Tesoro Gold (TSO) Q1 2025 TU earnings summary

Executive summary

• Identified a new +200m thick mineralised intrusive body (El Zorro Tonalite) at Ternera East, interpreted as a fault offset of the main Ternera Deposit, with significant gold intercepts confirmed by drilling.

• Ongoing diamond drilling at Ternera East and other high-priority targets within 1.5km of the main deposit, with further assay results pending.

• Raised A$9.7 million through a strongly supported share placement, including A$1.2 million from strategic partner Gold Fields, boosting cash reserves and supporting exploration.

Financial highlights

• Cash balance of A$5.66 million and zero debt as of 30 September 2024.

• Approximately A$2.19 million spent on exploration activities during the quarter, primarily on diamond drilling.

• Payments to related parties totaled approximately A$215,417 for director and consulting fees.

Outlook and guidance

• Fully funded to advance exploration agenda, with focus on expanding the Ternera resource and defining new gold-bearing zones.

• Additional drilling and assay results expected in the December quarter to further delineate Ternera East's potential.