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Teranga Gold Delivers Strong Q2 Production Led by Wahgnion;

Increases 2020 Gold Production Guidance to 375,000-400,000 Ounces

(All amounts are in U.S. dollars unless otherwise stated)

Toronto: August 7, 2020 – Teranga Gold Corporation ("Teranga" or the "Company") (TSX:TGZ;

OTCQX:TGCDF) today reported financial, operating and development results for the three and six months

ended June 30, 2020.

“It’s been a good year so far despite the challenges and cost of maintaining operations during a pandemic,”

said Richard Young, President and Chief Executive Officer. “Following the recent pre-feasibility study

results for the integrated Sabodala-Massawa complex and Wahgnion’s updated mine plan, Teranga now

has a flagship top-tier gold asset and a solid second operation. Our quality asset base is the foundation of

the Company’s transformation into a mid-tier gold producer.”

Mr. Young added, “We are significantly increasing 2020 production guidance while our five-year production

guidance for the period 2021 to 2025 is expected to average 533,000 ounces of gold per year2 at all-in

sustaining costs of $785 per ounce1, establishing Teranga as one of the lowest cost producers globally with

significant cash flows, particularly at current gold prices.”

“As expected, Wahgnion’s strong results for the quarter offset softer production at Sabodala where we

mined at lower grade areas and diverted equipment and resources to commence mining at Sofia, the first

of the Massawa higher grade deposits,” stated Paul Chawrun, Chief Operating Officer. “As demonstrated

in the new Sabodala-Massawa mine plan, we are shifting our focus to ramp up mining at Massawa in the

third quarter, and processing higher grade free-milling ore from Sofia through the Sabodala plant.”

News Release

SECOND QUARTER 2020 HIGHLIGHTS Three months ended June 30, 2020 compared to three months ended June 30, 2019

• 40% increase in consolidated gold production to 89,011 ounces, driven by a strong second quarter operations at Wahgnion.

• 96% increase in revenue to $164.2 million.

• 209% increase in gross profit to $56.4 million.

• Increase in consolidated net profit attributable to shareholders to $2.4 million, or $0.01 per share, compared to a net loss of $7.6 million or $0.07 per share.

• Increase in adjusted net profit attributable to shareholders1 to $27.7 million, or $0.17 per share, compared to $2.9 million or $0.03 per share.

• 135% increase in EBITDA1 and 137% increase in adjusted EBITDA1.

• 187% increase in operating cash flows before changes in working capital, excluding inventories.

• 121% increase in operating cash flows.

• Unsold gold bullion inventory of $36.3 million (using a period-end spot gold price) due to a lengthened time-frame between shipments related to the coronavirus pandemic.

• 2020 production guidance updated to 375,000 to 400,000 ounces of gold from earlier guidance of 345,000 to 355,000 ounces.

• New five-year production and cost guidance (2021 – 2025): Companywide production is expected to average 533,000 ounces of gold per year2 at all-in sustaining cost of $785 per ounce1.

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2020 GUIDANCE UPDATE

2020 Guidance Sabodala-Massawa

2020 Guidance Wahgnion

2020 Guidance Consolidated

Total mined (‘000t) 30,000 - 33,000 24,000 - 26,000 Ore mined (‘000t) 4,500 - 5,500 3,000 - 3,500 Grade mined (g/t) 1.90 - 2.10 1.60 - 1.70 Strip ratio waste/ore 5.0 - 6.0 6.0 - 7.0 Ore milled (‘000t) 4,000 - 4,200 3,000 - 3,200 Head grade (g/t) 1.90 - 2.10 1.60 - 1.80 Recovery rate % 88 - 90 91 - 93 Gold produced A (oz) 225,000 - 235,000 150,000 - 165,000 375,000 - 400,000

Cost of sales $/oz sold 1,050 - 1,150 1,025 - 1,175 1,075 - 1,200

Total cash costs B $/oz sold 750 - 800 775 - 850 All-in sustaining costs C $/oz sold 875 - 950 900 - 1,000 975 - 1,100

Cash/(non-cash) inventory movements and amortized advanced

royalty costs C $/oz sold 25 (50) (25)

All-in sustaining costs (excluding cash/(non-cash) inventory

movements and amortized advanced royalty costs) C $/oz sold 900 - 975 850 - 950 950 - 1,075

Mining ($/t mined) 2.75 - 3.00 2.15 - 2.40 Mining long haul ($/t hauled) 2.25 - 2.50 Milling ($/t milled) 11.00 - 12.00 11.00 - 12.00 General and administration ($/t milled) 6.00 - 7.00 6.00 - 7.00 Mine production costs - before COVID-19 incremental costs $ millions 160 - 170 110 - 115 COVID-19 incremental costs G $ millions ~5 ~5 Total mine production costs $ millions 165 - 175 115 - 120 Capital Expenditures Sustaining capital D $ millions 15 - 20 20 - 25 Resettlement capital $ millions 10 - 15 10 - 15 Massawa development capital $ millions 20 - 25

Corporate and Other Corporate administration expense $ millions 16 - 17

Share-based compensation expense E $ millions ~13

Regional administration costs $ millions ~6

Sustainability expense $ millions 10 - 12

Exploration and evaluation F $ millions 30 - 35

Notes to Guidance Table Above:

A. Based on the 2020 guidance, 11,200 ounces of Sabodala gold production are to be sold to Franco-Nevada Corporation (“Franco-Nevada”) at 20%

of the spot gold price. All Wahgnion gold production is subject to a gold offtake payment agreement with Taurus Funds Management Pty Ltd. up to

1,075,000 ounces.

B. Total cash costs 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 calculated at the mine site level includes only total cash costs per ounce and sustaining capital expenditures. All-in sustaining costs for

includes sustaining capital expenditures but excludes growth capital related to village resettlement expenditures. Corporate administration and share-

based compensation expense are presented separately in this table and are not allocated to the mine site level costs. All-in sustaining costs

presented on a consolidated basis includes corporate administration and share-based compensation expense. All-in sustaining costs also includes

non-cash inventory movements and non-cash amortization of advanced royalties.

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

E. Share-based compensation expense assumes an average price of C$12.30 per Teranga share (share price as at close of June 30, 2020).

F. 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.

G. As a result of worldwide COVID-19 pandemic in 2020, our 2020 guidance has been updated to reflect unforeseen incremental costs primarily

related to personnel, camp and transportation costs.

This outlook financial information is based on the following material assumptions for 2020: gold price: $1,600 per ounce; Brent Crude Oil: $45 per

barrel; and Euro:USD exchange rate of 1:1.10.

The Company assumes a corporate income tax rate of 25% in Senegal and 17.5% in Burkina Faso.

Other important assumptions: there are no events, whether COVID-19 related or political, that will have an impact to operations, including movement

of people, supplies and gold shipments; grades and recoveries is expected to remain consistent with the life-of-mine plan to achieve the forecast

gold production; and no unplanned delays in or interruption of scheduled production.

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2020 GOALS & MILESTONES

• Sabodala-Massawa Complex

o File the pre-feasibility study (the “PFS”) for the Sabodala-Massawa Complex in Q3 2020.

o Begin processing Massawa ore through the Sabodala mill in August.

o Continue resource definition drilling at several of the Massawa deposits in support of a definitive

feasibility study to be released in 2021.

• Wahgnion Updates

o Continue Wahgnion exploration program with aim to increase reserves and extend mine life toward

our goal of 15 years.

• Progress Golden Hill Project Towards Feasibility Stage

o File technical report in support of mine license application.

o Continue resource expansion drill program.

• Advancing Afema Exploration Targets in Cote d’Ivoire

o Report early-stage trenching and drilling campaigns at the Woulo Woulo and Niamienlessa

prospects at Afema.

SECOND QUARTER FINANCIAL & OPERATING HIGHLIGHTS

Three and six months ended June 30, 2020 compared to three and six months ended June 30, 2019

Three months ended June 30, Six months ended June 30,

Financial Data 2020 2019 Change 2020 2019 Change

Revenue ($000s) 164,177 83,554 96 % 298,291 175,681 70 %

Cost of sales ($000s) (107,798 ) (65,326 ) 65 % (202,451 ) (129,380 ) 56 %

Gross profit ($000s) 56,379 18,228 209 % 95,840 46,301 107 %

Net profit/(loss) attributable to shareholders of Teranga ($000s) 2,368 (7,581 ) N/A 18,554 (10,300 ) N/A

Per share ($) 0.01 (0.07 ) N/A 0.13 (0.10 ) N/A

Adjusted net profit attributable to shareholders of Teranga1 ($000s) 27,746 2,885 862 % 34,484 5,115 574 %

Per share1 ($) 0.17 0.03 467 % 0.24 0.05 380 %

EBITDA1 ($000s) 52,751 22,471 135 % 119,237 61,550 94 %

Adjusted EBITDA1 ($000s) 74,803 31,609 137 % 128,936 71,655 80 %

Operating cash flow before changes in working capital excluding

inventories ($000s) 55,314

19,304

187 % 84,054

45,586

84 %

Operating cash flow ($000s) 42,512 19,266 121 % 44,015 68,855 (36 %)

Sustaining capital expenditures (excluding deferred stripping)3 ($000s) 14,005 1,588 782 % 25,081 3,938 537 %

Capitalized deferred stripping - sustaining ($000s) 1,740 6,314 (72 %) 7,161 19,770 (64 %)

Growth capital expenditures3 ($000s) 8,034 41,196 (80 %) 11,413 92,408 (88 %)

Three months ended June 30, Six months ended June 30,

Operating Data 2020 2019 Change 2020 2019 Change

Gold produced4 (oz) 89,011 63,436 40 % 180,323 135,382 33 %

Gold sold5 (oz) 94,429 64,322 47 % 181,097 134,939 34 %

Average realized price1 ($/oz sold) 1,697 1,302 30 % 1,631 1,305 25 %

Cost of sales ($/oz sold) 1,142 1,016 12 % 1,118 959 17 %

Total cash costs1 ($/oz sold) 750 679 10 % 755 651 16 %

All-in sustaining costs (excluding cash/(non-cash) inventory

movements and amortized advanced royalty costs)1,3 ($/oz sold) 988

804

23 % 1,040

783

33 %

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Consolidated Financial Performance

• Revenue of $164.2 million was 96% higher than the prior year period due to a 47% increase in

ounces sold and 30% increase in average realized prices1. The higher gold sales were due to

Wahgnion, which achieved commercial production on November 1, 2019.

• Gross profit of $56.4 million was 209% higher than the prior year period mainly due to $34.9 million

contribution from Wahgnion.

• Consolidated net profit attributable to shareholders was $2.4 million ($0.01 earnings per share) for

the second quarter 2020 compared to net loss attributable to shareholders of $7.6 million ($0.07

loss per share) in the prior year period. The increase was mainly due to higher gross profit of $38.2

million and a non-cash impairment reversal of $31.7 million, partially offset by non-cash losses on

changes in fair values of share warrant liabilities, gold offtake payment liabilities, call-rights and

contingent consideration of $42.1 million, higher share-based compensation expense of $5.1

million, higher expensed finance costs of $4.7 million and higher income tax expense of $4.7

million.

• Adjusted net profit attributable to shareholders1 was $27.7 million ($0.17 per share) for the second

quarter 2020 compared to $2.9 million ($0.03 per share) in the comparative period. The increase

was mainly due to higher gross profit partially offset by higher share-based compensation expense,

expensed finance costs, exploration and evaluation expenditures and sustainability expenses.

• Operating cash flows before changes in working capital, excluding inventories, increased by 187%

to $55.3 million mainly due to higher revenues net of mine operation expenses, partially offset by

a build-up of supplies inventories as a result of the COVID-19 pandemic.

• Cash flows related to operating activities increased year-over-year by $23.2 million to $42.5 million

due to higher revenues and gross profit, increase in advances received from a customer of $7.0

million, lower tax payments of $9.4 million and a build-up of stockpile inventory at Wahgnion in

preparation for operations in the prior year period, partially offset by a $15.0 million advance waiver

payment to the government of Senegal, higher royalty payments of $5.7 million, increased

payments to suppliers and build-up of supplies inventories as a result of the COVID-19 pandemic

• EBITDA1 increased by 135% to $52.8 million from $22.5 million mainly due to higher revenues of

$80.6 million and a non-cash impairment reversal of $31.7 million, partially offset by non-cash

losses on changes in fair values of share warrant liabilities, gold offtake payment liabilities, call-

rights and contingent consideration of $42.1 million and higher mine operation expenses of $32.6

million.

• Adjusted EBITDA1 increased by 137% to $74.8 million from $31.6 million mainly due to higher revenues of $80.6 million, partially offset by higher mine operation expenses (excluding incremental COVID-19 costs) of $27.7 million and higher share-based compensation expense of $5.1 million, exploration and evaluation expenditures of $2.3 million and sustainability expenses of $2.3 million.

• Cash and cash equivalents totalled $49.4 million, an increase of $9.4 million from the first quarter 2020 balance of $40.0 million. The increase was mainly due to higher revenues and gross profit, advances received from a customer of $8.6 million, lower tax payments of $9.4 million and lower build-up of inventories at Wahgnion in preparation for operations in the prior year period, partially offset by capital expenditures of $23.8 million, interest payments of $8.9 million and higher suppliers and royalty payments.

• On May 28, 2020, the Company completed a restructuring transaction to terminate 25,500 ounces of gold forward sales contracts originally settling in the second and third quarters 2020 at forward

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prices averaging $1,326 per ounce (the "Restructuring") and crystallized losses on 25,500 ounces of gold forward sales contracts at $1,714 per ounce. Concurrently, the Company deferred settlement of the Restructuring to the fourth quarter 2020 and first quarter 2021 by entering into 25,500 ounces of collars, with a floor price of $1,500 per ounce and ceiling price of $1,962 per ounce. The total crystallized loss amount of $10.3 million is repayable in three monthly installments beginning November 2020 and ending January 2021 and has been recognized as a realized loss and derivative financial liability. This Restructuring has allowed the Company to realize higher gold prices on its gold sales during the second quarter, and by crystallizing the loss at $1,714 per ounce, mitigated further mark-to-market losses as gold prices rose above $1,714 per ounce. Using the ceiling price on the collars of $1,962 per ounce, this represents approximate savings of $6 million.

• The Company and Franco-Nevada are in advanced discussions to amend the gold stream arrangement to a proposed fixed delivery schedule of 783.33 ounces per month, up to October 31, 2031 based on the Sabodala standalone life of mine plan.

Consolidated Operating Highlights

• Gold production for the second quarter 2020 was 89,011 ounces, 40% higher than prior year period.

• Consolidated cost of sales per ounce was $1,142, an increase of 12% compared to the prior year period mainly due to lower grades processed, as well as, lower capitalized deferred stripping costs between periods, partially offset by lower mine production costs, net inventory movements and lower depreciation and amortization expense at Sabodala.

• Consolidated total cash costs per ounce1 were $750, an increase of 10% compared to the prior year period due to lower grades processed, as well as, lower capitalized deferred stripping costs between periods, partially offset by lower mine production costs and net inventory movements at Sabodala.

• Consolidated all-in sustaining costs (excluding cash/(non-cash) inventory movements and amortized advanced royalty costs) per ounce1 were $988, an increase of 23% mainly due to lower grades processed at Sabodala, higher capital expenditures and higher share-based compensation expense.

• The Company’s 2020 guidance has been updated to include mining and processing of high-grade ore from the first of the Massawa deposits, Sofia, which commenced mining activities in mid-July, as well as increases in total material movement for mining and processing at Wahgnion resulting from better than expected performance of the Wahgnion processing plant, when compared to its original design. The Company now expects to produce between 375,000 and 400,000 ounces of gold in 2020, an increase of 30,000 to 45,000 when compared to the Company's original guidance.

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REVIEW OF OPERATIONS

Sabodala Gold Operations

Three months ended June 30, Six months ended June 30,

Operating Results 2020 2019 % Change 2020 2019 % Change

Ore mined (‘000t) 841 555 52 % 1,947 1,004 94 %

Waste mined - operating (‘000t) 4,804 4,875 (1 %) 11,661 10,175 15 %

Waste mined - capitalized (‘000t) 475 1,795 (74 %) 1,603 4,919 (67 %)

Total mined (‘000t) 6,120 7,225 (15 %) 15,211 16,098 (6 %)

Grade mined (g/t) 1.83 2.77 (34 %) 1.62 2.53 (36 %)

Ounces mined (oz) 49,491 49,497 0 % 101,443 81,633 24 %

Strip ratio (waste/ore) 6.3 12.0 (48 %) 6.8 15.0 (55 %)

Ore milled (‘000t) 1,048 1,083 (3 %) 2,039 2,127 (4 %)

Head grade (g/t) 1.53 2.01 (24 %) 1.49 2.16 (31 %)

Recovery rate (%) 88.7 90.6 (2 %) 88.1 91.4 (4 %)

Gold produced6 (oz) 45,826 63,436 (28 %) 85,832 135,382 (37 %)

Gold sold (oz) 44,677 64,322 (31 %) 86,719 134,939 (36 %)

Average realized price1 ($/oz) 1,694 1,302 30 % 1,620 1,305 24 %

Cost of sales ($/oz sold) 1,293 1,016 27 % 1,247 959 30 %

Total cash costs1 ($/oz sold) 842 679 24 % 834 651 28 %

All-in sustaining costs1,3 ($/oz sold) 976 801 22 % 1,058 827 28 %

All-in sustaining costs (excluding cash/(non-cash) inventory

movements and amortized advanced royalty costs)1,3 ($/oz sold) 1,007

733

37 % 1,145

707

62 %

Mining ($/t mined) 3.33 3.18 5 % 3.01 2.86 5 %

Mining long haul ($/t hauled) 1.38 1.39 (1 %) 1.41 1.40 1 %

Milling ($/t milled) 9.61 11.47 (16 %) 10.01 11.50 (13 %)

G&A ($/t milled) 6.80 4.67 46 % 5.97 4.72 26 %

Three months ended June 30, 2020 Six months ended June 30, 2020

Golouma

West Sabodala

Maki

Medina Goumbati Kourouloulou Total

Golouma

West Sabodala

Maki

Medina Goumbati Kourouloulou Total

Ore mined (‘000t) 536 62 186 42 15 841 1,059 199 632 42 15 1,947 Waste mined -

operating (‘000t) 2,670

364

706

323

741

4,804 6,290

1,317

2,990

323

741

11,661

Waste mined -

capitalized (‘000t) —

475

—

—

—

475 —

1,603

—

—

—

1,603

Total mined (‘000t) 3,206 901 892 365 756 6,120 7,349 3,119 3,622 365 756 15,211 Grade mined (g/t) 2.15 1.08 1.18 1.15 3.60 1.83 1.99 1.05 1.17 1.15 3.60 1.62 Ounces mined (oz) 37,001 2,160 7,035 1,557 1,738 49,491 67,642 6,735 23,771 1,557 1,738 101,443

Three months ended June 30, 2019 Six months ended June 30, 2019

Golouma West Kerekounda Sabodala Total Golouma West Kerekounda Sabodala Koulouqwinde Total

Ore mined (‘000t) 408 84 63 555 658 133 146 67 1,004 Waste mined - operating (‘000t) 3,807 402 666 4,875 6,211 749 2,888 327 10,175 Waste mined - capitalized (‘000t) 578 — 1,217 1,795 1,506 — 3,413 — 4,919 Total mined (‘000t) 4,793 486 1,946 7,225 8,375 882 6,447 394 16,098 Grade mined (g/t) 2.47 5.58 0.99 2.77 2.39 5.21 0.98 1.95 2.53

Ounces mined (oz) 32,420 15,063 2,014 49,497 50,575 22,263 4,593 4,202 81,633

COVID-19 Update

Due to restrictions put in place for travel within Senegal as a result of the COVID-19 pandemic, Sabodala

implemented isolation protocols in mid-March and continued to operate throughout the second quarter.

Freedom of movement within Senegal has since been re-allowed, however, Sabodala is still maintaining

certain isolation protocols to limit the risk of the virus coming on site and placing employees and the

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operation at risk; namely an isolation period for incoming employees, which is at present a duration of one

week, with the addition of serological testing.

Shift patterns remained reduced to allow for fatigue management that impacted the availability of operating

personnel, however, this impact will be reduced during third quarter through the implementation of a new

roster for employees.

Consumables and supplies represented a challenge during second quarter 2020, however with the build-

up of inventory in first quarter 2020 and diligent work from the site team, no noticeable operational effects

eventuated.

Gold shipment logistics continued to be a challenge throughout the second quarter 2020, however since

early April, regular shipments to our refineries in Europe have resumed, albeit at higher costs. It is expected

during the course of third quarter 2020, as commercial airline operations re-commence, our gold shipment

contractor will be able to ensure standard shipments take place.

Mining

In the second quarter 2020, mining activities were focused primarily on Golouma West, Maki Medina,

Sabodala Phase 4, Goumbati and Kourouloulou (a small surface pit not included in reserves). In the prior

year period, mining activities were focused primarily on Golouma West, Sabodala Phase 4, and the narrow

lower benches of Kerekounda. Total tonnes mined in the second quarter were 15% lower than the prior

year period due to reduced operating hours as a result of fatigue management protocols and the

deployment of shovels and excavators used in the construction of the haul road to Sofia, the first of the

Massawa deposits to be mined, at various points through the second quarter 2020.

Ore tonnes mined were 52% higher in the second quarter 2020 compared with the prior year period due

primarily to a concentration of mining activities at low strip ratio pits: Golouma West and Maki Medina, and

the overall positive reconciliation to the reserve models. Mined ore grades were 34% lower than the prior

year period due primarily to the completion of the highest-grade, lower benches of Kerekounda in the prior

year period.

Fatigue management protocols are expected to remain in place through September, and could possibly be

extended should the isolation protocols and global travel limitations continue. As a result, the planned

mining of high-grade ore at both Golouma West and Kourouloulou will now be completed during first quarter

2021 due to the reduced pit advancement rate in the second quarter. Mining activities commenced at

Massawa's Sofia starter-pit in mid-July, with ore delivery to the process plant scheduled to commence in

August.

Processing

Ore tonnes milled in the second quarter 2020 decreased by 3% compared with the prior year period mainly

due to slightly harder ore than in the previous period.

Head grade decreased by 24% in the second quarter 2020 due to depletion of high-grade Gora stockpiled

material in the prior year period and pit sequencing in the current period in lower grade areas of several

pits.

Gold production decreased by 28% to 45,826 ounces in the second quarter 2020 compared to the prior

year period due to lower average head grades, lower ore tonnes milled and slightly lower recovery rates

from ore in Golouma West. The lower recovery rates were expected based on metallurgical test work,

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which showed lower recovery rates in certain areas of the Golouma West pit, and is reflected in the recovery

rate guidance in 2020.

Wahgnion Gold Operations

Operating Results Three months ended June 30, 2020 Six months ended June 30, 2020

Ore mined (‘000t) 692 1,503 Waste mined - operating (‘000t) 4,190 9,988 Waste mined - capitalized (‘000t) 107 474 Total mined (‘000t) 4,989 11,965 Grade mined (g/t) 1.92 1.86 Ounces mined (oz) 42,823 89,775 Strip ratio (waste/ore) 6.2 7.0 Ore milled (‘000t) 911 1,806 Head grade (g/t) 1.57 1.72 Recovery rate (%) 93.9 94.6 Gold produced6 (oz) 43,185 94,491 Gold sold (oz) 49,752 94,378 Average realized price1 ($/oz) 1,700 1,641 Cost of sales ($/oz sold) 1,005 999 Total cash costs1 ($/oz sold) 667 682 All-in sustaining costs1 ($/oz sold) 862 817 All-in sustaining costs (excluding non-cash inventory movements)1 ($/oz sold) 764 767

Mining ($/t mined) 2.59 2.31 Milling ($/t milled) 8.96 9.30 G&A ($/t milled) 6.03 5.53

Three months ended June 30, 2020 Six months ended June 30, 2020

Nogbele Total Nangolo Nogbele Total

Ore mined (‘000t) 692 692 31 1,472 1,503 Waste mined - operating (‘000t) 4,190 4,190 63 9,925 9,988 Waste mined - capitalized (‘000t) 107 107 — 474 474 Total mined (‘000t) 4,989 4,989 94 11,871 11,965 Grade mined (g/t) 1.92 1.92 3.43 1.82 1.86 Ounces mined (oz) 42,823 42,823 3,457 86,318 89,775

Three months ended June 30, 2020 Six months ended June 30, 2020

Total mined (as above) (‘000t) 4,989 11,965 Capitalized pre-stripping (‘000t) 310 310 Total mined (including pre-strip tonnes) (‘000t) 5,299 12,275

COVID-19 Update

Due to restrictions put into place for travel within Burkina Faso as a result of the COVID-19 pandemic,

Wahgnion implemented isolation protocols in mid-March. Travel restrictions within Burkina Faso in place

since late March were lifted the first week of May. All key management positions and sufficient operating

personnel have been in place since the isolation commenced and the Company is now taking advantage

of the opportunity to bring in reinforcements and leveraging a number of local facilities to create temporary

isolation sites to enable a workforce rotation without compromising operations. Although no longer a

requirement by the government of Burkina Faso, the operation chose to maintain quarantine for all

employees returning to site from their rotational break as well as conduct testing on all of them.

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Consumables and supplies continue to arrive as required. In addition, to mitigate the risk of potential supply

disruptions, the site's strategy has been to increase inventory on site as much as is practical.

Gold shipments were a challenge at the onset of the pandemic in mid-March, however, since early April,

regular shipments have resumed to the refineries in Europe.

Mining

In the second quarter 2020, mining capacity consisted of an owner-operated fleet, supplemented by two

mining contractor fleets. The first contractor fleet was dedicated to waste removal from Nogbele North and

construction of a lift to the tailings storage facility ("TSF"), while the second contractor fleet has been

assisting mining operations in maintaining an accelerated ore delivery schedule due to better than expected

performance from the processing plant. Currently, the first contractor fleet is scheduled to complete work

on the TSF by November 2020. To accommodate longer than usual rosters and additional days off for

fatigue management, as well as to accelerate mining production for a higher than planned plant throughput,

the second contractor fleet is now expected to be extended until at least the end of the year.

During the second quarter 2020, mining activities were focused primarily on the Nogbele North and South

pits. In total, 5.0 million tonnes were mined during the quarter, consisting of 0.7 million ore tonnes, at an

average mine grade of 1.92 g/t, and 4.3 million waste tonnes. Total tonnes mined were 8% higher than plan

mainly due to the extension of contract mining activities and ore tonnes were 37% higher than anticipated

mainly due to changes in mining sequence and increased ore tonnes identified against the resource model

through in-pit geological delineation.

Reconciliation to reserves for the Nogbele South pit, where mining started in first quarter 2020, is showing

a slightly positive reconciliation. The overall reconciliation in the Nogbele North pit has also been positive

to reserves below the impact of artisanal activities in the first several benches

Processing

Ore tonnes milled in second quarter 2020 was 0.9 million tonnes, approximately 36% higher than planned

due to higher leach kinetics allowing for debottlenecking to realize higher mill throughput rates, higher mill

operating time, less severe inclement weather than anticipated and a higher than average component of

oxide to fresh blend ratio. During the second quarter 2020, the crusher feed blend was comprised of 65%

oxide ore and 35% fresh hard rock.

Wahgnion's gold production during the second quarter 2020 was 43,185 ounces, which was higher than

planned due to higher throughput rates and gold recoveries.

CONSOLIDATED FINANCIAL STATEMENTS

A copy of Teranga’s consolidated financial statements and management’s discussion & analysis for the

three and six months ended June 30, 2020 are available on the Company’s website at

www.terangagold.com, on SEDAR at www.sedar.com, and on the OTC Markets’ website at

https://www.otcmarkets.com/stock/TGCDF.

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Q2 2020 CONFERENCE CALL & WEBCAST

Teranga will host a conference call and audio webcast today at 8:30 a.m. ET, during which management

will review the highlights for the three and six months ended June 30, 2020. Those wishing to listen can

access the live conference call and webcast as follows:

Date & Time: Friday, August 7, 2020 at 8:30 a.m. ET Telephone: Toll-free +1-877-291-4570 Local or International +1-647-788-4919

Please allow 10 minutes to be connected to the conference call.

Webcast: Available on Teranga’s website at is www.terangagold.com/Q12020

Replay: The conference call replay will be accessible for two weeks after the call by dialling +1-416-621-4642 or toll-free at +1-800-585-8367 and entering the conference ID 7526159.

Note: The slide presentation will be available for download at www.terangagold.com for simultaneous viewing during the call.

ENDNOTES

(1) This is a non-IFRS financial measure and does not have a standard meaning under IFRS. Please refer

to the sections titled, “Non-IFRS Financial Measures” and “Reconciliation of Non-IFRS Financial

Measures” in the Company's Management's Discussion and Analysis for the three and six months

ended June 30, 2020.

(2) This production target is based on proven and probable minerals reserves for the Sabodala-Massawa

Project and the Wahgnion Gold Operation as at December 31, 2019 as disclosed on the Company’s

website at www.terangagold.com and on SEDAR at www.sedar.com. The estimated reserves

underpinning this production target have been prepared by a competent and qualified person or

persons (see Competent and Qualified Persons Statement in Management’s Discussion and Analysis

for the three and six months ended June 30, 2020).

(3) Comparative amounts have been restated to reflect all-in sustaining costs per ounce and all-in

sustaining costs (excluding cash/(non-cash) inventory movements and amortized advanced royalty

costs) per ounce of Sabodala on a standalone basis, exclusive of resettlement capital expenditures

related to the Niakafiri deposit.

(4) During the three months ended June 30, 2020, gold ounces produced from Sabodala and Wahgnion

were 45,826 ounces and 43,185 ounces, respectively (2019: 63,436 ounces and nil, respectively).

During the six months ended June 30, 2020, gold ounces produced from Sabodala and Wahgnion were

85,832 ounces and 94,491 ounces, respectively (2019: 135,382 ounces and nil, respectively).

(5) During the three months ended June 30, 2020, gold ounces sold from Sabodala and Wahgnion were

44,677 ounces and 49,752 ounces, respectively (2019: 64,322 ounces and nil, respectively). During

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the six months ended June 30, 2020, gold ounces sold from Sabodala and Wahgnion were 86,719

ounces and 94,378 ounces, respectively (2019: 134,939 ounces and nil, respectively).

(6) Gold produced represents change in gold in circuit inventory plus gold recovered during the period.

FORWARD-LOOKING STATEMENTS

This press release 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’s future growth opportunities, results of operations, performance (both

operational and financial) and business prospects (including the timing and development of new deposits

and the success of exploration activities) and other opportunities. Wherever possible, words such as

"plans", "expects", "does not expect", "scheduled", "trends", "indications", "potential", "estimates",

"predicts", "anticipate", “to establish”, "does not anticipate", "believe", "intend", "ability to" and similar

expressions or statements that certain actions, events or results "may", "could", "would", "might", "will", or

are "likely" to be taken, occur or be achieved, have been used to identify such forward looking information.

Specific forward-looking statements in this press release include, but are not limited to, forecasting gold

production of between 225,000 and 235,000 ounces of gold at Sabodala-Massawa and between 150,000

and 165,000 ounces at Wahgnion in 2020, the results of the Sabodala-Massawa PFS and the anticipated

capital and operating costs, the timeline for completing a definitive feasibility study, sustaining costs, net

present value, process capacity, average annual gold production, average process recoveries, anticipated

mining and processing methods, proposed PFS production schedule and gold production profile,

anticipated construction, anticipated mine life, expected recoveries and grades, anticipated production

rates, infrastructure, future financial or operating performance of the Company and its projects, estimation

of mineral resources, exploration results, opportunities for exploration, development and expansion of the

Massawa Project, its potential mineralization, the future price of gold, the realization of mineral reserve

estimates, costs and timing of future exploration, and the timing of the development of new deposits.

Although the forward-looking information contained in this press release 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 closing and timing of financing,

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

2019 Annual Information Form dated March 30, 2020, and in other filings of Teranga with securities and

regulatory authorities which are available on SEDAR 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 document should be construed as either an offer

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to sell or a solicitation to buy or sell Teranga securities. All references to Teranga include its subsidiaries

unless the context requires otherwise.

ABOUT TERANGA

Teranga Gold is transitioning into a mid-tier gold producer operating long-life, low-cost mines and advancing

prospective exploration properties across West Africa, one of the world’s fastest growing gold jurisdictions.

The top-tier gold complex created by integrating the high-grade Massawa Project with the Company’s

Sabodala mine, the successful commissioning of Wahgnion, Teranga’s second gold mine, and a strong

pipeline of early to advanced-stage exploration assets support the continued growth of Teranga’s reserves,

production and cash flow. Through its continued success and commitment to responsible mining, Teranga

creates sustainable value for all stakeholders and acts as a catalyst for social, economic, and environmental

development.

CONTACT INFORMATION

Richard Young President & CEO T: +1 416-594-0000 | E: ryoung@terangagold.com

Trish Moran Vice President, IR & Corporate Communications T: +1 416-607-4507 | E: tmoran@terangagold.com