Tesoro Gold (TSO) Q1 2027 TU earnings summary

Executive summary

• Completed Ternera resource-definition drilling, upgraded the MRE and declared a maiden 1.28Moz Ore Reserve, establishing a mineable inventory for development studies.

• The Reserve supports a 13+ year project life at a planned 3.0Mtpa processing rate; DFS and development-readiness work continued across technical, environmental and financing areas.

Financial highlights

• Quarter-end net cash and cash equivalents were A$9.28m; A$5.64m was committed to exploration and evaluation, principally drilling, technical studies and development readiness.

• Related-party payments totalled A$209,000, including A$110,000 in operating activities and A$99,000 in investing activities, for remuneration and consulting fees.

Outlook and guidance

• DFS completion remains targeted for CY2026; December-quarter priorities include integrating remaining workstreams, mine optimisation, engineering, permitting, execution planning and financing.

• Near-deposit resource-growth drilling and testing of priority new-discovery targets across El Zorro are planned alongside DFS activities.