Announcement PDF Sign up HERE to our Investor Hub ASX ANNOUNCEMENT 29 MAY 2025 ASX: TSO OTCQB: TSORF FSE: T5D7 NEW ZONES OF GOLD MINERALISATION INTERCEPTED OUTSIDE OF THE TERNERA DEPOSIT BOUNDARY Tesoro Gold Limited (Tesoro or the Company) (ASX:TSO, OTCQB:TSORF, FST:5D7) is pleased to announce significant assay results from its ongoing extensional and infill drilling program at the El Zorro Gold Project in Chile (El Zorro). Exploration drilling has continued to intercept new gold-bearing zones both within, and extending out, beyond the existing boundary of the 1.3Moz Mineral Resource Estimate (MRE) of the Ternera Gold Deposit (Ternera). Diamond drill hole ZDDH0377 returned 47.60m @ 1.13g/t from a depth of 402.60m including 20.40m @ 2.05g/t from 414.60m. This new intercept adds to and supports previously reported results from hole ZDDH00356, which intercepted 132.18m @ 1.28g/t Au from 363.00m, including 21.70 @ 4.26g/t Au from 371.30m1. HIGHLIGHTS • Follow-up drilling to hole ZDDH0356 confirms the presence of wide mineralisation outside of the current Ternera MRE boundary, with further drilling in the area underway. • Multiple intercepts delineated several new gold zones south of the MRE: • Hole ZDDH0377 confirms a new large, mineralised zone: • 47.60m @ 1.13g/t from 402.60m including; • 20.40m @ 2.05g/t from 414.60m including; • • • 3.54m @ 5.30g/t Au from 418.00m Additional shallow intercepts in the northern extension zone include: • 20.90m @ 1.05g/t Au from 125.10m (ZDDH0373); • 0.50m @ 25.70g/t Au from 34.70m (ZDDH0372); and • 10.57m @ 1.30g/t Au from 79.58m Drilling continues, with a focus on expanding the MRE at the shallow northern and southern ends of Ternera. 1 Refer to ASX Announcement dated 16 January 2025. Level 39, 152-158 St Georges Terrace, Perth +61 8 6383 7883 info@tesorogold.com.au ASX ANNOUNCEMENT 29 MAY 2025 Tesoro Managing Director, Zeff Reeves, commented: “Our ongoing drilling program has continued to confirm the presence of new mineralised zones discovered during the campaign. Our current aim is to achieve the necessary drill density in these areas to support their inclusion in an updated Mineral Resource Estimate, which we are targeting for release in the coming months. These strong results returned from in and around Ternera do not come as a surprise to us, they continue to define new mineralised zones, adding to and supporting our geological model. With more than 15,000m of additional drilling completed since delineation of the 2023 MRE, we are well positioned to deliver a meaningful update.” Figure 1: El Zorro Gold Project – Ternera Area. Drill locations in the current program, with new results highlighted in gold. Previously announced results shown in white (refer ASX Announcements 23 March 2021, 25 June 2021, 3 November 2021, 8 November 2022, 18 September 2023, 13 June 2024, 2 July 2024, 28 October 2024,16 January 2025 and 20 March 2025). Datum PSAD56 19S. TESOROGOLD.COM.AU 2 ASX ANNOUNCEMENT 29 MAY 2025 TERNERA DRILLING DEFINING NEW GOLD ZONES Tesoro’s current round of diamond drilling at Ternera is focused on extending and infilling the 1.5Moz MRE. Drilling has targeted newly identified gold extensions to both the north and south of the current Resource shell. To date, results have been received for ten diamond drill holes: six targeting shallow northern extensions, two targeting newly discovered mineralisation to the south, and two testing the southern extension of the Ternera East mineralised zone (see Figure 1). Hole ZDDH0377 returned 47.60m @ 1.13g/t from 402.60m, including 20.40m @ 2.05g/t from 414.60m, validating the wide mineralised zone fist intercepted by hole ZDDH0356. Additional drilling is underway in this new area to generate sufficient data for inclusion in the planned MRE update. Infill and extensional drilling to the north has continued to return positive results, with further definition of mineralised zones. Ternera remains open to the north. A full table of significant intercepts is presented in Table 1. NEXT STEPS Drilling at El Zorro will continue over the coming months, with the aim of including as many new intercepts as possible in the MRE update. Two drill rigs, operated by separate contractors have been deployed during the program to date. In April, one rig was demobilised due to underperformance, with a replacement contractor engaged restoring full drilling capacity. The two rigs will continue to operate 24 hours per day, 7 days per week until completion of the campaign, which is currently expected to begin in July 2025. TESOROGOLD.COM.AU 3 ASX ANNOUNCEMENT 29 MAY 2025 Table 1: Significant intercepts table for results reported in this announcement. Results are uncut, no top cut has been applied. Refer Appendix 1 - JORC Tables for data aggregation criteria. A significant intercept is defined as any intercept with a down hole grade x width >0.25. NSI denotes No Significant Intercept. Hole_ID ZDDH0369 ZDDH0369 ZDDH0369 ZDDH0369 ZDDH0369 ZDDH0369 ZDDH0369 ZDDH0369 ZDDH0369 ZDDH0369 ZDDH0369 ZDDH0369 ZDDH0371 ZDDH0371 ZDDH0371 ZDDH0371 ZDDH0371 ZDDH0371 ZDDH0372 ZDDH0372 ZDDH0372 ZDDH0372 ZDDH0372 ZDDH0372 ZDDH0373 ZDDH0373 ZDDH0373 ZDDH0373 From (m) 21.25 21.25 74.95 103.65 217.00 221.40 221.40 231.18 240.00 246.07 251.86 261.66 30.36 35.54 47.09 108.40 109.53 117.65 6.46 15.09 25.50 34.70 79.58 83.00 88.60 125.10 125.10 234.68 To (m) 23.90 22.20 76.90 104.50 218.00 233.00 222.54 233.00 240.52 248.50 253.76 262.92 36.45 36.45 47.60 113.98 110.42 118.65 8.00 16.40 30.50 35.20 90.15 86.00 90.40 146.00 131.86 235.62 Interval 2.65 0.95 1.95 0.85 1.00 11.60 1.14 1.82 0.52 2.43 1.90 1.26 6.09 0.91 0.51 5.58 0.89 1.00 1.54 1.31 5.00 0.50 10.57 3.00 1.80 20.90 6.76 0.94 Au (g/t) 2.23 5.67 1.28 1.21 0.91 1.21 3.05 3.21 3.81 1.16 0.96 1.17 0.52 1.68 1.88 0.51 1.56 0.87 1.63 2.81 0.41 25.70 1.30 3.11 1.06 1.05 2.28 0.62 Comments Area Central including including including North including including North including North including Hole_ID ZDDH0374 ZDDH0375 ZDDH0375 ZDDH0375 ZDDH0375 ZDDH0375 ZDDH0375 ZDDH0376 ZDDH0377 ZDDH0377 ZDDH0377 ZDDH0377 ZDDH0377 ZDDH0377 ZDDH0377 ZDDH0377 ZDDH0379 ZDDH0380 ZDDH0380 ZDDH0380 ZDDH0380 ZDDH0380 ZDDH0380 ZDDH0380 ZDDH0380 ZDDH0380 ZDDH0380 From (m) 80.50 102.06 120.40 140.77 168.10 172.52 4.70 4.70 324.18 330.00 385.66 402.80 414.60 418.00 14.60 79.00 97.70 99.00 111.00 123.30 123.30 128.00 142.00 168.80 To (m) Interval Au (g/t) Comments NSI 81.00 0.50 1.65 121.00 18.94 0.64 121.00 0.60 10.75 including 144.70 3.93 0.82 168.58 0.48 2.11 173.04 0.52 1.28 NSI 9.60 4.90 0.78 6.00 1.30 1.28 including 325.00 0.82 1.14 331.00 1.00 1.03 386.45 0.79 1.27 450.40 47.60 1.13 435.00 20.40 2.05 including 421.54 3.54 5.30 including 0.00 NSI 15.60 1.00 1.01 79.80 0.80 0.50 101.80 4.10 0.53 99.50 0.50 2.12 including 111.51 0.51 1.14 131.88 8.58 0.72 124.90 1.60 1.60 including 131.88 3.88 1.12 including 142.90 0.90 0.78 169.32 0.52 1.58 Area North East East South East North 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 4 ASX ANNOUNCEMENT 29 MAY 2025 Table 2 - Constrained Ternera MRE Au g/t Area Open Pit Resource Underground Resource Total Resources cut off Indicated Inferred Total Mt Au g/t Koz Mt Au g/t Koz Mt Au g/t Koz 0.30 22.5 1.10 795 10.0 1.18 379 32.5 1.13 1,175 1.50 0.1 2.64 7 1.2 2.64 100 1.3 2.64 107 22.6 1.11 802 11.2 1.34 479 33.7 1.18 1,282 The updated MRE has been constrained to a US$1,800/oz optimised pit shell, with the underground Resource reported at a 1.50g/t Au cut-off. The underground resource is reported at a cut-off where gold mineralisation is consistently well-developed below the optimised pit shell. Indicated Inferred Total Au g/t cut off 2.00 Mt 2.6 Au g/t 3.75 Koz 317 Mt 2.0 Au g/t 3.71 Koz 241 Mt 4.7 Au g/t 3.73 Koz 558 1.00 7.2 2.25 523 5.6 2.24 400 12.8 2.24 923 0.50 16.3 1.39 727 12.8 1.37 561 29.1 1.38 1,288 0.30 23.2 1.09 815 19.4 1.03 645 42.6 1.07 1,459 Unconstrained Ternera MRE reported at various cut offs to the 200mRL. For full details of the Ternera Deposit Mineral Resource Estimate (802 koz Indicated, 479 koz Inferred), refer to ASX Announcement dated 9 March 2023. TESOROGOLD.COM.AU 5 ASX ANNOUNCEMENT 29 MAY 2025 About Tesoro Future Performance Tesoro Gold Limited has discovered and defined the first Intrusive Related Gold System in Chile. The 1.3M oz Ternera discovery is 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 the districtscale El Zorro gold project in-line with the Company’s strategy. Tesoro’s 95% owned Chilean subsidiary owns 93.8% of the El Zorro Gold Project. This announcement may contain certain forwardlooking statements and opinions. 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 forwardlooking 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 Gold. Competent Persons Statements 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 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 9 March 2023, and all material assumptions and technical parameters underpinning the estimates in that announcement continue to apply and have not materially changed. The Mineral Resource comprises 802koz in the Indicated and 479koz in the Inferred category. 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. TESOROGOLD.COM.AU 6 ASX ANNOUNCEMENT 29 MAY 2025 APPENDIX 1: DRILLING DETAILS – CURRENT PROGRAM Hole Location Hole ID Northing ZDDH00336 341247 ZDDH00337 341259 ZDDH00337A 341259 ZDDH00338 341448 ZDDH00339 342386 ZDDH00339A 342394 ZDDH00340 342258 ZDDH00341 342276 ZDDH00342 341283 ZDDH00343 341682 ZDDH00344 342306 ZDDH00345 342239 ZDDH00346 342110 ZDDH00347 342283 ZDDH00348 342122 ZDDH00349A 341968 ZDDH00350 341908 ZDDH00351 341838 ZDDH00352 341779 ZDDH00353A 341801 ZDDH00354 342004 ZDDH00351A 341838 ZDDH00355 341979 ZDDH00357 341930 ZDDH00358 342045 ZDDH00359 341974 ZDDH00356 341810 ZDDH00360 342044 ZDDH00360A 342041 ZDDH00361 341825 ZDDH00362 341841 ZDDH00363 341814 ZDDH00364 342028 ZDDH00365 341874 ZDDH00366 341860 ZDDH00367 341842 ZDDH00368 341908 ZDDH00369 341903 ZDDH00370 342003 ZDDH00371 342018 ZDDH00372 341808 ZDDH00373 341893 ZDDH00374 341923 ZDDH00375 342050 ZDDH00376 342050 ZDDH00376 342050 ZDDH00377 341987 ZDDH00378 341685 ZDDH00378A 341690 ZDDH00379 341981 ZDDH00380 342027 ZDDH00381 342000 ZDDH00382 341997 ZDDH00383 342031 TESOROGOLD.COM.AU Easting 7036902 7036856 7036857 7036627 7034313 7034308 7036280 7036185 7036941 7036408 7036207 7036207 7036836 7036134 7035963 7036455 7035998 7036097 7036073 7036100 7036079 7036094 7035633 7035766 7036611 7036506 7036187 7036573 7036576 7035664 7035707 7035740 7036575 7035704 7036510 7035690 7036527 7036094 7036590 7036585 7036457 7036485 7036489 7035763 7035764 7035764 7036004 7035791 7035792 7035667 7036600 7036616 7036640 7036635 Hole Orientation Drill Depth (m) Elevatio Dip Azimuth n 658 -60 20 342.55 623 -60 20 24.95 625 -60 20 280.00 632 -60 330 298.40 620 -60 0 68.70 618 -60 0 197.40 648 -60 0 230.00 598 -60 0 400.15 677 -60 240 281.40 596 -60 240 180.50 630 -60 0 281.50 640 -60 0 420.00 820 -60 0 224.50 599 -60 0 472.30 607 -60 0 327.65 660 -60 10 412.70 642 -65 0 478.70 619 -55 0 360.10 584 -65 0 506.00 594 -55 177 566.50 684 -65 0 473.55 615 -55 0 347.70 557 -60 0 247.70 572 -60 0 190.70 692 -60 240 230.50 672 -60 40 200.30 586 -50 177 572.10 672 -60 240 173.90 677 -60 240 202.30 541 -60 240 150.00 538 -60 240 140.50 539 -60 240 119.50 693 -60 240 193.90 532 -60 240 125.40 648 -60 240 242.50 541 -60 240 113.00 642 -45 75 240.30 643 -65 0 530.50 683 -60 240 233.20 679 -60 240 150.10 648 -60 240 120.00 640 -45 75 260.50 652 -60 30 194.50 616 -60 240 287.40 619 -60 0 266.50 619 -60 0 266.50 660 -65 240 525.00 562 -60 60 56.70 562 -60 60 515.20 575 -60 240 227.50 696 -60 240 212.50 695 -60 240 200.00 689 -60 240 200.00 715 -60 240 170.00 7 ASX ANNOUNCEMENT 29 MAY 2025 APPENDIX 2: JORC TABLES Section 1: Sampling Techniques and Data Criteria JORC Code explanation Commentary Sampling techniques • Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as downhole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling. Tesoro has completed 396 diamond drill holes for 12124,419m in 2017, 2018, 2020, 2021, 2022, 2023, 2024 and 2025(ZDDH0001 to ZDDH00384) at the El Zorro Gold Project. Diamond drill holes were drilled with HQ. Sampling was half core at geologically defined and significant mineralisation boundaries. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. Tesoro Diamond drill holes were drilled with HQ. Sampling was half core at geological and significant mineralisation boundaries. The CP consider this appropriate for the style of mineralisation. • Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done; this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information. Diamond drilling was used to obtain ½ core samples of various lengths (minimum 0.25m), from which 1kg of material was pulverised passing 200 mesh to produce a 50g charge for fire assay fusion with a gravimetric finish. Multielement assays were completed by 4-acid digest with a 2.5g charge. The CP consider these appropriate assay techniques. Drilling techniques • Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, facesampling bit or other type, whether core is oriented and if so, by what method, etc.). Tesoro has completed 396 diamond drill holes for 12124,419m at the El Zorro Gold Project. Diamond drill holes were drilled with HQ. Sampling was half core at geological and significant mineralisation boundaries. Standard tube was used. Drill sample recovery • Method of recording and assessing core and chip sample recoveries and results assessed. Core recovery was estimated using the drillers recorded depth marks against the length of the core recovered. Reviewing the core photos, there are occasional shears/faults where core is broken. There is however no significant core loss. • Measures taken to maximise sample recovery and ensure representative nature of the samples. A single tube system was employed and in general core recovery good. The CP considers the sampling methodologies to be appropriate for this style of mineralisation. • Whether a relationship exists between There appears to be no potential sample bias as there sample recovery and grade and was no regular loss of core. whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. Logging • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. Geological core logging to a resolution of 25 cm was undertaken with a record kept of, inter alia, colour, lithology, weathering, grain size, mineralisation, alteration, geotechnical characteristics etc. Diamond core is stored at the Company’s warehouse. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography. Logging of diamond core was qualitative, and diamond core was photographed. • The total length and percentage of the relevant intersections logged. All drilled intervals are logged and recorded. TESOROGOLD.COM.AU Tesoro consider the data to be of an appropriate level of detail to support a future resource estimation. 8 ASX ANNOUNCEMENT 29 MAY 2025 Criteria JORC Code explanation Commentary Subsampling techniques and sample preparation • If core, whether cut or sawn and whether quarter, half or all core taken. Drill core was cut, and half core was collected for analysis • If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry. Tesoro has not completed any percussion drilling. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. Collection of half core ensured the nature, quality and appropriateness of the collected sample. • Quality control procedures adopted for all subsampling stages to maximise representivity of samples. Half core was collected for the entirety of the Tesoro drilling, as such there was consistency throughout the drilling. Core was logged by a qualified geoscientist. Each subsample is considered to be representative of the interval. • Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling. Sampling of half core is representative of the in-situ material. There are field duplicate samples collected from the diamond core with irregular results. Field drill core duplicates are irregular by nature, and it has been recommended by Tesoro’s consultants to use coarse reject material to monitor the sample preparation. • Whether sample sizes are appropriate to the grain size of the material being sampled. Sample sizes collected were considered appropriate to reasonably represent the material being tested. • The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. Assays reported in this report were undertaken at the accredited laboratory of ALS Santiago, which is fully certified. Core samples of various lengths were assayed (minimum 0.25m) from which 1kg of material was pulverized passing 200 mesh to produce a 50 g charge for fire assay fusion with gravimetric finish. Multielement assays were completed by 4-acid digest with a 2.5 g charge. Quality of assay data and laboratory tests The sample preparation of crushing half core at the lab to mm size prior to splitting off a 50g charge (either by cone/quarter or riffle) for pulverisation provides an appropriate and representative sample for analysis. All techniques are appropriate for the element being determined. Verification of sampling and assaying • For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. Standard chemical analyses were used for grade determination. There was no reliance on determination of analysis by geophysical tools. • Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established. QAQC procedures included the insertion of Certified Reference Materials (CRMs) (5%) and blank material (2%), Check samples (5%) and check assaying (5%) The laboratories used have generally demonstrated analytical accuracy at an acceptable level within 95% confidence limits. • The verification of significant intersections A number of independent consulting geoscientists by either independent or alternative (Cube Consulting, Oliver, and Cooley) external to company personnel. Tesoro have verified the intersections for holes ZDDH0001 to ZDDH0080. Holes ZDDH0081 onwards have been verified by multiple appropriately qualified Company personnel. • The use of twinned holes. No twinned holes have been completed Tesoro drilling is digitally entered and stored following • Documentation of primary data, data entry procedures, data verification, data documented core handling protocols. The protocols are considered adequate. storage (physical and electronic) protocols. • Discuss any adjustment to assay data. Location of data • Accuracy and quality of surveys used to points locate drillholes (collar and downhole surveys), trenches, mine workings and TESOROGOLD.COM.AU No adjustments were made to Tesoro Drilling Tesoro drill hole collars have been surveyed accurately using differential GPS for all holes. 9 ASX ANNOUNCEMENT 29 MAY 2025 Criteria JORC Code explanation Commentary other locations used in Mineral Resource estimation. Data spacing and distribution Orientation of data in relation to geological structure Sample security • Specification of the grid system used. The grid system used PSAD56 19S • Quality and adequacy of topographic control. The topography generated from an accurate topographic survey data completed by a registered surveyor and has been used for the current control. Drill hole spacing is variable between 25m and 200m • Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. Areas with up to 50m drill spacing are considered to be suitable for Mineral Resource Estimation. Areas of sparser drilling and at the fringes and depth extents of the deposit have been excluded from the MRE. • Whether sample compositing has been applied. Sample compositing was not employed at the sampling stage. • Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. Drill holes were drilled across the interpreted strike of the mineralisation. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. Tesoro diamond drilling at various orientations does not reveal any bias regarding the orientation of the mineralised horizons. • The measures taken to ensure sample security. Chain of Custody of digital data is managed by the Company. Physical material was stored on site and, when necessary, delivered to the assay laboratory. Thereafter laboratory samples were controlled by the nominated laboratory which to date has been Bureau Veritas and ALS Santiago. All sample collection was controlled by digital sample control file(s) and hardcopy ticket books. Audits or reviews • The results of any audits or reviews of sampling techniques and data. Where drill spacing is beyond 50m mineralisation has been interpreted to continue and have been used in the estimation of the Exploration Target. Drill spacing up to 200m has been used in the Exploration Target Estimation No audits have been undertaken. Section 2: Reporting of Exploration Results Criteria JORC Code explanation Commentary Mineral tenement and land tenure status • Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. Information regarding tenure is included in the company’s December 2025 quarterly report released to the ASX on 30 January 2025. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. The Concessions are believed to be in good standing with the governing authority and there is no known impediment to operating in the area. Exploration done by other parties • Acknowledgment and appraisal of exploration by other parties. Little historical exploration has been undertaken in either project area. Coeur d’Alene’s Chilean exploration division undertook activities on the Ternera prospect, under an option agreement with the previous owners between April 1990 and January 1993. Geology • Deposit type, geological setting and style of mineralisation. The mineralisation model is considered to be an intrusive related gold deposit. The key characteristics that are consistent with this style deposit include: TESOROGOLD.COM.AU Tesoro Resources Ltd, 95% owned Chilean subsidiary, Tesoro Mining Chile SpA, owns 94.42% of the El Zorro Gold Project Concessions. 10 ASX ANNOUNCEMENT 29 MAY 2025 Criteria JORC Code explanation Commentary • Low sulphide content, (typically <5%); reduced ore mineral assemblage that typically comprises pyrite and lacks primary magnetite or hematite • Mineralisation occurs as sheeted vein deposits or stockwork assemblages and often combine gold with variably elevated Bi, W, As, Mo, Te, and/or Sb but low concentrations of base metals as seen in the initial four holes by Tesoro at El Zorro • Restricted and commonly weak proximal hydrothermal alteration • Intrusions of intermediate to felsic composition. Drillhole information • A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drillholes: Relevant information is presented in this report. o easting and northing of the drillhole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drillhole collar o dip and azimuth of the hole o downhole length and interception depth o hole length. • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. Data aggregation methods Relationship between mineralisation widths and intercept lengths • In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated. Significant intercepts have been calculated as downhole width weighted averages. No top cut has been used. • Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. Relevant information is presented in this report. • The assumptions used for any reporting of metal equivalent values should be clearly stated. No metal equivalents are reported. • These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drillhole angle is known, its nature should be reported. The mineralisation forms sub-vertical sheeted veins and individual veins and may form plunging zone