Earnings release
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Level 39, 152-158 St Georges Terrace, Perth | +61 8 6383 7883 | info@tesorogold.com.au | tesorogold.com.au ASX ANNOUNCEMENT 28 OCTOBER 2025 ASX: TSO OTCQB: TSORF FSE: 5D7 QUARTERLY ACTIVITIES REPORT FOR THE PERIOD ENDED 30 SEPTEMBER 2025 Tesoro Gold Limited (ASX: TSO, OTCQB: TSORF, FSE: 5D7) (Tesoro or the Company) is pleased to report on its activities for the quarter ended 30 September 2025 (the Quarter). HIGHLIGHTS FROM THE QUARTER • Updated Ternera Scoping Study demonstrated an economically attractive, technically straightforward open pit gold mining and processing operation. • US$2,750/oz (Base Case) gold price forecast delivers: • NPV7.5% of US$917M and 60% IRR (pre-tax). • NPV7.5% of US$663M and 51% IRR (post-tax). • US$3,300/oz (Spot Case) gold price forecast delivers: • NPV7.5% of US$1,331M and 79% IRR (pre-tax). • NPV7.5% of US$966M and 68% IRR (post-tax). • Single open pit schedule of 41Mt at 1.02g/t Au for 1.3Moz of contained gold. • Average 111koz p.a. gold production for the first 9 years of full production. • Initial operating mine life of 13.5 years at 3.0Mtpa throughput. • Forecast average All-In-Sustaining-Cost (AISC) of US$1,216/oz. • Attractive metallurgy supports a conventional Carbon-in-Pulp (CIP) process plant, estimated to deliver average gold recovery of more than 94%. • Low pre-production capital cost of US$248M (includes US$41M for pre-strip). • Updated Ternera Mineral Resource of 51.2Mt at 1.10g/t Au for 1.82Moz at a 0.30g/t Au cut-off grade, constrained within a US$3,000/oz open pit shell. • 530koz increase in contained gold, representing 42% growth versus the 2023 MRE1. • 62% of the Mineral Resource, for 1.12 Moz, is now classified as Indicated. • Unconstrained MRE increases to 2Moz at 1.07g/t Au (Indicated and Inferred). • Robust continuity of higher-grade zones, including 17Mt at 2.10g/t Au for 1.14Moz at a 1.0g/t cut-off. • Deposit remains open in all directions with further extensional and near -resource growth identified across multiple mineralised horizons. 1 Refer to ASX Announcement dated 9 March 2023 – Ternera Mineral Resource Update and Initial Exploration Target For personal use only
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Tesoro Gold 2 ASX ANNOUNCEMENT 28 OCTOBER 2025 • High-priority drill targets near Ternera scheduled for testing in coming months. • Advanced metallurgical test work results indicated Ternera ore is highly amenable to conventional Carbon in Pulp processing. • 95% average gold recovery from Ternera composite samples (125 µm grind size). • Gravity recoverable gold consistent across all grade ranges averaging 41%. • Very low with reagent consumption, with cyanide at <0.2 kg/t and lime at 8kg/t. • Comminution test work returned an average Bond Work index of 20.9 kWh/t. • Results will directly support process plant design and inputs for a Pre-Feasibility Study (PFS) currently scheduled for delivery in Q2 2026. • Channel sampling at La Brea has identified four major northwest mineralised trends up to 200m wide and 4km long, highlighting the vast scale and potential of this target. • Individual fault zones, and associated alteration mapped up to 4km long, returned high-grade gold including: • 1.00m at 9.32g/t Au (EZTR004867); • 1.00m at 22.10g/t Au (EZTR005000); • 1.00m at 11.80g/t Au (EZTR005065); • 1.00m at 9.38g/t Au (EZTR005186); • 1.00m at 10.45g/t Au (EZTR005253); and • 4.00m at 4.85g/t Au (EZTR005259). • Drilling at La Brea has commenced. CORPORATE • Secured binding commitments for A$34 million via an equity placement to accelerate the development of El Zorro through to positive Final Investment Decision (FID). • Appointment of Ms Emma Curnow as Chief Financial Officer. • Enhanced cash balance of A$3.75 million and zero debt at 30 September 2025. Tesoro Managing Director, Zeff Reeves, commented: “This quarter, we were very pleased to announce that the substantial body of exploration, metallurgical, and engineering work completed over the recent periods culminated in the delivery of a highly positive updated Scoping Study for the El Zorro Gold Project. “Outcomes from the study clearly demonstrate a technically robust, high -value open pit gold operation underpinned by the growing 1.82 million ounce Ternera Resource. The For personal use only
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Tesoro Gold 3 ASX ANNOUNCEMENT 28 OCTOBER 2025 combination of an initial single open -pit and a simple and conventional processing pathway, shines a spotlight on El Zorro’s strong future development potential. “With this base in place, Tesoro is now firmly focused on advancing feasibility and permitting activities in parallel with an expanded exploration programme across the broader El Zorro Gold District. The coming quarter will see an increase in drilling activity aimed at delivering new discoveries and Resource growth, which in combination with current gold price tail winds, sets the stage for an exciting period ahead for Tesoro and its shareholders.” For personal use only
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Tesoro Gold 4 ASX ANNOUNCEMENT 28 OCTOBER 2025 Figure 1 – El Zorro Gold Project district map showing highly prospective gold corridor and high priority targets along an approximately 20km north-south trending zone. Datum PSAD56 19S. For personal use only
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Tesoro Gold 5 ASX ANNOUNCEMENT 28 OCTOBER 2025 EL ZORRO GOLD PROJECT, CHILE Ternera Mineral Resource Estimate grows to 1.82Moz gold On 4 August 2025, Tesoro announced an updated Mineral Resource Estimate ( MRE) for Ternera consisting of 51.2Mt at 1.10g/t Au for 1.82Moz. The updated MRE provides a basis for future exploration and Ternera as a compelling and strategically significant emerging gold development project. The updated MRE is based on 126,761 metres of diamond drilling from 399 holes and utilises a 0.30g/t Au cut -off and is constrained within a US$3,000/oz open pit shell. The unconstrained global MRE now stands at 2.0Moz at 1.07g/t Au, providing further confirmation of the Deposit’s scale and continuity. The updated MRE confirms a substantial increase in contained gold, with a 42% uplift (530koz) to 1.82Moz. In addition, Tesoro has achieved a material upgrade in Mineral Resource classification with 62% of the MRE now of an Indicated classification. The increase in the quantity of Indicated mineralisation in the Resource to 1.12Moz will support higher levels of technical and economic assessment for the Project and provide the confidence required to advance project financing and development discussions. Table 1 – Ternera Mineral Estimates for selected cut-off grades. Highlighted open pit Mineral Resource has been constrained by an optimised pit shell using a metal price of US$3,000/oz Au and process recovery of 94.5%. The estimates in this table are rounded to reflect their precision; rounding errors are apparent. Ternera Updated MRE Indicated Inferred Total Cut off (g/t Au) Mt Au g/t Koz Mt Au g/t Koz Mt Au g/t Koz Optimised Open Pit 31.8 1.10 1,123 19.5 1.11 692 51.2 1.1 1,816 2.00 3.5 3.55 394 2.5 3.54 280 5.9 3.54 673 1.00 10.5 2.08 705 7.9 2.04 520 18.5 2.06 1,225 0.70 17.5 1.58 891 13 1.57 657 30.5 1.58 1,547 0.30 31.8 1.10 1,128 26.1 1.03 863 58.1 1.07 1,992 0.20 33.8 1.05 1,144 28.7 0.96 885 62.5 1.01 2,028 For personal use only
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Tesoro Gold 6 ASX ANNOUNCEMENT 28 OCTOBER 2025 Figure 2 – Updated MRE displaying optimised open pits at various gold prices (Updated MRE shown in blue, 2023 MRE in grey). Expanded and upgraded open-pit Scoping Study for Ternera On 11 September 2025, Tesoro released an updated Scoping Study for the El Zorro Gold Project centred on an updated assessment of the development potential of an open pit gold mining and processing operation from the Ternera Gold Deposit (the Deposit). The Study demonstrates an economically attractive, technically straightforward open pit gold mining and processing operation. It is based on a single open pit utilising the August 2025 Ternera MRE and a 3.0Mtpa processing plant, delivering total production of 1.26Moz gold (Indicated and Inferred) over an initial 15-year project life. The Study assesses the Project on a 100% basis (Tesoro 90.6%) and to an economic accuracy of ± 35%. The Study assumes a 27% corporate tax rate and is based on a conservative base- case gold price of US$2,750/oz. The Study was prepared by Tesoro with input from a team of expert independent consultants, which include Lynn Widenbar and Associates, Peter O’Bryan and Associates, GRES and ALS Perth. The outcomes of this study demonstrate the ability of the Deposit to support the estimated capital required for the development of the Project at a scale that would result in an average steady-state gold production of approximately 111koz per annum over the first nine years of full production. 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 1,800 1,800 2,300 2,500 3,000 Gold price (US$)Contained Au within the MRE (koz) Gold price used to optimise pit shell (US$) Indicated Inferred Au Price For personal use only
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Tesoro Gold 7 ASX ANNOUNCEMENT 28 OCTOBER 2025 Key outcomes from the Study are summarised in Table 2 below. Table 2 – Study Outcomes and Assumptions Physicals and Costs (± 35%) Ore tonnage Mt 40.7 Gold grade g/t 1.02 Contained ounces Moz 1.33 Plant throughput Mtpa 3.0 Evaluation period (excluding pre-strip) years 13.5 Strip ratio waste:ore 8.0:1 Process gold recovery (life of mine average) % 94.5 Process production (total evaluation period) Moz 1.26 Process production (average annual steady state) koz pa 111 Upfront capital (plant and process infrastructure) US$M 180.1 Upfront capital (open pit mining) US$M 26.4 Upfront capital (pre strip) US$M 41.4 Operating costs (mining) US$/oz Au 640 Operating costs (processing) US$/oz Au 444 Operating costs (general and administration) US$/oz Au 101 Financials and Key Assumptions (± 35%) Base Case Spot Case Gold price US$/oz 2,750 3,300 Discount rate (real) % 7.5 7.5 AISC (life of mine average) US$/oz 1,216 1,216 NPV7.5% (pre-tax) US$M 917 1,331 IRR (pre-tax) % 60 79 NPV7.5% (post-tax) US$M 663 966 IRR (post-tax) % 51 68 Net cash flow (undiscounted, pre-tax) US$M 1,684 2,377 Payback period (post-tax) Months 20 16 On the strength of these outcomes, the Tesoro Board has approved commencement of a Pre-Feasibility Study (PFS), currently scheduled for completion in Q2 2026. For personal use only
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Tesoro Gold 8 ASX ANNOUNCEMENT 28 OCTOBER 2025 Metallurgical test work confirmed simple, low-cost processing option On 29 August 2025, Tesoro announced advanced metallurgical testwork results for Ternera. These testwork results confirm and enhance previous metallurgy, delivering gold recoveries of greater than 95% across all grade ranges, with low cyanide consumption, and favourable comminution characteristics. These outcomes indicate that Ternera ore is highly amenable to conventional Cyanide In Pulp processing. Figure 3 – Ternera Gold Deposit. Isometric pit design showing location of drill holes selected for composite metallurgical samples. Datum PSAD56 19S All testwork was conducted using brine wastewater from the Aguascap desalination plant, located approximately 25km from EL Zorro. Tesoro has entered into a Memorandum of Understanding with Aguascap to supply brine water to El Zorro for use as processing wa ter (see ASX announcement released 9 May 2025). Comminution Physical property and comminution parameter testing was completed , which included SMC testwork and the calculation of Bond Impact Crushing Work Index ( CWi), Bond Abrasion Index (Ai), Bond Rod Work Index (RWi) and Bond Ball Mill Work Index (BWi). Comminution data for the Ternera Deposit is summarised in Table 3. For personal use only
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Tesoro Gold 9 ASX ANNOUNCEMENT 28 OCTOBER 2025 Table 3 – Ternera Gold Deposit. Comminution Testwork Summary results Grind Size and Gold Recovery A range of grind sizes were tested to determine the optimum for gold recovery. Recoveries ranged from 92.4% at 150µm for (Composite 4) up to 97.4% at 75µm (Composite 2). A grind size of 125µm was selected as optimal and was applied in the subsequent gravity/leach testwork on the master composite. Leach kinetics were rapid, with most leaching occurring in the first 8 – 12 hours. Full results are shown in Table 4. For personal use only
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Tesoro Gold 10 ASX ANNOUNCEMENT 28 OCTOBER 2025 Table 4 – Ternera Gold Deposit. Composite sample gravity/leach results at various grind sizes. Master Composite Gravity/Leach and Direct Leaching Testwork The 32kg master composite sample was subjected to bulk gravity separation followed by cyanide leach. A 48 -hour bulk direct gravity/leach test was conducted at 125μm to generate leached slurry for downstream dry -stacking tailings assessment. As with all other testing, brine wastewater from the Aguascap desalination plant was used. A summary of results is presented in Table 5. Table 5 – Ternera Gold Deposit. Master Composite bulk gravity/leach summary results For personal use only
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Tesoro Gold 11 ASX ANNOUNCEMENT 28 OCTOBER 2025 Reagent Consumption Very low quantities of reagents were consumed in gold extraction: • Cyanide: Consistently low, with less than 0.2 kg/t NaCN consumed from 0.6 kg/t added reagent. • Lime: Averaged approximately 8 kg/t due to the buffering effect of the bitterns water, a level expected to be replicated in the full-scale plant operating at pH 10. Conclusions • Ternera ores tested showed highly consistent performance across both composite and master samples • Gravity recoverable gold response is positive, with overall recoveries of greater than 95% achieved with cyanide leaching. • No deleterious elements or preg-robbing tendencies identified. • Ore is siliceous, brittle and fracture easily during crushing, however high BWi values indicate it is not amendable to autogenous or semi-autogenous grinding. • Variability in results across composites is low, providing confidence to support advanced levels of technical studies. Large, mineralised target emerging at La Brea, 15km north of Ternera On 10 July 2025, Tesoro released significant surface sampling assay results from the La Brea target, located approximately 15km north of Ternera and within the northern extent of the well-defined El Zorro Gold corridor (refer Figure 1). Recent mapping and systematic outcrop channel sampling have delineated a large new gold target at La Brea. Work during the quarter at La Brea included detailed geological mapping and systematic channel sampling across favourable geology. A total of 317 samples were collected. Results returned widespread outcropping gold mineralisation along favourable northwest trending fault zones and adjacent alteration, both within, and surrounding, the La Isla intrusion. Four major northwest mineralised trends have been identified, up to 20 0m wide and 4km long (Figure 4), highlighting the vast scale and potential of the La Brea target. Assayed gold grades of up to 22.10g/t Au were returned and 128 samples (~40%) returned results above 0.10g/t Au highlighting the widespread nature of gold mineralisation at La Brea. For full details, tables and results, refer to ASX release dated 10 July 2025. For personal use only
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Tesoro Gold 12 ASX ANNOUNCEMENT 28 OCTOBER 2025 Figure 4 – El Zorro Gold Project – La Brea Target showing mapped structural and alteration zones with gold in red. For previous results refer to ASX announcement 15 April 2024. Datum PSAD56 19S Additional mapping work was also completed to refine drill targets, with drilling at La Brea having commenced post end of the quarter. For personal use only
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Tesoro Gold 13 ASX ANNOUNCEMENT 28 OCTOBER 2025 Figure 5 – El Zorro Gold Project – Ternera Area. Drill locations in the current program, with results received during the quarter highlighted in gold. Mineralised intercepts in new large southern gold zone, outside of existing MRE shown by red drill trace. Previously announced results shown in white4 . Datum PSAD56 19S. For personal use only
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Tesoro Gold 14 ASX ANNOUNCEMENT 28 OCTOBER 2025 NEXT STEPS AND ADDITIONAL PROJECT UPSIDE POTENTIAL Readily available additional project upside will be assessed in advanced technical studies. This will include the incorporation of additional in -pit resource ounces, an assessment of expanded pit and underground mining options, drill -out of near-mine growth targets, and the evaluation of potential new discoveries across the broader El Zorro tenure. Project optimisation and advancement workstreams now underway include: • Mine scheduling refinements to further prioritise shallow, high-grade zones. • Evaluation of underground potential below the current pit shell. • Further environmental baseline studies and permitting processes. • Detailed PFS workstreams. Ongoing Mineral Resource growth activities include: • Targeting shallow extensions to the Ternera deposit. • Drilling of hanging-wall mineralisation at Ternera East. • Broader exploration across the district-scale landholding. CORPORATE Capital Raising Activities On 30 September 2025, Tesoro announced an equity placement to raise A$34 million (before costs) at A$0.053 per share ( Placement). Proceeds from the Placement are expected to fully fund the advancement El Zorro through to a positive FID . Funds will be initially applied to PFS workstreams and permitting, in parallel with an ongoing aggressive district exploration programme to unlock the potential of the broader El Zorro Gold District. Placement details The Placement comprises the issuance of approximately 641.5 million new fully paid ordinary shares (Shares) to professional and sophisticated investors at a price of A$0.053 per Share (Placement Shares). The Placement is being undertaken via two tranches; with Tranche 1 receipted by the Company post quarter end and Tranche 2 subject to shareholder approval at an Extraordinary General Meeting ( EGM) expected to be held in November 2025. • Tranche 1: Approximately A$26.7 million via the issue of 503,671,027 Placement Shares under the Company’s existing placement capacity, comprising 302,202,631 shares under Listing Rule 7.1 and 201,468,396 under Listing Rule 7.1A. • Tranche 2: Approximately A$7.3 million via the issue of approximately 137,838,383 Placement Shares subject to shareholder approval at an EGM expected to be held in November 2025. For personal use only
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Tesoro Gold 15 ASX ANNOUNCEMENT 28 OCTOBER 2025 Expiry of Listed Options On 7 July 2025, 60,256,162 quoted Options, exercisable at $0.11 (trading under ASX Code TSOO) (Options) expired. Tesoro previously advised of the expiry of the Options in the June Quarter, noting that as the Options were substantially “out of the money” , the Company had elected not to dispatch personalised notices to option holders in accordance with Item 5.3 of Appendix 6A to the Listing Rules. Vesting of Performance Rights Tesoro advises that a total of 5,700,000 Performance Rights vested during the Quarter, as set out below. Security Description Number of Securities Expiry Date Class I Performance Rights 750,000 31 July 2028 Class J Performance Rights 750,000 31 July 2028 Class K Performance Rights 750,000 31 July 2028 Class L Performance Rights 2,100,000 31 July 2028 Class M Performance Rights 1,350,000 31 July 2028 Tesoro further advises that 21,750,000 Class F Performance Rights vested subsequent to the end of the Quarter. These Performance Rights, which were issued to Directors, may now be exercised in accordance with the terms of the Option and Performance Rights Plan at any time prior to their expiry. Details of the Performance Rights, including the relevant performance milestones, are set out in the Notice of Annual General Meeting released to ASX on 29 October 2024. El Zorro S.C.M. Capital Increase and dismissal of legal proceedings with Wanaco SPA Tesoro advised on 12 August 2025 that the First Instance Court in Chile had dismissed the initial legal proceedings brought by El Zorro Joint Venture partner, Wanaco SpA (Wanaco), reinforcing Tesoro’s position and affirming the rigour of its governance processes. The proceedings, filed in 2021 against Tesoro’s Chilean subsidiary, Tesoro Mining Chile SpA (TMC) and its officers, related to the valuation and the procedure followed for a capital increase approved at the Shareholders Meeting of El Zorro SCM held on 11 February 2021. Wanaco alleged breaches of the Mining Code, Corporations Law, and Civil Code. The 7th Civil Court de Santiago de Chile has now confirmed that these claims and associated damages were without merit, awarding costs to TMC in relation to the dismissed proceedings. Other ancillary proceedings filed by Wanaco on similar allegations remai n before the courts. For personal use only
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Tesoro Gold 16 ASX ANNOUNCEMENT 28 OCTOBER 2025 Tesoro maintains that it has acted lawfully throughout and will continue to defend its position as required. During the quarter, Wanaco exercised its right to appeal against the judgement under the Chilean Procedural Code. It is expected that the appeal will be resolved within an estimated two-year timeframe. Separately, Tesoro Mining Chile SpA (95% owned by Tesoro Gold Ltd) has increased its ownership of the El Zorro Gold Project to 95.4% through a capital contribution of approximately CLP5.2 billion (approximately US$5.4 million) to El Zorro SCM, covering capitalised expenditure at the project. As a result, Tesoro Gold Ltd’s effective ownership of El Zorro has risen to approximately 90.6%. Appointment of Chief Financial Officer On 22 July 2025, Tesoro announced the appointment of Ms Emma Curnow as Chief Financial Officer. Ms Curnow replaced outgoing CFO Mr Graeme Morissey, who stepped down from the role due to other professional commitments. Ms Curnow brings extensive experience in senior financial and governance roles across the mining exploration and development sector, having served as CFO and Company Secretary for Australian Stock Exchange ( ASX) and AIM (London Stock Exchange sub - market) listed companies. Her expertise spans financial reporting, regulatory compliance, and corporate governance across multiple jurisdictions, including the Australian Investments and Security Commission ( ASIC), the Australian Accounting Standards Board, and under the Corporations Act 2001 (Cth). Expenditure and Payments to Related Parties During the Quarter, the Company spent approximately A$ 3.21million on exploration activities, which comprised primarily of diamond drilling programs , surface mapping and sampling programs and project development work and studies. As outlined in the Appendix 5B for the quarter ending 30 September 2025 (sections 6.1 and 6.2), approximately A$250,000 in payments were made to related parties and/or their associates as remuneration (inc. superannuation) for the Managing Director, Non-Executive Director fees and Consulting fees. Cash balance Tesoro’s cash balance at 30 September 2025 was A$3.75 million and the Company had zero debt (excluding typical trade creditors). For personal use only
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Tesoro Gold 17 ASX ANNOUNCEMENT 28 OCTOBER 2025 Authorised by the Board of Tesoro Gold Ltd. For more information: Company: Zeff Reeves, Managing Director Tesoro Gold Limited info@tesorogold.com.au For personal use only
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Tesoro Gold 18 ASX ANNOUNCEMENT 28 OCTOBER 2025 About Tesoro Tesoro Gold Limited has discovered and defined the first Intrusive Related Gold System in Chile. The 2M oz Ternera discovery is in the Coastal Cordillera region of Chile. The Coastal Cordillera region is host to multiple world-class copper and gold mines, has well established infrastructure, service providers and an experienced mining workforce. Large area s of the Coastal Cordillera remain unexplored due to the unconsolidated nature of mining concession ownership, but Tesoro, via its in -country network and experience has been able secure rights to the district- scale El Zorro gold project in -line with the Company’s strategy. Tesoro’s 95% owned Chilean subsidiary owns 95.4% of the El Zorro Gold Project (see ASX announcement released 12 August 2025). Future Performance This announcement may contain certain forward - looking statements and opinions. Forward -looking statements, including projections, forecasts and estimates, are provided as a general guide only and should not be relied on as an indication or guarantee of fut ure performance and involve known and unknown risks, uncertainties, assumptions, contingencies and other important factors, many of which are outside the control of the Company and which are subject to change without notice and could cause the actual resul ts, performance or achievements of the Company to be materially different from the future results, performance or achievements expressed or implied by such statements. Past performance is not necessarily a guide to future performance and no representation or warranty is made as to the likelihood of achievement or reasonableness of any forward-looking statements or other forecast. Nothing contained in this announcement, nor any information made available to you is, or and shall be relied upon as, a promise, representation, warranty or guarantee as to the past, present or the future performance of Tesoro Gold. Competent Persons Statements The information in this report that relates to Mineral Resources is based on information compiled by Mr Lynn Widenbar (B.Sc(Hons) Geology, M.Sc. FAusIMM, MAIG), a Competent Person who is a Fellow of The Australasian Institute of Mining and Metallurgy. Mr Widenbar is acting as an independent consultant to Tesoro Gold Limited. Mr Widenbar has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the activity being undertaken to qualify as a Compe tent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. The Company confirms that it is not aware of any new information or data that materially affects the informatio n contained the form and context in which the Competent Person’s findings are presented have not been materially modified from in the original announcement on 4 August 2025, and all material assumptions and technical parameters underpinning the estimates i n that announcement continue to apply and have not materially changed. The information in this report that relates to Exploration and Metallurgical Results is based on information compiled by Mr Zeffron Reeves (B App Sc (Hons) Applied Geology) MBA, MAIG). Mr Reeves is a member of the Australian Institute of Geoscientists and a Director and shareholder of the Company. Mr Reeves has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Reeves consents to the inclusion in this report of the matters based on this information in the form and context in which it appears. The information in this report that relates to the Production Target, assumptions on Modifying Factors and evaluation of other relevant factors are based on and fairly represents information and supporting documentation that has been compiled for this announcement and have been compiled under the supervision of Mr Linton Putland BEng (Mining), MSc (Mineral Economics) & Member AusIMM. Mr Putland is a Director of the Company. Mr Putland has reviewed and approved the technical content of this announcement. Mr Putland is a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012). Mr Putland consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears. The Company confirms that it is not aware of any new information or data that materially affects the information and all the material assumptions and technical parameters underpinning the production target and forecast financial information derived from the production target in the original report continue to apply and have not materially changed. For personal use only
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Tesoro Gold 19 ASX ANNOUNCEMENT 28 OCTOBER 2025 APPENDIX 1: CONCESSION SCHEDULE EL ZORRO GOLD PROJECT EXPLORATION CONCESSIONS (95.4%* Tesoro Mining Chile SpA) Number Concession Name Date of Expiration Size (ha) Concession type 1 ZORRO 1B 10/Aug/2026 200 Exploration 2 ZORRO 2B 10/Aug/2026 200 Exploration 3 ZORRO 3B 10/Aug/2026 200 Exploration 4 ZORRO 4B 10/Aug/2026 100 Exploration 5 ZORRO 5B 10/Aug/2026 200 Exploration 6 ZORRO 6B 10/Aug/2026 200 Exploration 7 GOLD STORE 72A 21/Sep/2026 300 Exploration 8 GOLD STORE 71A 21/Sep/2026 300 Exploration 9 GOLD STORE 70A 21/Sep/2026 300 Exploration 10 GOLD STORE 69A 21/Sep/2026 300 Exploration 11 GOLD STORE 68A 21/Sep/2026 300 Exploration 12 GOLD STORE 67A 21/Sep/2026 300 Exploration 13 GOLD STORE 66A 27/Sep/2026 300 Exploration 14 BLOODY GOOD SHOT 13B 27/Sep/2026 200 Exploration 15 BLOODY GOOD SHOT 12B 27/Sep/2026 200 Exploration 16 BLOODY GOOD SHOT 11B 27/Sep/2026 200 Exploration 17 BLOODY GOOD SHOT 10B 27/Sep/2026 300 Exploration 18 BLOODY GOOD SHOT 9B 28/Sep/2026 300 Exploration 19 BLOODY GOOD SHOT 8B 5/Oct/2026 200 Exploration 20 BLOODY GOOD SHOT 7B 28/Sep/2026 100 Exploration 21 BLOODY GOOD SHOT 6B 5/Oct/2026 200 Exploration 22 BLOODY GOOD SHOT 5B 29/Oct/2026 200 Exploration 23 BLOODY GOOD SHOT 4B 29/Oct/2026 300 Exploration 24 BLOODY GOOD SHOT 3B 3/Oct/2026 300 Exploration 25 BLOODY GOOD SHOT 2B 3/Oct/2026 300 Exploration 26 BLOODY GOOD SHOT 1B 3/Oct/2026 300 Exploration 27 SIERRA PATACONES 42A 24/Oct/2026 300 Exploration 28 SIERRA PATACONES 41A 24/Oct/2026 300 Exploration 29 SIERRA PATACONES 40A 25/Oct/2026 300 Exploration 30 SIERRA PATACONES 39A 25/Oct/2026 300 Exploration 31 SIERRA PATACONES 38A 25/Oct/2026 300 Exploration 32 SIERRA PATACONES 37A 25/Oct/2026 300 Exploration 33 SIERRA PATACONES 36A 25/Oct/2026 300 Exploration 34 SIERRA PATACONES 35A 25/Oct/2026 300 Exploration 35 SIERRA PATACONES 34A 25/Oct/2026 300 Exploration 36 SIERRA PATACONES 33A 25/Oct/2026 300 Exploration 37 SIERRA PATACONES 32A 25/Oct/2026 300 Exploration 38 SIERRA PATACONES 31A 25/Oct/2026 300 Exploration 39 SIERRA PATACONES 30A 25/Oct/2026 300 Exploration 40 SIERRA PATACONES 29A 25/Oct/2026 300 Exploration 41 SIERRA PATACONES 28A 25/Oct/2026 300 Exploration 42 SIERRA PATACONES 27A 25/Oct/2026 300 Exploration 43 SIERRA PATACONES 26A 25/Oct/2026 300 Exploration For personal use only
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Tesoro Gold 20 ASX ANNOUNCEMENT 28 OCTOBER 2025 Number Concession Name Date of Expiration Size (ha) Concession type 44 SIERRA PATACONES 25A 25/Oct/2026 300 Exploration 45 SIERRA PATACONES 24A 25/Oct/2026 300 Exploration 46 SIERRA PATACONES 23A 25/Oct/2026 300 Exploration 47 SIERRA PATACONES 21A 26/Oct/2026 300 Exploration 48 SIERRA PATACONES 20A 24/Oct/2026 300 Exploration 49 SIERRA PATACONES 19A 20/Oct/2026 300 Exploration 50 SIERRA PATACONES 18A 24/Oct/2026 300 Exploration 51 SIERRA PATACONES 17A 24/Oct/2026 300 Exploration 52 SIERRA PATACONES 16A 24/Oct/2026 300 Exploration 53 SIERRA PATACONES 14A 24/Oct/2026 300 Exploration 54 SIERRA PATACONES 13A 24/Oct/2026 300 Exploration 55 VACAS FLACAS 28A 26/Oct/2026 300 Exploration 56 VACAS FLACAS 27A 26/Oct/2026 300 Exploration 57 SIERRA PATACONES 2A 28/Oct/2026 300 Exploration 58 SIERRA PATACONES 3A 28/Oct/2026 300 Exploration 59 SIERRA PATACONES 4A 28/Oct/2026 300 Exploration 60 SIERRA PATACONES 5A 28/Oct/2026 300 Exploration 61 SIERRA PATACONES 6A 4/Nov/2026 300 Exploration 62 SIERRA PATACONES 7A 4/Nov/2026 300 Exploration 63 SIERRA PATACONES 9A 4/Nov/2026 300 Exploration 64 SIERRA PATACONES 10A 4/Nov/2026 300 Exploration 65 SIERRA PATACONES 11A 4/Nov/2026 300 Exploration 66 SIERRA PATACONES 12A 24/Nov/2026 300 Exploration 67 SIERRA PATACONES 43A 24/Nov/2026 300 Exploration 68 SIERRA PATACONES 44A 24/Nov/2026 300 Exploration 69 SIERRA PATACONES 45A 24/Nov/2026 300 Exploration 70 SIERRA PATACONES 46A 24/Nov/2026 300 Exploration 71 SIERRA PATACONES 47A 24/Nov/2026 300 Exploration 72 SIERRA PATACONES 48A 24/Nov/2026 300 Exploration 73 SIERRA PATACONES 49A 29/Nov/2026 300 Exploration 74 SIERRA PATACONES 50A 24/Nov/2026 300 Exploration 75 SIERRA PATACONES 51A 24/Nov/2026 300 Exploration 76 SIERRA PATACONES 52A 24/Nov/2026 300 Exploration 77 SIERRA PATACONES 53A 24/Nov/2026 300 Exploration 78 SIERRA PATACONES 54A 24/Nov/2026 300 Exploration 79 SIERRA PATACONES 55A 24/Nov/2026 300 Exploration 80 SIERRA PATACONES 56A 24/Nov/2026 300 Exploration 81 SIERRA PATACONES 60A 28/Oct/2026 300 Exploration 82 GOLD STORE 13A 22/Sep/2026 300 Exploration 83 GOLD STORE 12A 21/Sep/2026 300 Exploration 84 GOLD STORE 9A 22/Sep/2026 300 Exploration 85 GOLD STORE 7A 21/Sep/2026 300 Exploration 86 GOLD STORE 5A 21/Sep/2026 300 Exploration 87 GOLD STORE 4A 21/Sep/2026 300 Exploration 88 GOLD STORE 3A 21/Sep/2026 300 Exploration 89 GOLD STORE 2A 21/Sep/2026 300 Exploration 90 GOLD STORE 1A 21/Sep/2026 300 Exploration For personal use only
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Tesoro Gold 21 ASX ANNOUNCEMENT 28 OCTOBER 2025 Number Concession Name Date of Expiration Size (ha) Concession type 91 GOLD STORE 35A 22/Sep/2026 300 Exploration 92 GOLD STORE 31A 22/Sep/2026 300 Exploration 93 GOLD STORE 27A 22/Sep/2026 300 Exploration 94 GOLD STORE 21A 21/Sep/2026 300 Exploration 95 GOLD STORE 19A 21/Sep/2026 300 Exploration 96 GOLD STORE 18A 21/Sep/2026 300 Exploration 97 GOLD STORE 17A 21/Sep/2026 300 Exploration 98 GOLD STORE 16A 21/Sep/2026 300 Exploration 99 GOLD STORE 8A 22/Sep/2026 300 Exploration 100 GOLD STORE 65A 18/Nov/2026 300 Exploration 101 GOLD STORE 64A 18/Nov/2026 300 Exploration 102 GOLD STORE 63A 18/Nov/2026 300 Exploration 103 GOLD STORE 62A 18/Nov/2026 300 Exploration 104 GOLD STORE 61A 18/Nov/2026 300 Exploration 105 GOLD STORE 60A 18/Nov/2026 300 Exploration 106 GOLD STORE 59A 21/Nov/2026 300 Exploration 107 GOLD STORE 58A 21/Nov/2026 300 Exploration 108 GOLD STORE 57A 21/Nov/2026 300 Exploration 109 GOLD STORE 56A 21/Nov/2026 200 Exploration 110 GOLD STORE 55A 21/Nov/2026 300 Exploration 111 GOLD STORE 54A 21/Nov/2026 300 Exploration 112 GOLD STORE 53A 21/Nov/2026 300 Exploration 113 GOLD STORE 52A 16/Nov/2026 300 Exploration 114 GOLD STORE 51A 14/Nov/2026 300 Exploration 115 GOLD STORE 50A 14/Nov/2026 300 Exploration 116 GOLD STORE 49A 14/Nov/2026 300 Exploration 117 GOLD STORE 48A 18/Nov/2026 300 Exploration 118 GOLD STORE 47A 4/Nov/2026 300 Exploration 119 GOLD STORE 46A 4/Nov/2026 300 Exploration 120 GOLD STORE 45A 4/Nov/2026 300 Exploration 121 GOLD STORE 44A 4/Nov/2026 300 Exploration 122 GOLD STORE 43A 4/Nov/2026 300 Exploration 123 GOLD STORE 42A 4/Nov/2026 300 Exploration 124 GOLD STORE 41A 4/Nov/2026 300 Exploration 125 GOLD STORE 40A 4/Nov/2026 300 Exploration 126 GOLD STORE 39A 22/Nov/2026 300 Exploration 127 GOLD STORE 38A 21/Nov/2026 300 Exploration 128 GOLD STORE 37A 21/Nov/2026 300 Exploration 129 GOLD STORE 34A 21/Nov/2026 300 Exploration 130 GOLD STORE 33A 21/Nov/2026 300 Exploration 131 GOLD STORE 30A 21/Nov/2026 300 Exploration 132 GOLD STORE 29A 21/Nov/2026 300 Exploration 133 GOLD STORE 26A 22/Nov/2026 300 Exploration 134 GOLD STORE 25A 22/Nov/2026 300 Exploration 135 SIERRA PATACONES 61A 29/Nov/2026 300 Exploration 136 SIERRA PATACONES 62A 29/Nov/2026 300 Exploration 137 SIERRA PATACONES 63A 29/Nov/2026 300 Exploration For personal use only
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Tesoro Gold 22 ASX ANNOUNCEMENT 28 OCTOBER 2025 Number Concession Name Date of Expiration Size (ha) Concession type 138 SIERRA PATACONES 66A 29/Nov/2026 300 Exploration 139 SIERRA PATACONES 67A 29/Nov/2026 300 Exploration 140 SIERRA PATACONES 70A 29/Nov/2026 300 Exploration 141 SIERRA PATACONES 71A 29/Nov/2026 300 Exploration 142 SIERRA PATACONES 75A 29/Nov/2026 300 Exploration 143 SIERRA PATACONES 76A 29/Nov/2026 300 Exploration 144 SIERRA PATACONES 79A 29/Nov/2026 300 Exploration 145 SIERRA PATACONES 82A 29/Nov/2026 300 Exploration 146 POTRERO 1 7/Dec/2026 300 Exploration 147 POTRERO 2 7/Dec/2026 300 Exploration 148 POTRERO 3 2/Dec/2026 300 Exploration 149 POTRERO 4 2/Dec/2026 300 Exploration 150 POTRERO 5 6/Dec/2026 300 Exploration 151 POTRERO 6 6/Dec/2026 300 Exploration 152 POTRERO 7 6/Dec/2026 300 Exploration 153 POTRERO 9 9/Dec/2026 300 Exploration 154 POTRERO 12 5/Dec/2026 300 Exploration 155 POTRERO 23 6/Dec/2026 300 Exploration 156 POTRERO 24 6/Dec/2026 300 Exploration 157 POTRERO 25 6/Dec/2026 300 Exploration 158 POTRERO 26 6/Dec/2026 200 Exploration 159 POTRERO 27 6/Dec/2026 300 Exploration 160 POTRERO 29 6/Dec/2026 300 Exploration 161 POTRERO 67 16/Mar/2027 300 Exploration 162 POTRERO 68 16/Mar/2027 300 Exploration 163 POTRERO 69 16/Mar/2027 300 Exploration 164 POTRERO 70 16/Mar/2027 300 Exploration 165 POTRERO 71 16/Mar/2027 300 Exploration 166 POTRERO 72 16/Mar/2027 300 Exploration 167 POTRERO 73 14/Mar/2027 300 Exploration 168 POTRERO 77 14/Mar/2027 100 Exploration 169 POTRERO 78 14/Mar/2027 100 Exploration 171 POTRERO 32 26/Apr/2027 200 Exploration 172 POTRERO 33 19/Apr/2027 200 Exploration 173 POTRERO 34 26/Apr/2027 300 Exploration 174 POTRERO 37 19/Apr/2027 300 Exploration 175 POTRERO 40 26/Apr/2027 300 Exploration 176 POTRERO 41 19/Apr/2027 300 Exploration 177 POTRERO 42 21/Apr/2027 200 Exploration 178 POTRERO 43 18/Apr/2027 200 Exploration 179 POTRERO 50 21/Apr/2027 300 Exploration 180 POTRERO 53 19/Apr/2027 300 Exploration 181 POTRERO 58 21/Apr/2027 300 Exploration 182 PUNTA DE DIAMANTE 3B 6/Sep/2027 300 Exploration 183 PUNTA DE DIAMANTE 2B 6/Sep/2027 300 Exploration 184 PUNTA DE DIAMANTE 1B 6/Sep/2027 200 Exploration 185 LA NEGRA COJA 19B 6/Sep/2027 200 Exploration For personal use only
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Tesoro Gold 23 ASX ANNOUNCEMENT 28 OCTOBER 2025 Number Concession Name Date of Expiration Size (ha) Concession type 186 LA NEGRA COJA 18B 6/Sep/2027 300 Exploration 187 LA NEGRA COJA 17B 6/Sep/2027 300 Exploration 188 LA NEGRA COJA 15B 6/Sep/2027 300 Exploration 189 LA NEGRA COJA 14B 6/Sep/2027 300 Exploration 190 LA NEGRA COJA 13B 6/Sep/2027 300 Exploration 191 LA NEGRA COJA 12B 6/Sep/2027 200 Exploration 192 LA NEGRA COJA 11B 6/Sep/2027 300 Exploration 193 LA NEGRA COJA 8B 6/Sep/2027 300 Exploration 194 LA NEGRA COJA 7B 6/Sep/2027 300 Exploration 195 LA NEGRA COJA 6B 6/Sep/2027 200 Exploration 196 LA NEGRA COJA 5B 6/Sep/2027 300 Exploration 197 LA NEGRA COJA 4B 6/Sep/2027 200 Exploration 198 LA NEGRA COJA 3B 6/Sep/2027 300 Exploration 199 LA NEGRA COJA 2B 6/Sep/2027 300 Exploration 200 LA NEGRA COJA 1B 6/Sep/2027 200 Exploration 202 Buzzard 1, 1 al 300 N/A Constituted 300 Exploitation 203 Buzzard 2, 1 al 300 N/A Constituted 300 Exploitation 204 Buzzard 3, 1 al 300 N/A Constituted 300 Exploitation 205 Buzzard 4, 1 al 300 N/A Constituted 300 Exploitation 206 LEON DOS 1-30 N/A Constituted 300 Exploitation 207 LEON UNO 1-30 N/A Constituted 300 Exploitation 208 LAS COQUETAS 1/10 N/A Constituted 100 Exploitation 209 PATON DOS 1/29 N/A Constituted 230 Exploitation 210 PATON UNO 1/29 N/A Constituted 240 Exploitation 211 CALDERILLA 1, 1 AL 10 N/A Constituted 100 Exploitation 212 CALDERILLA 2, 1 AL 10 N/A Constituted 100 Exploitation 213 CALDERILLA 3, 1 AL 10 N/A Constituted 100 Exploitation 214 CALDERILLA 4, 1 AL 10 N/A Constituted 100 Exploitation 215 CALDERILLA 5, 1 AL 10 N/A Constituted 100 Exploitation 216 CALDERILLA 6, 1 AL 10 N/A Constituted 100 Exploitation 217 CALDERILLA 7, 1 AL 10 N/A Constituted 100 Exploitation 218 CALDERILLA 8, 1 AL 10 N/A Constituted 100 Exploitation 219 CALDERILLA 9, 1 AL 10 N/A Constituted 100 Exploitation 220 CALDERILLA 10, 1 AL 10 N/A Constituted 100 Exploitation 221 CALDERILLA 11, 1 AL 10 N/A Constituted 100 Exploitation 222 CALDERILLA 12, 1 AL 10 N/A Constituted 100 Exploitation 223 CALDERILLA 13, 1 AL 10 N/A Constituted 100 Exploitation 224 CALDERILLA 14, 1 AL 10 N/A Constituted 100 Exploitation 225 CALDERILLA 15, 1 AL 10 N/A Constituted 100 Exploitation 226 CALDERILLA 16, 1 AL 10 N/A Constituted 100 Exploitation 227 CALDERILLA 17, 1 AL 10 N/A Constituted 76 Exploitation 228 CALDERILLA 18, 1 AL 10 N/A Constituted 36 Exploitation 229 CALDERILLA 19, 1 AL 10 N/A Constituted 100 Exploitation 230 CALDERILLA 20, 1 AL 10 N/A Constituted 91 Exploitation 231 CALDERILLA 21, 1 AL 10 N/A Constituted 76 Exploitation 232 CALDERILLA 22, 1 AL 10 N/A Constituted 100 Exploitation 233 CALDERILLA 23, 1 AL 10 N/A Constituted 100 Exploitation For personal use only
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Tesoro Gold 24 ASX ANNOUNCEMENT 28 OCTOBER 2025 Number Concession Name Date of Expiration Size (ha) Concession type 234 TAKEO SEGUNDA 1 AL 20 N/A Constituted 100 Exploitation 235 TAKEO TERCERA 1 AL 20 N/A Constituted 100 Exploitation Notes: 1. Constituted exploitation concessions have no expiry. For personal use only