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TESORO GOLD LTD Interim / Quarterly Report 2021

Jan 27, 2021

65957_rns_2021-01-27_31c4953b-9c57-4322-9f20-9a2a1655d15c.pdf

Interim / Quarterly Report

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A S X A N N O U N C E M E N T 2 8 J A N U A R Y 2 0 2 1

ASX: TSO | ACN 106 854 175

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Quarterly Activities Report – 31 December 2020

Tesoro Resources Limited (ASX: TSO) ( Tesoro or the Company ) is pleased to provide the following activities report that outlines progress achieved during the December 2020 Quarter.

HIGHLIGHTS

  • Drilling continued at El Zorro with 26 holes completed for 8,524m. Assays received for 33 holes, all returning significant gold intercepts from Ternera, significantly increasing the scale of the Ternera gold deposit.

  • Result highlights from the quarter include:

  • ZDDH00033: 28.00m @ 1.22g/t Au from 40.00m

  • ▪ ZDDH00035: 22.00m @ 1.34g/t Au from 84.00m ▪ ZDDH00036: 51.00m @ 1.07g/t Au from 74.00m ▪ ZDDH00047: 37.80m @ 1.23g/t Au from 97.00m ▪ ZDDH00049: 111.50m @ 1.25g/t Au from 124.00m ▪ ZDDH00051: 31.00m @ 1.55g/t Au from 251.00m

  • ZDDH00053: 23.00m @ 2.04g/t Au from 64.00m

  • ZDDH00054: 40.50m @ 1.51g/t Au from 48.00m and; 41.20m @ 1.13g/t Au from 200.00m

  • ZDDH00057: 77.00m @ 1.13 g/t Au from 274.00m

  • ▪ ZDDH00059: 34.60m @ 1.29g/t Au from 207.00m ▪ ZDDH00063: 39.00m @ 1.22g/t Au from 277.00m ▪ ZDDH00069: 267.00m @ 1.12g/t Au from 147.00m

  • Toro Gordo surface sampling program identified extensive surface gold mineralisation including:

  • 17.00m @ 1.48g/t Au

  • 23.00m @ 2.16g/t Au

  • 40.00m @ 1.23g/t Au and;

  • 18.00m @ 1.23g/t Au

  • Gradient Array Induced Polarisation (GAIP) survey extended, identified potential Ternera repeat.

  • $21 million capital raising completed to underpin aggressive exploration program at El Zorro.

  • 30,000m resource definition and extensional drill programs planned for Q1 CY2021.

  • Scoping Study work to commence Q1 CY2021.

1 +61 8 9322 1587 | [email protected] | Suite 5, 62 Ord Street, West Perth WA 6005 | www.tesororesources.com.au

ASX Announcement 28 January 2021

Overview

Tesoro holds interests in the highly prospective El Zorro Gold Project located within the Coastal Cordillera of Chile, which is favourably located and demonstrates significant scale and gold grades.

Tesoro is focussed on delineating gold resources at El Zorro, where drilling continued during the quarter to further define the Ternera Deposit. During the December Quarter, 26 holes were completed for 8,524m. Assays were received for 33 holes.

In late December, Hole ZDDH00069 returned a wide, well mineralised intercept with a thick highgrade zone of 33.00m @ 5.09g/t Au. The hole was particularly significant as it confirms the continuity of mineralisation along the eastern sector of the Ternera Deposit for over 500m of strike and adds to the previously reported (ASX Announcements - 24 November 2020 and 16 December 2020).Mineralisation remains open to the east, south and at depth.

The consistency of mineralisation being drilled at Ternera demonstrates the potential scale of the entire El Zorro Gold System and the Company is planning a significant infill and extension drill program for CY2021 to delineate resources at Ternera.

Further promising results received during the quarter have been summarised and are presented in Appendix 1.

Gradient Array Induced Polarisation (GAIP) Survey Extension

GAIP surveying was carried out to expand the previously surveyed area (see TSO’s ASX Announcement - 10 August 2020) by 700m to the south east and also 700m to the north west. An additional thirty (30) lines of GAIP surveying using 50m spaced survey lines and 25m station spacing were completed along NE-SW oriented survey lines.

Results from the survey were correlated to existing drilling results and geological mapping, which indicates that IP surveying is effective in targeting potential high-grade gold bearing structures at El Zorro. The GAIP survey has also assisted in identifying additional prospective fault zones which may host gold mineralisation similar to Ternera, where Tesoro is currently drilling. In addition, potential for Ternera style repeats to the east-south-east of Ternera have been identified (Figure 2)

Toro Gordo

A surface channel sampling program at the Toro Gordo prospect during the quarter indicated extensive surface gold mineralisation, defined over an area of 650m by 500m - immediately south of the Ternera gold deposit.

Significant trench sampling results over the quarter included:

  • 17.00m @ 1.48g/t Au, including 1.00m @ 22.30g/t Au;

  • 23.00m @ 2.16g/t Au, including 1.00m @ 42.70g/t Au;

  • 40.00m @ 1.23g/t Au, including 8.00m @ 3.14g/t Au;

  • 5.00m @ 1.26g/t Au; including 5.00m @ 1.08g/t Au;

  • 26.00m @ 0.92g/t Au, including 5.00m @ 1.97g/t Au; and

  • 18.00m @ 1.23g/t Au, including 4.00m @ 3.97g/t Au.

Surface gold mineralisation at Toro Gordo has now been delineated over an area covering approximately 650m by 500m, with mineralisation appearing to be continuous between the Ternera deposit and Toro Gordo.

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+61 8 9322 1587 | [email protected] | Suite 5, 62 Ord Street, West Perth WA 6005 | www.tesororesources.com.au

ASX Announcement 28 January 2021

At Toro Gordo, a large gold mineralised alteration zone adjoins the southern part of the Ternera gold deposit, however, it is hosted in granodiorite lithology, whereas the Ternera dominant host lithology is the El Zorro Tonalite. This is encouraging, as it demonstrates the potential for gold mineralisation to occur in multiple lithologies within the El Zorro Project area. Results will be used to plan drilling, with a maiden drill program planned to commence at Toro Gordo in January 2021.

+61 8 9322 1587 | [email protected] | Suite 5, 62 Ord Street, West Perth WA 6005 | www.tesororesources.com.au

ASX Announcement 28 January 2021

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Figure 1 – Ternera Drilling – collar locations on geology with selected significant intercepts - PSAD56/19S datum.

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+61 8 9322 1587 | [email protected] | Suite 5, 62 Ord Street, West Perth WA 6005 | www.tesororesources.com.au

ASX Announcement 28 January 2021

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Figure 2 - The Ternera prospect showing the GAIP chargeability response with a half vertical derivative filter, where high chargeability is represented by warm colours. The Ternera drill collars are colour coded to gram-metre intercepts. North trending master faults are shown as dashed black lines. A prospective GAIP anomaly trend having a very similar, repeat pattern to Ternera is highlighted as a new target area (yellow outline).

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+61 8 9322 1587 | [email protected] | Suite 5, 62 Ord Street, West Perth WA 6005 | www.tesororesources.com.au

ASX Announcement 28 January 2021

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Figure 3 – Toro Gordo trench sampling results and geology. Ternera drill collars coloured to g/m Au drill intercept.

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+61 8 9322 1587 | [email protected] | Suite 5, 62 Ord Street, West Perth WA 6005 | www.tesororesources.com.au

ASX Announcement 28 January 2021

Next Steps

In total, the Company has now drilled 81 diamond drill holes for 21,700.76m at Ternera, part of the El Zorro gold project.

A further 30,000m resource definition and extensional drill program has been planned at Ternera in Q1 2021, with the aim of delineating a maiden resource estimate by June 2021, contingent upon the ultimate deposit size.

An initial drilling program will commence in January 2021 at the Toro Gordo target to the south of Ternera to test depth continuity of identified surface gold mineralisation. Toro Gordo will be the first target of six to be drilled outside of Ternera. It is planned that initial Scoping Study activities and data collection will commence in January 2021.

Corporate

Capital Raising

In December, Tesoro announced an $18 million Placement and $3 million Share Purchase Plan (SPP) to raise up to $21 million (before costs).

The Placement comprised the issue of 66,666,667 new Shares at an issue price of $0.27 per Share, utilising the Company’s existing ASX Listing Rule 7.1 and 7.1A placement capacities with

  • 19,037,275 new Shares issued pursuant to ASX Listing Rule 7.1; and

  • 47,629,392 new Shares issued pursuant to ASX Listing Rule 7.1A (Placement Shares).

The issue price under the Placement represented a 9.3% discount to the last closing price and a 14.6% discount to the 5-trading day and 15-trading day volume weighted average price (VWAP) for shares in the Company up to and including Friday, 4 December 2020.

A further 925,926 new Shares were issued to Tribeca in lieu of fees for capital raising services, pursuant to ASX Listing Rule 7.1.

PAC Partners Securities Pty Ltd was Lead Manager to the Placement.

The SPP aimed to raise $3 million (before costs) and opened on 11 December, giving eligible Shareholders the opportunity to apply for up to $30,000 of new fully paid ordinary shares in the Company without incurring brokerage or other transaction costs. The issue price of Shares to be issued under the SPP (SPP Shares) was $0.27 per share, the same as the Placement.

Post the end of the quarter, the Company announced it had received valid applications for a total of 16,836,932 new Shares from Eligible Shareholders, totalling $4,546,000 and exceeding the targeted $3,000,000. The Company conducted a pro-rata scale back of applications received in excess of $3,000,000, in accordance with the terms of the SPP. Eligible Shareholders received approximately 66% of Shares subscribed for. Refunds were processed on 21 January 2021 and refunded amounts either debited into the Eligible Shareholders bank account where this information was held by the share registry, or via cheque.

Tesoro will use funds raised for the planned 30,000m resource definition and extensional drill program at the El Zorro Gold Project, a detailed metallurgical testwork program and the commencement of a Scoping Study at the Company’s El Zorro Gold Project in early CY2021, and for general working capital purposes, including the costs of the capital raising.

Annual General Meeting

7 +61 8 9322 1587 | [email protected] | Suite 5, 62 Ord Street, West Perth WA 6005 | www.tesororesources.com.au

ASX Announcement 28 January 2021

Tesoro held its Annual General Meeting of shareholders at 10:00am (WST) on Thursday, 19 November 2020 (Meeting), with all resolutions being passed on a poll.

Use of Funds

The Company confirms that during the quarter ended 31 December 2020, it has used the funds raised pursuant to the Company’s Prospectus dated 30 October 2019 and Supplementary Prospectus’ dated 10 December 2019 and 29 January 2020 consistently with the “use of funds” statement in the Prospectus. A comparison of actual expenditure since the Company’s re-listing on ASX follows:

Prospectus
(24 month period)
$		 Actual
Q2 FY21
$		 Actual
TOTAL
$
El Zorro Exploration 2,175,000 2,794,007 5,631,381
Espina Exploration and Earn-in
Expenditure		 850,000 - 55,900
Project Payments 295,000 54,092 264,092
Partial repayment of Director
Loan to entities associated with
Geoffrey McNamara		 75,000 75,000
Costs of the Offer 485,990 - 557,358
Corporate overheads and
administrationcosts		 830,000 290,632 830,000
Administration costs and
working capital		 189,010 - 162,619
Total 4,900,000 3,148,731 7,576,350

Payments to Related Parties

As outlined in the Appendix 5B for the quarter ending 31 December 2020 (section 6.1), during the quarter approximately $104,746 in payments were made to related parties and/or their associates as remuneration (inc superannuation) for the Managing Director, Non-Executive Director fees, consulting fees and superannuation.

Authorised by the Board of Tesoro Resources Limited.

For more information:

Company:

Investors:

Zeff Reeves, Managing Director Peter Taylor Tesoro Resources Limited NWR Communications +61 8 9322 1587 +61 (0) 412 036 231 [email protected]

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+61 8 9322 1587 | [email protected] | Suite 5, 62 Ord Street, West Perth WA 6005 | www.tesororesources.com.au

ASX Announcement 28 January 2021

About Tesoro

Tesoro Resources Limited was established with a strategy of acquiring, exploring and developing mining projects in the Coastal Cordillera region of Chile. The Coastal Cordillera region is host to multiple world class copper and gold mines, has well established infrastructure, service providers and an experienced mining workforce. Large areas of the Coastal Cordillera remain unexplored due to the unconsolidated nature of mining concession ownership, but Tesoro via its in-country network and experience has been able secure rights to two district scale gold projects in-line with the Company’s strategy. Tesoro has rights to acquire up to 80% of the El Zorro Gold Project and 100% of the Espina Gold Project

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Future Performance

This announcement may contain certain forward-looking statements and opinion. Forward-looking statements, 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 the Company and which are subject to change without notice and could cause the actual results, performance or achievements of the Company 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 no representation or warranty is made as to the likelihood of achievement or reasonableness of any forward looking statements or other forecast. Nothing contained in this announcement nor any information made available to you is, or and shall be relied upon as, a promise, representation, warranty or guarantee as to the past, present or the future performance of Tesoro.

Competent Persons Statement

The information in this report that relates to Exploration 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 major 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.

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+61 8 9322 1587 | [email protected] | Suite 5, 62 Ord Street, West Perth WA 6005 | www.tesororesources.com.au

ASX Announcement 28 January 2021

Appendix 1 - December Quarter 2021 Table of Significant Assay Results Received

Hole_ID **From(m) ** **To(m) ** **Interval ** Au(g/t) Comments Hole_ID **From(m) ** **To(m) ** **Interval ** Au(g/t) Comments
ZDDH0033 40.00 68.00 28.00 1.22 ZDDH0039 226.00 227.00 1.00 3.86 including
ZDDH0033 57.00 67.00 10.00 3.17 including ZDDH0039 237.00 238.00 1.00 2.30 including
ZDDH0033 59.00 63.00 4.00 5.96 including ZDDH0039 268.00 269.00 1.00 1.62 including
ZDDH0033 100.00 104.00 4.00 1.51 ZDDH0040 136.00 197.00 61.00 0.75
ZDDH0033 134.70 137.00 2.30 1.27 ZDDH0040 136.00 152.00 16.00 1.96 including
ZDDH0033 143.00 144.00 1.00 1.45 ZDDH0040 136.00 146.00 10.00 2.61 including
ZDDH0034 17.00 28.00 11.00 0.79 ZDDH0040 142.00 146.00 4.00 5.34 including
ZDDH0034 23.00 24.00 1.00 4.59 including ZDDH0040 160.00 164.00 4.00 0.95 including
ZDDH0034 27.00 28.00 1.00 1.77 including ZDDH0040 161.00 162.00 1.00 2.84 including
ZDDH0034 62.22 63.34 1.12 2.85 ZDDH0040 182.00 188.00 6.00 0.72 including
ZDDH0034 87.00 92.84 5.84 1.12 ZDDH0040 195.00 197.00 2.00 2.75 including
ZDDH0034 89.00 91.00 2.00 2.45 ZDDH0040 288.00 291.00 3.00 1.24 including
ZDDH0034 105.40 106.00 0.60 1.15 ZDDH0041 2.00 12.00 10.00 0.55
ZDDH0034 116.00 117.00 1.00 1.17 ZDDH0041 6.00 8.00 2.00 1.33 including
ZDDH0034 172.00 173.00 1.00 1.68 ZDDH0041 23.50 52.00 28.50 0.38
ZDDH0034 180.40 181.50 1.10 6.58 ZDDH0041 23.50 32.00 8.50 0.48 including
ZDDH0034 193.00 194.00 1.00 2.73 ZDDH0041 29.00 32.00 3.00 0.99 including
ZDDH0034 202.00 203.00 1.00 2.12 ZDDH0041 40.00 46.00 6.00 0.61
ZDDH0035 67.00 68.00 1.00 2.67 ZDDH0041 106.20 108.00 1.80 3.49
ZDDH0035 81.10 110.34 29.24 1.05 ZDDH0041 127.50 128.00 0.50 29.90
ZDDH0035 89.00 94.00 5.00 4.11 including ZDDH0041 140.00 145.00 5.00 5.91
ZDDH0035 84.00 106.00 22.00 1.34 including ZDDH0041 141.65 143.50 1.85 15.22 including
ZDDH0035 144.00 155.00 11.00 1.15 ZDDH0042 112.00 127.00 15.00 0.68
ZDDH0035 153.00 155.00 2.00 4.41 including ZDDH0042 126.00 127.00 1.00 5.64 including
ZDDH0035 162.00 164.00 2.00 1.03 ZDDH0043 5.30 56.00 50.70 0.45
ZDDH0035 199.00 200.00 1.00 1.76 ZDDH0043 5.30 22.50 17.20 0.94 including
ZDDH0035 192.00 238.00 46.00 0.72 ZDDH0043 9.50 13.00 3.50 3.44 including
ZDDH0035 224.00 238.00 14.00 1.86 including ZDDH0043 80.00 105.00 25.00 0.41
ZDDH0035 224.00 233.00 9.00 2.59 including ZDDH0043 81.00 85.00 4.00 0.87 including
ZDDH0035 277.00 278.00 1.00 1.63 ZDDH0043 103.00 105.00 2.00 1.60 including
ZDDH0036 74.00 125.00 51.00 1.07 ZDDH0043 241.00 242.00 1.00 1.02
ZDDH0036 74.00 96.00 22.00 2.16 including ZDDH0044 104.00 107.00 3.00 0.92
ZDDH0036 88.30 96.00 7.70 5.04 including ZDDH0044 104.00 105.00 1.00 2.25 including
ZDDH0036 104.00 105.00 1.00 2.33 including ZDDH0045 23.00 50.00 27.00 0.59
ZDDH0036 114.00 115.00 1.00 2.84 including ZDDH0045 36.00 46.20 10.20 1.07 including
ZDDH0036 165.00 166.00 1.00 1.11 ZDDH0045 36.00 40.00 4.00 1.80 including
ZDDH0036 215.00 216.00 1.00 1.60 ZDDH0045 97.00 98.00 1.00 1.91
ZDDH0037 42.00 65.00 23.00 0.40 ZDDH0045 196.30 203.00 6.70 1.10
ZDDH0037 42.00 42.68 0.68 1.55 including ZDDH0045 197.00 198.50 1.50 3.21 including
ZDDH0037 56.00 65.00 9.00 0.70 including ZDDH0045 196.30 199.00 2.70 2.70 including
ZDDH0037 56.00 57.00 1.00 2.47 including ZDDH0046 17.60 39.00 21.40 1.17
ZDDH0037 62.00 64.00 2.00 1.32 including ZDDH0046 26.00 31.00 5.00 3.75 including
ZDDH0037 149.00 172.00 23.00 0.82 ZDDH0046 28.00 31.00 3.00 5.71 including
ZDDH0037 149.00 154.00 5.00 1.47 including ZDDH0046 180.00 181.00 1.00 1.11
ZDDH0037 162.00 172.00 10.00 0.92 including ZDDH0046 223.00 224.00 1.00 1.45
ZDDH0037 162.00 168.00 6.00 1.04 including ZDDH0046 248.60 250.00 1.40 1.35
ZDDH0038 23.00 24.00 1.00 3.12 ZDDH0047 30.00 134.50 104.50 0.56
ZDDH0038 74.20 113.00 38.80 0.49 ZDDH0047 35.00 36.00 1.00 2.98 including
ZDDH0038 74.20 77.00 2.80 2.06 including ZDDH0047 74.00 75.00 1.00 2.03 including
ZDDH0038 92.00 93.00 1.00 4.39 including ZDDH0047 97.00 134.80 37.80 1.23 including
ZDDH0038 105.00 106.00 1.00 2.11 including ZDDH0047 97.00 109.00 12.00 2.68 including
ZDDH0038 148.00 152.00 4.00 1.17 including ZDDH0047 97.00 99.00 2.00 11.00 including
ZDDH0038 178.00 186.00 8.00 0.50 ZDDH0047 130.00 134.80 4.80 2.71 including
ZDDH0038 185.00 186.00 1.00 2.48 including ZDDH0047 210.00 211.00 1.00 1.78
ZDDH0038 200.00 208.10 8.10 1.12 including ZDDH0047 288.00 289.00 1.00 1.19
ZDDH0038 202.00 204.00 2.00 3.72 including ZDDH0048 45.00 90.00 45.00 0.54
ZDDH0039 2.50 5.60 3.10 0.39 ZDDH0048 53.50 54.50 1.00 3.15 including
ZDDH0039 78.70 81.00 2.30 1.43 ZDDH0048 47.00 55.00 8.00 1.02 including
ZDDH0039 188.00 252.50 64.50 0.47 ZDDH0048 80.00 83.00 3.00 4.18 including
ZDDH0039 212.00 232.00 20.00 0.84 including
ZDDH0039 212.00 218.00 6.00 1.49 including

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+61 8 9322 1587 | [email protected] | Suite 5, 62 Ord Street, West Perth WA 6005 | www.tesororesources.com.au

ASX Announcement 28 January 2021

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+61 8 9322 1587 | [email protected] | Suite 5, 62 Ord Street, West Perth WA 6005 | www.tesororesources.com.au

ASX Announcement 28 January 2021

Appendix 2 – Concession Schedule

El Zorro Gold Project Exploration Concessions (70%* Tesoro, option to earn up to 80%)

Total Concession Name Date of Expiration Size (ha) Concession
**type **
1 SIERRA PATACONES 1 application 300 Exploration
2 SIERRA PATACONES 2 application 300 Exploration
3 SIERRA PATACONES 3 application 300 Exploration
4 SIERRA PATACONES 4 application 300 Exploration
5 SIERRA PATACONES 5 application 300 Exploration
6 SIERRA PATACONES 6 application 300 Exploration
7 SIERRA PATACONES 7 application 300 Exploration
8 SIERRA PATACONES 8 application 300 Exploration
9 SIERRA PATACONES 9 application 300 Exploration
10 SIERRA PATACONES 10 application 300 Exploration
11 SIERRA PATACONES 11 application 300 Exploration
12 SIERRA PATACONES 12 application 300 Exploration
13 SIERRA PATACONES 13 application 300 Exploration
14 SIERRA PATACONES 14 application 300 Exploration
15 SIERRA PATACONES 15 application 300 Exploration
16 SIERRA PATACONES 20 application 300 Exploration
17 SIERRA PATACONES 19 application 300 Exploration
18 SIERRA PATACONES 18 application 300 Exploration
19 SIERRA PATACONES 17 application 300 Exploration
20 SIERRA PATACONES 16 application 300 Exploration
21 SIERRA PATACONES 21 application 300 Exploration
22 SIERRA PATACONES 22 application 300 Exploration
23 SIERRA PATACONES 23 application 300 Exploration
24 SIERRA PATACONES 24 application 300 Exploration
25 SIERRA PATACONES 25 application 300 Exploration
26 SIERRA PATACONES 26 application 300 Exploration
27 SIERRA PATACONES 27 application 300 Exploration
28 SIERRA PATACONES 28 application 300 Exploration
29 SIERRA PATACONES 29 application 300 Exploration
30 SIERRA PATACONES 30 application 300 Exploration
31 SIERRA PATACONES 31 application 300 Exploration
32 SIERRA PATACONES 32 application 300 Exploration
33 SIERRA PATACONES 33 application 300 Exploration
34 SIERRA PATACONES 34 application 300 Exploration
35 SIERRA PATACONES 35 application 300 Exploration
36 SIERRA PATACONES 42 application 300 Exploration
37 SIERRA PATACONES 41 application 300 Exploration
38 SIERRA PATACONES 40 application 300 Exploration
39 SIERRA PATACONES 39 application 300 Exploration
40 SIERRA PATACONES 38 application 300 Exploration
41 SIERRA PATACONES 37 application 300 Exploration
42 SIERRA PATACONES 36 application 300 Exploration
43 SIERRA PATACONES 43 application 300 Exploration
44 SIERRA PATACONES 44 application 300 Exploration
45 SIERRA PATACONES 45 application 300 Exploration
46 SIERRA PATACONES 46 application 300 Exploration
47 SIERRA PATACONES 47 application 300 Exploration
48 SIERRA PATACONES 48 application 300 Exploration
49 SIERRA PATACONES 49 application 300 Exploration
50 SIERRA PATACONES 50 application 300 Exploration
51 SIERRA PATACONES 51 application 300 Exploration
52 SIERRA PATACONES 53 application 300 Exploration
53 SIERRA PATACONES 54 application 300 Exploration
54 SIERRA PATACONES 55 application 300 Exploration
55 SIERRA PATACONES 56 application 300 Exploration
56 SIERRA PATACONES 57 application 300 Exploration
57 SIERRA PATACONES 62 application 300 Exploration

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ASX Announcement 28 January 2021

58 SIERRA PATACONES 61 application 300 Exploration
59 SIERRA PATACONES 60 application 300 Exploration
60 SIERRA PATACONES 59 application 300 Exploration
61 SIERRA PATACONES 58 application 300 Exploration
62 SIERRA PATACONES 63 application 300 Exploration
63 SIERRA PATACONES 64 application 300 Exploration
64 SIERRA PATACONES 65 application 300 Exploration
65 SIERRA PATACONES 66 application 300 Exploration
66 SIERRA PATACONES 67 application 300 Exploration
67 SIERRA PATACONES 68 application 300 Exploration
68 SIERRA PATACONES 69 application 300 Exploration
69 SIERRA PATACONES 70 application 300 Exploration
70 SIERRA PATACONES 71 application 300 Exploration
71 SIERRA PATACONES 72 application 300 Exploration
72 SIERRA PATACONES 73 application 300 Exploration
73 SIERRA PATACONES 74 application 300 Exploration
74 SIERRA PATACONES 75 application 300 Exploration
75 SIERRA PATACONES 76 application 300 Exploration
76 SIERRA PATACONES 77 application 300 Exploration
77 SIERRA PATACONES 84 application 300 Exploration
78 SIERRA PATACONES 83 application 300 Exploration
79 SIERRA PATACONES 82 application 300 Exploration
80 SIERRA PATACONES 81 application 300 Exploration
81 SIERRA PATACONES 80 application 300 Exploration
82 SIERRA PATACONES 79 application 300 Exploration
83 SIERRA PATACONES 78 application 300 Exploration
84 SIERRA PATACONES 52 application 300 Exploration
85 GOLD STORE 72 application 300 Exploration
86 GOLD STORE 71 application 300 Exploration
87 GOLD STORE 70 application 300 Exploration
88 GOLD STORE 69 application 300 Exploration
89 GOLD STORE 68 application 300 Exploration
90 GOLD STORE 67 application 300 Exploration
91 GOLD STORE 66 application 300 Exploration
92 GOLD STORE 1 application 300 Exploration
93 GOLD STORE 2 application 300 Exploration
94 GOLD STORE 3 application 300 Exploration
95 GOLD STORE 4 application 300 Exploration
96 GOLD STORE 5 application 300 Exploration
97 GOLD STORE 6 application 300 Exploration
98 GOLD STORE 7 application 300 Exploration
99 GOLD STORE 8 application 300 Exploration
100 GOLD STORE 9 application 300 Exploration
101 GOLD STORE 10 application 300 Exploration
102 GOLD STORE 11 application 300 Exploration
103 GOLD STORE 12 application 300 Exploration
104 GOLD STORE 13 application 300 Exploration
105 GOLD STORE 14 application 300 Exploration
106 GOLD STORE 15 application 300 Exploration
107 GOLD STORE 16 application 300 Exploration
108 GOLD STORE 17 application 300 Exploration
109 GOLD STORE 18 application 300 Exploration
110 GOLD STORE 19 application 300 Exploration
111 GOLD STORE 20 application 300 Exploration
112 GOLD STORE 21 application 300 Exploration
113 GOLD STORE 22 application 300 Exploration
114 GOLD STORE 23 application 300 Exploration
115 GOLD STORE 24 application 300 Exploration
116 GOLD STORE 25 application 300 Exploration
117 GOLD STORE 26 application 300 Exploration
118 GOLD STORE 27 application 300 Exploration

13

+61 8 9322 1587 | [email protected] | Suite 5, 62 Ord Street, West Perth WA 6005 | www.tesororesources.com.au

ASX Announcement 28 January 2021

119 GOLD STORE 28 application 300 Exploration
120 GOLD STORE 29 application 300 Exploration
121 GOLD STORE 30 application 300 Exploration
122 GOLD STORE 36 application 300 Exploration
123 GOLD STORE 35 application 300 Exploration
124 GOLD STORE 34 application 300 Exploration
125 GOLD STORE 33 application 300 Exploration
126 GOLD STORE 32 application 300 Exploration
127 GOLD STORE 31 application 300 Exploration
128 GOLD STORE 37 application 300 Exploration
129 GOLD STORE 38 application 300 Exploration
130 GOLD STORE 39 application 300 Exploration
131 GOLD STORE 40 application 300 Exploration
132 GOLD STORE 41 application 300 Exploration
133 GOLD STORE 42 application 300 Exploration
134 GOLD STORE 43 application 300 Exploration
135 GOLD STORE 44 application 300 Exploration
136 GOLD STORE 45 application 300 Exploration
137 GOLD STORE 46 application 300 Exploration
138 GOLD STORE 47 application 300 Exploration
139 GOLD STORE 48 application 300 Exploration
140 GOLD STORE 49 application 300 Exploration
141 GOLD STORE 50 application 300 Exploration
142 GOLD STORE 51 application 300 Exploration
143 GOLD STORE 52 application 300 Exploration
144 GOLD STORE 53 application 300 Exploration
145 GOLD STORE 54 application 300 Exploration
146 GOLD STORE 55 application 300 Exploration
147 GOLD STORE 56 application 200 Exploration
148 GOLD STORE 57 application 300 Exploration
149 GOLD STORE 58 application 300 Exploration
150 GOLD STORE 59 application 300 Exploration
151 GOLD STORE 60 application 300 Exploration
152 GOLD STORE 61 application 300 Exploration
153 GOLD STORE 62 application 300 Exploration
154 GOLD STORE 63 application 300 Exploration
155 GOLD STORE 64 application 300 Exploration
156 GOLD STORE 65 application 300 Exploration
157 VACAS FLACAS 1 application 300 Exploration
158 VACAS FLACAS 2 application 300 Exploration
159 VACAS FLACAS 5 application 300 Exploration
160 VACAS FLACAS 6 application 300 Exploration
161 VACAS FLACAS 7 application 300 Exploration
162 VACAS FLACAS 8 application 300 Exploration
163 VACAS FLACAS 9 application 300 Exploration
164 VACAS FLACAS 10 application 300 Exploration
165 VACAS FLACAS 11 application 300 Exploration
166 VACAS FLACAS 12 application 300 Exploration
167 VACAS FLACAS 13 application 300 Exploration
168 VACAS FLACAS 14 application 300 Exploration
169 VACAS FLACAS 15 application 300 Exploration
170 VACAS FLACAS 16 application 300 Exploration
171 VACAS FLACAS 17 application 300 Exploration
172 VACAS FLACAS 18 application 300 Exploration
173 VACAS FLACAS 19 application 300 Exploration
174 VACAS FLACAS 20 application 300 Exploration
175 VACAS FLACAS 21 application 300 Exploration
176 VACAS FLACAS 22 application 300 Exploration
177 VACAS FLACAS 23 application 300 Exploration
178 VACAS FLACAS 24 application 300 Exploration
179 VACAS FLACAS 25 application 300 Exploration
180 VACAS FLACAS 28 application 300 Exploration
181 VACAS FLACAS 27 application 300 Exploration

14

+61 8 9322 1587 | [email protected] | Suite 5, 62 Ord Street, West Perth WA 6005 | www.tesororesources.com.au

ASX Announcement 28 January 2021

182 VACAS FLACAS 26 application 300 Exploration
183 VACAS FLACAS 3 application 300 Exploration
184 VACAS FLACAS 4 application 300 Exploration
189 BloodyGood Shot 13A application 200 Exploration
190 BloodyGood Shot 12A application 200 Exploration
191 BloodyGood Shot 11A application 200 Exploration
192 BloodyGood Shot 10A application 300 Exploration
193 BloodyGood Shot 9A application 300 Exploration
194 BloodyGood Shot 8A application 200 Exploration
195 BloodyGood Shot 7A application 100 Exploration
196 BloodyGood Shot 6A application 200 Exploration
197 BloodyGood Shot 5A application 200 Exploration
198 BloodyGood Shot 4A application 300 Exploration
199 BloodyGood Shot 3A application 300 Exploration
200 BloodyGood Shot 2A application 300 Exploration
201 BloodyGood Shot 1A application 300 Exploration
202 NICE BARREL 1 application 200 Exploration
203 NICE BARREL 2 application 300 Exploration
204 NICE BARREL 3 application 200 Exploration
205 NICE BARREL 4 application 200 Exploration
206 NICE BARREL 5 application 200 Exploration
207 NICE BARREL 6 application 200 Exploration
208 NICE BARREL 7 application 200 Exploration
209 ZORRO 1A 16/Mar/2022 200 Exploration
210 ZORRO 2A 16/Mar/2022 200 Exploration
211 ZORRO 3A 16/Mar/2022 200 Exploration
213 ZORRO 4A 16/Mar/2022 100 Exploration
213 ZORRO 5A 16/Mar/2022 200 Exploration
214 ZORRO 6A 29/Apr/2022 200 Exploration
215 BloodyGood Shot 11 22/Oct/2020 200 Exploration
216 BloodyGood Shot 12 22/Oct/2020 200 Exploration
217 BloodyGood Shot 13 22/Oct/2020 200 Exploration
218 Punta de Diamante 1 14/Feb/2021 200 Exploration
219 Punta de Diamante 2 14/Feb/2021 300 Exploration
220 Punta de Diamante 3 14/Feb/2021 300 Exploration
221 La Negra Coja 19 14/Feb/2021 200 Exploration
222 La Negra Coja 18 14/Feb/2021 300 Exploration
223 La Negra Coja 17 14/Feb/2021 300 Exploration
224 La Negra Coja 16 18/Feb/2021 200 Exploration
225 La Negra Coja 15 18/Feb/2021 300 Exploration
226 La Negra Coja 14 20/Feb/2021 300 Exploration
227 La Negra Coja 13 20/Feb/2021 300 Exploration
228 La Negra Coja 12 20/Feb/2021 200 Exploration
229 La Negra Coja 11 20/Feb/2021 300 Exploration
230 La Negra Coja 10 20/Feb/2021 300 Exploration
231 La Negra Coja 9 22/Feb/2021 200 Exploration
232 La Negra Coja 8 22/Feb/2021 300 Exploration
233 La Negra Coja 7 22/Feb/2021 300 Exploration
234 La Negra Coja 6 22/Feb/2021 200 Exploration
235 La Negra Coja 5 1/Mar/2021 300 Exploration
236 La Negra Coja 4 1/Mar/2021 200 Exploration
237 La Negra Coja 3 5/Mar/2021 300 Exploration
238 La Negra Coja 2 5/Mar/2021 300 Exploration
239 La Negra Coja 1 7/Mar/2021 200 Exploration
185 Buzzard 1, 1 al 300 Converting from exploration 300 Exploitation
186 Buzzard 2, 1 al 300 Converting from exploration 300 Exploitation
187 Buzzard 3, 1 al 300 Converting from exploration 300 Exploitation
188 Buzzard 4, 1 al 300 Converting from exploration 300 Exploitation
240 LEON DOS 1-30 NA - constituted 300 Exploitation
241 LEON UNO 1-30 NA - constituted 300 Exploitation
242 LAS COQUETAS 1/10 NA - constituted 100 Exploitation
243 PATON DOS 1/29 NA - constituted 230 Exploitation
244 PATON UNO 1/29 NA - constituted 240 Exploitation

15

+61 8 9322 1587 | [email protected] | Suite 5, 62 Ord Street, West Perth WA 6005 | www.tesororesources.com.au

ASX Announcement 28 January 2021

Notes:

  1. All concessions noted as “application” are moving through the application process and there is no legal impediment to them being granted, as announced on 23 September 2020.

  2. Constituted exploitation concessions have no expiry.

  3. Buzzard concession are currently being converted from Exploration to exploitation.

16

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