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Tesoro Gold (TSO) investor relations material
Tesoro Gold Metals & Mining Virtual Investor Conference 2025 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Project overview and resource update
El Zorro Gold Project in Chile is a large, undeveloped gold deposit with a current unconstrained resource of 2 million oz and 1.82 million oz constrained within a $3,000/oz pit.
60% of the resource is in the indicated category, supporting future production plans.
Metallurgy tests show over 94% gold recovery at a coarse grind and low cyanide consumption.
The project is in a strategic coastal location with access to power, water, and workforce within 25 km.
The deposit remains open in all directions, with potential for both open pit and underground mining.
Financials, studies, and development timeline
A recent scoping study shows a technically simple, economically robust project with a post-tax NPV of $663M at AUD 2,750/oz gold and $1.3B at current prices.
All-in sustaining cost is estimated at $1,200/oz for a 14-year mine life, producing 1.26 million oz.
Upfront capital is just under $250M, with $40M for pre-stream, and projected cash flow of $1.23B.
Pre-feasibility study is underway, targeted for completion by April 2026, followed by a definitive feasibility study by end of 2026.
Permitting is in progress, aiming for approval in early 2027 and first production in late 2028 or early 2029.
Exploration, growth, and strategic partnerships
Aggressive exploration campaign planned, including up to 11,000 m of drilling across multiple targets in the next 12 months.
Drilling at La Brea and other targets aims to expand resources and discover new deposits.
Gold Fields, a major gold producer, is a significant shareholder, having invested over AUD 14M.
Institutional investors hold about 50% of issued capital; recent capital raising brought in AUD 34M.
Board and management have a track record of delivering projects quickly and are expanding the team.
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