Tesoro Gold (TSO) Investor Presentation summary

Project overview

• El Zorro Gold Project spans 570km² in Chile, featuring a large surface gold footprint and coastal location with strong infrastructure access in a premier mining jurisdiction.

• Ternera is the flagship deposit with a current resource of 1.3Moz gold, open in all directions and showing rapid growth potential through ongoing drilling.

• The project is Chile's first identified Intrusion-Related Gold System (IRGS), with multiple untested targets and district-scale potential for multi-million ounce discoveries.

• Proximity to established mines, grid power, water, and major transport routes enhances development prospects.

Resource and exploration highlights

• Ternera deposit has over 110km of drilling, with mineralisation starting at surface and extending beyond 550m depth.

• Multiple high-grade drill intercepts, including 434.6m @ 1.22g/t Au and 0.5m @ 924g/t Au, demonstrate robust mineralisation.

• Adjacent targets like Ternera East and Drone Hill have returned significant results, such as 49.5m @ 0.55g/t Au and 1.8m @ 77.15g/t Au.

• Exploration target for Ternera is 48.5–101.0Mt at 0.91–1.45g/t Au, indicating potential for up to 3.0Moz gold.

• District-wide sampling and drilling have identified multiple gold anomalies and new discoveries, supporting the potential for further resource growth.

Development and economic studies

• Phase 1 scoping study outlines an initial open pit mine with 17.1Mt at 1.25g/t Au, producing 651koz over 8 years at 2.4Mtpa throughput.

• All-in sustaining cost (AISC) is US$1,068/oz, with upfront capital of US$132M and a pre-tax NPV5% of US$201M at US$1,750/oz gold price.

• Project IRR is 27.5% pre-tax, with a payback period of 3.4 years; economics improve further at higher gold prices.

• Simple processing flowsheet with 94.5% gold recovery and 45% recovered by gravity.

• Open pit operation is planned with contractor mining, targeting high-grade mill feed and an 8-year initial mine life.