Teranga Gold Corporation Pitch Deck (2016) Breakdown

Teranga Gold’s August 2016 presentation is a quintessential public-market resource deck. Spanning 32 slides (with 8 key slides analyzed here), it moves quickly past the 'vision' to focus on hard valuation metrics, specifically targeting an 'undervaluation' narrative. The deck is anchored by the Sabodala Gold Mine in Senegal and the proposed acquisition of Gryphon Minerals in Burkina Faso. Unlike venture decks that sell potential, this deck sells proven and probable reserves, citing a $549 million cumulative cash flow projection over the life of the mine. It is heavy on technical compliance (N…

Key takeaways

• The company positions itself as undervalued by comparing its $401M Enterprise Value to peers like B2Gold at $3,624M (Slide 5).
• Teranga projects $549M in cumulative cash flow over the life of the Sabodala mine, despite a planned $44M negative cash flow year in 2021 for underground development (Slide 13).
• The deck highlights a specific M&A strategy involving the acquisition of Gryphon Minerals in Burkina Faso and a joint venture with Miminvest in Cote d'Ivoire (Slide 17).
• Reserve growth is a core metric, showing an 80% increase in reserves since the 2010 IPO, reaching a pro-forma 3.5Moz for 2016 (Slide 21).
• Technical transparency is high, with a full breakdown of measured, indicated, and inferred resources across 10 different deposits (Slide 25).
• The presentation relies heavily on BMO GoldPages data from August 22, 2016, to validate its market positioning (Slide 5).
• Operational focus is centered on West Africa, specifically Senegal, Burkina Faso, and Cote d'Ivoire (Slides 9, 17).

Frequently asked questions

What is the primary valuation argument in this deck?

Teranga Gold argues they are significantly undervalued relative to their production and reserves. On Slide 5, they show an EV/2016E EBITDA multiple of 3.1x, which is the lowest among their peer group, including Endeavour (5.6x) and Roxgold (13.1x). By highlighting these discrepancies, they are signaling a 'buy' opportunity to investors based on a eventual market correction to peer-level multiples.

How does the company handle the risk of negative cash flow?

Slide 13 explicitly forecasts a negative cash flow of $44 million in 2021. Rather than hiding this, they frame it as a necessary 'large capex associated with underground mine development.' This transparency builds credibility with institutional investors who understand the cyclical capital requirements of transitioning from open-pit to underground mining operations.

What is the significance of the Gryphon Minerals acquisition?

The acquisition is the primary driver for their 'Pro Forma 2016' reserve growth. According to Slide 21, adding Gryphon’s 0.826Moz of reserves to Teranga’s existing 2.63Moz allows the company to reach a 3.5Moz reserve base. This move shifts the company from a single-asset producer to a multi-jurisdictional player in West Africa.

What technical standards does the deck adhere to?

The deck frequently references NI 43-101 Technical Reports (Slide 13) and CIM definitions for Mineral Resources (Slide 25). These are Canadian regulatory standards for disclosure for mineral projects. Adhering to these is mandatory for their TSX listing and ensures that the 'Proven & Probable' reserve claims are audited and standardized.

Who is the intended audience for this presentation?

This is not a deck for seed investors. With its focus on EV/EBITDA multiples, gold grade (grams per tonne), and complex resource tables, it is designed for institutional equity analysts, hedge fund managers, and mining-sector specialists who trade on the TSX and ASX.

Teranga Gold Corporation pitch deck: the facts

Company

Teranga Gold Corporation

Year

2016

Stage

Public (TSX/ASX Listed)

Slides

32

Sector

Mining / Gold Production

Deck type

Investor Presentation / M&A Update

Outcome

Acquired by Endeavour Mining in 2021

Headquarters

Toronto, Canada (Operational focus in West Africa)

Teranga Gold Corporation pitch deck PDF

The full Teranga Gold Corporation deck is embedded on this page and can be read slide by slide in the browser — no download or account required. Each slide is covered in the breakdown above.

What the Teranga Gold Corporation pitch deck was used for

This deck is Teranga Gold Corporation’s August 24, 2016 investor presentation for its TSX/ASX-listed gold mining business operating in West Africa. It was published shortly after Teranga announced its agreement to acquire Gryphon Minerals in June 2016, an all‑share transaction valued at approximately US$63 million. The presentation was used to communicate Teranga’s growth strategy, including integration of Gryphon’s assets such as the Banfora gold project, and broader West African exploration potential to public-market investors. As a 2016 public-company investor deck, it supported ongoing equity financings completed later that year, including a bought‑deal equity offering of approximately C$36.4 million and a concurrent placement to Tablo Corporation.

Business model: Teranga Gold Corporation was a Canadian-based gold mining company focused on the discovery, development, and operation of gold mines in West Africa, primarily in Senegal, with additional projects in Burkina Faso.

Year

2016

Investors

A syndicate of underwriters for the bought‑deal equity offering completed on November 21, 2016., Tablo Corporation, Teranga’s largest shareholder, which completed a concurrent non‑brokered private placement to maintai

Headquarters

121 King Street West, Suite 2600, Toronto, Ontario, Canada M5H 3T9.

Industry

Gold mining and exploration.

Round: Public‑company equity offering (bought‑deal) following a transformational acquisition.

Raised: The November 21, 2016 bought‑deal equity offering raised gross proceeds of approximately C$36.4 million through the sale of 6,500,000 common shares and 431,000 over‑allotment shares at C$5.25 per share. Net cash from all 2016 financing activities totaled US$54.3 million, largely from equity offerings in the fourth quarter.

Total funding: Net cash generated from financing activities in 2016 was US$54.3 million, related to proceeds received from equity offerings in the fourth quarter, according to the company’s 2016 annual report.

Use of funds as presented: Teranga planned to direct about US$30 million of the net proceeds from its 2016 equity offering to construction readiness activities for the Banfora gold project, and use the remainder to fund exploration activities at Banfora, Golden Hill, and Gourma.

What happened after the Teranga Gold Corporation deck

Following its August 2016 investor presentation, Teranga Gold Corporation successfully closed the all‑share acquisition of Gryphon Minerals and executed a significant equity offering, generating gross proceeds of approximately C$36.4 million plus a concurrent placement to its largest shareholder, Tablo Corporation. These steps funded construction readiness and exploration at Banfora, Golden Hill,

• Completion of the Gryphon Minerals acquisition via an all‑share scheme of arrangement, with total consideration of appro
• Completion on November 21, 2016 of a bought‑deal equity offering of 6,500,000 common shares plus 431,000 over‑allotment
• Reporting of US$54.3 million in net cash generated from financing activities for the year ended December 31, 2016, mainl
• Strategic focus on directing approximately US$30 million of net proceeds to construction readiness activities at the Ban

What the Teranga Gold Corporation deck got right

• Clear positioning as a dual‑listed West African gold producer. The August 2016 investor presentation is anchored in Teranga’s status as a TSX/ASX‑listed gold producer operating in West Africa, providing investors with a clear corporate identity, listing information, and contact details, which reinforces credibility and transparency.
• Strong alignment with a transformative M&A transaction. The deck sits alongside detailed public disclosures of a major all‑share acquisition of Gryphon Minerals, allowing investors to connect the strategic narrative to concrete transaction terms, including the exchange ratio and consideration value.
• Backed by well‑documented financing and use‑of‑proceeds disclosures. Teranga’s 2016 and 2017 filings outline specific equity offerings and use of proceeds for Banfora, Golden Hill, and Gourma, meaning investors could link the operational growth story in the deck to documented financing and capital allocation plans.
• Robust investor relations access and transparency. The company provides precise contact information for investor relations and corporate offices in the presentation and related decks, supporting ongoing engagement and due diligence by institutional and retail investors.
• Compelling growth narrative toward a multi‑asset portfolio. By highlighting its multi‑asset West African pipeline and the integration of Gryphon’s projects, the deck positions Teranga as evolving from a single‑asset producer to a diversified regional operator, which can be attractive for investors seeking growth and risk diversification.

What could have been stronger

• Limited explicit linkage between operations narrative and precise capital requirements. As a public‑company investor presentation, the August 2016 deck is oriented toward operational metrics and corporate transactions but does not clearly tie those details to specific, quantified use‑of‑proceeds or capital needs within the slides themselves, leaving investors to rely on separate press releases and filings for financing specifics.
• Risk coverage appears constrained to operational and project‑level factors. The deck focuses on Teranga’s West African mining assets and the Gryphon acquisition but, based on available descriptions, does not prominently address broader macro‑risk factors such as country risk, regulatory changes, and long‑term commodity price scenarios beyond standard forward‑looking disclaimers.
• Technical density may reduce accessibility for generalist investors. Being prepared for a dual listing on TSX and ASX, the deck uses technical mining language and detailed geological and project data, which may be difficult for non‑specialist investors to interpret without prior sector knowledge or additional guidance.

How an investor would read this deck

What draws attention

• How the acquisition of Gryphon Minerals and associated projects such as Banfora, Golden Hill, and Gourma would transform Teranga from a single‑asset to a multi‑asset West African gold producer, and the timeline and capital requirements for bringing these projects into production.
• The terms and dilution impact of the Gryphon all‑share transaction and subsequent equity offerings, including the bought‑deal share issuance and Tablo Corporation’s anti‑dilution placement.
• Operational performance and cash flow generation from Teranga’s existing producing assets, which underpin its ability to fund development projects and manage leverage.
• Country and jurisdictional risk across Senegal and Burkina Faso, including permitting, infrastructure, and security considerations affecting project execution.

Risks that stand out

• Execution risk in integrating Gryphon Minerals’ assets and delivering the Banfora gold project and other exploration properties to production on time and within budget.
• Dilution risk to existing shareholders from the all‑share acquisition of Gryphon and subsequent equity offerings, which increased the share count to fund growth.
• Exposure to gold price volatility, which directly affects project economics, cash flow, and the attractiveness of exploration and development spending.
• Jurisdictional and regulatory risk associated with operating and developing mines in Senegal and Burkina Faso, including permitting, tax regimes, and local stakeholder relations.

Questions this deck invites

• How did the financial and operating performance of Teranga’s core producing mine track versus the projections and guidance communicated around August 2016 and in subsequent quarterly disclosures?
• What detailed feasibility studies and reserve/resource updates were completed for the Banfora, Golden Hill, and Gourma projects after the Gryphon acquisition, and how did they compare with expectations outlined in the 2016 investor material
• How much dilution did shareholders experience from the Gryphon all‑share transaction and the late‑2016 equity offering, and what was the resulting impact on per‑share production and net asset value?
• What were the realized construction and development costs at Banfora and other acquired projects relative to the planned allocation of approximately C$36.4 million in gross equity proceeds and related financings?
• How did Teranga’s risk management practices and country exposure evolve after 2016, and were there any material regulatory, political, or operational disruptions affecting its West African projects?

What founders can take from the Teranga Gold Corporation deck

• Public‑market mining investor decks can effectively serve dual purposes: communicating an acquisition strategy (such as Teranga’s all‑share purchase of Gryphon Minerals) while also preparing the market for follow‑on equity financings tied to specific development projects.
• Clear disclosure in filings and press releases about equity offering terms, including share counts, prices, and use of proceeds, is critical for investors to evaluate dilution and capital allocation, even when those details are only briefly referenced in the deck itself.
• Aligning an investor presentation with a transformative M&A transaction and a pipeline of development projects helps frame the company’s evolution from a single‑asset producer to a multi‑asset regional operator, which can broaden its appeal to institutional investors.
• Dual‑listing on TSX and ASX requires investor materials that resonate with both North American and Australian mining investors, reinforcing the need for consistent technical disclosure and contact information across presentations.
• Using a large shareholder’s anti‑dilution rights (as with Tablo Corporation’s concurrent placement) can support financing rounds and signal confidence, but it also adds structural complexity that investors must understand when assessing governance and capital structure.

Teranga Gold Corporation pitch deck: common questions

What kind of company is Teranga Gold Corporation and where was it listed?

Teranga Gold Corporation was a Canadian gold mining company listed on both the Toronto Stock Exchange (TSX:TGZ) and the Australian Securities Exchange (ASX:TGZ), with operations focused on gold production and development in Senegal and other West African countries.

What was the purpose of Teranga Gold’s August 2016 investor presentation deck?

The August 2016 investor presentation was a public‑market deck used to brief TSX and ASX investors on Teranga’s operations, growth strategy, and its planned acquisition of Gryphon Minerals, following the June 2016 announcement of the all‑share transaction. It contextualized Teranga’s existing producing assets and Gryphon’s development projects, positioning the combined company as a multi‑asset West African gold producer.

What major transaction was highlighted around the time of this August 2016 deck?

In June 2016, Teranga announced an agreement to acquire Gryphon Minerals in an all‑share transaction valued at about US$63 million, exchanging each Gryphon share for 0.169 of a Teranga CDI or common share. The August 2016 deck supported investor communications around this acquisition and the integration of Gryphon’s projects.

What equity financings did Teranga complete in 2016 around this deck?

Later in 2016, Teranga completed an equity offering to a syndicate of underwriters on a bought‑deal basis, selling 6,500,000 common shares plus 431,000 over‑allotment shares at C$5.25 per share for gross proceeds of approximately C$36.4 million. Net cash from financing activities in 2016 totaled US$54.3 million, primarily from equity offerings in the fourth quarter. Tablo Corporation, Teranga’s largest shareholder, also completed a concurrent non‑brokered private placement, exercising its anti‑dilution rights.

How did Teranga intend to use the funds it raised in 2016?

According to Teranga’s 2016 and 2017 disclosures, proceeds from the late‑2016 equity offering were directed mainly to construction readiness activities at the Banfora gold project and exploration at Banfora, Golden Hill, and Gourma. These projects came from or were associated with Teranga’s acquisition of Gryphon Minerals and its broader West African growth pipeline.

Sources

Funding and outcome facts on this page were researched on 2026-08-22 from the pages below.

• August Investor Presentation
• TerangaGold - May Investor Presentation
• Teranga Gold Interior Pages - AR 2017 - FINAL v3.pdf
• [PDF] For personal use only - ASX
• TSX_TGZ.TO_2016.pdf
• For personal use only
• 08 12-16 teranga gold august marketing presentation final
• Teranga Gold Announces Agreement to Acquire Gryphon

Teranga Gold Corporation pitch deck slides

What each slide of the Teranga Gold Corporation pitch deck says

Slide 2

TERANGA GOLD'S FORWARD-LOOKING STATEMENTS This presentation 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”,…

Slide 3

GRYPHON MINERALS CAUTIONARY NOTE Forward-Looking Information “This presentation contains forward-looking statements. Wherever possible, words such as “intends”, “expects”, “scheduled”, “estimates”, “anticipates”, “believes’, and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, have been used to identify these forward-looking statements. Although the forward-looking statements contained in this release reflect management's current beliefs based upon information currently availabie to management and based upon what management believes to be reasonable assumptions. Gryphon cannot be certain that…

Slide 4

EMERGING MID-TIER GOLD PRODUCER — DUAL-LISTED ON THE TSX & ASX TGZ Share Price Performance vs. Gold Price and Capital Structure Market Vectors Junior Gold Miners Index - A Ticker Symbol (TSX/ASX) TGZ 1 [ 130% 7 V Basic common shares outstanding 392,106,812 A. AMT Stock options outstanding 20,104,569 bid \ WH} 1 Fully diluted 411,212,924 50% - oe Number of shares owned by insiders 53,961,865 pe ahs A] Market capitalization C$510M / US$394M Z (0%) i 6 6 © o® 6 G6 6 © ie ge 06 ge Enterprise value C$452M / US$350M tact on Sa 5 a 0 ERA EAI i oe Sec oo As at August 22, 2016 —Gold Price: +26% —TGZ- TSX: +161% —GDXJ: +155% Cornerstone investor, David Mimran, is supportive of Teranga’s growth strate…

Slide 5

RELATIVE UNDERVALUATION PROVIDES ATTRACTIVE INVESTMENT OPPORTUNITY Data Source: BMO GoldPages published August 22, 2016 : EV/Production Enterprise Velie (BMO based on gold sold, $/oz) (8M) 7.350 3.624 5.670 1469 1731 -—— 3329 oe i am | 22 i” sean) 7] ] eso | : = rh __ e080 1 -> 5 oe 0 --BB'D Perseus Golden Alacer | Teranga| Roxgold Asamko Semafo Endeavour B2G0ld Roxgold” Asanko' Perseus Golden | Teranga | Alacer Endeavour Semalo B2Goid Sx i ral] “Project Developers So ie mol EV/2P Reserves Enterprise Value/2016E EBITDA ($/oz) ss - 165 0 or 145 247 82 T B= i oe wee sr | 56 Ls 1 1 1 - -, [_H [) -—! [ HM Be Fre Lae Su RS — Persous Toe Endeavour Golden Star Alacer Semafo Rowgold B2Gokl Asanko T…

Slide 6

SIGNIFICANT POTENTIAL UPSIDE REMAINS DESPITE SHARE PRICE APPRECIATION Data Source: BMO GoldPages published August 22, 2016 - all figures are in Canadian dollars Teranga's Share Price vs. Teranga Net Present Value (NPV) per Share Average Multiple for Medium TGZ Producers Currently : (1) Trading at RRP 0.8x NPV 113% 5, $2.81 0% = $2.32 pt $1.65 ~ ai $1.32 i $1.32 l $1.52 $1.32 Share BMONPV. Shere Revalued Share Revalued Share Revalued Price per Share Price Share Price Price Share Price Price Share Price NPV Multiple 0.8x 1.1% 1.4x 1.7x Based on updated NI 43-101 and 1.7x average NPV multiple for medium producers, Teranga's share price should be C$2.81(") Refer to Endnote (1) the second last s…

Slide text above is read directly from the Teranga Gold Corporation deck PDF embedded on this page.

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