Announcement PDF Sign up HERE to our Investor Hub ASX: TSO OTCQB: TSORF ASX ANNOUNCEMENT 10 OCTOBER 2022 Tesoro Attending 2022 New Orleans Investment Conference October 12–15, 2022 Tesoro Gold Limited (“Tesoro” or “the Company”) (ASX:TSO, OTCQB:TSORF) advises that the Company is attending the 2022 New Orleans Investment Conference being held on 12 15 October 2022 (https://neworleansconference.com). Please find attached the Company’s latest Corporate Presentation. The presentation can be downloaded from: https://announcements.tesorogold.com.au/ Authorised by the Board of Tesoro Gold Ltd. For more information: Company: Zeff Reeves Managing Director Tesoro Gold Limited info@tesorogold.com.au Investor Relations: Evan Smith Advisir Evan.smith@advisir.com.au About Tesoro Tesoro Gold Limited 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 incountry 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. TESOROGOLD.COM.AU 1 El Zorro Gold Project Chile Scale, Simplicity, Strategic Location & Exceptional Metallurgy September 2022 ASX: TSO OTCQB: TSORF Tesoro Gold (ASX:TSO | OTCQB: TSORF) | CORPORATE PRESENTATION 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 5 October 2022 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 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 Managing 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 Presentation 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. The information in this report that relates to Metallurgical Test Work Results is based on information compiled by Mr Linton Putland (B Eng – Mining, MSc – Mineral Economics, MAUSIMM, MAICD). Mr Putland is a member of the Australasian Institute of Mining and Metallurgy and a Director and employee of the Company. Mr Putland has sufficient experience that is relevant to the results 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 Metallurgical Results. Mr Putland consents to the inclusion in this report of the matters based on this 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 2 Tesoro Gold – A Brief History Feb 2020 • Listed on the ASX • First hole drilled post listing ZDDH0017 86.45m @ 2.29g/t Au 2017 • Founded • Reached agreement to acquire 1,500Ha El Zorro Gold Project • Drilled first hole incl 15m @ 10.82g/t Au incl 2.3m @ 46.41g/t Au March 2022 • Drilled ZDDH0288 63.93m @ 7.61g/t Au incl 7.00m @ 66.10g/t Au March 2021 • Increased ownership of El Zorro to 85% Sept 2020 • Expanded Concession Holdings to 570km² April 2021 • Gold discovered at Ternera East, completed 100,000m drilling program at Ternera April 2022 • El Zorro Confirmed as new gold district August 2022 2017 2018 2019 2020 2018 -2019 • Privately funded, drilled 16 holes confirming new Chilean IRGS • Expanded concession to 10,000Ha Tesoro Gold (ASX:TSO, (ASX:TSO |OTCQB:TSORF) OTCQB: TSORF)| | CORPORATE CORPORATEPRESENTATION PRESENTATION 2021 July 2020 • Expanded Concession holdings to 395km² 2022 July 2021 • Maiden Resource for Ternera of 661koz of gold Dec 2020 • Drilled ZDDH0069 267.00m @ 1.12g/t Au incl 45.00m @ 4.02g/t Au Jan 2022 • New Gold Discovery 2km west of Ternera Sept 2021 • Metallurgical test work confirms +94% recoveries Drilled ZDDH0297 434.60m @ 1.22 g/t Au incl 89.95m @ 3.07g/t Au incl 20.80m @ 9.19g/t Au May 2022 • Ternera MRE increases to 1.1Moz @ 1.12g/t Au 3 Tesoro’s Growth Strategy Utilise Extensive Geological & Mining Expertise to Discover & Build the High Quality El Zorro Gold Project in the ‘Core Atacama’ Province of Chile Location Atacama Region, Chile The Asset El Zorro Gold Project >570km2 of a new Chilean Intrusive Related Gold District (IRGS), containing the 1.1Moz Ternera Gold Deposit The Future Resource Growth and Discovery Current resource at 1.1Moz and growing Multiple new discoveries to be drilled Coastal Location and supporting infrastructure Ternera Gold Deposit Looking South Tesoro Gold (ASX:TSO | OTCQB: TSORF) | CORPORATE PRESENTATION 4 Tesoro’s Growth Strategy Tesoro has a dual strategic focus to unlock the full potential at El Zorro District Discovery Discover and develop deposits on the >570km2 of regional exploration outside of Ternera and unlock the district scale potential of El Zorro Test continuity and define ounces Drill test Ternera style targets Identify prospective targets by mapping and sampling Ternera Growth Discover and define mineralisation proximal to the 1.1Moz Ternera Gold deposit, continue to grow the Resource and advance toward production Complete economic assessment, planning and permitting to advance towards production Confirm Continuity Pathway to Production Drill Test Resource Growth Infill drill to define resources and determine ultimate size Discover and Define Discover new mineralisation and extensions to Ternera Target Generation Tesoro Gold (ASX:TSO | OTCQB: TSORF) | CORPORATE PRESENTATION 5 Investment Highlights • Tesoro holds one of the largest & most prospective gold projects in Chile. • Strategically positioned, established infrastructure & surrounded by mines. • Intrusive Related Gold System (IRGS). • Resource of 30.5Mt @ 1.12g/t Au for 1.1Moz at 0.3g/t Au cut-off (1). • Multi million-ounce potential • Rapidly growing gold resource & emerging gold district. • Tintina Province analogue (>50M Oz Au), Fort Knox, Pogo & Brewery Creek. • Preliminary metallurgical work indicates a CIL Project in a Tier-1 jurisdiction. • 94.5% gold recovery with 45% of gold recovered by Gravity(2). • Significant exploration potential with <5% of permit area drilled. • 99% success rate with drill bit. Au Chanaral Cu/Fe El Zorro Gold Project Cu Cu/Au Caldera Fe Cities Ternera Gold Deposit Other Mines Santo Domingo Proposed Port Tesoro License (570 km2) Copiapo Cu/Au Au Airport & Power Pan American Highway 1- Refer to Mineral Resource Estimate, ASX Announcement 23 May 2022 and Appendix 1. 2– Refer ASX Announcement 10 December 2021 Tesoro Gold (ASX:TSO | OTCQB: TSORF) | CORPORATE PRESENTATION 6 El Zorro Gold Project: Chile’s Newest Gold Discovery • Tesoro Owns 85% of the El Zorro Gold Project (1). • 30.5Mt @ 1.12g/t Au for 1.1Moz at 0.3g/t Au cut-off (2) defined by 300 diamond drill holes. • High-grade opportunity using 1.0g/t cut off: • 9.6Mt @ 2.31g/t Au for 715koz. • Unconstrained classified resource of 38.6Mt @ 1.06g/t Au for 1.3Moz, at 0.3g/t Au cut-off (2). • Discovery Cost US$15/oz (1/3 global average). • Outcropping Orebody with High-Grade Zones. • Nine adjacent analogous targets. • High potential to repeat Ternera success Notes: 1- Tesoro’s 95% owned Chilean subsidiary owns 85% of the El Zorro Gold Project and may increase its holding of the JV via capital contributions. On 26 August 2021, 15% JV partner Wanaco disputed the valuation & the procedure followed for the recent capital increase approved in the Shareholders Meeting of El Zorro SCM held on 11 February 2021. Tesoro is vigorously defending its position and pursuing legal avenues to have this spurious claim rejected by the court. 2- Refer to Mineral Resource Estimate, ASX Announcement 23 May 2022 and Appendix 1. Tesoro Gold (ASX:TSO | OTCQB: TSORF) | CORPORATE PRESENTATION 7 Ternera – Expanding 1.1Moz Resource • Ternera Deposit Open in all directions. • Continue drilling to grow resource base. Au g/t 1.50-2.50 • Ternera orebody starts at surface. 2.50-5.00 • Multiple continuous high-grade zones. Indicated Cutoff Au g/t Mt 2.00 1.00 0.50 0.30 Au g/t 1.8 4.4 9.3 13.3 Inferred koz 3.93 2.41 1.51 1.18 Mt 223 341 453 503 Total Au g/t 2.0 5.2 12.0 17.2 >5.00 koz 3.63 2.23 1.36 1.07 Mt 230 373 527 593 3.7 9.6 21.4 30.5 Au g/t koz 3.77 2.31 1.43 1.12 453 715 980 1,096 Mineral Resource Estimate reported at various cut-offs within a USD1,800 per ounce optimised pit shell2. Indicated Cutoff Au g/t 2.00 1.00 0.50 0.30 Mt 1.9 5.0 10.6 15.5 Au g/t 3.90 2.36 1.48 1.14 Inferred koz 243 377 505 566 Mt 2.3 6.5 15.5 23.1 Au g/t 3.55 2.14 1.31 1.01 Total koz 264 451 651 747 Mt 4.2 11.5 26.1 38.6 Au g/t koz 3.71 2.24 1.38 1.06 507 828 1,156 1,313 Mineral Resource Estimate reported at various cut-offs unconstrained classified resource to the 200mRL2. 1- MRE-Mineral Resource Estimate, also referred to as “Resource” 2- Refer to Mineral Resource Estimate - ASX Announcement, 23 May 2022 Tesoro Gold (ASX:TSO | OTCQB: TSORF) | CORPORATE PRESENTATION 3D view looking northwest of the Ternera MRE block model, USD1800pit shell. Multiple high-grade zones below pit for potential underground mining. Drilling with selected drill highlights (downhole width/Au g/t) showing extensions requiring further drilling for resource classification - 100m grid 8 Ternera – A Robust Open Pit Resource • Ternera Deposit Open in all directions. • Continue drilling to grow resource base. • Multiple wide-spaced drill intercepts outside of resource. • Excellent potential for continued growth & conversion of waste to ore. • Current program to improve classification and upgrade MRE. ZDDH0297 Drill Section looking west with MRE block model. Block model coloured to gold grade. Hole ZDDH0297 has infilled and upgraded gold grade within the existing MRE block model. – ASX Announcement 31 August 2022 Tesoro Gold (ASX:TSO | OTCQB: TSORF) | CORPORATE PRESENTATION 9 High-Grade Open Pit Potential • 503koz in Indicated classification(1). • 46% of total resource Indicated. • 75% of Indicated Resource in upper 200m: Au g/t 1.50-2.50 2.50-5.00 >5.00 • Increased drilling density: • <25m for Indicated; and • <50m for Inferred. • 1.3Moz @ 1.06g/t unconstrained Indicated & Inferred Resource(1): • Highlights potential for continued growth. • Well-defined, high-grade zones beneath the USD1,800/oz pit shell – Underground Potential. 1- Refer to Mineral Resource ASX Announcement, 23 May 2022 Tesoro Gold (ASX:TSO | OTCQB: TSORF) | CORPORATE PRESENTATION 900m Ternera Gold Deposit Block Model Long Section looking northwest highlighting continuous high-grade mineralisation from surface above 1.50g/t Au. USD1800/oz pit shell shown as red outline - 75m grid. 10 Ternera – A Robust Open Pit Resource Multiple well-defined, wide & continuous highgrade zones start at surface. • High proportion of ounces in high-grade zones – 715koz @ 2.31g/t Au at 1.00g/t Au cutoff(1). .• High grade mining options being assessed • Attractive and simple metallurgy. • 45% of gold recovered by Gravity, 94.5% total recovery @ 150 micron grind size (2). • Simple Flowsheet Single Stage Crushing, Gravity & CIL(3). 300m • Au g/t 1.00-1.50 1.50-2.50 2.50-5.00 >5.00 Ternera Gold Deposit Block Model Section 7036300mN looking north showing resource blocks >1g/t Au. USD1800/oz pit shell shown as red outline - 50m grid. 1– Refer to Mineral Resource ASX Announcement, 23 May 2022 2- Refer ASX Announcement 10 December 2021 3- Refer Appendix 2 Tesoro Gold (ASX:TSO | OTCQB: TSORF) | CORPORATE PRESENTATION 11 El Zorro Intrusion Related Gold Belt: Is Ternera the first of many? • Newly recognised IRGS in Chile. • >570km2 of unexplored potential. • Large surface gold footprint. • Multiple undrilled gold targets. • Multiple El Zorro Tonalite dyke swarms (EZT, gold host rock). • Potential for Ternera repeats. • Drill testing of district targets underway. 1- Refer to ASX announcement 19 April 2022 – Appendix 1 for full results El Zorro Gold Project concession map. Yellow indicates mapped intrusions (EZT) prospective for gold mineralisation Tesoro Gold (ASX:TSO | OTCQB: TSORF) | CORPORATE PRESENTATION El Zorro Gold Project geology and surface sampling. PSAD56/19S datum. Gold results shown as width/Au(ppm). Prospective El Zorro Tonalite Dyke swarms in pink (ASX Announcement 19 April 2022 ) 12 El Zorro – Unlocking a District Scale Gold System Immediate Focus • • • Continue to expand and improve the Ternera Gold Resource with drilling. Delineate & drill Ternera repeats on the El Zorro concessions. Complete studies to demonstrate economic viability of the project. Key Activities for 2022/2023 (indicative schedule) 2022 Q4 Q1 Ternera Expansion Drilling (5,000m) Ternera Gold Deposit Resource Update Regional Exploration 2023 Q2 Exploration & Development Ternera Mine Drilling District Targets Drilling (10,000m) Q4 Resource Update Scoping Study Environmental Permitting Studies and Approvals Drilling Tesoro Gold (ASX:TSO | OTCQB: TSORF) | CORPORATE PRESENTATION Q3 Feasibility Study Exploration Maiden Resource Analysis Approvals Key Announcements 13 Company Strategy & Corporate Snapshot Capital Structure Shares on Issue 853.5 million Performance Rights 104 million(1) Market Capitalisation A$28 million Cash (2) A$3.95 million Debt Nil Shareholders Top 20 48% Board & Management 13% Institutional Investors 31% Other 66% Notes: 1- Refer Appendix 5 for Performance Rights details, 2- As at 30 June 2022 Tesoro Gold (ASX:TSO | OTCQB: TSORF) | CORPORATE PRESENTATION 14 Board & Management Geologist with >20 years of resources experience taking projects from greenfields exploration, discovery, definition & feasibility, construction, production to closure. Zeff was 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. He has had previous exploration success identifying & delineating new gold districts in Brazil and Chile. Zeffron Reeves Managing Director >30 years of international resource sector experience as a John is a Partner at Azure Capital Limited with >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. Geologist, Project Manager & Fund Manager. Previously worked in Private Equity (FUM USD800 million) and as a Director of Societe General’s Mining Finance Team in New York. Operational roles include Project Manager, Senior Mine Geologist & Mine Geologist for Ivanhoe Mines, Lion Ore International & Western Mining Corporation. John Toll Chairman Geoff McNamara Non-Executive Director >20 years’ experience across mining, technical engineering, feasibility studies, financial modelling, business development, marketing, advisory, technology, & governance. Ms Young is Non-Executive Chair of ChemX Materials, Non-Executive Director of Lithium Australia NL (ASX:LIT). Previously held BD Director roles with EY and PwC and is a Graduate Member of the Australian Institute of Company Directors. Kristie Young Non-Executive Director Tesoro Gold (ASX:TSO | OTCQB: TSORF) | CORPORATE PRESENTATION >30 years of experience in mining operations, joint ventures & corporate management in Australia, Africa & the Americas, over a wide range of commodities. Currently principal of LJ Putland & Associates, a private mining consultancy company. Prior to this, he held corporate and senior management roles in IAMGOLD, Aurion Gold, Delta Gold & Pancontinental Mining. He is a Member of AusIMM and a Graduate Member of Australian Institute of Company Directors. Linton Putland Executive Director Mining & Development 15 Board & Management Administrative, management & development professional with experience in Chile working from greenfield exploration, discovery, production, closure, retreatment & tailings reclamation. Part of the development team with Fortescue at its Pilbara mining operations. Commercial Manager of Metallum Chile, General Manager of Acorn Mining Chile and Country Manager for Cleveland Mining Chile. Sergio has a Business Management degree from Universidad del Desarrollo. Sergio Uribe Country Manager Chile Qualified lawyer with >20 years’ experience in corporate law and compliance. She is currently Non-Executive Director of ASX listed companies Vmoto Limited, Bellevue Gold Limited and Company Secretary to a number of public unlisted & listed companies. Shannon Coates Joint Company Secretary Corporate governance specialist who provides corporate advisory and company secretarial services to ASX listing companies, including capital raising, compliance and governance advice. Sarah acts as Company Secretary for a number of ASX listed companies and holds a Certificate in Governance Practice and Administration and is a Member of the Governance Institute of Australia. Sarah Wilson Joint Company Secretary Tesoro Gold (ASX:TSO | OTCQB: TSORF) | CORPORATE PRESENTATION 16 Chile - Key People >15 years’ mining and exploration experience in Chile, Peru, and the Dominican Republic. Personnel and project management expertise including strategic planning with a focus on safety and ESG. Extensive background in geological mapping, geochemical sampling, drilling, modelling, QA/QC and geotechnical. Degree in Geology and Geotechnical Engineering, Diploma in Risk Prevention and Occupational Safety. Ruben Cahuana Exploration Manager - Chile 14 years in the environmental regulatory sector. Extensive experience developing regulations, evaluating investment projects to be authorised, in charge of social and economic analysis of environmental public policies for approval. Specialist in emissions inventories, environmental economic instruments, and technical leader of the first Chilean carbon market. Degree in Chemical Civil Engineering and Industrial Civil Engineering from the University of Chile. Tatania Garcia Manager – Permitting, Community Relations and Sustainability 14 years’ experience in Chilean law. Concentrates on corporate matters and the development of investment projects, specifically in the Mining and Energy industries. Advises national and foreign clients in matters related to project development, M&A, public procurement, financing structures and venture capital. Law degree and Master in Tax Law degree. Francisco Varela Echaurren Chile Legal Counsel Tesoro Gold (ASX:TSO | OTCQB: TSORF) | CORPORATE PRESENTATION 17 Recent Activity Calderillas Access and Drill Pad Calderillas Drill Pad Tesoro Gold (ASX:TSO | OTCQB: TSORF) | CORPORATE PRESENTATION Tesoro Team Calderillas Access 18 El Zorro Gold Project - Top 10 Drill Intercepts1 ZDDH0297 - 434.60m @ 1.22 g/t Au incl 89.95m @ 3.07 g/t Au and 20.80m @ 9.19 g/t Au ZDDH0288 - 63.93m @ 7.61 g/t Au incl 7.00m @ 66.10 g/t Au ZDDH0069 – 267.00m @ 1.12 g/t Au incl 132.00m @ 1.89 g/t Au ZDDH0154 - 67.00m @ 3.44 g/t Au incl 13.50m @ 15.84 g/t Au ZDDH0017 – 86.45m @ 2.29 g/t Au incl 50.50m @ 3.63 g/t Au ZDDH0170 – 205.00m @ 0.96 g/t Au incl 35.00m @ 3.99 g/t Au ZDDH0290 – 63.60m @ 2.89 g/t Au incl 10.60m @ 14.34 g/t Au ZDDH0300 – 129.60m @ 1.08 g/t Au incl 22.60m @ 2.51 g/t Au ZDDH0025 – 121.55m @ 1.32 g/t Au incl 22.55m @ 2.98 g/t Au ZDDH0011 - 98.30 metres @ 1.58 g/t Au incl 30.30 metres @ 3.03 g/t Au 1- Refer to Prospectus dated 29 October 2019 and ASX announcements, 12 March 2020, 27 May 2020, 21 December 2020, 4 August 2021, 19 August 2021, 30 March 2022, 31 August 2022 and 27 September 2022 Tesoro Gold (ASX:TSO | OTCQB: TSORF) | CORPORATE PRESENTATION 19 El Zorro Gold Project – Appendices Scale, Simplicity & Exceptional Metallurgy in a Strategic Location 1.1M oz & growing Up to 45 %Gravity Recovery Conventional Processing Coastal Location Chile Mining Friendly Surface Gold to over 500m Depth New Gold District First Mover Developing a Sustainable Gold Project Mature Mining Skillset Tesoro Gold (ASX:TSO | OTCQB: TSORF) | CORPORATE PRESENTATION 20 Appendix 1: Mineral Resource Mineral Resource Estimate of 1.1Moz Gold within a USD1,800 per ounce optimised pit shell announced on 23 May 2022. Cut-off Au g/t 0.3 0.5 1.00 2.00 Indicated Total Inferred Mt Au g/t koz Mt Au g/t koz Mt Au g/t koz 13.3 9.3 4.4 1.8 1.18 1.51 2.41 3.93 503 453 341 223 17.2 12.0 5.2 2.0 1.07 1.36 2.23 3.63 593 527 373 230 30.5 21.4 9.6 3.7 1.12 1.43 2.31 3.77 1,096 980 715 453 Mineral Resource Estimate of 1.3Moz Gold unconstrained classified resources to the 200mRL announced on 23 May 2022. Cut-off Au g/t 0.3 0.5 1.00 2.00 Indicated Total Inferred Mt Au g/t koz Mt Au g/t koz Mt Au g/t koz 15.5 10.6 5.0 1.9 1.14 1.48 2.36 3.90 566 505 377 243 23.1 15.5 6.5 2.3 1.01 1.31 2.14 3.55 747 651 451 264 38.6 26.1 11.5 4.20 1.06 1.38 2.24 3.71 1,313 1,156 828 507 Tesoro Gold (ASX:TSO | OTCQB: TSORF) | CORPORATE PRESENTATION 21 Appendix 2: El Zorro Preliminary Process Plant Flowsheet Tesoro Gold (ASX:TSO | OTCQB: TSORF) | CORPORATE PRESENTATION 22 Appendix 3: Environmental & Social Strategy Our environmental & social strategy is aligned to the United Nations (UN) Sustainable Development Goals (SDG) with the company committed to ensuring its exploration & operational activities generate positive sustainability outcomes. Sustainability Pillars Summary Health & Safety Occupational Health & Safety are fundamental responsibilities Tesoro has towards its workforce. Our strategies & practices are based on providing a safe workplace for all employees, suppliers & contractors. Climate Change Total GHG emissions on a $ per value basis for newly mined gold is significantly lower than that for other major metals & mined products. Tesoro is committed to put in place a framework to ensure future mine developments are built & operated to support global greenhouse mitigation targets. Environment Tesoro applies leading exploration techniques, technology & practices to promote drilling efficiency & minimise environmental impacts. Furthermore, Tesoro is committed to continual improvement of its environmental performance through a robust environmental management program. People & Culture Attracting, developing & retaining a diverse, inclusive & competent workforce is important to Tesoro & a key foundation to the company's policies & practices. Community Partnerships Tesoro partners with the local & host communities of the Coastal Cordillera region of Chile to share value through the creation of local jobs & business opportunities. Economic Sustainability Generating economic growth & value for all our investors, employees & stakeholders through successful exploration & investment in the Coastal Cordillera region of Chile. Tesoro Gold (ASX:TSO) (ASX:TSO | OTCQB: | CORPORATE TSORF)PRESENTATION | CORPORATE PRESENTATION UN SDG 23 Appendix 4: Why Chile • Low Sovereign Risk: Chile has a population of >19 million people, one of South America’s most stable & prosperous nations, enabling the country to significantly reduce poverty. Chile’s GDP was 17.4% in 4th Qtr 2021 (1), second-fastest pace of expansion of the Chilean economy on record, on the back of government stimulus & a rapid COVID-19 vaccination rollout (one of the best in South America). • Extremely Low Corruption: Chile ranks in the top quartile of countries in Transparency International’s 2020 Corruption Index, equal with the United States of America. • Supportive Government Policy Towards Mining: Mining is a major driver of the Chilean economy, contribut