Tesoro Gold Ltd · ASX:TSO
Tesoro Gold — Precious Metals Summit Beaver Creek (September 2026)
27 slides from Tesoro Gold's conference presentation, Sep 22, 2026
Slide 1: El Zorro Gold Project: Rapidly Advancing Towards Development
rsonal use only El Zorro Gold Project Rapidly Advancing Towards Development Maiden Ore Reserve September 2026 ASX: TSO | OTCQX: TSORF | FSE: 5DF 1
Slide 2: Disclaimer and Cautionary Statements
Disclaimer and Cautionary Statements This presentation and any accompanying verbal presentation (together the Presentation) are confidential and have been prepared by Tesoro Gold Limited (Tesoro or the Company) and approved by the Board of the Company. The information contained in the Presentation (
Slide 3: El Zorro Gold Development Project
El Zorro Gold Development Project Maiden 1.28 Moz Single Open Pit Ore Reserve Provides a 13+ year development base for El Zorro El Zorro Chile’s Next Major New Gold Development Project rsonal use only A leading new Chilean gold development, rapidly advancing through advanced technical workstreams to
Slide 4: Tesoro Corporate Snapshot
Tesoro Corporate Snapshot Register Detail Broker Coverage rsonal use only BOARD AND MANAGEMENT 12.9% 35.7% 4.7% GOLD FIELDS 10.9% COLLINS STREET INSTITUTIONAL INVESTORS 35.9% OTHER INVESTORS Capital Structure Board and Management Share price (18 September 2026) A$0.89 Mark Connelly Independent Non-E
Slide 5: Advancing the Ternera Discovery Towards Development
Advancing the Ternera Discovery Towards Development Systematically Driving Ternera From Initial Discovery to Declaration of a Maiden Ore Reserve rsonal use only TERNERA DISCOVERY AT INITIAL SCOPING TERNERA MINERAL TARGET DISCOVERY DRONE HILL STUDY RELEASED RESOURCE UPGRADE FIRST GOLD 2020 January 20
Slide 6: Maiden 1.28Moz Ternera Ore Reserve
Maiden 1.28Moz Ternera Ore Reserve More than 85% of Measured and Indicated Material from August 2026 MRE Converted to Reserves Total Ternera In-Pit Mineral Resource (koz Au) Change in Resource By Category (at 0.3 g/t Au cut-off) rsonal use only CATEGORY JULY 2025 AUGUST 2026 +/- koz Au Inferred Indi
Slide 7: Ternera Development Project
Ternera Development Project An Attractive Gold Project on all Measures PFS-Level Economics September 2026 Ore Reserve Declaration rsonal use only US$3,500/oz gold NPV5% US�994M Post-tax at US$3,500/oz gold 42.8 Mt at 0.93 g/t GOLD 95% Au RECOVERY Initial single open pit mine Standard CIP plant IRR 5
Slide 8: Location, Location, Location
Location, Location, Location El Zorro Project Area Possesses all the Ingredients Required to Support a New Gold Mining and Processing Operation Salares Norte rsonal use only Proximity to Port and Market 13km from the Pacific Ocean, 57km by Diego de El Salvador road from the port of Caldera Almagro 8
Slide 9: Why Chile?
Why Chile? It is the True Definition of a Premier Mining Jurisdiction rsonal use only Predictable Permitting and a Structured Process ~12 months 30–70% Historical average Cut from 2025 Mining concessions granted for approval process reforms timelines indefinite duration Established Existing Mining I
Slide 10: Development Readiness Workstreams Accelerating
Development Readiness Workstreams Accelerating Maiden Ore Reserve is a Material Step to Enable Completion of All Key Project Workstreams Project Execution Capability People and Presence Strengthened Strengthened rsonal use only A high-calibre team of subject-matter Chilean management and project exp
Slide 11: Material Growth Upside
Material Growth Upside Multiple Extensions to be Defined with More Drilling 1. Refer to Tesoro ASX release dated 22 October 2025 7. Refer to Tesoro ASX release dated 8 November 2022 2. Refer to Tesoro ASX release dated 22 March 2025 8. Refer to Tesoro ASX release dated 3 November 2021 3. Refer to Te
Slide 12: Material Upside Beyond Ternera
Material Upside Beyond Ternera More Than 40km of Greenfield Prospectivity MINERALISED CORRIDOR The Scale of the Exploration Opportunity is Immense El Zorro Gold rsonal use only Project Priority 1 Targets 2 LA BREA Drone Hill, Ternera East – all situated within 1 km of Ternera 3 SIERRA DEL PORTRERO 3
Slide 13: Developing the El Zorro Gold Project
Developing the El Zorro Gold Project Advanced DFS-level and Operational Readiness Activities Underway Multiple Critical Milestones Already Delivered Multiple Critical Milestones Already Delivered rsonal use only CY26 CY27 CY28 CY29 QUARTER 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 Mineral Resource Update and
Slide 14: Tesoro Gold Investment Highlights
Tesoro Gold Investment Highlights rsonal use only SET TO BE CHILE’S RARE STANDALONE IMMENSE MATERIAL UPSIDE NEXT MAJOR ENTIRELY NEW GREENFIELD GOLD MINE AND BEYOND THE CURRENT GOLD DEVELOPMENT PROCESSING OPPORTUNITY DEVELOPMENT CASE A leading new Chilean gold development, In a market dominated by ma
Slide 15: Project and Ore Reserve Detail
rsonal use only Project and Ore Reserve Detail DFS and Development Readiness Workstreams Underway or Materially Advanced 15
Slide 16: Significant Execution Capability
Significant Execution Capability High-calibre Team of Partners Assembled to Deliver the El Zorro Development rsonal use only Stracon Chile SpA (STRACON) GR Engineering Services (GRES) BurnVoir Corporate Finance (BurnVoir) Strategic Alliance to support Mining studies, Study compilation, metallurgical
Slide 17: Configuration and Construction
Configuration and Construction PROPOSED ACCESS ROAD AND WATER PIPELINE ACCOMMODATION VILLAGE TERNERA FINAL PIT OUTLINE Project Configuration Set, with Advanced Design Underway PROCESSING PLANT Clear, Optimised Development Pathway Defined PROPOSED HIGH-VOLTAGE POWER rsonal use only • Completed trade-
Slide 18: Processing Plant Design Set, Advanced Cost Analysis
Processing Plant Design Set, Advanced Cost Analysis Simple, Low-cost Carbon in Pulp Processing Route rsonal use only Screens Ball Milling Gravity Leaching Process Water Dry Stacked Grind Size =125µm Circuit Tanks Desalination Plant Tailings Cyanide Transfer Pumps and other Carbon Advance reagents Fr
Slide 19: Process Water Pathway Validated
Process Water Pathway Validated The El Zorro Water Pathway is a Key Project Differentiator Testwork Confirms Bittern Wastewater PROPOSED ACCESS ROAD AND WATER PIPELINE Delivers Strong Recoveries rsonal use only • Aguas CAP Totoralillo desalination plant just 25km from Ternera, with an MoU agreed for
Slide 20: Clean Grid-Connected Power Pathway
Clean Grid-Connected Power Pathway Chile is a Regional Clean Energy Leader Connection Authorisation Request Submitted rsonal use only • A “Solicitud de Autorización de Conexión” submitted to Coordinator Eléctrico Nacional for a 21MW power connection to El Zorro. Energy Delivery Via Tecnocap Infrastr
Slide 21: Tailings Design Adopts Leading-Practice Management Principles
Tailings Design Adopts Leading-Practice Management Principles Advancing Dry-stack Tailings Storage Facility Engineering and Design for Life-of-project Requirements Why Dry Stack Tailings? rsonal use only • Reduced operational and geotechnical risk through elimination of conventional slurry storage.
Slide 22: Expanding Our People and Presence
Expanding Our People and Presence In Support of Our Chilean Execution Model Tesoro Chilean Office Now Established rsonal use only • Dedicated Chile operating presence established, with project management and stakeholder engagement embedded in-country. • Executive development capability to drive the
Slide 23: Environmental and Permitting Activities
Environmental and Permitting Activities Advancing Concurrently with Technical Workstreams Clearly Defined Permitting Process rsonal use only • Following initial environmental desktop assessments, baseline field studies commenced in August 2025. • These field study programmes are scheduled for comple
Slide 24: Our Licence to Operate
Our Licence to Operate Our Strategy is Guided by Our Deep In-country Experience and Sensitivity to People and the Environment Occupational Health and Safety are fundamental responsibilities Tesoro has towards its workforce. Our strategies and practices are Health and Safety rsonal use only based on
Slide 25: Annual Mill Head Grade and Gold Production Ounces
Annual Mill Head Grade and Gold Production Ounces Current Ore Reserve Supports a Project Production Life of More than 13 Years Mill Production (koz Au) and Head Grade (g/t Au) rsonal use only Production Ounces (koz Au) Head Grade (g/t Au) 120.0 4.0 0 111 112 111 107 3.5 0 100.0 104 106 102 101 100 3
Slide 26: Production Metrics
Production Metrics PFS-level Technical Assumptions Cost Estimates Material Movement (Mtpa) and Strip Ratio (waste:ore) rsonal use only OPERATING COST Waste (Mt) Ore (Mt) Strip Ratio Mining Cost US$/oz 831 Processing Cost US$/oz 494 5 G & A Cost US$/oz 154 45 3 5 Capital Lease Items US$/oz 59 39 39 T
Slide 27: Contact Us
rsonal use only Contact Us Tesoro Gold Limited 31 Cliff Street, Fremantle, WA 6160 Phone: (08) 6383 7883 Email: info@tesorogold.com.au TESORO GOLD | MAIDEN ORE RESERVE 27
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