Tesoro Gold (TSO) 2025 Precious Metals Summit - Beaver Creek summary

Project overview and location

• First intrusive-related gold system discovered in Chile, with 570 sq km of district-scale tenure.

• Project is easily accessible, located 400–900 m above sea level, near major infrastructure.

• Grid power and desalinated water supply secured via MOUs, with final agreements expected by year-end.

• Water and power infrastructure to be built by third parties, reducing upfront CapEx.

Geology and resource potential

• Located in the Coastal Cordillera, targeting intersections of major geological structures.

• Ternera deposit currently holds 2 million ounces, with potential to link to Drone Hill for 5 million ounces.

• Over 140,000 meters of diamond core drilling completed, showing extensive mineralization and high-grade intercepts.

• Exploration target of 3 million ounces, with clear expansion pathways in all directions.

Scoping study and economics

• Scoping study released with a base case gold price of $2,750, 7.5% discount rate.

• Post-tax NPV of $663 million and 51% IRR at $2,750 gold; NPV exceeds $1 billion at $3,500 gold.

• All-in sustaining cost of $1,216 per ounce, with 20-month payback period.

• Simple, conventional CIP process with 95% gold recovery.