Upgrade to Ternera 1.8Moz Mineral Resource

• Updated Ternera Mineral Resource of 51.6Mt at 1.10g/t Au for 1.82Moz at a 0.30g/t Au cut-off grade.
• 1.47Moz, or 78% of total contained gold, now classified as Measured and Indicated.
• Measured and Indicated Resources increased by 348koz compared to August 2025 MRE.

Tesoro Gold Limited announced an updated Mineral Resource Estimate (MRE) for the Ternera Gold Deposit at its El Zorro Gold Project in Chile. The updated MRE comprises 51.6 million tonnes at 1.10 grams per tonne gold (g/t Au) for 1.82 million ounces (Moz) of gold, reported at a 0.30 g/t Au cut-off grade and constrained within a US$3,500/oz optimized open pit shell. This update delivers an increase in the confidence of the Ternera MRE, with 1.47Moz, representing 78% of total contained gold, now classified as Measured and Indicated. Measured and Indicated Resources have increased by 348koz compared to the August 2025 MRE, with a Measured Mineral Resource component defined for the first time. The substantial increase in higher-confidence Mineral Resources provides the foundation for Ternera's maiden Ore Reserve, expected in September 2026.

Updated Ternera Mineral Resource of 51.6Mt at 1.10g/t Au for 1.82Moz at a 0.30g/t Au cut-off grade.

Tesoro Gold expects to release the maiden Ore Reserve for Ternera in September 2026, which will be incorporated into DFS-level mine planning.