Tesoro Gold (TSO) H2 2024 earnings summary

Executive summary

• Focused on exploration and development of the El Zorro Gold Project in Chile, with a 1.46 Moz Au Ternera Gold Deposit and ongoing resource expansion efforts.

• FY2024 saw significant exploration success, including new gold anomalies at Ternera South, Drone Hill, and Ternera East, and a robust scoping study supporting project viability.

• Corporate developments included new board appointments, a new CFO, and a Company Secretary, strengthening governance and operational expertise.

• Strategic MOU signed for water supply, supporting project sustainability.

Financial highlights

• Loss after tax attributable to the parent for FY2024 was $340,641, a significant improvement from a $3,150,726 loss in FY2023.

• Total assets at 30 June 2024 were $37.7 million, with liabilities of $694,837.

• Net increase in contributed equity of $3.2 million during the year, with total issued capital at $61.3 million.

• Cash and cash equivalents at year-end were $302,006.

Outlook and guidance

• Post year-end, $9.7 million in new capital was raised to fund ongoing resource growth, exploration drilling, and technical studies at El Zorro.

• Continued focus on expanding the Ternera resource and advancing high-priority regional targets.