07 28-16-teranga-gold-q2-2016-slides-final2

1. Q2 2016 HIGHLIGHTS
Thursday, July 28, 2016

2. 2
This presentation contains certain statements that constitute forward-looking information within the meaning of applicable securities laws (“forward-looking statements”),
which reflects management’s expectations regarding Teranga Gold Corporation’s (“Teranga” or the “Company”) future growth, results of operations (including, without
limitation, future production and capital expenditures), performance (both operational and financial) and business prospects (including the timing and development of new
deposits and the success of exploration activities) and opportunities. Wherever possible, words such as “plans”, “expects”, “does not expect”, “budget”, “scheduled”, “trends”,
“indications”, “potential”, “estimates”, “predicts”, “forecasts”, “focused on”, “anticipate” or “does not anticipate”, “believe”, “intend”, “ability to” and similar expressions or
statements that certain actions, events or results “may”, “could”, “would”, “might”, “will”, or are “likely” to be taken, occur or be achieved, have been used to identify such
forward looking information. Specific forward-looking statements in this presentation include a future All-in Sustaining Cost estimated to remain low in the US$900/oz of gold
range, anticipated future life of mine cash flows, anticipated future interests in Joint Venture projects, the anticipated completion of construction of the Banfora project -
including the first gold pour, the completion of the Arrangement and the Acquisition, the anticipated conversion of resources into reserves at the Banfora project, the timing of
completion of an updated 2Mtpa Feasibility Study for the Banfora project, and Teranga’s estimated full year production total. Although the forward-looking information
contained in this presentation reflect management’s current beliefs based upon information currently available to management and based upon what management believes to
be reasonable assumptions, Teranga cannot be certain that actual results will be consistent with such forward looking information. Such forward-looking statements are
based upon assumptions, opinions and analysis made by management in light of its experience, current conditions and its expectations of future developments that
management believe to be reasonable and relevant but that may prove to be incorrect. These assumptions include, among other things, the ability to obtain any requisite
Senegalese governmental approvals, the accuracy of mineral reserve and mineral resource estimates, gold price, exchange rates, fuel and energy costs, future economic
conditions, anticipated future estimates of free cash flow, and courses of action. Teranga cautions you not to place undue reliance upon any such forward-looking statements
The risks and uncertainties that may affect forward-looking statements include, among others: the inherent risks involved in exploration and development of mineral
properties, including government approvals and permitting, changes in economic conditions, changes in the worldwide price of gold and other key inputs, changes in mine
plans and other factors, such as project execution delays, many of which are beyond the control of Teranga, as well as other risks and uncertainties which are more fully
described in Teranga’s Annual Information Form dated March 30, 2016, and in other filings of Teranga with securities and regulatory authorities which are available at
www.sedar.com. Teranga does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs
and opinions change. Nothing in this report should be construed as either an offer to sell or a solicitation to buy or sell Teranga securities.
This presentation is dated as of the date on the front cover. 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.
FORWARD-LOOKING STATEMENTS

3. RICHARD YOUNG
PRESIDENT & CEO

4. 4
STRONG QUARTER AND FIRST HALF
Record Q2 and H1 production & mill throughput

 17% cash margin expansion
United Nations Global Compact Network
Canada Sustainability Award


Free cash flow of $97/oz
~$14 million increase in cash position


5. 5
MAXIMIZING FREE CASH FLOW OVER SABODALA’S LIFE OF MINE
Life of Mine
Cash Flow(2)
$240/oz
at $1,200 gold
23% decrease in mining costs since 2014
40% decrease in milling costs since 2014
Benefitting from lower fuel prices, favourable FX rates
and mill optimization
40-50% of costs are Euro-denominated
Cost saving initiatives are ongoing
LOM 2016 - 2020
Gold Price $ 1,200 $ 1,200
All-in Sustaining Costs(1) $ 887 $ 914
$ 313 $ 286
Franco-Nevada Stream* $ 73 $ 92
Cash Flow/oz(2) $ 240 $ 194
*Fixed portion of Franco-Nevada gold stream ends in 2019 and will be replaced by
variable stream, estimated to be $58/oz Life of Mine
Refer to Endnotes (1) and (2) on the second last slide

6. 6
NEXT MULTI-JURISDICTIONAL MID-TIER WEST AFRICAN GOLD COMPANY
Measured and Indicated Resources (M&I) inclusive of Proven and Probable Reserves
Mali
Guinea
Sierra
Leone
Guinea-
Bissau
The Gambia
Côte d’Ivoire
Ghana
Togo
Benin
Niger
Burkina Faso
Senegal
Sabodala Mine (90%)
Status: Producing
Reserves: 2.6Moz(3)
M&I Resources: 4.4Moz(3)
Gourma Joint Venture
(51% moving to 80%)
Status: Exploration
Banfora Project (90%)
Status: Development
Reserves: 1.05Moz(4)
M&I Resources: 3.0Moz(4)
Sabodala Regional Land Package (100%)
Status: Exploration
Refer to Endnotes (3) and (4) on the second last slide
Miminvest Joint Venture (100%)
Explore and acquire exploration
stage mining opportunities
Golden Hill Joint Venture
(51% moving to 80%)
Status: Exploration
Pending completion of proposed
Gryphon Minerals acquisition

7. PAUL CHAWRUN
CHIEF OPERATING OFFICER
Q2 Operating Highlights & Next Steps at Banfora
DAVID MALLO
VICE PRESIDENT, EXPLORATION
Exploration Update
NAVIN DYAL
CHIEF FINANCIAL OFFICER
Financial Highlights

8. PAUL CHAWRUN
CHIEF OPERATING OFFICER

9. 9
SOLID EXECUTION DRIVES STRONG RESULTS
2012 2013 2014 2015 2016
3.5M 2.9M 3.2M
6.5M
10M

Achieved record production and successfully
developed our third deposit in just over a year
Mill throughput milestone of over 2 million tonnes
Dramatically reduced unit costs
Mining ahead of reserve models in each deposit
being mined this year

H1 2016 Achievements



10. 10
RECORD Q2 PRODUCTION & MILL THROUGHPUT
Q2 2015 Q2 2016
49,392
52,540
Gold Production
(oz)
Q2 Mining & Milling
Mining higher grade / higher strip ratio deposits and
leveraging medium grade inventory built up at
Masato in 2015 for mill feed
Throughput of +1 Million Tonnes
for Only Third Time in Our History
Benefitted from a high blend of soft oxide ore and improved
production with certain elements of the mill optimization
now complete
Preparations Made for Rainy Season
Shifted to harder blend of low oxide mill feed
and dewatering systems
Q2 2015 Q2 2016
951
1,006
6%
Ore Milled
(‘000 tonnes)
6%

11. 11
H1 2015 H1 2016
$2.22
$2.20
Q2 2015 Q2 2016
$2.40 $2.25
Mining Costs
($/t mined)
Milling Costs
($/t milled)
Total Cash Costs Including Royalties(1)
($/oz)
Refer to endnote (1) on the second last slide
UNIT COSTS ARE IN LINE WITH UPDATED LIFE OF MINE PLAN
6%
15% 3%
1%
Q2 2015 Q2 2016
$602
$619
H1 2015 H1 2016
$13.45 $10.62
Q2 2015 Q2 2016
$12.37
$10.46
H1 2015 H1 2016
$606
$591
2%21%

12. 12
Q2 2014 Q2 2015 Q2 2016
$2.90
$2.40
$2.25
Mining Costs
($/t mined)
Milling Costs
($/t milled)
Total Cash Costs Including Royalties(1)
($/oz)
DRAMATIC 2-YEAR REDUCTION IN KEY UNIT COSTS
22%
Q2 2014 Q2 2015 Q2 2016
$21.29
$12.37
$10.46
Q2 2014 Q2 2015 Q2 2016
$815
$602
$619
24%
51%
Refer to endnote (1) on the second last slide

13. 13
Project Milestones - Crusher
Up to 15% increase in throughput
compared to levels prior to project
launch in mid-2015

5% reduction in unit costs
+50% IRR at $1,200 gold price
Milestone Planned Date Status
Engineering Complete Nov 2015 Completed on Schedule
Commence Civil Works Nov 2015 Completed on Schedule
Charter Vessel Arrives in Dakar Dec 2015 Completed on Schedule
Complete Screen Civils Dec 2015 Completed (Delayed 4 Weeks)
Commence SMP Works Jan 2016 Completed on Schedule
Complete Screening CSMP Apr 2016 Completed on Schedule
Complete Conveyors CSMP Jun 2016 Completed on Schedule
Complete Crusher CSMP Aug 2016 July 2016 Ahead of Schedule
Complete E, I and C Sept 2016 Aug 2016 Ahead of Schedule
Complete C2 Commissioning Oct 2016 Sept 2016 Ahead of Schedule
Anticipated to come in below the $20M budget
MILL OPTIMIZATION IN COMMISSIONING PHASE – WELL AHEAD OF SCHEDULE

14. 2H
2016
1H
2017
2H
2017
1H
2018
2H
2018
1H
2019
2H
2019
File NI 43-101
Technical Report
Seek Board Approval
for Construction
NEXT STEPS FOR DEVELOPMENT OF GRYPHON’S BANFORA PROJECT
Commence
Construction
First
Gold Pour at Banfora
Update 2Mtpa Feasibility
Study (6 months)
a. Increase reserve base
 Infill drilling to attempt to convert resources to reserves
 Drill brownfields targets to attempt to define additional resources/reserves
b. 2Mpta mill optimization studies
 Trade off studies – grind size/gravity circuit/silver recoveries
 Plant design
 Power studies
c. Update reserve models based on drill program
 Optimize mine plan – maximize oxide mining in early years
d. Review capital and operating parameters
Teranga Completes 5% Equity Investment
(US$3.4M) in Gryphon
to Accelerate Project

15. DAVID MALLO
VICE PRESIDENT, EXPLORATION

16. 16
MINE LICENSE RESERVE DEVELOPMENT
Goumbati West:
Continuity of Gold Mineralization Proving to be Excellent
Defined by trenching over 1,500 metres along strike and
successfully drilled over 900 metres to-date
Golouma North:
Results Confirm High-Grade Plunging Shoots Exist
Drilling has focused on multiple intersecting, gold-bearing shear
systems, now outlined over a minimum 250-metre strike extent
Goumbati West and Golouma North, our two most advanced prospects,
will be moving along the prospect pipeline into initial resource calculations in Q3

17. 17
Regional Targets
Marougou, the Doughnut Region, and Bransan Concession
Marougou Main
Comprised of four distinct shallow-moderate dipping,
gold-bearing horizons, some with strike extensions
of up to 1,400 metres
Doughnut Region
(Cinnamon, Honey, Jam, and ABC Prospects)
Several targets generated for detailed follow-up evaluation:
(i) drill-ready targets at Jam,
(ii) expanded drilling targets at Cinnamon and Honey, and
(iii) geochemical anomalies at ABC, which is adjacent to our
high-grade Gora deposit
REGIONAL LAND PACKAGE EXPLORATION

18. 18
EXPLORATION SCHEDULE FOR REMAINDER OF 2016
 Maiden resource evaluations at Goumbati West,
Golouma North, and Marougou Main
 Continue drilling at Goumbati West and
Golouma North
 Continue exploration at Bransan Concession during
rainy season, with detailed soil sampling across
large grids targeting projected gold trends
recognized on our adjacent to mine lease
 Follow up drilling at Maleko prospect
 Continued drilling at Goumbati West and Golouma
North
 Continue exploration throughout the Doughnut region,
following up on new prospects
 Aggressive multi-drill expansion and definition
program at Marougou Main
Q3 2016 Q4 2016
Following the closing of our proposed acquisition of Gryphon, the combined Teranga/Gryphon team
will be focused on developing Banfora and Golden Hill and exploring Côte d’Ivoire

19. NAVIN DYAL
CHIEF FINANCIAL OFFICER

20. 20
REVENUE REFLECTS HIGHER SALES VOLUME & GOLD PRICE
Total Revenue
($M)
Higher Volume Gold Sales
+16% 2Q16 vs. 2Q15
+19% 1H16 vs. 1H15
Increase in Average Realized Gold Price
+5% in 2Q16 vs. 2Q15
Flat 1H16 vs. 1H15
Q2 2015 Q2 2016
$60.1
$73.6
22%
Three months ended June 30 Six months ended June 30
Per ounce 2016 2015 % Change 2016 2015 % Change
Average realized gold price $1,261 $1,198 5% $1,212 $1,208 0%
Average spot gold price $1,260 $1,192 6% $1,221 $1,206 1%
Low $1,212 $1,165 4% $1,077 $1,147 (6%)
High $1,325 $1,225 8% $1,325 $1,296 2%
H1 2015 H1 2016
$128.6
$152.8
19%

21. 21
Corporate
Social Responsibility
$3 - $3.5M(5)
AT $8 - $9 MILLION, TERANGA’S 2016 G&A IS BELOW PEER GROUP AVERAGE
21
Corporate
Administration
$8 - $9M(5)
H1 Corporate Administration Not Run Rate for Year
G&A low at mid-point of year due to timing of
expenditures and lower costs
Remain on Track to Achieve 2016 Outlook for CSR
CSR expenses higher in the quarter
due to timing
Refer to Endnote (5) on the second last slide

22. 22
Q2 2015 Q2 2016
$602
$619
$199
$289
$147
$60
ALL-IN SUSTAINING COSTS SIMILAR TO PRIOR YEAR PERIOD
Refer to Endnote (1) on the second last slide
All-in Sustaining Costs(1)
(per ounce sold)
Administration expenses, regional admin costs,
capitalized deferred stripping, capitalized
reserve development, and sustaining capital
Development capex Total cash costs(1)
$948
H1 2015 H1 2016
$606
$591
$211 $202
$74 $98
$891
Q2 Development Capital
Lower development capital (2015: Gora) and higher
project capital (2016: mill optimization)
Q2 Administration Expense & Other Capital
Increase in share-based compensation, sustaining
capex, reserve development and deferred strip
Q2 Cash Costs per Ounce(1)
Improved cash costs due to higher inventory
movement expenses from processing stockpiles
offset by lower unit mining and processing costs
$968
2%
$891

23. 23
$1,295
$1,198
$1,261
Q2 2014 Q2 2015 Q2 2016
$234
$250
$293
CASH MARGIN EXPANSION: LOWER COSTS & HIGHER GOLD PRICE
Cash Margin per Ounce*
(*cash margin = average realized gold price/oz – all-in sustaining costs per ounce)
25%
Average Realized Gold Price/oz
(7%)
5%
(3%)
17%

24. 24
Q2 2015 Q2 2016
$6.7
$6.1
H1 2015 H1 2016
$19.7
$14.0
EBITDA & NET PROFIT Profit Attributable to Shareholders
of Teranga ($M) and EPS
Refer to Endnote (6) on the second last slide
Q2 2015 Q2 2016
$24.2 $26.7
Increase in Other Expense
$2.0 million loss on gold derivative contracts,
$0.4 million Gryphon acquisition related expenses
$0.5 million miscellaneous expenses
Decrease in Corporate G&A Year-over-Year
Due to lower costs and timing
Run rate still in line with 2016 outlook of $8-9 million
Increase in Share-Based Comp
Related to new grants of share-based compensation
and the increase in TGZ’s share price during
Q2 2016
EBITDA(6)
($M)
11%
H1 2015 H1 2016
$57.0 $55.7
2%
$0.02 $0.02
$0.06
$0.04

25. 25
H1 2015 H1 2016
$28.9
$45.1
Q2 2015 Q2 2016
$12.3
$21.0
Q2 2015 Q2 2016
($0.6)
$5.7
H1 2015 H1 2016
$6.8
$15.4
Q2 2015 Q2 2016
($11)
$97
Refer to Endnote (7) on the second last slide
Cash Flow From Operations
($M)
SIGNIFICANT IMPROVEMENT IN CASH FLOWS
Free Cash Flow(7)
($M)
Free Cash Flow per Ounce
of Gold Sold(7)
($/oz)
71%
56% 127% 92%
H1 2015 H2 2016
$64
$123

26. 26
$13.7M Increase in Cash Since December 31, 2015
Largely due to operating cash flow offset by capex
Pro Forma June 30, 2016 Cash Balance: $70.2M(8)
Includes Value-Added Tax (“VAT”) recoverable from Senegalese
government expected to be refunded over balance of 2016
$30M Revolving Credit Facility
Secured a $30 million revolving credit facility in 2015
-- $15 million remains undrawn for working capital needs
(extended to June 2019)
Cash Position
($M)
STRONG BALANCE SHEET PROVIDES LIQUIDITY & FLEXIBILITY
December 31, 2015 Pro forma
June 30, 2016
$44.4 Cash
$58.1 Cash
$13.2 VAT
Refundable
$12.1 VAT
Refundable
$57.6
$70.2(8)
Completed 5% cash investment in Gryphon Minerals in July 2016
Refer to Endnote (8) on the second last slide

27. Q&A

28. 28
PRODUCTION ON TRACK TO MEET 2016 GUIDANCE
Q2 2015 Q2 2016
49,392
52,540
Gold Production
(oz)
6%
YTD Q2 2016 FY 2016E Outlook
(Mid-point)
123,267
207,500
H1 2015 H1 2016
98,034
123,267
26%
Refer to Endnotes (9) and (10) on the second last slide
(9)(10)

29. APPENDICES

30. 30
TERANGA GOLD COMPETENT AND QUALIFIED PERSONS STATEMENT
The technical information contained in this document relating to the open pit mineral reserve estimates is based on, and fairly represents, information compiled by Mr. William Paul Chawrun, P. Eng who is
a member of the Professional Engineers Ontario, which is currently included as a "Recognized Overseas Professional Organization" in a list promulgated by the ASX from time to time. Mr. Chawrun is a
full time employee of Teranga and is not "independent" within the meaning of National Instrument 43-101. However, he is a "Qualified Person" as defined in NI 43-101. Mr. Chawrun has sufficient
experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012
Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr. Chawrun is a "Qualified Person" under National Instrument 43-101 Standards of
Disclosure for Mineral Projects. Mr. Chawrun has consented to the inclusion in this Report of the matters based on his compiled information in the form and context in which it appears in this Report.
The technical information contained in this document relating to mineral resource estimates is based on, and fairly represents, information compiled by Ms. Patti Nakai-Lajoie. Ms. Nakai-Lajoie, P. Geo.,
is a Member of the Association of Professional Geoscientists of Ontario, which is currently included as a "Recognized Overseas Professional Organization" in a list promulgated by the ASX from time to
time. Ms. Nakai-Lajoie is a full time employee of Teranga and is not "independent" within the meaning of National Instrument 43-101. Ms. Nakai-Lajoie has sufficient experience which is relevant to the
style of mineralization and type of deposit under consideration and to the activity which she is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore Reserves". Ms. Nakai-Lajoie is a "Qualified Person" under National Instrument 43-101 Standards of Disclosure for Mineral Projects. Ms.
Nakai-Lajoie has consented to the inclusion in this Report of the matters based on her compiled information in the form and context in which it appears in this Report.
Teranga's exploration programs are being managed by Peter Mann, FAusIMM. Mr. Mann is a full time employee of Teranga and is not "independent" within the meaning of National Instrument 43-101. Mr.
Mann has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as
defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr. Mann is a "Qualified Person" under National Instrument 43-101
Standards of Disclosure for Mineral Projects. The technical information contained in this document relating exploration results are based on, and fairly represents, information compiled by Mr. Mann. Mr.
Mann has verified and approved the data disclosed in this document, including the sampling, analytical and test data underlying the information. The RC and initial diamond drill samples are prepared at
site and assayed in the SGS laboratory located at the site. Analysis for elevated gold assays in the diamond drilling samples are sent for confirmatory 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 herein.
The technical information contained in this document relating to the underground ore reserves estimates is based on, and fairly represents, information compiled by Jeff Sepp, P. Eng who is a member of
the Professional Engineers Ontario, which is currently included as a "Recognized Overseas Professional Organization" in a list promulgated by the ASX from time to time. Mr. Sepp is independent of
Teranga and is a "Qualified Person" as defined in NI 43-101 and a "competent person" as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources
and Ore Reserves". Mr. Sepp has sufficient experience relevant to the style of mineralization and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person
as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr. Sepp has consented to the inclusion in this Report of the matters
based on his compiled information in the form and context in which it appears in this Report.
Teranga's disclosure of mineral reserve and mineral resource information is governed by NI 43-101 under the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM")
Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as may be amended from time to time by the CIM ("CIM Standards"). CIM definitions of the terms "mineral reserve",
"proven mineral reserve", "probable mineral reserve", "mineral resource", "measured mineral resource", "indicated mineral resource" and "inferred mineral resource", are substantially similar to the 2012
JORC Code corresponding definitions of the terms "ore reserve", "proved ore reserve", "probable ore reserve", "mineral resource", "measured mineral resource", "indicated mineral resource" and "inferred
mineral resource", respectively. Estimates of mineral resources and mineral reserves prepared in accordance with the 2012 JORC Code would not be materially different if prepared in accordance with
the CIM definitions applicable under NI 43-101. There can be no assurance that those portions of mineral resources that are not mineral reserves will ultimately be converted into mineral reserves.

31. 31
GRYPHON MINERALS COMPETENT AND QUALIFIED PERSONS STATEMENT
Resource Estimates
The current Banfora Gold Project resource updated with the Heap Leach feasibility study and reported at the 0.5 g/t lower cutoff was released on August 4th 2014. The Nogbele and
Fourkoura Deposits, are based on information compiled by Mr Sam Brooks who is a member of the Australian Institute of Geoscientists. Mr Brooks has sufficient experience relevant to
the styles of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person, as defined in the 2012 Edition of the
“Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Brooks is a full time employee of Gryphon Minerals and has consented to the
inclusion of the matters in this document based on his information in the form and context in which it appears. This information was prepared under the JORC 2012 code of reporting.
The information in this document that relates to the Mineral Resources at the Stinger and Samavogo Deposits, is based on information compiled by Mr Dmitry Pertel who is a member of
the Australian Institute of Geoscientists. Mr Pertel has sufficient experience relevant to the styles of mineralisation and type of deposit under consideration and to the activity which they
are undertaking to qualify as a Competent Person, as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”.
Mr Pertel is a full time employee of CSA Global Pty Ltd and has consented to the inclusion of the matters in this document based on his information in the form and context in which it
appears. This information was prepared and first disclosed under JORC Code 2004. It has not been updated since to comply with the JORC Code 2012.
The information in this document that relates to the Gryphon Mineral Resources forming the basis of the reserve estimate for the CIL study January 2013 is based on information
compiled by Mr Dmitry Pertel who is a member of the Australian Institute of Geoscientists. Mr Pertel has sufficient experience relevant to the styles of mineralisation and type of deposit
under consideration and to the activity which they are undertaking to qualify as a Competent Person, as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves”. Mr Pertel is a full time employee of CSA Global Pty Ltd and has consented to the inclusion of the matters in this document based on his
information in the form and context in which it appears. This information was prepared and first disclosed under JORC Code 2004. It has not been updated since to comply with the
JORC Code 2012.
Reserve Estimates
(as per January 31, 2013 Gryphon Minerals press release for 2Mtpa CIL Bankable Feasibility Study (“BFS”))
The maiden Ore Reserves for the Banfora Gold Project have been derived by Cube Consulting under the direction of Quinton de Klerk to a standard reportable in accordance with the
“Australasian Code for Reporting of Exploration Results, Mineral Resources (JORC Code 2004 & NI43-101) and Ore Reserves” (JORC Code 2004) and are based on the Mineral
Resource Models estimated by CSA Global in this announcement. The Ore Reserve estimate is based on the Mineral Resources classified as “Measured” and “Indicated” after
consideration of all mining, metallurgical, social, environmental and financial aspects of the operation. The Proved Ore Reserve has been derived from the Measured Mineral Resource,
and the Probable Ore Reserve has been derived from the Indicated Mineral Resource. The cut-off grades used in the estimation of the Banfora Ore Reserves are the non-mining, break-
even gold grade taking into account mining recovery and dilution, metallurgical recovery, site operating costs, royalties and revenues. For reporting of Ore Reserves the calculated cut-off
grades were rounded to the first decimal gram per tonne of gold. The cut-off grades vary depending on the material type and the pit location. The grades and metal stated in the Ore
Reserves Estimate include mining recovery and dilution estimates. The Ore Reserve Estimate is reported within the open pit designs prepared as part of the BFS.

32. 32
ENDNOTES
1) Total cash costs per ounce and all-in sustaining costs per ounce are non-IFRS financial measures and do not have standard meanings under IFRS. All-in sustaining costs per
ounce sold include total cash costs per ounce, administration expenses (excluding Corporate depreciation expense), Regional Administration Costs, capitalized deferred
stripping, capitalized reserve development and mine site & development capital expenditures as defined by the World Gold Council. For more information regarding these
measures, please refer to non-IFRS Performance Measures in the Company’s Management’s Discussion & Analysis for the three and six months ended June 30, 2016
accessible on the Company’s website at www.terangagold.com.
2) Cash flow is the Life of Mine net cash flow based on the Company’s most recent NI 43-101 Technical Report (“43-101 plan”) filed in March 2016, before income taxes, interest,
debt repayments, closure costs, dividends and working capital.
3) Mineral Reserves and Mineral Resources estimates as at December 31, 2015 as per Company disclosure. For more information regarding Teranga Gold’s Mineral Reserves and
Resources, please refer to Teranga Gold’s December Quarter and Year-end 2015 Report accessible on the Teranga’s website at www.terangagold.com.
4) Mineral reserves as per Gryphon Minerals 2 Mtpa CIL Bankable Feasibility Study (JORC) released January 31, 2013 and available on Gryphon’s website at
www.gryphonminerals.com.au.
5) To better align costs with industry peers, during the first quarter 2016 the Company began to present CSR Expense and Regional Administration Costs separately from Corporate
Administration Expense. The Company's 2016 guidance has been updated to reflect this change in accounting presentation.
6) Earnings before interest, taxes, depreciation and amortization ("EBITDA") is a Non-IFRS performance measure. Please refer to Non-IFRS Performance Measures in the
Company's Management’s Discussion & Analysis for the three and six months ended June 30, 2016.
7) Free cash flow and free cash flow per ounce are defined as operating cash flow less capital expenditures.
8) Pro forma cash balance at June 30, 2016 includes Value Added Tax (“VAT”) recoverable from the Government of Senegal of $12.1 million.
9) Key assumptions: This forecast financial information is based on the following material assumptions for 2016: gold price: $1,200 per ounce; Brent oil:$50/barrel; Euro:USD
exchange rate of 1.1:1; USD:CAD exchange rate of 0.7:1. Other important assumptions include: any political events are not expected to impact operations, including movement of
people, supplies and gold shipments; grades and recoveries will remain consistent with the life-of-mine plan to achieve the forecast gold production; and no unplanned delays in
or interruption of scheduled production.
10) 22,500 ounces of production are to be sold to Franco-Nevada at 20% of the spot gold price.

33. Trish Moran, Head of Investor Relations
Telephone: +1.416.607.4507
Email: investor@terangagold.com
TSX:TGZ / ASX:TGZ
121 King Street West, Suite 2600
Toronto, ON M5H 3T9
www.terangagold.com