Good morning, everyone. I'm Zeff Reeves, Managing Director of Tesoro Gold. Tesoro is advancing the El Zorro Gold Project, which is right on the coast in northern Chile. We're currently putting the Ternera deposit through DFS, which we intend on delivering towards the end of this year. We are also embarking on a major regional exploration campaign in a completely unexplored belt in Chile. The El Zorro Gold Project and the Ternera gold deposit, which currently has an in-pit resource inside a $3,000 U.S. pit shell of 1.18 million ounces, is going to be Chile's next major gold development project in the coastal belt of Chile. We are rapidly advancing this project through all the study phase to deliver a DFS at the end of the year. This is a rare single open-pit opportunity. All of this resource resides in a single open pit. We think there's immense material upside beyond the current resource. The deposit itself is still open to the north, south, and at depth. This belt, and you can see our concessions there that cover 670 sq km sitting right on the coast, has barely been explored. The more work we do, the more excited we are about finding additional gold deposits along this belt. This project really does offer a project of scale and technical simplicity in what we think is one of the best places on the planet to go and build a new gold mine. I won't touch on this too much, but just quickly, we're currently capped at around AUD 150 million-AUD 160 million. At the end of last quarter, we had AUD 22 million cash in the bank. We've been burning around AUD 7 million a quarter, so our current cash will be about AUD 15 million in this next quarterly coming up. That sees us funded for all the work that we want to do. On our capital structure between institutional investors, Board, and management, you'll see a large shareholding there from Gold Fields. That covers around 65% of our register. Gold Fields have been an investor in the business for around four years. They've participated in multiple placements. They've invested around AUD 13 million, I think like us, they can see the potential here for a new multimillion-ounce district to emerge with more exploration and also the upside on the Ternera deposit itself. You'll see there research coverage of multiple Australian brokers. We're getting a lot of attention in the Australian market. To help deliver our DFS, we're rapidly advancing all of our study work streams. We've recently strengthened our in-country management team with a number of very well-credentialed people who have recently delivered new mines in Chile and also in Peru, in the construction and development phase. We're well supported by a number of the groups that we have agreements with, starting from a recent agreement that we've just signed with a company called STRACON. STRACON, I don't know if anyone can remember the old Leightons that were pretty active in Australia a number of years ago. STRACON are like a South American Leightons, if you like. They do a lot of mining contracting and a lot of big civil projects. We've gone through a process to select STRACON to support us through the DFS in an alliance-style agreement whereby Tesoro and the STRACON group will work as a single integrated team to deliver the project and also to operate it. GR Engineering have done all of our process design. This project is going to be a replica of 50 different gold projects that you might see in the Eastern goldfields of Western Australia or in Canada. It's a simple CIP processing plant, 3 million tons per annum throughput, and our GRs have supported all that engineering to design that plant, and this is all straight-off-the-shelf equipment to build this thing. We've got water at our doorstep. That's via a desalination plant around 20 km away, and we have agreements to deliver that water to the site and also clean, renewable generated power. Around 90% of the power that we will use in this project is from a renewable source. We have agreements in place, and we're currently completing the engineering studies on a power line that will be around 25 km long to deliver power to the project, and that power is cheap. We're looking at around AUD 0.12 kWh for power. I think when you compare that to some of our peers operating with diesel gen sets in Western Australia, we're way ahead of them on that cost. We're well advanced on our permitting. In Chile, to get a new mining project permitted, it takes a 12-month environmental baseline study and then the submission of documentation to the government. We're about to complete the baseline study in August, and we are on schedule to make our application for a mining permit during this calendar year with a view to have the project permitted in mid to late 2027. One of the biggest advantages of this project is its location, and this cannot be underestimated. This is probably, in my mind, the best place on the planet to go and build a new mine. We're sitting right on the coast. You can see our concession outline there in red, and the Ternera deposit is about where that blue dot is. You can see where that power and water is around 20 km away. We're at low altitude, only 600 m above sea level, and 13 km from the coast. Caldera is an operating port that is only 55 km away. That port is currently being upgraded to be able to bring larger pieces of equipment in through that port, and we're likely to use that when it's time to bring in ball mills, crushers, and other big equipment. The airport is only 76 km away. You can fly from Santiago up in the morning, drive to site. It's one hour drive on paved road to literally two kilometers from where the pit will be, all on paved road, and be back in Santiago that evening, no problem. This really has got superb access, everything on our doorstep to build a new mine, and it's in a mining-rich region. All of those companies there are all operating in the region. It's a very well-established mining region. It's well-studied from an environmental perspective. It helps reduce some of that permitting risk and permitting timeframe. This region, a majority of its economic activity is generated from the mining industry. Why Chile? We really think Chile is the definition of a premier mining jurisdiction. It is the world's largest copper producer by a long way. It has all the major companies delivering new projects and expanding existing projects and pumping some serious amount of capital into the country. Over $56 billion of mining investment was put into Chile during 2024. It's got a very attractive corporate tax rate of 27% and no royalty on gold, and massive established mining infrastructure, as I just showed you on that previous map, sitting right on our doorstep that we get to leverage off. We think Chile really is a fantastic place to build and operate a new gold mine. Our current resource is sitting at 1.82 million ounces. That's constrained within a $3,000 an ounce pit. You'll see there's 62% of that resource is in the indicated classification. We've just completed a little over 20,000-m infill drilling program. We've still got quite a few results to come back to us from that program, but we will then publish a new updated resource within the next month, that we're aiming to deliver more than 85% of the material into indicated, which will then support the publication of a maiden ore reserve for the Ternera gold deposit. At this stage, we're scheduled to deliver that ore reserve during September, and that ore reserve will then support the DFS, which will be completed by the end of this year. Off the back of that resource, we published a scoping study. You see the numbers there are very attractive, I won't dwell on those too much because they are going to change because this study used a $2,750 gold price. What it told us is that it mapped out the configuration of this mine. We've done all the trade-off studies, and it's set us on a path to deliver a 3 million ton per annum throughput plant in a mine that can deliver over 110,000 oz a year over a 13-year mine life at a fairly attractive all-in sustaining cost of down around $1,200 an ounce. We will expect that will go up a little bit in our DFS, but at this stage, we're still looking at around $1,300-$1,350 an ounce production cost. CapEx will also go up. We've reconfigured some parts of the front end of our plant and some design changes in the water pipeline, upfront capital costs are still expected to be under $350 million. The deposit is open in all directions, north and south. You'll see some fairly attractive drill intercepts off to the North there, such as 68 m at 1.18 g, and to the South, 53.5 m at 1.17 g. None of those results are in the resource. We need to do more drilling. Two drill rigs are currently drilling at Ternera East. We think that's a repeat of the main ore body. We had some very attractive initial drill results there from last year. We think there's more ounces to add there also. More drilling, more ounces. We're very confident of it continuing to expand the deposit. Outside of Ternera, we're about to embark on a huge regional exploration drilling campaign. Tesoro has defined a 40-km long corridor where the right rocks and a lot of gold occurs at the surface in those rocks in a completely unexplored belt. This was sitting under everybody's nose. Nobody knew about this until Tesoro got there. We discovered what is now the El Zorro Gold District. It's Chile's first ever intrusion-related gold system. The more work we do, the more we believe we will find and getting very confident about some of these targets. We're about to let the exploration team off the chain and go off and attack that corridor, which is over 40 km long. It's about the distance from Kambalda to Kalgoorlie, so it's a big belt with lots of targets to go and drill. The team is about to set off and start drilling some of these high-priority targets, and we're positive there's going to be more discoveries, and Ternera is the first of many. We will be Chile's next major gold development in the coastal belt. This is an important project in that region of Chile. We're currently completing the DFS on a single open pit standalone gold mine with a very simple and straightforward mine development pathway. Probably the most exciting part of the whole project is the immense material upside we see with more exploration. While our team continues to de-risk the Ternera deposit and get it through to DFS at the end of this year, the exploration guys will be out drilling hard for more deposits along what we think is a very prospective belt. Thank you.
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