Tesoro Gold (TSO) Q4 2025 TU earnings summary

Executive summary

• Ongoing drilling at Ternera focused on expanding the Mineral Resource Estimate (MRE), with significant new gold zones discovered both north and south of the current boundary.

• Wide, high-grade intercepts confirmed in southern extensions, indicating a rapidly growing mineralised zone beyond the existing MRE.

• New near-deposit targets identified at Drone Hill NW and Falda, and a district-scale system potential confirmed by geophysical surveys.

• Post quarter, a large mineralised target at La Brea was delineated, with high-grade surface samples and major mineralised trends mapped.

Financial highlights

• Completed A$11.1 million equity placement, including A$1.75 million from Gold Fields Limited, maintaining a 17.14% shareholding.

• Cash balance at 30 June 2025 was A$7.51 million, with zero debt.

• Quarterly exploration expenditure was approximately A$2.88 million.

Outlook and guidance

• Drilling to continue through the September quarter, aiming to update and increase the 1.5Moz unconstrained Ternera MRE.

• High-priority targets identified for drill testing in 2025, including La Brea and new near-deposit prospects.

• Environmental Impact Assessment (EIA) process underway, targeting completion within 24 months.