Tesoro Gold (TSO) Investor presentation summary

Project overview and development status

• El Zorro Gold Project is advancing rapidly towards a final investment decision, with all DFS and development readiness workstreams underway or materially advanced.

• The project features a rare standalone single open pit gold mine in Chile, with a 1.82Moz resource and significant upside potential from near-mine and district-scale exploration.

• Technical studies confirm a simple, scalable operation with a 3Mtpa processing plant and a 14-year initial mine life.

• Key partners for mining, processing, and infrastructure have been secured, including STRACON, GR Engineering, and Knight Piésold.

• Environmental baseline studies and permitting are progressing on schedule, with EIA submission expected late 2026 to early 2027.

Financial and operational highlights

• Scoping study indicates a post-tax NPV (7.5%) of US$663M and IRR of 51.3% at US$2,750/oz gold, with free cash flow of US$1,230M.

• Initial capital requirement is US$248M, including US$41M for pre-strip, and life-of-mine AISC is US$1,216/oz.

• Annual gold production is projected at 111koz for the first 9 years, with 95% recovery using a standard CIP plant.

• Market capitalisation as of July 2026 is A$158.4M, with net cash of A$22.6M and an implied enterprise value of A$135.8M.

Technical and sustainability initiatives

• Processing plant design features a low-cost carbon-in-pulp route, with advanced cost analysis and dry-stack tailings for enhanced environmental performance.

• Water supply secured via bittern wastewater from a nearby desalination plant, validated by testwork for strong recoveries and low cyanide use.

• Clean, grid-connected power pathway established, leveraging Chile’s predominantly renewable energy grid.

• Project location offers logistical advantages: proximity to ports, water, power, and low altitude, all within government land.