Mr. Richard Young reports

TERANGA GOLD CONCLUDES $165 MILLION DEVELOPMENT FINANCE FACILITY WITH TAURUS

Teranga Gold Corp. has concluded an agreement with various funds managed by Taurus Funds Management Pty. Ltd. in respect of its previously announced secured development finance facility (all amounts are in U.S. dollars unless otherwise indicated). The facility includes the following:

• $165-million to be used toward financing the development of the Wahgnion gold project and to repay all of the company's current outstanding bank debt, totalling $15-million drawn on its revolving credit facility;
• $25-million to be used toward future advancement of a feasibility study for the Golden Hill project;
• $10-million equipment lease facility carveout for which the company has received a number of term sheets and is currently evaluating.

In connection with the execution of the facility agreement, the company today also issued to Taurus an aggregate of two million unlisted four-year warrants to acquire Teranga common shares at an exercise price equal to $5.22 (Canadian). Other material terms of the facility were previously disclosed by Teranga in its press release of March 12, 2018, announcing the commitment letter for the facility.

All drawdowns by the company of funds under the facility are subject to customary conditions precedent. While the company is targeting early May, 2018, as the initial drawdown date, there is no guarantee that all of the conditions precedent will be satisfied or that drawdown will occur.

About Teranga Gold Corp.

Teranga is a multijurisdictional West African gold company focused on production and development, as well as the exploration of more than 5,000 square kilometres of land, located on prospective gold belts. Since its initial public offering in 2010, Teranga has produced more than 1.4 million ounces of gold from its operations in Senegal, which as of June 30, 2017, had a reserve base of 2.7 million ounces of gold. Focused on diversification and growth, the company is advancing its Wahgnion gold project, with a recently released positive feasibility study, and conducting extensive exploration programs in three countries: Burkina Faso, Senegal and Ivory Coast. The company has nearly 4.0 million ounces of gold reserves from its combined Sabodala gold operations and Wahgnion gold project.

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