Announcement PDF Sign up HERE to our Investor Hub ASX ANNOUNCEMENT 30 OCTOBER 2023 ASX: TSO OTCQB: TSORF QUARTERLY ACTIVITIES AND CASHFLOW REPORT FOR THE PERIOD ENDED 30 SEPTEMBER 2023 Tesoro Gold Limited (ASX: TSO, OTCQB: TSORF) (Tesoro or the Company) is pleased to report on its activities for the quarter ended 30 September 2023 (the Quarter). HIGHLIGHTS • Surface sampling results indicated a significant southern extension to Ternera, with gold mineralisation shown to extend up to 380m south from the existing Ternera Mineral Resource Estimate (MRE) 1. • Initial eight holes at the Kitsune Target and one scout hole at Toro Blanco completed, with all holes successfully intersecting the target target El Zorro Tonalite (EZT) lithology1. • Kitsune drilling program to be completed once a replacement drilling contractor is engaged1. • El Zorro SCM (Tesoro 89.1%) granted exporter status allowing for historical Value Added Tax (VAT) recovery and future VAT exemption1. • Value of outstanding qualifying, unrecovered VAT expenditure stands at CLP2.39 billion, or approximately A$4.15 million1. • Tesoro’s underlying ownership in the El Zorro project increased to approximately 89.1% via recognition of historical aggregate capital contribution of approximately A$22.4 million since March 2021 2. • Mr Alan Gibson appointed the Tesoro Board as nominee Non-Executive Director for Gold Fields Ltd 3. • Cash balance of A$1.04 million and zero debt at 30 September 2023. Tesoro Gold Managing Director, Zeff Reeves commented: “During the September quarter we received some fantastic surface sampling results which provided strong evidence that the Ternera gold bearing fault zones extend, at a minimum, of up to 380m south of the existing deposit. 1 Refer ASX announcement 18 September 2023 2 Refer ASX announcement 3 July 2023 3 Refer ASX announcement 30 August 2032 ASX ANNOUNCEMENT 30 OCTOBER 2023 We completed eight first pass drill holes at Kitsune and one scout hole at Toro Blanco. All holes drilled to date successfully intersected the target EZT lithology, indicating strong potential for large scale extensions of the existing Ternera Resource and offering exceptional exploration and resource growth potential. We remain confident in the immense value inherent in Ternera and shall continue to progress our efforts in growing the existing Tenera MRE and unlocking the potential of the broader El Zorro District as a major emerging gold province in Chile.” EL ZORRO GOLD PROJECT, CHILE Ternera South Surface Sampling Results The shallow, high-grade Ternera South drilling results announced in the previous quarter (refer ASX Announcements 11 May 2023 and 21 June 2023) have been followed by additional activities designed to better define the southern extensions of the Ternera Deposit. These activities included detailed mapping and further continuous surface channel sampling south of the existing Ternera MRE. On 18 September, Tesoro announced that further assays received enabled the definition of shallow, high-grade gold zones, with multiple mineralised fault zones returning highgrade results. Surface gold mineralisation has now been confirmed up to 380m south of the existing MRE, validated by the previously announced drilling. Results from surface sampling1 suggest a significant southern extension to Ternera, with grades up to 30.80g/t Au returned, including; • 4.00m @ 13.31g/t Au (EZTR004143); • 13.00m @ 9.67g/t Au (EZTR004207) including; ─ 6.00m @ 20.02g/t Au; and ─ 3.00m @ 30.80g/t Au. • 9.00m @ 4.60g/t Au (EZTR004208) including; ─ 3.00m @ 12.60g/t Au. ─ 3.00m @ 4.70g/t Au (EZTR004209). • Results demonstrate surface gold mineralisation extends up to 380m south of the existing Ternera MRE. • Up to 15g/t Au returned from an initial scout hole completed at Toro Blanco. Kitsune Target Drilling First pass drilling at the Kitsune Target was put on hold while a replacement contractor is engaged to complete the scheduled program. To date, eight holes are complete, and TESOROGOLD.COM.AU 2 ASX ANNOUNCEMENT 30 OCTOBER 2023 drilling is planned to continue once a new drilling contractor has been secured to complete the remaining program. All initial holes have intersected the EZT lithology which is the main gold host at the Ternera Gold Deposit. Final assays and multielement XRF analysis of pulverised core samples are outstanding, with results expected during Q4 2023. Toro Blanco Drilling One scout hole was completed at Toro Blanco which returned a shallow high-grade intercept of 0.50m @ 15.00g/t Au from 35.00m within faulted EZT. This result confirmed the continuation of the mineralising Dorado Fault System from Ternera to over 1,900m north to Toro Blanco. Tesoro plans to further define gold mineralisation between Ternera and Toro Blanco with additional drilling in the coming months, targeting extensions of the Ternera Gold Deposit to the north. El Zorro S.C.M. Granted Exporter Status As previously announced on 25 August 2022, the Company received judicial approval for provisional surface property easement rights at the El Zorro Gold Project, Chile. These rights entitle Tesoro to recover VAT paid on previous expenditure on the acquisition of fixed assets. As announced on 31 January 2023, approximately A$592,000 has been received to date in its VAT recoveries. Tesoro announced on 18 September 2023 that it had completed the relevant requirements to be qualified as a future exporter. This permits the Company to receive the full recovery of VAT already expended on the El Zorro Gold Project since 2017 and also any future VAT generated by the Project. The current balance of unrecovered VAT expenditure is CLP2.39B, or approximately A$4.15M. The Company is working with the Chilean tax authority to have this credit refunded as soon as possible. New gold anomaly defined at Drone Hill Post the end of the quarter on 18 October 2023, the Company announced positive surface sampling results at Drone Hill, west of Ternera. This new large outcropping gold anomaly returned intersections of up to 47m, including: • 47m @ 1.40g/t Au (EZTR004255) including; • 9m @ 4.66g/t Au • 15m @ 0.53g/t Au (EZTR004132) The surface sampling results have defined a number of high-priority drill targets for the next stage of work at Drone Hill. TESOROGOLD.COM.AU 3 ASX ANNOUNCEMENT 30 OCTOBER 2023 Increased Ownership Interest in El Zorro Tesoro announced on 3 July 2023 that its 95%-owned Chilean subsidiary Tesoro Mining Chile SpA (TMC) increased its ownership stake in El Zorro to approximately 93.8%. At a shareholder meeting held on 7 June 2023, El Zorro S.C.M resolved to increase the capital base via contribution on a pro-rated basis. TMC subscribed its pro-rata shares for an amount equal to CLP12,120,334,847 (approximatelyA$22.4 million). This sum reflects TMC’s funding of exploration and development activities at El Zorro since March 2021. Wanaco SpA, the minority shareholder in El Zorro S.C.M., declined to participate in the capital increase, resulting in TMC increasing its ownership in El Zorro S.C.M. to approximately 93.8%. Tesoro now holds a total ownership position in El Zorro of approximately 89.1% CORPORATE Board Changes On 30 August 2023, Tesoro announced the appointment of Mr Alan Gibson to the Board as a Non-Executive Director. Mr Gibson is a nominee of Corporate International Holdings BV, a wholly owned subsidiary of Gold Fields Ltd, which currently owns approximately 15.49% of Tesoro’s issued capital. Alan Gibson is an experienced and skilled M&A lawyer, with more than 20 years’ experience in Corporate, Energy and Resources Law, including more than 10 years of that as part of the Gold Fields Corporate Development team. Alan is currently Vice President: Corporate Development – Head of Legal for Gold Fields and has played an important role in a number of the group’s key growth transactions around the world. Mr. Gibson is an admitted legal practitioner holding a Bachelor of Laws and Bachelor of Economics from Murdoch University (WA). Subsequent to quarter end, on 5 October 2023, Tesoro announced the resignation of Ms Kristie Young as Non-Executive Director. Ms Young stepped down from the Tesoro board to focus on her other commitments. As part of an ongoing Board re-composition, the Company intends to make new appointments in due course. Salary Sacrifice Plan On 19 October 2023, the Company issued 380,570 share rights to Executive Director, Mr Linton Putland in lieu of approx. $7,500 of remuneration, pursuant to the Company’s Salary Sacrifice Plan as approved by shareholders at the Annual General Meeting held on 25 TESOROGOLD.COM.AU 4 ASX ANNOUNCEMENT 30 OCTOBER 2023 November 2023. The Salary Sacrifice Plan enables executives, employees and directors of the Company to receive share rights in the Company, in lieu of remuneration or fees. The Salary Sacrifice Plan has been designed to further align participants (being executives, employees and directors of the Company) with shareholder interests whilst being an effective way for the Company to conserve capital. Expenditure and Payments to Related Parties During the Quarter, the Company spent approximately A$1.40 million on exploration activities, which comprised primarily of diamond drilling programs, surface mapping and sampling programs and ongoing mining studies at the Ternera Gold Deposit. As outlined in the Appendix 5B for the quarter ending 30 September 2023 (sections 6.1 and 6.2), approximately A$221k in payments were made to related parties and/or their associates as remuneration (inc. superannuation) for the Managing Director, NonExecutive Director fees and consulting fees. Cash Tesoro’s cash balance at 30 September 2023 was A$1.04 million and the Company had zero debt (excluding typical trade creditors). Authorised by the Board of Tesoro Gold Ltd. For more information: Company: Zeff Reeves, Managing Director Tesoro Gold Limited info@tesorogold.com.au TESOROGOLD.COM.AU 5 ASX ANNOUNCEMENT 30 OCTOBER 2023 Figure 1 – Ternera South surface sampling results and locations. Drilling results refer to previously announced southern extension drilling (ASX Announcements 11 May 2023 and 21 June 2023)) Datum PSAD56 19S TESOROGOLD.COM.AU 6 ASX ANNOUNCEMENT 30 OCTOBER 2023 Figure 2 – Ternera to Kitsune geology map showing completed drilling at Toro Blanco and Kitsune. Holes ZDDH0244 and ZDDH0254A previously reported, refer ASX announcements 12 December 2021 and 4 February 2022. Datum PSDAD56 19S TESOROGOLD.COM.AU 7 ASX ANNOUNCEMENT 30 OCTOBER 2023 Figure 3 – El Zorro Gold Project surface sampling results for the Ternera to Calderillas mineralised trend. TESOROGOLD.COM.AU 8 ASX ANNOUNCEMENT 30 OCTOBER 2023 Table 1: Toro Blanco and Kitsune drillhole locations. Hole Location Hole Orientation Drill Depth (m) TARGET Northing Easting Elevation Dip Azimuth ZDDH00327 342290 7037884 890 -60 240 31.90 Toro Blanco (Abandoned) ZDDH00327A 342290 7037883 890 -60 240 146.50 Toro Blanco ZDDH00328 341359 7038855 690 -60 240 233.50 Kitsune ZDDH00329 341724 7038695 699 -60 240 200.00 Kitsune ZDDH00330 341788 7038750 745 -60 240 200.00 Kitsune ZDDH00331 341828 7038480 830 -60 240 146.60 Kitsune ZDDH00332 341426 7038921 642 -60 240 100.00 Kitsune ZDDH00333 340938 7039755 791 -60 240 130.00 Kitsune ZDDH00334 341249 7039400 684 -60 240 51.50 Kitsune (Abandoned) ZDDH00335 340938 7039755 791 -60 0 140.10 Kitsune Hole ID TESOROGOLD.COM.AU 9 ASX ANNOUNCEMENT 30 OCTOBER 2023 About Tesoro Future Performance Tesoro Gold Limited was established with a strategy o acquiring, exploring, and developing mining project in the Coastal Cordillera region of Chile. The Coasta Cordillera region is host to multiple world class coppe and gold mines, has well established infrastructure service providers and an experienced minin workforce. Large areas of the Coastal Cordiller remain unexplored due to the unconsolidated natur of mining concession ownership, but Tesoro, via its in country network and experience has been abl secure rights to a district scale gold project in-line wit the Company’s strategy. Tesoro’s 95% owned Chilea subsidiary owns 85% of the El Zorro Gold Project. This announcement may contain certain forwardlooking statements and opinion. Forward-looking statements, 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 the Company and which are subject to change without notice and could cause the actual results, performance or achievements of the Company 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 no representation or warranty is made as to the likelihood of achievement or reasonableness of any forward-looking statements or other forecast. Nothing contained in this announcement, nor any information made available to you is, or and shall be relied upon as, a promise, representation, warranty or guarantee as to the past, present or the future performance of Tesoro. Competent Persons Statements The information in this report 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 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, 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 on 9 March 2023. TESOROGOLD.COM.AU 10 ASX ANNOUNCEMENT 30 OCTOBER 2023 APPENDIX 1: CONCESSION SCHEDULE EL ZORRO GOLD PROJECT EXPLORATION CONCESSIONS (93.8%* Tesoro Mining Chile SpA) 10-august-2026 Size (ha) 200 Concession type Exploration ZORRO 2B 10-august-2026 200 Exploration ZORRO 3B 10-august-2026 200 Exploration ZORRO 4B 10-august-2026 100 Exploration ZORRO 5B 10-august-2026 200 Exploration ZORRO 6B 10-august-2026 200 Exploration PUNTA DE DIAMENTE 1A 17-august-2025 200 Exploration PUNTA DE DIAMENTE 2A 06-august-2025 300 Exploration PUNTA DE DIAMENTE 3A 28-september-2025 300 Exploration LA NEGRA COJA 1A 10-august-2025 200 Exploration LA NEGRA COJA 2A 06-august-2025 300 Exploration LA NEGRA COJA 3A 10-august-2025 300 Exploration LA NEGRA COJA 4A 06-august-2025 200 Exploration LA NEGRA COJA 5A 09-august-2025 300 Exploration LA NEGRA COJA 6A 11-august-2025 200 Exploration LA NEGRA COJA 7A 09-august-2025 300 Exploration LA NEGRA COJA 8A 11-august-2025 300 Exploration LA NEGRA COJA 9A 09-august-2025 200 Exploration LA NEGRA COJA 10A 11-august-2025 300 Exploration LA NEGRA COJA 11A 10-august-2025 300 Exploration LA NEGRA COJA 12A 11-august-2025 200 Exploration LA NEGRA COJA 13A 10-august-2025 300 Exploration LA NEGRA COJA 14A 11-august-2025 300 Exploration LA NEGRA COJA 15A 10-august-2025 300 Exploration LA NEGRA COJA 16A 18-august-2025 200 Exploration LA NEGRA COJA 17A 17-august-2025 300 Exploration LA NEGRA COJA 18A 18-august-2025 300 Exploration LA NEGRA COJA 19A 11-august-2025 200 Exploration NICE BARREL 1 05-august-2025 200 Exploration NICE BARREL 2 05-august-2025 300 Exploration NICE BARREL 3 06-august-2025 200 Exploration NICE BARREL 4 05-august-2025 200 Exploration NICE BARREL 5 06-august-2025 200 Exploration NICE BARREL 6 05-august-2025 200 Exploration NICE BARREL 7 10-august-2025 200 Exploration NICE BARREL 13 28-september-2025 300 Exploration NICE BARREL 12 28-september-2025 200 Exploration NICE BARREL 11 28-september-2025 300 Exploration NICE BARREL 10 28-september-2025 200 Exploration NICE BARREL 9 28-september-2025 300 Exploration NICE BARREL 8 28-september-2025 200 Exploration Concession Name Date of Expiration ZORRO 1B TESOROGOLD.COM.AU 11 ASX ANNOUNCEMENT 30 OCTOBER 2023 Concession Name Date of Expiration Size (ha) Concession type SIERRA PATACONES 1 Replaced by SIERRA PATACONES 1A in process 300 Exploration SIERRA PATACONES 2 Replaced by SIERRA PATACONES 2A in process 300 Exploration SIERRA PATACONES 3 Replaced by SIERRA PATACONES 3A in process 300 Exploration SIERRA PATACONES 4 Replaced by SIERRA PATACONES 4A in process 300 Exploration SIERRA PATACONES 5 Replaced by SIERRA PATACONES 5A in process 300 Exploration SIERRA PATACONES 6 Replaced by SIERRA PATACONES 6A in process 300 Exploration SIERRA PATACONES 7 Replaced by SIERRA PATACONES 7A in process 300 Exploration SIERRA PATACONES 8 Replaced by SIERRA PATACONES 8A in process 300 Exploration SIERRA PATACONES 9 Replaced by SIERRA PATACONES 9A in process 300 Exploration SIERRA PATACONES 10 Replaced by 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65A in process 300 Exploration VACAS FLACAS 1 26-October-2026 300 Exploration VACAS FLACAS 2 26-October-2026 300 Exploration VACAS FLACAS 5 26-October-2026 300 Exploration VACAS FLACAS 6 26-October-2026 300 Exploration VACAS FLACAS 7 26-October-2026 300 Exploration VACAS FLACAS 8 26-October-2026 300 Explorati