Announcement PDF INVESTOR PRESENTATION EL ZORRO GOLD PROJECT, CHILE MARCH 2023 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 15 March 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 Exploration Target 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. 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 INVESTOR PRESENTATION | 2 TESORO GOLD LIMITED RAPID GROWTH AND ADVANCEMENT OF THE EL ZORRO GOLD PROJECT Au $ Au Cu/Fe Cu Cu/Au A. LOCATION B. RESOURCE C. GROWTH Large surface gold footprint on 570km2 of tenure Increased and upgraded 1.3 Moz1 Ternera Gold Deposit Further unlocking a district scale gold system Coastal location and supporting infrastructure in a Tier 1 mining jurisdiction New Chilean Intrusive Related Gold District with exceptional metallurgical properties Numerous exciting, untested targets and district level potential provides multi-million ounce potential Refer to Mineral Resource Update and Exploration Target, ASX Announcement 9 March 2023 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. Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION CHILE 1. INVESTOR PRESENTATION | 3 UNLOCKING EL ZORRO’S FULL POTENTIAL DUAL TRACK ADVANCEMENT STRATEGY DEVELOPING TERNERA DISTRICT DISCOVERIES REFINE THE DEVELOPMENT PATHWAY CONFIRM CONTINUITY OUTSIDE TERNERA CONTINUE GROWING THE RESOURCE BASE TEST TERNERA STYLE TARGETS Economic assessment, planning and permitting Define ounces outside of the existing Ternera Deposit Infill drilling and resource growth Aggressive drill testing of look-alike targets DISCOVER AND DEFINE NEW TARGETS CONTINUED TARGET GENERATION New and extensional mineralisation discoveries Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION Ongoing mapping and sampling programs INVESTOR PRESENTATION | 4 GOLD FIELDS STRATEGIC INVESTMENT HIGH QUALITY SUPPORTIVE PARTNERSHIP • Partnering with one of the world’s largest gold mining firms • Globally diverse South African gold producer with eight mining operations and projects through Australia, Chile, Ghana, Peru and South Africa • Annual gold production of approximately 2.2 Moz1 • Constructing the Salares Norte high-grade open pit gold-silver project in Northern Chile, 190 km north-east from the El Zorro Gold Project • Processing capacity of 2.8 Moz per year of metal doré for approximately 9.9 t of gold annually2 • Tesoro strategic investment facilitates acceleration of regional and district scale exploration at the El Zorro Gold Project • Gold Fields now hold a 14.86% investment in Tesoro Gold “ Gold Fields’ strategic investment demonstrates tremendous confidence in the Tesoro team and recognises the current opportunity and significant upside potential of the El Zorro Gold Project. This investment allows us to accelerate our regional and district scale exploration efforts, while we continue to grow the existing Mineral Resource base. ” - Zeff Reeves, Tesoro Managing Director 1. Source: www.goldfields.com 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 INVESTOR PRESENTATION | 5 A. LOCATION | STRATEGICALLY POSITIONED TENURE PROXIMATE TO ESTABLISHED INFRASTRUCTURE AND EXISTING MINES • El Zorro Gold Project 85% owned by Tesoro Gold • One of the largest and most prospective gold projects in Chile, covering 570km2 of tenure • Surface gold confirmed over 50km of strike • Coastal location in the Atacama, surrounded by operating mines • 15km from Pan American Highway and Pacific Ocean • Less than 20km from the proposed port at Santo Domingo • Atacama airport a 1 hour drive from site • Ready access to power and water • Close to the cities of Caldera, Chanaral and Copiapo with accommodation and skilled labour 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 Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION Pan American Highway INVESTOR PRESENTATION | 6 A. LOCATION | TIER 1 MINING JURISDICTION MINING REIGNS SUPREME IN THE CHILEAN NORTH • Mining is a key contributor to the Chilean economy representing over half of the country’s total exports • The Fraser Institute’s 2020 annual survey ranked Chile as the best country in South America for mining exploration investment based on public policy factors such as tax rates and regulation • Low sovereign risk and extremely low corruption • Chile is the top copper producer in the world and second largest producer of lithium • Most of the world’s largest, most successful mining companies operate in Chile Source: www.trade.gov and World Bank, https://www.fraserinstitute.org/sites/default/files/annual-survey-of-mining-companies-2020.pdf Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION CHILE INVESTOR PRESENTATION | 7 B. RESOURCE | CHILE’S NEWEST GOLD DISCOVERY 1.3 MOZ TERNERA GOLD DEPOSIT • 33.7Mt @ 1.18g/t Au for 1.3Moz1 at 0.3g/t Au cut-off, with underground resource reported at 1.5g/t Au cut off • Unconstrained classified resource of 42.6Mt @ 1.07g/t Au for 1.46Moz1, at 0.3g/t Au cut-off, utilising data from 310 diamond drill holes • Newly defined Intrusive Related Gold System (IRGS), comparable geology to Tintina Province Deposits such as Fort Knox ~ 4 Moz, Pogo ~ 4.8 Moz, Kidston ~ 4.5 Moz and Donlin Creek >10 Moz • Outcropping orebody with multiple high-grade zones • Eight adjacent analogous targets within 10km of Ternera Deposit • High potential to repeat Ternera success Ternera District Gold Prospects and Prospective Gold Corridor associated with the Dorado Fault 1. Refer to Mineral Resource Update and Exploration Target, ASX Announcement 9 March 2023 and Appendix A Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION INVESTOR PRESENTATION | 8 B. RESOURCE | DEVELOPING TERNERA RECENT MINERAL RESOURCE UPDATE Currently 802koz (63%) of total MRE within Indicated classification1 • Orebody starting at surface to over 500m depth with 77.5% of Indicated Resource in upper 200m • Additional well-defined, high-grade zones identified beneath existing pit shell • Recently discovered, near surface, southern extension (200m from MRE limit) hole ZDDH0309 returned2: • 1.50-2.50 2.50-5.00 >5.00 350m • 53.50m @ 1.17g/t Au from 57.00m, including; • 13.50m @ 3.63g/t Au from 70.50m; • 8.50m @ 1.17g/t Au from 275.50m; and • 6.37m @ 1.14g/t Au from 344.00m. 1100m Ternera Gold Deposit Block Model Long Section looking northwest highlighting continuous high-grade mineralisation from surface above 1.50g/t Au. US$1,800/oz pit shell shown as red outline 1. Refer to Mineral Resource Update and Exploration Target, ASX Announcement 9 March 2023 and Appendix A 2. Refer to ASX Announcement, 8 November 2022 Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION INVESTOR PRESENTATION | 9 C. GROWTH | CURRENT MRE IS JUST THE BEGINNING EXISTING DRILLING INFORMS SIGNIFICANT GROWTH POTENTIAL • • • Exploration Target of 48.5 Mt to 101.0 Mt at 0.91g/t Au to 1.45g/t Au1 Drilled metres 120,000 Ternera Deposit remains open in all directions • Multiple continuous high-grade zones 2,000 60,000 1,096 40,000 20,000 661 586 0 Ternera Exploration Target1 75 July 2021 MRE Lower Upper Lower Upper Lower Upper 48.5 101.0 0.91 1.45 1.6 3.0 1,281 479 1,460 1,600 645 593 503 May 2022 MRE Drilled metres Contained Au (Moz) 3,000 2,500 80,000 Wide-spaced drill intercepts outside of Resource Au Grade (g/t) 3,500 100,000 Exploration Target constrained to the extent of the current drill footprint Tonnage (Mt) Tenera constrained MRE 3,000 Indicates Ternera could potentially contain between 1.6 Moz and 3.0 Moz gold1 • • Resource (kOz Au) 802 March 2023 MRE 815 March 2023 Tenera Gold Deposit unconstrained MRE Exploration Target Indicated Resource Inferred Resource 1,500 1,000 500 0 Tenera MRE growth updates and initial Exploration Target highlighting improved classification and consistent resource growth with efficient drilling. The Exploration Target has been prepared and reported in accordance with the 2012 edition of the JORC Code. The potential quantity and grade are conceptual in nature and there has been insufficient exploration to estimate a Mineral Resource. It is uncertain if further exploration will result in the estimation of a JORC-compliant Mineral Resource. 1. Refer to Mineral Resource Update and Exploration Target, ASX Announcement 9 March 2023 and Appendix A Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION INVESTOR PRESENTATION | 10 C. GROWTH | RAPID RESOURCE DELINEATION EXPLORATION SUCCESS CONFIRMED EL ZORRO AS A NEW GOLD DISTRICT MAR 2021 Increased ownership of El Zorro to 85% JUL 2021 JAN 2022 MAY 2022 NOV 2022 Maiden Mineral Resource Estimate (MRE) at Ternera, 661 koz Au Gold discovered at Drone Hill target, 2km north and west of Ternera Ternera MRE increases to 1.1Moz @ 1.12g/t Au Gold Fields Ltd makes strategic investment to accelerate exploration 2021 2022 MARCH 20231 APR 2021 SEP 2021 MAR 2022 AUG 2022 Gold discovered at Ternera East and 100,000m drill program completed at Ternera Metallurgical test work confirmed +94% recoveries Spectacular hit at Ternera, ZDDH0288 returned 63.93m @ 7.61g/t Au incl 7.00m @ 66.10g/t Au Significant intersection at Ternera ZDDH0297 returned: 434.60m @ 1.22g/t Au incl 89.95m @ 3.07g/t Au incl 20.80m @ 9.19g/t Au 1. Refer to Mineral Resource Update and Exploration Target, ASX Announcement 9 March 2023 and Appendix A Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION TERNERA MINERAL RESOURCE INCREASED TO 1.3 Moz AT 1.18g/t (63% INDICATED) INITIAL EXPLORATION TARGET OF 48.5 – 101.0 Mt AT 0.91 – 1.45g/t INVESTOR PRESENTATION | 11 C. GROWTH | ADDITIONAL DISTRICT DISCOVERIES IS TERNERA THE FIRST OF MANY? • Surface gold confirmed over 50km of strike - major gold belt potential • More than 570km2 of unexplored tenure • Multiple El Zorro Tonalite dyke swarms (EZT, gold host rock) – strong potential for Ternera repeats • Recent channel sampling results from the Toro Blanco and Kitsune targets defined a large 3.2km by 1.5km anomalous gold zone – highlights the potential for Ternera to extend 3km to the north1 • Scout drilling at the Calderillas Target returned significant gold intercepts confirms a new discovery at the 2.5km by 0.5 km surface gold trend 5km north of Ternera2 • Positive results returned from channel sampling on widespread outcropping mineralisation at Animas Viejas Target (35km north of Ternera) defined prospective geology over an area of approximately 7km x 2km3 1. Refer to ASX Announcement, 17 January 2023 2. Refer to ASX Announcement, 1 December 2022 3. Refer to ASX Announcement, 31 October 2022 Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION El Zorro Gold Project concession map. Yellow indicates mapped intrusions (EZT) prospective for gold mineralisation INVESTOR PRESENTATION | 12 HIGHLY EXPERIENCED BOARD WITH A TRACK RECORD OF EXPLORATION AND DEVELOPMENT SUCCESS Linton Putland Zeffron Reeves Executive Director Managing Director • • • Geologist with more than 20 years of resource experience, spanning greenfield exploration, mineral discovery, definition and feasibility, construction, production and closure. Previously Managing Director of ASX listed Metallum Ltd, a company with development projects and operations in Chile. Track record of exploration success identifying and delineating new gold districts in Brazil and Chile. Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION • • • More than 30 years of experience in mining in Australia, Africa and the Americas covering a wide range of commodities. Current Principal of private mining consultancy company, LJ Putland & Associates. Previously held senior management roles in IAMGOLD, Aurion Gold, Delta Gold and Pancontinental Mining. Member of AusIMM and a Graduate Member of Australian Institute of Company Directors. Non-Executive Director Non-Executive Director Mining and Development • Kristie Young Geoff McNamara • • • • • More than 30 years of international resource sector experience. Previously Director of Mining Finance at Societe General, NYC Private Equity Manager for PRCM (FUM US$800M). Previous operational roles include Project Manager, Senior Mine Geologist and Mine Geologist for Ivanhoe Mines, Lion Ore International and Western Mining Corporation. Fellow of AusIMM and a Graduate Member of Australian Institute of Company Directors. • • • • More than 25 years’ experience across mining engineering, project evaluation, strategy, executive search. Deep experience across business development and growth including Director roles with EY and PwC. Currently, Non-Executive Director Lithium Australia Ltd, MinEx CRC, Wesley College WA. Fellow of the AusIMM and Graduate Member of Australian Institute of Company Directors. INVESTOR PRESENTATION | 13 DEEP CHILEAN EXPERTISE DEDICATED IN COUNTRY TEAM OF LOCAL SPECIALISTS Sergio Uribe Chile • • Administrative, management and development professional with significant Chilean experience. Background in greenfield exploration, discovery, production, closure, retreatment and tailings reclamation. Previously Commercial Manager of Metallum Chile, General Manager of Acorn Mining Chile and Country Manager for Cleveland Mining Chile. Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION Tatania Garcia Francisco Varela Echaurren Chile Permitting, Community Relations and Sustainability Chile Exploration Manager Country Manager • Ruben Cahuana • • • Geologist and Geotechnical engineer with more than 15 years of mining and exploration experience in Chile, Peru, and the Dominican Republic. Deep 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 assessment. Legal Counsel Manager • • • Engineer with 14 years of involvement in the environmental regulatory sector. Extensive experience developing regulations, evaluating investment projects and managing the 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. • • • Lawyer and Master of Tax Law with 14 years experience in Chilean law. Specialist in the development of Mining and Energy sector investment projects. Advises national and foreign clients in matters related to project development, M&A, public procurement, financing structures and venture capital. INVESTOR PRESENTATION | 14 CORPORATE SNAPSHOT TESORO GOLD (ASX: TSO, OTCQB:TSORF) Capital structure Share price1 Shares on issue2 Register detail4 A$0.032 9.4% 1,053.5 M Performance rights2 73.41 M Listed options (ASX: TSOO and ASX: TSOOA)2 174.76 M Market capitalisation (undiluted) A$33.71 M Cash3 A$7.21 M Debt3 1. As at 10 March 2023 2. As at 7 March 2023: TSOO expiring 7 July 2025 and TSOOA expiring 13 December 2025 3. As at 31 December 2023 4. At 16 February 2023 Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION Nil 14.9% 56.2% 19.5% BOARD AND MANAGEMENT GOLD FIELDS INSTITUTIONAL INVESTORS OTHER INVESTORS INVESTOR PRESENTATION | 15 UNLOCKING EL ZORRO’S FULL POTENTIAL CATALYSTS ON THE VALUE REALISATION PATHWAY DISTRICT DISCOVERIES DEVELOPING TERNERA • MRE increased and upgraded with initial Exploration Target defined Q1 2023 • Kitsune maiden drilling program to commence Q2 2023 • Ternera expansion drilling program ongoing with completion targeted by end Q2 2023 • Calderillas Target follow up drilling planned to commence Q2 2023 • Ternera Gold Deposit starter pit Scoping Study scheduled for completion during Q2 2023 • Ongoing mapping and sampling work to further define drill targets at Calderillas North, Drone Hill and Buzzard during 2023 Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION INVESTOR PRESENTATION | 16 1 2 3 4 5 6 LARGE, HIGHLY PROSPECTIVE GOLD PROJECT Strategically positioned, and located in a Tier 1 mining jurisdiction EXISTING 1.3 Moz MINERAL RESOURCE ESTIMATE Delivered at a low US$14/oz discovery cost and 99% success rate EXCEPTIONAL METALLURGY FOR SIMPLE PROCESS FLOW Single stage crushing, gravity and CIL expected RESOURCE AND DISTRICT LEVEL GROWTH POTENTIAL Numerous discoveries for multi-million ounce potential HIGHLY EXPERIENCED BOARD AND MANAGEMENT TEAM Local presence and deep Chilean expertise MULTIPLE CATALYSTS FOR VALUE RECOGNITION Mineral Resource upgrade and starting pit Scoping Study delivery Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION TESORO GOLD LIMITED Level 48 152-158 St Georges Terrace Perth, WA 600 +61 8 6311 9160 info@tesorogold.com.au www.tesorogold.com.au ASX:TSO | OTCQB:TSORF Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION APPENDIX A TERNERA MINERAL RESOURCE ESTIMATE (MRE) Constrained 1.28 Moz Au MRE: US$1,800/oz optimised pit shell, underground reported at 1.5 g/t Au cut off1 Area Cut off Open Pit Resource Underground Resource Total Resources Indicated Total Inferred Au g/t Mt Au g/t Koz Mt Au g/t Koz Mt Au g/t Koz 0.30 1.50 22.5 0.1 22.6 1.10 2.64 1.11 795 7 802 10.0 1.2 11.2 1.18 2.64 1.34 379 100 479 32.5 1.3 33.7 1.13 2.64 1.18 1,175 107 1,282 Unconstrained 1.46 Moz Au MRE: reported at various cut offs to the 200mRL1 Cut off Au g/t 0.3 0.5 1.00 2.00 Indicated Mt 23.2 16.3 7.2 2.6 Au g/t 1.09 1.39 2.25 3.75 Total Inferred Koz 815 727 523 317 Mt 19.4 12.8 5.6 2.0 Au g/t 1.03 1.37 2.24 3.71 Koz 645 561 400 241 Refer to Mineral Resource Update and Exploration Target, ASX Announcement 9 March 2023 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. Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION Mt 42.6 29.1 12.8 4.7 Au g/t 1.07 1.38 2.24 3.37 Koz 1,459 1,288 923 558 1. INVESTOR PRESENTATION | 19 APPENDIX B PRELIMINARY PROCESS PLANT FLOWSHEET 45% gold recovered by gravity 94.5% total recovery at 150 micron grind size1 SIMPLE FLOWSHEET single stage crushing, gravity and CIL 1. Refer to ASX announcement, 10 December 2021 Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION INVESTOR PRESENTATION | 20 APPENDIX C ENVIRONMENTAL AND SOCIAL STRATEGY ALIGNED TO THE UNITED NATIONS (UN) SUSTAINABLE DEVELOPMENT GOALS (SDG) WITH A COMMITMENT TO ENSURING EXPLORATION AND OPERATIONAL ACTIVITIES GENERATE POSITIVE SUSTAINABILITY OUTCOMES Health and safety Occupational Health and Safety are fundamental responsibilities Tesoro has towards its workforce. Our strategies and practices are based on providing a safe workplace for all employees, suppliers and contractors. Climate change Total GHG emissions on a $ per value basis for newly mined gold is significantly lower than that for other major metals and mined products. Tesoro is committed to put in place a framework to ensure future mine developments are built and operated to support global greenhouse mitigation targets. Environment Tesoro applies leading exploration techniques, technology and practices to promote drilling efficiency and minimise environmental impacts. Furthermore, Tesoro is committed to continual improvement of its environmental performance through a robust environmental management program. People and culture Attracting, developing and retaining a diverse, inclusive and competent workforce is important to Tesoro and a key foundation to the company's policies and practices. Community partnerships Tesoro partners with the local and host communities of the Coastal Cordillera region of Chile to share value through the creation of local jobs and business opportunities. Economic sustainability Generating economic growth and value for all our investors, employees and stakeholders through successful exploration and investment in the Coastal Cordillera region of Chile. Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION INVESTOR PRESENTATION | 21 APPENDIX D EL ZORRO GOLD PROJECT | TOP TEN DRILL INTERCEPTS1 1. ZDDH0297: 434.60m @ 1.22g/t Au; incl. 89.95m @ 3.07g/t Au, incl. 20.80m @ 9.19g/t Au 2. ZDDH0288: 63.93m @ 7.61g/t Au; incl. 7.00m @ 66.10g/t Au 3. ZDDH0069: 267.00m @ 1.12g/t Au; incl. 132.00m @ 1.89g/t Au 4. ZDDH0154: 67.00m @ 3.44g/t Au; incl. 13.50m @ 15.84g/t Au 5. ZDDH0017: 86.45m @ 2.29g/t Au; incl. 50.50m @ 3.63g/t Au 6. ZDDH0170: 205.00m @ 0.96g/t Au; incl. 35.00m @ 3.99g/t Au 7. ZDDH0290: 63.60m @ 2.89g/t Au; incl. 10.60m @ 14.34g/t Au 8. ZDDH0300: 129.60m @ 1.08g/t Au; incl. 22.60m @ 2.51g/t Au 9. ZDDH0025: 121.55m @ 1.32g/t Au; incl. 22.55m @ 2.98g/t Au 10. ZDDH0011: 98.30 m @ 1.58g/t Au; incl. 30.30 m @ 3.03g/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 INVESTOR PRESENTATION | 22