Announcement PDF ASX ANNOUNCEMENT 17 FEBRUARY 2022 ASX: TSO | ACN 106 854 175 Tesoro Presenting at OTC Markets Metals & Mining Virtual Investor Conference Tesoro Resources Limited (Tesoro or the Company) (ASX:TSO, OTCQB:TSORF) advises that the Company is presenting at the OTC Markets Metals & Mining Virtual Investor Conference on Thursday 17 February Eastern Standard Time USA. Please find attached the presentation to be given by Mr. Zeff Reeves, Managing Director and Cofounder of Tesoro. The presentation can be downloaded from www.tesororesources.com.au/announcement-category/presentations/ This ASX Announcement has been approved for release by Zeff Reeves, Managing Director. For more information, please contact: Zeff Reeves Managing Director Peter Taylor Investor Relations Australia Beverly Jedynak Investor Relations US info@tesororesources.com.au Peter@nwrcommunications.com.au +61 412 036 231 beverly.jedynak@viriathus.com +1 312 943 1123 About Tesoro Tesoro Resources Limited was established with a strategy of acquiring, exploring, and developing mining projects 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 a district scale gold project in-line with the Company’s strategy. Tesoro’s 95% owned Chilean subsidiary owns 85% of the El Zorro Gold Project. 1 +61 8 9322 1587 | info@tesororesources.com.au | Suite 5, 62 Ord Street, West Perth WA 6005 | www.tesororesources.com.au El Zorro Gold Project Chile Scale, Simplicity, Strategic Location & Exceptional Metallurgy February 2022 ASX: TSO OTCQB: TSORF Disclaimer This presentation and any accompanying verbal presentation (together the Presentation) are confidential and have been prepared by Tesoro Resources Limited (Tesoro or the Company) and approved by the Board of the Company. The information contained in the Presentation (Information) is summary only and should be read in conjunction with any other documents provided to you by the Company. The Information is current as at 16 February 2022 and the Company does not undertake to provide any additional or update information, whether as a result of new information, future events or results or otherwise. By receiving the Presentation, you acknowledge and represent to the Company that you have read, understood and accepted the terms of this disclaimer. The Company has prepared the Presentation based on information available to it at the time of preparation. No representation or warranty, express or implied, is made as to the currency, accuracy, reliability, completeness or fairness of the information, opinions and conclusions contained in this Presentation. Tesoro, or related bodies corporate, shareholders or affiliates, nor any of their respective officers, directors, employees, affiliates, agents or advisers (Agents) guarantee or make any representations or warranties, express or implied, as to or take responsibility for, the currency, accuracy, reliability, completeness or fairness of the information, opinions and conclusions contained in this Presentation. Tesoro does not represent or warrant that this Presentation is complete or that it contains all material information about Tesoro or which a prospective investor or purchaser may require in evaluating a possible investment in Tesoro or acquisition of shares. To the maximum extent permitted by law, Tesoro and its Agents expressly disclaim any and all liability, including, without limitation, any liability arising out of fault or negligence, for any loss arising from the use of information contained in this Presentation, or otherwise arising in connection with it. Any forward-looking statements in this Presentation, 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 Tesoro and which are subject to change without notice and could cause the actual results, performance or achievements of Tesoro 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 recipients of this Presentation are cautioned not to place undue reliance on such forward-looking statements. The information contained in this Presentation is for information purposes only, does not constitute investment or financial product advice (nor taxation, accounting or legal advice) and is not intended to be used as the basis for making an investment decision. In providing this Presentation, Tesoro has not considered the objectives, financial position or needs of any particular recipients. Before making an investment decision prospective investors should consider the appropriateness of the information in this Presentation having regard to their own objectives, financial situation and needs, and seek legal, taxation and financial advice appropriate to their jurisdiction and circumstances. This Presentation is not a prospectus, product disclosure statement or other offer document under Australian law or any other law (and will not be lodged with the Australian Securities and Investments Commission or any other foreign regulator) and is not, and does not constitute, an invitation or offer of securities for subscription, purchase or sale in any jurisdiction. In particular, this Presentation does not constitute an invitation or offer of securities for subscription, purchase or sale in the United States or any other jurisdiction in which such an offer would be illegal. The securities referred to in this Presentation have not been, and will not be, registered under the U.S. Securities Act of 1933 as amended or the securities laws of any state or other jurisdiction of the United States and may not be offered or sold, directly or indirectly in the United States. The information in this Presentation is strictly confidential. It may not be disclosed, reproduced, disseminated, quoted or referred to, in whole or in part, without the express consent of Tesoro. Competent Person’s Statements The information in this Presentation 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 Managing 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 Presentation of the matters based on this information in the form and context in which it appears. The information in this Presentation that relates to Geophysical Results is based on information compiled by Dr Jayson Meyers who is a Fellow of the Australian Institute of Geoscientists. Dr Meyers is a consultant to Tesoro Resources Limited and has sufficient experience which 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. Dr Meyers does not hold any securities in the Company. The Company confirms it is not aware of any new information or data that materially affects the Geophysical Results included in the original announcement on 16 April 2021. The information in this Presentation that relates to Mineral Resources is based on information compiled by Mr Daniel Saunders, a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Saunders is a full-time employee of Cube Consulting Pty Ltd, acting as independent consultants to Tesoro Resources Limited. Mr Saunders has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the activity being undertaken 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’. The Company confirms that it is not aware of any new information or data that materially affects the Mineral Resource information included in the original announcement on 28 July 2021 and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. The Company confirms that the form and context in which the applicable Competent Persons’ findings are presented have not been materially modified from the original announcement. The Company has released all material information that relates to Exploration Results for the El Zorro Gold Project, on a continuous basis to the ASX and in compliance with JORC 2012. The Company confirms that it is not aware of any new information that materially affects the content of this ASX release. TESORO RESOURCES (ASX:TSO) | CORPORATE PRESENTATION (FEBRUARY 2022) 2 El Zorro Gold Project Scale, Simplicity & Exceptional Metallurgy in a Strategic Location 661 koz & growing Up to 98 % recovery Conventional Processing Coastal Location Chile Mining Friendly Surface Gold to over 500m Depth New Gold District First Mover Developing a Sustainable Gold Project Mature Mining Skillset TESORO RESOURCES (ASX:TSO) | CORPORATE PRESENTATION (FEBRUARY 2022) 3 Why Chile 1) Low Sovereign Risk: Chile has a population of >19 million people, one of South America’s most stable & prosperous nations, enabling the country to significantly reduce poverty. Chile’s GDP was 17.4% in 4th Qtr 2021 (1), second-fastest pace of expansion of the Chilean economy on record, on the back of government stimulus and a rapid COVID-19 vaccination rollout (one of the best in South America). 2) Extremely Low Corruption: Chile ranks in the top quartile of countries in Transparency International’s 2020 Corruption Index, equal with the United States of America. 3) Supportive Government Policy Towards Mining: Mining is a major driver of the Chilean economy, contributing to more than 50% of Chile’s exports and 9% of GDP. The Fraser Institute’s 2020 (2) annual survey ranked Chile as the best country in South America for mining exploration investment based on public policy factors such as tax rates & regulation. 4) Significant Mineral Endowment: As the top producer of both copper & iodine in the world, Chile is also home to several other highly valuable natural resources including molybdenum, selenium, rhenium, nitrates, iron ore, lithium and of course precious metals such as gold. Most of the world’s largest mining companies operate in Chile. Source: 1-World Bank, 2- https://www.fraserinstitute.org/sites/default/files/annual-survey-of-mining-companies-2020.pdf TESORO RESOURCES (ASX:TSO) | CORPORATE PRESENTATION (FEBRUARY 2022) 4 Investment Highlights • • Discovered & defined 661,000oz (1) Open Pit gold resources in 18 months. 150 holes for 52,000 m completed post release of maiden MRE. • Preliminary metallurgical work indicates a CIL Project in a Tier-1 jurisdiction. • 45% of gold recovered by Gravity (2). • Tesoro holds one of the largest & most prospective gold properties in Chile. • Strategically positioned, established infrastructure and surrounded by mines. • • Significant exploration potential with <2% of the 555km2 permit area drilled. Cu/Fe El Zorro Gold Project Cu Cu/Au Caldera Fe Cities El Zorro Project Other Mines 99% success rate with drill bit. Santo Domingo Proposed Port Yamana Gold License • Au Chanaral 87% of Capital deployed into El Zorro. Copiapo Airport & Power Pan American Highway Cu/Au Au Tesoro License (555 km2) Notes: 1- Refer to Maiden Mineral Resource, 28 July 2021 in Appendix 3, 2 Refer ASX Announcement 10 December 2021 TESORO RESOURCES (ASX:TSO) | CORPORATE PRESENTATION (FEBRUARY 2022) 5 El Zorro Gold Project: Chile’s Newest Gold Discovery • Tesoro Owns 85% of the El Zorro Gold Project (1). • Resource of 25.1Mt @ 0.82/t Au for 661koz at 0.3g/t Au cut-off (2) defined by 148 drill holes. • TORO BLANCO 15.4Mt @ 1.1g/t Au for 540koz 0.5g/t Au cut-off (2) defined by 148 drill holes. • 300 diamond core drill holes drilled to date. • Outcropping Orebody with Multiple High-Grade Zones. • Scoping Study Underway for Large Open Pit. • 45% of gold recovered by Gravity, 94.5% total recovery @ 150-micron grind size (3). • Simple Flowsheet Single Stage Crushing, SAG Mill, Gravity & CIL(4). • Logistical advantages: • Low Power Costs (12-17c/kwh) • Port 57km • Workforce 53km • Coastal Location Ternera Ternera EAST TORO GORDO DRONE HILL Notes: 1- Tesoro’s 95% owned Chilean subsidiary owns 85% of the El Zorro Gold Project and may increase its holding of the JV via capital contributions. On the 26 August 2021, 15% JV partner Wanaco disputed the valuation & the procedure followed for the recent capital increase approved in the Shareholders Meeting of El Zorro SCM held on 11 February 2021. Tesoro is vigorously defending its position and is considering its legal options to have this spurious claim rejected by the court. 2- Refer to Maiden Mineral Resource, 28 July 2021 in Appendix 3 3- Refer ASX Announcement 10 December 2021 4- Refer Appendix 1 TESORO RESOURCES (ASX:TSO) | CORPORATE PRESENTATION (FEBRUARY 2022) 6 El Zorro Gold Project: Chile’s Newest Gold Discovery • Maiden Mineral Resource delivered within 18 months of ASX listing. • Ternera Deposit Open in all directions. (2) 341600mE 341800mE 7036100mN 7036000mN 342200mE 342000mE 7036400mN TSO Drilling Mineralised intercept (m/Aug/t) Fault • • July 2021 Resource Estimate Outcropping Mineralisation >1.5km of Strike, >700m Wide, >500m Deep. Maiden Mineral Resource has low sensitivity to gold price RPEEE pit shells (1). 1.0/12.10 600mRL US$1700/oz Au Pit Shell 1.0/1.47 1.0/7.09 1.3/0.59 1.7/1.43 37.0/0.43 incl. 4.0/1.15 2.9/0.66 Indicated + Inferred Resource (0.30 g/t cut off) 21.28/0.34 US$1800/oz Au Pit Shell 14/0.55 US$2000/oz Au Pit Shell 36.0/0.40 incl. 1/0.81 4.0/1.83 30.5/0.40 USD/Oz Gold Price Pit 1,700 1,800 2,000 Mt 18.3 15.4 20.9 Au g/t 0.88 1.09 0.86 koz 25.1 0.82 76.0/0.93 incl. 12.0/1.39 incl. 18.7/1.57 US$2500/oz Au Pit Shell 519 8.0/0.78 538 580 661 116.0/0.95 incl. 35.0/1.73 incl. 23.0/1.77 26.0/0.49 incl. 56.0/3.49 incl. 1.0/7.73 incl. 8.5/2.49 200mRL 2,500 26.0/0.49 400mRL 0 100 metres 500m 8.0/1.08 EL ZORRO Cross Section -140m +/- 10m 1- Alternate scenarios using different gold price inputs for the Reasonable Prospects for Eventual Economic Extraction (RPEEE) resource limiting pit shell demonstrate the sensitivity of contained mineralisation. 2- Refer to Maiden Mineral Resource, 28 July 2021 in Appendix 3 and ASX Announcement 10 December 2021 TESORO RESOURCES (ASX:TSO) | CORPORATE PRESENTATION (FEBRUARY 2022) 7 Recent Drilling Underpins Continued Resource Growth Post Maiden Resource >150 diamond holes have been drilled. 700m Currently >1.5km strike, >700m wide & >500m deep. Multiple new thick high-grade gold zones contained in broad mineralised zones outside existing Resource: within 205.00m @ 0.96g/t Au; • 17.50m @ 4.51g/t Au; contained 500m • 21.00m @ 5.26g/t Au; contained within 40.00m @ 2.11g/t Au; • 13.50m @ 15.84g/t Au; contained within 67.00m @ 3.44 g/t Au; • 14.00m @ 6.81g/t Au; contained within 25.00m @ 4.22g/t Au; and Western Extensions • 17.10m @ 5.10g/t Au; contained Ternera East Deep High Grade Zones within 71.00m @1.58g/t Au. Ternera Gold Deposit looking North - USD1800/oz Au gold price optimised pit shell (blue) with recent drilling assays over 1g/t shown as red disks. TESORO RESOURCES (ASX:TSO) | CORPORATE PRESENTATION (FEBRUARY 2022) 8 Recent Drilling Underpins Continued Resource Growth Ternera Drill Section 40m looking northwest Hole ZDDH0229 extending depth of mineralisation by >100m Ternera Drill Section -80m looking northwest. Hole ZDDH0225 extending depth of mineralisation by >100m Refer to ASX announcement 4 February 2022 – Appendix 3 for full results TESORO RESOURCES (ASX:TSO) | CORPORATE PRESENTATION (FEBRUARY 2022) 9 Recent Drilling Underpins Continued Resource Growth Ternera East and South New gold zones at Ternera East and South have potential to improve potential open pit mining. Recent extensional drill results include: • 50.30m @ 1.06g/t Au; contained within 90.54m @ 0.92g/t Au; • 4.70m @ 2.46g/t Au; contained within 15.70m @ 1.06g/t Au; • 26.50m @ 1.31g/t Au; • 9.00m @ 1.19g/t Au; • 7.60m @ 1.10g/t Au; • 6.50m @ 1.12g/t Au; and • 2.05m @ 7.13g/t Au. Ternera Drill Section -200 m looking northwest hole ZDDH0228 intersected new gold zone at Ternera East Refer to ASX announcement 4 February 2022 – Appendix 3 for full results TESORO RESOURCES (ASX:TSO) | CORPORATE PRESENTATION (FEBRUARY 2022) 10 El Zorro Gold Project: District Scale Potential PERMIT • • • • Intrusive Related Gold System (IRGS). Tintina Province analogue (>50 M Oz Au (1)), Fort Knox, Pogo, Brewery & Donlin Creek. <2% of 555km2 permit area drilled. Ternera deposit is open in all directions. • 7 Analogous Prospects. • Discovery Cost US$21/oz (half global average (2)). • EXPLORATION TARGETS 341000mE 342000mE TERNERA EXPLORATION 343000m E Gabbro and Diorite El Zorro Tonalite) (host) Biotite Granodiorite Sediments Mafic Dykes Faults Tesoro Drill Collars 7038000m N TORO BLANCO DRONE HILL Ternera NORTH 7037000m N Ternera Ternera EAST 7036000m N TORO GORDO 7035000m N BUZZARD Aggressive Exploration >100,000m drilling. N 7034000m N 0 500m Notes: 1- Refer to https://pubs.usgs.gov/sir/2007/5289/SIR2007-5289-A.pdf. 2- Refer to https://minexconsulting.com/wp-content/uploads/2021/05/Gold-Exploration-Trends-PDAC-May-2021.pdf for discovery costs of US$45/oz. TESORO RESOURCES (ASX:TSO) | CORPORATE PRESENTATION (FEBRUARY 2022) 11 El Zorro Gold Project: Emerging District Scale Gold System TORO BLANCO Ternera Ternera EAST TORO GORDO DRONE HILL El Zorro Gold Project - May 2019 TESORO RESOURCES (ASX:TSO) | CORPORATE PRESENTATION (FEBRUARY 2022) El Zorro Gold Project - February 2022 12 El Zorro Gold Project: District Scale Potential New Undrilled Gold Zone (1) North West of Ternera, >1.5km long and up to 450m wide. El Zorro gold host rock the EZT has been mapped for a further 4.5km. Surface Sample Results include: • 3.00m @ 101.50g/t Au; • 1.00m @ 12.75g/t Au; • 1.20m @ 12.70g/t Au; and • 6.00m @ 1.63g/t Au. Note: 1- Refer to ASX announcement 24 January 2022 – Appendix 1 for full results TESORO RESOURCES (ASX:TSO) | CORPORATE PRESENTATION (FEBRUARY 2022) 13 Exciting New Exploration Targets • • • TORO BLANCO Ternera East, Ternera North, Drone Hill, North-West Ternera & Toro Blanco same chargeability anomalies as Ternera. Drone Hill first drill hole intersected a high-grade gold zone of 1.57m @ 7.37g/t Au contained within 11.50m @ 1.13g/t Au. (2) 20km • Ternera East, Ternera North, Drone Hill, North-West Ternera & Toro Blanco same geology and structural trends as Ternera. Ternera NORTH Ternera EAST Ternera Ternera Regional Potential prospective corridor identified from satellite imagery & mapping >25km of strike on Tesoro’s concessions. Note: 1- Refer to ASX announcement 16 April 2021. 2- Refer to ASX announcement 23 March 2021 DRONE HILL TORO GORDO Aster Satellite Image_AlOH filter TESORO RESOURCES (ASX:TSO) | CORPORATE PRESENTATION (FEBRUARY 2022) 14 Recent Activity Exploration Drilling Core Shed Ternera Drill Rigs in Operation Local Workforce Ternera Drilling Team TESORO RESOURCES (ASX:TSO) | CORPORATE PRESENTATION (FEBRUARY 2022) 15 Roadmap to Create Shareholder Value Immediate Focus • Continue to grow Mineral Resources at El Zorro via low-cost drilling. • Define and drill Ternera repeats within the regional El Zorro concessions. • Complete scoping study & build organisational capability to progress El Zorro to production. Key Activities for 2022 / 2023 2022 Q1 2023 Q2 Q3 Exploration & Development Q4 Q1 Ternera Resource Drilling (50,000m) Ternera Mine Drilling Resource Update Resource Update El Zorro Gold Project Mining Studies Financial Analysis Scoping Study Report Feasibility Study Environmental Approvals FID Regional Exploration Exploration Ternera East, Drone Hill, Toro Blanco Drilling (10,000m) Maiden Resource Drilling TESORO RESOURCES (ASX:TSO) | CORPORATE PRESENTATION (FEBRUARY 2022) Analysis Approvals Key Announcements 16 Company Strategy & Corporate Snapshot Strategy Utilise extensive geological experience to discover, define & develop high quality mining projects in the ‘Core Atacama’ province of Chile. Mineral Resource (1) Cut off Au g/t 0.30 0.50 Mt 2.7 1.7 Indicated Au g/t koz 0.88 75 1.17 63 Capital Structure Mt 22.4 13.7 Inferred Au g/t 0.81 1.08 koz 586 476 Mt 25.1 15.4 Total Au g/t 0.82 1.09 koz 661 539 ASX Share Price (2) A$0.075 Shares on Issue 654.2 million Performance Rights 98 million Market Capitalisation A$50 million Cash (3) A$5.6 million Debt Nil Shareholders Top 20 47% Board & Management 17% Institutional Investors 24% Other 59% Notes: 1- Refer to Maiden Mineral Resource, 28 July 2021 in Appendix 3, 2- At 15 February 2022, 3- At 31 December 2021 TESORO RESOURCES (ASX:TSO) | CORPORATE PRESENTATION (FEBRUARY 2022) 17 Board & Management >27 years of international resource sector experience as a Geologist, Project Manager & Fund Manager. Previously worked in Private Equity (FUM USD800 million) & as a Director of Societe General’s Mining Finance Team in New York. Operational roles include Project Manager, Senior Mine Geologist & Mine Geologist for Ivanhoe Mines, Lion Ore International & Western Mining Corporation. John is a Partner at Azure Capital Limited with >15 years of experience in corporate advisory, focusing mainly on equity financing transactions across a range of industries including mining, technology, general industrials, biotech & infrastructure. John Toll Chairman Kristie Young Non-Executive Director >20 years’ experience across mining, technical engineering, project evaluation, feasibility studies, financial modelling, business development (BD), growth, strategy, commercial, marketing, executive search, consultancy, advisory, technology, education, governance & solutions. Ms Young is Non-Executive Chair of ChemX Materials (ASX:CMX), Non-Executive Director of Lithium Australia NL (ASX:LIT) and sits on the boards of Wesley College WA & the Energy Club WA. Previously held BD Director roles with EY & PwC and is a Graduate Member of the Australian Institute of Company Directors. Geoff McNamara Non-Executive Director Shannon Coates Joint Company Secretary Qualified lawyer with >20 years’ experience in corporate law & compliance. She is currently Non-Executive Director of ASX listed companies Vmoto Limited, Bellevue Gold Limited & Company Secretary to a number of public unlisted & listed companies. Sarah Wilson Joint Company Secretary Zeffron Reeves Corporate governance specialist who provides corporate advisory and company secretarial services to ASX listing companies, including capital raising, compliance and governance advice. Sarah acts as Company Secretary for a number of ASX listed companies and holds a Certificate in Governance Practice and Administration and is a Member of the Governance Institute of Australia. Managing Director Linton Putland Executive Director – Mining & Development >30 years of experience in mining operations, joint ventures & corporate management in Australia, Africa & the Americas, over a wide range of commodities. Qualified lawyer with >20 years’ experience Currently principal of LJ Putland & Associates, a in corporate law & compliance. She is private mining consultancy company. Prior to this, he currently Non-Executive Director of ASX held corporate & senior management roles in listed companies Vmoto Limited, Bellevue IAMGOLD, Aurion Gold, Delta Gold & Pancontinental Gold Limited & Company Secretary to a Mining. He is a Member of AusIMM & a Graduate number of public unlisted & listed Member of Australian Institute of Company Directors. companies. Geologist with >20 years of experience in the resources sector on resource projects from greenfields exploration, discovery, definition & feasibility, construction, production to closure. Zeff previously Managing Director of ASX listed Metallum Ltd which had a number of development & operational projects in Chile. He has also held senior management positions with companies developing projects in Brazil. He has had previous exploration success identifying & delineating new gold districts in Brazil & Chile. TESORO RESOURCES (ASX:TSO) | CORPORATE PRESENTATION (FEBRUARY 2022) Administrative, management & development professional with experience in Chile. He has worked on greenfield exploration, discovery, production, closure, retreatment & tailings reclamation. Part of the development team with Fortescue during development of its Pilbara mining operations. Commercial Manager of Metallum Chile, General Manager of Acorn Mining Chile & Country Manager for Cleveland Mining Chile. Sergio has a Business Management degree from Universidad del Desarrollo & is a member of the civil police & a military reserve officer. Sergio Uribe Country Manager Chile 18 Appendix 1: El Zorro Preliminary Process Plant Flowsheet TESORO RESOURCES (ASX:TSO) | CORPORATE PRESENTATION (FEBRUARY 2022) 19 Appendix 2: Environmental & Social Strategy Our environmental & social strategy is aligned to the United Nations (UN) Sustainable Development Goals (SDG) with the company committed to ensuring its exploration & operational activities generate positive sustainability outcomes. Sustainability Pillars Summary Health & Safety Occupational Health & Safety are fundamental responsibilities Tesoro has towards its workforce. Our strategies & practices are based on providing a safe workplace for all employees, suppliers & contractors. Climate Change Total GHG emissions on a $ per value basis for newly mined gold is significantly lower than that for other major metals & mined products. Tesoro is committed to put in place a framework to ensure future mine developments are built & operated to support global greenhouse mitigation targets. Environment Tesoro applies leading exploration techniques, technology & practices to promote drilling efficiency & minimise environmental impacts. Furthermore Tesoro is committed to continual improvement of its environmental performance through a robust environmental management program. People & Culture Attracting, developing & retaining a diverse, inclusive & competent workforce is important to Tesoro & a key foundation to the company's policies and practices. Community Partnerships Tesoro partners with the local & host communities of the Coastal Cordillera region of Chile to share value through the creation of local jobs & business opportunities. Economic Sustainability Generating economic growth & value for all our investors, employees & stakeholders through successful exploration & investment in the Coastal Cordillera region of Chile. TESORO RESOURCES (ASX:TSO) | CORPORATE PRESENTATION (FEBRUARY 2022) UN SDG 20 Appendix 3: Mineral Resource Maiden Mineral Resource Estimate of 661koz gold announced on 28 July 2021 Cut-off Au g/t 0.3 0.4 0.5 0.6 0.7 0.8 Mt 2.7 2.1 1.7 1.4 1.2 0.9 Indicated Au g/t 0.88 1.03 1.17 1.28 1.4 1.64 koz 75 68 63 58 54 45 Mt 22.4 17.4 13.7 11.1 8.9 6 Inferred Au g/t 0.81 0.95 1.08 1.21 1.34 1.61 koz 586 529 476 430 385 312 Mt 25.1 19.4 15.4 12.5 10.1 6.9 Total Au g/t 0.82 0.96 1.09 1.22 1.35 1.62 koz 661 597 539 488 439 357 Mineral Resource Estimate Parameters ▪ 148 HQ diameter diamond drill holes used (46,937m) ▪ Domaining based on 3D modelling of lithology (El Zorro Tonalite) & faults ▪ Resource Classification Criteria: ▪ Geological continuity and volume; ▪ Drill spacing & drill data quality; ▪ Modelling technique; and ▪ Estimation properties, including search strategy, number of informing composites, average distance of composites from blocks & kriging quality parameters. ▪ Mineral Resource has been reported above a 0.30 g/t Au cut-off. Selection of the cut-off has considered results of metallurgical testing (ASX release 9 June 2020). The applied cut-off has been reviewed against that reported from peer projects with similar mineralisation styles and proposed processing options & is considered comparable. Pit Optimisation Parameters ▪ It must be noted that the optimisation pit shell provided was for the purpose of constraining the Resource model only and is NOT an economic assessment of an open pit mining operation at El Zorro or indicates the economic gold price required for potential future mining at El Zorro. ▪ The optimisation was completed to delineate the portion of the Resource Estimate that could potentially be mined by an open pit at some time in the future. The pit optimisation was based on certain assumptions that are considered at to be preliminary and have a high degree of uncertainty. The purpose of the optimisation is to provide a constraint around the resource with some explained economic parameters. ▪ The gold price selected for the pit optimisation was