TESORO GOLD LTD — Capital/Financing Update 2024

Jan 15, 2024

Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Announcement Summary

Entity name

TESORO GOLD LTD

Date of this announcement

Tuesday January 16, 2024

The +securities the subject of this notification are:

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Other

Total number of +securities to be issued/transferred

Total number of ASX +security +securities to be code Security description issued/transferred Issue date New class - code Unlisted Options 2,000,000 16/01/2024 to be confirmed

Refer to next page for full details of the announcement

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Part 1 - Entity and announcement details

1.1 Name of entity

TESORO GOLD LTD

We (the entity named above) give notice of the issue, conversion or payment up of the following unquoted +securities.

1.2 Registered number type

ABN

Registration number

91106854175

1.3 ASX issuer code

TSO

1.4 The announcement is

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New announcement

1.5 Date of this announcement

16/1/2024

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Part 2 - Issue details

2.1 The +securities the subject of this notification are:

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Other

Please specify

2,000,000 Unlisted Options

2.2a This notification is given in relation to an issue of +securities in a class which is not quoted on ASX and which:

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does not have an existing ASX security code ("new class")

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Part 3C - number and type of +securities the subject of this notification (new class) where issue has not previously been notified to ASX in an Appendix 3B

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New +securities
ASX +security code +Security description
New class - code to be confirmed Unlisted Options
+Security type ISIN code
Options
Date the +securities the subject of this notification were issued
16/1/2024
Will all the +securities issued in this class rank equally in all respects from their issue date?
Yes
Have you received confirmation from ASX that the terms of the +securities are appropriate and equitable under
listing rule 6.1?
No
Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities being
issued.
https://stocknessmonster.com/announcements/tso.asx-6A1186688/
Options Details
+Security currency Exercise price Expiry date
AUD - Australian Dollar AUD 0.02700000 16/1/2026
Details of the existing class of +security that will be issued upon exercise or conversion of this new class of
company option
Other
Description
One fully paid ordinary share for each option
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Any other information the entity wishes to provide about the +securities the subject of this notification Options issued in consideration for lead manager services

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Please provide any further information needed to understand the circumstances in which you are notifying the issue of these +securities to ASX, including why the issue of the +securities has not been previously announced to the market in an Appendix 3B Proposed Issue announced on https://stocknessmonster.com/announcements/tso.asx-6A1180059/

Issue details Number of +securities 2,000,000

Were the +securities issued for a cash consideration? No Please describe the consideration being provided for the +securities Options issued in consideration for lead manager services Purpose of the issue To pay for services rendered

Additional Details

Not applicable

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Part 4 - +Securities on issue

Following the issue, conversion or payment up of the +securities the subject of this application, the +securities of the entity will comprise:

(A discrepancy in these figures compared to your own may be due to a matter of timing if there is more than one application for quotation/issuance currently with ASX for processing.)

4.1 Quoted +Securities (Total number of each +class of +securities quoted)

	Total number of
ASX +security code and description	+securities on issue
TSO : ORDINARY FULLY PAID	1,150,990,349
TSOO : OPTION EXPIRING 07-JUL-2025	60,256,162
TSOOA : OPTION EXPIRING 13-DEC-2025	136,298,991

4.2 Unquoted +Securities (Total number of each +class of +securities issued but not quoted on ASX)

	Total number of
ASX +security code and description	+securities on issue
TSOAB : PERFORMANCE RIGHTS	68,537,940
TSOAD : SHARE RIGHTS	1,038,917
New class - code to be confirmed : Unlisted Options	2,000,000

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Part 5 - Other Listing Rule requirements

5.1 Were the +securities issued under an exception in Listing Rule 7.2 and therefore the issue did not need any security holder approval under Listing Rule 7.1? No

5.2 Has the entity obtained, or is it obtaining, +security holder approval for the issue under listing rule 7.1? Yes

5.2a Date of meeting or proposed meeting to approve the issue under listing rule 7.1

15/1/2024

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