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Tesoro Gold (TSO) investor relations material

Tesoro Gold 2025 Precious Metals Summit - Zurich summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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2025 Precious Metals Summit - Zurich summary11 Nov, 2025

Project overview and resource growth

  • El Zorro Gold Project in northern Chile has grown to 1.8 million ounces constrained, 2 million ounces unconstrained after a 20,000m drill campaign.

  • Updated mineral resource estimate announced in May added 500,000 ounces; 60% of resources now indicated.

  • Deposit remains open in all directions, with high-grade zones at depth and strong potential for further growth.

  • Average grade is 1.07 g/t gold unconstrained, with 5,000 ounces per vertical metre, supporting attractive open-pit mining.

  • Near-term exploration targets within 5 km of Tenera, including Pena Blanca, show strong potential for additional discoveries.

Technical and operational highlights

  • Metallurgy shows over 94% gold recovery at a coarse grind size, with 40% gravity recovery and low cyanide use.

  • Processing uses wastewater from a nearby desalination plant, with proven compatibility and no interference with gold recovery.

  • Project benefits from proximity to coast, Pan-American Highway, power, and water infrastructure, with MOUs in place.

  • Region 3 is a mining-rich jurisdiction, supporting project development and permitting.

Financials and development timeline

  • Scoping study (June) based on $2,750/oz gold price, 3Mtpa throughput, 14-year mine life, and $1,200/oz AISC.

  • Post-tax NPV (7.5% discount) is $663M, with $250M upfront capital including $40M pre-strip.

  • At current gold prices, NPV rises to $1.3B and IRR to 85%; robust even at $2,300/oz gold with $400M NPV.

  • Fully funded through feasibility (end 2026) and aggressive exploration, with Gold Fields holding a 13% stake.

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Frequently asked questions

Tesoro Gold Ltd is an Australia-based mineral exploration company focused on the discovery and development of gold projects. The company primarily operates in Chile, where it explores and advances its flagship El Zorro Gold Project. Its activities include drilling, resource evaluation, and feasibility studies to assess the project's development potential. The company is headquartered in Perth, Australia, and its shares are listed on the ASX.

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