Sprott Natural Resource Symposium

The Next Multi-Jurisdictional West African Gold Producer

Forward-Looking Statements

2

This presentation contains certain statements that constitute forward-looking information within the meaning of applicable securities laws (“forward-looking statements”), which

reflects management’s expectations regarding Teranga Gold Corporation’s (“Teranga” or the “Company”) future growth, results of operations (including, without limitation, future

production and capital expenditures), performance (both operational and financial) and business prospects (including the timing and development of new deposits and the

success of exploration activities) and opportunities. Wherever possible, words such as “plans”, “expects”, “does not expect”, “budget”, “scheduled”, “trends”, “indications”,

“potential”, “estimates”, “predicts”, “forecasts”, “focused on”, “anticipate” or “does not anticipate”, “believe”, “intend”, “ability to” and similar expressions or statements that certain

actions, events or results “may”, “could”, “would”, “might”, “will”, or are “likely” to be taken, occur or be achieved, have been used to identify such forward looking information.

Specific forward-looking statements in this presentation include the commencement of expected drill programs, anticipated future cash flows, anticipated construction readiness

activities for the Company’s Banfora gold project in Burkina Faso as well as the anticipated completion of construction of the Banfora project - including the first gold pour, the

anticipated discovery of reserves at the Banfora project, the timing of completion of a Feasibility Study for the Banfora project, and Teranga’s estimated full year financial and

operating totals, as well as anticipated 2017 operating results. Although the forward-looking information contained in this presentation reflect management’s current beliefs based

upon information currently available to management and based upon what management believes to be reasonable assumptions, Teranga cannot be certain that actual results will

be consistent with such forward looking information. Such forward-looking statements are based upon assumptions, opinions and analysis made by management in light of its

experience, current conditions and its expectations of future developments that management believe to be reasonable and relevant but that may prove to be incorrect. These

assumptions include, among other things, the ability to obtain any requisite governmental approvals, the accuracy of mineral reserve and mineral resource estimates, gold price,

exchange rates, fuel and energy costs, future economic conditions, anticipated future estimates of free cash flow, and courses of action. Teranga cautions you not to place undue

reliance upon any such forward-looking statements

The risks and uncertainties that may affect forward-looking statements include, among others: the inherent risks involved in exploration and development of mineral properties,

including government approvals and permitting, changes in economic conditions, changes in the worldwide price of gold and other key inputs, changes in mine plans and other

factors, such as project execution delays, many of which are beyond the control of Teranga, as well as other risks and uncertainties which are more fully described in Teranga’s

Annual Information Form dated March 29, 2017, and in other filings of Teranga with securities and regulatory authorities which are available at www.sedar.com. Teranga does not

undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change. Nothing in this

report should be construed as either an offer to sell or a solicitation to buy or sell Teranga securities.

This presentation is as of July 24, 2017. All references to Teranga include its subsidiaries unless the context requires otherwise. This presentation contains references to Teranga

using the words “we”, “us”, “our” and similar words and the reader is referred to using the words “you”, “your” and similar words. All dollar amounts stated are denominated in U.S.

dollars unless specified otherwise.

3

Building a Profitable Multi-Asset Mid-Tier West African Gold Producer

FULLY

PERMITTED

DEVELOPMENT

ASSET IN

BURKINA FASO

PRODUCING

ASSET

IN SENEGAL

PROVIDES

FOUNDATION

FOR GROWTH

EXPLORATION

OPPORTUNITIES

ON WORLD-CLASS

GOLD BELTS

STRONG

BALANCE SHEET

& SUPPORTIVE

CORNERSTONE

INVESTORSTRONG

SOCIAL LICENSE

& AWARD-WINNING

CSR

PROVEN &

EXPERIENCED

LEADERSHIP

TEAM

Source: 2016 gold production from CPM Gold Yearbook 2017

Refer to Endnote (1) on the second last slide4

West Africa: One of the World’s Fastest Growing Regions for Gold Production

NORTH AMERICA

12.0Moz

Senegal

Côte

d’Ivoire

Burkina

Faso

CENTRAL AMERICA

5.7Moz

SOUTH AMERICA

14.8Moz

EUROPE

8.7Moz

AFRICA

17.4Moz

ASIA

20.4Moz

OCEANIA

11.7Moz

WEST AFRICA

8.2Moz

TRANSITIONALECONOMIES(1)

6.8Moz

5

Banfora Gold

Project

Golden Hill Gourma

Burkina Faso

Centamin

Semafo

Nordgold

Avocet

Iamgold

Nordgold

Roxgold

Endeavour

Endeavour

Orezone

West African Res.

B2Gold

MNG Gold

Semafo

Operating Gold Mine/ Development Project

Two discoveries at high-grade Golden Hill

followed by successful phase 2 drilling

Winner of 2017 PDAC Environmental

& Social Responsibility Award

Record Q2 production – 114,460 ounces YTD

Accomplishments in 2017

Sabodala reserves increase by 400Koz to 2.7Moz

Multiple Assets in One of the World’s Most Attractive Gold Frontiers

Commences construction readiness

activities at Banfora gold project

Senegal

Côte d’Ivoire

Burkina Faso

Mali

Guinea

Guinea-

Bisseau

The Gambia

GhanaBenin

Niger

Sierra

Leone

Liberia

Togo

Sabodala Gold Mine

Status: Producing

Reserves: 2.7Moz(2)

M&I: 4.4Moz(2)

6

Banfora Project

Status: Feasibility

Golden Hill

Exploration JV

Gourma

Exploration JV

Refer to Endnote (2) on the second last slide

Guitry

Dianra

Mahepleu

Tiassale

Sangaredougou

Extensive Opportunities for Growth With Assets at Production, Feasibility and Exploration Stages

Exploration• Burkina Faso

• Senegal

• Côte d’Ivoire

Development• Complete Banfora project feasibility study – results expected in August

• Obtain board approval to proceed

• Announce construction decision

Production• On track to achieve 2017 production outlook: 205,000 – 225,000 ounces(3)

• Generate free cash flow(4) from Sabodala

Significant Catalysts for 2017

Refer to Endnotes (3) and (4) on the second last slide

Producing AssetSenegal, West Africa

+200Koz average

annual production

from 2017 - 2022(3)

Updating Sabodala Reserves to 2.7 Moz Improves 5-Year Production & Cash Flow

99

Refer to Endnotes (5)

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

00

0’s

oz

Au

2017 Outlook

205K - 225Koz(3)

Opportunity to increase production through

resource conversion and new discoveries

Targeting +200Koz average

annual production from 2023- 2027(5)

(open pit production with deferral of underground by +two years)

Refer to Endnote (3) and (5) on the second last slide

10

Exploration Prospects

Mineral Resources

Masato Style Bulk

Tonnage Gold Trend

Golouma Style High-

Grade Gold Trend

Mining Concession

Exploration Permits

Previous Mine License

Sabodala

Mill

Sabodala Mine License &

Regional Land Package (Senegal)

2.7 Million Ounces in Proven & Probable Reserves

• 4.4 million ounces in measured and indicated resources

(inclusive of proven and probable reserves) at an

average grade of 1.59 g/t(2)

Mine License Reserve Development

• Focused on resource definition and converting resources

at Niakafiri

• Continued delineation of Goumbati West

Regional Land Package

• Property-wide bulk leach extractable gold (BLEG)

sampling program completed to identify new exploration

targets

Significant Potential on Large Land Package


Mali

Niakafiri

Goumbati

West

Garnering International Recognition for Corporate Social Responsibility

PDAC 2017 Environmental

& Social Responsibility Award

United Nations Global Compact

Network Canada Sustainability Award

Corporate Knights Future 40 Responsible

Corporate Leaders in Canada

Capital Finance International: Best ESG-Responsible

Mining Management West Africa Award

11

Development AssetBurkina Faso, West Africa

12

Fast-Tracking Completion of Banfora Feasibility Study

Complete

feasibility study

& approve

construction

Board approves

$10 million

investment for

further

advancement of

construction

readiness

activities

July2017

August2017

2019Anticipated first

gold pour at Banfora

Major

construction

2018

13

Commenced

drilling

campaign to

confirm &

increase

reserves

H22016

Exploration AssetsBurkina Faso, Senegal & Côte d’Ivoire

14

15

Exploring Highly Prospective Properties Across West Africa

Burkina Faso Senegal Côte d'lvoire

$15* MILLION

2017 Exploration Budget

Senegal

Burkina Faso

• Banfora $4M

• Golden Hill $4M

• Gourma $0.5M

Côte d’Ivoire

• $0.5M

Senegal

• Mine License $4M

• Regional $2M


*Based on recent positive drill results, this figure is expected to increase.

16Golden Hill Joint Venture

(Burkina Faso)

Uniquely Positioned at Golden Hill

Situated Near Other High-Grade, High-Value Properties

• 468km2 situated ~200km NE of Banfora gold project

• On the Houndé belt in close proximity and along strike to other large

deposits

Exploring Drill-Ready Targets

• Previous exploration work defined high quality prospects

• More advanced work, including substantial drilling, reported week of July 24,

and continuing in Q3

Joint Venture (51%, earning 80%)

• Joint venture partner is Boss Resources (ASX:BOE)

• Teranga has an earn-in agreement with Boss pursuant to which 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.Sources

¹ 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

Siou Pit

M&I: 0.89 Moz ¹

Yaramoko

M&I: 0.81 Moz ²

Houndé

M&I: 2.55 Moz ³

Mana

M&I: 3.63 Moz ¹

Teranga’s JV

Golden Hill Project

Karankasso JV

Inf: 0.67 Moz ⁵

Sarama

Permits

South Houndé JV

Inf: 2.10 Moz ⁴

Acacia JVs ⁴

17

New Discoveries and Drill Targets

New Discoveries: Ma and Nahiri

• Two new discoveries reported April 25, 2017

• Favourable intersections reported (highlights of core drill results on

following slide)

New Drill Targets: Peksou and Jackhammer Hill

• Peksou Consists of a broadly altered structural zone that crosses both

mafic volcanics and granitic intrusive units displaying favorable grades and

widths in both host units -- core drilling evaluation will resume in Q4 on this

high priority prospect

• Jackhammer Hill Never before drilled, robust gold-in-soil and auger

geochemical anomaly measuring in excess of 2 kilometres of strike extent --

two core holes drilled to obtain structural orientation and geological

information; additional drilling planned for August

Golden Hill Property Location Map

Initial drill results from both new targets are available on the Company’s website.

A complete table of results for all 30 core drill holes is available on the Company’s

website.

Ma Drill Plan

18

• 30 core drill holes were completed during initial Phase 2 drill

evaluation

• Phase 2 drill program continues to intersect favorable intersections

over the minimum 1,300-metre strike extent drilled to date. Initial

highlights include:

‒ 9 m @ 4.04 g/t Au including 3 m @ 9.44 g/t Au (GHDD-040)




‒ 4 m @ 3.38 g/t Au (GHDD-038)

• Drill program (minimum 7,500 metres) is scheduled to re-start at

Ma prospect in early August

Ma: Initial Phase 2 Continues to Yield Positive Results

A complete table of results for all seven core drill holes is available on the Company’s website.

Nahiri Drill Plan

19

• Seven core holes were completed to both confirm earlier reverse

circulation drill results and provide better geological and structural

orientation information at this new discovery

• Favourable core drilling intersections including:

‒ 34 m @ 6.08 g/t Au including 14 m @ 12.38 g/t Au (GHDD-

026)



Nahiri Results Provides Enhanced Geological Interpretations

Potential Resource Conversion/Expansion

at Niakafiri on Senegal Mine License

Niakafiri Deposit (Senegal)

A Very Prospective Target on the Mine License

• Situated ~5km from the mill

• Majority of added reserves in June 30, 2017 update came from

Niakafiri

• Measured and indicated resources of ~850,000 ounces, and

over 200,000 ounces of inferred, inclusive of 590,000 ounces

in proven and probable reserves as at June 30, 2017(2)

Advanced Drill Program

• Over 16,000 metres have been drilled year to date

• Ongoing drill program is expected to run concurrently with the

Sabodala Village relocation

Refer to Endnote (2) on the second last slide 20

Mine License

(Senegal)

Niakafiri

Sabodala

Mill

21

Some of the Widest and Highest Grade Mineralised Intervals

Encountered to Date

• 4.18 g/t Au over 23 metres including 6.52 g/t Au over 12 metres in MDD17-279



• 3.19 g/t Au over 21 metres at the end-of-hole in MDD17-284

Phase 2 Follow-up Commenced

• Two drills currently active and focused on extending the mineralisation along

trend and to depth

Positive Drill Results at Niakafiri Extend

Mineralisation Along Strike and at Depth

Niakafiri Main NNE Section 560N

Niakafiri Main NNE Section 440N

Banfora Mine License Activities

22

Banfora Project Mine License (Burkina Faso)

Initial Evaluation Drilling on Targets

Kafina West

• Initial RC drill results display broad anomalous, near-

surface oxide mineralization

• Recently completed follow-up diamond drill program to

evaluate structural control

Hillside

• Five core holes returned favourable visuals along 350-metre

strike length within the ~1,000-metre geochemical trend

• Further core drilling planned for Q4

Raul

• Approximately 100 RAB drill holes were completed at the

Raul prospect to test a ~1,500 metres long combined gold-

in-soil and auger geochem anomaly

• Results pending, with follow up core drilling planned based

on results

BAGU SUD

/WEAH

KAFINA

WEST

OUAHIRI

KONANDOUGOU

BAZOGO

BASSONOGRO

HILLSIDE

SUD

Proposed

Plant

RAUL

KORINDOUGOU

SAMAVOGO

STINGER

FOURKOURA

NOGBELE

23

Early-Stage Exploration at Gourma

Gourma

Golden Hill

Banfora

Burkina Faso

Initial Field Program Commenced

• Included prospecting, mapping and auger

drilling

• Ten prospects prioritized for more

advanced work in 2017

• Based on positive auger results, an initial

core drilling evaluation began late in Q2

resulting in eight holes at three prospects

thus far

• A follow-up evaluation is planned for the

Q4 once the rainy season has concluded

Gourma (Burkina Faso)

24

Optionality in Côte d’Ivoire

Guitry Exploration Program a Priority

• Five greenfield exploration tenements totaling 1,838 km2

• Positive preliminary results at the Guitry prospect have

made it a priority for additional exploration work in 2017

• Hand-pitting program centered on the strongest portions

of the previously discovered 3 by 6 kilometre gold-in-soil

geochemical anomaly

• Initial drilling evaluation to be undertaken in Q4

Endeavour

Endeavour

Taurus

Perseus

Randgold

Côte d’Ivoire

Guitry

Tiassale

Mahepleu

Sangaredougou


Newcrest

Dianra

Appendices

25

2.9x

4.0x

4.3x

5.1x

5.8x

6.9x

15.8x

Teranga

Asanko

Roxgold

Golden Star

Semafo

Endeavour

B2Gold

25

80

101

180

190

264

329

460

Perseus

Asanko

Teranga

Semafo

Golden Star

Endeavour

Roxgold

B2Gold

C$3.42 C$4.20

C$7.14

Share Price BMO NPV per Share Revalued Share Price

Enterprise Value/2017E EBITDA ($)

Potential Re-Rate With Achievement of Game-Changing Milestones in 2017

Teranga’s Share Price vs. Net Present Value (NPV)(6) per Share

109%

Refer to Endnote (6) on the second last slide. Data Source: BMO GoldPages published July 17, 2017

1.7xAverage NPV

Multiple for Medium Producers(6)

Enterprise Value/2P Reserves ($/oz)

0.8xCurrent TGZ NPV Trading Multiple(6)

26

Capital Structure & Shareholders

27

Geographic Breakdown of TGZ Shareholders(as at June 30, 2017)

Capital Structure Post-Consolidation

Basic common shares outstanding (May 30, 2017) 107,343,902

Stock options outstanding 4,480,023

Fully diluted 111,823,925

Number of shares owned by insiders 21,978,006

Market capitalization (June 30, 2017) C$368M/ US$293M

Cash (as at June 30, 2017) $80.3M

Top 5 Shareholders (June 30, 2017) % O/S Position

Tablo Corporation 19.8% 21,273,500

Van Eck Associates Corporation (GDXJ) 5.0% 5,417,764

Heartland Advisors, Inc. 2.8% 3,000,000

Oppenheimer Funds, Inc. 2.3% 2,467,795

Ruffer LLP. 2.3% 2,415,244

North America30%

Europe27%

Unidentified36%

United Kingdom

5%

Australia2%

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 from

2014 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 on

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

$100

$58

2016E Post 2019

Eff

ective

Co

st

28

Refer to Endnotes (3), (7), (8), (9) and (10) on second last slide

2017 Outlook

29

Year Ended December 31

2016 2016 2017

Guidance Actual Guidance(10)

Operating Results

Ore mined (‘000t) 2,000 – 2,500 2,132 2,000 – 2,500

Waste mined (‘000t) 34,500 – 36,000 33,512 35,000 – 37,000

Total mined (‘000t) 36,500 – 38,500 35,644 37,000 – 39,500

Grade mined (g/t) 2.75 – 3.25 2.66 2.50 – 3.00

Strip ratio waste/ore 13.00 – 15.00 15.7 15.5 – 17.5

Ore milled (‘000t) 3,700 – 3,900 4,025 4,000 – 4,300

Head grade (g/t) 1.80 – 2.00 1.81 1.70 – 1.90

Recovery rate % 90.0 – 91.0 92.6 90.0 – 91.5

Gold produced (7) (oz) 200,000 – 215,000 216,735 205,000 – 225,000 (3)

Cost of sales per ounce sold $/oz sold Not applicable 834 950 – 1,025

Total cash cost per ounce sold (8) $/oz sold 600 - 650 622 725 – 775

All-in sustaining costs (8) $/oz sold 900 – 975 929 1,000 – 1,075

Cash / (non-cash) inventory movements and amortized advanced royalty costs (8)

$/oz sold Not Applicable 42 (100)

All-in sustaining costs (excluding cash / (non-cash) inventory movements and amortized advanced royalty costs) (8)

$/oz sold Not Applicable 971 900 – 975

Mining ($/t mined) 2.20 – 2.40 2.33 2.25 – 2.50

Mining long haul ($/t hauled) 4.00 – 4.50 3.41 2.50 – 3.50

Milling ($/t milled) 11.00 – 12.00 10.70 11.00 – 12.00

General and Administration ($/t milled) 4.25 – 4.50 4.46 4.25 – 4.50

Mine Production Costs $ millions 145.0 – 155.0 148.6 155.0 – 165.0 Corporate Administration Expense $ millions 8.0 – 9.0 9.0 10.0 – 11.0 Regional Administration Costs $ millions 2.0 2.1 3.0 Community Social Responsibility Expense $ millions 3.0 – 3.5 3.6 3.5 – 4.0 Exploration & Evaluation (Expensed) $ millions 5.0 4.8 6.0 – 7.0

Sustaining Capital Expenditures

Mine site sustaining $ millions 8.0 – 10.0 7.4 10.0 – 15.0

Capitalized reserve development $ millions 7.0 7.1 3.0 – 4.0

Site development costs $ millions 17.0 – 20.0 18.5 2.0

Total Sustaining Capital Expenditures (9) $ millions 32.0 – 37.0 33.0 15.0 – 21.0

Growth Capital Expenditures (Banfora)

Feasibility study $ millions Not Applicable 0.3 3.0

Capitalized reserve development $ millions Not Applicable 0.3 3.0 – 4.0

Construction readiness $ millions Not Applicable 1.0 17.0 – 20.0

Total Growth Capital Expenditures $ millions Not Applicable 1.6 23.0 – 27.0

Open Pit and Underground Mineral Resources Summary(2)

As at June 30, 2017 Inclusive of Reserves

30

Deposit Domain

Measured Indicated Measured and Indicated Inferred

Tonnes Grade Au Tonnes Grade Au Tonnes Grade Au Tonnes Grade Au

('000s)(g/t

Au)('000s) ('000s)

(g/t

Au)('000s) ('000s) (g/t Au) ('000s) ('000s) (g/t Au) ('000s)

Sabodala

Open Pit 11,725 1.17 442 6,488 1.59 332 18,213 1.32 774 2,525 1.23 100

Underground 1,631 3.65 191 1,631 3.65 191 460 3.60 53

Combined 11,725 1.17 442 8,119 2.01 524 19,844 1.51 965 2,985 1.60 153

Masato

Open Pit 4,163 0.68 92 22,212 1.16 829 26,375 1.09 921

Underground 1,163 2.75 103 1,163 2.75 103 1,984 2.85 182

Combined 4,163 0.68 92 23,375 1.24 932 27,537 1.16 1,024 1,984 2.85 182

Gora

Open Pit 439 2.47 35 471 8.67 131 911 5.68 166 35 5.60 6

Underground 315 5.14 52 315 5.14 52 59 4.83 9

Combined 439 2.47 35 786 7.26 183 1,226 5.54 218 95 5.12 16

Golouma

Open Pit 40 1.38 2 5,857 2.85 536 5,897 2.84 538 84 2.49 7

Underground 2,134 4.09 280 2,134 4.09 280 854 3.66 100

Combined 40 1.38 2 7,991 3.18 816 8,031 3.17 818 939 3.55 107

Kerekounda

Open Pit 30 3.30 3 1,153 4.45 165 1,184 4.42 168 5 1.12 0

Underground 499 4.88 78 499 4.88 78 235 5.70 43

Combined 30 3.30 3 1,653 4.58 243 1,683 4.56 247 239 5.61 43

Niakafiri East

Open Pit 4,776 1.37 210 14,140 1.14 516 18,916 1.19 726 4,515 0.93 135

Underground 224 2.72 20 224 2.72 20 514 2.70 45

Combined 4,776 1.37 210 14,364 1.16 536 19,140 1.21 746 5,030 1.11 180

Niakafiri

West

Open Pit 3,061 1.02 100 3,061 1.02 100 673 0.86 19

Underground 74 2.67 6 74 2.67 6 71 2.84 6

Combined 3,135 1.06 107 3,135 1.06 107 744 1.05 25

Table continues on next slide…


Notes for Mineral Resources Estimates

1. CIM definitions were followed for Mineral Resources.

2. Open pit oxide Mineral Resources are estimated at a

cut-off grade of 0.35 g/t Au, except for Gora and

Marougou at 0.48 g/t Au.

3. Open pit transition and fresh rock Mineral Resources

are estimated at a cut-off grade of 0.40 g/t Au, except

for Gora and Marougou at 0.55 g/t Au.

4. Underground Mineral Resources are estimated at a

cut-off grade of 2.00 g/t Au.

5. Measured Resources at Sabodala include stockpiles

which total 7.2 Mt at 0.75 g/t Au for 174,000 oz.

6. Measured Resources at Masato include stockpiles


7. Measured Resources at Gora include stockpiles


8. Measured Resources at Golouma include stockpiles


9. Measured Resources at Kerekounda include

stockpiles which total 0.03 Mt at 3.30 g/t Au for 3,000

oz.

10. High grade assays were capped at grades ranging

from 1.5 g/t Au to 110 g/t Au.

11. The figures above are "Total" Mineral Resources

and include Mineral Reserves.

12. Open pit shells were used to constrain open pit

resources.

13. Mineral Resources are estimated using a gold price

of US$1,450 per ounce.

14. Sum of individual amounts may not equal due to

rounding.

(Continued) Open Pit and Underground Mineral Resources Summary(2)


31

Deposit Domain



('000s)(g/t

Au)('000s) ('000s)

(g/t


Maki Medina

Open Pit 2,112 1.22 83 2,112 1.22 83 114 0.81 3

Underground 109 2.71 10 109 2.71 10 85 2.54 7

Combined 2,221 1.30 93 2,221 1.30 93 199 1.55 10

Goumbati

West -

Kobokoto

Open Pit 2,678 1.35 116 2,678 1.35 116 498 0.81 13

Underground 131 3.25 14 131 3.25 14 79 2.90 7

Combined 2,809 1.44 130 2,809 1.44 130 577 1.09 20

Golouma

North

Open Pit 170 1.32 7 170 1.32 7 295 1.42 14

Underground 14 2.64 1 14 2.64 1 19 2.93 2

Combined 184 1.42 8 184 1.42 8 314 1.51 15

Diadiako

Open Pit 178 1.27 7

Underground 663 2.89 61

Combined 841 2.54 69

Kinemba

Open Pit 24 1.06 1 24 1.06 1 91 0.95 3


Combined 24 1.06 1 24 1.06 1 147 1.55 7

Koulouqwinde

Open Pit 230 1.42 11



Kourouloulou

Open Pit 96 11.51 36 96 11.51 36 22 6.71 5

Underground 59 9.15 18 59 9.15 18 86 13.58 38

Combined 156 10.61 53 156 10.61 53 108 12.18 42

Table continues on next slide…






















oz.






resources.




rounding.

(Continued) Open Pit and Underground Mineral Resources Summary(2)



Deposit Domain



('000s)(g/t

Au)('000s) ('000s)

(g/t


Kouroundi

Open Pit 67 0.93 2 67 0.93 2 42 0.74 1

Underground

Combined 67 0.93 2 67 0.93 2 42 0.74 1

Koutouniokolla

Open Pit 85 1.58 4


Combined 108 1.78 6

Mamasato

Open Pit 560 1.45 26 560 1.45 26 305 1.25 12


Combined 560 1.45 26 560 1.45 26 347 1.38 15

Marougou

Open Pit 1,198 1.41 54

Underground

Combined 1,198 1.41 54

Sekoto

Open Pit 485 0.89 14



Soukhoto

Open Pit 550 1.46 26

Underground


Total

Open Pit 21,174 1.15 783 59,091 1.52 2,882 80,264 1.42 3,665 11,933 1.13 434

Underground 6,354 3.78 773 6,354 3.78 773 5,315 3.34 570

Combined 21,174 1.15 783 65,444 1.74 3,655 86,618 1.59 4,438 17,247 1.81 1,004

31





















oz.






resources.




rounding.

Open Pit & Underground Mineral Reserves Summary(2)

As At June 30, 2017

Notes for Mineral Reserves Estimates

1. CIM definitions were followed for Mineral Reserves.

2. Mineral Reserve cut-off grades range from 0.38 g/t to

0.57 g/t Au for oxide and 0.44 g/t to 0.63 g/t Au for fresh

rock based on a $1,200/oz gold price.

3. Underground Mineral Reserve cut-off grades range from

2.3 g/t to 2.6 g/t Au based on a $1,200/oz gold price.

4. Mineral Reserves account for mining dilution and mining

ore loss.

5. Proven Mineral Reserves are based on Measured

Mineral Resources only.

6. Probable Mineral Reserves are based on Indicated

Mineral Resources only.


rounding.

8. The Niakafiri East and West deposits are adjacent to the

Sabodala village and relocation of at least some portion

of the village will be required which will necessitate a

negotiated resettlement program with the affected

community members.

33Refer to Endnote (2) on the second last slide

Deposits

Proven Probable Proven and Probable

Tonnes

(Mt)

Grade

(g/t)Au (Moz)

Tonnes

(Mt)

Grade

(g/t)

Au

(Moz)

Tonnes

(Mt)

Grade

(g/t)

Au

(Moz)

Masato 18.62 1.10 0.66 18.62 1.10 0.66

Niakafiri East 4.61 1.32 0.20 9.92 1.10 0.35 14.53 1.17 0.55

Golouma West 4.11 1.91 0.25 4.11 1.91 0.25

Sabodala 2.04 1.56 0.10 3.18 1.33 0.14 5.22 1.42 0.24

Gora 0.82 5.25 0.14 0.82 5.25 0.14

Kerekounda 0.53 4.71 0.08 0.53 4.71 0.08

Goumbati West and Kobokoto 1.42 1.31 0.06 1.42 1.31 0.06

Maki Medina 0.98 1.12 0.04 0.98 1.12 0.04

Niakafiri West 1.20 1.06 0.04 1.20 1.06 0.04

Golouma South 0.24 3.23 0.02 0.24 3.23 0.02

Subtotal Open Pit 6.65 1.39 0.30 41.02 1.35 1.78 47.66 1.35 2.07

Stockpiles 11.80 0.75 0.28 11.80 0.75 0.28

Total Open Pit with Stockpiles (OP) 18.45 0.98 0.58 41.02 1.35 1.78 59.47 1.23 2.36

Golouma West 1 0.62 6.07 0.12 0.62 6.07 0.12

Kerekounda 0.61 4.95 0.10 0.61 4.95 0.10

Golouma West 2 0.45 4.39 0.06 0.45 4.39 0.06

Golouma South 0.47 4.28 0.06 0.47 4.28 0.06

Subtotal Underground (UG) 2.15 5.01 0.35 2.15 5.01 0.35

TOTAL OPEN PIT & UNDERGROUND 18.45 0.98 0.58 43.17 1.53 2.12 61.62 1.37 2.70

Competent & Qualified Persons Statement

34

The technical information contained in this document relating to the open pit mineral reserve estimates is based on, and fairly represents, information compiled by Mr. Stephen Ling, P. Eng who is a member of the Professional Engineers Ontario, which

is currently included as a "Recognized Overseas Professional Organization" in a list promulgated by the ASX from time to time. Mr. Ling is a full time employee of Teranga and is not "independent" within the meaning of National Instrument 43-101.

However, he is a "Qualified Person" as defined in NI 43-101. Mr. Ling has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent

Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the “JORC Code”). Mr. Ling is a "Qualified Person" under National Instrument 43-101 Standards of Disclosure

for Mineral Projects. Mr. Ling has consented to the inclusion in this document of the matters based on his compiled information in the form and context in which it appears in this document.

The technical information contained in this document relating to mineral resource estimates is based on, and fairly represents, information compiled by Ms. Patti Nakai-Lajoie. Ms. Nakai-Lajoie, P. Geo., is a Member of the Association of Professional

Geoscientists of Ontario, which is currently included as a "Recognized Overseas Professional Organization" in a list promulgated by the ASX from time to time. Ms. Nakai-Lajoie is a full time employee of Teranga and is not "independent" within the

meaning of National Instrument 43-101. Ms. Nakai-Lajoie has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which she is undertaking to qualify as a Competent Person as

defined in the 2012 Edition of the JORC Code. Ms. Nakai-Lajoie is a "Qualified Person" under National Instrument 43-101 Standards of Disclosure for Mineral Projects. Ms. Nakai-Lajoie has consented to the inclusion in this document of the matters

based on her compiled information in the form and context in which it appears in this document.

The technical information contained in this document relating to the underground ore reserves estimates is based on, and fairly represents, information compiled by Jeff Sepp, P. Eng who is a member of the Professional Engineers Ontario, which is

currently included as a "Recognized Overseas Professional Organization" in a list promulgated by the ASX from time to time. Mr. Sepp is independent of Teranga and is a "Qualified Person" as defined in NI 43-101 and a "competent person" as

defined in the 2012 Edition of the JORC Code. Mr. Sepp has sufficient experience relevant to the style of mineralization and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person as defined in the

2012 Edition of the JORC Code. Mr. Sepp has consented to the inclusion in this document of the matters based on his compiled information in the form and context in which it appears in this document.

Teranga's exploration programs are being managed by Peter Mann, FAusIMM. Mr. Mann is a full time employee of Teranga and is not "independent" within the meaning of National Instrument 43-101. Mr. Mann has sufficient experience which is

relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the JORC Code. Mr. Mann is a "Qualified Person" under

National Instrument 43-101 Standards of Disclosure for Mineral Projects. The technical information contained in this presentation relating exploration results are based on, and fairly represents, information compiled by Mr. Mann. Mr. Mann has verified

and approved the data disclosed in this release, including the sampling, analytical and test data underlying the information. The RC samples are prepared at site and assayed in the SGS laboratory located at the site. Analysis for diamond drilling is

sent for fire assay analysis at ALS Johannesburg, South Africa. Mr. Mann has consented to the inclusion in this presentation of the matters based on his compiled information in the form and context in which it appears herein.

Teranga's disclosure of mineral reserve and mineral resource information is governed by NI 43-101 under the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") Standards on Mineral Resources and Mineral

Reserves, adopted by the CIM Council, as may be amended from time to time by the CIM ("CIM Standards"). CIM definitions of the terms "mineral reserve", "proven mineral reserve", "probable mineral reserve", "mineral resource", "measured mineral

resource", "indicated mineral resource" and "inferred mineral resource", are substantially similar to the JORC Code corresponding definitions of the terms "ore reserve", "proved ore reserve", "probable ore reserve", "mineral resource", "measured

mineral resource", "indicated mineral resource" and "inferred mineral resource", respectively. Estimates of mineral resources and mineral reserves prepared in accordance with the JORC Code would not be materially different if prepared in accordance

with the CIM definitions applicable under NI 43-101. There can be no assurance that those portions of mineral resources that are not mineral reserves will ultimately be converted into mineral reserves. See the Appendix in the Teranga press release

dated July 24, 2017 found on www.SEDAR.com for the JORC Code explanations relating to the results in this press release.

Endnotes1) According to the CPM Gold Yearbook 2017, Transitional Economies include: Vietnam, North Korea, Soviet Union, Russia, Uzbekistan, Kazakhstan, Armenia, Azerbaijan, Kyrgyzstan, Georgia, Tajikistan, and Cuba.

2) Teranga’s Sabodala Mineral Reserves and Mineral Resources estimates as at June 30, 2017 as per Company disclosure. For more information regarding Teranga Gold’s Mineral Reserves and Resources and

related notes, please refer to the press release title, “Teranga Gold Increases Sabodala's Reserve Base to 2.7 Million Ounces: Adds More Than 400,000 Ounces of Gold and Improves Five-Year Production and

Cash Flow Profile” dated July 19, 2017 accessible on the Teranga’s website at www.terangagold.com.

3) This production profile is based on existing proven and probable reserves only from the Sabodala mining license as disclosed on the Company’s website at www.terangagold.com and on SEDAR at

www.sedar.com. The estimated ore reserves underpinning this production guidance have been prepared by a competent person in accordance with the requirements of the 2012 Australasian Code for Reporting

of Exploration Results, Mineral Resources and Ore Reserves (the “2012 JORC Code”). Please refer to the Competent Persons Statement in this presentation.

4) “Free cash flow” is a non-IFRS financial measure and does not have a standard meaning under IFRS. The Company calculates free cash flow 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. Other companies may calculate this measure differently. Please see the Non-IFRS

Performance Measures section in Management’s Discussion & Analysis for the three and twelve months ended December 31, 2016 available on the Company’s website at www.terangagold.com.

5) This production target of 200,000 ounces per year for an additional 5-year period beyond 2022, is based on proven and probable ore reserves of 2.7 million ounces and the anticipated conversion of approximately

500,000 ounces of measured and indicated resources at an average grade of approximately 1.5 grams per tonne.

6) 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 July 17, 2017.

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 assumes a

US$1,229 SPOT gold price per ounce, 5% discount, 0.79 USD/CAD exchange rate. For more information regarding Non-IFRS financial measures, please refer to Non-IFRS Performance Measures in the

Company’s Management’s Discussion and Analysis for the three and twelve months ended December 31, 2016 available on the Company’s website at www.terangagold.com.

7) 22,500 ounces of gold production are to be sold to Franco-Nevada Corporation at 20% of the spot gold price.

8) Total cash costs per ounce sold, all-in sustaining costs per ounce, and all-in sustaining costs (excluding cash / (non-cash) inventory movements and amortized advanced royalty costs), and earnings before

interest, taxes, depreciation and amortization (“EBITDA”) are non-IFRS financial measures and do not have standard meanings under IFRS. Please see the Non-IFRS Performance Measures section in

Management’s Discussion & Analysis for the year ended December 31, 2016 available on the Company’s website at www.terangagold.com. 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 cash/(non-cash) inventory movements

and non-cash amortization of advanced royalties.

9) This forecast financial information is based on the following material assumptions for 2017: gold price: $1,200 per ounce; light fuel oil price $0.81/L; heavy fuel oil price $0.46/L; Euro:USD exchange rate of 1:1.10.

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.

35

TSX & ASX: TGZ

Trish Moran

Head of Investor Relations

T: +1.416.607.4507

E: [email protected]

W: terangagold.com

121 King Street West, Suite 2600

Toronto, ON M5H 3T9

Sprott Natural Resource Symposium

Documents

Transcript of Sprott Natural Resource Symposium