Tesoro Gold (TSO) Q4 2024 TU earnings summary

Executive summary

• Significant new gold discovery at Ternera East, with a +200m thick mineralised intrusive body identified just 300m east of the main Ternera Deposit, potentially expanding the resource base.

• High-grade drill results at Drone Hill and La Brea targets confirm continuity and scale of gold mineralisation, supporting resource growth.

• Corporate developments include a non-binding MOU for water infrastructure, nearing completion of a maritime concession, and the appointment of a new Independent Non-Executive Director and Chair.

• Post quarter-end, binding commitments secured to raise approximately A$9.7 million via share placement, including a strategic investment from Gold Fields.

Financial highlights

• Cash balance at 30 June 2024 was A$0.31 million, with zero debt.

• Approximately A$1.45 million spent on exploration activities during the quarter.

• A$0.22 million paid to related parties as remuneration and consulting fees.

• Binding commitments post quarter-end to raise A$9.7 million through a two-tranche placement at A$0.03 per share.

Outlook and guidance

• New funds will support an ambitious exploration drilling program in the September 2024 quarter, focusing on defining the scale of Ternera East.

• Ongoing evaluation of water supply options and infrastructure to de-risk and support project development.