Tesoro Gold (TSO) Q1 2026 TU earnings summary

Executive summary

• Updated Ternera Scoping Study confirms a technically robust, economically attractive open pit gold operation with strong project economics at both base and spot gold prices.

• Ternera Mineral Resource Estimate (MRE) increased by 42% to 1.82Moz at 1.10g/t Au, with 62% now classified as Indicated, supporting higher confidence in project development.

• Advanced metallurgical testwork demonstrates >95% gold recovery, low reagent consumption, and suitability for conventional Carbon-in-Pulp processing.

• Large-scale exploration success at La Brea, with high-grade gold channel samples and drilling underway.

• Secured A$34 million equity placement to fund project advancement through to Final Investment Decision.

Financial highlights

• Scoping Study (Base Case, US$2,750/oz gold): NPV7.5% US$917M pre-tax (US$663M post-tax), IRR 60% pre-tax (51% post-tax), AISC US$1,216/oz, payback 20 months post-tax.

• Spot Case (US$3,300/oz gold): NPV7.5% US$1,331M pre-tax (US$966M post-tax), IRR 79% pre-tax (68% post-tax), payback 16 months post-tax.

• Initial mine life of 13.5 years, average annual production of 111koz for first 9 years, total production of 1.26Moz over 15 years.

• Pre-production capital cost of US$248M (including US$41M pre-strip).

• Cash balance at 30 September 2025: A$3.75 million, zero debt.

Outlook and guidance

• Pre-Feasibility Study (PFS) initiated, targeted for completion in Q2 2026.

• Focus on feasibility, permitting, and expanded exploration to drive further resource growth and new discoveries.

• Additional upside potential from in-pit resource ounces, expanded pit/underground options, and district-scale exploration.