Tesoro Gold (TSO) investor relations material

Project overview and strategic advantages

• Gold project located 13 km from the coast and Pan-American Highway, at low altitude, minimizing logistical challenges.

• 1.28 million ounce reserve in a single open pit, with proximity to grid power and desalination plant secured by MOUs.

• Extensive 450 sq km land package with secure tenure and no local communities on tenements.

• Institutional shareholder base with strong board experience in international project development.

• Project is the first of its kind in Chile, featuring an intrusion-related gold system similar to the Tintina gold province.

Resource development and exploration

• Discovery of Ternera deposit in 2020, with maiden resource in 2021 and updated resource of 1.8 million ounces in July 2025.

• 120,000 meters of infill drilling led to a maiden reserve of 1.28 million ounces.

• Infill drilling upgraded resource categories, supporting robust feasibility and reserve estimates.

• 160 km of diamond drilling completed, providing strong geological understanding.

• Nine priority exploration targets identified along a 40 km belt, with promising intercepts at La Brea and Pena Blanca.

Project economics and development timeline

• PFS based on 3 Mtpa processing rate, 13-year mine life, and 1.2 million ounces produced.

• First nine years target 105,000–110,000 ounces/year at all-in sustaining cost under $1,600/oz.

• Upfront capital estimated at $275–$300 million; post-tax NPV at $3,500/oz is ~$1 billion, IRR ~57%.

• DFS scheduled for completion by end of 2026, with final investment decision in Q1 2027 and first gold targeted for late 2029.

• Construction planned over 18 months following EIA approval, with project financing discussions underway.