Tesoro Gold (TSO) Investor Presentation summary

Project overview and location

• District-scale gold system in Chile's Atacama region, covering 570km² with a 30km gold corridor.

• El Zorro Gold Project is near major infrastructure, including highways, power, water, and airports.

• Surrounded by operations of major global gold producers and close to population centers.

Resource and exploration highlights

• Ternera deposit constrained MRE: 1.82Moz @ 1.10g/t Au, with 62% classified as Indicated.

• Unconstrained MRE: 2.0Moz @ 1.07g/t Au, with ongoing infill and extensional drilling.

• Deposit remains open in all directions, with new zones identified for further exploration.

• Multiple high-priority regional targets to be drilled, including La Brea.

Metallurgy and processing

• Metallurgical tests show average gold recovery of ~95% at a coarse 125μm grind size.

• Ore is amenable to a simple, low-cost CIP process with low cyanide consumption (<0.2kg/t).

• No deleterious elements detected; consistent performance across samples.