces of gold due for settlement during this period. The incremental free cash flow benefit to Teranga is calculated by multiplying the total ounces under the
forward sales program of 131,000 ounces of gold by the difference between the hedge price of $1,336 per ounce and the Company’s long-term gold price assumption of $1,250 per ounce.
9) Teranga’s consolidated cash and cash equivalents as of September 30, 2017 was $73.0 million. The sources and uses table assumes a cash balance of $80.0 million as of January 1, 2018. Actual consolidated cash and
cash equivalents of Teranga as of January 1, 2018 could be more or less than this amount.
10) Marketable securities are valued based on September 30, 2017 share prices.
11) There is no guarantee that Teranga will be able to negotiate and enter into a debt facility for $150 million in respect of the Banfora Project on or prior to January 1, 2018 on terms that are acceptable to it. Any such debt facility,
if entered into, could be for more or less than such amount.
12) See the NI 43-101 compliant technical report for the Banfora Project. Banfora pre-production capital costs of $232 million are an estimate only and excludes $12 million in estimated construction readiness activities expected
to be spent prior to major construction. Banfora pre-production operating costs of $19 million are an estimate. Actual Banfora pre-production capital and operating costs could be greater or less than these amounts.
13) Consolidated minimum cash represents the minimum amount of cash or working capital that the Company considers is appropriate to conduct day-to-day operations.
14) Other considerations (uses) is an estimate of potential other uses of the Company’s cash during the period, including, but not limited to, discretionary exploration expenditures, financing costs and any cost overrun or minimum
cash requirements that might be contained in any completed debt financing agreement. Actual amounts may total more or less than the aggregate amount specified.

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