TESORO GOLD LTD — Investor Presentation 2021

Nov 10, 2021

A S X A N N O U N C E M E N T 1 1 N O V E M B E R 2 0 2 1

ASX: TSO | ACN 106 854 175

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Tesoro Presenting at Noosa Mining Unearthed

Tesoro Resources Limited ( Tesoro or the Company ) (ASX:TSO) advises that the Company is presenting virtually at the Noosa Mining Unearthed Conference on the 11 November 2021 at 11:35 am (AEST).

The presentation can be viewed online by registering at:

https://www.noosaminingconference.com.au

Please find attached the updated Tesoro Resources Corporate Presentation.

The presentation can be downloaded from

• www.tesororesources.com.au/announcement category/presentations/

This ASX Announcement has been approved for release by Zeff Reeves, Managing Director.

For more information, please contact:

Zeff Reeves Peter Taylor Managing Director Investor Relations zeff.reeves@tesororesources.com.au Peter@nwrcommunications.com.au 0412 036 231

About Tesoro Resources

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 a district scale gold project in-line with the Company’s strategy. Tesoro’s 95% owned Chilean Subsidiary owns 85% of the El Zorro Gold Project.

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+61 8 9322 1587 | info@tesororesources.com.au | Suite 5, 62 Ord Street, West Perth WA 6005 | www.tesororesources.com.au

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El Zorro Gold Project Chile Scale, Simplicity, Strategic Location & Exceptional Metallurgy

November 2021 ASX:TSO

Disclaimer

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This presentation and any accompanying verbal presentation (together the Presentation) are confidential and have been prepared by Tesoro Resources 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 10 November 2021 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.

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 Presentation 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 Managing 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 Presentation of the matters based on this information in the form and context in which it appears.

The information in this Presentation that relates to Geophysical Results is based on information compiled by Dr Jayson Meyers who is a Fellow of the Australian Institute of Geoscientists. Dr Meyers is a consultant to Tesoro Resources Limited and has sufficient experience which 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. Dr Meyers does not hold any securities in the Company. The Company confirms it is not aware of any new information or data that materially affects the Geophysical Results included in the original announcement on 16 April 2021.

The information in this Presentation that relates to Mineral Resources is based on information compiled by Mr Daniel Saunders, a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Saunders is a full-time employee of Cube Consulting Pty Ltd, acting as independent consultants to Tesoro Resources Limited. Mr Saunders 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 Mineral Resource information included in the original announcement on 28 July 2021 and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. The Company confirms that the form and context in which the applicable Competent Persons’ findings are presented have not been materially modified from the original announcement.

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.

TESORO RESOURCES (ASX:TSO) | CORPORATE PRESENTATION

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El Zorro Gold Project Scale, Simplicity & Exceptional Metallurgy in a Strategic Location

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koz Up to % 661& growing 98recovery Chile Coastal Location Mining Friendly New Gold District Developing a First Mover Sustainable Gold Project

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Conventional Processing Surface Gold to over 400m Depth Mature Mining Skillset

TESORO RESOURCES (ASX:TSO) | CORPORATE PRESENTATION

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Investment Hi hli hts g g

• Discovered & defined 661,000oz[(2) ] gold resource in 18 months.

• Preliminary metallurgical work undertaken for the maiden MRE, indicates a possible Open Pit & CIL Project in a Tier-1 mining jurisdiction.

• Tesoro holds one of the largest & most prospective gold properties in Chile.

• Strategically positioned, established infrastructure & surrounded by world-class .

• mining projects[(1)]

• Exceptional metallurgy – Simple Flowsheet.

• Significant exploration potential with <2% of the 555km[2] permit area drilled.

• 99% success rate with drill bit.

Notes: 1- Refer to Maiden Mineral Resource, 28 July 2021 in Appendix 3. 2- Refer to Appendix 2 on Chile,

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Au
Chanaral
Cu/Fe
El Zorro Cu
Gold Project
Cu/Au
Caldera
Fe
Cities
El Zorro Project
Other Mines
Santo Domingo Proposed Port
Yamana Gold License
Copiapo
Airport & Power
Cu/Au
Pan American Highway Au
Tesoro License (555 km [2] )
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TESORO RESOURCES (ASX:TSO) | CORPORATE PRESENTATION

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El Zorro Gold Project: Chile’s Newest Gold Discovery

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• [(1)] .

• Tesoro Owns 85% of the El Zorro Gold Project

• Maiden Mineral Resource of 25.1 Mt @ 0.8g/t Au for 661 koz of gold at 0.3g/t Au cut-off including 15.4Mt @ 1.1g/t Au for 540koz at 0.5g/t Au cutoff[(2)] defined by 148 drill holes over 18 months.

• Outcropping Orebody with Multiple High-Grade Zones.

• Scoping Study Underway for Large Open Pit Mine.

• 42% of gold recovered by Gravity, 94% total .

• recovery @ 200 micron grind size[(3)]

• Simple Flowsheet Single Stage Crushing, SAG .

• Mill, Gravity & CIL[(4)]

• Logistical advantages:

• Low Power Costs (12-17c/kwh);

• Port 57km; and

• Workforce 53km.

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TORO BLANCO
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TERNERA TERNERA EAST
TORO GORDO
DRONE HILL
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Notes: 1- Tesoro’s 95% owned Chilean subsidiary owns 85% of the El Zorro Gold Project and may increase its holding of the JV via capital contributions. On the 26 August 2021, 15% JV partner Wanaco disputed the valuation & the procedure followed for the recent capital increase approved in the Shareholders Meeting of El Zorro SCM held on 11 February 2021. Tesoro is vigorously defending its position and is considering its legal options to have this spurious claim rejected by the court.

• 2- Refer to Maiden Mineral Resource, 28 July 2021 in Appendix 4.

• 3- Refer ASX Announcement 27 September 2021

• 4- Refer Appendix 1

TESORO RESOURCES (ASX:TSO) | CORPORATE PRESENTATION

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El Zorro Gold Project: Chile’s Newest Gold Discovery

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(2) 341600mE 7036000mN 341800mE 7036100mN 342000mE 342200mE 7036400mN
TSO Drilling
Mineralised intercept (m/Aug/t)
Fault
July 2021 Resource Estimate
1.0/12.10 US$1700/oz Au
Pit Shell
600mRL
1.0/1.47
21.28/0.34
1.0/7.09
1.3/0.59
incl. 4.0/1.1537.0/0.43 1.7/1.43 2.9/0.66 US$1800/oz Au Pit Shell US$2000/oz Au
Pit Shell
14/0.55
36.0/0.40
incl. 1/0.81
4.0/1.83
30.5/0.40
26.0/0.49
400mRL 76.0/0.93
incl. 12.0/1.39
incl. 18.7/1.57 US$2500/oz Au
Pit Shell
116.0/0.95
incl. 35.0/1.73
8.0/0.78 incl. 23.0/1.77
26.0/0.49
incl. 56.0/3.49 8.0/1.08
incl. 1.0/7.73
incl. 8.5/2.49 EL ZORRO
200mRL 0 100 Cross Section -140m
metres
500m +/- 10m
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• Maiden Resource Delivered within 18 months of ASX listing.

• Ternera Resource Open in all directions:

• Mineralised from surface; and

• 1km of strike, >500m wide, mineralisation at >400m depth & remains open.

• Resource has low sensitivity to lower gold price RPEEE pit shells[(1)] .

Indicated + Inferred Resource (0.30 g/t cut off)	Indicated + Inferred Resource (0.30 g/t cut off)	Indicated + Inferred Resource (0.30 g/t cut off)	Indicated + Inferred Resource (0.30 g/t cut off)
USD/Oz Gold Price Pit	Mt	Au g/t	koz
1,700	18.3	0.88	519
1,800	19.4	0.88	548
2,000	20.9	0.86	580
2,500	25.1	0.82	661

• 1- Alternate scenarios using different gold price inputs for the Reasonable Prospects for Eventual Economic Extraction (RPEEE) resource limiting pit shell demonstrate the sensitivity of contained mineralisation.

• 2- Refer ASX announcements 10/06/2020, 4/09/2020, 16/12/2020, 21/12/2020, 25/06/2021, 6/07/2021,19/08/2021 and 5/10/2021 for full results

TESORO RESOURCES (ASX:TSO) | CORPORATE PRESENTATION

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El Zorro Gold Project: Enormous Exploration Potential

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• Intrusive Related Gold System (IRGS) Tintina Province analogue (>50 M Oz Au[(1)] ), hosts Fort Knox, Pogo, Brewery & Donlin Creek.

• <2% of 555km[2] permit area drilled.

• Ternera deposit open in all directions.

• 6 Analogous Prospects, all to be drilled within the next 6 months.

• Discovery Cost US$21/oz (half global average[(2)] ).

• Aggressive Exploration .

• >60,000m drilling

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PERMIT EXPLORATION TARGETS TERNERA EXPLORATION
341000mE 342000mE 343000mE
7038000mN Gabbro and DioriteEl Zorro Tonalite (host))
TORO Biotite GranodioriteSediments
BLANCO Mafic Dykes
Faults
Tesoro Drill Collars
DRONE HILL TERNERA
NORTH
7037000mN
TERNERA
TERNERA EAST
7036000mN
TORO
GORDO
7035000mN BUZZARD
N
0 500m
7034000mN
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Notes: 1- refer to https://pubs.usgs.gov/sir/2007/5289/SIR2007-5289-A.pdf. 2- Refer to https://minexconsulting.com/wp-content/uploads/2021/05/Gold-Exploration-Trends-PDAC-May-2021.pdf for discovery costs of US$45/oz.

TESORO RESOURCES (ASX:TSO) | CORPORATE PRESENTATION

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Exploration Drilling

Core Shed

Local Workforce

Ternera Drill Rigs in Operation

Ternera Drilling Team

TESORO RESOURCES (ASX:TSO) | CORPORATE PRESENTATION

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Recent Ex loration Hi hli hts p g g

Ternera[(1)]

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(3)
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Multiple new thick high-grade gold zones contained in broad mineralised zones outside existing resource:

• 21.00m @ 5.26g/t Au ; contained within 205.00m @ 0.96g/t Au; and

• 17.50m @ 4.51g/t Au ; contained within 40.00m @ 2.11g/t Au.

Ternera East[(2)]

New discovery:

• 4.50m @ 1.14g/t Au; contained within 21.28m @ 0.34g/t Au; and

• 4.00m @ 1.69g/t Au; contained within 36.00m @ 0.40g/t Au.

Notes: 1- Refer to ASX announcement 19 August 2021. 2- Refer to ASX announcement 11 August 2021. 3- Refer to ASX announcements 9/10/2020, 16/2/2021, 27/07/2021, 4/08/2021, 19/08/2021, & 27/08/2021

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500m
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Ternera Drill Section +60m looking northwest. Hole ZDDH0170 & ZDDH0164 showing strong gold (3) mineralisation outside of existing Mineral Resource model and significantly expanding known gold zones.

TESORO RESOURCES (ASX:TSO) | CORPORATE PRESENTATION

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Excitin New Ex loration Tar ets g p g

• Drone Hill & Toro Blanco have the same geology as Ternera, same structural trends & high chargeability anomalies as identified by the Gradient Array Induced Polarisation (GAIP) survey (see map on right).[(1)]

• Drone Hill first drill hole intersected a high-grade gold zone of 1.57m @ 7.37g/t Au contained within 11.50m @ 1.13g/t Au.[(2)]

• Currently drilling at Toro Blanco first two holes have intercepted altered host rocks, assays yet to be received.

• Regional Potential prospective corridor identified from satellite imagery & mapping >25km of strike on Tesoro’s concessions.

• Note: 1- Refer to ASX announcement 16 April 2021. 2- Refer to ASX announcement 23 March 2021

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20km
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Aster Satellite
Image_AlOH filter
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TORO BLANCO
DRONE HILL TERNERA NORTH
TERNERA EAST
TERNERA
TORO GORDO
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TESORO RESOURCES (ASX:TSO) | CORPORATE PRESENTATION

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Roadmap to Create Shareholder Value

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Immediate Focus

• Continue to grow resources at El Zorro via low-cost drilling.

• Identify Ternera repeats within the regional El Zorro concessions.

• Complete scoping study & build organisational capability to progress El Zorro to production.

Key Activities for 2021/2022

	2021	2021	2022	2022	2022	2022	2022	2022	2022	2023
	Q4		Q1			Q2		Q3	Q4	Q1
El Zorro Gold Project	Exploration & Development
	Ternera Resource Drilling (50,000m)
						Ternera Mine Drilling
		Resource Update						Resource Update
	Met Testwork
			Mining Studies
			Financial Analysis
					Scoping Study Report
						Feasibility Study
						Environmental Approvals
										FID
Regional Exploration	Exploration
	Ternera East, Drone Hill, Toro Blanco Drilling (10,000m)
								Maiden Resource

Approvals

Drilling

Key Announcements

Analysis

TESORO RESOURCES (ASX:TSO) | CORPORATE PRESENTATION

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Company Strategy & Corporate Snapshot

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Strategy

Utilise extensive geological experience to discover, define & develop high quality mining projects in the ‘Core Atacama’ province of Chile.

Mineral Resource[(1)]

	Indicated	Indicated	Indicated	Inferred	Inferred	Inferred	Total	Total	Total
Cut off Au g/t	Mt	Au g/t	koz	Mt	Au g/t	koz	Mt	Au g/t	koz
0.30	2.7	0.88	75	22.4	0.81	586	25.1	0.82	661
0.50	1.7	1.17	63	13.7	1.08	476	15.4	1.09	539

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Capital Structure
ASX Share Price(2)	A$0.083
Shares on Issue	654.2 million
Performance Rights	98 million
Market Capitalisation	A$54 million
Cash(3)	A$11.8 million
Debt	Nil
Shareholders
Top20	47%
Board & Management	17%
Institutional Investors	24%
Other	59%

Notes: 1- Refer to Maiden Mineral Resource, 28 July 2021 in Appendix 3, 2- At 14 October 2021, 2021 3- At 30 June 2021

TESORO RESOURCES (ASX:TSO) | CORPORATE PRESENTATION

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Board & Management

John is a Partner at Azure Capital Limited with >15 years of experience in corporate advisory, focusing mainly on equity financing transactions across a range of industries including mining, technology, general industrials, biotech & infrastructure.

John Toll Chairman

20 years’ experience across mining, technical engineering, project evaluation, feasibility studies, financial modelling, business development (BD), growth, strategy, commercial, marketing, executive search, consultancy, advisory, technology, education, governance & solutions. Ms Young is Non-Executive Chair of ChemX Materials, Non-Executive Director of Lithium Australia NL (ASX:LIT) and sits on the boards of Wesley College WA & the Energy Club WA. Previously held BD Director roles with EY & PwC, and is a Graduate Member of the Australian Institute of Company Directors.

Kristie Young Non-Executive Director

30 years of experience in mining operations, joint ventures & corporate management in Australia, Africa & the Americas, over a wide range of commodities. Qualified lawyer with >20 years’ experience Currently principal of LJ Putland & Associates, a in corporate law & compliance. She is private mining consultancy company. Prior to this, he currently Non-Executive Director of ASX held corporate & senior management roles in listed companies Vmoto Limited, Bellevue IAMGOLD, Aurion Gold, Delta Gold & Pancontinental Gold Limited & Company Secretary to a Linton Putland Mining. He is a Member of AusIMM & a Graduate number of public unlisted & listed Executive Director – Member of Australian Institute of Company Directors. companies. Mining & Development

Zeffron Reeves Managing Director

Geologist with >20 years of experience in the resources sector on resource projects from greenfields exploration, discovery, definition & feasibility, construction, production to closure. Zeff previously Managing Director of ASX listed Metallum Ltd which had a number of development & operational projects in Chile. He has also held senior management positions with companies developing projects in Brazil. He has had previous exploration success identifying & delineating new gold districts in Brazil & Chile.

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27 years of international resource sector experience as a Geologist, Project Manager & Fund Manager. Previously worked in Private Equity (FUM USD800 million) & as a Director of Societe General’s Mining Finance Team in New York. Operational roles include Project Manager, Senior Mine Geologist & Mine Geologist for Ivanhoe Mines, Lion Ore International & Western Mining Corporation.

Geoff McNamara Non-Executive Director

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Shannon Coates Joint Company Secretary

Qualified lawyer with >20 years’ experience in corporate law & compliance. She is currently Non-Executive Director of ASX listed companies Vmoto Limited, Bellevue Gold Limited & Company Secretary to a number of public unlisted & listed companies.

Sarah Wilson Joint Company Secretary

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Corporate governance specialist who provides corporate advisory and company secretarial services to ASX listing companies, including capital raising, compliance and governance advice. Sarah acts as Company Secretary for a number of ASX listed companies and holds a Certificate in Governance Practice and Administration and is a Member of the Governance Institute of Australia.

Administrative, management & development professional with experience in Chile. He has worked on greenfield exploration, discovery, production, closure, retreatment & tailings reclamation. Part of the development team with Fortescue during development of its Pilbara mining operations. Commercial Manager of Metallum Chile, General Manager of Acorn Mining Chile & Country Manager for Cleveland Mining Chile. Sergio has a Business Management degree from Universidad del Desarrollo & is a member of the civil police & a military reserve officer.

Sergio Uribe Country Manager Chile

TESORO RESOURCES (ASX:TSO) | CORPORATE PRESENTATION

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Appendix 1: El Zorro Preliminary Process Plant Flowsheet

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TESORO RESOURCES (ASX:TSO) | CORPORATE PRESENTATION

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A endix 2: Environmental & Social Strate pp gy

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Our environmental & social strategy is aligned to the United Nations (UN) Sustainable Development Goals (SDG) with the company committed to ensuring its exploration & operational activities generate positive sustainability outcomes.

Sustainability Pillars	Summary	UN SDG
Health & Safety	Occupational Health & Safety are fundamental responsibilities Tesoro has towards its workforce. Our strategies & practices are based on providing a safe workplace for all employees, suppliers & contractors.
Climate Change	Total GHG emissions on a $ per value basis for newly mined gold is significantly lower than that for other major metals & mined products. Tesoro is committed to put in place a framework to ensure future mine developments are built & operated to support global greenhouse mitigation targets.
Environment	Tesoro applies leading exploration techniques, technology & practices to promote drilling efficiency & minimise environmental impacts. Furthermore Tesoro is committed to continual improvement of its environmental performance through a robust environmental management program.
People & Culture	Attracting, developing & retaining a diverse, inclusive & competent workforce is important to Tesoro & a key foundation to the company's policies and practices.
Community Partnerships	Tesoro partners with the local & host communities of the Coastal Cordillera region of Chile to share value through the creation of local jobs & business opportunities.
Economic Sustainability	Generating economic growth & value for all our investors, employees & stakeholders through successful exploration & investment in the Coastal Cordillera region of Chile.

TESORO RESOURCES (ASX:TSO) | CORPORATE PRESENTATION

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Appendix 3: Why Chile

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• 1) Low Sovereign Risk: Chile has a population of >19 million people, one of South America’s most stable & prosperous nations, enabling the country to significantly reduce poverty. Chile’s GDP is expected to rebound to 5.5% in 2021[(1)] , on the back of government stimulus and a rapid COVID-19 vaccination rollout (one of the best in South America).

• 2) Extremely Low Corruption: Chile ranks in the top quartile of countries in Transparency International’s 2020 Corruption Index, equal with the United States of America.

• 3) Supportive Government Policy Towards Mining: Mining is a major driver of the Chilean economy, contributing to more than 50% of Chile’s exports and 9% of GDP. The Fraser Institute’s 2020[(2) ] annual survey ranked Chile as the best country in South America for mining exploration investment based on public policy factors such as tax rates & regulation.

• 4) Significant Mineral Endowment: As the top producer of both copper & iodine in the world, Chile is also home to several other highly valuable natural resources including molybdenum, selenium, rhenium, nitrates, iron ore, lithium and of course precious metals such as gold. Most of the world’s largest mining companies operate in Chile.

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Source: 1-World Bank, 2- https://www.fraserinstitute.org/sites/default/files/annual-survey-of-mining-companies-2020.pdf

TESORO RESOURCES (ASX:TSO) | CORPORATE PRESENTATION

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	Indicated	Indicated	Indicated	Inferred	Inferred	Inferred	Total	Total	Total
Cut-off Au g/t	Mt	Au g/t	koz	Mt	Au g/t	koz	Mt	Au g/t	koz
0.3	2.7	0.88	75	22.4	0.81	586	25.1	0.82	661
0.4	2.1	1.03	68	17.4	0.95	529	19.4	0.96	597
0.5	1.7	1.17	63	13.7	1.08	476	15.4	1.09	539
0.6	1.4	1.28	58	11.1	1.21	430	12.5	1.22	488
0.7	1.2	1.4	54	8.9	1.34	385	10.1	1.35	439
0.8	0.9	1.64	45	6	1.61	312	6.9	1.62	357

TESORO RESOURCES (ASX:TSO) | CORPORATE PRESENTATION

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Tesoro Resources Limited Suite 5, 62 Ord Street West Perth, WA 6005 Phone: +61 8 9322 1587 Email: info@tesororesources.com.au Web: www.tesororesources.com.au