• Consolidation of capital on a 15 for 1 basis
• Proposed to achieve more appropriate and effective capital structure
• Shareholders to vote on the consolidation at Extraordinary General Meeting

Tesoro Gold Limited (ASX: TSO, OTCQB: TSORF, FSE: 5D7) has announced that it intends to undertake a consolidation of its capital on a 15 for 1 basis, subject to receiving shareholder approval at its upcoming Extraordinary General Meeting to be held on 26 November 2025. The company's current capital structure of approximately 2.5 billion shares, 153 million options, 76.3 million performance rights and 1.8 million share rights represents a relatively large number when compared to its ASX-listed peer group. The proposed Share Consolidation will result in a more appropriate and effective capital structure for Tesoro and a share price more appealing to a wider range of investors. All convertible securities currently on issue will be consolidated in the same ratio as shares, and the exercise price of the options will also be amended in accordance with the ASX Listing Rules. If approved, the Share Consolidation will be implemented in accordance with the indicative timetable provided in the announcement.