Q3 2017 HighlightsThursday November 2, 2017TSX:TGZ

Forward-Looking Statements

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This presentation contains certain statements that constitute forward-looking information within the meaning of applicable securities laws (“forward-looking statements”), whichreflects management’s expectations regarding Teranga Gold Corporation’s (“Teranga” or the “Company”) future growth, results of operations (including, without limitation, futureproduction and capital expenditures), performance (both operational and financial) and business prospects (including the timing and development of new deposits and thesuccess 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 expressionsor 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 forwardlooking information. Specific forward-looking statements in this presentation include the commencement of expected drill programs, anticipated future cash flows, anticipatedconstruction 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 thefirst 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 operatingresults. Although the forward-looking information contained in this presentation reflect management’s current beliefs based upon information currently available to managementand 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 offuture developments that management believe to be reasonable and relevant but that may prove to be incorrect. These assumptions include, among other things, the ability toobtain any requisite governmental approvals, the accuracy of mineral reserve and mineral resource estimates, gold price, exchange rates, fuel and energy costs, future economicconditions, 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 otherfactors, 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’sAnnual 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 notundertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change. Nothing in thisreport 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 toTeranga 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 aredenominated in U.S. dollars unless specified otherwise.

Agenda

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Paul Chawrun Chief Operating Officer

Navin DyalChief Financial Officer

Richard YoungPresident &

Chief Executive OfficerQ & A

Paul ChawrunChief Operating Officer

Q3 Operating Highlights

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Production of 50,873 ozof gold

On track to achieve 2017 guidance

Increased Sabodala reserves by 400,000 ozand 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

Tracking to Upper End of 2017 Production Guidance

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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

(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

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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 24Refer to endnote (1) on slide 24

Banfora Project: Solid Base Case with Upside Potential from Infill Drill Program

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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

$1,200Reserves Pit Limit

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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 GoumbatiWest 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.

Navin DyalChief Financial Officer

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Revenue ($M)

Revenue Increases in Q3 But Down YTD Due to Lower Gold Sales

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Three months ended September 30 YTD September 30Per 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

Productivity & Efficiencies Continue to Improve

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$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

$1,091 $1,084

Q3 2016 Q3 2017

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All-in Sustaining Costsexcluding 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

$919$978

YTD 2016 YTD 2017

Reiterating 2017 Per Ounce Cost Guidance

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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 Costsexcluding cash/non-cash inventory movements and amortized advanced royalty costs(per ounce sold)*

EBITDA Includes Non-Cash Change in Inventory Movements

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$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

$13.3$10.2

$58.4

$38.9

Q3 2016 Q3 2017 YTD 2016 YTD 2017

Operating Cash Flows

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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)

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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) 4Sabodala 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

Richard YoungPresident & CEO

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

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Senegal

Côte d’Ivoire

Burkina FasoMali

Guinea

Guinea-Bisseau

The Gambia

Ghana Benin

Niger

Sierra Leone

Liberia

Togo

Sabodala Gold MineProducing Since 2009Reserves: 2.7Moz(1)

M&I: 4.4Moz(1)

Banfora Project Construction Q2 2018Reserves: 1.2Moz (3)

M&I: 1.8Moz (3)

Golden Hill Exploration JV

GourmaExploration 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

BanforaProject

Refer to Endnotes (1), (3), (4), (5) and (7) on slide 24

Q&A

Appendix

Competent & Qualified Persons Statement

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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 currentlyincluded 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 "QualifiedPerson" 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 ofthe 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 theinclusion 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 ofOntario, 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 itappears 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 includedas 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 JORCCode. 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 consentedto 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 styleof 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 ofDisclosure 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", "indicatedmineral 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 mineralresource" 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 Codeexplanations relating to the results in this press release.

Endnotes

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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 43-101compliant 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 royaltycosts) 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 advancedroyalty 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-IFRSPerformance 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 43-101compliant 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 relatednotes, 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 relatednotes, 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, WestAfrica, 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 inQ2 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 theoption 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 settlementdue 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 theforward 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 andcash 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.

Trish MoranHead of Investor Relations121 King Street West, Suite 2600 Toronto, ON M5H 3T9T: +1.416.607.4507E: investor@terangagold.comW: terangagold.com

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