Tesoro Gold (TSO) investor relations material

Project profile and economics

• Single open-pit reserve of 1.28 Moz; 13-year mine life and planned 3 Mtpa processing plant.

• PFS-based case: first nine years at 105,000–110,000 oz/year, AISC just under $1,600/oz, and upfront capital of $275m–$300m including pre-strip.

• At $3,500/oz gold, post-tax NPV is around $1bn and IRR around 57%.

• Site is 500 m above sea level, 13 km from the coast and Pan-American Highway, and 20–25 km from grid power and a desalination plant.

Development timetable and financing

• DFS targeted by end-2026; final investment decision planned for Q1 2027.

• EIA submission targeted for early 2027, with project approval targeted for early 2028; construction is expected to take 18 months, targeting first gold in late 2029.

• Financing discussions with banks and other financiers are underway; indicative funding mix is 70% debt and 30% equity.

• AUD 10m cash was expected to fund completion of the DFS and submission of permitting documentation.

• Chilean permitting could take 12–14 months if applications cover requested surveys and avoid government information-request cycles.

Exploration and growth potential

• 120,000 m of infill drilling supported conversion of mineralization into a maiden reserve; management said results reinforced confidence in the resource model.

• Near-mine targets aim to lift production to 120,000 oz/year or more by increasing grade, particularly over the first 10 years.

• Drone Hill is a priority target west of Ternera, with potential to connect to the deposit; La Brea intercepts were described as similar to Ternera discovery holes.

• Nine priority targets were identified along a 40 km mineralized belt; Pena Blanca, within 5 km of the planned plant, was preparing for drilling.

• The deposit is an intrusion-related gold system described as a style not previously identified in Chile, with potential for further discoveries along the belt.