• Exploration success with outstanding depth extensions at Ternera deposit
• Completion of 80% of infill drilling program to support technical studies
• Decision to advance directly to Definitive Feasibility Study for El Zorro Gold Project

Tesoro Gold Limited (ASX: TSO) reported on its activities for the quarter ended 31 March 2026, highlighting strong exploration results, completion of key technical studies, and advancement of the El Zorro Gold Project. The company delivered outstanding grades of over 27g/t Au from new depth extensions at the Ternera Deposit, confirming substantial extensions approximately 400 metres down plunge of the current open pit shell. The infill drilling program, now 80% complete, returned notable results including 26m @ 2.27g/t Au and 11.15m @ 0.94g/t Au. Tesoro also completed trade-off studies defining an optimized development pathway, centered on a simple, single open pit mining operation and a 3 Mtpa processing plant. The company decided to advance directly to Definitive Feasibility Study, targeting completion by the end of 2026, which is expected to shorten the overall development timeline. Permitting activities are also progressing, with environmental baseline studies well advanced and scheduled for completion in September 2026. Tesoro maintains a strong balance sheet with A$22.58 million in cash and zero debt.

The production target referred to in this announcement is based on a combination of Indicated and Inferred Mineral Resources. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target itself will be realised.

With drilling advancing at multiple, new discovery targets in the coming months, the Company is well-positioned to deliver a strong pipeline of great results through the remainder of Q2 CY2026.