Quarterly Activities Report

• Updated Ternera Mineral Resource grows to 1.82Moz of gold
• Scoping Study demonstrates attractive economics with NPV7.5% of US$663M and 51% IRR (post-tax)
• Metallurgical testwork confirms simple, low-cost processing option

Tesoro Gold Limited (ASX: TSO, OTCQB: TSORF, FSE: 5D7) announced a positive updated Scoping Study for the El Zorro Gold Project, demonstrating an economically attractive, technically straightforward open pit gold mining and processing operation. The study is based on a single open pit utilising the August 2025 Ternera Mineral Resource Estimate (MRE) of 51.2Mt at 1.10g/t Au for 1.82Moz of contained gold, and a 3.0Mtpa processing plant, delivering total production of 1.26Moz gold (Indicated and Inferred) over an initial 15-year project life. Key outcomes include a post-tax NPV7.5% of US$663M and 51% IRR at a base case gold price of US$2,750/oz, and a post-tax NPV7.5% of US$966M and 68% IRR at a spot gold price of US$3,300/oz. Metallurgical testwork also confirmed the Ternera ore is highly amenable to conventional Carbon in Pulp processing, with gold recoveries exceeding 95% and very low reagent consumption. Tesoro also reported significant surface sampling results from the La Brea target, located 15km north of Ternera, which has delineated a large new gold target with assays up to 22.10g/t Au. The company has secured A$34 million in equity funding to advance the project through to a positive Final Investment Decision.

The Scoping Study forecasts average steady-state gold production of approximately 111koz per annum over the first nine years of full production at the El Zorro Gold Project.

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.