Tesoro Gold (TSO) Investor Presentation summary

Project overview and resource update

• El Zorro Gold Project in Chile features a single open pit design with a 1.82Moz gold resource, 62% classified as Indicated, and remains open in all directions for further growth.

• Recent mineral resource update increased unconstrained MRE to 2.0Moz at 1.07g/t Au, with improved continuity and ounces per vertical metre.

• District-scale exploration potential with multiple drill-ready targets and ongoing resource growth initiatives.

Mining, processing, and metallurgy

• Initial mine plan: 40.7Mt at 1.02g/t Au, 3.0Mtpa throughput, 14-year life, and 1.26Moz gold output.

• Conventional CIP plant achieves 94.5% gold recovery; metallurgy shows >95% recovery, low cyanide use, and no deleterious elements.

• Simple, low-cost flowsheet with staged pit development and contract open pit mining.

Financial outcomes and sensitivity

• Post-tax NPV7.5% of US$663M and IRR of 51% at US$2,750/oz gold; free cash flow of US$1,230M.

• Upfront capital cost of US$247.9M, including US$40.1M pre-strip; AISC averages US$1,216/oz.

• Strong project value maintained across a range of gold prices and operating cost scenarios.