Tesoro Gold (OTCPK:TSOR.F) 2025 Conference Transcript

Tesoro Gold Conference Call Summary Company Overview - Company: Tesoro Gold Ltd - Project: El Zorro Gold Project - Location: Northern Chile, Atacama Desert - Current Resource: 1.8 million ounces constrained within a $3,000 per ounce pit, with an unconstrained resource of 2 million ounces [1][2] Key Points and Arguments Resource Development - Drilling Campaign: A 20,000 meter drilling campaign at the Tenera gold deposit has added 500,000 ounces to the resource, bringing the total to 1.8 million ounces [1][2] - Resource Classification: 60% of the resources are classified as indicated, with an average of around 5,000 ounces per vertical meter, indicating strong mining potential [3] - Metallurgical Recovery: The project boasts over 94% recovery across all grade ranges, with a significant portion of gold recoverable through gravity circuits [4] Economic Viability - Scoping Study: An updated scoping study indicates a robust project with a base case using a $2,750 per ounce gold price, projecting an average production of 111,000 ounces per year for the first nine years at an all-in sustaining cost of around $1,200 per ounce [11] - NPV and IRR: The post-tax NPV at a 7.5% discount rate is $663 million, with potential NPV reaching $1.3 billion at higher gold prices [12] Infrastructure and Location - Strategic Location: The project is located 13 km from the coast and near the Pan-American Highway, with power and water sources within 20 km [6][7] - Water Source: Water for processing will come from a nearby desalination plant, which is advantageous due to its low salinity [8][9] Future Plans - Pre-Feasibility Study: The company is fully funded to complete a pre-feasibility study by April next year, with ongoing drilling to improve resource classification [5][13] - Exploration Campaign: An extensive exploration campaign is underway to grow the Tenera deposit and explore new targets within a 5 km radius [14][17] Regulatory Environment - Permitting Process: The permitting process in Chile is described as straightforward, with baseline studies already commenced [13][14] Additional Important Information - Strategic Investment: Gold Fields holds a 13% stake in Tesoro Gold, having invested approximately AUD 13 million [6] - Emerging Targets: New targets are emerging along a defined gold corridor over 30 km long, with promising results from recent drilling [15][17] - Growth Potential: There is a clear pathway to potentially increase the resource to around 3 million ounces based on current exploration results [17] This summary encapsulates the critical aspects of Tesoro Gold's conference call, highlighting the company's strategic position, resource potential, economic viability, and future plans in the gold mining sector.