• Net cash used in operating activities of $652k for the quarter
• Payments of $3.2m for exploration and evaluation activities
• Completed $26.7m capital raising in Tranche 1, with Tranche 2 expected by end of November

Tesoro Gold Ltd has released its quarterly cashflow report for the period ended 30 September 2025. The report shows net cash used in operating activities of $652k, with $174k spent on staff costs and $306k on administration and corporate costs. The company also made payments of $3.2m for exploration and evaluation activities during the quarter. Cash and cash equivalents at the end of the quarter stood at $3.7m. The company has no financing facilities in place.Subsequent to the end of the quarter, Tesoro Gold announced that it had received firm commitments to raise $34m before costs to fund its operations at the El Zorro Project through to Final Investment Decision. The first tranche of $26.7m was completed on 8 October 2025, with the second tranche of $7.3m expected to be completed by the end of November 2025, subject to shareholder approval.The company expects to continue its current level of net operating cash flows for the time being and believes it will be able to continue its operations and meet its business objectives based on the recent capital raising.