Announcement PDF El Zorro Gold Project Rapidly Advancing Towards Development Maiden Ore Reserve September 2026 ASX: TSO | OTCQX: TSORF | FSE: 5DF 1 Disclaimer and Cautionary Statements 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 21 September 2026 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. Production target: The production target referred to in this announcement is based on a combination of Indicated and Inferred Mineral Resources. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target itself will be realised. The Scoping Study is based on lower-level technical and economic assessments and is insufficient to support estimation of Ore Reserves or to provide assurance of economic development. 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 Mineral Resource Estimate – Ternera Gold Deposit The information in this announcement that relates to Mineral Resources has been extracted from the Company’s ASX announcement on 27 August 2026 titled “Upgrade to Ternera 1.8MOZ Mineral Resource” (available at the Company’s website ASX Announcement). Tesoro confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement above, and in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the original market announcements. Ore Reserves – Ternera Gold Deposit Information in this announcement that relates to Ore Reserves at the Ternera Gold Deposit is based on and fairly represents information and supporting documentation compiled by Linton Putland, a Competent Person who is a full-time employee of Tesoro Gold. Linton Putland is a Member of the Australasian Institute of Mining and Metallurgy. Linton Putland has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which is 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 (2012 JORC Code). Linton Putland is an Executive Director of Tesoro Gold and holds securities in Tesoro Gold. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the original market announcement. Production Target 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 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). The Company confirms that all material assumptions underpinning the production target and forecast financial information derived from the Pre-Feasibility on 18 September 2026 continue to apply and have not materially changed. Exploration Results 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 TESORO GOLD | MAIDEN ORE RESERVE 2 El Zorro Project A GOLD PROJECT OF SCALE AND TECHNICAL SIMPLICITY IN ONE OF THE WORLD’S PREMIER MINING JURISDICTIONS El Zorro Gold Development Project Maiden 1.28 Moz Single Open Pit Ore Reserve Provides a 13+ year development base for El Zorro Chile’s Next Major New Gold Development A leading new Chilean gold development, rapidly advancing through advanced technical workstreams towards a Final Investment Decision. Rare Standalone Single Open Pit Gold Mine and Processing Opportunity A single open pit gold deposit in a market dominated by major-owned projects, satellite deposits and brownfield expansions. Immense Material Upside Beyond the Current Development Case Further deposit, near-mine growth and district-scale discoveries across the broader gold corridor set to enable future project and satellite optionality. 3 El Zorro Concessions 3rd Pary Concessions Ternera Gold Deposit TERNERA GOLD DEPOSIT 1.28MOZ ORE RESERVE Refer to ASX Announcements dated September 2026 . Tesoro Corporate Snapshot 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 Share price (18 September 2026) A$0.89 Shares on issue 179M Performance rights 12.8M Share rights 0.1M Options 1.0M Market Capitalisation (undiluted) A$158.4M Net cash (30 June 2026) A$15.3M Implied Enterprise Value (undiluted) A$143.1M 4.7% 12.9% 10.9% 35.9% 35.7% BOARD AND MANAGEMENT GOLD FIELDS COLLINS STREET INSTITUTIONAL INVESTORS OTHER INVESTORS Register Detail Broker Coverage Capital Structure Board and Management TESORO GOLD | MAIDEN ORE RESERVE Shares, Performance Rights, Share Rights and Options as at 18 September 2026 4 4 TESORO GOLD | MAIDEN ORE RESERVE 5 5 Advancing the Ternera Discovery Towards Development TERNERA DISCOVERY 2020 July 2021 MAIDEN TERNERA MINERAL RESOURCE September 2021 STRONG INITIAL METALLURGICAL RESULTS GOLD INTERSECTED OUTSIDE OF TERNERA DEPOSIT AREA August 2021 DISCOVERY AT DRONE HILL January 2022 March 2023 TERNERA MINERAL RESOURCE UPDATE May 2022 TERNERA MINERAL RESOURCE UPGRADED August 2025 TERNERA MINERAL RESOURCE UPDATE September 2025 UPDATED SCOPING STUDY September 2026 MAIDEN ORE RESERVE DECLARED GOLD FIELD STRATEGIC INVESMENT November 2022 METALLURGICAL RECOVERIES OVER 95%1 August 2025 INITIAL SCOPING STUDY RELEASED April 2023 TERNERA MINERAL RESOURCE UPGRADE August 2026 Systematically Driving Ternera From Initial Discovery to Declaration of a Maiden Ore Reserve Q1 2027 FINAL INVESTMENT DECISION DFS DELIVERY SCHEDULED Q4 CY26 TARGET FIRST GOLD CY29 1- Refer to ASX Announcements dated September 2026 . Maiden 1.28Moz Ternera Ore Reserve 6 More than 85% of Measured and Indicated Material from August 2026 MRE Converted to Reserves Total Ternera In-Pit Mineral Resource (koz Au) Ternera Ore Reserve (September 2026) 585 593 379 692 356 75 503 795 1,123 1,375 95 JULY 2021 MAY 2022 FEBRUARY 2023 JULY 2025 AUGUST 2026 Inferred Indicated Measured 600 1,096 1,174 1,815 1,826 Change in Resource By Category (at 0.3 g/t Au cut-off) CATEGORY JULY 2025 AUGUST 2026 +/- koz Au Measured + Indicated 1,123 1,470 347 Inferred 692 356 -336 Total 1,816 1,826 10 TERNERA DEPOSIT CONVERTS WELL TO HIGHER CONFIDENCE RESOURCE TESORO GOLD | MAIDEN ORE RESERVE CATEGORY PROVED PROBABLE TOTAL Cut-off (g/t Au) Mt Au g/t Koz Mt Au g/t Koz Mt Au g/t Koz 0.30 2.8 1.05 93 40.1 0.92 1,190 42.8 0.93 1,283 Refer to ASX Announcements dated 4 August 2025 and 18 September 2026 .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 Development Project An Attractive Gold Project on all Measures 42.8 Mt at 0.93 g/t GOLD Initial single open pit mine 1.19 Moz GOLD +110koz p.a. steady state AISC US�1,538/oz Life-of-mine average UPFRONT CAPITAL US�276M including US$41M pre-strip TESORO GOLD | MAIDEN ORE RESERVE 7 PFS-Level Economics 95% Au RECOVERY Standard CIP plant 3 Mtpa THROUGHPUT Initial 13-year operating life 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. September 2026 Ore Reserve Declaration US$3,500/oz gold SINGLE OPEN PIT MINING OPERATION WITH 3MTPA PROCESSING PLANT, CAPABLE OF DELIVERING OVER 110KOZ PER ANNUM OF GOLD, WITH ADDITIONAL UPSIDE STILL TO COME 7 Refer to ASX Announcements dated 4 August 2025, 27 August 2026 and 18 September 2026 .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. NPV5% US�994M Post-tax at US$3,500/oz gold IRR 57% Post-tax at US$3,500/oz gold FREE CASH FLOW US�1,510M Post-tax at US$3,500/oz gold HEAD GRADE 1.16g/t Au For the first 9 years of production Location, Location, Location El Zorro Project Area Possesses all the Ingredients Required to Support a New Gold Mining and Processing Operation El Salvador Diego de Almagro Chanaral Salina Copiapo (130km) 0 50km N Manto Verde Volcan Candelaria 80km 20km 57km 76km Santo Domingo EL ZORRO GOLD PROJECT Cerro Negro Caldera Nueva Esperanza Maricunga Fenix Inca de Oro La Colpa Salares Norte La Pepe El Zorro Gold Project TESORO GOLD | MAIDEN ORE RESERVE 8 Proximity to Port and Market 13km from the Pacific Ocean, 57km by road from the port of Caldera Access Low-altitude coastal setting with sealed road access Power Grid power concept via the Totoralillo substation, 21.6km away Water Process water from desalination brine, tested and confirmed in metallurgy Tenure Secured All mining tenure required for the Project obtained Why Chile? It is the True Definition of a Premier Mining Jurisdiction Predictable Permitting and a Structured Process Mining Powerhouse World-class Geology Established Existing Mining Infrastructure Pro-investment, Key Economic Enabler ~12 months Historical average approval process 30–70% Cut from 2025 reforms timelines Mining concessions granted for indefinite duration Ports, power, services, and local engineering expertise Deep mining services ecosystem in-country #1 copper producer Proven mineral endowment in the Coastal Cordillera Home to all the major international mining companies Strong institutional support for responsible mining US�56B in active foreign mining investment (2024) 27% corporate tax, no mining- specific royalties TESORO GOLD | MAIDEN ORE RESERVE 9 #2 lithium producer, growing gold sector ALL DFS AND DEVELOPMENT READINESS WORKSTREAMS UNDERWAY OR MATERIALLY ADVANCED Project Execution Capability Strengthened A high-calibre team of subject-matter experts assembled to advance and ultimately deliver El Zorro. Mining Execution Partner Secured STRACON Chile SpA. engaged under an alliance-style framework to deliver the project with Tesoro as a single, integrated team. Permitting Advancing on Schedule Environmental baseline studies completed August 2026, and EIA submission scheduled for Q1 CY27. People and Presence Strengthened Chilean management and project capability enhanced with experienced mining, engineering and project development professionals. 10 Refer to ASX announcement dated 1 July 2026 for additional detail on Tesoro DFS and development readiness activities. Development Readiness Workstreams Accelerating Maiden Ore Reserve is a Material Step to Enable Completion of All Key Project Workstreams Project Financing Activities Underway To secure development funding as soon as permits are granted. Extensions to Ternera Plus Multiple Avenues for Delivering Near-Deposit Upside • Additional extensional targets to be fully drilled out. • Further drilling planned at priority proximate targets including Drone Hill and Ternera East. • Strong gold mineralisation recorded from surface. • Potential for extensions to trace back and connect to the primary Ternera deposit. Material Growth Upside Multiple Extensions to be Defined with More Drilling 1.80m at 77.15 g/t Au (ZDDH0338)5 • 68.23m at 1.18 g/t Au (ZDDH0370)2 • 10.06 m at 1.70 g/t Au (ZDDH0387)1 • 12.00m at 3.34 g/t Au (ZDDH0135)11 • 130.00m at 0.65 g/t Au (ZDDH0177)9 • 4.70m at 7.95 g/t Au (ZDDH0344)3 • 53.50 m at 1.17 g/t Au (ZDDH0309)7 • 18.20m at 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 at 1.15 g/t Au (ZDDH0166)10 • 19.00 m at 1.41 g/t Au (ZDDH0208)8 • 10.50m at 1.61 g/t Au (ZDDH0344)3 • 36.00m at 1.00 g/t Au (ZDDH0341)4 1. Refer to Tesoro ASX release dated 22 October 2025 2. Refer to Tesoro ASX release dated 22 March 2025 3. Refer to Tesoro ASX release dated 28 October 2024 4. Refer to Tesoro ASX release dated 2 July 2024 5. Refer to Tesoro ASX release dated 13 June 2024 6. Refer to Tesoro ASX release dated 1 December 2022 7. Refer to Tesoro ASX release dated 8 November 2022 8. Refer to Tesoro ASX release dated 3 November 2021 9. Refer to Tesoro ASX release dated 27 August 2021 10. Refer to Tesoro ASX release dated 6 July 2021 11.Refer to Tesoro ASX release dated 25 June 2021 TESORO GOLD | MAIDEN ORE RESERVE 11 Material Upside Beyond Ternera More Than 40km of Greenfield Prospectivity Priority 1 Targets Drone Hill, Ternera East – all situated within 1 km of Ternera Priority 2 Targets La Brea, Pena Blanca, Kitsune and Calderillas high-potential opportunities requiring drill testing Priority 3 Targets Additional blue-sky potential GOLD MINERALISATION DEFINED ACROSS THE MULTIPLE DRILL-READY NEW DISCOVERY TARGETS ACROSS THE EL ZORRO CONCESSION AREA Refer to ASX Announcement dated 19 March 2026. The Scale of the Exploration Opportunity is Immense SIERRA DEL PORTRERO 3 KITSUNE 2 BUZZARD 3 LA FALDA 3 El Zorro Gold Project LA BREA 2 DRONE HILL 1 TERNERA EAST 1 EXISTING TERNERA GOLD DEPOSIT 1.82MOZ RESOURCE CALDERILLAS NORTH 3 MINERALISED CORRIDOR CALDERILLAS 2 TORO BLANCO 3 PENA BLANCA 2 12 Developing the El Zorro Gold Project CY26 CY27 CY28 CY29 QUARTER 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 Decision Taken to Proceed to DFS  DFS Workstreams     DFS Delivery  Approvals to Work and FID   EIA and RCA Approval   Detailed Engineering Design    Early Works and Long Lead Items   Construction Water Available  Construction and Commissioning        Grid Power Online  Process Water Available  Target First Gold  Advanced DFS-level and Operational Readiness Activities Underway TESORO GOLD | MAIDEN ORE RESERVE Mineral Resource Update and Maiden Ore Reserve Delivered September 2026 Environmental Baseline Study Completion Delivered August 2026 Definitive Feasibility Study Completion On track for delivery by 2026 calendar year end DFS OUTCOMES EXPECTED TO PROVIDE NECESSARY CONFIDENCE TO TAKE KEY EARLY DEVELOPMENT DECISIONS 13 Multiple Critical Milestones Already Delivered Multiple Critical Milestones Already Delivered Project Financing Activities Commenced Strong indicative support for traditional funding mix Tesoro Gold Investment Highlights SET TO BE CHILE’S NEXT MAJOR ENTIRELY NEW GOLD DEVELOPMENT A leading new Chilean gold development, advancing through DFS-level workstreams towards a Final Investment Decision. RARE STANDALONE GREENFIELD GOLD MINE AND PROCESSING OPPORTUNITY In a market dominated by major-owned projects, satellite deposits and brownfield expansions. IMMENSE MATERIAL UPSIDE BEYOND THE CURRENT DEVELOPMENT CASE Near-mine growth and district-scale discoveries across the broader >40km gold corridor. TESORO GOLD | MAIDEN ORE RESERVE 14 NOW UNDERPINNED BY A 1.28MOZ ORE RESERVE THAT ENABLES A 13+ YEAR SINGLE, OPEN PIT DEVELOPMENT Project and Ore Reserve Detail DFS and Development Readiness Workstreams Underway or Materially Advanced 15 Significant Execution Capability Stracon Chile SpA (STRACON) Strategic Alliance to support Mining studies, mining and operating costs BurnVoir Corporate Finance (BurnVoir) Optimal project financing mix and key debt facilities High-calibre Team of Partners Assembled to Deliver the El Zorro Development GR Engineering Services (GRES) Study compilation, metallurgical test work, process engineering and design, operating and capital costs Knight Piésold Pty Ltd (KP) Tailings disposal and design Fivemark Investor relations and media TESORO GOLD | MAIDEN ORE RESERVE Lynn Widenbar and Associates Resource Estimation Peter O’Bryan and Associates Geotechnical ALS Perth Metallurgical Test Work Aguas CAP, TECHNOCAP, Servicios de Ingeniería IMA S.A. Infrastructure and capital costs Parez & Alverez Environmental, social and permitting 16 WASTE DUMP TERNERA FINAL PIT OUTLINE MAGAZINE DRY STACKED TAILS PROPOSED ACCESS ROAD AND WATER PIPELINE ACCOMMODATION VILLAGE PROPOSED HIGH-VOLTAGE POWER MINE WORKSHOP LOW-GRADE STOCKPILE PROCESSING PLANT N Fenix Gold Project, Rio2 Limited, STRACON Configuration and Construction TESORO GOLD | MAIDEN ORE RESERVE Ternera Gold Deposit Site layout diagram Clear, Optimised Development Pathway Defined • Completed trade-off studies confirmed optimal project configuration. • A simple, single open pit mining operation with 3Mtpa processing plant, capable of delivering over 110koz per annum of gold. Construction Partner Engaged Under Alliance-Style Framework • Alliance-style framework established between STRACON and Tesoro to deliver the project as a single, integrated team. • STRACON is a well-known, engineering-led mining infrastructure services group operating across the Americas, providing end-to-end solutions across the mining lifecycle. • Arrangement structured to enable disciplined performance against agreed targets, for the mutual benefit of both parties. Project Configuration Set, with Advanced Design Underway Refer to ASX announcement dated 1 July 2026 and ASX announcement dated 25 February 2026. 17 Processing Plant Design Set, Advanced Cost Analysis Crushing Ore stock pile Process Water Desalination Plant Leaching Tanks Ball Milling Grind Size =125µm Gravity Circuit Interstage Screens Carbon Advance Pulp Advance Transfer Pumps Electrowinning Smelting Gold doré Fresh carbon after pre-attritioning Carbon acid wash Cyanide and other reagents Carbon elution Carbon regeneration Carbon fines reused for other applications Regenerated carbon Simple, Low-cost Carbon in Pulp Processing Route Dry Stacked Tailings + - Screens Screens 18 TESORO GOLD | MAIDEN ORE RESERVE Refer to ASX announcement dated 29 August 2025 TOP: El Zorro Gold Project proposed powerline and water pipeline routes Refer to ASX announcements dated 3 May 2024 and dated 1 July 2026 The El Zorro Water Pathway is a Key Project Differentiator Testwork Confirms Bittern Wastewater Delivers Strong Recoveries • Aguas CAP Totoralillo desalination plant just 25km from Ternera, with an MoU agreed for the supply of water to El Zorro. • Advanced testwork using bittern wastewater delivered strong gold recoveries and very low cyanide consumption. • Alignment between process design and permitting requirements reduces late-stage configuration and permitting risk. PROPOSED ACCESS ROAD AND WATER PIPELINE PROPOSED HIGH-VOLTAGE POWER N TOTORALILLO SUB- STATION AND DESALINATION PLANT 19 LEFT: Aguas CAP desalination plant Process Water Pathway Validated TESORO GOLD | MAIDEN ORE RESERVE Connection Authorisation Request Submitted • A “Solicitud de Autorización de Conexión” submitted to Coordinator Eléctrico Nacional for a 21MW power connection to El Zorro. Energy Delivery Via Tecnocap Infrastructure • Non-binding MOU executed with Tecnocap. • Tecnocap’s 110KV high-capacity transmission line extends to Totoralillo, about 25km west of Ternera. Chilean Grid Supplied Predominately by Renewables • Hydro, solar and wind are the primary sources of grid power in Chile • Provision of low cost (≈US12c/kwh) clean reliable power. 175MVA Transmission capacity of the Tecnocap line 25km Approximate distance from Totoralillo to Ternera 84% renewable electricity Peak hourly share of 84.4% in 2025 Chile is a Regional Clean Energy Leader Clean Grid-Connected Power Pathway TESORO GOLD | MAIDEN ORE RESERVE Refer to ASX announcement dated 9 May 2025 and ASX announcement dated 1 July 2026 Energía Estratégica (2026), https://www.energiaestrategica.com/en/notes/gobierno-de-chile- publica-su-hoja-de-ruta-para-alcanzar-un-peak-renovable-total-que-cambios-impulsa 20 Tailings Design Adopts Leading-Practice Management Principles Why Dry Stack Tailings? • Reduced operational and geotechnical risk through elimination of conventional slurry storage. • Improved water stewardship, reducing process water demand and supporting operations in water-constrained environments. • Enhanced environmental performance, including reduced seepage potential and improved closure outcomes. • Reduces risk over the life of the facility in a high seismic zone. • Alignment with stakeholder and regulatory expectations as industry standards continue to evolve. • Supports long-term project resilience through lower lifecycle risk and greater operational flexibility. Advancing Dry-stack Tailings Storage Facility Engineering and Design for Life-of-project Requirements Refer to ASX announcement dated 1 July 2026. ADOPTING A DRY STACK TAILINGS DESIGN IS A DELIBERATE AND PROACTIVE, RISK-BASED APPROACH THAT STRENGTHENS PROJECT CREDENTIALS AND AIDS DEVELOPMENT READINESS 21 Expanding Our People and Presence In Support of Our Chilean Execution Model TESORO GOLD | MAIDEN ORE RESERVE 22 EIA kick-off meeting in Santiago, Chile. New Tesoro office in Santiago Chile. 22 Tesoro Chilean Office Now Established • Dedicated Chile operating presence established, with project management and stakeholder engagement embedded in-country. • Executive development capability to drive the transition from developer to development. • Specialist consultants and in-country contractors engaged • Cross-disciplinary execution model supports schedule compression and early risk identification. Advancing Concurrently with Technical Workstreams TESORO GOLD | MAIDEN ORE RESERVE 23 Clearly Defined Permitting Process • Following initial environmental desktop assessments, baseline field studies commenced in August 2025. • These field study programmes are scheduled for completed - August 2026. • Preparation and submission of EIA documentation to the Chilean Environmental Impact Assessment System expected to follow in late 2026 to early 2027. CHILE HAS ADOPTED A DISTINCTLY PRO- MINING APPROACH TO PERMITTING AND APPROVALS Environmental and Permitting Activities Our Licence to Operate Our Strategy is Guided by Our Deep In-country Experience and Sensitivity to People and the Environment 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. ALIGNED TO THE UNITED NATIONS SUSTAINABLE DEVELOPMENT GOALS WITH A COMMITMENT TO ENSURING EXPLORATION AND OPERATIONAL ACTIVITIES GENERATE POSITIVE SUSTAINABILITY OUTCOMES 24 Annual Mill Head Grade and Gold Production Ounces 25 Current Ore Reserve Supports a Project Production Life of More than 13 Years Mill Production (koz Au) and Head Grade (g/t Au) TESORO GOLD | MAIDEN ORE RESERVE - 30 111 107 112 104 106 111 102 101 100 41 41 41 41 41 1.13 1.22 1.18 1.23 1.14