Slide 1: Expanded and Upgraded Ternera Open Pit Scoping Study Presentation
ASX ANNOUNCEMENT 16 SEPTEMBER 2025 ASX: TSO OTCQB: TSORF OTCQB FSE: 5D7 EXPANDED AND UPGRADED TERNERA OPEN PIT SCOPING STUDY PRESENTATION INVITATION TO SUBMIT QUESTIONS TO TESORO MANAGING DIRECTOR, ZEFF REEVES Tesoro Gold Limited (Tesoro or the Company) (ASX: TSO, OTCQB: TSORF, FSE: 5D7) invites sha
Slide 2: El Zorro Gold Project Expanded and Upgraded Open Pit Scoping Study Outcomes
For personal use only EL ZORRO GOLD PROJECT EXPANDED AND UPGRADED OPEN PIT SCOPING STUDY OUTCOMES September 2025 ASX:TSO | OTCQB:TSORF
Slide 3: 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 4: Expanded and Updated Open Pit Scoping Study Outcomes
EXPANDED AND UPDATED OPEN PIT SCOPING STUDY OUTCOMES GOLD CORRIDOR EL ZORRO GOLD PROJECT, CHILE For personal use only HIGHLY ATTRACTIVE CHILEAN GOLD DEVELOPMENT OPPORTUNITY WITH STRONG ECONOMICS AND A SIMPLE DEVELOPMENT PATHWAY TERNERA GOLD DEPOSIT 1.82Moz RESOURCE 1 CIP SINGLE OPEN WELL EXCELLENT P
Slide 5: Expanded and Updated Open Pit Scoping Study Outcomes
EXPANDED AND UPDATED OPEN PIT SCOPING STUDY OUTCOMES 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 OUTPUT AISC UPF
Slide 6: Next Steps and Additional Project Upside Potential
EXPANDED AND UPDATED OPEN PIT SCOPING STUDY OUTCOMES For personal use only NEXT STEPS AND ADDITIONAL PROJECT UPSIDE POTENTIAL PROJECT OPTIMISATION AND ADVANCEMENT • Mine scheduling refinements to prioritise shallow, high-grade zones • Assessment of underground potential below current pit shell • Exp
Slide 7: Corporate Snapshot
CORPORATE SNAPSHOT GOLD FIELDS STRATEGIC INVESTMENT TESORO GOLD (ASX: TSO, OTCQB:TSORF) GOLD FIELDS STRATEGIC INVESTMENT REGISTER DETAIL GOLD FIELDS STRATEGIC INVESTMENT For personal use only 5.5% Global gold producer - nine operating mines across BOARD AND MANAGEMENT Australia, Chile, Ghana, Peru a
Slide 8: 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 1. RECENT SIGNIFICANT MINERAL RESOURCE UPDATE1 • Unconstrained MRE grows to 2.0Moz @ 1.07g/t Au. • Pit-constrained MRE delivers 1.82Moz @ 1
Slide 9: Recent Significant Mineral Resource Update
1. 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 remains open in all directions • Represents a significant improvement in continuity and ounces per vertic
Slide 10: New Metallurgy Delivered Excellent Results
2. 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 a
Slide 11: Expanded and Updated Ternera Open Pit Scoping Study Outcomes
3. EXPANDED AND UPDATED TERNERA OPEN PIT SCOPING STUDY OUTCOMES For personal use only We firmly believe El Zorro provides a district- scale gold development opportunity, with Ternera being the first of multiple deposits capable of contributing to a significantly larger future operation. Zeff Reeves
Slide 12: Detailed Financial Outcomes
3. DETAILED FINANCIAL OUTCOMES DEMONSTRATE 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 NP
Slide 13: Sensitivity Analysis
3. SENSITIVITY ANALYSIS STRONG PROJECT VALUE ACROSS 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) supportive of
Slide 14: Mining and Processing Detail
3. 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% 25% 1
Slide 15: A Simple, Well-Understood Flowsheet
3. 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 Carbo
Slide 16: Detailed Physical Outcomes
3. 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 1.0
Slide 17: Detailed Cost Analysis
3. 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 upfron
Slide 18: Why Chile?
3. 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 appro
Slide 19: A Premier Location for Project Development
3. 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 • Gri
Slide 20: Licence to Operate
3. 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 resp
Slide 21: Unlocking El Zorro's Full Potential
3. UNLOCKING EL ZORRO’S FULL POTENTIAL MILESTONES ON THE PROJECT DEVELOPMENT PATHWAY 2025 2026 2027 2028 2029 2030 For personal use only EARLY STUDIES / FEASIBILITY ENGINEERING EIA APPLICATION AND CONSULTATION DETAILED STUDIES / ADVANCED ENGINEERING PAS – PA APPLICATION PROCESS CONSTRUCTION PRODUCTI
Slide 22: Additional Exploration Potential
3. ADDITIONAL EXPLORATION POTENTIAL FURTHER BELT-SCALE UPSIDE AVAILABLE • First Intrusive Related Gold System discovered in Chile. For personal use only • Well defined “gold corridor” over 30km long. • Testing of multiple drill-ready, near-deposit and district GOLD CORRIDOR targets commencing Q4 202
Slide 23: Investment Highlights
A GOLDEN OPPORTUNITY 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
Slide 24: Tesoro Gold Limited
For personal use only Tesoro Gold Limited Level 39 152-158 St Georges Terrace Perth, WA 6000 +61 8 6383 7883 info@tesorogold.com.au www.tesorogold.com.au ASX:TSO | OTCQB:TSORF