• Placement raises A$34 million from sophisticated investors
• Proceeds to accelerate the development of El Zorro through to a decision to mine
• Activities to include PFS-related workstreams, permitting and development approvals

Tesoro Gold Limited (ASX: TSO) has announced that it has received binding commitments to raise approximately A$34 million (before costs) at A$0.053 per share to continue the rapid advancement of the Company's El Zorro Gold Project. The Placement comprises the issue of approximately 641.5 million new fully paid ordinary shares, with Tranche 1 raising A$26.7 million and Tranche 2 raising A$7.3 million subject to shareholder approval. The funds will be initially applied to Pre-Feasibility Studies (PFS) workstreams and permitting, in parallel with an ongoing aggressive district exploration program to unlock the potential of the broader El Zorro Gold District. This will be followed by a Definitive Feasibility Study (DFS). Tesoro's Managing Director, Zeff Reeves, commented that the overwhelming demand from both existing and new high-quality institutional investors reflects the strength of the El Zorro Gold Project and highlights the renewed market awareness and confidence in the Company's strategy. The Placement provides Tesoro with the funding certainty to complete all feasibility studies, progress approvals, and move decisively towards a development decision at El Zorro, while also allowing the Company to aggressively explore the broader project area.

The Placement provides Tesoro with the funding certainty to complete all feasibility studies, progress approvals, and move decisively towards a development decision at El Zorro, while also allowing the Company to aggressively explore the broader project area.