Tesoro Gold Ltd · ASX:TSO
Tesoro Gold — Investor Presentation (November 2025)
28 slides from Tesoro Gold's investor presentation, Nov 3, 2025
Slide 1: El Zorro Gold Development Project
For personal use only EL ZORRO GOLD DEVELOPMENT PROJECT A HIGHLY ATTRACTIVE SINGLE OPEN PIT CHILEAN GOLD OPPORTUNITY November 2025 ASX:TSO | OTCQB:TSORF
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: Twelve Months of High-Impact Project Advancement Activities
TWELVE MONTHS OF HIGH-IMPACT PROJECT ADVANCEMENT ACTIVITIES GOLD CORRIDOR EL ZORRO GOLD LA BREA PROJECT, CHILE For personal use only AN EXPANDING LARGE GOLD SIERRA DEL PORTERO RESOURCE AND CLEAR EXPANSION CALDERILLAS POTENTIAL KITSUNE DRONE HILL TERNERA OPEN PIT SCOPING STUDY GOLD DEPOSIT DEMONSTRAT
Slide 4: A Golden Opportunity
A GOLDEN OPPORTUNITY ECONOMICALLY ROBUST, TECHNICALLY STRAIGHTFORWARD GOLD PROJECT WITH DISTRICT-SCALE GROWTH POTENTIAL YET TO BE UNLOCKED For personal use only SIGNIFICANT 2025 MINERAL RESOURCE UPDATE1 • Unconstrained MRE grows to 2.0Moz @ 1.07g/t Au. • Pit-constrained MRE delivers 1.82Moz @ 1.10g/
Slide 5: Corporate Snapshot
CORPORATE SNAPSHOT GOLD FIELDS STRATEGIC INVESTMENT TESORO GOLD (ASX: TSO, OTCQB:TSORF)1 GOLD FIELDS STRATEGIC INVESTMENT REGISTER DETAIL GOLD FIELDS STRATEGIC INVESTMENT For personal use only 4.1% Global gold producer - nine operating mines across BOARD AND MANAGEMENT Australia, Chile, Ghana, Peru
Slide 6: A Premier Location for Project Development
A PREMIER LOCATION FOR PROJECT DEVELOPMENT PROXIMATE TO ESTABLISHED INFRASTRUCTURE AND EXISTING MINES • Coastal location surrounded by mines For personal use only • Four of the world's largest gold company’s operating in the region • Just 15km from the Pan American Highway and Pacific Ocean • Grid p
Slide 7: Scoping Study Outcomes
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 metallurgy GOLD OUTPU
Slide 8: Strong Project Value Across a Range of Gold Price Scenarios
SCOPING STUDY OUTCOMES STRONG PROJECT VALUE ACROSS A RANGE OF GOLD PRICE SCENARIOS THE RIGHT COMMODITY BASE CASE POST TAX NPV7.5% SENSITIVITY For personal use only • Greatest economic leverage to changes in gold price and operating costs. US$663M • Underlying macroeconomic environment (post-tax) sup
Slide 9: Unlocking El Zorro's Full Potential
UNLOCKING EL ZORRO’S FULL POTENTIAL MILESTONES ON THE PROJECT DEVELOPMENT PATHWAY 2025 2026 2027 2028 2029 For personal use only TECHNICAL PFS WORKSTREAMS EIA BASLINES STUDIES AND APPLICATION SUBMISSION MINING APPROVAL PROCESS (PAS – PA) DFS WORKSTREAM INCLUDING DETAILED ENGINEERING ASSESSMENT OF FU
Slide 10: Fully Funded for Accelerated Exploration
FULLY FUNDED FOR ACCELERATED EXPLORATION THREE CONCURRENT DIAMOND DRILLING PROGRAMMES UNDERWAY INFILL DRILLING For personal use only 20,000M SCHEDULED TO SUPPORT PRE- FEASIBILITY STUDY WORKSTREAMS EXTENSIONAL DRILLING 6,000M TO DEFINE AND EXTEND SHALLOW NORTHERN AND SOUTHERN EXTENSIONS AND TEST DEPT
Slide 11: Recent Significant Mineral Resource Update
RECENT SIGNIFICANT MINERAL RESOURCE UPDATE CONTINUED GROWTH OF THE RESOURCE BASE ENABLES A SINGLE OPEN PIT PROJECT For personal use only • Constrained MRE 1.82Moz with 62% Indicated • Deposit open in all directions • Represents a significant improvement in continuity and ounces per vertical metre •
Slide 12: Ternera Poised for Growth
TERNERA POISED FOR GROWTH 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 • Total of 6,000m drilling planned • • 12.00m @ 3.34 g/t Au (ZDDH0135)11 130.00m @ 0.
Slide 13: El Zorro Near Deposit Targets
EL ZORRO NEAR DEPOSIT TARGETS SIGNIFICANT GOLD HIGHLIGHTS NEAR DEPOSIT POTENTIAL FOCUSED EXPLORATION For personal use only • Multiple targets with a 5km radius of CALDERILLAS Ternera • Strong gold mineralisation identified at surface KITSUNE • Additional drilling planned at Drone Hill, TORO BLANCO D
Slide 14: Next Steps and Additional Project Upside Potential
EL ZORRO GOLD DEVELOPMENT PROJECT For personal use only GOLD CORRIDOR NEXT STEPS AND ADDITIONAL PROJECT UPSIDE POTENTIAL 2 LA BREA 3 SIERRA DEL PORTRERO PROJECT OPTIMISATION AND ADVANCEMENT 3 CALDERILLAS NORTH • Mine scheduling refinements to prioritise shallow, high-grade zones. 2 CALDERILLAS 2 KIT
Slide 15: Investment Highlights
TESORO GOLD INVESTMENT HIGHLIGHTS For personal use only LARGE, HIGHLY PROSPECTIVE GOLD PROJECT LOCATED IN CHILE, UNQUESTIONABLY A PREMIER LOCATION FOR BUILDING A NEW MINE 2.0 MOZ UNCONSTRAINED MINERAL RESOURCE 1.82 MOZ CONSTRAINED WITH 62% CLASSIFIED AS INDICATED EXCEPTIONAL METALLURGY FOR SIMPLE PR
Slide 16: Appendix
For personal use only APPENDIX EL ZORRO GOLD DEVELOPMENT PROJECT DETAIL ASX:TSO | OTCQB:TSORF INVESTOR PRESENTATION | 16
Slide 17: New Metallurgy Delivered Excellent Results
NEW METALLURGY DELIVERED 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 and
Slide 18: 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 19: 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 20: A Simple, Conventional Flowsheet
A SIMPLE, CONVENTIONAL 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 Carb
Slide 21: Detailed Physical Outcomes
DETAILED PHYSICAL OUTCOMES INITIAL PROJECT DELIVERS 1.26 Moz 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 1
Slide 22: 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 23: Why Chile?
WHY CHILE? A PREMIER MINING JURISDICTION 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 approvals for responsible mining • 2025
Slide 24: 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 25: Board of Tesoro Gold
BOARD OF TESORO GOLD TRACK RECORD OF EXPLORATION AND DEVELOPMENT SUCCUESS For personal use only MARK CONNELLY ZEFFRON REEVES GEOFF McNAMARA LINTON PUTLAND ALAN GIBSON NON-EXECUTIVE CHAIR MANAGING DIRECTOR NON-EXECUTIVE DIRECTOR EXECUTIVE DIRECTOR NON-EXECUTIVE DIRECTOR • Previously Managing Director
Slide 26: Tesoro Gold's Executive Team
TESORO GOLD’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 y
Slide 27: Tesoro Gold's Chilean Management Team
TESORO GOLD’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 en
Slide 28: Tesoro Gold Limited contact details
For personal use only Tesoro Gold Limited Ground Floor 31 Cliff St Fremantle, WA, 6160 +61 8 6311 9160 info@tesorogold.com.au www.tesorogold.com.au ASX:TSO | OTCQB:TSORF