Maiden 1.28Moz Ore Reserve at Ternera - title correction

Key points

• Maiden Ore Reserve of 1.28Moz of contained gold at Ternera
• Ore Reserve represents 87% of the 1.47Moz of gold in Measured and Indicated components
• Supports over 13 years of production at 3.0Mtpa processing rate

Full summary

Tesoro Gold Limited announced a maiden Ore Reserve of 1.28 million ounces of gold at the Ternera Gold Deposit in Chile. This reserve represents approximately 87% of the 1.47 million ounces of gold in the measured and indicated components of the August 2026 Mineral Resource Estimate. The reserve is entirely within a single open pit and supports a substantial, long-life development at the planned 3.0 million tonnes per annum process rate. The reserve was designed based on a US$3,000/oz gold price optimal pit shell and is underpinned by Pre-Feasibility Study mine designs and schedules. The announcement highlights the high conversion of the Ternera Mineral Resource base into Ore Reserves and sets the stage for further optimization through the Definitive Feasibility Study.

Guidance

1.28Moz Ore Reserve, supports over 13 years of production at 3.0Mtpa

Outlook

The company is progressing with the Definitive Feasibility Study to refine the project design, economics, and assumptions, aiming to optimize the project further.