Tesoro Gold (TSO) investor relations material

Executive summary

• Three major, fully funded diamond drilling programs totaling 38,000m advanced at El Zorro, targeting infill, extensional, and new discovery opportunities, with five rigs operating continuously into 2026.

• Significant gold intercepts reported from infill and extensional drilling at Ternera, supporting resource upgrades and feasibility studies.

• Early success at La Brea prospect, with all maiden drill holes intersecting gold mineralization, mirroring early Ternera results.

• Three new gold targets identified at Pena Blanca through channel sampling, highlighting district-scale potential.

• $34 million equity placement completed to fund project development and exploration; share capital consolidated on a 15-for-1 basis.

Financial highlights

• Cash balance of A$29.19 million and zero debt as of 31 December 2025.

• Approximately A$5.8 million spent on exploration and development during the quarter, mainly for feasibility studies and drilling.

• $145,564 raised from exercise of listed options; $54,000 from unlisted options exercised.

Outlook and guidance

• Infill and extensional drilling at Ternera expected to complete in late Q1 2026, supporting further resource upgrades and PFS completion.

• Ongoing district-scale exploration at El Zorro, with continued mapping, sampling, and target generation for new discoveries.

• Funding secured to complete all feasibility studies and progress toward a development decision.