Tesoro Gold (TSO) Noosa Mining Conference 2026 summary

Project advancement and development

• El Zorro Gold Project in northern Chile is advancing toward a final investment decision, with the Ternera deposit undergoing DFS targeted for completion by year-end 2024.

• The Ternera deposit hosts an in-pit resource of 1.18 million ounces, while the broader project features a 1.82Moz gold resource.

• The project is supported by a strong management team, a strategic alliance with STRACON for integrated project delivery, and key partners for process plant and tailings facility design.

• GR Engineering has designed a simple 3 Mtpa CIP processing plant using off-the-shelf equipment, with dry stack tailings and a focus on operational resilience.

• Agreements are in place for water supply from a nearby desalination plant and renewable power, with a 21MW grid connection request and 90% of energy sourced renewably at competitive rates.

Exploration and resource potential

• The deposit remains open to the north, south, and at depth, with significant upside potential through near-mine growth and district-scale discoveries across a 50km corridor.

• Regional exploration campaign planned across a 670 sq km concession, targeting a 40-km corridor with multiple high-priority targets.

• Two drill rigs are operating at Ternera East, aiming to expand the resource with promising initial results and high-grade intercepts.

• Updated resource estimate expected within a month, aiming for over 85% indicated classification to support a maiden ore reserve.

• Exploration team set to begin drilling new targets, with confidence in further discoveries along the belt.

Financials and capital structure

• Ended last quarter with AUD 22 million cash, expecting AUD 15 million in the next quarter, funding all planned work.

• Market capitalization is around AUD 150–160 million.

• Gold Fields holds a significant stake, having invested AUD 13 million and participated in multiple placements.

• Upfront capital costs for the project are expected to remain under $350 million despite design changes.

• September 2025 Scoping Study indicates a post-tax NPV of US$663M and IRR of 51.3% at US$2,750/oz gold, with a 14-year mine life and 3Mtpa throughput.