Announcement PDF March 2026 ASX: TSO | OTCQB: TSORF | FSE: 5DF EL ZORRO GOLD PROJECT A COMPELLING SINGLE OPEN PIT DEVELOPMENT OPPORTUNITY IN CHILE Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION 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 3 November 2025 and the Company does not undertake to provide any additional or update information, whether as a result of new information, future events or results or otherwise. By receiving the Presentation, you acknowledge and represent to the Company that you have read, understood and accepted the terms of this disclaimer. The Company has prepared the Presentation based on information available to it at the time of preparation. No representation or warranty, express or implied, is made as to the currency, accuracy, reliability, completeness or fairness of the information, opinions and conclusions contained in this Presentation. Tesoro, or related bodies corporate, shareholders or affiliates, nor any of their respective officers, directors, employees, affiliates, agents or advisers (Agents) guarantee or make any representations or warranties, express or implied, as to or take responsibility for, the currency, accuracy, reliability, completeness or fairness of the information, opinions and conclusions contained in this Presentation. Tesoro does not represent or warrant that this Presentation is complete or that it contains all material information about Tesoro or which a prospective investor or purchaser may require in evaluating a possible investment in Tesoro or acquisition of shares. To the maximum extent permitted by law, Tesoro and its Agents expressly disclaim any and all liability, including, without limitation, any liability arising out of fault or negligence, for any loss arising from the use of information contained in this Presentation, or otherwise arising in connection with it. Any forward-looking statements in this Presentation, including projections, forecasts and estimates, are provided as a general guide only and should not be relied on as an indication or guarantee of future performance and involve known and unknown risks, uncertainties, assumptions, contingencies and other important factors, many of which are outside the control of Tesoro and which are subject to change without notice and could cause the actual results, performance or achievements of Tesoro to be materially different from the future results, performance or achievements expressed or implied by such statements. Past performance is not necessarily a guide to future performance and recipients of this Presentation are cautioned not to place undue reliance on such forward-looking statements. Production target: The production target referred to in this announcement is based on a combination of Indicated and Inferred Mineral Resources. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target itself will be realised. The Scoping Study is based on lower-level technical and economic assessments and is insufficient to support estimation of Ore Reserves or to provide assurance of economic development. The information contained in this Presentation is for information purposes only, does not constitute investment or financial product advice (nor taxation, accounting or legal advice) and is not intended to be used as the basis for making an investment decision. In providing this Presentation, Tesoro has not considered the objectives, financial position or needs of any particular recipients. Before making an investment decision prospective investors should consider the appropriateness of the information in this Presentation having regard to their own objectives, financial situation and needs, and seek legal, taxation and financial advice appropriate to their jurisdiction and circumstances. This Presentation is not a prospectus, product disclosure statement or other offer document under Australian law or any other law (and will not be lodged with the Australian Securities and Investments Commission or any other foreign regulator) and is not, and does not constitute, an invitation or offer of securities for subscription, purchase or sale in any jurisdiction. In particular, this Presentation does not constitute an invitation or offer of securities for subscription, purchase or sale in the United States or any other jurisdiction in which such an offer would be illegal. The securities referred to in this Presentation have not been, and will not be, registered under the U.S. Securities Act of 1933 as amended or the securities laws of any state or other jurisdiction of the United States and may not be offered or sold, directly or indirectly in the United States. The information in this Presentation is strictly confidential. It may not be disclosed, reproduced, disseminated, quoted or referred to, in whole or in part, without the express consent of Tesoro. Competent Person’s Statements The information in this report that relates to Exploration Results and Metallurgical Results is based on information compiled by Mr Zeffron Reeves (B App Sc (Hons) Applied Geology) MBA, MAIG). Mr Reeves is a member of the Australian Institute of Geoscientists and a Director and shareholder of the Company. Mr Reeves has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Reeves consents to the inclusion in this report of the matters based on this information in the form and context in which it appears. The information in this report that relates to Mineral Resources is based on information compiled by Mr Lynn Widenbar (B.Sc(Hons) Geology, M.Sc. FAusIMM, MAIG), a Competent Person who is a Fellow of The Australasian Institute of Mining and Metallurgy. Mr Widenbar is acting as an independent consultant to Tesoro Gold Limited. Mr Widenbar has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. The Company confirms that it is not aware of any new information or data that materially affects the information contained the form and context in which the Competent Person’s findings are presented have not been materially modified from in the original announcement on 4 August 2025, and all material assumptions and technical parameters underpinning the estimates in that announcement continue to apply and have not materially changed. The information in this report that relates to the Production Target, assumptions on Modifying Factors and evaluation of other relevant factors are based on and fairly represents information and supporting documentation that has been compiled for this announcement and have been compiled under the supervision of Mr Linton Putland BEng (Mining), MSc (Mineral Economics) & Member AusIMM. Mr Putland is a Director of the Company. Mr Putland has reviewed and approved the technical content of this announcement. Mr Putland is a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012). Mr Putland consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears. The Company has released all material information that relates to Exploration Results for the El Zorro Gold Project, on a continuous basis to the ASX and in compliance with JORC 2012. The Company confirms that it is not aware of any new information that materially affects the content of this ASX release. 2 DISCLAIMER INVESTOR PRESENTATION | EL ZORRO GOLD PROJECT, CHILE Refer to ASX announcement dated 11 September 2025. Updated Ternera Mineral Resource of 51.2Mt at 1.10g/t Au for 1.82Moz at a 0.30g/t Au cut-off grade, constrained within a US$3,000/oz open pit shell. 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. CALDERILLAS KITSUNE DRONE HILL LA BREA BUZZARD SIERRA DEL PORTERO PENA BLANCA GOLD CORRIDOR TERNERA GOLD DEPOSIT 2.0 Moz Au @ 1.07g/t Au UNCONSTRAINED RESOURCE A MATURE GOLD DEVELOPMENT PROJECT WITH BELT-SCALE EXPLORATION POTENTIAL SIMPLE, PROVEN DEVELOPMENT PATHWAY A straightforward gold project directly comparable to those developed across the Western Australian goldfields. A WELL-ESTABLISHED, TOP-TIER MINING JURISDICTION Supported by a skilled, resource sector-focused workforce and access to key infrastructure, including power, water and transport networks. IMMENSE UPSIDE BEYOND THE CURRENT MRE Ongoing, fully funded drilling targets resource growth at Ternera and new discoveries across the broader gold corridor Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION BROKER COVERAGE 4 4.7% 12.9% 10.9% 35.9% 35.7% BOARD AND MANAGEMENT GOLD FIELDS COLLINS STREET INSTITUTIONAL INVESTORS OTHER INVESTORS INVESTOR PRESENTATION | GOLD FIELDS STRATEGIC INVESTMENT REGISTER DETAIL REGISTER DETAIL CORPORATE SNAPSHOT TESORO GOLD (ASX: TSO, OTCQB: TSORF, FSE: 5DF) 4 INVESTOR PRESENTATION | GOLD FIELDS STRATEGIC INVESTMENT BOARD AND MANAGEMENT Mark Connelly Independent Non-Executive Chair Zeff Reeves Managing Director Linton Putland Executive Director – Mining and Development Emma Curnow Chief Financial Officer Tim Williams Chief Development Officer Sergio Uribe Country Manager Chile Geoff McNamara Non-Executive Director Alan Gibson Non-Executive Director Sarah Wilson Company Secretary CAPITAL STRUCTURE Share price (11 March 2026) A$0.98 Shares on issue 179M Performance rights 6.3M Share rights 0.1M Options 1.0M Market Capitalisation (undiluted) A$175.4M Net cash (31 December 2025) A$29.2M Implied Enterprise Value (undiluted) A$146M Shares, Performance Rights, Share Rights and Options as at 9 February 2026 DEVELOPING EL ZORRO OPTIMAL PROJECT CONFIGURATION IS NOW SET ADVANCING TOWARD FID 1. Refer to ASX announcement dated 4 August 2025 and the Appendix. Tesoro Gold Limited confirms that it is not aware of any new information or data that materially affects the information included in that release. All material assumptions and technical parameters underpinning that release continue to apply and have not materially changed. 2. Refer to ASX announcement dated 29 August 2025. 3. Refer to ASX announcement dated 11 September 2025. ADVANCED TECHNICAL STUDIES UNDERWAY • Detailed project configuration trade-off studies complete • Multiple DFS-level workstreams materially advanced • Targeting a Final Investment Decision by end CY2026 STRAIGHTFORWARD GOLD DEVELOPMENT PROJECT • Increasingly rare single open pit development opportunity • Well-understood CIP processing, using a conventional “plug and play” circuit • Proven permitting and development pathway in mining-focused Chile 6 INVESTOR PRESENTATION | TESORO HAS SECURED A 30KM CORRIDOR WITHIN CHILE’S COASTAL CORDILLERA REGION EL ZORRO GOLD PROJECT A FANTASTIC LOCATION FOR A NEW GOLD OPERATION Unquestionably one of the world’s premier mining regions, host to numerous copper and gold operations. Supportive jurisdiction, with a long history of resource development and clear regulatory frameworks. Access to established infrastructure, including grid power and water. Skilled, mining-literate workforce, reflective of Chile’s mature resource sector. Low elevation coastal setting, side-steps the challenges faced by high-altitude operations. IT BEGAN WITH A NEW GOLD DISCOVERY THE FIRST INTRUSIVE RELATED GOLD SYSTEM IDENTIFIED IN CHILE 7 INVESTOR PRESENTATION | Initial open pit mine MINE SCHEDULE 40.7 MT AT 1.02 G/T GOLD For initial 14-year operating life MINING PHYSICALS 3.0 MTPA THROUGHPUT Simple non-refractory metallurgy STANDARD CIP PLANT 94.5% GOLD RECOVERY Average 111 koz p.a. for first 9 years GOLD OUTPUT 1.26 MOZ Life of mine average AISC US$1,216/OZ Including US$40.1M in pre-strip UPFRONT CAPITAL COST US$247.9M Post-tax at US$2,750/oz gold IRR 51.3% Refer to ASX announcement dated 11 September 2025. Tesoro Gold Limited confirms that it is not aware of any new information or data that materially affects the information included in that release. All material assumptions and technical parameters underpinning that release continue to apply and have not materially changed. Post-tax at US$2,750/oz gold FREE CASH FLOW US$1,230M Post-tax at US$2,750/oz gold NPV7.5% US$663M SEPTEMBER 2025 SCOPING STUDY OUTCOMES ECONOMICALLY ATTRACTIVE ON ALL MEASURES Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION 8 INVESTOR PRESENTATION | 2,750 2,900 3,050 3,200 3,350 3,500 3,650 3,800 3,950 4,100 4,250 4,400 4,550 4,700 4,850 5,000 Refer to ASX announcement dated 11 September 2025. Tesoro Gold Limited confirms that it is not aware of any new information or data that materially affects the information included in that release. All material assumptions and technical parameters underpinning that release continue to apply and have not materially changed. EL ZORRO PROVIDES TREMENDOUS ECONOMIC LEVERAGE TO THE PRICE OF GOLD POST TAX NPV7.5% SENSITIVITY TO GOLD PRICE (US$M) US$/oz 2,750 2,900 3,050 3,200 3,350 3,500 3,650 3,800 3,950 4100 4250 4,400 4,550 4,700 4,850 5,000 NPV(7.5%) 663 745 828 911 993 1,076 1,159 1,241 1,324 IRR 51% 56% 60% 65% 69% 73% 77% 81% 85% LOM FCF 1,230 1,368 1,505 1,643 1,781 1,919 2,057 2,195 2,333 US$663 BASE CASE SEPTEMBER 2023 SPOT US$3,300/oz CURRENT SPOT GOLD NORTH OF US$5,000/oz US$966 SEPTEMBER 2025 SCOPING STUDY OUTCOMES EXCEPTIONAL CASH FLOW GENERATION IN ALL SCENARIOS EXCELLENT ECONOMICS EVEN IN A HIGHLY- CONSERVATIVE BASE CASE GOLD PRICE ASSUMPTION Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION 9 INVESTOR PRESENTATION | DEVELOPING EL ZORRO DFS-LEVEL EVALUATION UNDERWAY CURRENT SCHEDULE CY26 CY27 CY28 CY29 QUARTER 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 Decision Taken to Proceed to DFS  DFS Workstreams    DFS Delivery  Approvals to Work and FID   EIA and RCA Approval   Detailed Engineering Design    Early Works and Long Lead Items   Construction Water Available  Construction and Commissioning        Grid Power Online  Process Water Available  Target First Gold  Refer to ASX announcement dated 25 February 2026. Schedule subject to change. DFS DELIVERY IS SET TO ENABLE KEY DEVELOPMENT DECISIONS AND TRIGGER THE COMMENCEMENT OF EARLY CONSTRUCTION ACTIVITIES Refer to ASX announcement dated 11 September 2025. Updated Ternera Mineral Resource of 51.2Mt at 1.10g/t Au for 1.82Moz at a 0.30g/t Au cut-off grade, constrained within a US$3,000/oz open pit shell. 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. ONGOING FULLY-FUNDED DRILLING PROGRAMMES ACROSS THE TENURE FEASIBILITY STUDY-FOCUSED WORKSTREAMS PLANNED FOR APPROXIMATELY 20,000M AND SET FOR COMPLETION Q2 CY2026 TERNERA INFILL DRILLING DISTRICT-SCALE DRILLING FOR 12,000M FOCUSED ON PRIORITY UNDRILLED TARGETS AND TO FOLLOW-UP PREVIOUS SUCCESS NEW DISCOVERY DRILLING PLANNED FOR 6,000M TO DEFINE AND EXTEND SHALLOW NORTHERN AND SOUTHERN EXTENSIONS AND TO TEST MINERALISATION AT DEPTH TERNERA EXTENSIONAL DRILLING TERNERA GOLD DEPOSIT 10 INVESTOR PRESENTATION | • Constrained MRE 1.82Moz at 1.1g/t Au. • 1.12Moz resides in the Indicated category, representing 62% of the total MRE. • Unconstrained MRE expanded to 2.0Moz and 1.07g/t Au (Indicated and Inferred). • Deposit remains open in all directions. Isometric view of the Ternera Gold Deposit block model looking north-west. Showing >1g/t blocks only and US$3,000/oz pit shell. Datum PSAD56 19S NEXT STEPS 11 INVESTOR PRESENTATION | AUGUST 2025 MINERAL RESOURCE UPDATE RESOURCE BASE EXPANSION AND AN INCREASE IN CONFIDENCE Refer to ASX Announcement dated 4 August 2025 .Tesoro Gold Limited confirms that it is not aware of any new information or data that materially affects the information included in that release. All material assumptions and technical parameters underpinning that release continue to apply and have not materially changed. ENABLES A SINGLE OPEN PIT PROJECT TERNERA MINERAL RESOURCE ESTIMATE (2025) CATEGORY INDICATED INFERRED TOTAL Cut-off (g/t Au) Mt Au g/t Koz Mt Au g/t Koz Mt Au g/t Koz Optimised Open Pit 31.8 1.10 1,123 19.5 1.11 692 51.2 1.1 1,816 2.00 3.5 3.55 394 2.5 3.54 280 5.9 3.54 673 1.00 10.5 2.08 705 7.9 2.04 520 18.5 2.06 1,225 0.70 17.5 1.58 891 13 1.57 657 30.5 1.58 1,547 0.30 31.8 1.10 1,128 26.1 1.03 863 58.1 1.07 1,992 0.20 33.8 1.05 1,144 28.7 0.96 885 62.5 1.01 2,028 Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION • Approximately 20,000m to be completed by end Q2 CY2026 • Focus is further upgrade to the Ternera MRE categorisation INFILL DRILLING • Deposit open north, south and at depth OPEN AT DEPTH EXTENSIONAL DRILLING OPEN TO THE NORTH OPEN TO THE SOUTH INFILL AND EXTENSIONAL DRILLING Refer to ASX Announcement dated 9 February 2026. TERNERA IS YET TO BE CONSTRAINED Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION • Further targets proximate to Ternera • Strong gold mineralisation recorded from surface • Additional drilling planned at priority Drone Hill and Ternera East targets • Potential to connect these areas of mineralisation to Ternera 1.80m @ 77.15 g/t Au (ZDDH0338)5 • 68.23m @ 1.18 g/t Au (ZDDH0370)2 • 10.06 m @ 1.70 g/t Au (ZDDH0387)1 • 12.00m @ 3.34 g/t Au (ZDDH0135)11 • 130.00m @ 0.65 g/t Au (ZDDH0177)9 • 4.70m @ 7.95 g/t Au (ZDDH0344)3 • 53.50 m @ 1.17 g/t Au (ZDDH0309)7 • 18.20m@ 0.99 g/t Au (ZDDH0311)6 DRONE HILL KITSUNE TORO BLANCO TERNERA EAST Legend: • Existing Ternera Gold Deposit • Near Deposit target areas • Select drill hole locations • 7.50m @ 1.15 g/t Au (ZDDH0166)10 • 19.00 m @ 1.41 g/t Au (ZDDH0208)8 • 10.50m @ 1.61 g/t Au (ZDDH0344)3 • 36.00m @ 1.00 g/t Au (ZDDH0341)4 EXTENSIONAL DRILLING MULTIPLE EXTENSIONS READY TO DEFINE WITH MORE DRILLING 1. Refer to Tesoro ASX release dated 22 October 2025 4. Refer to Tesoro ASX release dated 2 July 2024 7. Refer to Tesoro ASX release dated 8 November 2022 10. Refer to Tesoro ASX release dated 6 July 2021 2. Refer to Tesoro ASX release dated 22 March 2025 5. Refer to Tesoro ASX release dated 13 June 2024 8. Refer to Tesoro ASX release dated 3 November 2021 11. Refer to Tesoro ASX release dated 25 June 2021 3. Refer to Tesoro ASX release dated 28 October 2024 6. Refer to Tesoro ASX release dated 1 December 2022 9. Refer to Tesoro ASX release dated 27 August 2021 EXTENSIONAL DRILLING 13 INVESTOR PRESENTATION | FURTHER DRILLING TO DEFINE MULTIPLE EXTENSIONS Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION NEW DISCOVERY DRILLING PENA BLANCA - JUST 5KM FROM TERNERA • Channel sampling delineates three gold targets (show in red) • Notable results included: • 24.00m at 0.58 g/t Au (EXTR05135), including; • 3.00m at 1.42 g/t Au. • 1.00m at 12.70g/t Au (EZTR05087); • 1.00m at 7.33 g/t Au (EZTR05080); • 1.00m at 6.64 g/t Au (EZTR04024); • 1.50m at 4.62 g/t Au (EZTR05045); • 3.00m at 1.17 g/t Au (EZTR02006); • 6.00m at 1.07 g/t Au (EZTR05137); • 3.00m at 1.03 g/t Au (EZTR05133); and • 3.00m at 1.02 g/t Au (EZTR05148). THREE DISCRETE GOLD TARGETS ACROSS 5KM TREND Refer to ASX Announcement dated 6 November 2025 Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION NEW DISCOVERY DRILLING LA BREA GOLD SYSTEM DISCOVERY • Five-hole (for 1,117m) maiden diamond drilling programme completed H2 FY2025. • Confirmed a 200m prospective gold bearing structural corridor. • All holes intersected gold mineralisation, with a peak interval of 0.60m at 4.19 g/t Au from 51.40m (ZDDH0402). • Alteration and anomalous signatures closely mirror early stage drilling patterns observed at Ternera. • Results are interpreted to indicate proximity to a larger mineralised system. LARGE NEW GOLD TARGET 15 INVESTOR PRESENTATION | El Zorro Gold Project – La Brea Target showing mapped structural and alteration zones with gold in red. Datum PSAD56 19S Refer to ASX Announcement dated 12 December 2025 3 1 2 TERNERA GOLD DEPOSIT 1.82MOZ RESOURCE CALDERILLAS TORO BLANCO TERNERA EAST BUZZARD PENA BLANCA KITSUNE DRONE HILL SIERRA DEL PORTRERO LA BREA CALDERILLAS NORTH LA FALDA 2 GOLD CORRIDOR 3 1 1 2 2 3 2 3 3 3 LEGEND • El Zorro Project Concessions • Priority 1 Targets • Priority 2 Targets • Priority 3 Targets 1 2 3 Priority 1 Targets: Drone Hill, Ternera East situated within 1 km of Ternera Priority 2 Targets: La Brea, Pena Blanca, Kitsune and Calderillas high-potential opportunities requiring drill testing Priority 3 Targets: Additional blue-sky potential WE BELIEVE THERE IS A HIGH PROBABILITY THAT TERNERA IS THE FIRST OF MANY SIMILAR DEPOSITS ALONG THE <30KM LONG IRGS CORRIDOR GOLD CORRIDOR LOCKED DOWN OFFERING MORE THAN 30KM OF PROSPECTIVITY PROVIDES BELT-SCALE EXPLORATION POTENTIAL AND SIGNIFICANT OPTIONALITY 17 INVESTOR PRESENTATION | A MATURE GOLD DEVELOPMENT PROJECT WITH BELT-SCALE EXPLORATION POTENTIAL INVESTMENT HIGHLIGHTS PREMIER CHILEAN LOCATION A VERY WELL- ESTABLISHED, TOP-TIER MINING JURISDICTION PROVEN DEVELOPMENT PATHWAY SINGLE OPEN PIT MINE AND SIMPLE CIP FLOWSHEET IMMENSE UPSIDE BEYOND THE CURRENT MRE TERNERA GROWTH PLUS NEW DISCOVERIES ACROSS THE CORRIDOR 18 INVESTOR PRESENTATION | SUPPLEMENTARY INFORMATION APPENDIX 1 ASX: TSO | OTCQB: TSORF | FSE: 5DF WHY CHILE? IT HAS ALL THE INGREDIENTS REQUIRED FOR GOLD MINE DEVELOPMENT 19 INVESTOR PRESENTATION | WORLD-CLASS GEOLOGY • #1 copper producer, #2 lithium producer, growing gold sector • Proven mineral endowment in the Coastal Cordillera PREDICTABLE PERMITTING • Structured process, ~12 months average for approvals • 2025 reforms cut timelines by 30–70% MINING POWERHOUSE • Home to Anglo American , BHP, Barrick, Glencore, Kinross, Newmont, Rio Tinto. • Strong institutional support for responsible mining PRO-INVESTMENT • US$56B in active foreign mining investment (2024) • 27% corporate tax, no mining-specific royalties EXISTING INFRASTRUCTURE • Ports, power, services, and local engineering expertise • Deep mining services ecosystem in-country ALIGNED TO THE UNITED NATIONS SUSTAINABLE DEVELOPMENT GOALS 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. 20 INVESTOR PRESENTATION | LICENCE TO OPERATE ENVIRONMENTAL AND SOCIAL STRATEGY Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION MANAGING DIRECTOR ZEFFRON REEVES NON-EXECUTIVE DIRECTOR GEOFF McNAMARA EXECUTIVE DIRECTOR LINTON PUTLAND NON-EXECUTIVE DIRECTOR ALAN GIBSON NON-EXECUTIVE CHAIR MARK CONNELY 21 INVESTOR PRESENTATION | TESORO’S BOARD OF DIRECTORS TRACK RECORD OF EXPLORATION AND DEVELOPMENT SUCCUESS • Previously Managing Director of Papillion Resources , instrumental in the US$570M takeover of Papillion by B2Gold Corp in 2014. • Currently the Non-Executive Chairman of Catalyst Metals, Emmerson Resources and Stellar Resources. • Previously the Chairman of West African Resources and a director of B2 Gold Ltd, Saracen Minerals Ltd and Ausdrill. • Member at Australian Institute of Co. Directors, a Member of the Australian Institute of Management, and a Member of the Society of Mining, Metallurgy and Exploration. • Geologist with more than 25 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. • More than 30 years of international resource sector experience. • Previously Director of Mining Finance at Societe General, NYC • Private Equity Manager (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 Australian Institute of Mining and Metallurgy and Member of Australian Institute of Co. Directors. • More than 35 years of experience in mining in Australia, Africa and the Americas covering a wide range of commodities. • Previously held senior management roles in IAMGOLD, Aurion Gold, Delta Gold and Pancontinental Mining. • Has been Principal of private mining consultancy company, LJ Putland and Associates. • Member of AusIMM and a Graduate Member of Australian Institute of Company Directors. • Currently Vice President of Corporate Development and Head of Legal for Gold Fields Ltd with more than 20 years’ experience in Corporate, Energy and Resource Law. • Carried out a number of key growth transactions, acquisitions and joint ventures globally. • Holds a Bachelor of Law and Bachelor of Economics from Murdoch University (WA). Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION 22 INVESTOR PRESENTATION | TESORO’S EXECUTIVE TEAM DRIVING THE ADVANCEMENT OF THE EL ZORRO GOLD PROJECT CHIEF DEVELOPMENT OFFICER TIM WILLIAMS • Mining engineer with over 30 years of global experience spanning mine development, operations, and corporate leadership. • Held senior executive roles with Rio Alto, Rio2, and Marathon Gold, leading the development of multiple gold mines from concept to production. • Extensive background across Australia, Africa, and the Americas in both technical and strategic capacities. • Experienced in mergers and acquisitions, due diligence, and large-scale project delivery. • Holds a Bachelor of Engineering Science in Mine Geology, a Graduate Diploma in Mining Engineering, and a Master’s in Mining Geomechanics from the Western Australian School of Mines, Curtin University. • Over 15 years’ experience in governance and administration of publicly listed companies, primarily in the resources sector • Experienced Company Secretary for numerous ASX-listed entities, including Mader Group Limited and Austin Engineering Limited • Director of Magnolia Corporate Pty Ltd, a boutique consultancy specialising in company secretarial services COMPANY SECRETARY SARAH WILSON • Chartered Accountant and Company Secretary with over 15 years of experience in financial management and corporate governance for ASX and AIM-listed companies. • Previously held senior finance roles with Inca Minerals, Norwest Energy, Paringa Resources, and Chariot Oil & Gas. • Provides corporate advisory services to Forest House, supporting capital markets and compliance functions. • Extensive expertise in financial reporting, audits, budgeting, capital raisings, and ASX compliance. • Holds a Bachelor of Commerce from the University of Western Australia and is a member of the Institute of Chartered Accountants and the Governance Institute of Australia CHIEF FINANCIAL OFFICER EMMA CURNOW Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION 23 INVESTOR PRESENTATION | TESORO’S CHILEAN MANAGEMENT TEAM DEDICATED IN COUNTRY TEAM OF LOCAL SPECIALISTS EXPLORATION 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. • 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 c