Denver Gold Forum Colorado Springs, Colorado September 23-26, 2018 - Building a Multi-Asset Mid-Tier

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Denver Gold Forum Colorado Springs, Colorado September 23-26, 2018 - Building a Multi-Asset Mid-Tier
Building a          Denver Gold Forum
                          Multi-Asset Mid-Tier       Colorado Springs, Colorado
TSX:TGZ / OTCQX:TGCDF
                        West African Gold Producer       September 23-26, 2018
Denver Gold Forum Colorado Springs, Colorado September 23-26, 2018 - Building a Multi-Asset Mid-Tier
Forward-Looking Statements

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

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

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Denver Gold Forum Colorado Springs, Colorado September 23-26, 2018 - Building a Multi-Asset Mid-Tier
Building a Multi-Asset Mid-Tier Gold Producer in Mining-Friendly West Africa

                  Senegal                                 Sabodala Gold                            Mali
                                                            Operation
                                                        2P Reserves: 2.7Moz(2)                                                                        Niger
The Gambia

                    Guinea-                                             Wahgnion Gold                        Burkina Faso            Gourma
                    Bisseau
                                                                         Development                                                Exploration
                                                                     2P Reserves: 1.6Moz(1)                                             JV
                                             Guinea
                                                                                                                        Golden Hill
                                                                                                                    Advanced Exploration
                                                       Miminvest &
                                                                                                                            JV
                                                          Afema
                                           Sierra     Exploration JVs                   Dianra
                                                                                                                                                  Benin
                                           Leone                                                                            Ghana
                                                                                     Côte d’Ivoire                                       Togo
                                                                                 Mahepleu
                                                                                               Tiassale
                                                           Liberia
                                                                                      Guitry     Sangaredougou
                                                                                                                 Afema JV
                                                                                                                                                              3
Refer to Appendix – Endnotes (1) and (2)
Denver Gold Forum Colorado Springs, Colorado September 23-26, 2018 - Building a Multi-Asset Mid-Tier
Strong Organic Growth Pipeline

                                                                                Mid-Tier
Sabodala      Wahgnion         Golden           Miminvest &       Exploration   Producer with
 Gold Mine    Gold Project      Hill             Afema JVs         & Resource   Scale and
  (Senegal)   (Burkina Faso)   (Burkina Faso)   (Côte d’Ivoire)   Conversion
                                                                                Diversification

                                                                                                  4
Denver Gold Forum Colorado Springs, Colorado September 23-26, 2018 - Building a Multi-Asset Mid-Tier
Delivering on Our Organic Growth

      West African                      Risk                         Improve Local
       Experience                    Management                       Livelihoods

•   Deliver projects on time   •   Transparency                  •   Local recruitment
    and on budget
                               •   Fair share fiscal framework   •   Local progression
•   Strategic relationships                                          and promotion
    with all stakeholders      •   Proactive community
                                   development and dialogue      •   Local procurement and
•   Safeguard reputation                                             other capacity building

                                                                                               5
Denver Gold Forum Colorado Springs, Colorado September 23-26, 2018 - Building a Multi-Asset Mid-Tier
Sabodala
Senegal, West Africa

                       6
Denver Gold Forum Colorado Springs, Colorado September 23-26, 2018 - Building a Multi-Asset Mid-Tier
Bransan Lot A
Sabodala: Largest Gold Producer in Senegal                                            Diadiako                                           Gora

                                                                                                     Bransan Lot A                 Sabodala Lot B

                                                                                                                                              Sounkounko
                                                                                                                                                    u

   2.7Moz                       4.4Moz                 13-Year                                                    Sabodala Lot A

                                                                                                                 Sekoto
   2P Reserves (2)            M&I Resources (7)        Mine Life(3)
                                                                                                      Masato
                                                                           Bransan Lot B
                                                                                                         Mamasato
                                                                                 Soukhoto        Niakafiri
                                                                                   Niakafiri     East     Kouroundi
                                                                                      West
Strong 5-Year Profile with Potential to Increase Mine Life                               Golouma     Kerekounda
                                                                                    Maki    North
                                                                                         Golouma     Kourouloulou
                                                                                  Medina
                                                                                             West Golouma South
 Life of Mine                             5 years        13 years            Kobokoto             Koulouqwinde
 Summary(2)(3)(5)(6)                    (2018-2022)    (2018-2030)           Goumbati
                                                                             West          Koutoniokollo

 Annual production                         213koz         176koz                           Kinemba East

 All-in sustaining costs*                 $885/oz        $893/oz
 Total free cash flow*                     $230M          $556M
                                                                      Sabodala Gold Mine
                                                                      Senegal, West Africa
                                                                      Permitted mining license: 291 km2

*Refer to Appendix – Non-IFRS Performance Measures                                                                                                         7
Refer to Appendix – Endnotes (2),(3),(5),(6) and (7)
Denver Gold Forum Colorado Springs, Colorado September 23-26, 2018 - Building a Multi-Asset Mid-Tier
Strong Track Record of Replacing Reserves at Sabodala

Sabodala Proven and Probable Reserves(7) (Moz)

                                                                          Significant Opportunity for
                                                                          Growth at Sabodala
                                     2.8                           2.7    •   Sabodala village relocation provides
                                                 2.6        2.6               opportunity to drill out Niakafiri, the
                                                                              largest deposit on the mine license,
             1.7         1.6
 1.4
                                                                              and to increase remaining mine life
                                                                          •   Village relocation expected to be
         1.5Moz of Gold Production at                                         completed in 2019
             Sabodala Since 2010

2010        2011        2012        2013        2014        2015   2017
Graph includes years for which there was a reserve update
Refer to Appendix – Endnote (7)                                                                                         8
Denver Gold Forum Colorado Springs, Colorado September 23-26, 2018 - Building a Multi-Asset Mid-Tier
Increased FY2018 Production Guidance to at Least 230,000 Ounces

Production                                                                               Increased
(oz Au)                                                                             FY 2018 Production
                                                                                        Guidance to
                                                                                     at Least 230koz(3)

                                                           13%
                                                         Increase
                                14%
                              Increase                                          At least
                                                                    233,267    230,000(3)

                                                   129,412
                                         114,460
    57,557           65,381

   Q2 2017          Q2 2018              H1 2017   H1 2018          FY2017    2018 Outlook

Refer to Appendix – Endnote (3)                                                                           9
Denver Gold Forum Colorado Springs, Colorado September 23-26, 2018 - Building a Multi-Asset Mid-Tier
Wahgnion Project
Burkina Faso, West Africa

                            10
Wahgnion: The Next Large Long-Life Commercial Gold Mine in Burkina Faso

                                                                                         Wahgnion Development Project
                                                                                         Burkina Faso, West Africa
                                                                                         Permitted mining license: 89 km2
   1.6Moz                          2.4Moz                          0.2Moz
                                                                                                                                 Samavogo
        2P                             M&I                            Inferred                                                   25km from plant
     Reserves(1)                    Resources(8)                    Resources(8)

                                                                                      Nogbele
                                                     Initial              LOM                                                           Fourkoura
                                                                                                                                        6km from plant
Life of Mine Summary                                5 years            (13 years)
Annual production(4)(5)(9)                          132koz               114koz                                                                            Stinger
                                                                                                                                                         15km from plant
All-in sustaining costs*                            $761/oz              $904/oz
Total free cash flow*                                $311M                $479M
Pre-production capital**                                                 ($240M)
                                                                                         Proposed
Pre-production operating costs                                           ($28M)          Processing Plant
Net cash flow                                                             $211M          Four initial deposits at Wahgnion
                                                                                         (Nogbele, Samavogo, Fourkoura
*Refer to Appendix – Non-IFRS Performance Measures                                       & Stinger) located in close proximity
**Pre-production capital costs of $240 million excludes $16 million in construction      to proposed plant site
readiness activities spent prior to major construction                                                                                                                     11
Refer to Appendix – Endnotes (1), (4), (5), (8) and (9)
Significant Mid to Long-Term Upside Potential               Wahgnion (Burkina Faso)
                                                            Exploration licenses:+1,000 km2             Kondandougoug

Regional Exploration Includes ~12 Drill-Ready Targets
                                                                   Bagu Sud                                     Samavogo North
•   Targets have potential to become resources and are
    within trucking distance of proposed plant site                                            Korindougou

•   Konatvogo: 2,000-metre NW-trending anomaly
                                                                                                                    Samavogo
    between Fourkoura and Nogbele deposits. Up to 21.6
    g/t Au from altered shear-hosted quartz vein outcrops
                                                             Kafina West                      Bazogo
•   Bassongoro: 1,500-metre NNE-trending soil and
                                                              Ouahiri
    auger anomaly (up to 15g/t Au). Intersection of
    regional Nianka and Fourkoura structures undrilled                                                 Bassongoro

                                                            Raul            Nogbele
                                                                     Raul                        Hillside
                                                                               Konatvogo
                                                                                                        Stinger
                                                                                 Fourkoura
                                                                                 Petit Colline     Muddhi
                                                                                   Sud

                                                                                                             Proposed Plant Site
                                                                                                             Reserve Deposits
                                                                                                                                   12
                                                                                                             Exploration Targets
Golden Hill
Burkina Faso, West Africa

                            13
Houndé Belt
                                                                                                                         Burkina Faso, West Africa

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

                                                                                                                                  Mana
                                                                                                                             M&I: 3.63 Moz ¹

Situated in the Heart of the Houndé Belt (Burkina Faso)
• 468 km2 situated ~250 km NE of Wahgnion
• One of the most prospective gold belts in the world                                                                   Houndé
                                                                                                                     M&I: 2.55 Moz ³
                                                                                                                                                         Yaramoko
                                                                  Interpreted Geology                                                                   M&I: 0.81 Moz ²
• In close proximity and along strike to other deposits
                                                                                Andesite
                                                                                Basalt
One of West Africa’s Most Exciting Exploration Projects                                                                                                  Teranga’s
                                                                                Basin
                                                                                                                                                         Golden Hill
•   Plan to release an initial resource estimate in January                     Batholith
                                                                                                                                                             JV
    2019 based on available drilling results at Golden Hill’s                   Chert
                                                                                                                   Acacia JVs ⁴
    most advanced prospects                                                     Granitoid
                                                                                Tarkwaian
•   $25 million financing secured for the future advancement
    of Golden Hill through to feasibility study

                                                                                                                                                     Sarama Permits
Joint Venture with Boss Resources (51%, earning 80%)                                                            Karankasso JV
                                                                                                                Inf: 0.67 Moz ⁵
•   Teranga, as the operator, can earn an 80% interest
    in the JV upon delivery of a feasibility study and
                                                                Sources
    the payment of AUD2.5 million                               ¹ Semafo Corporate Presentation (Mar 2017)
                                                                ² Roxgold Corporate Presentation (Feb 2017)
                                                                ³ Endeavour Corporate Presentation (Feb 2017)                                          South Houndé JV
                                                                                                                                                        Inf: 2.10 Moz ⁴
•   Boss Resources is an Australian-listed (ASX: BOE)
                                                                ⁴ Acacia Preliminary Results (Feb 2017)
                                                                ⁵ Savary Corporate Presentation (Mar 2017)

    uranium company                                             M&I Resources are inclusive of P&P Reserves                                                           14
Golden Hill (Burkina Faso, West Africa)
Active and Aggressive Exploration Program                                                      Exploration licenses:468 km2

Q2 2018 Drilling Activity                                                                                                                        Ma North

Peksou                                17 holes               2,156 metres
                                                                                                                                 Ma Main
Jackhammer Hill                         8 holes              1,318 metres                                                                    Ma East

C-Zone                                10 holes               1,086 metres
Ma North                                8 holes                 947 metres                                            Nahiri
                                                                                                                     Plateau
                                                                                                                                    Nahiri
Peksou North                            4 holes                 675 metres
Nahiri                                  4 holes                 485 metres
Peksou Basin                            3 holes                 420 metres
B-Zone                                  3 holes                 397 metres
                                                                                                                         Jackhammer Hill
A-Zone                                    1 hole                101 metres
                                                                             GEOLOGY                                                               Peksou
TOTAL                                 58 holes               7,581 metres                                                                           North
                                                                               Tarkwaian Type Sediments
                                                                               Volcano Sediments                               C-Zone        Peksou
                                                                               Mixed Volcano Sediments & Volcanics
                                                                               Basalt                                   A-Zone
For full details on Golden Hill, please visit www.terangagold.com                                                                       B-Zone
                                                                               Grantoid
                                                                               Batholith
                                                                                                                                                            15
Peksou Intrusive Complex: Discovery Opportunity
                                                                                                   Jackhammer Hill

Similar to Structural Inter-Relationships
Observed at Ma Complex

•   The Peksou intrusive complex displays lithologic
    and structural commonality as well in a number
    of our advanced prospects: Jackhammer Hill,            Golden Hill:
    Peksou and C-Zone                                      Peksou Intrusive Complex
                                                           Burkina Faso, West Africa
•   Two new drill discoveries at Peksou North and
                                                               Jackhammer Hill Diorite
    Peksou Basin demonstrate that new exploration                                                       Peksou North
                                                               Peksou Granodiorite
    opportunities within and adjacent to the Peksou
                                                               Basalt
    intrusive complex still exist and further evaluation
                                                               In-situ RAB, auger
    will be prioritized here                                   or trench anomaly

                                                               Drill Hole                    Peksou Basin

                                                                                    Peksou

                                                                    C-Zone
                                                                                                                     16
Excellent Grades Near Surface and to Depth at Ma Structural Complex

Ma Structural Complex – Highlights                           Ma – Representative Drill Section
•   Extensive structural complex consisting of numerous
    mineralized structures in close proximity

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

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

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

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

                                                                                                  17
                                                                                                 17
High-Grade Central Core Area at Jackhammer Hill Prospect

Jackhammer Hill – Highlights                           Jackhammer Hill – Representative Drill Section

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

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

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

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

                                                                                                         18
                                                                                                        18
Strong Gold Mineralization in Correlated Zones at C-Zone Prospect

C-Zone – Highlights                                           C-Zone – Representative Drill Section

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

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

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

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

                                                                                                       19
                                                                                                      19
New Near-Surface Discoveries: Peksou North and Peksou Basin

Peksou North / Basin – Highlights                               Peksou North – Representative Drill Section

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

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

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

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

                                                                                                               20
                                                                                                              20
Miminvest & Afema Joint Ventures
      Côte d’Ivoire, West Africa

                                   21
Côte d’Ivoire: Regarded by Many as Most Prospective Country for Gold in Africa

Mimran Exploration Joint Venture                                                                 Randgold

•   Joint venture partner is Teranga’s
    cornerstone shareholder and largest                                                     Dianra
                                                            Mali
    private employer in Côte d’Ivoire                       10% Other
                                                   Guinea        4%
•   5 exploration tenements, covering areas         11%
                                                                                                       Côte d’Ivoire
    totaling +1,800 km2

                                                Ghana             Côte d'Ivoire
                                                 19%                                 Mahepleu                Perseus
Sodim Exploration Joint Venture                                       35%
                                                                                     Endeavour
•   1,400 km2 land package includes mining
                                                        Burkina
                                                                                                  Newcrest        Tiassale
    license and three exploration permits                Faso
                                                         21%
                                                                                                 Endeavour                  Afema
•   Situated within the southern extension of                                                      Guitry       Sangaredougou
    the Sefwi-Bibiana greenstone belt (hosts
                                                  Côte d’Ivoire represents
    +35Moz gold resources in Ghana)
                                                  significant portion of the West
                                                  African Birimian Greenstone Belt
•   Five shear structures (with combined
    strike length of 144 km)

                                                                                           Operating Gold Mine/ Development Project   22
Exciting Miminvest JV in Côte d’Ivoire
                                                                                           Randgold
Five Exploration Properties; Guitry is Most Advanced

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

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

•   A number of holes provided intersections with highly                 Mahepleu                     Perseus
    anomalous gold intersections warranting follow-up                      Endeavour
                                                                                           Newcrest        Tiassale
•   The most favourable results were:
     – 24 metres grading 2.02 g/t Au (GUAC008)                                            Endeavour
     – 4 metres grading 5.80 g/t Au (GUAC015)
     – 20 metres grading 6.37 g/t Au (GUAC018)                                                           Sangaredougou
•   Results are currently being compiled and assessed towards
                                                                        Guitry
    designing a follow-up exploration program consisting of ground
    geophysics, mechanical trenching and further drilling
                                                                                                Operating Gold Mine/ Development Project
                                                                                                                                           23
Afema: Situated on Prolific Gold Belts Trending from Ghana
                                                                                                 Sefwi-Bibiani
                                                                                     Ahafo          Gold Belt           Asankrangwa
JV With Privately-Owned Sodim Limited                                               17 Moz                                                         Ashanti
                                                                                   Newmont                              Gold Belt
(51%, earning 70%)                                                                                                                                 Gold Belt
                                                                                                                                 Kumasi
                                                                                                                                           Konogo
•   Teranga can earn a 70% interest in the Afema                                                                      Essase               1.4 Moz
    mining license and exploration permits through:   Côte d’Ivoire        Ghana                  Bibiani             5.19 Moz             Signature Metals
                                                                                                   7 Moz          Obotan
      – completion of a 3-year $11M exploration and                                              Resolute         5.5 Moz                            Akyem
        community relations work program                                                                          Asanko                             Newmont
                                                         3 Afema                             Chirano                       Obuasi 41 Moz
                                                                                              5 Moz
      – delivery of an updated technical study        Exploration                            Kinross
                                                                                                                           Anglo Gold Ashanti
                                                         Permits
•   Teranga will fund and manage                                                                        Edikan           Kubi 0.9 Moz
                                                                                                       6.6 Moz           Asaute Gold Corporation
                                                                                                       Perseus
H2 2018 Planned Exploration                                                            Bogoso/Prestea
                                                                                          18 Moz
•   Drilling at the Afema mine license                                                                               Damang 7.1 Moz
                                                                                                                                                 Winneba-Kibi
                                                                                         Gold Star
                                                                                                                     Goldfields                  Gold Belt
•   Property-wide airborne geophysics and stream                                                                 Tarkwa 24 Moz
                                                                  Afema
    sediment (BLEG) programs                               Mining Permit
                                                                                                         Iduapriem
                                                                                                         8.2 Moz
                                                                                                         AngloGold Ashanti

                                                                                                                                          Cape Coast

                                                                                                                                                               24
Wrap-Up

          25
Strong Organic Growth Pipeline

                                                                                Mid-Tier
Sabodala      Wahgnion         Golden           Miminvest &       Exploration   Producer with
 Gold Mine    Gold Mine         Hill             Afema JVs         & Resource   Scale and
  (Senegal)   (Burkina Faso)   (Burkina Faso)   (Côte d’Ivoire)   Conversion
                                                                                Diversification

                                                                                                  26
Unique Cornerstone Shareholder – Tablo Corporation – Currently Owns ~22% of Teranga

                                                                             Tablo Corporation Owns 23.5 Million Shares of
David Mimran, Director of Teranga, Controls Tablo Corporation                    Teranga at an Average Price of C$3.94
•   Mr. Mimran is CEO of Grands Moulins d’Abidjan and Grands
    Moulins de Dakar, one of the largest producers of flour and agri-
    food in West Africa
•   He is Special Advisor to the government of the Republic of Cote
    d'Ivoire where he has led negotiations with the International                   On market
                                                                                    purchases
    Monetary Fund, the World Bank, the European Union, and the                         33%
                                                                                                           Initial private
    Government of the Republic of France                                                                     placement
                                                                                                                 34%

Strong Cornerstone Investor with In-Depth Local Knowledge
•   Long history of operating responsibly in Africa
•   Mimran Group is the largest private sector employer in both                           Secondary       Gryphon
    Senegal and Côte d’Ivoire                                                               public       acquisition
                                                                                           offering         8%
Committed to Teranga’s Long-Term Growth                                                      25%

•   Last November, Tablo announced its intention to add to its
    holdings by acquiring up to 5% of Teranga’s issued and                   1/3 of Tablo’s shares were purchased through exercise of
    outstanding common shares in the open market                        anti-dilution right relating to acquisition of Gryphon Minerals in
                                                                              October 2016 and November 2016 secondary offering              27
Upcoming News Flow and Milestones

Golden Hill                                  Wahgnion
• Regular exploration updates                • Updated NI 43-101 technical report
• Initial resource estimation January 2019   • Regular construction updates

 Côte d’Ivoire                               Sabodala
                                             • FY 2018 gold production of at least 230koz
 • Project updates for Guitry and Afema
                                             • Continue to advance Niakafiri resettlement

                                                                                            28
Standout Investment Opportunity as Teranga Remains Undervalued Relative to Peers

2018 Year to Date Share Price Performance                               EV/2P Reserves ($/oz)
(as of September 18, 2018)
                                                                        B2Gold                                                             380

                                                                        Roxgold                                                      356
                                                            33%
                                                                     Endeavour                                           267

                                                                        Semafo                                     230

                                                                        Teranga              73

                                                                        Perseus         53

                                         (14%)    (12%)
                                                                        EV/2018E EBITDA
                       (23%)                                         Endeavour                                                                   6.0
                                (25%)

                                                                       Semafo                                                         5.4
      (36%)
                                                                       Perseus                                                 4.8

    Roxgold        Endeavour   B2Gold   Semafo   Perseus   Teranga     B2Gold                                            4.0

                                                                       Teranga                         2.5

                                                                       Roxgold                         2.5
                                                                                                                                                       29
                                                                      Source: BMO GoldPages – September 10, 2018
Appendix
2018 Outlook: Increased Production
                                                                                            2018 Guidance
  Operating Results                                                                                              Notes to 2018 Guidance
  Ore mined                                                                  (‘000t)          2,000   – 2,500    A.   22,500 ounces of gold production are to be sold to Franco-Nevada Corporation at
  Waste mined                                                                (‘000t)         35,000   – 37,000
  Total mined                                                                (‘000t)         37,000   – 39,500
                                                                                                                      20% of the spot gold price.
  Grade mined                                                                  (g/t)           2.50   – 3.00     B.   Total cash cost per ounce sold is a non-IFRS financial measure and does not have
  Strip ratio                                                               waste/ore          16.5   – 18.5
                                                                                                                      a standard meaning under IFRS.
  Ore milled                                                                 (‘000t)          4,200   – 4,400
  Head grade                                                                   (g/t)           1.70   – 1.90     C.   All-in sustaining costs per ounce is a non-IFRS financial measure and does not
  Recovery rate                                                                 %              90.0   – 91.5          have a standard meaning under IFRS. All-in sustaining costs per ounce sold
                   A
   Gold produced                                                                (oz)            ~230,000              include total cash costs per ounce, administration expenses, share based
                                                                                                                      compensation and sustaining capital expenditures as defined by the World Gold
  Cost of sales per ounce sold                                               $/oz sold          950 – 1,025
  Total cash cost per ounce sold    B
                                                                             $/oz sold          700 – 750
                                                                                                                      Council. All-in sustaining costs also include non-cash inventory movements and
  All-in sustaining costs C                                                  $/oz sold        1,000 – 1,075           non-cash amortization of advanced royalties.
                                                                        C
  Non-cash inventory movements and amortized advanced royalty costs          $/oz sold            (50)           D.   Exploration and evaluation costs includes both Expensed Exploration, primarily
  All-in sustaining costs (excluding non-cash inventory movements and                                                 attributable to exploration work on exploration permits, and Capitalized Reserve
                                                                             $/oz sold        950 – 1,025
  amortized advanced royalty costs) C                                                                                 Development, which is work performed on Mine Licenses.
   Mining                                                                   ($/t mined)        2.25   – 2.50     E.   Site development costs for 2018 include village resettlement costs for the Sabodala
   Mining long haul                                                         ($/t hauled)       2.50   – 3.50          village.
   Milling                                                                   ($/t milled)     11.00   – 12.50
   General and Administration                                                ($/t milled)      4.25   – 4.50     F.   Excludes capitalized deferred stripping costs, included in mine production costs.

  Mine Production Costs                                                      $ millions       162.0 – 172.0      G. Early works expenditures for 2018 includes anticipated expenditures for the
                                                                                                                    construction of Wahgnion prior to initial drawdown under the Taurus Facility which
  Corporate Administration Expense                                           $ millions        11.0 – 13.0          was executed in May 2018.
  Regional Administration Costs                                              $ millions           ~2.0           H.   Wahgnion construction expenditures for 2018 include anticipated expenditures for
                                                                                                                      Wahgnion post completion of the Taurus Facility.
  Community Social Responsibility Expense                                    $ millions         4.0 – 5.0
                                D                                                                                Other
  Exploration and Evaluation                                                 $ millions          ~15.0
                                                                                                                 This forecast financial information is based on the following material assumptions for the
  Sabodala Capital Expenditures
                                                                                                                 remainder of 2018: gold price: $1,250 per ounce; light fuel oil price $0.87/L; heavy fuel
    Mine site sustaining                                                     $ millions        10.0 – 15.0
    Site development costs E                                                 $ millions        10.0 – 15.0
                                                                                                                 oil price $0.60/L; Euro:USD exchange rate of 1:1.17
                                        F
  Total Sabodala Capital Expenditures                                        $ millions        20.0 – 30.0       Other important assumptions: any political events are not expected to impact
  Growth Capital Expenditures
                                                                                                                 operations, including movement of people, supplies and gold shipments; grades and
    Wahgnion early works G                                                   $ millions           ~30.0
    Wahgnion construction H                                                  $ millions       140.0 – 160.0      recoveries will remain consistent with the life-of-mine plan to achieve the forecast gold
  Total Growth Capital Expenditures                                          $ millions       170.0 – 190.0      production; and no unplanned delays in or interruption of scheduled production. 31
OJVG Acquisition Financed by Franco-Nevada
                                                            Effective Cost of Franco-Nevada Stream on
                                                            All-in Sustaining Costs per Ounce
•   In connection with Teranga’s transformational           (based on $1,200/ounce gold price)
    acquisition of Oromin Joint Venture Group in 2014,                                 8.4%
    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                                                               4.8%
    deliveries completed in 2019*

                                                                      Effective Cost
•   Franco-Nevada to pay 20% of spot gold price per
    ounce delivered (6% stream is equivalent to a 4.8%                                  $100
    NSR royalty)
•   Streaming agreement covers Teranga’s current mine                                                                $58
    license and land package

                                                                                       2016E                      Post 2019

                                                                                              Implied Net Smelter Royalty

                                                                                                                               32
Executive Team

   Richard Young, CPA                                 Paul Chawrun, P.Eng, MBA                        Navin Dyal, CPA                                   David Savarie, LL.B
   President & CEO                                    Chief Operating Officer                         Chief Financial Officer                           General Counsel & Corporate Secretary
   25+ years experience in gold mining                25+ years experience in mining including        13 years experience in mining including 7         11 years of Corporate Counsel experience
   including 13 years at Barrick Gold including       serving as Director, Technical Services         years at Barrick Gold as Head of Finance          in mining including his role as Deputy
   finance and corporate development                  at Detour Gold                                  in copper business unit                           General Counsel and Corporate Secretary
                                                                                                                                                        of Gabriel Resources

                        Sepanta Dorri, MAcc, MBA, CPA                            David Mallo, B.Sc. Geology                            Aziz Sy, P.Eng, M.Sc., MBA
                        VP, Corporate and Stakeholder Development                VP, Exploration                                       General Manager, SGO
                        10 years experience in mining including 5 years at       35+ years of mineral exploration in project           17+ years experience in managing gold
                        Xstrata Nickel in Strategic Planning and M&A.            evaluation and program management, playing            exploration projects, including his work as
                        2012 winner of the WXN Top 100 Canada's Most             an integral role in acquisition, discovery, and       Vice President Senegal Operations for the
                        Powerful Women award, Trailblazers and                   exploration of world-class deposits including         Oromin Joint Venture Group until its
                        Trendsetters Category                                    Eskay Creek and Cobre Panama                          acquisition in 2014 by Teranga Gold
                                                                                                                                                                                                   33
Board of Directors

Alan Hill, M.Eng                       Richard Young, CPA                  William Biggar, MA, CPA                Jendayi Frazer, Ph.D.                     Edward Goldenberg, MA, BCl
Chairman                               President & CEO                     Director                               Director                                  Director
35+ years experience in                25+ years experience in gold        25+ years experience in senior         17 years experience in key roles          Distinguished career in policy including
mining including 20 years at           mining including 13 years at        executive positions in investment,     supporting initiatives and policies       10 years as Senior Policy Advisor to the
Barrick Gold in project                Barrick Gold in finance and         mining and real estate including       to build Africa’s equity and commodity    Prime Minister of Canada and the Prime
evaluation and development             corporate development               Barrick Gold and Merrill Lynch         markets. First woman U.S. Ambassador      Minister's Chief of Staff in 2003. Honourary
                                                                                                                  to South Africa                           Doctorate of Laws from McGill University

                  Christopher Lattanzi, B.Eng                David Mimran                                Alan Thomas, CPA                         Frank Wheatley, LL.B
                  Director                                   Director & Teranga’s Largest Shareholder    Director                                 Director
                  30 years experience in mining              CEO of Grands Moulins d’Abidjan and         30+ years mining and energy              28 years mining industry experience as
                  property valuation, scoping, feasibility   Grands Moulins de Dakar, among the          industry experience in senior            director, senior officer and legal counsel.
                  studies and project monitoring on a        largest producers of agri-food in West      financial and director roles including   Extensive experience in public financing,
                  global basis. Founder of Micon             Africa. Special Advisor to the Government   6 years as VP and CFO of ShawCor         project debt financing, permitting of large-
                  International                              of the Republic of Côte d'Ivoire            and 11 years as CFO of Noranda           scale mining projects and strategic M&A
                                                                                                                                                                                                     34
Qualified Persons Statement
The technical information contained in this document relating to the Sabodala and Wahgnion 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. Mr. Ling is a full time employee of Teranga and is not "independent" within the meaning of NI 43-101. Mr. Ling has sufficient experience which is relevant to the style of mineralisation and type of deposit under
consideration and to the activity which he is undertaking to qualify as a "Qualified Person" under NI 43-101 Standards of Disclosure for Mineral Projects. Mr. 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. Ms. Nakai-Lajoie is a full time employee of Teranga and is not "independent" within the meaning of NI 43-101. Ms. Nakai-Lajoie has sufficient experience which is relevant to the style of mineralisation and
type of deposit under consideration and to the activity which she is undertaking to qualify as a "Qualified Person" under NI 43-101 Standards of Disclosure for Mineral Projects. Ms. Nakai-Lajoie has consented to the inclusion in 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 Sabodala underground ore reserves estimates is based on, and fairly represents, information compiled by Jeff Sepp, P. Eng., of Roscoe Postle Associates Inc. (“RPA”), who is
a member of the Professional Engineers Ontario. Mr. Sepp is “independent” within the meaning of NI 43-101. Mr. Sepp has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the
activity he is undertaking to qualify as a “Qualified Person” under NI 43-101 Standards of Disclosure for Mineral Projects. Mr. Sepp has consented to the inclusion in this document of the matters based on his compiled information in the form
and context in which it appears in this document.

Teranga's exploration programs are being managed by Peter Mann, FAusIMM. Mr. Mann was a full time employee of Teranga during the period of this resource update and is not "independent" within the meaning of NI 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 “Qualified Person” as under NI 43-101 Standards of Disclosure for Mineral
Projects. The technical information contained in this document relating to exploration results are based on, and fairly represents, information compiled by Mr. Mann. Mr. Mann has verified and approved the data disclosed in this release,
including the sampling, analytical and test data underlying the information. The samples are prepared at site and assayed in the SGS laboratory located at the site. Analysis for diamond drilling is sent for fire assay analysis at ALS
Johannesburg, South Africa. Mr. Mann has consented to 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 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"). There can be no assurance that those portions of mineral resources that are not mineral reserves will ultimately be converted
into mineral reserves.

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

                                                                                                                                                                                                                                                        35
Non-IFRS Performance Measures
The Company has included non-IFRS measures in this document, including “total cash costs”, “total cash costs per ounce sold”, “all-in sustaining costs” (“AISC”), “AISC (excluding cash / (non-cash) inventory movements and
amortized advanced royalty costs)”, “AISC per ounce”, “AISC (excluding cash / (non-cash) inventory movements and amortized advanced royalty costs) per ounce”, “average realized gold price”, “earnings before interest, taxes,
depreciation and amortization” (“EBITDA”), “free cash flow”, “adjusted net profit attributable to shareholders” and “adjusted basic earnings per share”. These measures are intended to provide additional information only and do
not have any standardized definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measures are not necessarily indicative of
operating profit or cash flow from operations as determined under IFRS. Other companies may calculate these measures differently.

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

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

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

“Free cash flow” is calculated as net cash flow provided by operating activities less sustaining capital expenditures. The Company believes this to be a useful indicator of our ability generate cash for growth initiatives.

Starting in 2018, the Company adopted “adjusted net profit attributable to shareholders” and “adjusted basic earnings per share” as new non-IFRS financial measures. These non-IFRS financial measures are used by
management and investors to measure the underlying operating performance of the Company. Presenting these measures from period to period is expected to help management and investors evaluate earnings trends more
readily in comparison with results from prior periods. The Company calculates “adjusted net profit attributable to shareholders” as net profit attributable to shareholders adjusted to exclude specific items that are significant, but not
reflective of the underlying operations of the Company, including: the impact of unrealized and realized foreign exchange gains and losses, gains and losses on derivative instruments, accretion expense on long-term obligations,
impairment provisions and reversals thereof, and other unusual or non-recurring items. During the second quarter of 2018, the Company also excluded the impact of foreign exchange movements on deferred taxes and other
non-cash fair value changes from adjusted net profit attributable to shareholders as management does not believe these factors to be reflective of the underlying performance of the Company.
                                                                                                                                                                                                                                               36
For more information regarding these measures, please refer to the Company’s management’s discussion and analysis accessible on the Company’s website at www.terangagold.com.
Endnotes
1.   Refers to proven and probable reserves of 1.6Moz for the Wahgnion project as per reserve estimate as at May 31, 2018. For more information regarding Wahgnion’s Mineral Reserves and related notes, please
     refer to the press dated September 24, 2018 available on the Company’s website at www.terangagold.com and SEDAR at www.sedar.com. Teranga expects to release an updated NI 43-101 technical report for
     Wahgnion in the fourth quarter of 2018.
2.   Refers to proven and probable reserves of 2.7Moz for the Sabodala project as per reserve estimate as of June 30, 2017 included in the Sabodala NI 43-101 technical report dated August 30, 2017 available on
     the Company’s website at www.terangagold.com and SEDAR at www.sedar.com.
3.   This production target is based on proven and probable reserves only from Teranga’s Sabodala Project as of June 30, 2017. For more information regarding Teranga Gold’s Mineral Reserves and Resources and
     related notes, please refer to the NI 43-101 compliant technical report for the Sabodala Project dated August 30, 2017 available on the Company’s website at www.terangagold.com and on SEDAR at
     www.sedar.com.

4.   This production target is based on proven and probable ore reserves only for Teranga’s Wahgnion Project as at May 31, 2018. For more information regarding the Wahgnion’s Mineral Reserves and Resources
     and related notes, please refer to the press release dated September 24, 2018 accessible on the Company’s website at www.terangagold.com and on SEDAR at www.sedar.com. Teranga expects to release an
     updated NI 43-101 Technical Report for Wahgnion in the fourth quarter of 2018.

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

6.   This Sabodala free cash flow is an estimate that is based on the updated life of mine plan and reserve estimate for the Sabodala project, as set out in the Technical Report of Teranga for the Sabodala Project,
     Senegal, West Africa, dated August 30, 2017 (the “Sabodala Technical Report”). See in particular Section 21 of the Sabodala Technical Report - Capital and Operating Costs.

7.   Teranga’s Sabodala Mineral Reserves and Mineral Resources estimates as at June 30, 2017. For more information regarding Sabodala’s Mineral Reserves and Resources and related notes, please refer to the NI
     43-101 compliant technical report for the Sabodala Project dated August 30, 2017 accessible on the Company’s website at www.terangagold.com and on SEDAR at www.sedar.com.

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

9.   Net cash flow excludes Wahgnion financing, resource development and exploration expenditures.

                                                                                                                                                                                                                         37
Trish Moran
                        Head of Investor Relations
                        77 King Street West, Suite 2110
                        Toronto, ON M5K 2A1
                        T: +1.416.607.4507
TSX:TGZ / OTCQX:TGCDF   E: investor@terangagold.com
                        W: terangagold.com
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