TSX:TGZ / OTCQX:TGCDF

Precious Metals SummitBeaver Creek, Colorado September 20-22, 2018

Building a Multi-Asset Mid-Tier

West African Gold Producer

Forward-Looking Statements

2

All information included in this presentation, including any information as to Teranga’s future financial or operating performance and other statements that express management’sexpectations or estimates of future performance, other than statements of historical fact, constitute forward-looking information or forward-looking statements within the meaning ofapplicable securities laws and are based on expectations, estimates and projections as of the date hereof. Forward-looking statements are included for the purpose of providinginformation about management’s current expectations and plans relating to the future. Wherever possible, words such as “plans”, “expects”, “scheduled”, “trends”, “indications”,“potential”, “estimates”, “predicts”, “anticipate”, “to establish”, “believe”, “intend”, “ability to”, or statements that certain actions, events or results “may”, “could”, “would”, “might”,“will”, or are "likely" to be taken, occur or be achieved, or the negative of these words or other variations thereof, have been used to identify such forward-looking information.Specific forward-looking statements include, without limitation, all disclosure regarding future results of operations, economic conditions and anticipated courses of action.Although the forward-looking statements contained herein reflect management's current beliefs and reasonable assumptions based upon information available to management asof the date hereof, Teranga cannot be certain that actual results will be consistent with such forward-looking information. Such assumptions include, among others, 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. For a more comprehensive discussion of the risks faced by Teranga, and which maycause the actual financial results, performance or achievements of Teranga to be materially different from estimated future results, performance or achievements expressed orimplied by forward-looking information or forward-looking statements, please refer to Teranga’s latest Annual Information Form filed with Canadian securities regulatory authoritiesat www.sedar.com or on Teranga’s website at www.terangagold.com. The risks described in the Annual Information Form (filed and viewable on www.sedar.com and onTeranga’s website at www.terangagold.com) are hereby incorporated by reference herein. Teranga disclaims any intention or obligation to update or revise any forward-lookingstatements whether as a result of new information, future events or otherwise, except as required by applicable law. Nothing herein should be construed as either an offer to sellor a solicitation to buy or sell Teranga securities.

All references to Teranga include its subsidiaries unless the context requires otherwise. This presentation contains references to Teranga using the words “we”, “us”, “our” andsimilar 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.

Senegal

Côte d’Ivoire

Burkina Faso

Mali

Guinea

Guinea-Bisseau

The Gambia

GhanaBenin

Niger

Sierra Leone

Liberia

Togo

3

GourmaExploration

JV

Guitry

Dianra

Mahepleu Tiassale

Sangaredougou

Building a Multi-Asset Mid-Tier Gold Producer in Mining-Friendly West Africa

Afema JV

Golden HillAdvanced Exploration

JV

Wahgnion Gold Development

2P Reserves: 1.2Moz(1)

Sabodala Gold Operation

2P Reserves: 2.7Moz(2)

Miminvest & Afema

Exploration JVs

Refer to Appendix – Endnotes (1) and (2)

4

SabodalaGold Mine

(Senegal)

WahgnionGold Project(Burkina Faso)

Golden Hill

(Burkina Faso)

Miminvest &Afema JVs

(Côte d’Ivoire)

Exploration & Resource

Conversion

Mid-Tier Producer with Scale and Diversification

Strong Organic Growth Pipeline

5

• Deliver projects on time and on budget

• Strategic relationships with all stakeholders

• Safeguard reputation

Delivering on Our Organic Growth

West African Experience

Risk Management

Improve Local Livelihoods

• Transparency

• Fair share fiscal framework

• Proactive community development and dialogue

• Local recruitment

• Local progression and promotion

• Local procurement and other capacity building

SabodalaSenegal, West Africa

6

7

Sabodala: Largest Gold Producer in Senegal

Life of Mine Summary(2)(3)(5)(6)

5 years(2018-2022)

13 years (2018-2030)

Annual production 213koz 176koz

All-in sustaining costs* $885/oz $893/oz

Total free cash flow* $230M $556M

Strong 5-Year Profile with Potential to Increase Mine Life

Sekoto

Masato

Mamasato

Kouroundi

KerekoundaKourouloulou

Golouma SouthKoulouqwinde

Koutoniokollo

Kinemba East

KobokotoGoumbatiWest

Maki Medina Golouma

West

GoloumaNorth

Soukhoto NiakafiriEastNiakafiri

West

Sabodala Lot A

Bransan Lot B

Bransan Lot A

Diadiako

Sabodala Lot B

Gora

Sounkounkou

Bra

nsan

Lot

A

Sabodala Gold MineSenegal, West AfricaPermitted mining license: 291 km2

*Refer to Appendix – Non-IFRS Performance MeasuresRefer to Appendix – Endnotes (2),(3),(5),(6) and (9)

2.7Moz2P Reserves (2)

4.4MozM&I Resources (9)

13-YearMine Life(3)

Strong Track Record of Replacing Reserves at Sabodala

Sabodala Proven and Probable Reserves(2) (Moz)

8

Significant Opportunity for Growth at Sabodala• Sabodala village relocation provides

opportunity to drill out Niakafiri, the largest deposit on the mine license, and to increase remaining mine life

• Village relocation expected to be completed in 2019

1.41.7 1.6

2.8

2.6 2.62.7

2010 2011 2012 2013 2014 2015 2017

1.5Moz of Gold Production at Sabodala Since 2010

Graph includes years for which there was a reserve updateRefer to Appendix – Endnotes (2)

57,557 65,381

Q2 2017 Q2 2018

Production (oz Au)

Increased FY2018 Production Guidance to at Least 230,000 Ounces

9

233,267 At least 230,000

FY2017 2018 Outlook

114,460 129,412

H1 2017 H1 2018

14% Increase

13% Increase

Increased FY 2018 Production

Guidance to at Least 230koz

Wahgnion ProjectBurkina Faso, West Africa

10

Wahgnion: The Next Large Long-Life Commercial Gold Mine in Burkina Faso

11

Nogbele

Stinger15km from plant

Samavogo25km from plant

Fourkoura6km from plant

Wahgnion Development Project Burkina Faso, West AfricaPermitted mining license: 89 km2

Four initial deposits at Wahgnion(Nogbele, Samavogo, Fourkoura & Stinger) located in close proximityto proposed plant site

Proposed Processing Plant

Initial Life of Mine to be Updated in September 2018

*Refer to Appendix – Non-IFRS Performance Measures**Pre-production capital costs of $232 million excludes $12 million in construction readiness activities spent prior to major constructionRefer to Appendix – Endnotes (1), (4), (5), (7) and (10)

Life of Mine SummaryInitial

5.5 yearsLOM

(9 years) Annual production(4)(5)(7) 131koz 119koz

All-in sustaining costs* $807/oz $843/oz

Total free cash flow* $302M $409M

Pre-production capital** ($232M)

Net cash flow $176M

1.2Moz2P

Reserves(1)

2.4MozM&I

Resources(10)

0.2MozInferred

Resources(10)

12

Increased Wahgnion M&I Resources by 33% to 2.4 Million Ounces

Refer to Appendix – Endnotes (13), (14) and (15)

2017 Mineral Resources (13) (14)

Measured Resources Indicated Resources Measured + Indicated Resources Inferred Resources

DepositMTonnes Grade

(Au g/t) MOunces MTonnes Grade (Au g/t) MOunces MTonnes Grade

(Au g/t) MOunces MTonnes Grade (Au g/t) MOunces

Nogbele 1.17 1.47 0.06 17.92 1.43 0.82 19.08 1.43 0.88 9.11 1.18 0.34Samavogo 0.00 0.00 0.00 6.62 2.05 0.44 6.62 2.05 0.44 3.75 1.92 0.23Stinger 0.16 2.16 0.01 6.09 1.67 0.33 6.24 1.69 0.34 1.98 1.45 0.09Fourkoura 0.36 1.57 0.02 3.02 1.60 0.16 3.38 1.60 0.17 0.98 1.33 0.04

Total Wahgnion 1.68 1.55 0.08 33.65 1.61 1.74 35.33 1.61 1.83 15.82 1.40 0.71

2018 Mineral Resources (13) (15)

Measured Resources Indicated Resources Measured + Indicated Resources Inferred Resources

Deposit MTonnes Grade (Au g/t) MOunces MTonnes Grade

(Au g/t) MOunces MTonnes Grade (Au g/t) MOunces MTonnes Grade

(Au g/t) MOunces

Nogbele N/Nangolo 1.62 1.26 0.07 22.50 1.40 1.02 24.12 1.39 1.08 2.65 1.27 0.11Samavogo 0.00 0.00 0.00 8.06 1.91 0.49 8.06 1.91 0.49 1.46 1.65 0.08Stinger 0.16 2.15 0.01 8.30 1.56 0.42 8.46 1.58 0.43 0.57 1.56 0.03Nogbele S 0.46 1.81 0.03 4.71 1.29 0.19 5.18 1.33 0.22 0.33 1.14 0.01Fourkoura 0.59 1.63 0.03 4.10 1.42 0.19 4.69 1.45 0.22 0.24 1.53 0.01

Total 2.83 1.48 0.13 47.67 1.51 2.31 50.50 1.51 2.44 5.25 1.41 0.24

Notes: Totals may not equal due to rounding.

2018 UpdateConverted

87% (617koz) of Inferred

to M&I

Kafina West

RaulHillside

13

Significant Mid to Long-Term Upside Potential

Samavogo

Nogbele

FourkouraStinger

Bagu Sud

Korindougou

Ouahiri

Sud

Regional Exploration Includes ~12 Drill-Ready Targets

• Targets have potential to become resources and are within trucking distance of proposed plant site

• Konatvogo: 2,000-metre NW-trending anomaly between Fourkoura and Nogbele deposits. Up to 21.6 g/t Au from altered shear-hosted quartz vein outcrops

• Bassongoro: 1,500-metre NNE-trending soil and auger anomaly (up to 15g/t Au). Intersection of regional Nianka and Fourkoura structures undrilled

Raul

Proposed Plant Site

Kondandougoug

Konatvogo

Bazogo

Bassongoro

Samavogo North

MuddhiPetit Colline

Reserve Deposits

Exploration Targets

Wahgnion (Burkina Faso)Exploration licenses:+1,000 km2

Golden HillBurkina Faso, West Africa

14

15

Sources¹ 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

Advancing to Initial Resource in January 2019 Siou PitM&I: 0.89 Moz ¹

ManaM&I: 3.63 Moz ¹

HoundéM&I: 2.55 Moz ³

YaramokoM&I: 0.81 Moz ²

Acacia JVs ⁴

Karankasso JVInf: 0.67 Moz ⁵

South Houndé JVInf: 2.10 Moz ⁴

Sarama Permits

Teranga’s Golden Hill

JV

Situated in the Heart of the Houndé Belt (Burkina Faso)• 468 km2 situated ~250 km NE of Wahgnion• One of the most prospective gold belts in the world• In close proximity and along strike to other deposits

One of West Africa’s Most Exciting Exploration Projects • Plan to release an initial resource estimate in January

2019 based on available drilling results at Golden Hill’s most advanced prospects

• $25 million financing secured for the future advancement of Golden Hill through to feasibility study

Joint Venture with Boss Resources (51%, earning 80%) • 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

• Boss Resources is an Australian-listed (ASX: BOE) uranium company

Interpreted Geology

AndesiteBasaltBasinBatholithChertGranitoidTarkwaian

Houndé Belt Burkina Faso, West Africa

16

For full details on Golden Hill, please visit www.terangagold.com

Active and Aggressive Exploration Program

GEOLOGYTarkwaian Type Sediments

Volcano Sediments

Mixed Volcano Sediments & Volcanics

Basalt

Grantoid

Batholith

Ma North

Ma Main

Ma East

Jackhammer Hill

PeksouC-Zone

B-ZoneA-Zone

Nahiri

Q2 2018 Drilling Activity

PeksouNorth

NahiriPlateau

Peksou 17 holes 2,156 metres

Jackhammer Hill 8 holes 1,318 metres

C-Zone 10 holes 1,086 metres

Ma North 8 holes 947 metres

Peksou North 4 holes 675 metres

Nahiri 4 holes 485 metres

Peksou Basin 3 holes 420 metres

B-Zone 3 holes 397 metres

A-Zone 1 hole 101 metres

TOTAL 58 holes 7,581 metres

Golden Hill (Burkina Faso, West Africa)Exploration licenses:468 km2

Jackhammer Hill

Peksou

C-Zone

Peksou North

Peksou Basin

Similar to Structural Inter-Relationships Observed at Ma Complex

• The Peksou intrusive complex displays lithologicand structural commonality as well in a number of our advanced prospects: Jackhammer Hill, Peksou and C-Zone

• Two new drill discoveries at Peksou North and Peksou Basin demonstrate that new exploration opportunities within and adjacent to the Peksouintrusive complex still exist and further evaluation will be prioritized here

Peksou Intrusive Complex: Discovery Opportunity

Jackhammer Hill Diorite

Peksou Granodiorite

Basalt

In-situ RAB, auger or trench anomaly

Drill Hole

17

Golden Hill: Peksou Intrusive ComplexBurkina Faso, West Africa

1818

Ma – Representative Drill Section

Excellent Grades Near Surface and to Depth at Ma Structural Complex

• Extensive structural complex consisting of numerous mineralized structures in close proximity

• Mineralization remains open for all components of Ma in all directions, including down-plunge of better grade and width components:

– GHDD-047: 8 m @ 2.00 g/t gold, including 3 m @ 4.23 g/t gold from 45 m downhole depth (DHD)

– GHDD-080: 6 m @ 5.79 g/t gold from 87 m DHD and 17 m @ 3.45 g/t gold, including 6 m @ 6.32 g/t gold from 122 m DHD

• Newest addition to the Ma area is Ma North, with latest results confirming the presence of a third mineralized breccia zone at the Ma Complex

Ma Structural Complex – Highlights

1919

Jackhammer Hill – Highlights

High-Grade Central Core Area at Jackhammer Hill Prospect

Jackhammer Hill – Representative Drill Section

• Three phases of early-stage drilling have been completed in multiple altered shear zones demonstrating continuity and depth extent:

– GHDD-319: 11 m @ 1.89 g/t gold, including 2 m @ 6.83 g/t gold from 41 m DHD

– GHDD-320: 8 m @ 22.1 g/t gold, including 1 m @ 125.6 g/t gold uncut grade from 115 m DHD

– GHDD-334: 3 m @ 29.5 g/t gold, including 1 m @ 84.7 g/t gold from 138 m DHD

2020

C-Zone – Highlights

Strong Gold Mineralization in Correlated Zones at C-Zone Prospect

C-Zone – Representative Drill Section

• Gold mineralization is localized in a discrete, mafic volcanic hosted shear zone system displaying alteration, veining and brecciation characteristics similar to those observed at Ma prospect

• Three phases of drilling completed, with recent results confirming the C-zone remains open to depth and intersects with the southeastern portion of the Peksouprospect:

– GHDD-308: 10 m @ 4.22 g/t gold, including 1 m @ 10.27 g/t gold from 120 m DHD

– GHDD-312: 10 m @ 2.58 g/t gold, including 2 m @ 7.41 g/t gold from 21 m DHD, and 6 m @ 3.36 g/t gold, including 2 m @ 6.60 g/t gold from 89 m DHD

2121

Peksou North / Basin – Highlights

New Near-Surface Discoveries: Peksou North and Peksou Basin

Peksou North – Representative Drill Section

• Favourable early-stage near-surface results from the first few holes from a series of scout holes at two separate locations:

– Peksou Basin (GHDD-349): 3 m @ 14.36 g/t gold, including 1 m @ 32.2 g/t gold uncut grade from 27 m DHD

– Peksou North (GHDD-346): 40 m @ 1.11 g/t goldfrom 24 m DHD

• Further drilling is planned to follow-up on these initial positive results

Miminvest & Afema Joint VenturesCôte d’Ivoire, West Africa

22

Côte d'Ivoire35%

Burkina Faso21%

Ghana19%

Guinea11%

Mali10% Other

4%

Côte d’Ivoire: Regarded by Many as Most Prospective Country for Gold in Africa

23

Mimran Exploration Joint Venture

• Joint venture partner is Teranga’s cornerstone shareholder and largest private employer in Côte d’Ivoire

• 5 exploration tenements, covering areas totaling +1,800 km2

Sodim Exploration Joint Venture

• 1,400 km2 land package includes mining license and three exploration permits

• Situated within the southern extension of the Sefwi-Bibiana greenstone belt (hosts +35Moz gold resources in Ghana)

• Five shear structures (with combined strike length of 144 km)

Endeavour

Endeavour

Perseus

Randgold

Côte d’Ivoire

Guitry

Tiassale

Mahepleu

Sangaredougou

Newcrest

Dianra

Afema

Côte d’Ivoire represents significant portion of the WestAfrican Birimian Greenstone Belt

Operating Gold Mine/ Development Project

Five Exploration Properties; Guitry is Most Advanced

• First-ever drilling program at Guitry consisted of a 68-hole, 3,320 metre air-core drilling program

• This program included a series of shallow, widely spaced, multi-hole drill profiles designed to evaluate the central 1,000-metre strike extent within an extensive gold-in-soil geochemical anomaly covering approximately a 3 x 7 km area

• A number of holes provided intersections with highly anomalous gold intersections warranting follow-up

• The most favourable results were:– 24 metres grading 2.02 g/t Au (GUAC008)– 4 metres grading 5.80 g/t Au (GUAC015) – 20 metres grading 6.37 g/t Au (GUAC018)

• Results are currently being compiled and assessed towards designing a follow-up exploration program consisting of ground geophysics, mechanical trenching and further drilling

Endeavour

Endeavour

Perseus

Randgold

Côte d’Ivoire

Tiassale

Mahepleu

Sangaredougou

Operating Gold Mine/ Development Project

Newcrest

Dianra

24

Exciting Miminvest JV in Côte d’Ivoire

Guitry

Afema: Situated on Prolific Gold Belts Trending from Ghana

Ahafo17 Moz

Newmont

3 Afema Exploration

Permits

Afema Mining Permit

Bibiani7 Moz

Resolute

Chirano5 Moz

Kinross

Edikan6.6 MozPerseus

Bogoso/Prestea18 Moz

Gold Star

Konogo1.4 MozSignature Metals

Akyem Newmont

Essase 5.19 Moz

Obotan5.5 MozAsanko

Obuasi 41 MozAnglo Gold Ashanti

Kubi 0.9 MozAsaute Gold Corporation

Damang 7.1 MozGoldfields

Tarkwa 24 Moz

Iduapriem8.2 MozAngloGold Ashanti

Kumasi

Cape Coast

Sefwi-BibianiGold Belt Asankrangwa

Gold Belt Ashanti Gold Belt

Winneba-KibiGold Belt

25

JV With Privately-Owned Sodim Limited (51%, earning 70%)

• Teranga can earn a 70% interest in the Afema mining license and exploration permits through:

– completion of a 3-year $11M exploration and community relations work program

– delivery of an updated technical study

• Teranga will fund and manage

GhanaCôte d’Ivoire

H2 2018 Planned Exploration

• Drilling at the Afema mine license

• Property-wide airborne geophysics and stream sediment (BLEG) programs

Wrap-Up

26

27

SabodalaGold Mine

(Senegal)

WahgnionGold Mine(Burkina Faso)

Golden Hill

(Burkina Faso)

Miminvest &Afema JVs

(Côte d’Ivoire)

Exploration & Resource

Conversion

Mid-Tier Producer with Scale and Diversification

Strong Organic Growth Pipeline

Unique Cornerstone Shareholder – Tablo Corporation – Currently Owns ~22% of Teranga

28

Initial private placement

34%

Gryphon acquisition

8%

Secondary public

offering25%

On market purchases

33%

Tablo Corporation Owns 23.5 Million Shares of Teranga at an Average Price of C$3.94David Mimran, Director of Teranga, Controls Tablo Corporation

• Mr. Mimran is CEO of Grands Moulins d’Abidjan and Grands Moulins de Dakar, one of the largest producers of flour and agri-food in West Africa

• He is Special Advisor to the government of the Republic of Cote d'Ivoire where he has led negotiations with the International Monetary Fund, the World Bank, the European Union, and the Government of the Republic of France

Strong Cornerstone Investor with In-Depth Local Knowledge• Long history of operating responsibly in Africa • Mimran Group is the largest private sector employer in both

Senegal and Côte d’Ivoire

Committed to Teranga’s Long-Term Growth• Last November, Tablo announced its intention to add to its

holdings by acquiring up to 5% of Teranga’s issued and outstanding common shares in the open market

1/3 of Tablo’s shares were purchased through exercise of anti-dilution right relating to acquisition of Gryphon Minerals in

October 2016 and November 2016 secondary offering

Upcoming News Flow and Milestones

29

Golden Hill• Regular exploration updates• Initial resource estimation January 2019

Côte d’Ivoire• Project updates for Guitry and Afema

Wahgnion• Update reserves week of September 24th

• Updated NI 43-101 technical report to follow• Regular construction updates

Sabodala• FY 2018 gold production of at least 230koz • Continue to advance Niakafiri resettlement

Standout Investment Opportunity as Teranga Remains Undervalued Relative to Peers

EV/2P Reserves ($/oz)

EV/2018E EBITDA

33%

(12%)(14%)

(25%)(23%)

(36%)

TerangaPerseusSemafoB2GoldEndeavourRoxgold

2018 Year to Date Share Price Performance(as of September 18, 2018)

380

356

267

230

73

53

B2Gold

Roxgold

Endeavour

Semafo

Teranga

Perseus

6.0

5.4

4.8

4.0

2.5

2.5

Endeavour

Semafo

Perseus

B2Gold

Teranga

Roxgold30

Source: BMO GoldPages – September 10, 2018

Appendix

2018 Outlook: Increased Production

32

Notes to 2018 Guidance

A. 22,500 ounces of gold production are to be sold to Franco-Nevada Corporation at 20% of the spot gold price.

B. Total cash cost per ounce sold is a non-IFRS financial measure and does not have a standard meaning under IFRS.

C. All-in sustaining costs per ounce is a non-IFRS financial measure and does not have a standard meaning under IFRS. 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 non-cash inventory movements and non-cash amortization of advanced royalties.

D. Exploration and evaluation costs includes both Expensed Exploration, primarily attributable to exploration work on exploration permits, and Capitalized Reserve Development, which is work performed on Mine Licenses.

E. Site development costs for 2018 include village resettlement costs for the Sabodalavillage.

F. Excludes capitalized deferred stripping costs, included in mine production costs.

G. Early works expenditures for 2018 includes anticipated expenditures for the construction of Wahgnion prior to initial drawdown under the Taurus Facility which was executed in May 2018.

H. Wahgnion construction expenditures for 2018 include anticipated expenditures for Wahgnion post completion of the Taurus Facility.

Other

This forecast financial information is based on the following material assumptions for the remainder of 2018: gold price: $1,250 per ounce; light fuel oil price $0.87/L; heavy fuel oil price $0.60/L; Euro:USD exchange rate of 1:1.17

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.

2018 GuidanceOperating Results Ore mined (‘000t) 2,000 – 2,500Waste mined (‘000t) 35,000 – 37,000Total mined (‘000t) 37,000 – 39,500Grade mined (g/t) 2.50 – 3.00Strip ratio waste/ore 16.5 – 18.5Ore milled (‘000t) 4,200 – 4,400Head grade (g/t) 1.70 – 1.90Recovery rate % 90.0 – 91.5Gold produced A (oz) ~230,000

Cost of sales per ounce sold $/oz sold 950 – 1,025Total cash cost per ounce sold B $/oz sold 700 – 750All-in sustaining costs C $/oz sold 1,000 – 1,075

Non-cash inventory movements and amortized advanced royalty costs C $/oz sold (50)

All-in sustaining costs (excluding non-cash inventory movements and amortized advanced royalty costs) C $/oz sold 950 – 1,025

Mining ($/t mined) 2.25 – 2.50Mining long haul ($/t hauled) 2.50 – 3.50Milling ($/t milled) 11.00 – 12.50General and Administration ($/t milled) 4.25 – 4.50

Mine Production Costs $ millions 162.0 – 172.0

Corporate Administration Expense $ millions 11.0 – 13.0

Regional Administration Costs $ millions ~2.0

Community Social Responsibility Expense $ millions 4.0 – 5.0

Exploration and Evaluation D $ millions ~15.0

Sabodala Capital Expenditures Mine site sustaining $ millions 10.0 – 15.0Site development costs E $ millions 10.0 – 15.0

Total Sabodala Capital Expenditures F $ millions 20.0 – 30.0Growth Capital Expenditures

Wahgnion early works G $ millions ~30.0Wahgnion construction H $ millions 140.0 – 160.0

Total Growth Capital Expenditures $ millions 170.0 – 190.0

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 from2014 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 onAll-in Sustaining Costs per Ounce(based on $1,200/ounce gold price)

$100

$58

2016E Post 2019

Effe

ctiv

e C

ost

33

Executive Team

34

Richard Young, CPAPresident & CEO25+ years experience in gold mining including 13 years at Barrick Gold including finance and corporate development

Paul Chawrun, P.Eng, MBAChief Operating Officer25+ years experience in mining including serving as Director, Technical Services at Detour Gold

Navin Dyal, CPAChief Financial Officer13 years experience in mining including 7 years at Barrick Gold as Head of Finance in copper business unit

David Savarie, LL.BGeneral Counsel & Corporate Secretary11 years of Corporate Counsel experience in mining including his role as Deputy General Counsel and Corporate Secretary of Gabriel Resources

Aziz Sy, P.Eng, M.Sc., MBAGeneral Manager, SGO17+ years experience in managing gold exploration projects, including his work as Vice President Senegal Operations for the Oromin Joint Venture Group until its acquisition in 2014 by Teranga Gold

Sepanta Dorri, MAcc, MBA, CPAVP, Corporate and Stakeholder Development10 years experience in mining including 5 years at Xstrata Nickel in Strategic Planning and M&A. 2012 winner of the WXN Top 100 Canada's Most Powerful Women award, Trailblazers and Trendsetters Category

David Mallo, B.Sc. GeologyVP, Exploration35+ years of mineral exploration in project evaluation and program management, playing an integral role in acquisition, discovery, and exploration of world-class deposits including Eskay Creek and Cobre Panama

Alan Hill, M.EngChairman35+ years experience in mining including 20 years at Barrick Gold in project evaluation and development

Christopher Lattanzi, B.EngDirector30 years experience in mining property valuation, scoping, feasibility studies and project monitoring on a global basis. Founder of MiconInternational

Richard Young, CPAPresident & CEO25+ years experience in gold mining including 13 years at Barrick Gold in finance and corporate development

Jendayi Frazer, Ph.D.Director17 years experience in key roles supporting initiatives and policies to build Africa’s equity and commodity markets. First woman U.S. Ambassador to South Africa

William Biggar, MA, CPADirector25+ years experience in senior executive positions in investment, mining and real estate including Barrick Gold and Merrill Lynch

Edward Goldenberg, MA, BClDirectorDistinguished career in policy including 10 years as Senior Policy Advisor to the Prime Minister of Canada and the Prime Minister's Chief of Staff in 2003. HonouraryDoctorate of Laws from McGill University

David MimranDirector & Teranga’s Largest ShareholderCEO of Grands Moulins d’Abidjan and Grands Moulins de Dakar, among the largest producers of agri-food in West Africa. Special Advisor to the Government of the Republic of Côte d'Ivoire

Alan Thomas, CPADirector30+ years mining and energy industry experience in senior financial and director roles including 6 years as VP and CFO of ShawCorand 11 years as CFO of Noranda

Frank Wheatley, LL.BDirector28 years mining industry experience as director, senior officer and legal counsel. Extensive experience in public financing, project debt financing, permitting of large-scale mining projects and strategic M&A

Board of Directors

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Qualified Persons Statement

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The technical information contained in this document relating to the Sabodala 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 ProfessionalEngineers Ontario. Mr. Ling is a full time employee of Teranga and is not "independent" within the meaning of NI 43-101. Mr. Ling has sufficient experience which is relevant to the style of mineralisation and type of deposit under considerationand to the activity which he is undertaking to qualify as a "Qualified Person" under NI 43-101 Standards of Disclosure for Mineral Projects. Mr. Ling has consented to the inclusion in this document of the matters based on his compiledinformation in the form and context in which it appears in this document.

The technical information contained in this document relating to Sabodala 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 Associationof Professional Geoscientists of Ontario. Ms. Nakai-Lajoie is a full time employee of Teranga and is not "independent" within the meaning of NI 43-101. Ms. Nakai-Lajoie has sufficient experience which is relevant to the style of mineralisationand type of deposit under consideration and to the activity which she is undertaking to qualify as a "Qualified Person" under NI 43-101 Standards of Disclosure for Mineral Projects. Ms. Nakai-Lajoie has consented to the inclusion in thisdocument 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 Sabodala underground ore reserves estimates is based on, and fairly represents, information compiled by Jeff Sepp, P. Eng., of Roscoe Postle Associates Inc. (“RPA”), who isa member of the Professional Engineers Ontario. Mr. Sepp is “independent” within the meaning of NI 43-101. Mr. Sepp has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to theactivity he is undertaking to qualify as a “Qualified Person” under NI 43-101 Standards of Disclosure for Mineral Projects. Mr. Sepp has consented to the inclusion in this document of the matters based on his compiled information in the formand context in which it appears in this document.

The technical information contained in this document relating to the Wahgnion open pit mineral reserve estimates is based on, and fairly represents, information compiled by Mr. Glen Ehasoo, P. Eng., of RPA, who is a member of the Associationof Professional Engineers and Geoscientists of British Columbia. Mr. Ehasoo is "independent" within the meaning of NI 43-101. Mr. Ehasoo has sufficient experience which is relevant to the style of mineralisation and type of deposit underconsideration and to the activity which he is undertaking to qualify as a “Qualified Person” under NI 43-101 Standards of Disclosure for Mineral Projects. Mr. Ehasoo has consented to the inclusion in this document of the matters based on hiscompiled information in the form and context in which it appears in this document.

The technical information contained in this document relating to Wahgnion mineral resource estimates is based on, and fairly represents, information compiled by Mr. David Ross, P.Geo., of RPA, who is a Member of the Association ofProfessional Geoscientists of Ontario. Mr. Ross is "independent" within the meaning of NI 43-101. Mr. Ross has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activitywhich he is undertaking to qualify as a “Qualified Person” under NI 43-101 Standards of Disclosure for Mineral Projects. Mr. Ross has consented to the inclusion in this document of the matters based on his compiled information in the form andcontext 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 NI 43-101. Mr. Mann has sufficient experience which is relevant to thestyle of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a “Qualified Person” as under NI 43-101 Standards of Disclosure for Mineral Projects. The technical information contained inthis document relating to 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 dataunderlying the information. The 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 theinclusion 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 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 andMineral Reserves, adopted by the CIM Council, as may be amended from time to time by the CIM ("CIM Standards"). There can be no assurance that those portions of mineral resources that are not mineral reserves will ultimately be convertedinto mineral reserves.

Teranga confirms that it is not aware of any new information or data that materially affects the information included in the technical reports for the Sabodala Project (August 30, 2017) and the Wahgnion Project (October 20, 2017) pursuantto National Instrument 43-101 - Standards of Disclosure for Mineral Projects (the “Technical Reports”), or year end 2017 results, market announcements and, in the case of estimates of Mineral Resources, that all material assumptions andtechnical parameters underpinning the estimates in the relevant market announcements concerning the Technical Reports continue to apply and have not materially changed.

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Non-IFRS Performance Measures

The Company has included non-IFRS measures in this document, including “total cash costs”, “total cash costs per ounce sold”, “all-in sustaining costs” (“AISC”), “AISC (excluding cash / (non-cash) inventory movements andamortized advanced royalty costs)”, “AISC per ounce”, “AISC (excluding cash / (non-cash) inventory movements and amortized advanced royalty costs) per ounce”, “average realized gold price”, “earnings before interest, taxes,depreciation and amortization” (“EBITDA”), “free cash flow”, “adjusted net profit attributable to shareholders” and “adjusted basic earnings per share”. These measures are intended to provide additional information only and donot have any standardized definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measures are not necessarily indicative ofoperating profit or cash flow from operations as determined under IFRS. Other companies may calculate these measures differently.

“Total cash costs” figures are calculated in accordance with a standard developed by The Gold Institute, which was a worldwide association of suppliers of gold and gold products and included leading North American goldproducers. The Gold Institute ceased operations in 2002, but the standard is considered the accepted standard of reporting cash cost of production in North America. Adoption of the standard is voluntary and the cost measurespresented may not be comparable to other similarly titled measure of other companies. “Total cash costs per ounce sold” is a common financial performance measure in the gold mining industry but has no standard meaningunder IFRS. The Company reports total cash costs on a sales basis. The World Gold Council (“WGC”) definition of AISC seeks to extend the definition of total cash costs by adding corporate general and administrative costs,reclamation and remediation costs (including accretion and amortization), exploration and study costs (capital and expensed), capitalized stripping costs and sustaining capital expenditures and represents the total costs ofproducing gold from current operations. AISC excludes income tax payments, interest costs, costs related to business acquisitions and items needed to normalize earnings. Consequently, this measure is not representative of allof the Company’s cash expenditures. In addition, the calculation of AISC does not include depreciation expense as it does not reflect the impact of expenditures incurred in prior periods. Therefore, it is not indicative of theCompany’s overall profitability. The Company also expands upon the WGC definition of AISC by presenting an additional measure of “AISC (excluding cash / (non-cash) inventory movements and amortized advanced royaltycosts)”. This measure excludes cash and non-cash inventory movements and amortized advanced royalty costs which management does not believe to be true cash costs and are not fully indicative of performance for the period.For Sabodala and Wahgnion, life of mine total cash costs and AISC figures used in this presentation are before cash/non-cash inventory movements and exclude any allocation of corporate overheads. Consolidated total cashcosts and all-in sustaining cost figures add corporate overhead costs.

“Average realized price” is a financial measure with no standard meaning under IFRS. Management uses this measure to better understand the price realized in each reporting period for gold and silver sales. Average realizedprice is calculated on revenue and ounces sold to all customers, except Franco-Nevada, as gold ounces sold to Franco-Nevada is recognized in revenue at 20 percent of the prevailing gold spot price on the date of delivery and80 percent at $1,250 per ounce. The average realized price is intended to provide additional information only and does not have any standardized definition under IFRS; it should not be considered in isolation or as a substitutefor measures of performance prepared in accordance with IFRS. Other companies may calculate this measure differently.

“EBITDA” excludes income tax, finance costs (before accretion expense), interest income, depreciation and amortization, and non-cash impairment charges from net profits. EBITDA is intended to provide additional information toinvestors and analysts and do not have any standardized definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Management believesthat EBITDA is a valuable indicator of our ability to generate liquidity by producing operating cash flow to: fund working capital needs, service debt obligations, and fund capital expenditures.

“Free cash flow” is calculated 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.

Starting in 2018, the Company adopted “adjusted net profit attributable to shareholders” and “adjusted basic earnings per share” as new non-IFRS financial measures. These non-IFRS financial measures are used bymanagement and investors to measure the underlying operating performance of the Company. Presenting these measures from period to period is expected to help management and investors evaluate earnings trends morereadily in comparison with results from prior periods. The Company calculates “adjusted net profit attributable to shareholders” as net profit attributable to shareholders adjusted to exclude specific items that are significant, but notreflective of the underlying operations of the Company, including: the impact of unrealized and realized foreign exchange gains and losses, gains and losses on derivative instruments, accretion expense on long-term obligations,impairment provisions and reversals thereof, and other unusual or non-recurring items. During the second quarter of 2018, the Company also excluded the impact of foreign exchange movements on deferred taxes and othernon-cash fair value changes from adjusted net profit attributable to shareholders as management does not believe these factors to be reflective of the underlying performance of the Company.

For more information regarding these measures, please refer to the Company’s management’s discussion and analysis accessible on the Company’s website at www.terangagold.com.

Endnotes

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1. Refers to proven and probable reserves of 1.2Moz for the Wahgnion project as per reserve estimate as of September 7, 2017 included in the Wahgnion technical report dated October 20, 2017 available on the Company’s website at www.terangagold.com and SEDAR at www.sedar.com. Teranga expects to release an updated mineral reserve estimate and related NI 43-101 technical report for Wahgnion in the third quarter of 2018.

2. Refers to proven and probable reserves of 2.7Moz for the Sabodala project as per reserve estimate as of June 30, 2017 included in the Sabodala NI 43-101 technical report dated August 30, 2017 available onthe Company’s website at www.terangagold.com and SEDAR at www.sedar.com.

3. 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 andrelated notes, please refer to the NI 43-101 compliant technical report for the Sabodala Project dated August 30, 2017 available on the Company’s website at www.terangagold.com and on SEDAR atwww.sedar.com.

4. This production target is based on proven and probable ore reserves only for Teranga’s Wahgnion Project as at September 7, 2017. For more information regarding the Wahgnion’s Mineral Reserves andResources and related notes, please refer to the NI 43-101 compliant technical report for the Wahgnion Project dated October 20, 2017 accessible on the Company’s website at www.terangagold.com and onSEDAR at www.sedar.com.

5. LOM assumptions include: Gold Price $1,250 per ounceHeavy Fuel Oil (HFO): Wahgnion - $0.59 per litre; Sabodala - $0.46 per litreLight Fuel Oil (LFO): Wahgnion - $1.04 per litre ($0.88 per litre during construction period); Sabodala - $0.81 per litreEuro to USD Exchange Rate: $1.10

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 Wahgnion Project. This LOM production plan assumes that the Wahgnion Project plant construction will commence in Q1 2018. If the Wahgnion plantconstruction commences in Q2 2018 instead, the LOM production plan is expected to shift by several months.

8. Other considerations (uses) is an estimate of potential other uses of the Company’s cash during the period, including, but not limited to, acquisition costs to acquire an interest in the Afema project, discretionaryexploration expenditures, financing costs and costs to secure the Taurus Facility. Actual amounts may total more or less than the aggregate amount specified.

9. 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 NI43-101 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.

10. Teranga’s Wahgnion Mineral Resources estimates as at May 31, 2018. For more information regarding Wahgnion’s Mineral Resources and related notes, please refer to the press release dated June 7, 2018accessible on the Company’s website at www.terangagold.com and on SEDAR at www.sedar.com.

11. Free cash flow excludes Wahgnion financing and corporate-wide resource development and exploration expenditures. Please see table on slide 7 of the Company’s Investor & Analyst Workshop presentationdated September 14, 2017, which was filed on www.sedar.com.

12. 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 August 13,2018. 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 assumesa US$1,211 SPOT gold price per ounce, 5% discount, 0.76 USD/CAD exchange rate.

Endnotes (continued)

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13. CIM definitions were followed for Mineral Resources. Mineral Resources are inclusive of Mineral Reserves and are constrained by resource pit shells. A minimum thickness of two metres was applied.14. Notes for historical Wahgnion 2017 Mineral Resources Estimate: Open pit oxide Mineral Resources are estimated at cut-off grades ranging from 0.35 g/t Au to 0.45 g/t Au; open pit transition and fresh rock

Mineral Resources are estimated at cut-off grades ranging from 0.45 g/t Au to 0.55 g/t Au; high grade assays were capped at grades ranging from 2.5 g/t Au to 48.0 g/t Au; and, Mineral Resources are estimatedusing a gold price of $1,450 per ounce.

15. Notes for Wahgnion 2018 Mineral Resources Estimate (effective May 31, 2018): Mineral Resources are reported at cut-off grades ranging from 0.320 g/t Au to 0.403 g/t Au in oxide, and at cut-off grades rangingfrom 0.388 g/t Au to 0.541 g/t Au in transition and primary rock; high grade assays were capped at grades ranging from 5 to 48 g/t Au; and, Mineral Resources are estimated using a long-term gold price ofUS$1,500 per ounce, adjusted to match existing industry standards.

Trish MoranHead of Investor Relations77 King Street West, Suite 2110 Toronto, ON M5K 2A1T: +1.416.607.4507E: investor@terangagold.comW: terangagold.com

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