• Detailed programme of Project trade-off studies completed
• Decision taken to advance directly to DFS, targeting delivery by end of CY2026
• Permitting activities well advanced, with baseline studies 50% complete

Tesoro Gold Limited (Tesoro or the Company) (ASX: TSO, OTCQB: TSORF, FSE: 5D7) is pleased to advise that, following completion of comprehensive technical trade off studies, the Company has decided to progress directly to a Definitive Feasibility Study (DFS) for the 1.82 Moz Ternera Gold Deposit (Ternera) at its El Zorro Gold Project in Chile (El Zorro, or the Project). This decision reflects the level of technical definition achieved across critical engineering disciplines, the conventional nature of the project and the Board's assessment that the Project has reached a stage of maturity appropriate for DFS-level evaluation. A structured programme of trade-off studies has been completed by specialist consultants across the principal technical aspects of the Project, including final process flowsheet selection, site layout, tailings disposal method, seismic risk assessment, and integration of major infrastructure and the mine interfaces. These studies have determined the primary development alternatives typically addressed at Pre-Feasibility (PFS) stage and materially reduced configuration risk. Multiple DFS work programmes are currently well advanced, with critical engineering, mining and infrastructure activities progressing in parallel to support delivery of the DFS and taking a Final Investment Decision (FID) by the end of 2026. Permitting activities are also advancing concurrently with technical workstreams, with environmental baseline field studies now 50% complete. The Board considers that direct progression to DFS reflects the maturity of the Ternera Gold Deposit, the substantial engineering work already completed and the Company's confidence in the defined development pathway.

The Company is targeting completion of the DFS by the end of CY2026 and Final Investment Decision following DFS completion. Continued advancement of permitting through the EIA process is expected to continue into 2027.