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PRODUCING AND EXPLORING

EUROPEAN GOLD FORUM APRIL 2013

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FORWARD LOOKING STATEMENTS This presentation contains certain statements that constitute forward-looking information within the meaning of applicable securities laws (“forward-looking statements”). Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Teranga, or developments in Teranga’s business or in its industry, to differ materially from the anticipated results, performance, achievements or developments expressed or implied by such forward-looking statements. Forward-looking statements include, without limitation, all disclosure regarding possible events, conditions or results of operations that are based on assumptions about future economic conditions and courses of action. Teranga cautions you not to place undue reliance upon any such forward-looking statements, which speak only as of the date they are made. The risks and uncertainties that may affect forward-looking statements include, among others: the inherent risks involved in exploration and development of mineral properties, 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 the Company’s Annual Information Form dated March 27, 2013, and in other company filings with securities and regulatory authorities which are available at www.sedar.com. Forward-looking statements are based on management's current plans, estimates, projections, beliefs and opinions, and, except as required by law, 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 presentation should be construed as either an offer to sell or a solicitation to buy or sell Teranga securities. This presentation is dated as of April 5, 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.

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Ticker symbol TGZ: TSX/ASX

Shares outstanding (1,2) 245.6M

Share price (as at April 5, 2013) C$1.12

Market capitalization (as at April 5, 2013) C$275M

Profit 2012

US$79.9M ($0.33/share)

Cash position (3) US$45M

Hedge balance (as at Jan. 29, 2013) 38,105oz.

Project finance outstanding (4) US$60M

Mining fleet loan facility (5) US$22.7M

1 As part of the demerger Mineral Deposits Ltd. retained 40M TGZ shares and received C$50M from the IPO proceeds 2 Stock options outstanding 17.2M. 3 Includes cash, cash equivalents and $5.3M bullion receivable as at December 31, 2012. 4 2-Year Project Finance Facility with Macquarie Bank – repaid on or before June 30, 2014 5 Outstanding under the new mining fleet finance loan facility with Macquarie Bank as at March 31, 2013

FOCUSED ON GROWTH THROUGH:

GROWING RESERVES

GROWING PRODUCTION

FINANCIAL STRENGTH

CAPITALIZATION SUMMARY

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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

• 2011 production of 131,461oz. • 2012 production of 214,310oz. at cash costs of $627/oz. • 2013 forecast production of 190,000 – 210,000oz. at cash costs of $650-$700/oz. • 2014 forecast production of 200,00 – 250,000oz. pending the timing of Gora production

Phase 2: Increase annual gold production to 400,000 to 500,000 oz. with mill expansion as reserves increase

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SABODALA IS SENEGAL’S ONLY LARGE-SCALE GOLD MINE Population of ~ 12.8M

Democratic Government

• Smooth process and power transition in 2012 elections • Peaceful democracy since independence from France in

1960 • Use of the eight-country West African CFA France currency

fully guaranteed by the French treasury and pegged to the Euro (WAEMU)

• Sabodala is the only large-scale gold mine in Senegal Government has vested interest in Sabodala’s success given:

• 10% free-carried interest • 5% gross production royalty effective Jan. 1, 2013 • 25% income tax (after tax holiday expires in 2015) • Employment and regional development opportunities

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NEW AGREEMENT PROVIDES FOR LONG-TERM PARTNERSHIP THROUGH:

• Price and formula to acquire Government’s additional option on satellite deposits and to incorporate these into the existing ML and fiscal regime

• Supporting drilling of the Niakafiri deposit on the ML

• Extending the ML by five years to 2022 and five key exploration licences by 18 months

• Ensuring full access to exploration targets currently occupied by artisanal miners

• Settling all outstanding tax assessments

• Settling the Special Contribution Tax of 5% through an increase in royalties to 5% and accelerated dividend payments

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TERANGA IS MINING RESPONSIBLY AND SHARING THE BENEFITS

Corporate Social Responsibility is fundamental to the success of our business • Health, safety, education and sustainability are all priorities

• Developing schools, health clinics, and improving access to

potable water

• Have engaged a renowned Canadian group to assist in putting together a comprehensive Regional Development Plan in partnership with the local, regional, and national government

• Committed to improving the livelihoods of those in the

communities in which we operate

A key component of our vision is to set the benchmark for responsible mining in Senegal

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SABODALA GOLD OPERATION IS PRODUCING CONSISTENTLY Gold Production Since 2009

• First gold pour in March ‘09 with over $500M invested to date

Well Developed Infrastructure • Located 650 km east of the capital Dakar and ~100 km north

of the town Kedougou – paved road within 56 km of mine site • 36 MW heavy fuel oil power plant located on site

Completed Mill Expansion

• New ball mill and downstream plant, secondary crusher and new stockpile/reclaim facility commissioned

• Expands annual production base to ~200,000 oz. • Mill capacity increased to ~3.5Mtpa of fresh (hard) ore or

~6Mtpa of oxide (soft) ore

Modest Incremental Sustaining Capital Going Forward • US$125M – $150M LOM

• Includes Gora, community relocations, further mobile equipment expenditure, pit delineation and additional tailings facilities

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Units 2011 Actuals

2012 Actuals

2013 Guidance Ranges (1) % Change (2)

Total Mined (Mt) 25.8 28.9 35.0 – 36.5 +24%

Ore Milled (Mt) 2.4 2.4 3.3 – 3.4 +37%

Gold Produced (koz.) 131.5 214.3 190 - 210 -7%

Total Cash Cost (incl. royalties) $/oz. sold 782 627 650 – 700 +8%

Mine Production Costs $ millions 126.1 145.8 170 – 180 +20%

Mining Costs $/t mined 2.3 2.7 2.5 – 2.7 -4%

Milling Costs $/t milled 16.8 20.4 19 – 20 -4%

G&A Costs $/t mined 5.8 6.2 5 – 6 -11%

OPERATIONAL RESULTS AND 2013 GUIDANCE

1 Discretionary costs under review. 2 Percent change calculated from mid-point of range.

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1 Discretionary costs under review. 2 Percent change calculated from mid-point of range. 3 Includes cash, cash equivalents and bullion receivable: $5.3M FYE 2012 and $17.1M at FYE 2011. 4 Hedge book to be extinguished in Q2 2013.

2013 - REDUCTION IN CAPEX AND EXPLORATION EXPENDITURES

Units 2011

Actuals 2012

Actuals 2013 Guidance

Ranges (1) % Change (2)

Mine Site Capex ($ millions) 62.1 52.9 20 – 25 -58%

Capitalized Reserve Development (ML) ($ millions) 14.4 26.1 ~5 -82%

Exploration Expense (RLP) ($ millions) 31.7 16.7 ~5 -70%

Development of Gora ($ millions) - 4.3 < ~10 +133%

Administration Expense ($ millions) 13.4 17.9 15 – 20 -2%

Profit for the Period ($ millions) -16.0 79.9 - -

Cash Balance at End of Period (3) ($ millions) 24.6 45.0 - -

Gold Hedge Outstanding (4) (koz.) 174.5 59.8 0 -100%

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Economics • Capital cost est. $45M - $50M • Est. total cash cost to average $675 - $700/oz. • NPV (5%) at $1500/oz. of $105 million • IRR 69%

Open Pit

• 26km from mill • Technical Study and ESIA complete –

permitting underway • M&I of 374,000 oz. at 5.0gpt • Proven & Probable reserves of 285,000oz. at

4.2gpt. (2.1M tonnes of ore) • Estimated 4-year mine life • Stripping ratio of 19:1

Timing • Development to start in Q4 2013 with majority

of capital expenditure in 2014 in order to support 2013 free cash flow

• Estimated production start in H1 2014

GORA – OUR MOST ADVANCED SATELLITE DEPOSIT

Source – Teranga Gold Corporation: Typical section of Gora looking South West, 2012.

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-

50,000

100,000

150,000

200,000

250,000

300,000

2011 2012 2013 2014 2015

Production Profile ('000oz.) (1)

Gora Production ML Production

FOCUSED ON GROWING PRODUCTION AND CASH MARGINS

1 Assumes increased production from regional exploration success 2 Assumes $1600/oz. gold price and cash cost of $675/oz. after the elimination of the gold hedge position

Rate of margin expansion is a function of increasing production through regional exploration success * After eliminating hedge position

• 2012 Production Results: 214,310oz. at cash costs of $627/oz. • 2013 Production Estimated: 190,000 – 210,000oz. at cash costs of $650 - 700/oz. • Hedge position 59,789oz. at 2012 YE, management expects to be hedge free by June 2013

0

200

400

600

800

1000

2011 2012 2013* 2014 2015

Cash Margin ($/oz.) (2)

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FOCUSED ON GROWING RESERVES

1 See pages 23/24 2 M+I Resources are inclusive of reserves 3 Includes Sabodala, Niakafiri, Niakafiri West, Soukhoto, Diadiako, Majiva, Masato and Gora

1.59

2.87

1.67

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

Proven andProbable Reserves

Measured andIndicated

Resources

Inferred Resources

Moz

.

Reserves and Resources (1,2,3)

December 31, 2012

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2013 Exploration Program (1)

Mine Licence Exploration (ML) ~$5M Regional Exploration (RLP) ~$5M

TOTAL ~$10M 2012 Exploration Program (2) Mine Licence Exploration $26M 104,400m (RC/DD)

Regional Exploration(3) $20M 62,500 RAB 42,300 RC 2,400 DD

TOTAL $46M

FOCUSED ON GROWING RESERVES

1 Additional funding allocated on a priority basis for prospects with clear potential for reserve definition 2 Full drill results are posted at terangagold.com 3 Includes ~$3M for Gora exploration

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Mine Licence Exploration (ML) Regional Land Package (RLP)

33km2 1,200km2

MINE LICENCE MAKES UP ~3% OF TERANGA’S TOTAL LAND PACKAGE

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SABODALA PIT – MAIN FLAT EXTENSION /

LOWER FLAT ZONE

SAMBAYA HILL

DINKOKHONO

• Potential to expand gold inventory on ML with the objective of increasing mine life to the year 2020/25

POTENTIAL TO EXPAND THE ML GOLD MINERALIZATION INVENTORY

NIAKAFIRI / NIAKAFIRI WEST / SOUKHOTO

SUTUBA

33km2

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SAIENSOUTOU

NINYENKO

SORETO / DIABOUGOU

TOUROKHOTO (Main and Marougou)

1,200km2

35km from Mill

PROPERTIES IN VARYING STAGES OF ASSESSMENT WITHIN RLP

GOUMBOU GAMBA

GORA

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FOCUS IS ON CONTINUED GROWTH Focused on Growing Reserves

• To secure a reserve life to year 2020/25 • Growth through exploration • Growth through regional opportunities (JV’s, acquisitions)

Focused on Growing Production

• Phase 1: 250,000 – 350,000oz. annual production by leveraging existing mill and land package

• Phase 2: 400,000 – 500,000oz. annual production, will require another mill expansion

Focused on Building Financial Strength

• Eliminating hedge book • Maximizing cash margins • Producing free cash flow • Increasing cash balance • Use free cash flow to self-fund growth strategy • Focusing on the ounces that provide the best returns • Increase earning and cash flow per share (minimize dilution)

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APPENDICES

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INITIAL “1% PER OUNCE” PAYMENT EXAMPLE FOR GORA Reserves per feasibility study 285,000 Recovery rate 95% Recovered reserves 270,750 Less government royalties 13,538 Recovered ounces to shareholders 257,213 Average realized gold price last 12 months $ 1,650 Reserve payment percentage 1.00% Reserve payment dollars per ounce $ 16.50 Payment due on production maximum $10 million $ 4,244,006

Additional payments required when: 1. Gold price increases 2. Reserves/production increases 3. Excess above $10 million cap

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OPERATING STATISTICS

1 Gold produced includes change in gold in circuit inventory plus gold recovered during the period. 2 Cash cost per ounce is a non-IFRS financial measure with no standard meaning under IFRS.

Operating results Ore mined (‘000t)Waste mined (‘000t)Total mined (‘000t)Grade mined (g/t)Ounces mined (oz)Strip ratio w aste/oreOre milled (‘000t)Head grade (g/t)Recovery rate %

Gold produced (1) (oz)Gold sold (oz)

Average price received $/oz Total cash cost (incl. royalties)(2) $/oz sold

Mining (cost/t mined)Milling (cost/t milled)G&A (cost/t milled)

2012 2011

restated

5,914 3,973 22,964 21,818

28,878 25,791 1.98 1.39

376,185 177,362 3.9 5.5

2,439 2,444 3.08 1.87

88.7 89.5 214,310 131,461

207,814 137,136

1,422 1,236 627 782

2.7 2.3 20.4 16.8

6.2 5.8

Twelve months ended December 31,

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2013 GUIDANCE*

• Mining and processing more tonnes at lower grade to maintain ~200,000oz. production

• Gross costs have increased but unit costs are expected to decline

2012

ActualsOperating results

Ore mined (‘000t) 5,915 4,000 - 4,500

Waste mined (‘000t) 22,962 31,000 - 32,000

Total mined (‘000t) 28,877 35,000 - 36,500

Grade mined (g/t) 1.98 1.40 - 1.60

Strip ratio waste/ore 3.9 7.00 - 7.75

Ore milled (‘000t) 2,439 3,300 - 3,400

Head grade (g/t) 3.08 2.00 - 2.15

Recovery rate % 88.7 89.0 - 91.0 Gold produced (oz) 214,310 190,000 - 210,000Gold sold (oz) 207,814 190,000 - 210,000

Total cash cost (incl. royalties)(1)(2) $/oz sold 627 650 - 700 Total production cost(1) $/oz sold 850 950 - 1,000

Mining (cost/t mined) 2.71 2.50 - 2.70Milling (cost/t milled) 20.39 19.00 - 20.00G&A (cost/t milled) 6.16 5.00 - 6.00

Mine production costs $ millions 145.8 170.0 - 180.0

Guidance Range2013

Year ending December 31,

2 For 2013, reflects the impact of adoption of a new IFRS standard for deferred stripping. Please see page 25 of the Management Discussion and Analysis.

1 Total cash cost per ounce and total production cost per ounce are non-IFRS financial measures with no standard meaning under IFRS. For definitions of these metrics, please see page 26 of the Management Discussion and Analysis.

*Discretionary costs under review.

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RESERVES & RESOURCES (1,2)

Deposit

Proven Probable Proven and Probable Tonne

s Grade Au Tonnes Grade Au Tonne

s Grade Au

(Mt) (g/t) (Moz) (Mt) (g/t) (Moz) (Mt) (g/t) (Moz)

Sabodala 6.55 1.5 0.315 11.07 1.24 0.443 17.62 1.34 0.758 Sutuba - - - 0.37 1.40 0.017 0.37 1.40 0.017 Niakafiri 0.23 1.69 0.013 7.58 1.12 0.274 7.81 1.14 0.287 Gora 0.57 4.07 0.074 1.53 4.27 0.21 2.1 4.22 0.284

Stockpiles 7.32 1.02 0.24 - - - 7.32 1.02 0.24

Total 14.67 1.36 0.642 20.56 1.43 0.944 35.23 1.40 1.586

• Reserves remain similar to that of 2011 net of production

• Focused on growing our reserves and are confident that we will add reserves on the ML

• M&I resources increased 34% to 2.9Moz.

1 Please see page 26 for Competent Persons Statement relating to this reserves estimate. 2 Based on assays received as of August 2012.

Deposit

Measured Indicated Measured and Indicated

Tonnes Grade Au Tonnes

Grade Au Tonne

s Grad

e Au

(Mt) (g/t) (Moz) (Mt) (g/t) (Moz) (Mt) (g/t) (Moz)

Sabodala 28.06 1.24 1.12 31.47 0.96 0.97 59.53 1.09 2.09 Sutuba - - - 0.50 1.27 0.02 0.50 1.27 0.02 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 28.85 1.32 1.22 44.31 1.16 1.65 73.05 1.22 2.87

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Area Inferred

Tonnes Grade Au

(Mt) g/t (Moz)

Sabodala 12.36 0.87 0.35 Niakifiri 7.20 0.88 0.21 Niakifiri West 7.10 0.82 0.19 Soukhoto 0.60 1.32 0.02 Gora 0.21 3.38 0.02 Diadiako 2.90 1.27 0.12 Majiva 2.60 0.64 0.05 Masato 19.18 1.15 0.71 Total 52.15 1.00 1.67

RESERVES & RESOURCES (1,2)

1 Please see page 26 for Competent Persons Statement relating to this reserves estimate. 2 Based on assays received as of August 2012.

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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 24 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 mineral project marketing and development • Joined SGO in July 2011.

MANAGEMENT

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COMPETENT PERSONS STATEMENT The technical information contained in this presentation relating to the mineral reserve estimates within the Sabodala, Sutuba, Niakafiri and Gora deposits and the Stockpiles, is based on information compiled by Julia Martin, P.Eng., MAusIMM (CP), 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 has reviewed and accepts responsibility for the reserve estimates disclosed above. Ms Martin has consented to the inclusion in the report of the matters based on her information in the form and context in which it appears in this presentation. The technical information contained in this presentation relating to the mineral resources is based on information compiled by Ms. Patti Nakai-Lajoie, who is a Member of the Association of Professional Geoscientists of Ontario. Ms. Patti Nakai-Lajoie is full time employee of Teranga and is not “independent” within the meaning of National Instrument 43-101. Ms. Patti Nakai-Lajoie has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which she is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Ms. Patti Nakai-Lajoie is a “Qualified Person” under National Instrument 43-101 Standards of Disclosure for Mineral Projects and she consents to the inclusion in the report of the matters based on her information in the form and context in which it appears in this presentation. The technical information contained in this presentation relating to exploration results is based on information compiled by Mr. Martin Pawlitschek, who is a Member of the Australian Institute of Geoscientists. Mr. Pawlitschek is a consultant of Teranga and is not “independent” within the meaning of National Instrument 43-101. Mr. Pawlitschek has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr. Pawlitschek is a “Qualified Person” in accordance with NI 43-101 and he consents to the inclusion in the report of the matters based on his information in the form and context in which it appears in this presentation.