Tesoro Gold (TSO) Investor presentation summary

Project scale and resource

• 2025 unconstrained Mineral Resource Estimate: 2.0 Moz at 1.07 g/t Au; pit-constrained estimate: 1.82 Moz at 1.10 g/t Au, with 62% Indicated.

• Ternera deposit remains open in all directions, with improved continuity and ounces per vertical metre and additional zones identified to the north and south.

• The project is positioned as a single open-pit development, with district-scale growth potential and multiple near-deposit and regional exploration targets.

Scoping study and economics

• Scoping study outlines a 40.7 Mt open-pit mine at 1.02 g/t Au, 3.0 Mtpa throughput and a 13.5-year evaluation period excluding pre-strip.

• Forecast production is 1.26 Moz at 94.5% life-of-mine average recovery; average output is 111 koz p.a. for the first 9 years.

• At US$2,750/oz gold, post-tax NPV at 7.5% is US$663M, IRR 51.3% and life-of-mine free cash flow US$1,230M.

• Upfront capital is US$247.9M, including pre-strip; life-of-mine average AISC is US$1,216/oz.

• At the US$3,300/oz spot case, post-tax NPV at 7.5% is US$966M, IRR 69%, net cash flow US$1,983M and payback 16 months.

Metallurgy and development

• Ternera composites achieved average gold recovery of 95% at a 125 μm grind size, with cyanide consumption below 0.2 kg/t and favourable comminution characteristics.

• Testwork supports a conventional crush, gravity and carbon-in-pulp process; samples showed consistent performance, with no deleterious elements or preg-robbing tendencies identified.

• Planned development work includes technical PFS studies, environmental baseline studies and application submission, mining approvals, DFS engineering, funding assessment, construction and targeted first production across 2025–2029.

• Further optimisation includes mine-schedule refinements to prioritise shallow, higher-grade zones and assessment of underground potential below the current pit shell.