Announcement PDF 31 Cliff Street, Fremantle WA 6160 | +61 8 6383 7883 | info@tesorogold.com.au | tesorogold.com.au ASX ANNOUNCEMENT 22 October 2026 ASX: TSO OTCQX: TSORF FSE: 5D7 GROWTH DRILLING INTERSECTS GOLD 300M BEYOND TERNERA RESOURCE GOLD MINERALISATION AT TERNERA EAST AND EXPANDED DRILLING PROGRAMME Tesoro Gold Limited (Tesoro or the Company) (ASX: TSO, OTCQX: TSORF, FSE: 5D7) is pleased to report initial assay results from extensional drilling completed at the Ternera Gold Deposit (Ternera), part of the El Zorro Gold Project in Chile (El Zorro, or the Project). Initial results from drilling at Ternera East have returned multiple zones of gold mineralisation up to 300m beyond the limits of the existing Mineral Resource Estimate (MRE) and planned open pit, highlighting the potential for further growth of the Ternera gold system. The results were returned from drilling originally designed to sterilise the proposed location of the Ternera waste rock dump. However, the intersection of prospective intrusive rocks and gold mineralisation at shallower depths than anticipated has prompted Tesoro to expand the programme to test more than 1km of prospective strike at Ternera East. Drilling is continuing across multiple near-deposit growth targets, including northern extensions of Ternera, alongside new discovery drilling at Drone Hill. Further district-scale drilling is also planned across the broader El Zorro gold corridor (see Figure 5). HIGHLIGHTS TERNERA EAST GROWTH DRILLING RETURNS MULTIPLE MINERALISED ZONES • 16.00m at 1.06g/t Au from 531.00m (ZDDH0478), including: • 5.00m at 2.14g/t Au from 531.00m • 7.00m at 0.92g/t Au from 57m (ZDDH0481), including: • 1.00m at 4.85g/t Au from 63.00m; and • 5.00m at 2.92g/t Au from 352.00m, including 1.60m at 5.64g/t Au from 352.00m. • 10.34m at 1.32g/t Au from 467.91m (ZDDH0482A), including: • 2.80m at 3.52g/t Au from 471.00m, and • 16.00m at 1.00g/t Au from 695.00m, including 6.00m at 1.43g/t Au from 700.00m. ADDITIONAL WIDE, HIGH-GRADE GOLD INTERCEPTS FROM INFILL DRILLING • 39.00m at 1.28g/t Au from 281.00m (ZDDH0479), including: • 14.30m at 2.85g/t Au from 281m, including • 7.40m at 4.85g/t Au from 287.90m, and • 54.23m at 0.63g/t Au from 345.00m, including 4.22m at 2.77 g/t Au from 345.00m. ONGOING AND UPCOMING ACTIVITIES • Ternera East growth programme expanded to test more than 1km of prospective strike. • Three drill rigs operating across El Zorro, currently focused on Ternera East, Ternera North Extensions and Drone Hill. ASX Announcement 22 October 2026 Tesoro Gold 2 • Further district-scale new discovery drilling scheduled to commence in the coming weeks at high-priority targets across the El Zorro gold corridor. Tesoro Managing Director, Zeff Reeves, commented: “The gold system hosting Ternera continues to produce surprises, with additional gold intercepted in an area where we were originally drilling to confirm the location of the future waste dump. We've intersected the same prospective intrusive rocks that host the Ternera gold system, along with mineralisation at much shallower depths than expected. Naturally, we’ve taken the decision to extend this programme and are now testing more than a kilometre of prospective strike, targeting the higher-grade zones that could contribute to further Resource growth. We still need to establish grade continuity and assess the scale of these new zones, but these results certainly give us good reason to expand the current drill program at Ternera East. We can see the significant growth potential not just in and around Ternera, but also from our multiple high-quality targets that lie within 5km of the Deposit. We've already established a 1.28 million ounce Ore Reserve at Ternera, so the opportunity to identify additional gold close to our proposed mining operation is a really exciting one.” TERNERA GROWTH DRILLING TERNERA EAST EXPANDED GROWTH OPPORTUNITY Assay results have been received from four initial diamond drill holes completed at Ternera East, originally designed to sterilise an area being considered for the proposed waste rock dump associated with the Ternera open pit. During drilling, strong alteration and geological characteristics associated with gold mineralisation at Ternera were observed at shallower depths than anticipated, particularly in drill hole ZDDH0481 (see Figure 4). The programme intersected multiple zones of gold mineralisation associated with the prospective intrusive rocks that host the Ternera gold system, prompting Tesoro to expand drilling to more comprehensively assess the potential for Resource extensions in this area. Significant results from the initial holes include: • 16.00m at 1.06g/t Au from 531.00m, including: • 5.00m at 2.14g/t Au from 531.00m and • 2.00m at 4.03g/t Au from 534.00m (ZDDH0478). • 19.13m at 1.11g/t Au from 345.72m and 1.65m at 6.19g/t Au from 293.70m (ZDDH0480). • 7.00m at 0.92g/t Au from 57.00m, including: • 1.00m at 4.85g/t Au from 63.00m; and 5.00m at 2.92g/t Au from 352.00m, including • 1.60m at 5.64g/t Au (ZDDH0481). • 10.34m at 1.32g/t Au from 467.91m, including 2.80m at 3.52g/t Au • 6.78m at 1.31g/t Au from 583.00m, including 1.62m at 4.10g/t Au; and • 16.00m at 1.00g/t Au from 695.00m, including 6.00m at 1.43g/t Au (ZDDH0482A). ASX Announcement 22 October 2026 Tesoro Gold 3 Of particular significance is the intersection of gold mineralisation from just 57m downhole in ZDDH0481, demonstrating the presence of relatively shallow mineralisation within an area initially being assessed for mine infrastructure. The results further support the potential for extensions to the Ternera mineralised system to the east, with intercepts located approximately 200m to 300m beyond the limits of the current MRE. Ternera East was previously identified as a prospective fault-offset extension of the main Ternera Deposit, with earlier drilling confirming mineralised intrusive rocks outside the established Resource boundary. The latest results provide further encouragement for systematic exploration of this area. The programme has now been expanded to test more than 1km of prospective strike, with drilling focused on defining the distribution, grade and continuity of mineralisation and identifying potential higher-grade zones associated with fault structures and alteration. Further drilling and geological modelling will be required to establish the extent to which these zones may support future additions to the Ternera MRE. ADDITIONAL TERNERA INFILL RESULTS Assay results have also been received from additional infill drilling completed at Ternera, returning wide zones of gold mineralisation and locally high-grade intervals. Drill hole ZDDH0479 returned: • 39.00m at 1.28g/t Au from 281.00m, including: • 14.30 at 2.85g/t Au from 281m, including: • 7.40m at 4.85g/t Au from 287.70m, and • 54.23m at 0.63g/t Au from 345.00m, including 4.22m at 2.77 g/t Au from 345.00m. These results provide further support for the established interpretation of broad mineralised zones containing higher-grade gold intervals within the Ternera Deposit. The additional infill results complement the recently updated Ternera MRE, which contains 1.82Moz of gold, including approximately 1.47Moz classified as Measured and Indicated. All significant intercepts for this announcement are presented in Appendix 1. NEXT STEPS Tesoro is continuing its growth-focused exploration programme across El Zorro, with three drill rigs currently operating across Ternera East, Ternera North extensions and Drone Hill (see Figure 6). At Ternera East, drilling will focus on testing the interpreted extensions to gold mineralisation across more than 1km of prospective strike, with particular emphasis on the distribution and continuity of higher-grade zones. Additional drilling along the northern extensions of Ternera will test opportunities to expand mineralisation beyond the current Resource limits. In parallel, drilling at Drone Hill is targeting high priority near-deposit mineralisation, while further district- scale exploration drilling is scheduled to commence in the coming weeks. These programmes form part of Tesoro's broader strategy to identify additional gold mineralisation around Ternera and across the El Zorro district, with the objective of progressively expanding the Project's Resource base and assessing opportunities to enhance long-term development potential. ASX Announcement 22 October 2026 Tesoro Gold 4 Figure 1: El Zorro Gold Project – Ternera Gold Deposit. Drill locations and significant results received in this announcement. Datum PSAD56 19S. ASX Announcement 22 October 2026 Tesoro Gold 5 Figure 2: El Zorro Gold Project – Drilling Section ZDDH0482A Showing extensional drilling looking north with August 2026 MRE Block Model and PFS Ore Reserve Pit Shell. Note- lower grade intercepts shown on sections not presented in significant intercept table demonstrating continuity of the Ternera mineralised zone 300m beyond current MRE. Looking northwest. Datum PSAD56 19S. Figure 3: El Zorro Gold Project – Drilling Section ZDDH0478 and ZDDH0483 - Showing extensional drilling looking north with August 2026 MRE Block Model and PFS Ore Reserve Pit Shell. Note - lower grade intercepts shown on sections not presented in significant intercept table demonstrating continuity of the Ternera mineralised zone 300m beyond current MRE. Looking northwest. Datum PSAD56 19S. ASX Announcement 22 October 2026 Tesoro Gold 6 Figure 4: El Zorro Gold Project – Drilling Section ZDDH0481 - Showing extensional drilling looking north with August 2026 MRE Block Model and PFS Ore Reserve Pit Shell. Note - lower grade intercepts shown on sections not presented in significant intercept table demonstrating continuity of the Ternera mineralised zone 300m beyond current MRE. Looking northwest. Datum PSAD56 19S. Table 2: Ternera Deposit August 2026 Mineral Resource Estimate Summary1 MEASURED INDICATED INFERRED TOTAL Cut-off Tonnes Au Gold Tonnes Au Gold Tonnes Au Gold Tonnes Au Gold g/t Au Mt g/t koz Mt g/t koz Mt g/t koz Mt g/t koz 0.30 2.4 1.24 95 37.9 1.13 1,371 11.3 0.98 356 51.6 1.10 1,822 Table 3: Ternera Deposit Ore Reserves Summary as at 18 September 20262 PROVEN PROBABLE TOTAL Deposit Type Cut-off Tonnes Au Gold Tonnes Au Gold Tonnes Au Gold g/t Au Mt g/t koz Mt g/t koz Mt g/t koz Ternera Open Pit 0.30 2.8 1.05 93 40.1 0.92 1,190 42.1 0.93 1,283 1 Mineral Resources were estimated using a gold price of US$3,500/ounce and a cut-off grade of 0.3g/t Au. Figures have been rounded to the nearest 100,000 tonnes and 1,000 ounces and may not sum perfectly. 2 Ore Reserves are reported in accordance with the JORC Code (2012 Edition) and are a subset of Mineral Resources. Ternera Ore Reserves are estimated based on pit optimisations using a gold price of US$3,000/oz and a cut-off grade of 0.3g/t Au. Figures have been rounded to the nearest 100,000 tonnes and 1,000 ounces and may not sum perfectly. ASX Announcement 22 October 2026 Tesoro Gold 7 References: 1. Refer to Tesoro Gold Limited ASX announcement, “Upgrade to Ternera 1.8Moz Mineral Resource”, dated 27 August 2026. 2. Refer to Tesoro Gold Limited ASX announcement, “Maiden 1.28Moz Ore Reserve at Ternera”, dated 18 September 2026. Figure 5: El Zorro Gold Project Showing Priority Targets Over a >40km Prospective Corridor. Authorised by the Board of Tesoro Gold Ltd. FOR MORE INFORMATION: Company Zeff Reeves Managing Director info@tesorogold.com.au Investor and Media Enquiries Grace Lauder Fivemark Partners Grace.lauder@fivemark.com.au Follow Us Website LinkedIn X ASX Announcement 22 October 2026 Tesoro Gold 8 ABOUT TESORO Tesoro Gold Limited has discovered and defined the first Intrusive Related Gold System in Chile. The 1.82Moz Ternera gold discovery is in the Coastal Cordillera region of Chile. The Coastal Cordillera region is host to multiple world-class copper and gold mines, has well established infrastructure, service providers and an experienced mining workforce. Large areas of the Coastal Cordillera remain unexplored due to the unconsolidated nature of mining concession ownership, but Tesoro, via its in-country network and experience has been able secure rights to the district-scale El Zorro gold project in-line with the Company’s strategy. Tesoro’s 95% owned Chilean subsidiary owns 95.4% of the El Zorro Gold Project. FUTURE PERFORMANCE This announcement may contain certain forward-looking statements and opinions. Forward-looking statements, including projections, forecasts and estimates, are provided as a general guide only and should not be relied on as an indication or guarantee of future performance and involve known and unknown risks, uncertainties, assumptions, contingencies and other important factors, many of which are outside the control of the Company and which are subject to change without notice and could cause the actual results, performance or achievements of the Company to be materially different from the future results, performance or achievements expressed or implied by such statements. Past performance is not necessarily a guide to future performance, and no representation or warranty is made as to the likelihood of achievement or reasonableness of any forward-looking statements or other forecast. Nothing contained in this announcement, nor any information made available to you is, or and shall be relied upon as, a promise, representation, warranty or guarantee as to the past, present or the future performance of Tesoro Gold. COMPETENT PERSONS STATEMENTS Mineral Resources – Ternera Gold Deposit The information in this report that relates to the Mineral Resource Estimate for the Ternera Gold Deposit was previously reported by the Company in its ASX announcement dated 27 August 2026 titled “Upgrade to Ternera 1.8Moz Mineral Resource”. The Company confirms that it is not aware of any new information or data that materially affects the information included in that announcement and that all material assumptions and technical parameters underpinning the Mineral Resource Estimate continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement. Ore Reserves – Ternera Gold Deposit The information in this report that relates to the Ore Reserve for the Ternera Gold Deposit was previously reported by the Company in its ASX announcement dated 18 September 2026 titled “Maiden 1.28Moz Ore Reserve at Ternera”. The Company confirms that it is not aware of any new information or data that materially affects the information included in that announcement and that all material assumptions and technical parameters underpinning the Ore Reserve estimate continue to apply and have not materially changed. The Company further confirms that all material assumptions underpinning the Production Target continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement. Exploration Results The information in this report that relates to Exploration Results is based on information compiled by Mr Zeffron Reeves (B App Sc (Hons) Applied Geology) MBA, MAIG). Mr Reeves is a member of the Australian Institute of Geoscientists and a Director and shareholder of the Company. Mr Reeves has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Reeves consents to the inclusion in this report of the matters based on this information in the form and context in which it appears. ASX Announcement 22 October 2026 Tesoro Gold 9 APPENDIX 1: SIGNIFICANT INTERCEPTS Significant Intercepts Table for Results Reported in this Announcement. Results are uncut, no top cut has been applied. Refer Appendix 3 - JORC Tables for data aggregation criteria. A significant intercept is defined as any intercept with a down hole grade x width >0.25. NSI denotes No Significant Intercept. HOLE ID FROM (m) TO (m) INTERVAL (m) AU (g/t) COMMENT ZDDH0478 156.61 157.05 0.44 0.6 ZDDH0478 185 187 2 0.5 ZDDH0478 217 218 1 0.45 ZDDH0478 333.43 338 4.57 0.43 ZDDH0478 345.7 346.36 0.66 1.12 ZDDH0478 482.32 483.3 1 0.81 ZDDH0478 531 547 16 1.06 ZDDH0478 531 536 5 2.14 including ZDDH0478 534 536 2 4.03 including ZDDH0478 615.45 618.22 2.77 1.64 ZDDH0478 615.45 616.7 1.25 3.25 including ZDDH0479 89.17 91 1.83 1.95 ZDDH0479 98 98.55 0.55 3.13 ZDDH0479 243 244 1 0.73 ZDDH0479 257 257.55 0.55 1.73 ZDDH0479 268 268.47 0.47 1.79 ZDDH0479 281 320 39 1.28 ZDDH0479 281 295.3 14.3 2.85 including ZDDH0479 287.9 295.3 7.4 4.85 including ZDDH0479 345 399.23 54.23 0.63 ZDDH0479 345 349.22 4.22 2.77 including ZDDH0479 375 379.43 4.43 1.14 including ZDDH0479 386 392 6 1.33 including ZDDH0479 414 423.12 9.12 0.52 ZDDH0479 435 437 2 0.99 ZDDH0479 445 446 1 2.58 ZDDH0479 449.64 454.04 4.4 2.22 ZDDH0479 478 479 1 1.36 ZDDH0479 497 497.34 0.34 2.31 ZDDH0480 17.7 21.1 3.4 0.39 ZDDH0480 169.35 170 0.65 4.32 ZDDH0480 268 273 5 1.47 ZDDH0480 269 271.75 2.75 2.53 including ZDDH0480 293.7 295.35 1.65 6.19 ZDDH0480 318 325 7 0.48 ZDDH0480 333.5 334.1 0.6 1.46 ZDDH0480 345.72 364.85 19.13 1.11 ZDDH0480 399 400 1 1.12 ZDDH0480 466 469 3 0.63 ZDDH0481 57 64 7 0.92 ZDDH0481 63 64 1 4.85 including ZDDH0481 267.17 276 8.83 0.54 ZDDH0481 275 276 1 1.39 including ZDDH0481 343.83 344.3 0.47 1.68 ZDDH0481 352 357 5 2.92 ZDDH0481 352 353.6 1.6 5.64 including ZDDH0481 368.57 370 1.43 2.13 ZDDH0481 497 498 1 0.52 ZDDH0481 551.5 552.07 0.57 9.83 ZDDH0481 566 566.35 0.35 0.86 ZDDH0481 593 594 1 0.81 ZDDH0481 599 600 1 0.52 ZDDH0481 615 618 3 0.54 ZDDH0481 634 638 4 0.61 ZDDH0481 634 635 1 1.18 including ZDDH0482A 239 240 1 1.17 ZDDH0482A 397 398 1 1.36 ZDDH0482A 447 449.66 2.66 1.11 ZDDH0482A 467.91 478.25 10.34 1.32 ZDDH0482A 471 473.8 2.8 3.52 including ZDDH0482A 573 576 3 1.04 ZDDH0482A 583 589.78 6.78 1.31 ZDDH0482A 587 588.62 1.62 4.1 including ZDDH0482A 626.95 634 7.05 0.98 ZDDH0482A 630 632 2 3.1 including ZDDH0482A 675 677 2 0.8 ASX Announcement 22 October 2026 Tesoro Gold 10 HOLE ID FROM (m) TO (m) INTERVAL (m) AU (g/t) COMMENT ZDDH0482A 682.57 684 1.43 1.09 ZDDH0482A 695 711 16 1 ZDDH0482A 700 706 6 1.43 including APPENDIX 2: DRILLING DETAILS Northing Easting Elevation Dip Azimuth ZDDH00478 7036044 342303 588 -60 270 649.40 ZDDH00479 7036210 341983 658 -60 270 500.00 ZDDH00480 7036328 342134 656 -60 240 539.00 ZDDH00481 7036181 342353 603 -60 270 700.00 ZDDH00482A 7035803 342259 557 -60 270 751.90 ZDDH00482 7035803 342259 557 -60 270 123.90 ZDDH00483 7036041 342445 589 -60 270 799.80 ZDDH00484 7036375 341630 579 -60 240 38.70 ZDDH00484A 7036375 341627 578 -60 240 120.00 ZDDH00485 7036544 341533 624 -60 0 709.90 ZDDH00486 7036692 341948 654 -60 240 59.00 ZDDH00487 7036459 342370 650 -60 270 529.90 ZDDH00488 7036528 341794 617 -60 240 181.50 ZDDH00488A 7036529 341795 617 -60 240 215.00 ZDDH00489 7036420 341753 631 -50 240 379.00 ZDDH00490 7036151 341688 603 -60 240 183.00 Hole Location Hole Orientation Hole ID Drill Depth (m) ASX Announcement 22 October 2026 Tesoro Gold 11 APPENDIX 3: JORC CODE, 2012 EDITION - TABLE 1 Section 1: Sampling Techniques and Data CRITERIA JORC CODE EXPLANATION COMMENTARY Sampling techniques • Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as downhole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling. Tesoro has completed 511 diamond drill holes at the El Zorro Gold Project for 162,888m. Diamond drill holes were drilled with HQ. Sampling was half core at geologically defined and significant mineralisation boundaries. The CP considers the sampling methodologies to be appropriate for this style of mineralisation. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. Tesoro Diamond drill holes were drilled with HQ. Sampling was half core at geological and significant mineralisation boundaries. The CP consider this appropriate for the style of mineralisation. • Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done; this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information. Diamond drilling was used to obtain ½ core samples of various lengths (minimum 0.25m), from which 1kg of material was pulverised passing 200 mesh to produce a 50g charge for fire assay fusion with a gravimetric finish. Multielement assays were completed by 4-acid digest with a 2.5g charge. The CP consider these appropriate assay techniques. Drilling techniques • Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face- sampling bit or other type, whether core is oriented and if so, by what method, etc.). Tesoro has completed 511 diamond drill holes at the El Zorro Gold Project for 162,888m. Diamond drill holes were drilled with HQ. Sampling was half core at geological and significant mineralisation boundaries. Standard tube was used. Drill sample recovery • Method of recording and assessing core and chip sample recoveries and results assessed. Core recovery was estimated using the drillers recorded depth marks against the length of the core recovered. Reviewing the core photos, there are occasional shears/faults where core is broken. There is however no significant core loss. • Measures taken to maximise sample recovery and ensure representative nature of the samples. A single tube system was employed and in general core recovery good. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. There appears to be no potential sample bias as there was no regular loss of core. Logging • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. Geological core logging to a resolution of 25 cm was undertaken with a record kept of, inter alia, colour, lithology, weathering, grain size, mineralisation, alteration, geotechnical characteristics etc. Diamond core is stored at the Company’s warehouse. Tesoro consider the data to be of an appropriate level of detail to support a future resource estimation. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography. Logging of diamond core was qualitative, and diamond core was photographed. • The total length and percentage of the relevant intersections logged. All drilled intervals are logged and recorded. Subsampling techniques and sample preparation • If core, whether cut or sawn and whether quarter, half or all core taken. Drill core was cut, and half core was collected for analysis • If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry. Tesoro has not completed any percussion drilling. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. Collection of half core ensured the nature, quality and appropriateness of the collected sample. The sample preparation of crushing half core at the lab to mm size prior to splitting off a 50g charge (either by cone/quarter or riffle) for pulverisation provides an appropriate and representative sample for analysis. • Quality control procedures adopted for all subsampling stages to maximise representivity of samples. Half core was collected for the entirety of the Tesoro drilling, as such there was consistency throughout the drilling. Core was logged by a qualified geoscientist. Each subsample is considered to be representative of the interval. • Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling. Sampling of half core is representative of the in-situ material. There are field duplicate samples collected from the diamond core with irregular results. Field drill core duplicates are irregular by nature, and it has been recommended by Tesoro’s consultants to use coarse reject material to monitor the sample preparation. ASX Announcement 22 October 2026 Tesoro Gold 12 CRITERIA JORC CODE EXPLANATION COMMENTARY • Whether sample sizes are appropriate to the grain size of the material being sampled. Sample sizes collected were considered appropriate to reasonably represent the material being tested. Quality of assay data and laboratory tests • The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. Assays reported in this report were undertaken at the accredited laboratory of ALS Santiago, which is fully certified. Core samples of various lengths were assayed (minimum 0.25m) from which 1kg of material was pulverized passing 200 mesh to produce a 50 g charge for fire assay fusion with gravimetric finish. Multielement assays were completed by 4-acid digest with a 2.5 g charge. All techniques are appropriate for the element being determined. • For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. Standard chemical analyses were used for grade determination. There was no reliance on determination of analysis by geophysical tools. • Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established. QAQC procedures included the insertion of Certified Reference Materials (CRMs) (5%) and blank material (2%), Check samples (5%) and check assaying (5%) The laboratories used have generally demonstrated analytical accuracy at an acceptable level within 95% confidence limits. Verification of sampling and assaying • The verification of significant intersections by either independent or alternative company personnel. All intercepts have been verified by multiple appropriately qualified Company personnel. • The use of twinned holes. No twinned holes have been completed • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. Tesoro drilling is digitally entered and stored following documented core handling protocols. The protocols are considered adequate. • Discuss any adjustment to assay data. No adjustments were made to Tesoro Drilling Location of data points • Accuracy and quality of surveys used to locate drillholes (collar and downhole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. Tesoro drill hole collars have been surveyed accurately using differential GPS for all holes. • Specification of the grid system used. The grid system used PSAD56 19S • Quality and adequacy of topographic control. The topography generated from an accurate topographic survey data completed by a registered surveyor and has been used for the current control. Data spacing and distribution • Data spacing for reporting of Exploration Results. Drill hole spacing is variable between 10m and 200m • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. The current data spacing and distribution for results in this announcement is not considered suitable for Mineral Resource and Ore reserve estimation at this early exploration stage. • Whether sample compositing has been applied. Sample compositing was not employed at the sampling stage. Orientation of data in relation to geological structure • Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. Drill holes were drilled across the interpreted strike of the mineralisation. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. Tesoro diamond drilling at various orientations does not reveal any bias regarding the orientation of the mineralised horizons. Sample security • The measures taken to ensure sample security. Chain of Custody of digital data is managed by the Company. Physical material was stored on site and, when necessary, delivered to the assay laboratory. Thereafter laboratory samples were controlled by the nominated laboratory which to date has been Bureau Veritas and ALS Santiago. All sample collection was controlled by digital sample control file(s) and hardcopy ticket books. Audits or reviews • The results of any audits or reviews of sampling techniques and data. No audits have been undertaken. ASX Announcement 22