1. 1
PRODUCING
AND
EXPLORING
DENVER GOLD FORUM
SEPTEMBER 2013

2. 2
Certain information included in this presentation, including any information as to the Company’s strategy, projects, exploration programs, joint venture ownership
positions, plans, future financial or operating performance and other statements that express management’s expectations or estimates of future performance,
constitute “forward-looking statements”. The words “believe”, “expect”, “will”, “intend”, ”anticipate”, “project”, ”plan”, “estimate”, “on track” and similar expressions
identify forward looking statements. Such forward-looking statements are necessarily based upon a number of estimates, assumptions, opinions and analysis made
by management in light of its experience that, while considered reasonable, may turn out to be incorrect and involve known and unknown risks, uncertainties and
other factors, in each case that may cause the actual financial results, performance or achievements of the Company to be materially different from the Company’s
estimated future results, performance or achievements expressed or implied by those forward-looking statements. Such forward-looking statements are not
guarantees of future performance. These assumptions, risks, uncertainties and other factors include, but are not limited to: assumptions regarding general business
and economic conditions; conditions in financial markets and the future financial performance of the company; the impact of global liquidity and credit availability on
the timing of cash flows and the values of assets and liabilities based on projected future cash flows; the supply and demand for, deliveries of, and the level and
volatility of the worldwide price of gold or certain other commodities (such as silver, fuel and electricity); fluctuations in currency markets, including changes in U.S.
dollar and CFA Franc interest rates; risks arising from holding derivative instruments; adverse changes in our credit rating; level of indebtedness and liquidity; ability
to successfully complete announced transactions and integrate acquired assets; legislative, political or economic developments in the jurisdictions in which the
Company carries on business; operating or technical difficulties in connection with mining or development activities; employee relations; availability and costs
associated with mining inputs and labour; the speculative nature of exploration and development, including the risks of obtaining necessary licenses and permits and
diminishing quantities or grades of reserves; changes in costs and estimates associated with our projects; the accuracy of our reserve estimates (including with
respect to size, grade and recoverability) and the geological, operational and price assumptions on which these are based; contests over title to properties,
particularly title to undeveloped properties; the risks involved in the exploration, development and mining business, as well as other risks and uncertainties which are
more fully described in the Company's prospectus dated November 11, 2010 and in other Company filings with securities and regulatory authorities which are
available at www.sedar.com. Accordingly, readers should not place undue reliance on such forward looking statements. Teranga expressly 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 in accordance with
applicable securities laws.
This presentation is dated as of September 18, 2013. All references to the Company 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.
FORWARD LOOKING STATEMENTS

3. 3
OUR VISION
To become a preeminent gold
producer in West Africa while
setting the benchmark for
responsible mining in Senegal
Phase 1: Become a mid-tier gold producer in Senegal with 250,000 to 350,000 oz. of annual gold production
leveraging off existing infrastructure
Phase 2: Increase annual gold production to 400,000 - 500,000 oz.
Note: Please see Teranga Press Release, September 19, 2013 and Competent Persons Statement on page 13 of this presentation
(1) Based on Oromin Exploration’s public disclosure.
Range 275,000 – 300,000 oz.
OUR VISION
To become a preeminent gold
producer in West Africa while
setting the benchmark for
responsible mining in Senegal
$0
$200
$400
$600
$800
$1,000
$1,200
-
50
100
150
200
250
300
2012 2013 2014 2015 2016 2017-2020
All-insustainingcosts($/oz)
koz.
TGZ standalone production OJVG additional production (1)
Production range (275,000 - 300,000 oz.) TGZ standalone all-in sustaining costs

4. 4
Ticker symbol TGZ: TSX/ASX
Shares outstanding (1,2) 316.8M
Share price (as at 09/18/13) C$0.77
Market capitalization (as at 09/18/13)
(1) C$244M
Profit 2012 US$79.9M
($0.33/share)
Profit H1’13
US$52.M
($0.21/share)
Cash position – June 30, 2013 (3) US$53.5M
Hedge balance 100% hedge free
Project finance outstanding (4) US$60M
Mining fleet loan facility (5) US$25.4M
(1) Shares outstanding post plan of arrangement (includes 100% of Oromin Explorations acquisition).
(2) Shares outstanding excludes stock options outstanding of 24.7M.
(3) Includes cash, cash equivalents and $9.1 million of bullion receivable.
(4) Project Finance Facility with Macquarie Bank – term loan repayable in quarterly installments ending June 30, 2015
(5) Outstanding under the new mining fleet finance loan facility with Macquarie Bank as at June 30, 2013
FOCUSED
ON GROWTH
THROUGH:
GROWING
RESERVES
GROWING
PRODUCTION
FINANCIAL
STRENGTH
CAPITALIZATION SUMMARY

5. 5
 Reduced discretionary spending
 Eliminated out of the money hedge book
 Modified debt repayment terms
 Completed Global Agreement with Republic of
Senegal
 Acquired Oromin Explorations to increase reserves,
production, earnings and cashflow
 Completed new Life of Mine Plan (standalone) to
maximize free cash flow
 Mill operating at design capacity
 On track to meet 2013 production and cost guidance
2013 MILESTONES / ACTIONS

6. 6
• 2014-2016:
• Production of 210-240 koz.
• All-in sustaining costs of ~$1,000/oz (including Gora development costs)
• Capital expenditures: ~$80M
• Free cash flow: ~$150 - $200M at $1,350/oz gold price (after debt repayments)
• Less waste moved = decrease in high cost ounces = additional free cash flows
• New Plan:
• LOM all-in sustaining costs ~$1,000/oz
• Objective: maximize free cash flow, minimize expenditures
BASE CASE
NEW LIFE OF MINE PLAN (STANDALONE)
210koz
215koz
230koz
240koz
190
200
210
220
230
240
250
-50.00
0.00
50.00
100.00
150.00
200.00
2013 2014 2015 2016
koz
$M
Free cash flow after debt payments ($M) Cumulative Free Cash Flow after debt payments ($M)
Production (koz) Capital expenditures ($M)
Debt repayments ($M)

7. 7
THE COMBINED ASSET BASE
• Increases Teranga’s mine life and production base
• The Sabodala mill and complex, including heap leaching, is capable of processing 275,000 to
300,000 oz. per year during the period 2015 to 2020(1)
• Teranga’s share of the expected combined annual production from 2015 to 2020 would be
approximately 63%(1) plus toll milling revenue
• Low incremental capital required
(1) Based on total proven and probable reserves of Teranga and of the OJVG (based on the open-pit mineral reserve estimates contained in the OJVG 43-101 Report).
Based on life of mine cash flows at a US$1,400 gold price assumption .
Note: Please see Sabodala Technical Report, June 7, 2012 and Competent Persons Statement on page 13 of this presentation
10km

8. 8
DEAL CREATES SIGNIFICANT VALUE
FOR ALL SHAREHOLDERS
• Proximity of deposits to existing mill and infrastructure:
• Seamless integration
• Expected to result in both capital and operating synergies
• Processing OJVG ore is expected to establish Sabodala as a 275,000 – 300,000 ounce
producer
• Multiple deposits allows operational flexibility
• Allows for optimal sequencing of deposits based on
• 1) grade 2) ore hardness 3) distance to mill 4) incremental capital
requirements
• The combination of assets is expected to result in higher free cash flow, net asset
value and earnings
• Increasing production and increasing mine life

9. 9
UPSIDE
1 See pages 15, 16
2 M+I Resources are inclusive of reserves
3 Includes Sabodala, Niakafiri, Niakafiri West, Soukhoto, Diadiako, Majiva, Masato and Gora
• Only mill in Senegal
• Operation expected to provide significant free
cash flow to fund organic growth
• Upside:
• Significant leverage to higher gold prices
• Teranga exploration land package
• OJVG exploration land package
• Other regional opportunities
Resource inventory (1,2,3)
Teranga OJVG
M&I: 2.89 Moz. at 1.44 gpt 3.78 Moz. at 1.56 gpt
Inferred: 1.87 Moz. at 1.10 gpt 0.96 Moz. at 1.73 gpt

10. 10
• Filing the Mine Plan on standalone basis (43-101
Technical Report)
• Completion of the 100% acquisition of Oromin
Exploration Ltd. by mid-October
• Continue to work with our joint venture partners to
agree on development of the OJVG deposits
• Continue to work with the Senegalese Government on
the integration process of the OJVG Golouma project
with Sabodala
• Completion of the consolidated mine plan integrating
OJVG Golouma project as well as a combined reserve
update which the Company expects to release with its
year-end 2013 results
NEXT STEPS

11. 11
SUMMARY
1. 100% hedge free – fully participate in rising gold prices
2. New Life of Mine Plan generates significant free cash
flows of $150-200M in years 2014-2016 at $1,350/oz
after all debt repayments
3. Balance sheet strengthening
4. Acquisition of OLE and toll milling OJVG ore increases
free cash flow and NAV by more than 50% and
earnings by 300%(1)
5. Significant land package – Exploration upside
(1) Based on total proven and probable reserves of Teranga and of the OJVG (based on the open-pit mineral
reserve estimates contained in the OJVG 43-101 Report). Based on life of mine cash flows at a US$1,400 gold
price assumption.
Note: Please see Sabodala Technical Report, June 7, 2012 and Competent Persons Statement on page 12 of this
presentation

12. 12
APPENDIX

13. 13
Teranga:
The technical information contained in this document relating to the mineral reserve estimates for Gora and Niakafiri is based on information compiled by Julia
Martin, P.Eng., MAusIMM (CP). Ms. Martin is a full time employee with AMC Mining Consultants (Canada) Ltd., is independent of Teranga, is a “qualified person”
as defined in NI 43-101 and a “competent person” as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources
and Ore Reserves”. Ms. Martin has sufficient experience relevant to the style of mineralization and type of deposit under consideration and to the activity she is
undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources
and Ore Reserves”. Ms. Martin is a “Qualified Person” under National Instrument 43-101 Standards of Disclosure for Mineral Projects. Ms. Martin has reviewed
and accepts responsibility for the Mineral Reserve estimates for Gora and Niakafiri disclosed in this document and has consented to the inclusion of the matters
based on her information in the form and context in which it appears in this document.
The technical information contained in this document relating to the Mineral Resource estimate is based on information compiled by Patti Nakai-Lajoie, P. Geo.,
who 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 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 2004 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 reviewed and accepts responsibility for the Mineral Resource estimate disclosed in this document and has consented to
the inclusion of the matters based on her information in the form and context in which it appears in this document.
The technical information contained in this document relating to the Mineral Reserve estimate for Sabodala is based on information compiled by Paul Chawrun, P.
Eng., who is a member of the Professional Engineers of Ontario. Mr. Chawrun is a full time employee of Teranga and is not “independent” within the meaning of
National Instrument 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 2004 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 reviewed and accepts responsibility for the Mineral Reserve estimate for Sabodala disclosed in this document and has consented to the inclusion of
the matters based on his information in the form and context in which it appears in this document.
Oromin:
The information in this presentation that relates to the exploration results, mineral resources or ore reserves of Oromin is based on information compiled by Mr.
Doug Turnbull, P. Geo., who is a Member of the Association of Professional Engineers & Geoscientists of Ontario. Mr. Turnbull is a full-time employee of 2104244
Ontario Ltd. and 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 2004 Edition of the “Australian Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves” . Mr. Turnbull is a Qualified Person in accordance with NI 43-101 and consents to the inclusion in the presentation of the matters based on his
information in the form and context in which it appears.
COMPETENT PERSON STATEMENTS

14. 14
2013 DISCRETIONARY SPEND REDUCED
Revised Guidance Original Guidance
Operating results
Production (oz) 190,000 - 210,000 190,000 - 210,000
Total cash cost (incl. royalties)1,2
($/oz sold) 650 – 700 650 – 700
Exploration and evaluation expense ($ millions) 3.0 10.0 – 15.0
Administration expenses ($ millions) 13.0 15.0 – 20.0
Capital expenditures ($ millions)
Mine site 20.0 20.0 - 25.0
Capitalized reserve development 5.0 5.0 - 10.0
Gora development costs
Mobile equipment 5.0 30.0 - 35.0
Site development 5.0 15.0 - 20.0
Total Gora development costs 10.0 45.0 - 50.0
Capitalized deferred stripping2
35.0 35.0 - 40.0
Total capital expenditures 70.0 105.0 - 125.0
2
Includes the impact of adopting IFRIC 20 – Stripping Costs in the Production Phase of a Surface Mine.
For the year ended December 31, 2013
1
Total cash cost per ounce is a non-IFRS financial measures with standard meaning under IFRS.

15. 15
Table 1: Mineral Reserves as at 30 June 2013
PROVEN PROBABLE PROVEN AND PROBABLE
MM Grade MM oz MM Grade MM oz MM Grade MM oz
tonnes g/t Au Au tonnes g/t Au Au tonnes g/t Au Au
SABODALA 4.26 1.57 0.21 7.37 1.59 0.38 11.63 1.58 0.59
NIAKAFIRI 0.23 1.69 0.01 7.58 1.12 0.27 7.81 1.14 0.29
STOCKPILE 7.88 0.90 0.23 7.88 0.90 0.23
GORA 0.50 4.58 0.07 1.39 4.80 0.21 1.89 4.74 0.29
TOTAL 12.87 1.28 0.53 16.34 1.64 0.86 29.21 1.48 1.40
Notes for Reserves:
1. CIM definitions were followed for Mineral Reserves.
2. Mineral Reserve cut off grades for Sabodala are 0.30 g/t Au for oxide and 0.5 g/t Au for fresh based on a $1350/oz gold price and metallurgical recoveries between 90% and 93%.
3. Mineral Reserve cut off grades for Niakafiri are 0.35 g/t Au for oxide and 0.5 g/t Au for fresh based on a $1350/oz gold price and metallurgical recoveries between 90% and 92%.
4. Mineral Reserve cut off grade for Gora is 0.76 g/t Au for oxide and fresh based on $1200/oz gold price and metallurgical recovery of 95%.
5. Sum of individual amounts may not equal due to rounding.
Table 2: Measured and Indicated Mineral Resources as at 30 June 2013
MEASURED INDICATED MEASURED AND INDICATED
MM Grade MM oz MM Grade MM oz MM Grade MM oz
tonnes g/t Au Au tonnes g/t Au Au tonnes g/t Au Au
SABODALA 24.36 1.36 1.06 24.90 1.33 1.06 49.26 1.34 2.12
NIAKAFIRI 0.30 1.74 0.02 10.50 1.10 0.37 10.70 1.12 0.39
GORA 0.49 5.27 0.08 1.84 4.93 0.29 2.32 5.00 0.37
TOTAL 25.15 1.44 1.16 37.23 1.44 1.72 62.38 1.44 2.89
Notes for Resources:
1. CIM definitions were followed for Mineral Resources.
2. Mineral Resources for Sabodala include Sutuba.
3. Mineral Resource cut-off grades for Sabodala are 0.2 g/t Au for oxide and 0.35 g/t Au for fresh.
4. Mineral Resource cut-off grades for Niakafiri are 0.3 g/t Au for oxide and 0.5 g/t Au for fresh.
5. Mineral Resource cut-off grade for Gora is 0.5 g/t Au for oxide and fresh.
6. Mineral Resource cut-off grade for Niakafiri West and Soukhoto is 0.3 g/t Au for oxide and fresh.
7. Mineral Resource cut-off grade for Diadiako and Majiva is 0.2 g/t Au for oxide and fresh.
8. Mineral Resource cut-off grade for Masato is 0.35 g/t for fresh.
9. Measured Resources include stockpiles which total 7.88 Mt at 0.90 g/t Au for 0.23 Mozs.
10. High grade assays were capped at grades ranging from 10 g/t to 30 g/t Au at Sabodala, 20 g/t to 70 g/t Au at Gora, 10 g/t Au at Soukhoto and 20
g/t Au at Masato.
11. The figures above are "Total" Mineral Resources and include Mineral Reserves.
12. Sum of individual amounts may not equal due to rounding.
Table 3: Inferred Mineral Resources as at 30 June 2013
INFERRED
MM tonnes Grade g/t Au MM oz Au
SABODALA 18.05 0.95 0.55
NIAKAFIRI 7.20 0.88 0.21
NIAKAFIRI WEST 7.10 0.82 0.19
SOUKHOTO 0.60 1.32 0.02
GORA 0.21 3.38 0.02
DIADIAKO 2.9 1.27 0.12
MAJIVA 2.6 0.64 0.05
MASATO 19.18 1.15 0.71
TOTAL 57.84 1.01 1.87
Note: Please see Sabodala Technical Report, June 7, 2012 and Competent Persons Statement on page 13 of this presentation
TERANGA RESOURCE SUMMARY

16. 16
Mineral Reserves
PROVEN PROBABLE PROVEN AND PROBABLE
MM Grade MM oz MM Grade MM oz MM Grade MM oz
Tonnes g/t Au Au Tonnes g/t Au Au Tonnes g/t Au Au
GOLOUMA DEPOSITS (OPEN PIT) 2.902 2.38 0.222 2.902 2.38 0.222
GOLOUMA DEPOSITS (UNDERGROUND) 6.122 4.52 0.890 6.122 4.52 0.890
MASATO DEPOSIT 18.987 2.00 1.223 18.987 2.00 1.223
TOTAL 28.011 2.59 2.335 28.011 2.59 2.335
Mineral Resources
MM Grade MM oz
Tonnes g/t Au Au
MEASURED - - -
INDICATED 75.2 1.56 3.78
INFERRED 17.3 1.73 0.96
Sources: For resources - OJVG Golouma Project Exploration Program Technical Report, Senegal, West Africa, dated, Effective Date January 30, 2012 (please see Oromin press release dated October 1, 2012;
For reserves - OJVG Sabodala Feasibility Study, dated January 30, 2013 (please see Oromin press release dated January 31, 2013)
OJVG RESOURCE SUMMARY

17. 17
Alan R. Hill
Executive Chairman
• Mining engineer with over 20 years experience globally in project evaluations, acquisitions and mine development
as Executive VP of Barrick Gold
• Currently a Director of Gold Fields
• Former President and CEO of Gabriel Resources (2005 – 2009) and non-Executive Chairman of Alamos Gold
(2004 – 2007)
Richard S. Young
President & CEO
• Over 10 years experience in mining finance, development, corporate development, and investor relations with
Barrick Gold
• Former VP and CFO of Gabriel Resources (2005 – 2010)
Mark English
VP, Sabodala Operations
• Over 24 years experience in the gold mining industry
• Previously worked for several companies in Australia, East and West Africa being involved in operating mines and
development, inclusive of greenfield start-ups
• Joined Mineral Deposits Ltd. in June 2006
Paul Chawrun
VP, Technical Services
• Mining Engineer and geologist with over 23 years experience
• Former EVP Corporate Development for Chieftain Metals
• Former Director, Technical Services Detour Gold
Navin Dyal
VP & CFO
• Over 13 years in finance, most recently 7 years with Barrick Gold (2005 - 2012)
• Former Director of Finance, Global Copper Business Unit – Barrick Gold
• Chartered Accountant – Four years at major public accounting firm
David Savarie
VP, General Counsel & Corporate
Secretary
• Over 10 years experience in the legal industry
• Former Deputy General Counsel and Corporate Secretary of Gabriel Resources
• Previously in private practice at Miller Thomson LLP
Kathy Sipos
VP, Investor & Stakeholder Relations
• 10 years experience in Corporate Communications and Investor Relations with Barrick Gold (1996 – 2006)
• Former VP of Corporate Communications and Investor Relations of Gabriel Resources (2006 – 2009)
Macoumba Diop
General Manager & Government
Relations Manager
• Geological Engineer, Master of Science in Finance with over 12 years experience in the mining industry
• Previously spent 11 years in a consulting business and in mineral project marketing and development
• Joined SGO in July 2011.
MANAGEMENT