Tesoro Gold (TSO) H1 2026 earnings summary

Executive summary

• Focused on advancing the El Zorro Gold Project in Chile, with significant progress on the Ternera deposit towards a Definitive Feasibility Study (DFS).

• Infill and extensional drilling at Ternera delivered multiple high-grade gold intercepts, supporting resource growth and confidence.

• Updated Mineral Resource Estimate (MRE) for Ternera post-period: 51.6Mt at 1.10g/t Au for 1.82Moz, with 1.47Moz in Measured and Indicated categories.

• Expanded in-country team and established a Chilean office to support project execution.

Financial highlights

• Net loss after tax for the half-year ended 30 June 2026: A$2,411,923 (vs. A$2,156,534 for the same period in 2025).

• Total comprehensive loss: A$4,796,103 (vs. A$1,804,879 in 2025), mainly due to foreign currency translation losses.

• Cash and cash equivalents at 30 June 2026: A$15.29 million (down from A$22.17 million at 31 Dec 2025).

• Exploration and evaluation expenditure capitalised: A$13.15 million for the half-year.

• Basic and diluted loss per share: (1.35) cents (vs. (1.76) cents in 2025).

Outlook and guidance

• DFS workstreams for Ternera are underway or materially advanced, with a focus on mine planning, permitting, and financing.

• Ongoing drilling to support resource growth and new discoveries within the El Zorro district.

• Project financing strategy being developed with appointed financial adviser.