Tesoro Gold (OTCPK:TSOR.F) Earnings Call Presentation

Project Overview - Tesoro Gold's El Zorro Gold Project in Chile spans a large surface footprint of 570 km2[11] - The constrained Ternera Mineral Resource Estimate (MRE) stands at 1.82 million ounces (Moz) of gold, with 62% classified as Indicated[11] - Metallurgical results indicate an average gold recovery of approximately 95% using a conventional CIP process[11] Chilean Mining Environment - Chile is a mining powerhouse with a structured permitting process averaging ~12 months for approvals[18] - The country has US$56 billion in active foreign mining investment (2024) and a 27% corporate tax rate with no mining-specific royalties[18] - The El Zorro Gold Project is located near existing infrastructure, including the Pan American Highway (15km), grid power (20km), and water access (30km)[20] Corporate Structure - Gold Fields holds 40.3% of Tesoro Gold's register[23] - Institutional investors hold 17.1% of Tesoro Gold's register[23] - Other investors hold 37.0% of Tesoro Gold's register[23] Scoping Study Highlights (2023) - The 2023 scoping study estimated ore throughput of 17.1 million tonnes (Mt) with a gold grade of 1.25 g/t, resulting in 651,000 ounces (koz) of gold production[51] - The plant throughput was estimated at 2.4 million tonnes per annum (Mtpa), with an average annual steady-state production of 93,000 ounces per annum (koz pa) over a 7.4-year production life[51] - The forecast average All-In-Sustaining-Cost (AISC) was US$1,068 per ounce, with a total pre-production capital cost of US$132 million[51]