Announcement PDF ASX ANNOUNCEMENT 14 JUNE 2022 ASX: TSO | ACN 106 854 175 Tesoro raises $5.4 million to fund continued exploration and development of El Zorro Tesoro Gold Ltd (Tesoro or the Company) (ASX:TSO, OTCQB:TSORF ) is pleased to announce it has received firm commitments for a Placement to raise approximately $5.4 million (before costs). The Placement was supported by domestic and institutional investors. The issue price under the Placement represents a 7.7% discount to the last closing price and a 19.4% discount to the 15 trading day volume weighted average price (VWAP) for shares in the Company up to and including Wednesday, 8 June 2022. The funds raised from the Placement will be applied towards continued exploration and expansion of gold resources and development of the El Zorro Gold Project (El Zorro) in Chile, general working capital and repayment of an unsecured director’s loan (A$200,000 plus 8% lenders fee). Tesoro Managing Director Zeff Reeves commented: “The strong demand for the placement and the quality of the institutions which have subscribed reflects the exploration success achieved by the Company at El Zorro and the outlook for further growth. The recently updated Mineral Resource Estimate of 1.1 million ounces of gold (see ASX announcement 23 May 2022) demonstrates the high quality of the Ternera Gold Deposit and this raising will support the continued growth of the resource base at Ternera as well as test some of the exciting targets being delineated at El Zorro.” Placement The Placement comprises the issue of 89,985,003 new Shares at an issue price of $0.06 per Share, to raise approximately $5.4 million utilising the Company’s existing ASX Listing Rule 7.1 and 7.1A placement capacities. It is proposed that: • 23,141,425 new Shares will be issued pursuant to ASX Listing Rule 7.1; and • 66,843,578 new Shares will be issued pursuant to ASX Listing Rule 7.1A (Placement Shares). In conjunction with the Placement, the Company has agreed to issue subscribers in the Placement, one (1) attaching option exercisable at $0.11 each and expiring three (3) years from the date of issue, for every two (2) shares issued pursuant to the Placement (Attaching Options). The Company will issue the Attaching Options as soon as practicable under available capacity pursuant to ASX Listing Rule 7.1 and will use its best endeavours to apply for quotation of the Attaching Options. Shaw and Partners are acting as Lead Manager to the Placement. In part consideration for their role as Lead Manager, the Company has agreed to issue one (1) attaching option on the same terms as the Attaching Options, for every five (5) Placement Shares issued. All other fees payable to the Lead Manager are customary for an agreement of this nature. 1 +61 8 9322 1587 | info@tesorogold.com.au | Suite 5, 62 Ord Street, West Perth WA 6005 | www.tesorogold.com.au ASX Announcement 14 June 2022 An indicative timetable for the Placement is set out below. The timetable remains subject to change at the Company’s discretion, subject to compliance with applicable laws and the ASX Listing Rules. Indicative Timetable Key Event Date Announcement of Placement Tuesday, 14 June 2022 Settlement of Placement Shares Friday, 17 June 2022 Allotment of Placement Shares Monday, 20 June 2022 Authorised by the Board of Tesoro Gold Ltd. For more information, please contact: Zeff Reeves Managing Director zeff.reeves@tesorogold.com.au About Tesoro Peter Taylor Investor Relations Peter@nwrcommunications.com.au 0412 036 231 Tesoro Gold Ltd was established with a strategy of acquiring, exploring, and developing mining projects in the Coastal Cordillera region of Chile. The Coastal Cordillera region is host to multiple world class copper and gold mines, has well established infrastructure, service providers and an experienced mining workforce. Large areas of the Coastal Cordillera remain unexplored due to the unconsolidated nature of mining concession ownership, but Tesoro, via its in-country network and experience has been able secure rights to a district scale gold project in-line with the Company’s strategy. Tesoro’s 95% owned Chilean Subsidiary owns 85% of the El Zorro Gold Project. Competent Persons Statement The information in this report that relates to Mineral Resources is based on information compiled by Mr Lynn Widenbar, a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Widenbar is acting as an independent consultant to Tesoro Gold 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 the form and context in which the Competent Person’s findings are presented have not been materially modified from the original announcement. 2 +61 8 9322 1587 | info@tesorogold.com.au | Suite 5, 62 Ord Street, West Perth WA 6005 | www.tesorogold.com.au