Tesoro Gold (TSO) Investor Presentation summary

Project overview and location

• El Zorro Gold Project is a large, prospective gold project in Chile with a 570km² land package and significant surface gold footprint.

• Located near Copiapó, with coastal access, low altitude, and proximity to major infrastructure and mining operations.

• The project is Chile's first identified Intrusion-Related Gold System (IRGS), offering first-mover advantage in a new gold district.

Resource and exploration highlights

• Ternera hosts a 1.5Moz unconstrained gold deposit, with mineralisation starting at surface and extending over 550m deep.

• Multiple high-grade drill intercepts, including 434.6m @ 1.22g/t Au and 0.5m @ 924g/t Au, with the deposit open in all directions.

• Exploration target suggests Ternera could contain up to 3.0Moz gold, with significant upside from wide-spaced drilling.

• New discoveries at Ternera East and Drone Hill show substantial mineralised zones, supporting district-scale potential.

• Surface gold confirmed over 50km of strike, with multiple untested targets and potential for several Ternera-style deposits.

Scoping study and development economics

• Phase 1 scoping study outlines an initial open pit mine of 17.1Mt @ 1.25g/t Au, producing 651koz over 8 years.

• Average annual production is 93koz, with an AISC of US$1,068/oz and upfront capital cost of US$132M.

• Pre-tax NPV (5%) is US$201M and IRR is 27.5% at US$1,750/oz gold, with a payback period of 3.4 years.

• Simple processing flowsheet with 94.5% gold recovery and non-refractory metallurgy.