Announcement PDF UNLOCKING A DISTRICTSCALE GOLD SYSTEM IN ONE OF THE WORLD’S PREMIER MINING JURISDICTIONS PRECIOUS METALS SUMMIT BEAVER CREEK 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 09 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 A GOLDEN OPPORTUNITY DEVELOPING A MAJOR NEW GOLD DISTRICT • Large surface footprint spanning 570km2 in Chile’s prolific Atacama mining region • Constrained Ternera MRE now stands at 1.82 Moz with 62% classified as Indicated 1 • Metallurgical results delivered average gold recovery of approximately 95%2 • Supports a conventional, simple, wellunderstood and low-cost CIP process Expanded and upgraded Ternera open pit scoping study due September 2025 1. Refer to Mineral Resource Update 4 August 2025 and Appendix A. 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 GOLD CORRIDOR EL ZORRO GOLD PROJECT, CHILE TERNERA GOLD DEPOSIT 1.82Moz RESOURCE 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 | 4 CHILEAN GOLD EXPLORATION AND 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 • Water access within 30km EL ZORRO GOLD PROJECT • 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 | 5 CORPORATE SNAPSHOT TESORO GOLD (ASX: TSO, OTCQB:TSORF) REGISTER DETAIL 5.6% 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 Project2 17.1% 40.3% INSTITUTIONAL INVESTORS 37.0% Large-scale industry player - 3.9 Moz Resource and 3.5 Moz Reserve (gold only)3 OTHER INVESTORS Partnership with Tesoro continues to accelerate exploration at El Zorro Gold Project REGISTER DETAIL CAPITAL STRUCTURE BOARD AND MANAGEMENT A$0.043 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 options 136.3M Sergio Uribe Country Manager Chile A$86.7M Geoff Mcnamara Non-Executive Director A$7.5M Alan Gibson Non-Executive Director Share price (3 September 2025) Market capitalisation (undiluted) 1 Cash REGISTER DETAIL Debt1 1. Cash and debt at 30 June 2025 2. Source: https://www.bnamericas.com/en/features/5-chilean-gold-projects-set-to-help-boost-national-output Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION 3. Source: www.goldfields.com Nil Sue Wong Independent Non-Executive Chair Managing Director Company Secretary INVESTOR PRESENTATION | 6 A GOLDEN OPPORTUNITY UNDERPINNED BY A MINERAL RESOURCE OF SCALE, HIGH-CONFIDENCE, AND WITH ADDITIONAL GROWTH POTENTIAL YET TO BE UNLOCKED SIGNIFICANT 2025 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. ATTRACTIVE METALLURGICAL TESTWORK2 • Excellent average gold recovery of ~95% from Ternera composite samples at large 125 μm grind size. • Low cyanide consumption and highly-favourable comminution characteristics. NEW SCOPING STUDY OUTCOMES DUE ▲ Expanded and upgraded MRE. ▲ Met demonstrates low reagent consumption. ▲ Highly-favourable gold price environment. 1. 2. 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. Refer to ASX announcement dated 29 August 2025. EXPANDED AND UPGRADED TERNERA MRE CONTINUED GROWTH OF THE RESOURCE BASE OPPORTUNITY FOR A SINGLE OPEN PIT • Constrained MRE 1.82Moz with 62% Indicated. • Deposit remains open in all directions. • New zones to chase in the north and south. • Represents a significant improvement in ounces per vertical metre. NEXT STEPS NEXT STEPS • Ongoing exploration across the 30km gold corridor with multiple high-priority targets. • Excellent potential for additional discoveries. • Ternera infill and extensional drilling continues. • Drilling of regional targets, Q4 2025. Isometric view of 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 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. INVESTOR PRESENTATION | 8 A MAJOR NEW GOLD DEPOSIT IN CHILE ADDITIONAL EXPLORATION UPSIDE EXPECTED • 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 in the coming weeks. TERNERA GOLD DEPOSIT 1.82MOZ RESOURCE INVESTOR PRESENTATION | 9 NEW METALLURGY ENHANCES PREVIOUS OUTCOMES TERNERA SAMPLES HIGHLY AMENABLE TO CONVENTIONAL CIP PROCESSING KEY OUTCOMES • Overall average recoveries of 95%. • Gravity recoveries of 41%. • Tests show highly consistent performance across both composite and master samples. • No deleterious elements or preg-robbing. • Ore is siliceous, brittle and fractures easily at coarse crushing size of 125 μm. • Low variability across composites, providing confidence to support advanced levels of technical studies. HIGH RECOVERIES DELIVERED WITH VERY LOW REAGENT CONSUMPTION AND COARSE GRIND SIZE • Excellent average gold recovery of 95% from Ternera composite samples at coarse 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 | 10 A SIMPLE, WELL UNDERSTOOD FLOWSHEET TESTWORK CONFIRMS LOW-COST CIP PROCESSING ROUTE LEACHING TANKS PROCESS WATER CRUSHING BALL MINING ORE STOCK PILES Cyanide & other reagents Desalination plant Carbon Advance Transfer Pumps Interstage Screens 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 Schematic representation of expected CIP processing route. INVESTOR PRESENTATION | 11 2023 SCOPING STUDY HIGHLIGHTS DEMONSTRATED AN ATTRACTIVE STARTER PROJECT1 Key parameter (± 35%) Unit Study estimate Ore throughput Mt 17.1 Gold grade g/t 1.25 Production ounces koz 651 Plant throughput Mtpa 2.4 Average annual steady state production koz pa 93 Production life (excluding pre-strip) years 7.4 Forecast average All‐In‐Sustaining‐Cost (AISC) US$/oz 1,068 Total pre‐production capital cost (incl. pre-strip) US$M 132 Economic outcomes (± 35%) Unit Base 2023 Spot2 Gold price US$/oz 1,750 1,950 NPV5% (pre-tax, ungeared) US$M 201 300 US$1,950 2023 Scoping Study Spot Case % 27.5 37.1 US$1,750 2023 Scoping Study Base Case Net cashflow (pre-tax, undiscounted, ungeared) US$M 312.3 442.5 Payback from first production years 3.4 2.8 IRR (pre-tax, ungeared) MULTIPLE UPSIDE DRIVERS EXPECTED TO ENHANCE PROJECT OUTCOMES ▲ Expanded and upgraded MRE ▲ Low reagent consumption ▲ Highly-favourable gold price environment Au US$3,300 Price September 2025 Approximate Spot 2015 2016 2017 2018 2019 2020 2021 1. For full Scoping Study details, refer Tesoro ASX release dated 4 April 2023, Ternera Gold Deposit Phase 1 Open Pit Scoping Study Outcomes. Tesoro Gold 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) 2. Approximate gold spot price as at 28 March 2023 | CORPORATE PRESENTATION 2022 2023 2024 2025 INVESTOR PRESENTATION | 12 A GOLDEN OPPORTUNITY INVESTMENT HIGHLIGHTS LARGE, HIGHLY PROSPECTIVE GOLD PROJECT Located in Chile, unquestionably the 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 95% 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 SCOPING STUDY Builds on a solid base set for delivery September 2025 INVESTOR PRESENTATION | 13 APPENDIX ASX:TSO | OTCQB:TSORF INVESTOR PRESENTATION | 14 APPENDIX A | TERNERA DEPOSIT AUGUST 2025 MINERAL RESOURCE ESTIMATE1 Constrained 1.82 Moz Au MRE: US$3,000/oz optimised pit shell and process recovery of 94.5% Cut off Indicated Inferred Total Au g/t Mt Au g/t Koz Mt Au g/t Koz Mt Au g/t Koz 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 Optimised Open Pit2 31.8 1.10 1,123 19.5 1.11 692 51.2 1.1 1,816 1. Refer to the updated Mineral Resource Estimate in Tesoro’s 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. 2. Open pit optimised at 0.3 g/t Au Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION INVESTOR PRESENTATION | 15 APPENDIX B | NOTABLE ASSAY RESULTS UNLOCKING A NEW GOLD PROVINCE 1. ZDDH0297: 434.60m @ 1.22g/t Au; incl. 89.95m @ 3.07g/t Au, incl. 20.80m @ 9.19g/t Au; 2. ZDDH0394A: 46.67m @ 11.86g/t Au; incl. 22.25m @ 23.66g/t Au, incl. 0.50m @ 924.00g/t Au; 3. ZDDH0069: 267.00m @ 1.12g/t Au; incl. 132.00m @ 1.89g/t Au, incl. 33.00m @ 5.09g/t Au; 4. ZDDH0031: 231.00m @ 0.83g/t Au; incl. 54.00m @ 1.69g/t Au, incl. 6.70m @ 11.57g/t Au; 5. ZDDH0025: 121.55m @ 1.32g/t Au; incl. 12.27m @ 4.98g/t Au, incl. 4.70m @ 10.69g/t Au; 6. ZDDH0049: 111.50m @ 1.25g/t Au; incl. 58.00m @ 2.04g/t Au, incl. 13.00m @ 5.32g/t Au; 7. ZDDH0356: 132.18m @ 1.28g/t Au, incl. 32.20m @ 3.28g/t Au, incl. 3.25m @ 12.64g/t Au; 8. ZDDH0378A: 63.97m @ 1.26g/t Au; incl. 9.34m @ 6.60g/t Au; incl. 4.00m @ 13.74g/t Au; 9. ZDDH0288: 63.93m @ 7.61g/t Au; incl. 7.00m @ 66.10g/t Au; 10. ZDDH0154: 67.00m @ 3.44g/t Au; incl. 13.50m @ 15.84g/t Au; 11. ZDDH0290: 63.60m @ 2.89g/t Au; incl. 10.60m @ 14.34g/t Au; 12. ZDDH0309: 53.30m @ 1.17g/t Au; incl. 13.50m @ 3.63g/t Au; 13. ZDDH0370: 68.23m @ 1.18g/t Au; incl. 11.65m @ 3.05g/t Au; 14. ZDDH0338: 1.80m @ 77.15g/t Au; incl. 0.8m @ 173.00g/t Au; and 15. ZDDH0351: 58.70m @ 2.10g/t Au; incl. 7.50m @ 12.42g/t Au. Refer ASX announcements, 28 October 2024 (349A), 31 August 2022, (288 & 290) 30 March 2022, (011), 27 May 2020 (025), 4 September 2020 (031), 4 November 2020 (049), 22 December 2020 (069), 11 January 2021 (075), 5 August 2021 (154), 8 November 2022 (309), 16 January 2025 (351, 356), 30 June 2025 (378A), 13 June 2024 (338). INVESTOR PRESENTATION | 16 Tesoro Gold Limited Level 39 152-158 St Georges Terrace Perth, WA 600 +61 8 6383 7883 info@tesorogold.com.au www.tesorogold.com.au ASX:TSO | OTCQB:TSORF