1

PRODUCING

AND

EXPLORING

THIRD QUARTER RESULTS

CONFERENCE CALL

NOVEMBER 6, 2013

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 November 6, 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

FOCUSED

ON GROWTH

THROUGH:

GROWING

RESERVES

GROWING

PRODUCTION

FINANCIAL

STRENGTH

Alan R. Hill Executive Chairman

Richard Young President & CEO

Agenda:

• Q3 2013 operational and financial results

• New optimized, Sabodala (standalone) mine plan

• Oromin acquisition

• Our focus for Q4 2013

THIRD QUARTER RESULTS

CONFERENCE CALL

4

Operations running well

Mining and processing rates up 26% & 36% respectively

over Q3’12

Processing plant operating at design capacity

Unit costs down

Mining focused on waste stripping of phase 3

Providing access to higher grade, expect to mine in Q4

Lower grade mill feed in Q3, higher mill feed expected in

Q4

Production: Q3: 37,000 oz., YTD: 155,000 oz.

As per plan, quarterly production fluctuations

Manage to full-year guidance

On track to meet 2013 production and cost guidance

Q3 2013 UPDATE

5

Cash and all-in sustaining costs

• $748/oz cash costs, $1,289/oz all-in sustaining costs

• Increase from Q3’12 due to lower grades processed

Mining costs

• $2.48/t, 7% decrease from Q3’12

• Shorter haul distances, improved loading efficiencies

Processing costs

• $17.56/t, 20% below Q3’12

• Increased throughput in crushing circuit

YTD production and cash costs

• 155,000 oz. produced at cash costs of $621/oz

• All-in sustaining costs of $1,086/oz

Re-affirming 2013 Guidance:

• Production: 190,000 – 210,000oz.; Cash Costs: $650 -

$700/oz. , All-in Sustaining Costs: $1,000 - $1,100/oz.

Q3 RESULTS

6

Gold sold

• 37,600 oz. at $1,339/oz

• All ounces sold at spot

Gold revenue

• $50.6M

• Lower gold sales versus Q3’12

Profit/(Loss)

• $0.4M Loss

Cash balance

• $36.2M (net of $9.6M in Oromin-related payments)

Operating cash flow

• Q3: $17M, YTD: $61M

Q3 RESULTS

7

Extended the payment terms of the Macquarie $60M

finance facility:

Final repayment date extended one year to June 30, 2015

Require a restricted cash balance of up to $20M

$40M repaid through five equal quarterly payments starting June

30, 2014

Remaining $20M due on June 30, 2015

Reduced discretionary expenditures in Q1’13

Operations, exploration, administration, sustaining & new capital

development

Spending reductions on track

FINANCIAL STRENGTH

8

• 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

• Current cash + (2014 to 2016 free cash flows) > current market cap.

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

ko

z

$M

Free cash flow after debt payments ($M) Cumulative Free Cash Flow after debt payments ($M)

Production (koz) Capital expenditures ($M)

Debt repayments ($M)

9

DEAL CREATES SIGNIFICANT VALUE

FOR ALL SHAREHOLDERS • Acquired Oromin Explorations, gained access to Oromin Joint Venture Group (“OJVG”)

data room

• Technical services team currently integrating OJVG deposits into Teranga operations

• Release of technical report in Q1’14

• Development strategy / combined mine plan

• Update to reserves, resources

• The combination is expected to result in:

• An increase in annual production and mine life

• Higher free cash flow, net asset value and earnings

• An increase in operational flexibility

• Capital and operating synergies, low incremental capital required

• A seamless integration

10

• 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

• Processing OJVG ore is expected to establish Sabodala as a 275,000 – 300,000 oz/yr producer

• The Republic of Senegal supports a consolidation and are in favour of development of resources

THE COMBINED ASSET BASE

(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/oz gold price assumption . Note: Please see Sabodala Technical Report, June 7, 2012 and Competent Persons Statement on page 13 of this presentation

10km

11

• Operations running well

• Acquisition of Oromin complete

• Working towards agreement with joint venture

partners

• Targeting YE resolution

• Integrating OJVG deposits into Teranga operations

• Targeting Q1’14 for combined plan

• Reaffirm production and cost guidance

THIRD QUARTER 2013

12

APPENDIX

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

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 stripping235.0 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

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 30, 2013 and Competent Persons Statement on page 13 of this presentation

TERANGA RESOURCE SUMMARY

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

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