Announcement PDF EL ZORRO GOLD DEVELOPMENT PROJECT A HIGHLY ATTRACTIVE SINGLE OPEN PIT CHILEAN GOLD OPPORTUNITY November 2025 ASX:TSO | OTCQB:TSORF Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION 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 3 November 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 confirms that it is not aware of any new information or data that materially affects the information and all the material assumptions and technical parameters underpinning the production target and forecast financial information derived from the production target in the original report continue to apply and have not materially changed. 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. 2 DISCLAIMER INVESTOR PRESENTATION | EL ZORRO GOLD PROJECT, CHILE 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. AN EXPANDING LARGE GOLD RESOURCE AND CLEAR EXPANSION POTENTIAL OPEN PIT SCOPING STUDY DEMONSTRATES A TECHNICALLY SIMPLE AND ECONOMICALLY ROBUST PROJECT STRATEGIC COASTAL LOCATION WITH ACCESS TO CRITICAL INFRASTRUCTURE CALDERILLAS KITSUNE DRONE HILL LA BREA BUZZARD SIERRA DEL PORTERO PENA BLANCA GOLD CORRIDOR TERNERA GOLD DEPOSIT 1.82Moz RESOURCE TWELVE MONTHS OF HIGH-IMPACT PROJECT ADVANCEMENT ACTIVITIES A GOLDEN OPPORTUNITY ECONOMICALLY ROBUST, TECHNICALLY STRAIGHTFORWARD GOLD PROJECT WITH DISTRICT-SCALE GROWTH POTENTIAL YET TO BE UNLOCKED 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. SIGNIFICANT 2025 MINERAL RESOURCE UPDATE1 VERY ATTRACTIVE METALLURGY2 UPDATED SCOPING STUDY OUTCOMES3 • 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. • Excellent average gold recovery of >94% from Ternera composite samples at large 125 μm grind size. • Low cyanide consumption and highly-favourable comminution characteristics. • Expanded and upgraded Ternera open pit operation. • Robust project economics. • Simple development pathway. Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION GOLD FIELDS STRATEGIC INVESTMENT 5 4.1% 13.0% 12.0% 38.1% 32.7% BOARD AND MANAGEMENT GOLD FIELDS COLLINS STREET INSTITUTIONAL INVESTORS OTHER INVESTORS INVESTOR PRESENTATION | GOLD FIELDS STRATEGIC INVESTMENT REGISTER DETAIL REGISTER DETAIL CORPORATE SNAPSHOT TESORO GOLD (ASX: TSO, OTCQB:TSORF)1 REGISTER DETAIL CAPITAL STRUCTURE Share price (31 October 2025) A$0.057 Shares on issue 2,656M Performance rights 76.3M Share Rights 1.9M Unlisted options 17.0M Listed options 136.3M Market capitalisation (undiluted) A$151M Cash1 A$37.9M Debt Nil 5 INVESTOR PRESENTATION | GOLD FIELDS STRATEGIC INVESTMENT Global gold producer - nine operating mines across Australia, Chile, Ghana, Peru and South Africa Owns Salares Norte gold-silver mine in Northern Chile, near El Zorro Gold Project2 Large-scale industry player - 3.9 Moz Resource and 3.5 Moz Reserve (gold only)3 Partnership with Tesoro continues to accelerate exploration at El Zorro Gold Project BOARD AND MANAGEMENT Mark Connelly Independent Non-Executive Chair Zeff Reeves Managing Director Linton Putland Executive Director – Mining and Development Emma Curnow Chief Financial Officer Tim Williams Chief Development Officer Sergio Uribe Country Manager Chile Geoff Mcnamara Non-Executive Director Alan Gibson Non-Executive Director Sarah Wilson Company Secretary 1. Note that Register Detail cash and Capital Structure are shown on a pro-forma basis, post settlement of Tranche 2 Placement Shares, refer to ASX announcement dated 30 September 2025. 2. Source: https://www.bnamericas.com/en/features/5-chilean-gold-projects-set-to-help-boost-national-output 3. Source: www.goldfields.com • 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 • 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 6 INVESTOR PRESENTATION | A PREMIER LOCATION FOR PROJECT DEVELOPMENT PROXIMATE TO ESTABLISHED INFRASTRUCTURE AND EXISTING MINES EL ZORRO GOLD PROJECT 7 INVESTOR PRESENTATION | Initial open pit mine MINE SCHEDULE 40.7 MT AT 1.02 G/T GOLD For initial 14-year operating life MINING PHYSICALS 3.0 MTPA THROUGHPUT Simple non-refractory metallurgy STANDARD CIP PLANT 94.5% GOLD RECOVERY Average 111 koz p.a. for first 9 years GOLD OUTPUT 1.26 MOZ Life of mine average AISC US$1,216/OZ Including US$40.1M in pre-strip UPFRONT CAPITAL COST US$247.9M Post-tax at US$2,750/oz gold IRR 51.3% 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. Post-tax at US$2,750/oz gold FREE CASH FLOW US$1,230M Post-tax at US$2,750/oz gold NPV7.5% US$663M SCOPING STUDY OUTCOMES ECONOMICALLY ATTRACTIVE ON ALL MEASURES Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION 8 INVESTOR PRESENTATION | SCOPING STUDY OUTCOMES STRONG PROJECT VALUE ACROSS A RANGE OF GOLD PRICE SCENARIOS 2,300 2,450 2,600 2,750 2,900 3,050 3,200 3,350 3,500 3,650 3,800 3,950 Pre-Tax NPV(7.5%) US$M 578 691 804 917 1,030 1,143 1,256 1,369 1,482 1,595 1,708 1,821 IRR % 43% 49% 54% 60% 65% 70% 75% 80% 85% 90% 95% 100% LOM FCF US$M 1,118 1,307 1,496 1,684 1,873 2,062 2,251 2,440 2,629 2,818 3,007 3,196 Post-Tax NPV(7.5%) US$M 414 497 580 663 745 828 911 993 1,076 1,159 1,241 1,324 IRR % 37% 42% 46% 51% 56% 60% 65% 69% 73% 77% 81% 85% LOM FCF US$M 816 954 1,092 1,230 1,368 1,505 1,643 1,781 1,919 2,057 2,195 2,333 358 795 702 966 530 623 Gold Price +/- 20% Opex -/+ 20% Capex -/+ 20% US$663M (post-tax) THE RIGHT COMMODITY BASE CASE POST TAX NPV7.5% SENSITIVITY DETAILED GOLD PRICE 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. 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. Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION TECHNICAL PFS WORKSTREAMS EIA BASLINES STUDIES AND APPLICATION SUBMISSION MINING APPROVAL PROCESS (PAS – PA) DFS WORKSTREAM INCLUDING DETAILED ENGINEERING ASSESSMENT OF FUNDING OPTIONS (ALL REMAIN AVAILABLE) CONSTRUCTION AND TARGET FIRST PRODUCTION 2025 2026 2027 2028 2029 9 INVESTOR PRESENTATION | UNLOCKING EL ZORRO’S FULL POTENTIAL MILESTONES ON THE PROJECT DEVELOPMENT PATHWAY Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION 6,000M TO DEFINE AND EXTEND SHALLOW NORTHERN AND SOUTHERN EXTENSIONS AND TEST DEPTH EXTENSIONS EXTENSIONAL DRILLING 12,000M FOCUSED ON PRIORITY UNDRILLED DISTRICT TARGETS AND TO FOLLOW-UP PREVIOUS SUCCESS NEW DISCOVERY DRILLING 10 INVESTOR PRESENTATION | FULLY FUNDED FOR ACCELERATED EXPLORATION THREE CONCURRENT DIAMOND DRILLING PROGRAMMES UNDERWAY 20,000M SCHEDULED TO SUPPORT PRE- FEASIBILITY STUDY WORKSTREAMS INFILL DRILLING 1. Refer to Tesoro ASX release dated 22 October 2025 • Constrained MRE 1.82Moz with 62% Indicated • Deposit open in all directions • Represents a significant improvement in continuity and ounces per vertical metre • Additional new zones to the north and south 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 NEXT STEPS 11 INVESTOR PRESENTATION | RECENT SIGNIFICANT MINERAL RESOURCE UPDATE CONTINUED GROWTH OF THE RESOURCE BASE 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. ENABLES A SINGLE OPEN PIT PROJECT TERNERA MINERAL RESOURCE ESTIMATE (2025) CATEGORY 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 (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION • 1.80m @ 77.15 g/t Au (ZDDH0338)5 • 68.23m @ 1.18 g/t Au (ZDDH0370)2 • 10.06 m @ 1.70 g/t Au (ZDDH0387)1 • 12.00m @ 3.34 g/t Au (ZDDH0135)11 • 130.00m @ 0.65 g/t Au (ZDDH0177)9 • 4.70m @ 7.95 g/t Au (ZDDH0344)3 • 53.50 m @ 1.17 g/t Au (ZDDH0309)7 • 18.20m@ 0.99 g/t Au (ZDDH0311)6 DRONE HILL KITSUNE TORO BLANCO TERNERA EAST Legend: • Existing Ternera Gold Deposit • Near Deposit target areas • Select drill hole locations • 7.50m @ 1.15 g/t Au (ZDDH0166)10 • 19.00 m @ 1.41 g/t Au (ZDDH0208)8 • 10.50m @ 1.61 g/t Au (ZDDH0344)3 • 36.00m @ 1.00 g/t Au (ZDDH0341)4 TERNERA POISED FOR GROWTH MULTIPLE EXTENSIONS READY TO DEFINE WITH MORE DRILLING 1. Refer to Tesoro ASX release dated 22 October 2025 4. Refer to Tesoro ASX release dated 2 July 2024 7. Refer to Tesoro ASX release dated 8 November 2022 10. Refer to Tesoro ASX release dated 6 July 2021 2. Refer to Tesoro ASX release dated 22 March 2025 5. Refer to Tesoro ASX release dated 13 June 2024 8. Refer to Tesoro ASX release dated 3 November 2021 11. Refer to Tesoro ASX release dated 25 June 2021 3. Refer to Tesoro ASX release dated 28 October 2024 6. Refer to Tesoro ASX release dated 1 December 2022 9. Refer to Tesoro ASX release dated 27 August 2021 • Total of 6,000m drilling planned • Expansion to north, south and at depth • Potential to connect Ternera with Drone Hill and Ternera East EXTENSIONAL DRILLING • Over 20,000m planned to upgrade Resource categorisation • Results returned from first three infill holes included : • 43.08m @ 1.98g/t1 Au from 476.00m (ZDDH0385), including: 5.87m @ 7.86g/t Au from 510.88m. • 80.20m @ 0.93g/t1 Au from 118.80m (ZDDH00389), including: 31.42m @ 1.62g/t Au from 163.08m INFILL DRILLING Ternera Gold Deposit with extensional and targets 12 INVESTOR PRESENTATION | Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION 5 km 2.5 km Legend: • Existing Ternera Gold Deposit • Near Deposit targets • District scale targets CALDERILLAS KITSUNE TORO BLANCO TERNERA EAST BUZZARD PENA BLANCA DRONE HILL LA FALDA EL ZORRO NEAR DEPOSIT TARGETS SIGNIFICANT GOLD HIGHLIGHTS NEAR DEPOSIT POTENTIAL • Multiple targets with a 5km radius of Ternera • Strong gold mineralisation identified at surface • Additional drilling planned at Drone Hill, Ternera East and Kitsune • Intent is to deliver near deposit discoveries for potential inclusion in any future mine plan FOCUSED EXPLORATION • Pena Blanca and Calderillas emerging as large, high-priority targets • Work planned to derisk prior to drilling EARLY STAGE TARGETS 13 INVESTOR PRESENTATION | TERNERA GOLD DEPOSIT 1.82MOZ RESOURCE EL ZORRO GOLD DEVELOPMENT PROJECT 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. PROJECT OPTIMISATION AND ADVANCEMENT • Mine scheduling refinements to prioritise shallow, high-grade zones. • Assessment of underground potential below current pit shell. • Completion of environmental baseline studies and permitting. • Detailed PFS-level workstreams. THREE CONCURRENT DIAMOND DRILLING PROGRAMMES • Infill Drilling: In support of PFS workstreams. • Extensional Drilling: To test shallow northern and southern extensions and mineralisation at depth. • New Discovery Drilling: District scale drilling. NEXT STEPS AND ADDITIONAL PROJECT UPSIDE POTENTIAL CALDERILLAS TORO BLANCO TERNERA EAST BUZZARD PENA BLANCA KITSUNE DRONE HILL SIERRA DEL PORTRERO LA BREA CALDERILLAS NORTH LA FALDA 2 GOLD CORRIDOR 3 1 1 2 2 3 2 3 3 3 LEGEND • El Zorro Project Concessions • Priority 1 Targets • Priority 2 Targets • Priority 3 Targets 1 2 3 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 15 INVESTOR PRESENTATION | TESORO GOLD INVESTMENT HIGHLIGHTS EL ZORRO GOLD DEVELOPMENT PROJECT DETAIL ASX:TSO | OTCQB:TSORF APPENDIX 16 INVESTOR PRESENTATION | NEW METALLURGY DELIVERED EXCELLENT RESULTS TERNERA ORE HIGHLY AMENABLE TO CONVENTIONAL CIP PROCESSING • 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. 17 INVESTOR PRESENTATION | Refer to ASX announcement dated 29 August 2025 • 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. HIGH RECOVERIES DELIVERED WITH VERY LOW REAGENT CONSUMPTION AND COARSE GRIND SIZE METALLURGICAL OUTCOMES Au Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION • Exceptional cash flow generation even in a conservative Base Case scenario • Rising to almost US$2 billion over the initial life of mine in a Spot Case scenario HIGHLY ATTRACTIVE CHILEAN GOLD DEVELOPMENT OPPORTUNITY ECONOMICALLY ROBUST, TECHNICALLY STRAIGHTFORWARD, WITH A SIMPLE DEVELOPMENT PATHWAY DETAILED FINANCIAL OUTCOMES DEMONSTRATE THE ECONOMIC VIABILITY OF THE PROJECT 18 INVESTOR PRESENTATION | FINANCIALS (± 35%) UoM BASE SPOT Gold price US$/oz 2,750 3,300 NPV7.5% (pre-tax) US$M 917 1,331 IRR (pre-tax) % 60 79 Net cash flow (undiscounted, pre-tax) US$M 1,684 2,377 NPV7.5% (post-tax) US$M 663 966 IRR (post-tax) % 51 68 Net cash flow (undiscounted, post-tax) US$M 1,230 1,983 Payback period (post-tax) months 20 16 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. Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION SIMPLE CRUSH, GRAVITY AND CIP MINING AND PROCESSING DETAIL RELATIVELY LOW UPFRONT CAPITAL REQUIRED 19 INVESTOR PRESENTATION | MILL THROUGHPUT BY MINERAL RESOURCE CATEGORY 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. • Contract open pit mining with costs estimated using a 200-tonne diesel hydraulic excavator paired with a 120-tonne truck fleet. • Mine design incorporates staged pits, run-of-mine pads and waste dumps. • Open pit schedules were prepared for a three- stage 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 programmes at ALS Metallurgy in Perth. 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 Stage1 13,045,495 1.03 433,868 923,114 1.25 37,205 13,968,609 1.25 471,073 92% 8% Stage2 12,068,008 0.98 379,853 2,953,598 1.03 97,874 15,021,606 1.25 477,727 80% 20% Stage3 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% 0% 94% 89% 90% 92% 75% 88% 80% 72% 57% 38% 40% 50% 50% 50% 44% - 6% 11% 10% 8% 25% 12% 20% 28% 43% 62% 60% 50% 50% 50% 56% YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 11 YR 12 YR 13 YR 14 YR 15 YR 16 Indicated Inferred A SIMPLE, CONVENTIONAL FLOWSHEET TESTWORK CONFIRMS LOW-COST CIP PROCESSING ROUTE 20 INVESTOR PRESENTATION | PROCESS WATER LEACHING TANKS BALL MINING CRUSHING ORE STOCKPILES Carbon fines reused for other applications Carbon Regeneration Carbon Elution Carbon Acid Wash Fresh Carbon after Pre-attritioning Regenerated Carbon ELECTROWINNING SMELTING Gold Dore TAILINGS SCREENS SCREENS Pulp Advance Interstage Screens Carbon Advance TransferPumps Cyanide and other reagents Desalination plant Refer to ASX announcement dated 29 August 2025 Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION 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 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 DETAILED PHYSICAL OUTCOMES INITIAL PROJECT DELIVERS 1.26 Moz GOLD PRODUCTION 21 INVESTOR PRESENTATION | 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. - 32 90 108 116 76 95 83 74 58 52 27 24 24 24 6 - 2 11 11 10 25 13 20 28 43 85 41 24 24 24 8 - 1.30 1.11 1.31 1.39 1.11 1.18 1.14 1.13 1.11 1.51 0.75 0.52 0.52 0.52 0.52 - 0.20 0.40 0.60 0.80 1.00 1.20 1.40 1.60 - 20 40 60 80 100 120 140 160 YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 11 YR 12 YR 13 YR 14 YR 15 YR 16 Production Ounces - Indicated (koz) Production Ounces - Inferred (koz) Head Grade (g/tAu) ANNUAL PRODUCTION OUNCES AND HEAD GRADE Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION DETAILED COST ANALYSIS LOW UPFRONT CAPITAL BURDEN 22 INVESTOR PRESENTATION | 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 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. DEVELOPMENT PLAN AT US$2,750 AT 0.40G/T AU WHY CHILE? A PREMIER MINING JURISDICTION 23 INVESTOR PRESENTATION | WORLD-CLASS GEOLOGY • #1 copper producer, #2 lithium producer, growing gold sector • Proven mineral endowment PREDICTABLE PERMITTING • Structured process, ~12 months average for approvals • 2025 reforms cut timelines by 30–70% MINING POWERHOUSE • Home to Anglo American , BHP, Barrick, Glencore, Kinross, Newmont, Rio Tinto. • Strong institutional support for responsible mining PRO-INVESTMENT • US$56B in active foreign mining investment (2024) • 27% corporate tax, no mining-specific royalties EXISTING INFRASTRUCTURE • Ports, power, services, and local engineering expertise • Deep mining services ecosystem in-country 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 re