• Highly attractive Chilean gold development opportunity with strong economics and simple development pathway
• Single open pit schedule of 41Mt at 1.02g/t Au for 1.3Moz of contained gold
• Attractive metallurgy supports a conventional Carbon-in-Pulp (CIP) process plant, estimated to deliver average gold recovery of more than 94%

Tesoro Gold Limited (ASX: TSO, OTCQB: TSORF, FSE: 5D7) has completed an updated Scoping Study for the El Zorro Gold Project in Chile. The Study demonstrates an economically attractive, technically straightforward open pit gold mining and processing operation. It is based on a single open pit and a 3.0Mtpa processing plant, delivering total production of 1.26Moz gold (Indicated and Inferred) over an initial 15-year project life. Key highlights include a pre-tax NPV7.5% of US$917M and 60% IRR at a base case gold price of US$2,750/oz, as well as a pre-tax NPV7.5% of US$1,331M and 79% IRR at a spot gold price of US$3,300/oz. The Project features low upfront capital costs of US$248M, an average annual gold production of 111koz for the first 9 years, and an attractive forecast average All-In-Sustaining-Cost of US$1,216/oz. The metallurgical testwork has confirmed recoveries of approximately 95% via a simple, low-cost CIP process. Tesoro has approved the commencement of a Pre-Feasibility Study, which is currently scheduled for completion in Q2 2026.

Tesoro sees outstanding potential to grow the El Zorro opportunity beyond the Scoping Study parameters, with ongoing Mineral Resource growth activities targeting shallow extensions to the Ternera deposit, drilling of hanging-wall mineralisation at Ternera East, and broader exploration across the district-scale landholding.