Tesoro Gold Ltd · ASX:TSO
Tesoro Gold — Precious Metals Summit Beaver Creek 2025
17 slides from Tesoro Gold's conference presentation, Sep 9, 2025
Slide 1: Unlocking a District-Scale Gold System in One of the World's Premier Mining Jurisdictions
For personal use only UNLOCKING A DISTRICT- SCALE GOLD SYSTEM IN ONE OF THE WORLD’S PREMIER MINING JURISDICTIONS PRECIOUS METALS SUMMIT BEAVER CREEK September 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: A Golden Opportunity: El Zorro Gold Project, Chile
A GOLDEN OPPORTUNITY DEVELOPING A MAJOR NEW GOLD DISTRICT GOLD CORRIDOR EL ZORRO GOLD PROJECT, CHILE For personal use only • Large surface footprint spanning 570km2 in Chile’s prolific Atacama mining region • Constrained Ternera MRE now stands at 1.82 Moz with 62% classified as Indicated 1 • Metallu
Slide 4: 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 5: Chilean Gold Exploration and Development
CHILEAN GOLD EXPLORATION AND 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 pow
Slide 6: Corporate Snapshot
CORPORATE SNAPSHOT TESORO GOLD (ASX: TSO, OTCQB:TSORF) REGISTER DETAIL GOLD FIELDS STRATEGIC INVESTMENT GOLD FIELDS STRATEGIC INVESTMENT For personal use only Global gold producer - nine operating mines across 5.6% BOARD AND MANAGEMENT Australia, Chile, Ghana, Peru and South Africa 17.1% GOLD FIELDS
Slide 7: A Golden Opportunity: Mineral Resource of Scale
A GOLDEN OPPORTUNITY UNDERPINNED BY A MINERAL RESOURCE OF SCALE, HIGH-CONFIDENCE, AND WITH ADDITIONAL 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/t
Slide 8: Expanded and Upgraded Ternera MRE
EXPANDED AND UPGRADED TERNERA MRE CONTINUED GROWTH OF THE RESOURCE BASE OPPORTUNITY FOR A SINGLE OPEN PIT • Constrained MRE 1.82Moz with 62% Indicated. For personal use only • Deposit remains open in all directions. • New zones to chase in the north and south. • Represents a significant improvement
Slide 9: A Major New Gold Deposit in Chile
A MAJOR NEW GOLD DEPOSIT IN CHILE ADDITIONAL EXPLORATION UPSIDE EXPECTED • 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 20
Slide 10: New Metallurgy Enhances Previous Outcomes
NEW METALLURGY ENHANCES PREVIOUS OUTCOMES TERNERA SAMPLES HIGHLY AMENABLE TO CONVENTIONAL CIP PROCESSING KEY OUTCOMES • Overall average recoveries of 95%. For personal use only • Gravity recoveries of 41%. • Tests show highly consistent performance HIGH RECOVERIES DELIVERED WITH VERY across both com
Slide 11: 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 STOCK PILES Cyanide & other reagents Desalination Carbon Advance Regenerated Carbon plant Transfer Pumps Fresh Carbon after Carbon Carbon Ca
Slide 12: 2023 Scoping Study Highlights
2023 SCOPING STUDY HIGHLIGHTS DEMONSTRATED AN ATTRACTIVE STARTER PROJECT1 Key parameter (± 35%) Unit Study estimate For personal use only Ore throughput Mt 17.1 Gold grade g/t 1.25 Production ounces koz 651 MULTIPLE UPSIDE DRIVERS EXPECTED Plant throughput Mtpa 2.4 TO ENHANCE PROJECT OUTCOMES Averag
Slide 13: Investment Highlights
A GOLDEN OPPORTUNITY INVESTMENT HIGHLIGHTS For personal use only LARGE, HIGHLY PROSPECTIVE GOLD PROJECT Located in Chile, unquestionably the premier location for building a new mine 2.0 MOZ UNCONSTRAINED MINERAL RESOURCE 1.82 Moz constrained with 62% classified as Indicated EXCEPTIONAL METALLURGY FO
Slide 14: Appendix
For personal use only APPENDIX ASX:TSO | OTCQB:TSORF INVESTOR PRESENTATION | 14
Slide 15: Appendix A: Ternera Deposit August 2025 Mineral Resource Estimate
APPENDIX A | TERNERA DEPOSIT AUGUST 2025 MINERAL RESOURCE ESTIMATE1 Constrained 1.82 Moz Au MRE: US$3,000/oz optimised pit shell and process recovery of 94.5% For personal use only Cut off Indicated Inferred Total Au g/t Mt Au g/t Koz Mt Au g/t Koz Mt Au g/t Koz 2.00 3.5 3.55 394 2.5 3.54 280 5.9 3.
Slide 16: Appendix B: Notable Assay Results
APPENDIX B | NOTABLE ASSAY RESULTS UNLOCKING A NEW GOLD PROVINCE 1. ZDDH0297: 434.60m @ 1.22g/t Au; incl. 89.95m @ 3.07g/t Au, incl. 20.80m @ 9.19g/t Au; 2. ZDDH0394A: 46.67m @ 11.86g/t Au; incl. 22.25m @ 23.66g/t Au, incl. 0.50m @ 924.00g/t Au; For personal use only 3. ZDDH0069: 267.00m @ 1.12g/t A
Slide 17: Tesoro Gold Limited
For personal use only Tesoro Gold Limited Level 39 152-158 St Georges Terrace Perth, WA 600 +61 8 6383 7883 info@tesorogold.com.au www.tesorogold.com.au ASX:TSO | OTCQB:TSORF
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