Announcement PDF CONTENTS CORPORATE DIRECTORY 3 ABOUT TESORO GOLD 4 CHAIRMAN’S LETTER 5 REVIEW OF OPERATIONS 6 DIRECTORS’ REPORT 28 AUDITOR’S INDEPENDENCE DECLARATION 46 FINANCIAL REPORT CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 49 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 50 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 51 CONSOLIDATED STATEMENT OF CASH FLOWS 52 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 53 DIRECTORS’ DECLARATION 85 INDEPENDENT AUDITOR’S REPORT 86 CONSOLIDATED ENTITY DISCLOSURE STATEMENT 90 ASX INFORMATION 91 SCHEDULE OF MINERAL TENEMENTS 96 TESORO GOLD LIMITED | 3 CORPORATE DIRECTORY Tesoro Gold Ltd is an Australian listed company targeting the acquisition, exploration and development of commercially significant resource projects in Chile, with a focus on gold. For more details visit www.tesorogold.com.au. DIRECTORS Mr Mark Connelly (Non-Executive Chairman) Mr Zeffron Reeves (Managing Director) Mr Linton Putland (Executive Director – Mining and Development) Mr Geoffrey McNamara (Non-Executive Director) Mr Alan Gibson (Non-Executive Director) COMPANY SECRETARY Ms Sarah Wilson REGISTERED OFFICE 31 Cliff Street Fremantle WA 6160 Telephone: (08) 6383 7883 SHARE REGISTRY Automic Pty Ltd Level 5 191 St Georges Terrace PERTH WA 6000 GPO Box 5193, SYDNEY, NSW 2000 Telephone: 1300 288 664 (within Australia) Email: hello@automic.com.au SECURITIES EXCHANGE LISTING Australian Securities Exchange Limited and OTC Markets Group (Home Exchange: PERTH, Western Australia) Code: ASX: TSO OTCQB: TSORF FSE: 5D7 AUDITOR RSM Australia Partners Level 32 Exchange Tower 2 The Esplanade PERTH WA 6000 WEBSITE www.tesorogold.com.au TESORO GOLD LIMITED | 4 ABOUT TESORO GOLD Tesoro Gold Ltd (Tesoro or the Company) is a gold exploration and development company listed on the Australian Securities Exchange (ASX: TSO), with additional listings on the OTCQB market in the United States (OTCQB: TSORF) and on the Frankfurt Stock exchange, Germany (FSE: 5DF). In 2017, Tesoro made Chile’s first recognised Intrusive Related Gold System discovery, defining a new highly prospective gold district, within the country’s prolific Coastal Cordillera region. The Ternera Gold Deposit (Ternera or the Deposit) now hosts an unconstrained 2.0Moz Mineral Resource Estimate at 1.07g/t Au and is the subject of a proposed initial single open-pit gold mine and processing facility at the El Zorro Gold Project (El Zorro or the Project). Chile is widely recognised as a premier global mining jurisdiction, characterised by a stable regulatory framework, well-established infrastructure and a highly experienced mining workforce. The Coastal Cordillera region hosts multiple world-class copper and gold operations and benefits from extensive access to power, water, transport corridors and service providers. While the region is highly endowed, large areas remain underexplored due to historically fragmented mining concession ownership. Through its in-country expertise and established network, Tesoro has consolidated a commanding land position comprising more than 30km of continuous strike potential along a highly prospective gold corridor. El Zorro is strategically located approximately 140km from the regional mining centre of Copiapó and around 800km north of Santiago. The Project benefits from proximity to established infrastructure and logistics networks, materially enhancing its development potential. Tesoro remains focused on systematically progressing El Zorro through advanced stage technical studies and permitting activities to position the Project for a future Final Investment Decision (FID). In parallel, the Company continues to expand and upgrade the Ternera Mineral Resource, which remains open in all directions and at depth, while progressing discovery focused drilling across multiple high impact targets along the broader gold corridor. Tesoro’s 95% owned Chilean subsidiary owns 95.4% of the El Zorro Gold Project. Additional information is available on Tesoro’s website at www.tesorogold.com.au. TESORO GOLD LIMITED | 5 CHAIRMAN’S LETTER Dear Fellow Shareholders, It is my pleasure to present the Annual Report for Tesoro Gold Limited for the financial year ended 31 December 2025. It has been another busy year for our Company, one that delivered growth and classification upgrade to the Ternera Mineral Resource alongside considerable advancement and technical de-risking of the El Zorro Gold Project. During the first half of 2025, the initial portion of a major extensional diamond drilling campaign intersected multiple wide, high-grade zones across the southern and northern extents of the system, demonstrating that gold mineralisation extends beyond the existing Ternera Resource shell and confirmed the potential for the Ternera Deposit area to grow further from surface. These results, together with infill drilling completed during H1 CY2025, supported the Ternera Mineral Resource Estimate update, lifting it to 2.0Moz at 1.07g/t Au on an unconstrained basis. This represented a 42% increase in contained gold, with 62% of the Resource now classified in the Indicated category. A resource of this scale, grade and confidence level is globally significant and forms the foundation for our proposed single open-pit mining and processing operation, a development configuration that is increasingly rare in modern gold projects. In parallel, our technical and project development teams achieved several key milestones during the year, beginning with advanced metallurgical test work that confirmed outstanding gold recoveries exceeding 94-95% across all tested grade ranges, utilising the simple, well-understood CIP processing route. The upgraded and expanded Mineral Resource, together with the metallurgical outcomes, fed into the updated Scoping Study released in September 2025. The Study outlined a single 41Mt open-pit mining and processing operation producing approximately 111koz of gold per annum over the first nine years, with a forecast AISC of US$1,216 per ounce. In the context of prevailing gold price performance, with spot gold trading above US$4,300/oz at year end, these outcomes provided strong support for advancement to Pre-Feasibility level workstreams, several of which had already commenced. Following completion of detailed trade-off studies on Project configuration, the Board determined that the level of technical definition achieved across critical engineering disciplines, combined with the conventional nature and maturity of the Project, warranted progression directly to a Definitive Feasibility Study. This strategic decision was taken post year end and announced to the market on 24 February 2026. At the same time, several construction readiness initiatives progressed during the year. Preparations commenced for a full Environmental Impact Assessment, and an agreement for long lead power infrastructure to support future on-site energy requirements was reached with a local energy infrastructure provider. Significant new gold prospectivity was also identified across the broader El Zorro district. A comprehensive Magnetotelluric Survey and reprocessed airborne magnetic data extended the interpreted gold system to more than 30km. This work defined new high-priority targets at Peña Blanca, Drone Hill NW and Falda. At the emerging La Brea Target, four major mineralised trends of up to 4km in strike were identified, an existing discovery that has the potential to become a large-scale Ternera analogue. Looking ahead to 2026, the ongoing, fully funded 38,000m diamond drilling programme will be completed alongside continued mapping, sampling and gridded soil programmes designed to refine high-priority targets and feed a strong pipeline of future drill prospects. On behalf of the Board, I thank our Shareholders, both new and longstanding, for their continued support. Tesoro has assembled a highly skilled and experienced team, is supported by leading consultants in Chile and Australia, and maintains the balance sheet strength and financial discipline required to deliver meaningful long-term value for Shareholders and Stakeholders alike. Yours faithfully, Mark Connelly Non-Executive Chairman Tesoro Gold Ltd TESORO GOLD LIMITED | 6 TESORO GOLD LIMITED | 7 REVIEW OF OPERATIONS During the financial year ended 31 December 2025 (FY2025 or the Financial Year), Tesoro continued the exploration and systematic advancement of the El Zorro Gold Project (El Zorro) in Chile’s Coastal Cordillera region. This allowed the Company to deliver further resource growth and material technical de-risking of El Zorro to enable a future development decision. Figure 1: El Zorro location map showing proximity to major mining projects, infrastructure and population centres. TESORO GOLD LIMITED | 8 Figure 2: El Zorro district map showing the gold corridor and high-priority targets along an approximately 20km north- south trending zone. TESORO GOLD LIMITED | 9 EXPLORATION ACTIVITY OVERVIEW Current Diamond Drilling Programme (2025 to 2026) Tesoro currently has three major, fully funded diamond drilling programmes underway across the El Zorro Gold Project. These programmes are designed grow Ternera, provide critical data for advanced technical studies and deliver new district-scale discoveries. These combined programmes are planned for a total of 38,000m of drilling and comprise: • Infill Drilling: Approximately 20,000m of drilling to support technical study workstreams. • Extensional Drilling: Approximately 6,000m of drilling to define and extend shallow northern, southern and depth extensions to the existing Ternera deposit. • New Discovery Drilling: Approximately 12,000m of district scale drilling focused on priority undrilled targets and follow-up of previous results at Kitsune, Calderillas, Toro Blanco and other targets. Infill Drilling Highlights Infill drilling was primarily designed to achieve the drill density required to support a classification uplift within the Ternera Mineral Resource to support various advanced technical study workstreams. Results confirmed the uniformity of the system, with broad zones of consistent gold mineralisation intersected across several areas of the deposit. Notable intercepts included: • 153.90m at 1.61g/t Au from 83.10m (ZDDH0356), including; ­ 25.82m at 3.96g/t Au from 93.00m; and ­ 44.25m at 1.99g/t Au from 161.00m. • 58.70m at 2.10g/t Au from 264.30m (ZDDH0351), including; ­ 7.50m at 12.42g/t Au from 286.50m; and ­ 2.00m at 29.45g/t Au from 279.00m. Extensional Drilling Highlights Extensional diamond drilling completed during the year tested the northern, southern and down plunge extents of the Ternera Deposit, with the objective of growing the Mineral Resource Estimate (MRE) beyond the existing 2.0Moz unconstrained estimate. The programme successfully identified and extended zones of gold mineralisation in all directions. To the north, drilling intercepted a broad, shallow gold zone extending beyond the current Deposit boundary, which remains open to the north. Notable northern intercepts included: • 68.23m at 1.18g/t Au from 32.77m (ZDDH0370), including; ­ 11.65m at 3.05g/t Au from 67.80m. • 26.97m at 2.00g/t Au from 105.25 (ZDDH0359), including; ­ 12.10m at 3.75g/t Au from 107.10m. • 0.70m at 47.65g/t Au from 97.30m (ZDDH0366). • 20.90m at 1.05g/t Au from 125.10m (ZDDH0373). TESORO GOLD LIMITED | 10 • 0.50m at 25.70g/t Au from 34.70m (ZDDH0372); and • 10.57m at 1.30g/t Au from 79.58m. In the southern and deeper portions of the system, extensional drilling returned further shallow, high-grade intercepts and confirmed down plunge continuity beneath the current MRE. Notable southern intercepts included: • 132.18m @ 1.28g/t Au from 363m (ZDDH0356), including; ­ 32.20m @ 3.28g/t Au from 371.30m and; ­ 3.25m @ 12.639g/t Au from 371.30m. • 47.60m at 1.13g/t Au from 402.60m (ZDDH0377), including; ­ 20.4m at 2.05g/t Au from 414.60m. Ternera Mineral Resource Estimate August 2025 Mineral Resource Update Results from infill and extensional drilling completed at Ternera during H1 FY2025 culminated in an updated MRE released on 4 August 2025. The update increased the MRE for Ternera to 51.2Mt at 1.10g/t Au for 1.82Moz at a 0.30g/t Au cut-off constrained within a US$3,000/oz open-pit shell (see Figures 3, 4, 5, and 6). The updated MRE is based on 126,761m of diamond drilling from 399 holes (refer Table 1). Highlights of the updated MRE included: • 530koz increase in contained gold, representing 42% growth compared to the 2023 MRE. • 1.12Moz resides in the Indicated category, representing 62% of the total MRE. • Unconstrained MRE expanded to 2.0Moz and 1.07g/t Au (Indicated and Inferred). Table 1: Ternera Mineral Estimates for selected cut-off grades. Open-pit Mineral Resource has been constrained by an optimised pit shell using a metal price of US$3,000/oz Au and process recovery of 94.5%. The estimates in this table are rounded to reflect their precision; rounding errors are apparent. Ternera Updated MRE Indicated Inferred Total Cut-off (g/t Au) Mt Au g/t Koz Mt Au g/t Koz Mt Au g/t Koz Optimised Open-Pit 31.8 1.10 1,123 19.5 1.11 692 51.2 1.1 1,816 2.00 3.5 3.55 394 2.5 3.54 280 5.9 3.54 673 1.00 10.5 2.08 705 7.9 2.04 520 18.5 2.06 1,225 0.70 17.5 1.58 891 13 1.57 657 30.5 1.58 1,547 0.30 31.8 1.10 1,128 26.1 1.03 863 58.1 1.07 1,992 0.20 33.8 1.05 1,144 28.7 0.96 885 62.5 1.01 2,028 TESORO GOLD LIMITED | 11 Figure 3: Updated MRE displaying optimised open pits at various gold prices: Updated MRE in blue, 2023 MRE in grey. Figure 4: Ternera Gold Deposit - Drill hole collar location: Additional holes used in 2025 MRE in red. 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 1,800 1,800 2,300 2,500 3,000 Gold price (US$) Contained Au within the MRE (koz) Gold price used to optimise pit shell (US$) Indicated Inferred Au Price TESORO GOLD LIMITED | 12 Figure 5: Plan view of the Ternera Gold Deposit: Showing drill collars (black triangles) over the block model (>1g/t blocks only) and US$3,000/oz pit shell. Datum PSAD56 19S. TESORO GOLD LIMITED | 13 Figure 6: Isometric view of the Ternera Gold Deposit block model looking north-west. Showing >1g/t blocks only and US$3,000/oz pit shell. Datum PSAD56 19S. New Discovery Programme District-Scale Exploration In parallel with resource growth and extensional drilling at Ternera, the Company executed a comprehensive, district-scale exploration programme across the broader El Zorro Project to generate and prioritise new discovery targets. These activities were designed to refine the geological, structural and geophysical understanding of the district, identify previously unrecognised mineralised corridors, and support systematic drill testing of high-priority targets. By integrating multiple datasets and applying advanced structural and geophysical interpretation techniques, the programme materially strengthened the geological model at a district-scale, extending the prospective El Zorro gold corridor district by approximately 10km to the south of Ternera, to a total prospective strike length of over 30km. New discovery focused activities included: • Completion of a Magnetotelluric (MT) survey covering approximately 7.5km by 8.5km centred on Ternera; • Reprocessing of historical government Airborne Magnetic (AMAG) data and interpretation of magnetisation of large-scale geological features; TESORO GOLD LIMITED | 14 • Integration and interpretation of geophysical survey datasets (MT, AMAG and Induced Polarisation) and Advanced Spaceborne Thermal Emission and Reflection Radiometer satellite imagery; • Detailed structural mapping covering a 3km radius centred on Ternera; • Geomechanical modelling of the fault systems to identify the favourable structural sites for potential gold deposition (see Figure 7); and • District stream sediment and ridge sediment geochemical sampling across areas previously unmapped or sampled. Figure 7: El Zorro Gold Project Geomechanical Modelling: Image of areas of predicted rock failure (potential gold deposition) from Geomechanical modelling. Warm colours indicate areas of higher probability of rock failure and potential areas for favourable gold deposition. Black lines represent mapped faults, dashed red lines represent newly identified target areas, blue line represents Ternera’s current MRE boundary, with the orange dashed line depicting the size of the signal (for relative reference). Surface sampling points are shown as orange (0.5g/t Au to 1g/t Au) and red (>1g/t Au). Datum PSAD56 19S. This work culminated in the identification of new, near-deposit targets at Drone Hill NW and Falda (within 2km of Ternera) and at Peña Blaca, situated approximately 6km south of Tenera (see Figure 8). Outcomes also served to reinforce the discovery potential at Kitsune. TESORO GOLD LIMITED | 15 Figure 8: El Zorro Gold Project – Near-Deposit Targets. Schematic representation of drill targets. La Brea Gold System Outcrop channel sampling delineated a large new gold target at La Brea, located approximately 15km north of Ternera. Four major northwest mineralised trends were identified, up to 200m wide and 4km long, with sampling returning notable high-grade results that included: • 1.00m at 9.32g/t Au (EZTR004867) • 1.00m at 22.10g/t Au (EZTR005000) • 1.00m at 11.80g/t Au (EZTR005065) • 1.00m at 9.38g/t Au (EZTR005186) • 1.00m at 10.45g/t Au (EZTR005253) • 4.00m at 4.85g/t Au (EZTR005259) Maiden drilling at La Brea completed during H2 FY2025 comprised five holes for 1,117m, with results confirming a prospective gold bearing structural corridor along a 200m wide alteration envelope containing multiple, gold bearing quartz veins. All holes intersected gold mineralisation, with a peak interval of 0.60m at 4.19 g/t Au from 51.40m in ZDDH0402. Broader anomalous intervals included: • 12.70m at 0.19g/t Au from 130.45 metres (ZDDH0401) • 37.90 metres at 0.1 g/t Au from 66.00 metres (ZDDH0402) • 9.50 metres at 0.49g/t Au from 197.50 metres (ZDDH0402) The alteration and anomalous signatures closely mirror early-stage drilling patterns observed at Ternera and are interpreted to indicate proximity to a larger mineralised system (see Figure 8). TESORO GOLD LIMITED | 16 Figure 8: El Zorro Gold Project – La Brea Target showing mapped structural and alteration zones with gold in red. Datum PSAD56 19S TESORO GOLD LIMITED | 17 Peña Blanca Following the initial identification of Peña Blanca, Tesoro conducted further detailed mapping and outcrop channel sampling. Results announced on 6 November 2025, identified three discrete gold targets along the northeast trending Peña Blanca corridor (see Figure 9). Follow up mapping and sampling programmes are planned to refine the full extent of mineralisation and support inclusion of Peña Blanca within the ongoing New Discovery drilling programme. Figure 9: El Zorro Gold Project – Peña Blanca Target. Channel sampling highlights delineating three gold targets highlighted in red. TESORO GOLD LIMITED | 18 El Zorro Project Development Advancement Metallurgical test work confirmed simple, low-cost processing option Advanced metallurgical test work undertaken during the Financial Year confirmed excellent and repeatable metallurgy across the full range of grades tested. Results displayed gold recoveries consistently above 95%, alongside very low reagent consumption and favourable comminution characteristics, reinforcing that Ternera mineralisation is highly amenable to a simple, conventional Carbon In Pulp (CIP) processing pathway. Key metallurgical outcomes included: • Average gold recovery of 95% from Ternera composite samples at a 125 µm grind size. • Strong and consistent gravity recoverable gold averaging 41% across all grade ranges. • Low reagent consumption, with cyanide below 0.2 kg/t and lime at approximately 8 kg/t. • Test work using bittern wastewater sourced from the Aguascap Totoralillo desalination plant, confirming compatibility with the planned water supply strategy and reducing permitting and infrastructure risk. • Ore hardness of an average Bond Work Index of 20.9 kWh/t, supporting conventional multi-stage crushing and ball mill grinding design parameters. Outcomes were incorporated into the updated Scoping Study. Expanded and upgraded open-pit Scoping Study On 11 September 2025, Tesoro released outcomes from an updated Scoping Study assessing the development potential of an open-pit gold mining and processing operation centred on Ternera. The Study outlined a technically straightforward operation based on a single open-pit feeding a 3.0Mtpa processing plant, delivering total production of 1.26Moz gold (Indicated and Inferred) over an initial 15- year mine life. The Study was prepared to an economic accuracy of ± 35% and assumes a base gold price of US$2,750/oz. and a 27% corporate tax rate (refer Table 2). Table 2: Study Outcomes and Assumptions Physicals and Costs (± 35%) Ore tonnage Mt 40.7 Gold grade g/t 1.02 Contained ounces Moz 1.33 Plant throughput Mtpa 3.0 Evaluation period (excluding pre-strip) years 13.5 Strip ratio waste:ore 8.0:1 Process gold recovery (life of mine average) % 94.5 Process production (total evaluation period) Moz 1.26 Process production (average annual steady state) koz pa 111 Upfront capital (plant and process infrastructure) US$M 180.1 Upfront capital (open-pit mining) US$M 26.4 Upfront capital (pre-strip) US$M 41.4 Operating costs (mining) US$/oz Au 640 Operating costs (processing) US$/oz Au 444 Operating costs (general and administration) US$/oz Au 101 TESORO GOLD LIMITED | 19 Financials and Key Assumptions (± 35%) Base Case Spot Case Gold price US$/oz 2,750 3,300 Discount rate (real) % 7.5 7.5 AISC (life of mine average) US$/oz 1,216 1,216 NPV7.5% (pre-tax) US$M 917 1,331 IRR (pre-tax) % 60 79 NPV7.5% (post-tax) US$M 663 966 IRR (post-tax) % 51 68 Net cash flow (undiscounted, pre-tax) US$M 1,684 2,377 Payback period (post-tax) Months 20 16 Production Target: 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. The Scoping Study is based on lower-level technical and economic assessments and is insufficient to support estimation of Ore Reserves or to provide assurance of economic development. Approvals and permitting During the year, preparation of an Environmental Impact Study (EIS) commenced as part of the formal permitting pathway to secure Environmental Qualification and the sectorial permits required for the construction and operation of a gold mining operation at El Zorro. Tesoro appointed the highly regarded and historically successful Chilean engineering firm, Pares and Alvarez Ingenieria y Proyectos SA (Pares and Alvarez) to lead the EIS. Pares and Alvarez commenced a comprehensive 12 month baseline programme to assess potential environmental and social impacts associated with the Project and to prepare the full suite of technical documentation required for submission to Chile’s Environmental Impact Assessment System. This submission is required to obtain a Resolucion de Calificacion Ambiental, the key environmental approval for mine development in Chile. Upon receipt of the Resolucion de Calificacion Ambiental and the relevant Permisos Ambientales Sectoriales, the Project will be permitted for construction and operation. The Environmental Impact Assessment process is expected to be completed within approximately 24 months. Early commencement of permitting activities enabled Tesoro to align environmental approval milestones with ongoing technical and development workstreams, ensuring continued advancement and systematic de-risking of the El Zorro Gold Project. Electricity transmission On 9 May 2025, Tesoro announced that, through its 90.63%-owned Chilean subsidiary El Zorro SCM, it had executed a non-binding Memorandum of Understanding (MoU) with Tecnocap S.A., a subsidiary of Compañía de Aceros del Pacífico S.A. Tecnocap owns and operates a high-capacity transmission line in the Atacama region with capacity of approximately 175 MVA, including an extension to Totoralillo, located approximately 25km west of the Ternera Deposit (see Figure 10). The MoU provided a framework for the parties to jointly assess the technical and economic feasibility of transmitting grid power to El Zorro Gold. The Scope of Work included engineering studies, socio-economic assessments and development of a conceptual power supply model to support long-term project requirements. If progressed to a definitive agreement, access to this infrastructure has the potential to provide permanent and reliable grid supplied power to the Project. This would materially reduce permitting complexity and remove the requirement for standalone on-site power generation infrastructure, further supporting construction readiness and development optimisation at El Zorro. TESORO GOLD LIMITED | 20 Figure 10: El Zorro Gold Project regional infrastructure map proximity national grid power supply and the Tecnocap transmission line. TESORO GOLD LIMITED | 21 Exploration and Project Advancement Post Financial Year End Subsequent to the end of the reporting period, Tesoro announced further positive assay results from 15 diamond drill holes completed at Ternera as part of the ongoing infill and extensional drilling programmes. Two drill holes, ZDDH00411 and ZDDH00409, collared between 300m and 400m southeast of the existing Ternera MRE and designed to test the down plunge, deep southern extensions of the Deposit, returned wide zones of anomalous gold mineralisation together with multiple high-grade intercepts at the projected position of the down plunge extension. Notable intercepts from these holes included: • 8.84m at 3.54g/t Au from 576.00m, (ZDDH0411) including; ­ 1.00m at 27.70g/t Au from 576.00m • 7.09m at 1.31g/t Au from 670.45m, (ZDDH00409) including; ­ 0.54m at 9.89g/t Au from 677.00m Additional extensional drilling to the north of Ternera also delivered encouraging results. Hole ZDDH00398B, targeting down dip extensions of shallow high-grade mineralisation, returned 4.26m at 3.40g/t Au from 217.4m, including 0.68m at 19.45g/t Au. Advancement to a Definitive Feasibility Study On 25 February 2026, Tesoro announced that, following completion of comprehensive technical trade-off studies, the Company would progress directly to a Definitive Feasibility Study (DFS). This decision reflects the substantial technical maturity achieved across key engineering, mining, processing and infrastructure disciplines. Multiple DFS workstreams are now well-advanced, progressing in parallel to optimise project configuration, refine capital and operating cost estimates, and advance permitting and infrastructure integration. The coordinated execution of these programmes positions the Company to target a Final Investment Decision (FID) by the end of 2026, a significant and deliberate step towards construction readiness and the systematic transition of El Zorro from advanced development asset to build-ready gold project. TESORO GOLD LIMITED | 22 Corporate Capital Raising Activities The Company undertook two placements during the year. $11M Institutional Placement to Advance El Zorro Development In June 2025, Tesoro successfully completed an institutional placement to raise approximately $11.1M in new proceeds (before costs). The Placement comprised the issue of approximately 461.2 million new fully paid ordinary shares in the Company (30.75 million ordinary shares post-consolidation) to professional and sophisticated investors at an issue price of $0.024 (pre-consolidation) or $0.36 (post-consolidation price). Proceeds have been applied to New Discovery drilling, completion of a new MRE for Ternera, updated Scoping Study and to fund the El Zorro permitting process. $34M Institutional Placement to Advance El Zorro Development On 2 December 2025, the Company completed a very well received placement of approximately $34M in new proceeds (before costs). The Placement comprised the issue of approximately 641.5 million new fully paid ordinary shares in the Company to professional and sophisticated investors at an issue price of $0.053 (issue price of $0.795 post- consolidation). A General Meeting was held on 26 November 2025 where all resolutions put to Shareholders were carried. Following receipt of Shareholder approval, Tranche 2 was successfully completed. Proceeds will be applied to continue Resource growth at Tenera, exploration to define new regional drill targets, drill test new and existing district targets at El Zorro, completion of a DFS, securing permitting and development approvals and working capital and costs associated with the capital raising. Combined gross proceeds raised during the year totalled approximately A$45.1M, with proceeds expected to fully fund advancement of El Zorro through to a FID. Annual General Meeting Tesoro Gold Limited held its Annual General Meeting of Shareholders (Meeting) at 10am (WST) on Thursday, 1 May 2025 at 31 Cliff Street, Fremantle, WA, 6160. All resolutions put to Shareholders at the Meeting were carried by poll. Share Capital Consolidation Tesoro completed a consolidation of its share capital on a 15-for-1 basis (Share Consolidation). The Company proposed the consolidation as the capital structure prior to the consolidation represented a relatively large number compared to its ASX listed peer group (the Company had approximately 2.5 billion shares on issue together with a significant number of options, performance rights and share rights). The Board considered that the pre-consolidation structure was not reflective of Tesoro’s scale, development status or long-te