Tesoro Gold Ltd · ASX:TSO
Tesoro Gold — Investor Presentation (November 2026)
27 slides from Tesoro Gold's investor presentation, Nov 9, 2026
Slide 1: El Zorro Gold Project
rsonal use only El Zorro Gold Project Ongoing Growth Drilling and Development Readiness Rapidly Advancing November 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: The El Zorro Gold Development Project
The El Zorro Gold Development Project A Highly-Attractive Gold Development Project on all Measures +40km MINERALISED CORRIDOR 1 Aggressive Resource 2 Project De-Risking and El Zorro Gold Development Growth and Discovery Development Readiness rsonal use only Project We Know there is Gold in this Syst
Slide 4: Tesoro Corporate Snapshot
Tesoro Corporate Snapshot Strong position to deliver on the dual-track advancement strategy Register Detail Broker Coverage rsonal use only BOARD AND MANAGEMENT 29.6% 9.4% 8.4% GOLD FIELDS INSTITUTIONAL INVESTORS 52.6% OTHER INVESTORS Capital Structure 1– Board and Management Share price (5 November
Slide 5: 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 Proximity to Port and Market rsonal use only 13km from the Pacific Ocean, 57km Chanaral Diego de by road from the port of Caldera El Salvador
Slide 6: Ternera MRE and Ore Reserve
Ternera MRE and Ore Reserve Single Open Pit Mine El Zorro’s Foundational Gold Deposit A Future Long-Life Gold Processing Operation Total Ternera In-Pit Mineral Resource (August 2026) Ternera Gold Project Planned Site Layout rsonal use only CLASSIFICATION TONNES AU GRADE CONTAINED GOLD Measured 2.4Mt
Slide 7: Ternera Development Project Key Metrics
Ternera Development Project Key Metrics 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
Slide 8: Immense Exploration Upside
Immense Exploration Upside The First Intrusive Related Gold System Discovered in Chile Tesoro has Consolidated and Locked Down the Entire Belt El Zorro Gold Development rsonal use only Project Current Ternera MRE TERNERA AUGUST 2026 MRE SHELL Is very well defined by 474 diamond drill holes for a tot
Slide 9: Immediate Growth Target Areas at Ternera
Immediate Growth Target Areas at Ternera To Rapidly Add Ounces to the Already Impressive Resource Base 4 Drone Hill OPEN 1 1 Ternera North-East Extension rsonal use only 1.80m at 77.15g/t Au (ZDDH0338) OPEN Hole drilled: Assay results pending 4 Hole drilled: Assay results pending 6.29m at 1.15g/t Au
Slide 10: Material Upside Beyond Ternera
Material Upside Beyond Ternera More Than 40km of Greenfield Prospectivity Yet to be Fully Explored The Scale of the Exploration Opportunity is Immense El Zorro Gold rsonal use only Project Priority 1 Targets Drone Hill, Ternera East and Toro Blanco are considered top priority 2 LA BREA targets and a
Slide 11: Advancing and Growing the El Zorro Gold Development Project
Advancing and Growing the El Zorro Gold Development Project Multiple Critical Milestones Already Delivered 1 Resource Growth and New Discovery Drilling Mineral Resource Update and Maiden Ore Reserve rsonal use only Delivered September 2026 CY26 CY27 CY28 CY29 Near-deposit growth Environmental Baseli
Slide 12: 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 13: Why Chile is an Attractive Place to Build a New Gold Mine
Why Chile is an Attractive Place to Build a New Gold Mine It Has All The Hallmarks of a Premier Mining Jurisdiction rsonal use only Predictable Permitting and a Structured Process ~12 months 30–70% Historical average Cut from 2025 Exploitation concessions approval process reforms timelines awarded f
Slide 14: Development Readiness Workstreams Accelerating
Development Readiness Workstreams Accelerating Declaration of the Maiden Ore Reserve a Material Step Towards Completion of All Key DFS Project Workstreams rsonal use only Project Execution Capability People and Presence Strengthened Strengthened A high-calibre team of subject-matter Chilean manageme
Slide 15: El Zorro Gold Project Detail
rsonal use only El Zorro Gold Project Detail DFS and Development Readiness Workstreams Underway or Materially Advanced 15
Slide 16: 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 17: 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 18: 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 19: 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 20: 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 21: 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 22: Clean Grid-Connected Power
Clean Grid-Connected Power 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 Infrastructure •
Slide 23: 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 24: 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 25: Environmental and Permitting
Environmental and Permitting 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 were successfully completed in Augus
Slide 26: 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 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 27