TSX:TGZ / OTCQX:TGCDF

Swiss Mining ConferenceMarch 21-22, 2018

Building The Next Multi-Asset Mid-Tier

West African Gold Producer

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Sepanta DorriVice President, Corporate & Stakeholder Development

Forward-Looking Statements

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This document contains certain statements that constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"), whichreflects 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” or “does not anticipate”, “believe”, “intend”, “ability to” andsimilar 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 toidentify such forward looking information. Specific forward-looking statements include, without limitation, all disclosure regarding possible events, conditions or results ofoperations, future economic conditions and anticipated courses of action. Although the forward-looking statements contained in this document reflect management's currentbeliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, Teranga cannot be certain thatactual results will be consistent with such forward-looking information. Such forward-looking statements are based upon assumptions, opinions and analysis made bymanagement in light of its experience, current conditions and its expectations of future developments that management believe to be reasonable and relevant but that may proveto be incorrect. These assumptions include, among other things, the ability to obtain any requisite governmental approvals, the accuracy of mineral reserve and mineral resourceestimates, gold price, exchange rates, fuel and energy costs, future economic conditions, anticipated future estimates of free cash flow, and courses of action. Teranga cautionsyou not to place undue reliance upon any such forward-looking statements.

The risks and uncertainties that may affect forward-looking statements include, among others: the inherent risks involved in exploration and development of mineral properties,including government approvals and permitting, changes in economic conditions, changes in the worldwide price of gold and other key inputs, changes in mine plans and otherfactors, such as project execution delays, many of which are beyond the control of Teranga, as well as other risks and uncertainties which are more fully described in Teranga'sAnnual Information Form dated March 30, 2017, and in other filings of Teranga with securities and regulatory authorities which are available at www.sedar.com. Teranga does notundertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change. Nothing in thisdocument should be construed as either an offer to sell or a solicitation to buy or sell Teranga securities. All references to Teranga include its subsidiaries unless the contextrequires otherwise.

This presentation is as of March 20, 2018. All references to Teranga include its subsidiaries unless the context requires otherwise. This presentation contains references toTeranga using the words “we”, “us”, “our” and similar words and the reader is referred to using the words “you”, “your” and similar words. All dollar amounts stated aredenominated in U.S. dollars unless specified otherwise.

Senegal

Côte d’Ivoire

Burkina Faso

Mali

Guinea

Guinea-Bisseau

The Gambia

GhanaBenin

Niger

Sierra Leone

Liberia

Togo

Sabodala Gold Mine1.4Moz production since IPO in late 2010

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Wahgnion Development Project Expect to close financing and commence construction in Q2 2018

Golden Hill Exploration JV

GourmaExploration JV

Guitry

Dianra

Mahepleu

Tiassale

Sangaredougou

Building The Next Multi-Asset Mid-Tier West African Gold Producer

Teranga has nearly 4.0 million ounces of

gold reserves from its Sabodala Gold Mine

and its WahgnionDevelopment Project(1)(2)

Afema

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

Achieved record production of 233,267 ozof gold

Increased Sabodala reserves by 400,000 ozand filedupdated NI 43-101(2)

Announced positive feasibility for Wahgnion Project includingreserves of 1.2 million oz(1)

More positive drill results from Golden Hill

Entered into joint venture on Afema land pcakage in Côte d’lvoire

FY2017 Highlights

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Refer to Appendix – Endnotes (1) and (2) 5

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Our resettlement has really improved our lives

“”

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• Deliver projects on time and on budget• Trust-based relationship with all

stakeholders• Safeguard reputation• Ability to grow footprint in West Africa

Creating Long-Term Sustainable Value for Our Stakeholders Through Responsible Mining

Shareholder Value Risk Management Improve Local Livelihoods

• Avoid community unrest & conflict• Avoid work stoppages• Avoid legal action• Avoid withdrawal of operating licenses

• Local recruitment• Local progression & promotion • Local procurement &other capacity

building

10,000 Trees produced for rehabilitation in 2016

300 Bags of seeds collected for forestry rehabilitation

928 Women working in 10 market gardens producing 350 tons of vegetables since inception

$1.7M Sustainable investments in 2016 as determined by the communities

725 Farmers supported in 2016

$139M Local procurement in 2016

93% National employees out of 1,258 site employees in 2016

170 Progressions and promotions of national employees in 2016

+11,000 People benefiting from malaria spray program in 2016 8

Sharing the Benefits of Responsible Mining

Prospectors & Developers Association of Canada2017 Environmental & Social Responsibility Award

United Nations Global CompactNetwork Canada Sustainability Award

Three Time Winner of Corporate Knights Future 40 Responsible Corporate Leaders in Canada

Capital Finance International: Best ESGResponsible Mining Management West Africa

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Garnering International Awards & Recognition

• Resettlements led by ERM Group, experienced global sustainability consultants• The resettlements comply with the IFC Performance Standards and reflect international best practice in resettlement and livelihood• Members of the affected communities participate in all areas of decision making• Our mission is to leave the communities better off than before we arrived

Managing Two World-Class Resettlements: Sabodala and Wahgnion

Resettlement of Communities• Household and farmland surveys• Community negotiations on physical resettlement• Permitting and urban planning• Financial compensation for land, crops, trees, inconvenience, annexes • Resettlement site construction• Livelihood restoration • Monitoring and evaluation and continued support

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SabodalaSenegal, West Africa

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Exploration ProspectsMineral ResourcesMasato Style Bulk Tonnage Gold Trend Golouma Style High-Grade Gold Trend Mining ConcessionExploration PermitsPrevious Mine License

SabodalaMill

Sabodala Mine License & Regional Land Package (Senegal)

2.7 Million Ounces in Proven & Probable Reserves• 4.4 million ounces in measured and indicated resources(9)

• 13-year mine life(9)

• Focused on resource definition and resource conversion at Niakafiri to expand reserves and extend mine life

Largest Gold Mine in Mining-Friendly Senegal

Refer to Appendix – Endnotes (2) and (9)

Mali

Niakafiri

GoumbatiWest

Life of Mine Summary(2) 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

(8)

Proven and Probable Reserves(2) (Moz)

Replacing Reserves & Increasing Production and Cash Flow

1.7 1.6 2.8 2.6 2.6 2.7

2011 2012 2013 2014 2015 2017

Updated Sabodala Technical Report: Annual Average Production of 176Koz at AISC* of Less Than $900/oz

Maki Medina

13*Refer to Appendix – Non-IFRS Performance MeasuresRefer to Appendix – Endnotes (2) and (6)

($40)($20)

$0$20$40$60$80

2018 2019 2020 2021 2022

5-Year Cash Flow(6) Before Taxes and Other ($1,250/oz)

June 2017 43-101 Dec 2015 43-101

--

50,000

100,000

150,000

200,000

250,000

2018 2019 2020 2021 2022

5-Year Production Profile (oz)

June 2017 43-101 Dec 2015 43-101

Wahgnion ProjectBurkina Faso, West Africa

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Mali

Ghana

Benin

Niger

Togo

Burkina Faso

Côte d’Ivoire

Tongon

Bobo-Dioulasso

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Strategic Pillar of Teranga’s Growth Plan

Wahgnion is Ideally Situated on a Prolific Gold Belt

• Permitted mining license that covers 89 km2

• Exploration licenses covering +1,000 km2

Initial Feasibility Study

• Includes only 4 deposits: Nogbele, Stinger, Samavogo and Fourkoura

• Proven and probable reserves of 1.2Moz

• Measured and indicated resources of 1.8Moz

• Inferred resources of 0.7Moz

Samavogo

Stinger

Wahgnion Project

Nogbele

Fourkoura

Wahgnion

Proposed Plant Site

Life of Mine Summary 5.5 years LOM (9 years)

Annual production(1) 131koz 119koz

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

Total free cash flow* $302M $409M

Pre-production capital ($232M)

Net cash flow $176M

*Refer to Appendix – Non-IFRS Performance MeasuresRefer to Appendix – Endnote (1)

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

~$100M annual free cash flow* (11)

Significantly Increasing Production and Improving Free Cash Flow

16*Refer to Appendix – Non-IFRS Performance MeasuresRefer to Appendix – Endnotes (3), (4), (5), (7) and (11)

Teranga Consolidated Production Profile (koz)(3),(4),(7)

350Koz

~$70M annual free cash flow*(5)

2020 – 2022 Sabodala + Wahgnion

~350Koz annual production

Opportunities to maintain production and free cash flow

through resource conversion & discoveries at Sabodala &

Wahgnion

Golden HillBurkina Faso

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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

Siou PitM&I: 0.89 Moz ¹

YaramokoM&I: 0.81 Moz ²

HoundéM&I: 2.55 Moz ³

ManaM&I: 3.63 Moz ¹

Teranga’s JVGolden Hill Project

Karankasso JVInf: 0.67 Moz ⁵

Sarama Permits

South Houndé JVInf: 2.10 Moz ⁴

Acacia JVs ⁴

Situated in the Heart of the Houndé Belt in Burkina Faso

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

• One of the most prospective gold belts in the world today

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

One of the Best High-Grade Exploration Projects in West Africa

• Plan to release an initial resource for Golden Hill’s most advanced prospects by end of 2018

• $25 million financing secured for the future advancement of Golden Hill 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

Uniquely Positioned and Advancing Quickly

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High-Grade with Significant Potential

Five Prospects Within ~5-Kilometre Radius of Central Point

• In just one year, there have been three discoveries at Golden Hill

• To date Golden Hill has produced a series of high-grade, near-surface drill results at the first five prospects:

– Ma– Jackhammer Hill– Peksou– C-Zone– Nahiri

• The close proximity of these targets and prospects lends itself to a central mill/multi-deposit operation similar to Sabodala and Wahgnion

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

Côte d’Ivoire ExplorationGuitry & Afema

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Exciting Opportunities in Côte d’Ivoire

Initial 5 Greenfield Exploration Tenements Totaling +1,800 km2

• Positive preliminary results at the Guitry prospect have made it a priority

• 3 km x 7 km gold-in-soil geochemical anomaly

• Initial drilling evaluation being undertaken with 4000-metre RC drill program underway

Recently Added 1,400 km2 Afema Land Package• Afema mine license• Three exploration permits (Ayame, Mafere, Aboisso) Endeavour

Endeavour

Perseus

Randgold

Côte d’Ivoire

Guitry

Tiassale

Mahepleu

Sangaredougou

Operating Gold Mine/ Development Project

Newcrest

Dianra

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Afema

Côte d’Ivoire

Ahafo 17 Moz Newmont

3 Afema Exploration

Permits

Afema Mining Permit

Bibiani 7 Moz Resolute Mining

Chirano 5 Moz Kinross

Edikan 6.6 Moz Perseus

Bogoso/Prestea18 Moz Gold Star

Konogo 1.4 MozSignature Metals

Akyem Newmont

Essase 5.19 Moz

Obotan 5.5 Moz Asanko

Obuasi 41 Moz Anglo Gold Ashanti

Kubi 0.9 MozAsaute Gold Corporation

Damang 7.1 Moz Goldfields

Tarkwa 24 Moz

Iduapriem 8.2 MozAngloGold Ashanti

Kumasi

Cape Coast

Sefwi-Bibiani Gold Belt

Asankrangwa Gold Belt

Ashanti Gold Belt

Winneba-KibiGold Belt

Ghana

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Afema: Looking to Confirm and Improve Historical Resource* of 2Moz of Gold

Well Located Geologically

• Along trend and within the same gold belts of a number of high profile producing mines in Ghana

JV With 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; and

– delivery of an updated technical study

• Teranga will sole fund and manage the exploration programs and studies

• Upon delivery of an updated technical study, Sodim can elect to maintain 30% or convert to a 3% NSR

*Refer to Appendix – Afema Mine License Historical Resource Estimate

Wrap-Up

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Strong Financial Position to Fund Construction of Second Mine

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$88 MillionCash balance

as at December 31, 2017

+$90 Million(6)

Estimated cash flow from Sabodala 2018-2019

$165 Million$165M (net $150M)

project debt facility expected to close in Q2 2018

Solid Financial Position

to fund pre-production capital cost

of building second mine (Wahgnion)

Refer to Appendix – Endnote (6)

2018 News Flow and Milestones

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Regular exploration updates starting in Q1Maiden resource

Close project financingCommence mill constructionUpdate reservesUpdate NI 43-101 technical report

Project updates from Guitry and Afema

WahgnionGolden Hill

Côte d’Ivoire SenegalProduction of 210Koz-225KozCommence Niakafiri relocation

Top 10 Shareholders % of o/s shares

Shares Ownedas at March 7, 2018

1 Tablo Corporation 21.7% 23,322,400 2 Van Eck Associates Corporation 6.1% 6,573,022 3 Heartland Advisors 4.5% 4,800,000 4 Ruffer LLP 4.3% 4,607,243 5 Oppenheimer Funds 3.2% 3,460,828 6 Dimensional Fund Advisors 2.9% 3,100,5397 Franklin Advisers 2.5% 2,707,2008 Universal-Investment Gesellschaft 1.6% 1,735,0009 LSV Asset Management 1.6% 1,719,540

10 Konwave AG 1.6% 1,698,19726

Share Price Performance (TSX: TGZ)(Closing price on December 12, 2017 – March 14, 2018)

Capital Structure and Recent Share Price Performance

Source: IR Insight on March 13, 2018

ASX DelistingCompleted Compulsory Sale Facility before markets open on December 13 – stock price hit low of $2.30 (compared to $2.42 closing price on December 12)

+7% +5%

+72%

TGZ-TSXGDXJGold Price

Capital Structure (at December 31, 2017 unless otherwise noted)

Common shares outstanding 107.3M

Stock options outstanding 4.5M

Fully diluted 111.8M

Number of shares owned by insiders 23.8M

Market capitalization (March 14, 2018) C$446M/ US$343M

Cash / Net cash US$88M / US$70M

Potential for Significant Share Appreciation

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Teranga’s Share Price vs. Net Present Value* (NPV)(12) per Share

90%

*Refer to Appendix – Non-IFRS Performance MeasuresRefer to Appendix – Endnote (12)

US$3.20US$5.56 US$6.12

Share Price BMO NPV per Share(Spot)

Revalued Share Price

0.70xCurrent TGZ NPV Trading Multiple(12)

1.1xAverage NPV Multiple

for Medium Producers(12)

Data Source: BMO GoldPages published March 12, 2018

EV/2018E EBITDA

492

443

318

240

235

97

91

55

53

B2Gold

Roxgold

Endeavour

Golden Star

Semafo

Teranga

Alacer

Asanko

Perseus

EV/2P Reserves ($/oz)

3.3

3.4

3.5

4.1

5.0

6.1

6.2

30.0

Asanko

Golden Star

Teranga

Roxgold

Semafo

B2Gold

Endeavour

Alacer

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Deep Value

Gold Price per Ounce Assumption

Cash balance as at December 31, 2017

Wahgnion Project NPV5% based on 2P(1)

Sabodala NPV5% based on 2P(2)

US$3.93

US$1.09

US$0.79

$1,300

US$3.20TGZ Current Share Price

(closing price Mar 14, 2018)

US$5.81NPV*

Per Sharebased on cash & 2P reserves(1)(2)

Excludes potential value from:• Wahgnion infill drill program • Golden Hill• Afema and Côte d’Ivoire assets

*Refer to Appendix – Non-IFRS Performance MeasuresRefer to Appendix – Endnotes (1) and (2)USD/CAD FX rate 0.77

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

TSX:TGZ / OTCQX:TGCDF