Tesoro Gold (TSO) Metals & Mining Virtual Investor Conference 2025 summary

Project overview and resource update

• El Zorro Gold Project in Chile is a large, undeveloped gold deposit with a current unconstrained resource of 2 million oz and 1.82 million oz constrained within a $3,000/oz pit.

• 60% of the resource is in the indicated category, supporting future production plans.

• Metallurgy tests show over 94% gold recovery at a coarse grind and low cyanide consumption.

• The project is in a strategic coastal location with access to power, water, and workforce within 25 km.

• The deposit remains open in all directions, with potential for both open pit and underground mining.

Financials, studies, and development timeline

• A recent scoping study shows a technically simple, economically robust project with a post-tax NPV of $663M at AUD 2,750/oz gold and $1.3B at current prices.

• All-in sustaining cost is estimated at $1,200/oz for a 14-year mine life, producing 1.26 million oz.

• Upfront capital is just under $250M, with $40M for pre-stream, and projected cash flow of $1.23B.

• Pre-feasibility study is underway, targeted for completion by April 2026, followed by a definitive feasibility study by end of 2026.

• Permitting is in progress, aiming for approval in early 2027 and first production in late 2028 or early 2029.

Exploration, growth, and strategic partnerships

• Aggressive exploration campaign planned, including up to 11,000 m of drilling across multiple targets in the next 12 months.

• Drilling at La Brea and other targets aims to expand resources and discover new deposits.

• Gold Fields, a major gold producer, is a significant shareholder, having invested over AUD 14M.

• Institutional investors hold about 50% of issued capital; recent capital raising brought in AUD 34M.

• Board and management have a track record of delivering projects quickly and are expanding the team.