Teranga Gold Third Quarter 2016 Exploration Update

October 28, 2016 Teranga Gold Third Quarter 2016 Exploration Update Initial Resources Estimates for Three Deposits in Senegal and Preliminary Field Work in Cote d Ivoire EXPLORATION HIGHLIGHTS SENEGAL Initial resource estimations were completed for three new deposits during the third quarter 2016 as outlined in Table 1 below. Two of these deposits, Goumbati West (Zones A, B and C) and Golouma North (Zones A, B and C) are situated on the Mine License while the third deposit, Marougou Main, is situated within the regional land package (see Figure 1 in Appendix 1). Representative plans and sections related to the initial resource estimations for these deposits are available in Appendix 1 & 2. Table 1: Initial Resources Estimates Indicated Resources Inferred Resources Deposit Tonnes Grade Au oz Tonnes Grade Au oz ('000s) (g/t Au) ('000s) ('000s) (g/t Au) ('000s) Golouma North 170 1.32 7 295 1.42 14 Goumbati West 568 1.69 31 178 1.19 7 Marougou Main 0 0 0 1,199 1.41 54 Total 738 1.61 38 1,672 1.39 75 Notes for Mineral Resources: 1. CIM definitions were followed for Mineral Resources. 2. Open pit oxide Mineral Resources are estimated at a cut-off grade of 0.35 g/t Au. 3. Open pit transition and fresh rock Mineral Resources are estimated at a cut-off grade of 0.40 g/t Au. 4. High grade assays were capped at grades ranging from 5.0 g/t Au to 13.5 g/t Au. 5. Open pit shells were used to constrain open pit resources. 6. Mineral Resources are estimated using a gold price of US$1,450 per ounce. 7. Sum of individual amounts may not equal due to rounding Sabodala Mine Lease Reserve Development The two most advanced exploration prospects on the Mine Lease, Goumbati West and Golouma North, continue to yield encouraging results from the ongoing 2016 exploration program subsequent to completion of the initial resource estimation. Further drilling is planned to continue throughout the fourth quarter of 2016. Goumbati West Deposit Goumbati West, a NNE trending gold in quartz vein system comprised of Zones A, B and C is located approximately 10 kilometres from the Sabodala Plant (see Figure 2 in Appendix 1). Drilling evaluation is at a very early stage and the shallow, near-surface intersections comprising the resource estimate are almost entirely oxide in composition with only the most recent deeper holes transitioning into fresher material. To date, Goumbati West Zones A and B have been drilled on 40-metre sections along a 960-metre strike extent and down-dip to approximately 100-110 metres predominantly on 20 and 40-metre centers. Two representative sections are shown in Figures 7 & 8 in Appendix 1. The Goumbati West quartz vein system displays very good hole to hole and section to section continuity and remains open to further expansion along trend both north and south as well as to depth. Surface trenching results along trend beyond the area drilled to date, indicate that the Goumbati West quartz vein system has a minimum strike extent of approximately 1,500 metres. Current drilling is stepping out along trend to the north testing both gold-in-soil geochem anomalies and coincident trench results located between Goumbati West and the Kobokoto South Prospect. For a complete listing of all third quarter Diamond Drill Hole drill results for Goumbati see Table 1 in Appendix 2. In addition, positive Reverse Circulation drilling results at Goumbati West Zone C, covering an extensive gold-in-soil geochemical anomaly located immediately west of Goumbati West Zones A and B, suggests that a sub-parallel quartz vein system is present (see Table 5 in Appendix 2). Page 1 of 17

Highlight drilling results from the third quarter exploration program are listed below. Goumbati West Drilling Highlights Hole ID UTM28N East UTM28N North Azi/Dip Interval (m) Intercept Values (g/t Au) * MDD16-0071 809963 1450038 105/-50 24.0-28.0 4m@1.97 MDD16-0071 809963 1450038 105/-50 30.0-31.0 1m@2.91 MDD16-0071 809963 1450038 105/-50 38.0-39.0 1m@0.93 MDD16-0071 809963 1450038 105/-50 45.0-46.0 1m@0.42 MDD16-0077 809966 1450238 106/-50 61.0-64.0 3m@2.36 MDD16-0079 809966 1450279 105/-50 79.0-83.0 4m@3.68 MDD16-0093 810113 1450573 105/-50 43.0-44.0 1m@0.81 MDD16-0093 810113 1450573 105/-50 59.0-65.0 6m@11.31 MDD16-0104 810180 1450803 105/-50 47.0-52.0 5m@5.71 MDD16-0111 809882 1450175 106/-51 105.0-108.0 3m@20.44 MDD16-0116 809846 1450068 106/-51 117.0-120.0 3m@7.93 MDD16-0116 809846 1450068 106/-51 133.0-135.0 2m@0.6 MDD16-0120 809943 1450327 106/51 109.0-111.0 2m@7.37 MDD16-0127 810027 1450545 106/-59 108.0-117.0 9m@1.7 MDD16-0131 810043 1450633 107/-70 106.0-111.0 5m@3.59 MDD16-0136 810164 1450888 106/-50 46.0-54.0 8m@1.92 MDD16-0137 809900 1450626 105/-51 3.0-4.0 1m@0.96 MDD16-0137 809900 1450626 105/-51 6.0-10.0 4m@2.15 MDD16-0137 809900 1450626 105/-51 12.0-13.0 1m@0.72 MDD16-0137 809900 1450626 105/-51 15.0-16.0 1m@0.86 MDD16-0137 809900 1450626 105/-51 28.0-35.0 7m@0.93 MDD16-0137 809900 1450626 105/-51 61.0-62.0 1m@0.56 MDD16-0137 809900 1450626 105/-51 69.0-71.0 2m@0.84 MDD16-0138 809901 1450713 104/-50 4.0-5.0 1m@1.03 MDD16-0138 809901 1450713 104/-50 7.0-8.0 1m@3.81 MDD16-0138 809901 1450713 104/-50 36.0-39.0 3m@8.05 MDD16-0138 809901 1450713 104/-50 62.0-63.0 1m@0.62 MDD16-0138 809901 1450713 104/-50 65.0-67.0 2m@1.13 MDD16-0138 809901 1450713 104/-50 72.0-73.0 1m@0.76 MDD16-0138 809901 1450713 104/-50 75.0-77.0 2m@0.77 MDD16-0138 809901 1450713 104/-50 219.0-222.0 3m@1.22 MDD16-0141 809801 1450367 105/-51 4.0-8.0 4m@0.64 MDD16-0141 809801 1450367 105/-51 11.0-12.0 1m@1.33 MDD16-0141 809801 1450367 105/-51 14.0-19.0 5m@2.78 MDD16-0141 809801 1450367 105/-51 21.0-22.0 1m@0.7 MDD16-0141 809801 1450367 105/-51 31.0-32.0 1m@1.14 MDD16-0141 809801 1450367 105/-51 50.0-51.0 1m@0.78 MDD16-0141 809801 1450367 105/-51 55.0-59.0 4m@0.55 MDD16-0143 809801 1450284 105/-50 9.0-12.0 3m@4.4 MDD16-0155 810103 1450823 105/-50 72.0-79.0 7m@1.99 * Intervals calculated using a 0.4 g/t Au cut-off and 2 m maximum internal dilution. 1. True widths are unknown. 2. Intercept gold values are determined from uncapped assays. Page 2 of 17

Golouma North Deposit Golouma North, is comprised of three partially defined mineralized zones, A, B and C. These three zones have a combined NNE strike extension of approximately 1,000 metres (see Figures 3 & 6 in Appendix 1). Golouma North is located 5 kilometres from the Sabodala Plant and proximal to a series of deposits already in the current mine plan, including Golouma West, Golouma South and Kerekounda. Previous drilling was predominantly on Zone A, a structurally complex area of intersecting ductile and brittle, mafic volcanic hosted, shear zones. Zone A has been drill tested at 40-metre centers on 40-metre sections along a 280-metre strike extent to depths of between 80 and 120 metres down-dip. Drilling will continue at Golouma North during the fourth quarter 2016 predominantly within Zone B where limited drilling has intersected favorable results, and subsequently directed towards linking Zones A, B and C along the entirety of the favorable structural trend. For a complete listing of all third quarter Golouma North drilling results, please see Appendix 2, Table 2. Other Mine Lease Prospects Elsewhere on the Mine Lease, fourth quarter drilling programs are planned to: follow-up on successful initial drilling at Maleko, test for along-trend gold mineralization at the Niakafiri South extension target and evaluate positive trenching results at the Torosita Prospect. Senegal Regional Exploration In addition, there are a number of Regional Exploration targets that, although not quite as advanced as the Mine License prospects, have also returned favourable trenching and drilling results. Of these Regional Prospects detailed work at Marougou Main has culminated in a favourable geologic model that identifies the controlling components of the gold mineralization. As noted above, an initial resource estimate has now been completed at this deposit (Table 1). A multi-drill, follow-up program is anticipated at Marougou Main during the fourth quarter of 2016. Marougou Main Deposit The Marougou Main deposit (see Figure 4 in Appendix 1) is situated on the regional exploration ground approximately 10 kilometres east of the Gora open pit, which is located approximately 25 kilometres north of the Sabodala Plant. Marougou Main is proximal to several other prospects, Tourokhoto, Marougou North, Marougou South and Dembala Hill, where trenching and drilling exploration programs will be underway in the fourth quarter and into 2017. Favourable exploration results from these nearby prospects, together with continued exploration success at Marougou Main, makes this entire area a key potential resource target of interest (see Table 7 in Appendix 2). The NNE trending Marougou Main deposit is comprised of a series of shallow to moderately-dipping, sub-parallel gold mineralized horizons within a sequence of steeply-dipping, alternating fine and coarse bedded sediments proximal to the regional MTZ shear system (see Figure 5 in Appendix 1). Initial RC profile drilling was on broad spaced 200-metre sections with more recent core drilling on much tighter centres focused on clarifying structural and geologic controls on the gold mineralization. Two drills will begin a resource expansion drilling program at Marougou Main during the fourth quarter 2016, focusing primarily on defining strike extension correlation and depth continuity of the sub-parallel gold horizons. Other Prospects Systematic exploration of the various targets and prospects throughout the Doughnut area (Honey, Jam, Cinnamon) has provided considerable encouragement, all of which will lead to follow-up trenching and drilling campaigns on a number of fronts in the fourth quarter of 2016 (see Tables 3 & 4 in Appendix 2). COTE D IVOIRE EXPLORATION HIGHLIGHTS Guitry, Tiassale, Dianra, Mahpaleu Teranga holds, by way of joint venture, four greenfield exploration tenements totalling nearly 1400km 2 in Cote d Ivoire. As a follow-up to recently completed preliminary field investigations including stream sediment and soil sampling, a high precision BLEG drainage survey is planned across the entire land package at an average density of one sample per 5 km2 for completion during first quarter 2017. The detailed BLEG survey will be complemented with the acquisition of remote sensing data and undertaking reconnaissance scale geological mapping ahead of drawing up other work plans based off the drainage sampling results. Page 3 of 17

APPENDIX 1 Figure 1: Teranga s Mine License and Regional Land Package in Senegal Figure 2: Goumbati West Resource Outline Page 4 of 17

Figure 3: Golouma North Resource Outline Figure 4: Marougou Main Resource Outline Page 5 of 17

Figure 5: Marougou NNE Cross Section Showing Drill Results Teranga Gold Third Quarter 2016 Exploration Update October 28, 2016 Page 6 of 17

Figure 6: Golouma North NNE Cross Section Showing Drill Results Teranga Gold Third Quarter 2016 Exploration Update October 28, 2016 Page 7 of 17

Figure 7: Goumbati West NNE Zone A Cross Section Showing Drill Results Teranga Gold Third Quarter 2016 Exploration Update October 28, 2016 Page 8 of 17

Figure 8: Goumbati West NNE Zone B Cross Section Showing Drill Results Teranga Gold Third Quarter 2016 Exploration Update October 28, 2016 Page 9 of 17

Table 1: Goumbati West Diamond Drill Hole Results Teranga Gold Third Quarter 2016 Exploration Update October 28, 2016 APPENDIX 2 Hole ID UTM28N East UTM28N Intercept Values (g/t Azi/Dip Interval (m) North Au) * MDD16-0069 809927 1450134 107/-50 72.0-73.0 1m@2.66 MDD16-0071 809963 1450038 105/-50 24.0-28.0 4m@1.97 MDD16-0071 809963 1450038 105/-50 30.0-31.0 1m@2.91 MDD16-0071 809963 1450038 105/-50 38.0-39.0 1m@0.93 MDD16-0071 809963 1450038 105/-50 45.0-46.0 1m@0.42 MDD16-0072 809925 1450049 106/-50 57.0-58.0 1m@1.27 MDD16-0072 809925 1450049 106/-50 68.0-69.0 1m@0.8 MDD16-0073 809920 1450165 106/-50 81.0-82.0 1m@4.6 MDD16-0076 809935 1450209 106/-50 73.0-77.0 4m@0.88 MDD16-0077 809966 1450238 106/-50 61.0-64.0 3m@2.36 MDD16-0079 809966 1450279 105/-50 79.0-83.0 4m@3.68 MDD16-0080 809982 1450319 109/-50 69.0-70.0 1m@0.42 MDD16-0080 809982 1450319 109/-50 74.0-76.0 2m@1.74 MDD16-0082 810000 1450356 107/-50 61.0-67.0 6m@1.04 MDD16-0087 810042 1450467 105/-50 63.0-64.0 1m@0.67 MDD16-0087 810042 1450467 105/-50 94.0-96.0 2m@1.09 MDD16-0087 810042 1450467 105/-50 110.0-111.0 1m@0.73 MDD16-0089 810057 1450509 106/-50 18.0-19.0 1m@0.51 MDD16-0089 810057 1450509 106/-50 94.0-96.0 2m@1.4 MDD16-0091 810067 1450538 106/-50 91.0-93.0 2m@0.98 MDD16-0092 809913 1450010 104/-50 41.0-46.0 5m@0.51 MDD16-0093 810113 1450573 105/-50 43.0-44.0 1m@0.81 MDD16-0093 810113 1450573 105/-50 59.0-65.0 6m@11.31 MDD16-0095 809952 1449999 104/-50 6.0-9.0 3m@1.18 MDD16-0095 809952 1449999 104/-50 54.0-55.0 1m@0.42 pmdd16-0097 810073 1450585 104/-60 78.0-79.0 1m@1.8 MDD16-0097 810073 1450585 104/-60 81.0-82.0 1m@1.26 MDD16-0097 810073 1450585 104/-60 84.0-85.0 1m@0.42 MDD16-0099 810084 1450623 107/-70 64.0-65.0 1m@0.75 MDD16-0100 810102 1450663 104/-51 52.0-53.0 1m@2.63 MDD16-0101 810120 1450700 104/-50 37.0-39.0 2m@2.51 MDD16-0101 810120 1450700 104/-50 46.0-47.0 1m@0.42 MDD16-0102 810154 1450728 105/-51 42.0-48.0 6m@1.21 MDD16-0103 810169 1450769 104/-49 51.0-52.0 1m@2.06 MDD16-0104 810180 1450803 105/-50 47.0-52.0 5m@5.71 MDD16-0105 810230 1450832 104/-50 16.0-20.0 4m@0.92 MDD16-0105 810230 1450832 104/-50 35.0-36.0 1m@0.65 MDD16-0106 810240 1450870 105/-50 3.0-5.0 2m@0.53 MDD16-0106 810240 1450870 105/-50 12.0-16.0 4m@1.84 MDD16-0107 810190 1450841 107/-50 37.0-39.0 2m@1.67 MDD16-0107 810190 1450841 107/-50 46.0-47.0 1m@1.76 MDD16-0108 810200 1450882 107/-51 33.0-37.0 4m@0.77 MDD16-0109 809889 1450144 102/-50 102.0-103.0 1m@8.3 MDD16-0110 809896 1450218 105/-50 113.0-114.0 1m@2.21 MDD16-0111 809882 1450175 106/-51 105.0-108.0 3m@20.44 MDD16-0112 809886 1450058 107/-50 90.0-93.0 3m@1.21 MDD16-0113 809895 1450102 106/-50 97.0-98.0 1m@0.98 MDD16-0114 809926 1450246 105/-50 88.0-89.0 1m@0.54 MDD16-0115 809875 1450019 102/-50 80.0-82.0 2m@0.98 MDD16-0116 809846 1450068 106/-51 117.0-120.0 3m@7.93 MDD16-0116 809846 1450068 106/-51 133.0-135.0 2m@0.6 MDD16-0118 809836 1450029 106/-50 96.0-97.0 1m@2.5 MDD16-0118 809836 1450029 106/-50 100.0-101.0 1m@0.71 MDD16-0118 809836 1450029 106/-50 144.0-145.0 1m@0.67 MDD16-0119 809858 1450110 106/-50 126.0-127.0 1m@1.32 MDD16-0120 809943 1450327 106/51 109.0-111.0 2m@7.37 MDD16-0123 810001 1450476 105/-50 120.0-124.0 4m@0.9 MDD16-0124 809748 1449720 106/-50 88.0-89.0 1m@0.52 MDD16-0126 810016 1450519 110/-51 65.0-66.0 1m@1.37 Page 10 of 17

Hole ID UTM28N East UTM28N Intercept Values (g/t Azi/Dip Interval (m) North Au) * MDD16-0126 810016 1450519 110/-51 120.0-121.0 1m@0.47 MDD16-0127 810027 1450545 106/-59 108.0-117.0 9m@1.7 MDD16-0128 810033 1450597 104/-50 109.0-110.0 1m@0.79 MDD16-0129 810082 1450710 106/-50 62.0-64.0 2m@2.16 MDD16-0131 810043 1450633 107/-70 106.0-111.0 5m@3.59 MDD16-0132 810111 1450738 104/-50 53.0-54.0 1m@2.13 MDD16-0132 810111 1450738 104/-50 57.0-59.0 2m@0.61 MDD16-0133 810131 1450779 105/-50 55.0-56.0 1m@0.56 MDD16-0133 810131 1450779 105/-50 57.0-58.0 1m@0.42 MDD16-0134 810143 1450811 107/-50 53.0-58.0 5m@1.24 MDD16-0135 810153 1450852 104/-50 56.0-60.0 4m@1.86 MDD16-0136 810164 1450888 106/-50 46.0-54.0 8m@1.92 MDD16-0137 809900 1450626 105/-51 3.0-4.0 1m@0.96 MDD16-0137 809900 1450626 105/-51 6.0-10.0 4m@2.15 MDD16-0137 809900 1450626 105/-51 12.0-13.0 1m@0.72 MDD16-0137 809900 1450626 105/-51 15.0-16.0 1m@0.86 MDD16-0137 809900 1450626 105/-51 28.0-35.0 7m@0.93 MDD16-0137 809900 1450626 105/-51 61.0-62.0 1m@0.56 MDD16-0137 809900 1450626 105/-51 69.0-71.0 2m@0.84 MDD16-0138 809901 1450713 104/-50 4.0-5.0 1m@1.03 MDD16-0138 809901 1450713 104/-50 7.0-8.0 1m@3.81 MDD16-0138 809901 1450713 104/-50 36.0-39.0 3m@8.05 MDD16-0138 809901 1450713 104/-50 62.0-63.0 1m@0.62 MDD16-0138 809901 1450713 104/-50 65.0-67.0 2m@1.13 MDD16-0138 809901 1450713 104/-50 72.0-73.0 1m@0.76 MDD16-0138 809901 1450713 104/-50 75.0-77.0 2m@0.77 MDD16-0138 809901 1450713 104/-50 219.0-222.0 3m@1.22 MDD16-0139 809939 1449958 106/-51 75.0-77.0 2m@0.47 MDD16-0140 809901 1450505 104/-50 15.0-18.0 3m@0.48 MDD16-0141 809801 1450367 105/-51 4.0-8.0 4m@0.64 MDD16-0141 809801 1450367 105/-51 11.0-12.0 1m@1.33 MDD16-0141 809801 1450367 105/-51 14.0-19.0 5m@2.78 MDD16-0141 809801 1450367 105/-51 21.0-22.0 1m@0.7 MDD16-0141 809801 1450367 105/-51 31.0-32.0 1m@1.14 MDD16-0141 809801 1450367 105/-51 50.0-51.0 1m@0.78 MDD16-0141 809801 1450367 105/-51 55.0-59.0 4m@0.55 MDD16-0142 809901 1449970 107/-51 90.0-92.0 2m@0.92 MDD16-0143 809801 1450284 105/-50 9.0-12.0 3m@4.4 MDD16-0144 809910 1450667 106/-50 10.0-12.0 2m@0.99 MDD16-0144 809910 1450667 106/-50 19.0-20.0 1m@0.62 MDD16-0144 809910 1450667 106/-50 35.0-36.0 1m@0.91 MDD16-0144 809910 1450667 106/-50 61.0-66.0 5m@1.5 MDD16-0144 809910 1450667 106/-50 69.0-70.0 1m@0.93 MDD16-0145 809886 1450590 106/-50 69.0-70.0 1m@0.7 MDD16-0145 809886 1450590 106/-50 72.0-73.0 1m@1.1 MDD16-0146 809924 1449924 108/-50 59.0-60.0 1m@0.48 MDD16-0146 809924 1449924 108/-50 76.0-77.0 1m@0.5 MDD16-0146 809924 1449924 108/-50 87.0-89.0 2m@0.61 MDD16-0146 809924 1449924 108/-50 91.0-92.0 1m@0.5 MDD16-0146 809924 1449924 108/-50 94.0-95.0 1m@2.43 MDD16-0146 809924 1449924 108/-50 111.0-112.0 1m@1.96 MDD16-0151 809906 1449885 104/-51 54.0-55.0 1m@0.58 MDD16-0151 809906 1449885 104/-51 73.0-74.0 1m@0.62 MDD16-0152 810114 1450862 105/-50 74.0-75.0 1m@0.71 MDD16-0154 809805 1450654 104/-50 17.0-18.0 1m@3.1 MDD16-0154 809805 1450654 104/-50 33.0-34.0 1m@0.4 MDD16-0154 809805 1450654 104/-50 71.0-72.0 1m@1.08 MDD16-0154 809805 1450654 104/-50 74.0-75.0 1m@0.43 MDD16-0154 809805 1450654 104/-50 79.0-80.0 1m@0.43 MDD16-0154 809805 1450654 104/-50 103.0-104.0 1m@0.61 MDD16-0154 809805 1450654 104/-50 120.0-121.0 1m@0.62 MDD16-0155 810103 1450823 105/-50 72.0-79.0 7m@1.99 MDD16-0156 810091 1450787 108/-51 73.0-74.0 1m@1.67 Page 11 of 17

Hole ID UTM28N East UTM28N Intercept Values (g/t Azi/Dip Interval (m) North Au) * MDD16-0157 810077 1450750 103/-51 72.0-74.0 2m@0.48 MDD16-0159 810081 1450462 104/-50 63.0-64.0 1m@1.35 MDD16-0162 809834 1449573 104/-51 50.0-51.0 1m@0.52 * Intervals calculated using a 0.4 Au cut-off and 2 m maximum internal dilution. Notes: 1. True widths are unknown. 2. Intercept gold values are determined from uncapped assays. Table 2: Golouma North Exploration Drilling Results Hole # UTM28N East UTM28N North Azi/Dip Interval (m) Intercept Values (g/t Au) * MDD16-0048 814840 1454911 136/-50 34.0-47.0 13m@0.85 MDD16-0048 814840 1454911 136/-50 89.0-90.0 1m@4.27 MDD16-0048 814840 1454911 136/-50 94.0-97.0 3m@4.37 MDD16-0053 814814 1454943 139/-50 75.0-81.0 6m@0.54 MDD16-0053 814814 1454943 139/-50 110.0-113.0 3m@2.02 MDD16-0053 814814 1454943 139/-50 124.0-134.0 10m@2.73 MDD16-0057 814829 1454956 136/-50 35.0-36.0 1m@0.42 MDD16-0057 814829 1454956 136/-50 63.0-64.0 1m@0.61 MDD16-0057 814829 1454956 136/-50 97.0-98.0 1m@0.93 MDD16-0057 814829 1454956 136/-50 130.0-131.0 1m@1.15 MDD16-0057 814829 1454956 136/-50 142.0-143.0 1m@1.91 MDD16-0068 814864 1454938 138/-51 34.0-35.0 1m@1.74 MDD16-0070 814791 1454757 76/-50 4.0-7.0 3m@4.81 MDD16-0075 814707 1454839 136/-50 110.0-112.0 2m@1.78 MDD16-0075 814707 1454839 136/-50 127.0-130.0 3m@1.5 MDD16-0078 814707 1454839 138/-62 120.0-121.0 1m@0.73 MDD16-0088 814428 1454294 91/-51 0.0-2.0 2m@1.36 MDD16-0088 814428 1454294 91/-51 46.0-49.0 3m@0.68 MDD16-0090 814433 1454338 89/-50 34.0-48.0 14m@1.24 MDD16-0094 814426 1454214 91/-50 28.0-29.0 1m@0.73 MDD16-0096 814500 1454409 132/-50 43.0-48.0 5m@1.26 MDD16-0098 814625 1454665 105/-50 92.0-93.0 1m@0.49 MDD16-0098 814625 1454665 105/-50 99.0-102.0 3m@2.94 MDD16-0147 814678 1454709 138/-50 76.0-77.0 1m@1.32 MDD16-0148 814640 1454645 135/-50 37.0-38.0 1m@1.63 MDD16-0149 814624 1454539 137/-50 64.0-67.0 3m@5.8 MDD16-0149 814624 1454539 137/-50 159.0-160.0 1m@2.21 MDD16-0150 814526 1454440 135/-45 12.0-16.0 4m@1.17 * Intervals calculated using a 0.4 g/t Au cut-off and 2 m maximum internal dilution. Notes: 1. True widths are unknown. 2. Intercept gold values are determined from uncapped assays. Page 12 of 17

Table 3: Honey Trench Results Trench # UTM28N East UTM28N North Azimuth Interval (m) Intercept Values (g/t Au) * 48-49 1 m @ 0.76 86-87 1 m @ 0.44 106-109 3 m @ 0.72 113-114 1 m @ 0.49 137-138 1 m @ 7.83 RTR16-0048 837334 1474204 270 148-149 1 m @ 0.68 154-161 7 m @ 0.29 234-235 1 m @ 0.42 239-240 1 m @ 0.82 254-259 5 m @ 2.74 ; Incl. 2 m @ 6.05 291-292 1 m @ 0.83 314-315 1 m @ 0.5 139-143 4 m @ 0.58 RTR16-0049 836842 1474000 90 164-165 1 m @ 0.65 171-172 1 m @ 0.84 112-112 1 m @ 0.60 RTR16-0050 836534 1473452 115 227-231 3 m @ 0.44 236-239 3 m @ 0.71 301-302 1 m @ 1.21 26-28 2 m @ 1.35 51-52 1 m @ 0.62 RTR16-0060 836657 1474424 160 65-66 1 m @ 0.40 88-89 1 m @ 0.53 103-109 6 m @ 1.11 ; incl. 2 m @ 2.34 127-142 15 m @ 2.69 ; incl. 2 m @ 14.6 * Intervals calculated using a 0.4 Au cut-off and 2 m maximum internal dilution. Notes: 1. True widths are unknown. 2. Intercept gold values are determined from uncapped assays Table 4: Cinnamon Trench Results Trench # UTM28N East UTM28N North Azimuth Interval (m) Intercept Values (g/t Au) * 42.0-44.0 2 m @ 0.53 RTR16-0056 840300 1476502 115 128-129 1 m @ 0.62 RTR16-0059 840346 1477217 90 7.0-8.0 1 m @1.02 * Intervals calculated using a 0.4 g/t Au cut-off and 2 m maximum internal dilution. Notes: 1. True widths are unknown. 2. Intercept gold values are determined from uncapped assays Page 13 of 17

Table 5: Goumbati West Reverse Circulation Drilling Zone C Teranga Gold Third Quarter 2016 Exploration Update October 28, 2016 Hole ID UTM28N Intercept Values UTM28N North Azi/Dip Interval (m) East ( g/t Au) * MRB16-0001 809963 1450731 90/-50 14.0-15.0 1m@1.24 MRB16-0001 809963 1450731 90/-50 18.0-19.0 1m@7.75 MRB16-0002 809983 1450730 90/-50 3.0-10.0 7m@0.79 MRB16-0002 809983 1450730 90/-50 18.0-19.0 1m@1.09 MRB16-0002 809983 1450730 90/-50 25.0-27.0 2m@3.71 MRB16-0003 809942 1450730 90/-50 21.0-22.0 1m@0.82 MRB16-0005 809900 1450729 90/-50 15.0-16.0 1m@0.41 MRB16-0005 809900 1450729 90/-50 28.0-29.0 1m@0.66 MRB16-0006 809880 1450731 90/-50 7.0-8.0 1m@0.5 MRB16-0006 809880 1450731 90/-50 15.0-16.0 1m@0.77 MRB16-0006 809880 1450731 90/-50 20.0-21.0 1m@3.97 MRB16-0007 809862 1450730 90/-50 17.0-18.0 1m@0.74 MRB16-0008 809842 1450730 90/-50 12.0-13.0 1m@0.41 MRB16-0008 809842 1450730 90/-50 16.0-17.0 1m@1.65 MRB16-0008 809842 1450730 90/-50 21.0-25.0 4m@0.68 MRB16-0008 809842 1450730 90/-50 29.0-30.0 1m@0.45 MRB16-0009 809822 1450730 90/-50 26.0-27.0 1m@0.75 MRB16-0019 809614 1450731 90/-50 9.0-10.0 1m@0.59 MRB16-0032 809980 1450628 90/-50 2.0-3.0 1m@1.09 MRB16-0032 809980 1450628 90/-50 15.0-16.0 1m@0.62 MRB16-0033 809961 1450628 90/-50 10.0-11.0 1m@0.72 MRB16-0034 809938 1450625 90/-50 0.0-5.0 5m@1.46 MRB16-0034 809938 1450625 90/-50 9.0-10.0 1m@1.1 MRB16-0035 809922 1450625 90/-50 4.0-5.0 1m@3.1 MRB16-0035 809922 1450625 90/-50 16.0-17.0 1m@1.02 MRB16-0035 809922 1450625 90/-50 23.0-24.0 1m@0.48 MRB16-0036 809903 1450629 90/-50 3.0-4.0 1m@3.42 MRB16-0037 809885 1450627 90/-50 20.0-21.0 1m@0.53 MRB16-0039 809841 1450625 90/-50 19.0-20.0 1m@0.5 MRB16-0040 809822 1450625 90/-50 0.0-1.0 1m@0.47 MRB16-0046 809702 1450631 90/-50 26.0-30.0 4m@0.56 MRB16-0063 809940 1450532 90/-50 3.0-10.0 7m@0.86 MRB16-0063 809940 1450532 90/-50 13.0-18.0 5m@0.42 MRB16-0063 809940 1450532 90/-50 23.0-25.0 2m@1.05 MRB16-0064 809921 1450531 90/-50 9.0-10.0 1m@1.03 MRB16-0064 809921 1450531 90/-50 21.0-26.0 5m@0.88 MRB16-0064 809921 1450531 90/-50 24.0-26.0 2m@1.83 MRB16-0065 809901 1450532 90/-50 7.0-8.0 1m@0.7 MRB16-0065 809901 1450532 90/-50 15.0-17.0 2m@1.26 MRB16-0065 809901 1450532 90/-50 21.0-22.0 1m@1.47 MRB16-0066 809883 1450532 90/-50 1.0-4.0 3m@1.28 MRB16-0067 809861 1450534 90/-50 9.0-10.0 1m@3.11 MRB16-0067 809861 1450534 90/-50 15.0-16.0 1m@0.42 MRB16-0068 809841 1450532 90/-50 14.0-15.0 1m@0.43 MRB16-0068 809841 1450532 90/-50 17.0-19.0 2m@0.46 MRB16-0068 809841 1450532 90/-50 24.0-29.0 5m@1.9 MRB16-0069 809822 1450531 90/-50 18.0-20.0 2m@0.73 MRB16-0069 809822 1450531 90/-50 24.0-30.0 6m@0.84 MRB16-0072 809764 1450527 90/-50 5.0-6.0 1m@0.78 MRB16-0073 809743 1450529 90/-50 28.0-29.0 1m@0.82 MRB16-0078 809625 1450533 90/-50 10.0-12.0 2m@1.18 MRB16-0078 809625 1450533 90/-50 22.0-23.0 1m@0.52 MRB16-0078 809625 1450533 90/-50 27.0-28.0 1m@0.53 MRB16-0083 809520 1450532 90/-50 17.0-18.0 1m@0.53 MRB16-0084 809485 1450530 90/-50 19.0-20.0 1m@0.61 MRB16-0084 809485 1450530 90/-50 24.0-29.0 5m@0.41 MRB16-0088 809971 1450778 90/-50 6.0-7.0 1m@1.15 MRB16-0088 809971 1450778 90/-50 11.0-12.0 1m@1.05 MRB16-0088 809971 1450778 90/-50 26.0-27.0 1m@0.69 MRB16-0089 809953 1450778 90/-50 9.0-10.0 1m@0.46 MRB16-0090 809934 1450780 90/-50 12.0-13.0 1m@1.65 Page 14 of 17

Hole ID UTM28N Intercept Values UTM28N North Azi/Dip Interval (m) East ( g/t Au) * MRB16-0091 809913 1450779 90/-50 7.0-9.0 2m@0.61 MRB16-0094 809856 1450780 90/-50 9.0-11.0 2m@0.93 MRB16-0095 809833 1450780 90/-50 20.0-21.0 1m@0.43 MRB16-0095 809833 1450780 90/-50 29.0-30.0 1m@0.43 MRB16-0096 809814 1450781 90/-50 7.0-8.0 1m@0.43 MRB16-0101 810014 1450437 90/-50 21.0-22.0 1m@0.41 MRB16-0107 809873 1450435 90/-50 2.0-5.0 3m@0.48 MRB16-0107 809873 1450435 90/-50 16.0-17.0 1m@1.51 MRB16-0109 809836 1450431 90/-50 4.0-9.0 5m@1.38 MRB16-0109 809836 1450431 90/-50 16.0-18.0 2m@0.54 MRB16-0109 809836 1450431 90/-50 29.0-30.0 1m@0.9 MRB16-0110 809816 1450431 90/-50 10.0-14.0 4m@0.56 MRB16-0111 809797 1450432 90/-50 23.0-24.0 1m@2.11 MRB16-0111 809797 1450432 90/-50 29.0-30.0 1m@0.56 MRB16-0112 809774 1450432 90/-50 15.0-16.0 1m@0.95 MRB16-0113 809755 1450431 90/-50 7.0-9.0 2m@0.51 MRB16-0114 809736 1450432 90/-50 11.0-18.0 7m@1.3 MRB16-0115 809716 1450431 90/-50 4.0-6.0 2m@0.53 MRB16-0115 809716 1450431 90/-50 21.0-25.0 4m@1.4 MRB16-0115 809716 1450431 90/-50 29.0-30.0 1m@3.92 MRB16-0116 809695 1450429 90/-50 18.0-21.0 3m@0.75 MRB16-0116 809695 1450429 90/-50 27.0-28.0 1m@0.64 MRB16-0118 809655 1450431 90/-50 5.0-6.0 1m@0.41 MRB16-0133 809636 1450778 90/-50 3.0-4.0 1m@1.15 MRB16-0135 809591 1450779 90/-50 6.0-8.0 2m@4.96 MRB16-0137 809829 1450335 90/-50 18.0-19.0 1m@0.89 MRB16-0137 809829 1450335 90/-50 24.0-29.0 5m@3.01 MRB16-0138 809810 1450335 90/-50 6.0-10.0 4m@1.54 MRB16-0138 809810 1450335 90/-50 17.0-19.0 2m@1.04 MRB16-0139 809788 1450331 90/-50 5.0-6.0 1m@0.65 MRB16-0140 809770 1450328 90/-50 2.0-3.0 1m@0.4 MRB16-0140 809770 1450328 90/-50 7.0-8.0 1m@1.33 MRB16-0140 809770 1450328 90/-50 15.0-16.0 1m@0.66 MRB16-0140 809770 1450328 90/-50 21.0-22.0 1m@0.6 MRB16-0141 809749 1450326 90/-50 3.0-4.0 1m@0.56 MRB16-0142 809729 1450328 90/-50 6.0-8.0 2m@0.49 MRB16-0143 809709 1450328 90/-50 5.0-11.0 6m@0.44 MRB16-0144 809690 1450326 90/-50 7.0-8.0 1m@0.47 MRB16-0153 809792 1450211 90/-50 18.0-22.0 4m@0.91 MRB16-0154 809774 1450211 90/-50 9.0-10.0 1m@0.86 MRB16-0154 809774 1450211 90/-50 28.0-29.0 1m@0.65 MRB16-0155 809713 1450211 90/-50 19.0-20.0 1m@0.75 MRB16-0156 809694 1450209 90/-50 9.0-11.0 2m@1.04 MRB16-0158 809650 1450206 90/-50 3.0-4.0 1m@0.49 MRB16-0162 809569 1450207 90/-50 24.0-25.0 1m@0.44 MRB16-0163 809782 1450106 90/-50 25.0-30.0 5m@1.47 MRB16-0164 809760 1450101 90/-50 14.0-15.0 1m@0.56 MRB16-0164 809760 1450101 90/-50 19.0-20.0 1m@0.66 MRB16-0168 809639 1450096 90/-50 15.0-20.0 5m@2.05 MRB16-0169 809623 1450096 90/-50 2.0-6.0 4m@0.45 MRB16-0173 810460 1449983 90/-50 8.0-12.0 4m@0.46 MRB16-0173 810460 1449983 90/-50 11.0-12.0 1m@0.41 * Intervals calculated using a 0.4 Au cut-off and 2 m maximum internal dilution. Notes: 1. True widths are unknown. 2. Intercept gold values are determined from uncapped assays Page 15 of 17

Table 6: Golouma North Diamond Drill Hole Results Teranga Gold Third Quarter 2016 Exploration Update October 28, 2016 Hole ID UTM28N East UTM28N North Azi/Dip Interval (m) Intercept Values ( g/t Au) * MDD16-0048 814840 1454911 136/-50 34.0-47.0 13m@0.85 MDD16-0048 814840 1454911 136/-50 89.0-90.0 1m@4.27 MDD16-0048 814840 1454911 136/-50 94.0-97.0 3m@4.37 MDD16-0053 814814 1454943 139/-50 75.0-81.0 6m@0.54 MDD16-0053 814814 1454943 139/-50 110.0-113.0 3m@2.02 MDD16-0053 814814 1454943 139/-50 124.0-134.0 10m@2.73 MDD16-0057 814829 1454956 136/-50 35.0-36.0 1m@0.42 MDD16-0057 814829 1454956 136/-50 63.0-64.0 1m@0.61 MDD16-0057 814829 1454956 136/-50 97.0-98.0 1m@0.93 MDD16-0057 814829 1454956 136/-50 130.0-131.0 1m@1.15 MDD16-0057 814829 1454956 136/-50 142.0-143.0 1m@1.91 MDD16-0068 814864 1454938 138/-51 34.0-35.0 1m@1.74 MDD16-0070 814791 1454757 76/-50 4.0-7.0 3m@4.81 MDD16-0075 814707 1454839 136/-50 110.0-112.0 2m@1.78 MDD16-0075 814707 1454839 136/-50 127.0-130.0 3m@1.5 MDD16-0078 814707 1454839 138/-62 120.0-121.0 1m@0.73 MDD16-0088 814428 1454294 91/-51 0.0-2.0 2m@1.36 MDD16-0088 814428 1454294 91/-51 46.0-49.0 3m@0.68 MDD16-0090 814433 1454338 89/-50 34.0-48.0 14m@1.24 MDD16-0094 814426 1454214 91/-50 28.0-29.0 1m@0.73 MDD16-0096 814500 1454409 132/-50 43.0-48.0 5m@1.26 MDD16-0098 814625 1454665 105/-50 92.0-93.0 1m@0.49 MDD16-0098 814625 1454665 105/-50 99.0-102.0 3m@2.94 MDD16-0147 814678 1454709 138/-50 76.0-77.0 1m@1.32 MDD16-0148 814640 1454645 135/-50 37.0-38.0 1m@1.63 MDD16-0149 814624 1454539 137/-50 64.0-67.0 3m@5.8 MDD16-0149 814624 1454539 137/-50 159.0-160.0 1m@2.21 MDD16-0150 814526 1454440 135/-45 12.0-16.0 4m@1.17 * Intervals calculated using a 0.4 g/t Au cut-off and 2 m maximum internal dilution. Notes: 1. True widths are unknown. 2. Intercept gold values are determined from uncapped assays Table 7: Marougou South Trench Drill Results Hole ID UTM28N East UTM28N North Azimuth Interval (m) Intercept Values (g/t Au) * 23.0-24.0 1.0 m @ 0.76 RDD16-0044 193978.000 1467685.000 120 42.0-43.0 1.0 m @ 0.48 112.0-114.0 2.0 m @ 1.56 RDD16-0046 193860.000 1467442.000 120 47.0-48.0 1.0 m @ 0.46 54.0-58.0 4.0 m @ 13.8g/t; incl. 2.0 m @ 27.5 * Intervals calculated using a 0.4 g/t Au cut-off and 2 m maximum internal dilution. Notes: 1. True widths are unknown. 2. Intercept gold values are determined from uncapped assays Competent Persons Statements The technical information contained in this Report relating to mineral resource estimates for Goumbati West, Golouma North and Marougou Main 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 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 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 Page 16 of 17

"independent" within the meaning of National Instrument 43-101. Mr. Mann has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a 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 news release 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 release, including the sampling, analytical and test data underlying the information. The RC samples are prepared at site and assayed in the SGS laboratory located at the site. Analysis for diamond drilling is sent for fire assay analysis at ALS Johannesburg, South Africa. Mr. Mann has consented to the inclusion in this news release of the matters based on his compiled information in the form and context in which it appears herein. 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 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 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. Forward-Looking Statement This press release 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", "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 press release include commencement of expected drill programs, the anticipated exploration spend for 2017, the anticipated conversion of resources into reserves at Banfora, the timing and the completion of the updated 2Mtpa Feasibility Study for Banfora, the timing of completion of construction of Banfora including first gold pour, and anticipated future development and interest in joint venture projects. Although the forward-looking information contained in this press release 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 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. All references to Teranga include its subsidiaries unless the context requires otherwise. This press release 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. Page 17 of 17