Announcement PDF 1 TABLE OF CONTENTS Corporate Directory 2 Directors’ Report 3 Auditor’s Independence Declaration 19 Consolidated Statement of Profit or Loss and Other Comprehensive Income 20 Consolidated Statement of Financial Position 21 Consolidated Statement of Changes in Equity 22 Consolidated Statement of Cash Flows 23 Notes to the Consolidated Financial Statements 24 Directors’ Declaration 33 Independent Auditor’s Review Report The information should be read in conjunction with the 31 December 2025 Annual Report released on 26 March 2026. 34 Page | 2 CORPORATE DIRECTORY Tesoro Gold Limited is an Australian listed company focused on 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 AUDITOR RSM Australia Partners Level 32 Exchange Tower 2 The Esplanade PERTH WA 6000 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 (Home Exchange: PERTH, Western Australia) Code: ASX: TSO OTCQX: TSORF FSE: 5D7 Tesoro Gold Limited Directors’ Report 30 June 2026 Page | 3 DIRECTORS REPORT The Directors present their report, together with the financial statements, of the Group (referred to hereafter as the consolidated entity or the Group) and the entities it controlled at the end of, or during, the half-year ended 30 June 2026. Directors The following persons were Directors of Tesoro Gold Limited (Tesoro or the Company) who held office during or since the end of the half-year and until the date of this report are as below. Directors were in office for this entire period unless otherwise stated. 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 Principal activities The principal activities of the Company and its subsidiaries are the acquisition, exploration and development of commercially significant mineral resource projects in Chile, with a focus on gold. Tesoro currently holds interests in the El Zorro Gold Project, located in Chile. Operating results The net loss after tax and non-controlling interest, attributable to the Group for the financial half-year ended 30 June 2026, amounted to A$2,411,923 (6 months to 30 June 2025: net loss after tax of A$2,156,534). REVIEW OF OPERATIONS Tesoro is focused on exploration and development of the El Zorro Gold Project (El Zorro or the Project) in the Coastal Cordillera region of Chile. El Zorro is proximate to well established infrastructure and is 140km from the city of Copiapó and approximately 800km north of the Chilean capital, Santiago (refer Figure 1). During the six months ended 30 June 2026 (Half-Year), Tesoro continued to advance El Zorro, with activities focused on progressing Ternera towards development while continuing to pursue near-deposit drill exploration in combination with district-scale, new-discovery exploration programmes. During the Half-Year the Board decided to advance Ternera directly to a Definitive Feasibility Study (DFS). The decision followed completion of a structured programme of technical trade-off studies across the principal mining, processing, infrastructure and development disciplines to mature El Zorro from Scoping Study-level evaluation to detailed project definition and execution planning. Resource-definition drilling, metallurgical and geotechnical programmes and critical DFS workstreams progressed through the Half-Year. At 30 June 2026, the Ternera infill drilling programme was nearing completion, all metallurgical testwork drill holes had been completed and geotechnical drilling was materially advanced. Engineering and study activities were also progressing across mining, processing, tailings, infrastructure, environmental approvals, financing and project execution planning. Alongside these development-focused activities, extensional drilling continued to test the Ternera mineralised system beyond the existing Mineral Resource Estimate (MRE), while airborne geophysics, soil geochemistry and geological interpretation advanced a pipeline of regional exploration targets across the broader El Zorro concession holding. Tesoro Gold Limited Directors’ Report 30 June 2026 Page | 4 EL ZORRO GOLD PROJECT The El Zorro Gold Project is located in the Coastal Cordillera region of Chile, in a position surrounded by all the requisite ingredients to support a new gold mining and processing operation. The Project concessions are 95.4% owned through Tesoro's 95%-owned Chilean subsidiary, Tesoro Mining Chile SpA. Figure 1: Tesoro’s El Zorro Gold Project, Chile. Located in the Coastal Cordillera region, home to numerous operating mines and processing facilities. El Zorro hosts the Ternera Gold Deposit, which as at 30 June 2026, has an open-pit constrained MRE of approximately 51.2Mt at 1.10g/t Au for 1.816Moz of gold, comprising: • 31.8Mt at 1.10g/t Au for 1,123koz in the Indicated category; and • 19.5Mt at 1.11g/t Au for 692koz in the Inferred category. The MRE is constrained within an optimised open-pit shell based on a US$3,000/oz gold price, 0.30 g/t cut-off and 94.5% process recovery (refer to Table 1). Subsequent to Half-Year end, on 27 August 2026, the Company announced an updated Ternera MRE of 51.6Mt at 1.10g/t Au for 1.82Moz, including 1.47Moz in the Measured and Indicated categories. Refer to Events Subsequent to the End of the Half-Year below. Approximately 38,000m of fully funded diamond drilling across three programmes remain ongoing at El Zorro: • infill drilling to increase confidence in the existing Ternera MRE and support an updated MRE, maiden Ore Reserve and DFS mine planning (completed subsequent to Half-Year end); Tesoro Gold Limited Directors’ Report 30 June 2026 Page | 5 • extensional drilling to test the continuation of Ternera mineralisation along strike and at depth; and • regional exploration drilling and new-discovery targeting across the broader El Zorro concession holding spanning over 40 kilometres of prospectivity. Figure 2: Tesoro’s El Zorro Gold Project, Chile. Showing the location of the Ternera Gold Deposit within the broader concession area Tesoro Gold Limited Directors’ Report 30 June 2026 Page | 6 Ternera Infill and Resource-definition Drilling The Ternera infill drilling programme was designed to increase drill density through the existing Ternera MRE, particularly within the proposed open-pit area, and improve confidence in the geometry and grade distribution throughout the deposit. The work and associated geological information is intended to support the planned conversion of portions of the Mineral Resource to the Measured and Indicated categories, providing the basis for an updated MRE, and maiden Ore Reserve to enable DFS-level mine planning. Five diamond drill rigs were operating at Ternera by early February 2026, increasing to six rigs by the end of March. The programme was subsequently expanded and completed, providing the necessary drill density required for the planned resource classification upgrade. By 15 June 2026, 76 infill holes totalling 25,210m had been completed, with assays received and reported for 60 holes. At Half-Year end, five final infill holes remained to be drilled and assays for a further 16 holes were pending and subsequently confirmed as complete on 1 July 2026. Infill Drilling Results Infill drilling returned multiple broad and locally high-grade gold intercepts within the existing Ternera mineralised system, supporting the interpreted continuity and predictability of mineralisation within the deposit. Significant results reported during the March quarter included: • 2.94m at 17.74g/t Au from 286.12m in ZDDH0424, and • 21.00m at 1.44g/t Au from 385.00m in ZDDH0424, including: ­ 5.54m at 3.24g/t Au from 386.16m • 26.00m at 2.27g/t Au from 278.00m in ZDDH0432, including: ­ 4.59m at 9.10g/t Au from 287.60m • 11.15m at 0.94g/t Au from 109.50m in ZDDH0429, including: ­ 4.70m at 1.66g/t Au from 113.60m ­ 2.77m at 9.35g/t Au from 162.00m • 11.00m at 1.38g/t Au from 30.00m in ZDDH0431, including: ­ 5.18m at 2.44g/t Au from 30.00m, and ­ 19.00m at 0.91g/t Au from 287.00m in ZDDH0431, including  9.00m at 1.44g/t Au from 288.00m; • 5.50m at 1.95g/t Au from 50.00m in ZDDH0407A • 7.00m at 2.05g/t Au from 51.40m in ZDDH0410 • 17.50m at 1.01g/t Au from 190.00m in ZDDH0412 Results reported during the June quarter included: • 66.30m at 1.71g/t Au from 375.00m in ZDDH0436, including: ­ 23.30m at 3.77g/t Au from 375.70m, and ­ 8.50m at 6.08g/t Au from 389.50m • 62.28m at 1.35g/t Au from 374.00m in ZDDH0430, including ­ 10.00m at 2.68g/t Au from 374.00m, and ­ 7.00m at 4.97g/t Au from 403.00m Tesoro Gold Limited Directors’ Report 30 June 2026 Page | 7 • 93.00m at 1.21g/t Au from 572.00m in ZDDH0440, including: ­ 18.00m at 2.96g/t Au from 495.00m, and ­ 4.00m at 6.73g/t Au from 511.00m • 35.00m at 1.20g/t Au from 533.00m in ZDDH0440A including: ­ 4.00m at 5.16g/t Au from 537.00m • 137.72m at 0.67g/t Au from 331.73m in ZDDH0455 including: ­ 12.62m at 4.70g/t Au from 364.38m, and ­ 5.77m at 10.27g/t Au from 370.50m • 17.20m at 1.53g/t Au from 387.00m in ZDDH0456 including: ­ 5.95m at 3.35g/t Au from 395.05m Results have been incorporated into the geological database for the updated Ternera MRE and associated DFS workstreams. Extensional Drilling Results Extensional drilling tested the continuation of the Ternera mineralised system beyond the limits of the current MRE boundary. Extensional drilling returned outstanding grades of over 27g/t Au from new depth extensions approximately 200 vertical metres below the 2025 Scoping Study open pit shell. The two deep holes, ZDDH0409 and ZDDH0411, were drilled from positions approximately 300m to 400m south- east of the existing MRE to test the interpreted down-plunge continuation of the mineralised system. Both holes intersected broad zones of anomalous gold mineralisation and higher-grade intervals in the targeted position. Significant results included: • 8.84m at 3.54g/t Au from 576.00m in ZDDH0411, including: ­ 1.00m at 27.70g/t Au from 576.00m • 7.09m at 1.31g/t Au from 670.45m in ZDDH0409, including: ­ 0.54m at 9.89g/t Au from 677.00m. Drilling also tested the northern margin of the MRE, where ZDDH0398B returned 4.26m at 3.40g/t Au from 217.45m, including 0.68m at 19.45g/t Au. Collectively, the results demonstrated the continuation of gold mineralisation outside the existing open-pit constrained MRE and defined additional opportunities for near-deposit resource growth drilling. District-scale Exploration and Target Generation Regional exploration continued throughout the Half-Year to expand and mature the pipeline of drill targets beyond Ternera. Activities included high-resolution helicopter flown magnetic and radiometric surveying, systematic soil geochemistry programmes and geological interpretation with results integrated with historical and recent exploration datasets. Helicopter-borne Geophysical Survey New-Sense Geophysics Limited completed a high-resolution helicopter-borne magnetic and gamma-ray spectrometric survey across approximately 610km² of the El Zorro concession area. The survey, which commenced in late December 2025, comprised 200m-spaced regional flight lines and a higher-resolution area surveyed at 100m line spacing. Approximately 4,880.5 line-kilometres were flown. Resource Potentials Pty Ltd completed final processing and imaging of the magnetic and radiometric datasets, with preliminary interpretation identifying several structural trends considered prospective for gold mineralisation, together with multiple intrusive occurrences and interpreted tonalite dyke systems. Tesoro Gold Limited Directors’ Report 30 June 2026 Page | 8 The survey outlined a north-south structural corridor associated with gold anomalism extending for more than 40km, increasing the interpreted extent of the El Zorro Gold Corridor by approximately 10km. The datasets were integrated with geological and geochemical information to support target prioritisation and future drilling. Soil Geochemistry Systematic orientation soil-sampling programmes were completed at La Brea, Drone Hill and Pena Blanca, with a total of 331 soil samples collected on nominal 50m by 50m grids across areas where previous surface sampling had identified prospective gold mineralisation. Samples were analysed for low-level gold and 47 multi-element indicators. All three target areas returned low-level gold anomalism coincident with arsenic and bismuth anomalism, together with geochemical indications of potassic alteration. The anomalies corresponded with mapped mineralised structures and prospective host lithologies and were used to refine targets for follow-up exploration. At La Brea, the results indicated potential extensions to the previously defined target area to the north-west and south-east. At Drone Hill, the soil anomaly coincided with areas of previous high-grade drilling. At Pena Blanca, sampling identified gold anomalism within a broader alteration zone coincident with previously reported surface mineralisation. Further soil sampling and geological work were planned across additional targets as part of the district-scale exploration programme. Transition to Near-Deposit Growth and New Discovery Drilling During the first half of CY2026, the majority of drill rig capacity was directed towards resource definition and DFS- related drilling. As these programmes advanced, preparations commenced for the transition of drilling to near-deposit resource growth and regional new discovery opportunities. Ternera East and Drone Hill are the two priority targets for the next phase of activity, with the northern and southern extensions of Ternera, La Brea and Pena Blanca also scheduled for drilling. Figures 3 and 4 outline the current target location and drill priority levels. Tesoro Gold Limited Directors’ Report 30 June 2026 Page | 9 Figure 3: Tesoro’s El Zorro Gold Project Near-Deposit Targets Along the >40km Gold Corridor Tesoro Gold Limited Directors’ Report 30 June 2026 Page | 10 Figure 4: Tesoro’s El Zorro Gold Project Near Deposit Targets Definitive Feasibility Study Following completion of the September 2025 Scoping Study, Tesoro undertook a detailed programme of technical trade-off studies to define the preferred development configuration for Ternera. The programme considered the principal technical and infrastructure components of the Project, including: • process flowsheet selection and optimisation; • mine and plant configuration; • site layout; • power and water infrastructure corridors; • tailings disposal; • seismic design parameters; and • integration of mining, processing and supporting infrastructure. The trade-off studies defined a preferred development pathway based on a single open-pit mining operation and a proposed 3.0Mtpa processing plant. On 25 February 2026, following review of the completed trade-off work, the Board resolved to advance directly to DFS. The level of technical definition achieved across the principal engineering disciplines was considered sufficient to proceed to DFS-level evaluation without completing a separate Pre-Feasibility Study. On 1 July 2026 (subsequent to the end of the Half-Year), Tesoro provided an update on DFS and development- readiness activities at El Zorro, outlining that all principal DFS workstreams were underway or materially advanced across engineering, mining, processing, infrastructure, permitting, financing and execution planning. Tesoro Gold Limited Directors’ Report 30 June 2026 Page | 11 Development Team and In-Country Presence Tesoro expanded its development and execution team, strengthened its in-country capability and established a new office in Chile as a dedicated operating base. The expanded in-country presence is intended to support DFS coordination, permitting, stakeholder and government engagement, consultant coordination, infrastructure planning, logistics, pre-construction planning and preparation for future project execution. STRACON Alliance Framework Tesoro Mining Chile SpA entered into a non-binding Letter of Intent with STRACON Chile SpA to establish an alliance-style framework for El Zorro. The proposed framework is intended to provide continuity and alignment across potential pre-construction, construction and operating phases. STRACON is an integrated, engineering-led and technology-enabled mining infrastructure and services group operating across the Americas. Headquartered in Toronto, Canada, STRACON provides end-to-end solutions across the mining lifecycle, including engineering and technology solutions and industrial services. Metallurgy and Process Design Additional metallurgical drill holes were completed to obtain representative material from within the proposed Ternera open pit for physical ore characterisation and variability testing. All metallurgical testwork drill holes had been completed by period end. Process development built on earlier testwork supporting a conventional carbon-in-pulp (CIP) processing route. The DFS process design is based on a proposed nominal 3.0Mtpa processing plant. GR Engineering Services was engaged to undertake process engineering and design and integrate the metallurgical results into plant design, equipment selection, capital cost estimation and operating cost modelling. Figure 5: Proposed El Zorro CIP Flowsheet Geotechnical, Mining and Mine Design Open-pit geotechnical drilling progressed in parallel with the resource-definition and metallurgical programmes. The programme was designed to provide the information required to refine pit-wall design parameters and slope-stability assumptions for DFS-level mine planning. Mine design, production scheduling and mining cost studies also advanced during the Half-Year. STRACON provided mining study and cost inputs, with Peter O'Bryan and Associates contributing geotechnical expertise. The information generated through the infill and geotechnical drilling programmes will be integrated into the updated MRE, maiden Ore Reserve and DFS mine design. Tesoro Gold Limited Directors’ Report 30 June 2026 Page | 12 Tailings, Civil and Site Infrastructure Technical studies identified dry-stack tailings as the preferred tailings-management configuration for continued DFS evaluation. Engineering work progressed across tailings, civil works, site layout and associated infrastructure, progressed in parallel to support refinement of the proposed development schedule and capital and operating cost estimates. Figure 6: Proposed El Zorro Site Layout Power and Water Infrastructure Engineering design and cost estimation for grid power, process water, site layout and associated infrastructure was materially advanced. Tesoro submitted a connection authorisation request to the Chilean National Electricity Coordinator for a 21MW electrical connection to El Zorro, supporting the proposed high-voltage power line from Totoralillo to the Project. Tesoro Gold Limited Directors’ Report 30 June 2026 Page | 13 Figure 7: Proposed El Zorro Powerline and Water Pipeline Routes Environmental Studies and Permitting Environmental baseline and permitting activities progressed and were approximately 75% complete at 1 July 2026. At the date of this report baseline environmental surveys have now been completed. On completion the baseline environmental surveys and permitting engineering works, Tesoro intends to prepare and submit environmental impact assessment documentation to Chile's Environmental Impact Assessment System. Baseline programmes are designed to provide the environmental information required to prepare the environmental impact assessment documentation and support the subsequent approvals process for construction and operation of the Project. Project Financing and Development Planning BurnVoir Corporate Finance Limited was appointed as financial adviser to assist Tesoro in developing an optimised project funding strategy and arranging prospective debt facilities for El Zorro. Financing activities progressed in parallel with the DFS, enabling potential funding structures to be assessed against progressively refined capital requirements, construction schedules and development parameters. Institutional Investor and Analyst Site Tour In January 2026, Tesoro participated in an institutional investor and analyst site tour in Chile together with Rio2 Limited and Flagship Minerals Limited. Participants visited El Zorro, Fenix and Pantanillo and met the respective project teams. The programme provided direct exposure to the projects, regional infrastructure and the Chilean permitting and mining environment and included engagement with government representatives, Australian trade representatives and Chilean mining- industry bodies. Tesoro Gold Limited Directors’ Report 30 June 2026 Page | 14 EVENTS SUBSEQUENT TO THE END OF THE HALF-YEAR On 20 August 2026, final assay results were reported from the 80-hole >27,000m infill drilling programme completed at Ternera. Multiple thick, high-grade gold intercepts were returned from the final 17 holes, with notable results that included: • 10.00m at 6.14g/t Au from 14.00m in ZDDH0461, including: ­ 3.25m at 15.96g/t Au from 16.49m • 96.40m at 0.86g/t Au from 351.00m in ZDDH0464, including: ­ 37.54m at 1.50g/t Au from 409.06m • 60.50m at 1.01g/t Au from 197.00m in ZDDH0466, including: ­ 18.22m at 2.55g/t Au from 209.80m • 34.05m at 1.56g/t Au from 331.00m in ZDDH0467, including: ­ 6.14m at 5.78g/t Au from 331.86m • 9.21m at 5.76g/t Au from 370.59m in ZDDH0468 • 51.63m at 1.23g/t Au from 328.77m in ZDDH0471 and: ­ 25.00m at 1.55g/t Au from 444.00m • 101.00m at 1.12 g/t Au from 320.00m in ZDDH0475 including: ­ 8.35m at 3.50g/t Au from 323.65m, and ­ 20.00m at 2.37g/t Au from 367.00m Subsequent to the end of the Half-Year, on 27 August 2026, Tesoro announced an updated Mineral Resource Estimate for the Ternera Gold Deposit at the El Zorro Gold Project. The updated Mineral Resource comprises 51.6Mt at 1.10g/t Au for 1.82Moz of contained gold, reported at a 0.30g/t Au cut-off grade and constrained within a US$3,500/oz optimised open-pit shell. The update materially increased confidence in the Ternera Mineral Resource, with 1.47Moz, representing approximately 78% of total contained gold, classified as Measured and Indicated. Measured and Indicated Resources increased by approximately 348koz compared with the August 2025 Mineral Resource Estimate, including the definition of a Measured Mineral Resource component for the first time. The increase in higher-confidence Mineral Resources followed completion of the approximately 27,000m infill drilling programme and provides the basis for calculation of a maiden Ore Reserve and ongoing mine planning for Ternera. The unconstrained Mineral Resource increased to 1.93Moz at 1.07g/t Au. Ternera remains open in multiple directions, with drilling continuing across extensional Mineral Resource growth targets and broader new-discovery Tesoro Gold Limited Directors’ Report 30 June 2026 Page | 15 targets within the El Zorro Gold District. Figure 8: El Zorro Gold Project – Ternera Gold Deposit. Drill locations and significant results. Refer to ASX announcement 20 August 2026. Section shown at Figure 9 located at A-A’ and Figure 3 at B-B’. Datum PSAD56 19S. Tesoro Gold Limited Directors’ Report 30 June 2026 Page | 16 Figure 9: El Zorro Gold Project – Drilling section A-A’. Showing infill drill programme holes ZDDH0474A, ZDDH0475, ZDDDH0461 and ZDDH0437 and resource classification of current MRE block model. Holes displayed are projected onto section +/-20m. Looking northwest. Datum PSAD56 19S. Refer ASX announcement 31 March 2026 for results from ZDDH0437. Figure 10: El Zorro Gold Project – Drilling section B-B’. Showing infill drill programme holes ZDDH0449, ZDDH0454 and ZDDDH064 and resource classification of current MRE block model. Holes displayed are projected onto section +/-20m. Looking northwest. Datum PSAD56 19S. Refer ASX announcements 30 April 2026 and 10 June 2026 for previous results. Tesoro Gold Limited Directors’ Report 30 June 2026 Page | 17 Table 1: Ternera Mineral Estimates for selected cut-off grades. Highlighted open pit Mineral Resource has been constrained by an optimised pit shell using a gold price of US$3500/oz and process recovery of 94.5%. The estimates in this table are rounded to reflect their precision; rounding errors are apparent. Measured Indicated Inferred Total Cut-off Tonnes Au Gold Tonnes Au Gold Tonnes Au Gold Tonnes Au Gold Au g/t Mt g/t K Oz Mt g/t K Oz Mt g/t K Oz Mt g/t K Oz 0.30 2.4 1.24 95 37.9 1.13 1,371 11.3 0.98 356 51.6 1.10 1,822 3.00 0.1 4.44 20 1.9 4.64 278 0.4 4.27 48 2.4 4.57 345 2.50 0.2 3.87 26 2.8 4.01 359 0.6 3.70 66 3.6 3.95 451 2.00 0.3 3.26 34 4.3 3.37 469 0.9 3.13 92 5.6 3.33 595 1.50 0.6 2.62 47 7.3 2.71 631 1.9 2.40 145 9.7 2.64 824 1.00 1.1 1.95 67 14.1 1.98 898 4.4 1.71 244 19.6 1.92 1,209 0.90 1.2 1.81 72 16.5 1.83 972 5.4 1.57 275 23.2 1.77 1,319 0.80 1.5 1.67 78 19.5 1.68 1,053 6.6 1.45 306 27.6 1.62 1,438 0.70 1.7 1.56 83 22.9 1.54 1,134 7.8 1.33 336 32.4 1.49 1,553 0.60 1.8 1.47 87 26.3 1.43 1,206 9.4 1.22 368 37.5 1.38 1,661 0.50 2.0 1.38 90 30.2 1.31 1,275 11.3 1.11 402 43.5 1.26 1,767 0.40 2.2 1.30 93 34.2 1.21 1,333 13.4 1.01 432 49.9 1.16 1,858 0.30 2.4 1.24 95 38.1 1.12 1,377 15.4 0.92 455 55.9 1.07 1,927 0.20 2.4 1.22 95 41.8 1.05 1,406 17.4 0.84 470 61.6 1.00 1,972 Refer ASX announcement dated 27 August 2026. Competent Person Statement The information in this report that relates to Exploration Results and Metallurgical 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. The information in this report that relates to Mineral Resources is based on information compiled by Mr Lynn Widenbar, a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Widenbar is acting as an independent consultant to Tesoro Gold Ltd. Mr Widenbar 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 the form and context in which the Competent Person’s findings are presented have not been materially modified from the original announcement on 27 August 2026 and all material assumptions and technical parameters underpinning the estimates in that announcement continue to apply and have not materially changed. Tesoro Gold Limited Directors’ Report 30 June 2026 Page | 18 CORPORATE Annual General Meeting Tesoro held its Annual General Meeting of shareholders (Meeting) at 10:00am (WST) on Friday, 29 May 2026 at 31-33 Cliff Street, Fremantle WA 6160. All resolutions put to shareholders were carried by poll. Significant changes in the state of affairs There were no significant changes in the state of affairs of the Group during the half-year. Unmarketable Parcel Share Sale Facility On 19 January 2026, Tesoro established an Unmarketable Parcel Share Sale Facility for shareholders holding parcels with a market value of less than A$500. At the record date of 16 January 2026, an Unmarketable Parcel comprised a holding of 406 shares or fewer, based on the closing Tesoro share price of A$1.23. At that date, 620 shareholders held 108,412 shares classified as Unmarketable Parcels, representing approximately 0.06% of the Company's issued shares. The facility closed during the Half-Year and was completed on 9 April 2026. A total of 88,779 fully paid ordinary shares was sold on behalf of 512 shareholders at A$0.9414 per share. Tesoro met the associated brokerage and handling costs. Matters subsequent to the end of the half-year On 3 July 2026, 232,627 Performance Rights lapsed as the conditions have not been or have become incapable of being, satisfied. On 17 July 2026, 630,000 Performance Rights were converted into Ordinary Fully Paid Shares. On the same day, 46,508 Share Rights were converted into Ordinary Fully Paid Shares. On 31 July 2026, 2,183,500 Performance Rights Group (trading under ASX Code TSOAB Performance Rights), were issued to employees of the Group. There are no matters or circumstances that have arisen since 30 June 2026 that have significantly affected, or may significantly affect the Group's operations, the results of those operations, or the Group's state of affairs in future financial years. Auditor's independence declaration A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out immediately after this Directors' report. Rounding of amounts The