Announcement PDF ASX ANNOUNCEMENT 16 SEPTEMBER 2025 ASX: TSO OTCQB: TSORF OTCQB FSE: 5D7 EXPANDED AND UPGRADED TERNERA OPEN PIT SCOPING STUDY PRESENTATION INVITATION TO SUBMIT QUESTIONS TO TESORO MANAGING DIRECTOR, ZEFF REEVES Tesoro Gold Limited (Tesoro or the Company) (ASX: TSO, OTCQB: TSORF, FSE: 5D7) invites shareholders and interested parties to explore the attached presentation, which highlights outcomes of the expanded and upgraded Ternera Open Pit Scoping Study (Study), announced on 11 September 2025. Shareholders are encouraged to submit questions regarding the Study, which Managing Director Zeff Reeves will address in a recorded video response that will also run through outcomes and next steps. The video will be released via the ASX platform and on the Company’s website. SUBMITTING QUESTIONS Questions may be submitted by 5:00pm AWST / 7:00pm AEST on Friday, 19 September 2025, via: • Email: info@tesorogold.com.au • InvestorHub: https://investorhub.tesorogold.com.au/announcements/7151404 Please note that the Company may not be able to respond to every question submitted. Authorised by the Board of Tesoro Gold Ltd. Level 39, 152-158 St Georges Terrace, Perth | +61 8 6383 7883 | info@tesorogold.com.au | tesorogold.com.au EL ZORRO GOLD PROJECT EXPANDED AND UPGRADED OPEN PIT SCOPING STUDY OUTCOMES September 2025 ASX:TSO | OTCQB:TSORF DISCLAIMER This presentation and any accompanying verbal presentation (together the Presentation) are confidential and have been prepared by Tesoro Gold 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 September 2025 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 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 (B.Sc(Hons) Geology, M.Sc. FAusIMM, MAIG), a Competent Person who is a Fellow of The Australasian Institute of Mining and Metallurgy. Mr Widenbar is acting as an independent consultant to Tesoro Gold Limited. 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 it is not aware of any new information or data that materially affects the information contained the form and context in which the Competent Person’s findings are presented have not been materially modified from in the original announcement on 4 August 2025, and all material assumptions and technical parameters underpinning the estimates in that announcement continue to apply and have not materially changed. The information in this report that relates to the Production Target, assumptions on Modifying Factors and evaluation of other relevant factors are based on and fairly represents information and supporting documentation that has been compiled for this announcement and have been compiled under the supervision of Mr Linton Putland BEng (Mining), MSc (Mineral Economics) & Member AusIMM. Mr Putland is a Director of the Company. Mr Putland has reviewed and approved the technical content of this announcement. Mr Putland is a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012). Mr Putland consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears. 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 Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION INVESTOR PRESENTATION | 2 EXPANDED AND UPDATED OPEN PIT SCOPING STUDY OUTCOMES GOLD CORRIDOR EL ZORRO GOLD PROJECT, CHILE HIGHLY ATTRACTIVE CHILEAN GOLD DEVELOPMENT OPPORTUNITY WITH STRONG ECONOMICS AND A SIMPLE DEVELOPMENT PATHWAY 1 SINGLE OPEN PIT MINE DESIGN CIP WELL EXCELLENT UNDERSTOOD GOLD PRICE PROCESSING ENVIRONMENT Refer to ASX announcement dated 11 September 2025. Tesoro Gold Limited confirms that it is not aware of any new information or data that materially affects the information included in that release. All material assumptions and technical parameters underpinning that release continue to apply and have not materially changed. TERNERA GOLD DEPOSIT 1.82Moz RESOURCE EXPANDED AND UPDATED OPEN PIT SCOPING STUDY OUTCOMES MINE SCHEDULE MINING PHYSICALS STANDARD CIP PLANT 40.7 MT AT 1.02 G/T GOLD 3.0 MTPA THROUGHPUT 94.5% GOLD RECOVERY Initial open pit mine For initial 14-year operating life Simple non-refractory metallurgy GOLD OUTPUT AISC UPFRONT CAPITAL COST 1.26 MOZ US$1,216/OZ US$247.9M Average 111 koz p.a. for first 9 years Life of mine average Including US$40.1M in pre-strip NPV7.5% IRR FREE CASH FLOW US$663M 51.3% US$1,230M Post-tax at US$2,750/oz gold Post-tax at US$2,750/oz gold Post-tax at US$2,750/oz gold Refer to ASX announcement dated 11 September 2025. Tesoro Gold Limited confirms that it is not aware of any new information or data that materially affects the information included in that release. All material assumptions and technical parameters underpinning that release continue to apply and have not materially changed. INVESTOR PRESENTATION | 4 EXPANDED AND UPDATED OPEN PIT SCOPING STUDY OUTCOMES NEXT STEPS AND ADDITIONAL PROJECT UPSIDE POTENTIAL PROJECT OPTIMISATION AND ADVANCEMENT • • • • Mine scheduling refinements to prioritise shallow, high-grade zones Assessment of underground potential below current pit shell Expanded environmental baseline studies and permitting activities Detailed PFS-level workstreams ONGOING MINERAL RESOURCE GROWTH • • • Shallow extensions to the Ternera Deposit Drilling of Ternera East hanging-wall mineralisation District-scale exploration across the El Zorro tenure Refer to ASX announcement dated 11 September 2025. Tesoro Gold Limited confirms that it is not aware of any new information or data that materially affects the information included in that release. All material assumptions and technical parameters underpinning that release continue to apply and have not materially changed. CORPORATE SNAPSHOT TESORO GOLD (ASX: TSO, OTCQB:TSORF) REGISTER DETAIL 5.5% 17.1% 40.3% 37.0% GOLD FIELDS STRATEGIC INVESTMENT GOLD FIELDS STRATEGIC INVESTMENT GOLD FIELDS STRATEGIC INVESTMENT BOARD AND MANAGEMENT Global gold producer - nine operating mines across Australia, Chile, Ghana, Peru and South Africa GOLD FIELDS Owns Salares Norte gold-silver mine in Northern Chile, near El Zorro Gold Project1 INSTITUTIONAL INVESTORS Large-scale industry player - 3.9 Moz Resource and 3.5 Moz Reserve (gold only)2 OTHER INVESTORS Partnership with Tesoro continues to accelerate exploration at El Zorro Gold Project REGISTER DETAIL CAPITAL STRUCTURE BOARD AND MANAGEMENT Share price (12 September 2025) A$0.053 Mark Connelly Shares on issue 2,015M Zeff Reeves Performance rights 76.3M Linton Putland Executive Director – Mining and Development Share Rights 1.9M Emma Curnow Chief Financial Officer Unlisted options 17.0M Tim Williams Chief Development Officer Listed options1 136.3M Sergio Uribe Country Manager Chile Geoff Mcnamara Non-Executive Director Alan Gibson Non-Executive Director Market capitalisation (undiluted) A$106.8M Cash (30 June 2025) REGISTER Debt (30 June 2025)DETAIL 1. Source: https://www.bnamericas.com/en/features/5-chilean-gold-projects-set-to-help-boost-national-output 2. Source: www.goldfields.com Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION A$7.5M Nil Sue Wong Independent Non-Executive Chair Managing Director Company Secretary INVESTOR PRESENTATION | 6 A GOLDEN OPPORTUNITY ECONOMICALLY ROBUST, TECHNICALLY STRAIGHTFORWARD GOLD PROJECT WITH DISTRICT-SCALE GROWTH POTENTIAL YET TO BE UNLOCKED 1. RECENT SIGNIFICANT MINERAL RESOURCE UPDATE1 • Unconstrained MRE grows to 2.0Moz @ 1.07g/t Au. • Pit-constrained MRE delivers 1.82Moz @ 1.10g/t Au with more than 60% of the Resource Indicated. • Improved ounce per vertical metre profile supports future mine design. 2. NEW METALLURGY DELIVERED EXCELLENT RESULTS2 • Excellent average gold recovery of >94% from Ternera composite samples at large 125 μm grind size. • Low cyanide consumption and highly-favourable comminution characteristics. 3. UPDATED SCOPING STUDY OUTCOMES3 • Expanded and upgraded Ternera open pit operation • Robust project economics • Simple development pathway 1. Refer to ASX announcement dated 4 August 2025 and the Appendix. Tesoro Gold Limited confirms that it is not aware of any new information or data that materially affects the information included in that release. All material assumptions and technical parameters underpinning that release continue to apply and have not materially changed. 2. Refer to ASX announcement dated 29 August 2025. 3. Refer to ASX announcement dated 11 September 2025. 1. RECENT SIGNIFICANT MINERAL RESOURCE UPDATE CONTINUED GROWTH OF THE RESOURCE BASE ENABLES A SINGLE OPEN PIT PROJECT • • • Constrained MRE 1.82Moz with 62% Indicated • Additional new zones to chase to the north and south Deposit remains open in all directions Represents a significant improvement in continuity and ounces per vertical metre TERNERA MINERAL RESOURCE ESTIMATE (2025) NEXT STEPS INDICATED CATEGORY TOTAL INFERRED 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 Isometric view if the Ternera Gold Deposit block model looking north-west. Showing >1g/t blocks only and US$3000/oz pit shell. Datum PSAD56 19S Refer to ASX Announcement dated 4 August 2025 .Tesoro Gold Limited confirms that it is not aware of any new information or data that materially affects the information included in that release. All material assumptions and technical parameters underpinning that release continue to apply and have not materially changed. INVESTOR PRESENTATION | 8 2. NEW METALLURGY DELIVERED EXCELLENT RESULTS TERNERA ORE HIGHLY AMENABLE TO CONVENTIONAL CIP PROCESSING METALLURGICAL OUTCOMES • Overall recoveries of greater than 95% achieved with cyanide leaching. • Ores tested showed highly consistent performance across both composite and master samples. • No deleterious elements or preg-robbing tendencies identified. • Ore is siliceous, brittle and fractures easily during crushing, however high BWi values indicate it is not amendable to autogenous or semi-autogenous grinding. • Low variability across composites, providing confidence to support advanced levels of technical studies. Au HIGH RECOVERIES DELIVERED WITH VERY LOW REAGENT CONSUMPTION AND COARSE GRIND SIZE • Excellent average gold recovery of 95% from Ternera composite samples at large 125 μm grind size. • Low (<0.2 kg/t) cyanide consumption and highly-favourable comminution characteristics. Refer to ASX announcement dated 29 August 2025 INVESTOR PRESENTATION | 9 3. EXPANDED AND UPDATED TERNERA OPEN PIT SCOPING STUDY OUTCOMES We firmly believe El Zorro provides a districtscale gold development opportunity, with Ternera being the first of multiple deposits capable of contributing to a significantly larger future operation. Zeff Reeves - Managing Director Refer to ASX announcement dated 11 September 2025. Tesoro Gold Limited confirms that it is not aware of any new information or data that materially affects the information included in that release. All material assumptions and technical parameters underpinning that release continue to apply and have not materially changed. 3. DETAILED FINANCIAL OUTCOMES DEMONSTRATE ECONOMIC VIABILITY OF THE PROJECT FINANCIALS (± 35%) UoM BASE SPOT Gold price US$/oz 2,750 3,300 NPV7.5% (pre-tax) US$M 917 1,331 % 60 79 Net cash flow (undiscounted, pre-tax) US$M 1,684 2,377 NPV7.5% (post-tax) US$M 663 966 % 51 68 IRR (pre-tax) HIGHLY ATTRACTIVE CHILEAN GOLD DEVELOPMENT OPPORTUNITY ECONOMICALLY ROBUST, TECHNICALLY STRAIGHTFORWARD, WITH A SIMPLE DEVELOPMENT PATHWAY IRR (post-tax) Net cash flow (undiscounted, post-tax) US$M 1,230 1,983 Payback period (post-tax) months 20 16 • Exceptional cash flow generation even in a conservative Base Case scenario • Rising to almost US$2 billion over the initial life of mine in a Spot Case scenario Refer to ASX announcement dated 11 September 2025. Tesoro Gold Limited confirms that it is not aware of any new information or data that materially affects the information Tesoro in Gold | OTCQB:TSORF) CORPORATE PRESENTATION included that(ASX:TSO release. All material assumptions| and technical parameters underpinning that release continue to apply and have not materially changed. INVESTOR PRESENTATION | 11 3. SENSITIVITY ANALYSIS STRONG PROJECT VALUE ACROSS GOLD PRICE SCENARIOS THE RIGHT COMMODITY BASE CASE POST TAX NPV7.5% SENSITIVITY • Greatest economic leverage to changes in gold price and operating costs. • Underlying macroeconomic environment supportive of spot price stability with further upside potential in the medium term. US$663M (post-tax) Gold Price +/- 20% 358 966 DETAILED GOLD PRICE SENSITIVITY 2,300 2,450 2,600 2,750 2,900 3,050 3,200 3,350 3,500 3,650 3,800 3,950 Pre-Tax NPV(7.5%) IRR LOM FCF US$M 578 691 804 917 1,030 1,143 1,256 1,369 1,482 1,595 1,708 1,821 % 43% 49% 54% 60% 65% 70% 75% 80% 85% 90% 95% 100% US$M 1,118 1,307 1,496 1,684 1,873 2,062 2,251 2,440 2,629 2,818 3,007 3,196 Post-Tax NPV(7.5%) IRR LOM FCF Opex -/+ 20% Capex -/+ 20% US$M 414 497 580 663 745 828 911 993 1,076 1,159 1,241 1,324 % 37% 42% 46% 51% 56% 60% 65% 69% 73% 77% 81% 85% US$M 816 954 1,092 1,230 1,368 1,505 1,643 1,781 1,919 2,057 2,195 2,333 Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION 530 795 623 702 INVESTOR PRESENTATION | 12 3. MINING AND PROCESSING DETAIL RELATIVELY LOW UPFRONT CAPITAL REQUIRED SIMPLE CRUSH, GRAVITY AND CIP • • MILL THROUGHPUT BY MINERAL RESOURCE CATEGORY Contract open pit mining with costs estimated using a 200-tonne diesel hydraulic excavator paired with a 120-tonne truck fleet Indicated 6% 11% Inferred 10% 8% 90% 92% 25% 94% 89% Mine design incorporates staged pits, run-of-mine pads and waste dumps • Open pit schedules were prepared for a threestage development plan, targeting delivery of 3.0Mtpa of mill feed at the highest possible grades. • Process plant design by GR Engineering and informed by three metallurgical test work programs at ALS Metallurgy in Perth. 12% 20% 28% 43% 62% 60% 50% 50% 50% 50% 50% 50% 56% 88% 80% 75% 72% 57% 0% - 1 YR YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 38% 40% YR 11 YR 12 44% YR 13 YR 14 YR 15 YR 16 PIT DEVELOPMENT PLAN AT US$2,750 AT 0.40G/T AU INDICATED INFERRED TOTAL OUNCES % OUNCES % Pit Tonnes g/tAu Ounces Tonnes g/tAu Ounces Tonnes g/tAu Ounces Indicated Inferred Stage 1 13,045,495 1.03 433,868 923,114 1.25 37,205 13,968,609 1.25 471,073 92% 8% Stage 2 12,068,008 0.98 379,853 2,953,598 1.03 97,874 15,021,606 1.25 477,727 80% 20% Stage 3 4,175,920 0.95 127,975 7,552,567 1.05 256,023 11,728,487 2.25 383,998 33% 67% TOTAL 29,289,423 1.00 941,696 11,429,280 1.06 391,102 40,718,703 1.02 1,332,798 71% 29% Refer to ASX announcement dated 11 September 2025. Tesoro Gold Limited confirms that it is not aware of any new information or data that materially affects the information Tesoro in Gold | OTCQB:TSORF) CORPORATE PRESENTATION included that(ASX:TSO release. All material assumptions| and technical parameters underpinning that release continue to apply and have not materially changed. INVESTOR PRESENTATION | 13 3. A SIMPLE, WELL-UNDERSTOOD FLOWSHEET TESTWORK CONFIRMS LOW-COST CIP PROCESSING ROUTE LEACHING TANKS PROCESS WATER Cyanide and other reagents Carbon Advance Desalination plant Transfer Pumps Interstage Screens CRUSHING BALL MINING ORE STOCKPILES Regenerated Carbon Fresh Carbon after Pre-attritioning Carbon Acid Wash Carbon Elution Carbon Regeneration SCREENS Pulp Advance SCREENS TAILINGS SMELTING ELECTROWINNING Carbon fines reused for other applications Gold Dore Refer to ASX announcement dated 29 August 2025 INVESTOR PRESENTATION | 14 3. DETAILED PHYSICAL OUTCOMES INITIAL PROJECT DELIVERS 1.26 Moz GOLD PRODUCTION PHYSICALS (± 35%) UoM OUTCOME 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 waste:ore 8.0:1 ANNUAL PRODUCTION OUNCES AND HEAD GRADE Production Ounces - Indicated (koz) Head Grade (g/tAu) 160 Process gold recovery (life of mine average) % 1.39 140 1.40 1.31 1.30 85 120 1.11 10 11 1.11 13 100 11 25 1.14 1.13 1.11 20 28 43 1.20 1.00 94.5 Process production (total evaluation period) Moz 1.26 Process production (average annual steady state) koz pa 111 1.60 1.51 1.18 Strip ratio Production Ounces - Inferred (koz) 0.75 80 41 60 108 116 83 76 58 24 24 24 0.52 0.60 0.40 52 27 YR 2 0.52 0.20 32 - 1 YR 0.52 74 2 - 0.52 95 90 40 20 0.80 YR 3 YR 4 Refer to ASX announcement dated 11 September 2025. Tesoro Gold Limited confirms that it is not aware of any new information or data that materially affects the information Tesoro in Gold | OTCQB:TSORF) CORPORATE PRESENTATION included that(ASX:TSO release. All material assumptions| and technical parameters underpinning that release continue to apply and have not materially changed. YR 5 YR 6 YR 7 YR 8 YR 9 24 24 24 8 6 YR 10 YR 11 YR 12 YR 13 YR 14 YR 15 YR 16 - INVESTOR PRESENTATION | 15 3. DETAILED COST ANALYSIS LOW UPFRONT CAPITAL BURDEN COSTS (± 35%) UoM OUTCOME 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 Total upfront capital US$M 247.9 Sustaining capital US$M 39.7 Operating costs (mining) US$/oz Au 640 Operating costs (processing) US$/oz Au 444 Operating costs (general and administration) US$/oz Au 101 AISC (life of mine average) US$/oz Au 1,216 DEVELOPMENT PLAN AT US$2,750 AT 0.40G/T AU Refer to ASX announcement dated 11 September 2025. Tesoro Gold Limited confirms that it is not aware of any new information or data that materially affects the information Tesoro in Gold | OTCQB:TSORF) CORPORATE PRESENTATION included that(ASX:TSO release. All material assumptions| and technical parameters underpinning that release continue to apply and have not materially changed. INVESTOR PRESENTATION | 16 3. WHY CHILE? IT HAS ALL THE INGREDIENTS REQUIRED FOR GOLD MINE DEVELOPMENT MINING POWERHOUSE PREDICTABLE PERMITTING • Structured process, ~12 months average for approvals • 2025 reforms cut timelines by 30–70% EXISTING INFRASTRUCTURE • Ports, power, services, and local engineering expertise • Deep mining services ecosystem in-country • Home to Anglo American , BHP, Barrick, Glencore, Kinross, Newmont, Rio Tinto. • Strong institutional support for responsible mining WORLD-CLASS GEOLOGY • #1 copper producer, #2 lithium producer, growing gold sector • Proven mineral endowment in the Coastal Cordillera PRO-INVESTMENT • US$56B in active foreign mining investment (2024) • 27% corporate tax, no mining-specific royalties INVESTOR PRESENTATION | 17 3. A PREMIER LOCATION FOR PROJECT DEVELOPMENT PROXIMATE TO ESTABLISHED INFRASTRUCTURE AND EXISTING MINES • Coastal location surrounded by mines • Four of the world's largest gold company’s operating in the region • Just 15km from the Pan American Highway and Pacific Ocean • Grid power within 20km EL ZORRO GOLD PROJECT • Water access within 30km • Atacama Airport less than a 1-hour drive • Chile’s Capital, Santiago a 1-hour flight away • Close to population centres of Caldera, Chañaral and Copiapó INVESTOR PRESENTATION | 18 3. LICENCE TO OPERATE ENVIRONMENTAL AND SOCIAL STRATEGY ALIGNED TO THE UNITED NATIONS SUSTAINABLE DEVELOPMENT GOALS WITH A COMMITMENT TO ENSURING EXPLORATION AND OPERATIONAL ACTIVITIES GENERATE POSITIVE SUSTAINABILITY OUTCOMES HEALTH AND SAFETY Occupational Health and Safety are fundamental responsibilities Tesoro has towards its workforce. Our strategies and practices are based on providing a safe workplace for all employees, suppliers and contractors. CLIMATE CHANGE Total GHG emissions on a $ per value basis for newly mined gold is significantly lower than that for other major metals and mined products. Tesoro is committed to put in place a framework to ensure future mine developments are built and operated to support global greenhouse mitigation targets. ENVIRONMENT Tesoro applies leading exploration techniques, technology and practices to promote drilling efficiency and minimise environmental impacts. Furthermore, Tesoro is committed to continual improvement of its environmental performance through a robust environmental management program. PEOPLE AND CULTURE Attracting, developing and retaining a diverse, inclusive and competent workforce is important to Tesoro and a key foundation to the company's policies and practices. COMMUNITY PARTNERSHIPS Tesoro partners with the local and host communities of the Coastal Cordillera region of Chile to share value through the creation of local jobs and business opportunities. ECONOMIC SUSTAINABILITY Generating economic growth and value for all our investors, employees and stakeholders through successful exploration and investment in the Coastal Cordillera region of Chile. INVESTOR PRESENTATION | 19 3. UNLOCKING EL ZORRO’S FULL POTENTIAL MILESTONES ON THE PROJECT DEVELOPMENT PATHWAY 2025 2026 2027 2028 2029 2030 EARLY STUDIES / FEASIBILITY ENGINEERING EIA APPLICATION AND CONSULTATION DETAILED STUDIES / ADVANCED ENGINEERING PAS – PA APPLICATION PROCESS CONSTRUCTION PRODUCTION Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION INVESTOR PRESENTATION | 20 3. ADDITIONAL EXPLORATION POTENTIAL FURTHER BELT-SCALE UPSIDE AVAILABLE • First Intrusive Related Gold System discovered in Chile. • Well defined “gold corridor” over 30km long. • Testing of multiple drill-ready, near-deposit and district targets commencing Q4 2025. GOLD CORRIDOR LA BREA • District-wide target generation continues in parallel. • La Brea target to be drill tested September 2025. TERNERA GOLD DEPOSIT 1.82MOZ RESOURCE INVESTOR PRESENTATION | 21 A GOLDEN OPPORTUNITY INVESTMENT HIGHLIGHTS LARGE, HIGHLY PROSPECTIVE GOLD PROJECT LOCATED IN CHILE, UNQUESTIONABLY A PREMIER LOCATION FOR BUILDING A NEW MINE 2.0 MOZ UNCONSTRAINED MINERAL RESOURCE 1.82 MOZ CONSTRAINED WITH 62% CLASSIFIED AS INDICATED EXCEPTIONAL METALLURGY FOR SIMPLE PROCESSING LOW-COST, WELL UNDERSTOOD CIP PROCESS PROVIDES >94% GOLD RECOVERIES RESOURCE AND DISTRICT LEVEL GROWTH POTENTIAL SYSTEM WITH POTENTIAL TO COMPRISE MULTIPLE DISCOVERIES HIGHLY EXPERIENCED BOARD AND MANAGEMENT TEAM EMBEDDED LOCAL PRESENCE AND DEEP CHILEAN EXPERTISE EXPANDED AND UPGRADED OPEN PIT GOLD PROJECT SCOPING STUDY DEMONSTRATES A STRAIGHTFORWARD PROJECT OF SCALE INVESTOR PRESENTATION | 22 Tesoro Gold Limited Level 39 152-158 St Georges Terrace Perth, WA 6000 +61 8 6383 7883 info@tesorogold.com.au www.tesorogold.com.au ASX:TSO | OTCQB:TSORF