Tesoro Gold Ltd · ASX:TSO
Tesoro Gold — Euroz Hartleys Conference (March 2026)
31 slides from Tesoro Gold's conference presentation, Mar 18, 2026
Slide 1: El Zorro Gold Project
For personal use only EL ZORRO GOLD PROJECT A COMPELLING SINGLE OPEN PIT DEVELOPMENT OPPORTUNITY IN CHILE ASX: TSO | OTCQB: TSORF | FSE: 5DF March 2026
Slide 2: Disclaimer
DISCLAIMER 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 (Information) is summary on
Slide 3: A Mature Gold Development Project with Belt-Scale Gold Corridor Exploration Potential
A MATURE GOLD DEVELOPMENT PROJECT WITH BELT-SCALE GOLD CORRIDOR EXPLORATION POTENTIAL EL ZORRO GOLD PROJECT, CHILE LA BREA For personal use only SIERRA DEL PORTERO CALDERILLAS A WELL-ESTABLISHED, TOP-TIER MINING JURISDICTION Supported by a skilled, resource sector-focused workforce KITSUNE and acces
Slide 4: Corporate Snapshot
CORPORATE SNAPSHOT GOLD FIELDS STRATEGIC INVESTMENT TESORO GOLD (ASX: TSO, OTCQB: TSORF, FSE: 5DF) GOLD FIELDS STRATEGIC INVESTMENT REGISTER DETAIL BROKER COVERAGE For personal use only 4.7% BOARD AND MANAGEMENT GOLD FIELDS 12.9% 35.7% COLLINS STREET 10.9% INSTITUTIONAL INVESTORS 35.9% OTHER INVESTO
Slide 5: Developing El Zorro
DEVELOPING EL ZORRO OPTIMAL PROJECT CONFIGURATION IS NOW SET ADVANCING TOWARD FID STRAIGHTFORWARD GOLD DEVELOPMENT PROJECT For personal use only • Increasingly rare single open pit development opportunity • Well-understood CIP processing, using a conventional “plug and play” circuit • Proven permitt
Slide 6: It Began with a New Gold Discovery
IT BEGAN WITH A NEW GOLD DISCOVERY THE FIRST INTRUSIVE RELATED GOLD SYSTEM IDENTIFIED IN CHILE TESORO HAS SECURED A 30KM A FANTASTIC LOCATION FOR A NEW GOLD OPERATION For personal use only CORRIDOR WITHIN CHILE’S COASTAL CORDILLERA REGION Unquestionably one of the world’s premier mining regions, hos
Slide 7: September 2025 Scoping Study Outcomes
SEPTEMBER 2025 SCOPING STUDY OUTCOMES ECONOMICALLY ATTRACTIVE ON ALL MEASURES MINE SCHEDULE MINING PHYSICALS STANDARD CIP PLANT For personal use only 40.7 MT AT 1.02 G/T GOLD 3.0 MTPA THROUGHPUT 94.5% GOLD RECOVERY Initial open pit mine For initial 14-year operating life Simple non-refractory metall
Slide 8: Exceptional Cash Flow Generation in All Scenarios
SEPTEMBER 2025 SCOPING STUDY OUTCOMES EXCEPTIONAL CASH FLOW GENERATION IN ALL SCENARIOS EXCELLENT ECONOMICS EVEN IN POST TAX NPV7.5% SENSITIVITY TO GOLD PRICE (US$M) For personal use only A HIGHLY- CONSERVATIVE BASE CASE GOLD PRICE ASSUMPTION US$966 US$663 SEPTEMBER 2023 SPOT US$3,300/oz BASE CASE E
Slide 9: Developing El Zorro: DFS-Level Evaluation Underway
DEVELOPING EL ZORRO DFS-LEVEL EVALUATION UNDERWAY CURRENT SCHEDULE CY26 CY27 CY28 CY29 For personal use only QUARTER 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 Decision Taken to Proceed to DFS DFS Workstreams DFS Delivery Approvals to Work and FID EIA and RCA Approval Detailed Engineering Des
Slide 10: Ongoing Fully-Funded Drilling Programmes Across the Tenure
ONGOING FULLY-FUNDED DRILLING PROGRAMMES ACROSS THE TENURE For personal use only TERNERA INFILL DRILLING FEASIBILITY STUDY-FOCUSED WORKSTREAMS PLANNED FOR APPROXIMATELY 20,000M AND SET FOR COMPLETION Q2 CY2026 TERNERA EXTENSIONAL DRILLING PLANNED FOR 6,000M TO DEFINE AND EXTEND SHALLOW NORTHERN AND
Slide 11: August 2025 Mineral Resource Update
AUGUST 2025 MINERAL RESOURCE UPDATE RESOURCE BASE EXPANSION AND AN INCREASE IN CONFIDENCE ENABLES A SINGLE OPEN PIT PROJECT For personal use only • Constrained MRE 1.82Moz at 1.1g/t Au. • 1.12Moz resides in the Indicated category, representing 62% of the total MRE. • Unconstrained MRE expanded to 2.
Slide 12: Infill and Extensional Drilling Open to the North
INFILL AND EXTENSIONAL DRILLING OPEN TO THE NORTH TERNERA IS YET TO BE CONSTRAINED INFILL DRILLING For personal use only • Approximately 20,000m to be completed by end Q2 CY2026 • Focus is further upgrade to the Ternera MRE categorisation EXTENSIONAL DRILLING • Deposit open north, south and at depth
Slide 13: Further Drilling to Define Multiple Extensions
FURTHER DRILLING TO DEFINE MULTIPLE EXTENSIONS EXTENSIONAL DRILLING MULTIPLE EXTENSIONS READY TO DEFINE WITH MORE DRILLING EXTENSIONAL DRILLING KITSUNE TORO BLANCO • 68.23m @ 1.18 g/t Au (ZDDH0370)2 • 10.06 m @ 1.70 g/t Au (ZDDH0387)1 For personal use only • Further targets proximate to Ternera • 12
Slide 14: New Discovery Drilling: Pena Blanca
NEW DISCOVERY DRILLING PENA BLANCA - JUST 5KM FROM TERNERA THREE DISCRETE GOLD TARGETS ACROSS 5KM TREND For personal use only • Channel sampling delineates three gold targets (show in red) • Notable results included: • 24.00m at 0.58 g/t Au (EXTR05135), including; • 3.00m at 1.42 g/t Au. • 1.00m at
Slide 15: New Discovery Drilling: La Brea Gold System Discovery
NEW DISCOVERY DRILLING LA BREA GOLD SYSTEM DISCOVERY LARGE NEW GOLD TARGET For personal use only • Five-hole (for 1,117m) maiden diamond drilling programme completed H2 FY2025. • Confirmed a 200m prospective gold bearing structural corridor. • All holes intersected gold mineralisation, with a peak i
Slide 16: Gold Corridor Locked Down
GOLD CORRIDOR LOCKED DOWN OFFERING MORE THAN 30KM OF PROSPECTIVITY PROVIDES BELT-SCALE For personal use only EXPLORATION POTENTIAL AND GOLD CORRIDOR SIGNIFICANT OPTIONALITY 2 LA BREA 3 SIERRA DEL PORTRERO 3 CALDERILLAS NORTH 2 CALDERILLAS 1 Priority 1 Targets: Drone Hill, Ternera East situated withi
Slide 17: Investment Highlights
A MATURE GOLD DEVELOPMENT PROJECT WITH BELT-SCALE EXPLORATION POTENTIAL For personal use only INVESTMENT HIGHLIGHTS PREMIER PROVEN IMMENSE UPSIDE CHILEAN DEVELOPMENT BEYOND THE LOCATION PATHWAY CURRENT MRE A VERY WELL- SINGLE OPEN PIT MINE TERNERA GROWTH PLUS ESTABLISHED, TOP-TIER AND SIMPLE CIP NEW
Slide 18: Appendix: Supplementary Information
For personal use only APPENDIX 1 SUPPLEMENTARY INFORMATION ASX: TSO | OTCQB: TSORF | FSE: 5DF INVESTOR PRESENTATION | 18
Slide 19: Why Chile?
WHY CHILE? IT HAS ALL THE INGREDIENTS REQUIRED FOR GOLD MINE DEVELOPMENT MINING POWERHOUSE For personal use only PREDICTABLE PERMITTING • Home to Anglo American , BHP, Barrick, Glencore, • Structured process, Kinross, Newmont, Rio Tinto. ~12 months average • Strong institutional support for approval
Slide 20: Licence to Operate
LICENCE TO OPERATE ENVIRONMENTAL AND SOCIAL STRATEGY ALIGNED TO THE UNITED NATIONS SUSTAINABLE DEVELOPMENT GOALS WITH A COMMITMENT TO ENSURING EXPLORATION AND OPERATIONAL ACTIVITIES GENERATE POSITIVE SUSTAINABILITY OUTCOMES For personal use only Occupational Health and Safety are fundamental respons
Slide 21: Tesoro's Board of Directors
TESORO’S BOARD OF DIRECTORS TRACK RECORD OF EXPLORATION AND DEVELOPMENT SUCCUESS For personal use only MARK CONNELY ZEFFRON REEVES GEOFF McNAMARA LINTON PUTLAND ALAN GIBSON NON-EXECUTIVE CHAIR MANAGING DIRECTOR NON-EXECUTIVE DIRECTOR EXECUTIVE DIRECTOR NON-EXECUTIVE DIRECTOR • Previously Managing Di
Slide 22: Tesoro's Executive Team
TESORO’S EXECUTIVE TEAM DRIVING THE ADVANCEMENT OF THE EL ZORRO GOLD PROJECT For personal use only EMMA CURNOW TIM WILLIAMS SARAH WILSON CHIEF FINANCIAL OFFICER CHIEF DEVELOPMENT OFFICER COMPANY SECRETARY • Chartered Accountant and Company Secretary with over 15 • Mining engineer with over 30 years
Slide 23: Tesoro's Chilean Management Team
TESORO’S CHILEAN MANAGEMENT TEAM DEDICATED IN COUNTRY TEAM OF LOCAL SPECIALISTS For personal use only SERGIO URIBE RUBEN CAHUANA FRANCISCO VARELA ECHAURREN COUNTRY MANAGER EXPLORATION MANAGER LEGAL COUNCIL • Administrative, management and development professional • Geologist and Geotechnical enginee
Slide 24: Appendix: September 2025 Scoping Study Details
For personal use only APPENDIX 2 SEPTEMBER 2025 SCOPING STUDY DETAILS ASX: TSO | OTCQB: TSORF | FSE: 5DF INVESTOR PRESENTATION | 24
Slide 25: Metallurgy Testing Confirmed Excellent Results
METALLURGY TESTING CONFIRMED EXCELLENT RESULTS TERNERA ORE HIGHLY AMENABLE TO CONVENTIONAL CIP PROCESSING METALLURGICAL OUTCOMES For personal use only • Overall recoveries of greater than 95% achieved with cyanide leaching. Au • Ores tested showed highly consistent performance across both composite
Slide 26: Detailed Financial Outcomes
DETAILED FINANCIAL OUTCOMES DEMONSTRATE THE ECONOMIC VIABILITY OF THE PROJECT FINANCIALS (± 35%) UoM BASE SPOT For personal use only Gold price US$/oz 2,750 3,300 NPV7.5% (pre-tax) US$M 917 1,331 IRR (pre-tax) % 60 79 Net cash flow (undiscounted, pre-tax) US$M 1,684 2,377 HIGHLY ATTRACTIVE CHILEAN N
Slide 27: Mining and Processing Detail
MINING AND PROCESSING DETAIL RELATIVELY LOW UPFRONT CAPITAL REQUIRED SIMPLE CRUSH, GRAVITY AND CIP MILL THROUGHPUT BY MINERAL RESOURCE CATEGORY For personal use only • Contract open pit mining with costs estimated Indicated Inferred using a 200-tonne diesel hydraulic excavator 6% 11% 10% 8% paired w
Slide 28: A Simple, Well-Understood Flowsheet
A SIMPLE, WELL-UNDERSTOOD FLOWSHEET TESTWORK CONFIRMS LOW-COST CIP PROCESSING ROUTE LEACHING PROCESS TANKS CRUSHING BALL MINING For personal use only WATER ORE STOCKPILES Cyanide and other reagents Desalination plant Carbon Advance Regenerated Carbon Transfer Pumps Fresh Carbon after Carbon Carbon C
Slide 29: Detailed Physical Outcomes
DETAILED PHYSICAL OUTCOMES INITIAL PROJECT DELIVERS 1.26Moz GOLD PRODUCTION PHYSICALS (± 35%) UoM OUTCOME ANNUAL PRODUCTION OUNCES AND HEAD GRADE For personal use only Ore tonnage Mt 40.7 Production Ounces - Indicated (koz) Production Ounces - Inferred (koz) Head Grade (g/tAu) Gold grade g/t 1.02 16
Slide 30: Detailed Cost Analysis
DETAILED COST ANALYSIS LOW UPFRONT CAPITAL BURDEN COSTS (± 35%) UoM OUTCOME DEVELOPMENT PLAN AT US$2,750 AT 0.40G/T AU For personal use only Upfront capital (plant and process infrastructure) US$M 180.1 Upfront capital (open pit mining) US$M 26.4 Upfront capital (pre strip) US$M 41.4 Total upfront c
Slide 31: Tesoro Gold Limited contact details
For personal use only Tesoro Gold Limited 31 Cliff Street FREMANTLE WA 6160 +61 8 6311 9160 info@tesorogold.com.au www.tesorogold.com.au ASX: TSO | OTCQB: TSORF | FSE: 5DF