Announcement PDF El Zorro Gold Project Presentation April 2020 Tesoro Resources Limited ACN 106 854 175 DISCLAIMER This presentation and any accompanying verbal presentation (together the Presentation) are confidential and have has been prepared by Tesoro Resources Limited (Tesoro or 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 1 April 2020 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. 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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 Statement The information in this presentation that relates to Exploration Results is based on information compiled by Mr Zeffron Reeves (B App Sc (Hons) Applied Geology) MBA, MAIG). Mr Reeves is a member of the Australian Institute of Geoscientists and a Director and major 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. Tesoro Resources Corporate Presentation April 2020 2 EMERGING PRECIOUS METALS DEVELOPER FOCUSED ON CHILE ▪ Focused on Chile, a Tier 1 geological & mining jurisdiction with outstanding infrastructure ▪ Two high quality gold exploration projects with district scale footprints in the coastal Cordillera Belt Chile ▪ Focussed on El Zorro discovery, thick high grade intercepts, emerging gold deposit ▪ Strong Board and Management with significant in country expertise ▪ Drilling continues at El Zorro, assay results expected April 2020 ▪ Targeting maiden resource during 2020 Tesoro Resources Corporate Presentation April 2020 3 EL ZORRO GOLD PROJECT Gold Discovery in Region III Chile View looking north along strike of the Coquetas deposit EL ZORRO GOLD PROJECT – LOCATION* ▪ Located in Region III (Atacama) Chile ▪ 140km by road north of Copiapo ▪ 55km by road north of the port of Caldera ▪ Low altitude with existing infrastructure (water, roads, ports, power) ▪ JV signed with local vendor in 2017 ▪ Tesoro accelerating to 70% ownership** ▪ Ability to Earn 80% by delivering a feasibility study over the project & payment of USD50,000 by January 2022 ▪ Remaining 20% can be acquired post feasibility study, subject to contribute or dilute mechanism ▪ 10,744 Ha project area ▪ Strike length >4km ▪ New gold district identified with multiple targets ▪ Coquetas prospect open in all directions ▪ World class mining region ▪ Inca de Oro (Codelco), Mantoverde (Anglo American), Candelaria (Lundin Mining) & Maricunga (Kinross) operations within a 90km radius * Refer to the Company’s Prospectus dated 30 October 2019 and the Independent Geologist’s Report contained within it for further information on the El Zorro Project ** Tesoro must gain shareholder approval to issue 5 million shares to the El Zorro vendor to complete 70% ownership hurdle. Tesoro Resources Corporate Presentation April 2020 5 EL ZORRO GOLD PROJECT – LARGE IRG SYSTEM ▪ El Zorro gold mineralisation has been classified as an Intrusive Related Gold (IRG) System ▪ Coquetas gold mineralisation has been directly related to a suite of gold bearing granitic intrusions, an emerging IRG district ▪ IRG’s are globally significant gold producers, the Tintina Province (Canada & US), host numerous multi million ounces deposits ▪ El Zorro Tonalite has been mapped for >4km along strike, faulted offsets to the west identified ▪ Toro Blanco, Drone Hill & Buzzard are untested drill targets ▪ El Zorro is a district scale gold system El Zorro Gold Project concession area, showing Coquetas and identified district targets at Toro Blanco, Drone Hill and Buzzard Tesoro Resources Corporate Presentation April 2020 6 EL ZORRO GOLD PROJECT – EMERGING MAJOR GOLD SYSTEM ▪ Exceptional drill results from Coquetas highlight the potential of El Zorro to host a significant gold deposit – MULTIPLE 100g/m Au INTERCEPTS ▪ Mineralised zone to date defined >750 metres, up to 100 metres thick, down to 300 metres, remains open in all directions ▪ Gold trend extends for >4km along strike ▪ Significant intercepts include*: ▪ A’ D B’ ZDDH0017 - 86.45m @ 2.29g/t Au - 198g/m Au ▪ Incl 50.50m @ 3.63g/t Au ▪ Incl 23.0m @ 7.20 g/t Au ▪ ZDDH004 -10.00 metres @ 4.53g/t Au ▪ Incl 4.00 metres @ 9.60g/t Au ▪ ZDDH0005 - 1.00 metre @ 12.20g/t Au ▪ 0.35 metres @ 20.10g/t Au ▪ ZDDH0010 - 84.30 metres @ 1.30g/t Au - 110g/m Au ▪ 4.00 metres @ 8.50g/t Au ▪ ZDDH0011 - 98.30 metres @ 1.58g/t Au - 155g/m Au ▪ Incl 30.30 metres @ 3.03 g/t Au ▪ 11.00 metres @ 4.70g/t Au ▪ 9.00 metres @ 5.07 g/t Au ▪ 0.70 metres @ 21.70g/t Au ▪ ZDDH0012 - 58.80 metres @ 1.70g/t Au - 100g/m Au ▪ Incl 20.30 metres @ 4.50g/t Au ▪ 1.00m @ 56.20 g/t Au ▪ 2.40 metres@ 33.35g/t Au ▪ 6.70m @ 12.21 g/t Au ▪ ZDDH0016 - 0.32 metres @ 31.30 g/t Au ▪ EMERGING MAJOR NEW GOLD SYSTEM D’ E’ C’ A B E C Coquetas Prospect >500m strike drilled >750m strike surface mineralisation Section lines in blue Hole ZDDH00017 is the first drill result from the current program Tesoro Resources Corporate Presentation April 2020 7 *for full drill results see ASX:PKA Announcement of 5 August 2019 & TSO announcement 12 March 2020 EL ZORRO GOLD PROJECT – DRILLING SUCCESS ▪ Tesoro’s exploration model is generating positive results ▪ NW tending faults control gold mineralisation ▪ Tesoro is optimising drilling to target prospective structures ▪ Majority of project area has fresh rock outcrop to map & sample ▪ Gold mineralisation has been defined from surface to >300m deep, remains open at depth & along strike ▪ Repetitions of high grade zones, delineated from surface sampling remain untested by drilling ▪ EL ZORRO IS GROWING Section line A-A’ shown on slide 7 showing high grade intercept of hole ZDDH0017. Proximity to NW faults controls gold mineralisation. For additional drilling sections see Appendix 2 Tesoro Resources Corporate Presentation April 2020 8 EL ZORRO – NEW GOLD DISTRICT EMERGING ▪ Outcropping gold mineralisation has been identified at new prospects ▪ Surface channel sampling results include*: ▪ ▪ ▪ Buzzard - 26.00m @ 1.62g/t Au including 8.00m @ 3.08g/t Au Coquetas North – 16.60m @ 1.33g/t Au Gold mineralisation remains open in all directions El Zorro Project district map showing surface sampling highlights at new prospects Tesoro Resources Corporate Presentation April 2020 9 *for sampling results see ASX:PKA Announcement of 5 August 2019 EL ZORRO – IMMEDIATE NEWSFLOW ▪ COQUETAS CONTINUES TO GROW ▪ 10 HOLES COMPLETED ▪ AWAITING ASSAYS FOR 9 HOLES ▪ AWAITING CHANNEL SAMPLING ASSAYS ▪ POTENTIAL TO TRIPLE HIGH GRADE ZONE ▪ TEST DRONE HILL, BUZZARD, TORO BLANCO ▪ METALLURGICAL SAMPLE SUBMITTED ▪ RESOURCE ESTIMATION PLANNED FOR 2020 ▪ 70% OWNERSHIP* * Tesoro must gain shareholder approval to issue 5 million shares to the El Zorro vendor to complete 70% ownership hurdle Tesoro Resources Corporate Presentation April 2020 Outcrop Surface sampling results used to delineate mineralised lenses at surface. Mineralisation controlled by NW trending faults zones, multiple repetitions up to 300m wide 10 ESPINA GOLD PROJECT High Grade Gold in Maipo Valley Chile View looking south toward the Espina Project ESPINA GOLD PROJECT – LOCATION* ▪ Located 50km south of Santiago ▪ 25km north of Yamana Gold’s Florida gold mine ▪ Low altitude with excellent access to infrastructure ▪ JV signed with local vendor in 2017 ▪ Earn 90% via US$4.5M expenditure over 5 years ▪ Vendor payments totalling US$285k over 5 years ▪ Potential to acquire the remaining 10% post DFS ▪ 5,530 Ha project area ▪ Large High grade epithermal vein system ▪ Historically mined over a strike length of 2.5km ▪ Widespread high grade sampling ▪ Never drilled ▪ World class mining region ▪ Florida (Yamana Gold), El Teniente (Codelco), Los Bronces (Anglo America), Escalones (Tri Metals), Lo Aquirre (closed), Vizcachitas (Los Andes), El Soldado (Anglo) & Pimenton (Cerro Grande) within a 200km radius Tesoro Resources Corporate Presentation April 2020 12 * Refer to the Company’s Prospectus dated 30th October 2019 and the Independent Geologist’s Report contained within it for further information on the Espina Project ESPINA GOLD PROJECT – EARLY STAGE EPITEHRMAL SYSTEM ▪ Porphyry related epithermal gold system ▪ Geologically similar to Yamana Gold’s Florida mine (>4Moz Au ) 25kms to the south ▪ ▪ ▪ ▪ >2.5km of Mineralised structures identified Surface geochemistry, mapping & geophysics indicates a large epithermal system Numerous historic artisanal mine workings Never drilled Tesoro Resources Corporate Presentation April 2020 13 TESORO – NEAR TERM PROGRAM and NEWSFLOW April 2020 May 2020 June 2020 July 2020 El Zorro Drilling – Coquetas Phase 1 El Zorro Phase 1 Drilling Assays El Zorro Surface Assay results El Zorro Drilling – Phase 2 El Zorro Metallurgical testwork ▪ Drill results for Phase 1 from mid April onwards ▪ Awaiting additional assays from surface channel sampling at El Zorro (Coquetas, Drone Hill, Toro Blanco & Buzzard) ▪ Metallurgical testwork sample submitted – results expected in June 2020 quarter ▪ Potential to deliver maiden Resource during 2020 Tesoro Resources Corporate Presentation April 2020 14 TESORO RESOURCES LTD – CORPORATE SNAP SHOT BOARD & MANAGEMENT CAPITAL STRUCTURE Total shares on Issue (includes escrowed shares)* 362,673,387 Share price (AUD/sh) $0.08 Market capitalisation (AUD) $29m Cash as at 31 March $2.6 million *Escrow Shares - 24 months 55,473,613 **PERFORMANCE RIGHTS 136,840,000 Series Number Milestone Class A 46,720,000 Establish a JORC, Inferred Resource of equal or greater than 250,000 ounces gold Class B 50,060,000 Establish a JORC, Inferred Resource of equal or greater than 1 million ounces gold Class C 20,030,000 Establish a JORC, Inferred Resource of equal or greater than 2 million ounces gold Class D 20,030,000 Complete a BFS or a DFS, confirming commercial viability at El Zorro or Espina Tesoro Resources Corporate Presentation April 2020 15 John Toll (Chairman) - John is a Partner at Azure Capital Limited and has over 15 years of experience in corporate advisory, focusing mainly on equity financing transactions across a range of industries including mining, technology, general industrials, biotech and infrastructure. Zeff Reeves (Managing Director) - Geologist with > 20 years of experience in the resources sector working on resource projects from greenfields exploration, discovery, definition and feasibility, construction, production to closure. Zeff previously Managing Director of ASX listed Metallum Ltd which had a number of development and operational projects in Chile. He has also held senior management positions with companies developing projects in Brazil. Geoff McNamara (Non-Executive Director) A Partner at investment manager and advisor Medea Capital Partners, he was previously an owner and Investment Director of private equity firm Pacific Road Capital. Prior to this he was a Director of Société Generale’s Mining Finance group in New York. Geoff is a geologist with >25 years of resource sector experience, operational roles including Project Manager, Senior Mine Geologist and Mine Geologist for Ivanhoe Mines, LionOre International and Western Mining Corporation. Shannon Coates (Company Secretary) - Qualified lawyer with > 20 years’ experience in corporate law and compliance. She is currently non-executive director of ASX listed companies Vmoto Limited and Kopore Metals Limited and company secretary to a number of public unlisted and listed companies. CONTACT DETAILS Zeffron Reeves, Managing Director Geoff McNamara, Non-Executive Director Mobile: +61 419 714 495 Mobile: +65 9754 6095 Email: zeff.reeves@tesororesources.com.au Email: geoff.mcnamara@tesororesources.com.au Address: Suite 5 | 62 Ord Street | West Perth | WA 6005 Address: Suite 5 |62 Ord Street | West Perth | WA 6005 Tesoro Resources Corporate Presentation April 2020 16 APPENDIX 1 EL ZORRO GOLD PROJECT SIGNIFICANT INTERCEPTS TABLE Hole_ID From (m) To (m) Interval ZDDH0001 5.00 119.00 114.00 ZDDH0001 5.00 15.00 10.00 ZDDH0001 5.00 51.30 46.30 ZDDH0001 12.00 13.00 1.00 ZDDH0001 14.30 15.00 0.70 ZDDH0001 33.64 39.00 5.36 ZDDH0001 44.30 51.30 7.00 ZDDH0001 64.00 65.00 1.00 ZDDH0001 75.50 79.00 3.50 ZDDH0001 75.50 76.00 0.50 ZDDH0001 107.00 112.00 5.00 ZDDH0001 117.00 119.00 2.00 ZDDH0002 5.70 68.00 62.30 ZDDH0002 8.80 24.30 15.50 ZDDH0002 8.80 14.00 5.20 ZDDH0002 51.70 68.00 16.30 ZDDH0002 58.00 61.00 3.00 ZDDH0003 21.00 77.30 56.30 ZDDH0003 21.00 27.00 6.00 ZDDH0003 21.00 22.83 1.83 ZDDH0003 37.20 43.00 5.80 ZDDH0003 47.30 48.00 0.70 ZDDH0003 64.00 77.30 13.30 ZDDH0003 90.00 91.00 1.00 ZDDH0004 5.00 66.00 61.00 ZDDH0004 56.00 66.00 10.00 ZDDH0004 57.00 61.00 4.00 ZDDH0005 4.00 42.65 38.65 ZDDH0005 4.00 32.00 28.00 ZDDH0005 9.80 28.00 18.20 ZDDH0005 9.80 10.15 0.35 ZDDH0005 51.60 52.00 0.40 ZDDH0005 65.00 67.00 2.00 ZDDH0005 72.00 85.90 13.90 ZDDH0005 72.00 75.00 3.00 ZDDH0005 72.00 73.00 1.00 ZDDH0005 100.60 102.00 1.40 ZDDH0005 130.00 132.60 2.60 ZDDH0005 135.80 136.80 1.00 ZDDH0005 0.00 88.00 88.00 ZDDH0006 2.40 3.00 0.60 ZDDH0006 22.60 25.95 3.35 ZDDH0006 24.00 25.00 1.00 ZDDH0006 46.70 50.30 3.60 ZDDH0006 61.10 64.02 2.92 Tesoro Resources Corporate Presentation April 2020 Au (g/t) Comments 0.35 0.55 including 0.45 including 1.64 including 2.35 including 0.97 including 0.67 including 2.50 including 0.89 including 4.82 including 1.11 including 2.05 including 0.54 1.15 including 1.96 including 0.78 including 3.62 including 0.50 1.96 including 5.24 including 1.27 including 2.00 including 0.41 including 1.53 0.97 4.53 including 9.60 including 0.65 0.84 including 1.17 including 20.10 including 2.03 1.03 0.52 1.90 including 4.32 including 2.07 0.66 12.20 0.15 0.75 including 2.14 including 6.10 including 0.32 including 0.42 including Hole_ID From (m) To (m) ZDDH0006 108.30 116.00 ZDDH0006 133.50 135.60 ZDDH0006 148.00 151.80 ZDDH0006 180.10 244.00 ZDDH0006 180.10 181.10 ZDDH0006 184.00 186.00 ZDDH0006 207.00 212.00 ZDDH0006 226.00 227.00 ZDDH0006 236.00 244.00 ZDDH0007 1.00 4.00 ZDDH0007 39.00 66.20 ZDDH0007 39.00 58.00 ZDDH0007 104.85 110.00 ZDDH0007 117.40 118.00 ZDDH0008 35.00 41.10 ZDDH0008 58.00 59.00 ZDDH0009 4.00 6.00 ZDDH0009 12.55 38.00 ZDDH0009 21.00 26.00 ZDDH0009 48.00 48.50 ZDDH0009 78.00 83.00 ZDDH0010 31.00 33.00 ZDDH0010 60.00 61.00 ZDDH0010 66.00 67.00 ZDDH0010 75.00 159.30 ZDDH0010 75.00 104.00 ZDDH0010 82.50 86.45 ZDDH0010 91.00 102.00 ZDDH0010 93.00 97.00 ZDDH0010 120.00 126.00 ZDDH0010 149.00 159.00 ZDDH0011 176.00 274.30 ZDDH0011 181.70 212.00 ZDDH0011 196.40 212.00 ZDDH0011 203.00 203.70 ZDDH0011 203.00 212.00 ZDDH0011 217.00 222.00 ZDDH0011 246.60 256.40 ZDDH0012 0.00 58.80 ZDDH0012 1.70 22.00 ZDDH0012 1.70 8.40 ZDDH0012 2.30 4.70 ZDDH0012 17.60 22.00 ZDDH0012 17.60 20.00 ZDDH0012 53.20 58.80 ZDDH0012 53.20 56.00 ZDDH0012 151.80 152.20 Interval 7.70 2.10 3.80 63.90 1.00 2.00 5.00 1.00 8.00 3.00 27.20 19.00 5.15 0.60 6.10 1.00 2.00 25.45 5.00 0.50 5.00 2.00 1.00 1.00 84.30 29.00 3.95 11.00 4.00 6.00 10.00 98.30 30.30 15.60 0.70 9.00 5.00 9.80 58.80 20.30 6.70 2.40 4.40 2.40 5.60 2.80 0.40 17 Au (g/t) Comments 0.30 including 1.30 including 0.59 including 0.23 including 0.55 including 1.06 including 0.77 including 0.55 including 0.66 including 4.75 0.70 0.80 including 0.34 2.75 0.28 1.43 1.39 0.51 1.09 including 2.19 0.59 2.47 1.16 1.04 1.30 2.95 including 4.97 including 4.70 including 8.50 including 1.11 including 1.07 including 1.58 3.03 including 3.87 including 21.70 including 5.07 including 4.13 including 2.28 including 1.70 4.50 including 12.21 including 33.35 including 2.00 including 2.82 including 0.95 1.42 including 2.29 Hole_ID From (m) To (m) ZDDH0013 0.00 3.00 ZDDH0013 9.00 14.30 ZDDH0013 25.00 29.80 ZDDH0013 28.55 29.80 ZDDH0013 46.30 70.00 ZDDH0013 46.30 51.50 ZDDH0013 51.25 65.35 ZDDH0013 58.00 65.35 ZDDH0013 102.00 104.00 ZDDH0013 136.00 137.30 ZDDH0013 165.00 173.60 ZDDH0013 170.40 173.00 ZDDH0014 15.30 70.60 ZDDH0014 15.30 34.00 ZDDH0014 15.30 26.30 ZDDH0014 23.00 26.30 ZDDH0014 64.60 70.60 ZDDH0014 64.60 67.35 ZDDH0014 112.00 122.50 ZDDH0014 115.00 117.00 ZDDH0014 177.20 179.00 ZDDH0015 37.90 39.70 ZDDH0015 91.90 132.70 ZDDH0015 91.90 94.60 ZDDH0015 112.00 116.00 ZDDH0015 240.60 242.00 ZDDH0015 265.90 269.00 ZDDH0016 125.00 131.72 ZDDH0016 152.00 204.60 ZDDH0016 188.10 194.00 ZDDH0016 188.58 188.90 ZDDH0016 203.60 204.60 ZDDH0016 281.00 290.00 ZDDH0016 287.50 290.00 ZDDH0017 44.00 74.00 ZDDH0017 44.00 60.10 ZDDH0017 44.00 47.00 ZDDH0017 70.00 74.00 ZDDH0017 103.46 105.60 ZDDH0017 167.55 254.00 ZDDH0017 182.70 233.20 ZDDH0017 183.22 206.22 ZDDH0017 190.00 205.00 ZDDH0017 197.00 202.30 ZDDH0017 200.00 202.30 Interval 3.00 5.30 4.80 1.25 23.70 5.20 14.10 7.35 2.00 1.30 8.60 2.60 55.30 18.70 11.00 3.30 6.00 2.75 10.50 2.00 1.80 1.80 40.80 2.70 4.00 1.40 3.10 6.72 52.60 5.90 0.32 1.00 9.00 2.50 30.00 16.10 3.00 4.00 2.14 86.45 50.50 23.00 15.00 5.30 2.30 Au (g/t) Comments 0.83 0.41 0.72 2.14 including 0.85 1.24 including 1.08 including 1.65 including 0.79 4.97 1.60 2.80 including 1.01 2.19 including 3.40 including 6.18 including 2.03 including 5.00 including 0.52 1.75 including 2.37 1.11 0.37 1.64 including 1.13 including 8.46 0.64 1.47 0.62 3.30 including 31.30 including 3.00 including 0.36 0.77 including 0.94 1.05 including 4.27 including 4.26 including 1.76 2.29 including 3.63 including 7.20 including 10.82 including 25.31 including 46.41 including *for full drill results see ASX:PKA Announcement of 5 August 2019 and ASX:TSO announcement 12 March 2020 APPENDIX 2 EL ZORRO GOLD PROJECT – COQUETAS SECTIONS B’ B D’ D E’ E 012° C C’ 012° 012° Tesoro Resources Corporate Presentation April 2020 18 *for full drill results see ASX:PKA Announcement of 5 August 2019 CHILE A PROVEN MINING JURISDICTION MOST DEVELOPED SOUTH AMERICAN ECONOMY ▪ ▪ ▪ ▪ ▪ MINING ▪ ▪ Mature institutional and governance frameworks Strong mining code BUSINESS LEGAL INFRASTRUCTURE Tesoro Resources Corporate Presentation April 2020 Mining since 1500’s No. 1 global copper producer Mining is 9% of employment 47% of export revenues Tier 1 geological endowment 19 ▪ ▪ ▪ • • • Attractive business environment Competitive tax regime Strong sovereign rating: S&P AA– Well developed infrastructure Well maintained roads to both projects Established mining services sector