TESORO GOLD LTD — Investor Presentation 2021

Sep 28, 2021

A S X A N N O U N C E M E N T 2 9 S E P T E M B E R 2 0 2 1

ASX: TSO | ACN 106 854 175

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Updated Presentation and retraction of broker coverage reference

Tesoro Resources Limited ( Tesoro or the Company ) (ASX:TSO) refers to its Presentation released on 28 September 2021 ( Presentation ) and retracts reference to the broker coverage on slide 4 of the Presentation. The Company also advises investors not to make any investment decision based on the broker coverage.

An updated version of the Presentation omitting the wording in relation to the broker coverage, is attached.

The Company confirms that this announcement has been approved and authorised for release by the Board.

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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Developing El Zorro Chile’s Newest Gold Discovery

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 27 September 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.

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TESORO RESOURCES (ASX:TSO) | CORPORATE PRESENTATION

Investment Hi hli hts g g

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• Preliminary works indicate an uncomplicated, straightforward project in a world class mining jurisdiction.

• Tesoro holds one of the largest & most prospective concession packages for gold in Chile.

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Au
Cu/Fe
Cu
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• Strategically positioned, Tier 1 jurisdiction, established infrastructure & surrounded by world-class mining projects.[(1)]

• Discovered the El Zorro Project , initial 661,000oz[(2) ] gold resource. Scoping study & expanded resource expected Q4 2021.

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

• Aggressive exploration, 6 rigs drilling 24/7.

• 99% success rate with drill bit.

• Strong Cash Position of A$13.7 million.[(3)]

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

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TESORO RESOURCES (ASX:TSO) | CORPORATE PRESENTATION

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

Share Price History (A$)

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0.35
0.30
0.25
0.20
0.15
0.10
0.05
-
Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21
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Capital Structure
ASX Share Price(2)	A$0.10
Shares on Issue	603.2 million
Performance Rights	98 million
Market Capitalisation	A$60 million
Average DailyVolume	1,743,085 shares
Cash(3)	A$13.7 million
Debt	Nil
Shareholders
Top20	51%
Board & Management	18%
Wholesale Investors	24%
Other	58%

Capital Structure
ASX Share Price(2)	A$0.10
Shares on Issue	603.2 million
Performance Rights	98 million
Market Capitalisation	A$60 million
Average DailyVolume	1,743,085 shares
Cash(3)	A$13.7 million
Debt	Nil
Shareholders
Top20	51%
Board & Management	18%
Wholesale Investors	24%
Other	58%

Notes: 1- Refer to Maiden Mineral Resource, 28 July 2021 in Appendix 3, 2- At 29 September 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 a range of sectors, including technical engineering, project evaluation, strategy, business development, growth, marketing, commercial, client management, governance & human resources. Has held senior growth & business development executive roles with leading professional services firms PwC & EY. Ms Young is Non-Executive Chair of ChemX Materials, Non-Executive Director of Lithium Australia NL (ASX:LIT) & sits on the boards of Wesley College WA & the Energy Club of WA.

Kristie Young Non-Executive Director

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

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

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.

Shannon Coates Company Secretary

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 Sergio Uribe Desarrollo & is a member of the civil police & a military Country Manager reserve officer. Chile

El Zorro: Chile’s Newest Gold Discover y

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• Tesoro Owns 85% of the El Zorro Gold Project.[(1)]

• Maiden Mineral Resource of 25.1 Mt @ 0.8 g/t for 661 koz of gold at 0.3g/t Au cut-off including 15.4Mt @ 1.09 g/t for 540koz at 0.5g/t Au cut-off.[(2)]

• Resource has low sensitivity to lower gold price RPEEE pit shells.[(3)]

• Outcropping Orebody with High Grade Core.

• Scoping Study Underway for Large Open Pit Mine.

• Exceptional Metallurgy – high recoveries at coarse grind size - 94% total recovery at 200 microns[(5)]

• Simple Flowsheet: Single Stage Crushing, SAG Mill, Gravity & CIL.

• Logistical advantages:

• Low Power Costs (12-17c/kwh, less than Australia)

• Distance to Port only 57km

• Distance to Workforce 53km

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(4) 341600mE 7036000mN 341800mE 7036100mN 342000mE 342200mE 7036400mN
TSO Drilling
Mineralised intercept (m/Aug/t)
Fault
July 2021 Resource Estimate
US$1700/oz Au
600mRL 1.0/12.10 Pit Shell
21.28/0.34
1.0/7.09
37.0/0.43 US$1800/oz Au
incl. 4.0/1.15 1.7/1.43 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. 12.0/1.39incl. 18.7/1.57 US$2500/oz Au
Pit Shell
8.0/0.78
Awaiting Results
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
+/- 10m
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
Surface
ZDDH106
ZDDH069
ZDDH032
ZDDH129
ZDDH198
ZDDH149
ZDDH064
ZDDH027
ZDDH167
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Notes: 1- Tesoro 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 3. 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 mineralization. 4. Refer ASX announcements 10/06/2020, 4/09/2020, 16/12/2020, 21/12/2020, 25/06/2021, 6/07/2021 and 19/08/2021 / 5. ASX Announcement 27 September 2021

TESORO RESOURCES (ASX:TSO) | CORPORATE PRESENTATION

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Enormous Exploration Potential

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PERMIT

EXPLORATION TARGETS TERNERA EXPLORATION

• Intrusive Related Gold System (IRGS) analogous to Tintina Province, (Fort Knox, Pogo, Brewery, Donlin).

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

• • Ternera deposit open in all directions.

• • 6 Analogous Prospects, all to be drilled in 2021/22.

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

• • Aggressive Exploration .

• >60,000m drilling

• • Six rigs drilling 24/7.

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

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Ternera Drill Rigs in Operation

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Recent Ex loration Hi hli hts p g g

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Ternera[(1)]

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

• 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

• 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.

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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.
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• 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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TESORO RESOURCES (ASX:TSO) | CORPORATE PRESENTATION

Excitin New Ex loration Tar ets g p g

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TORO BLANCO
DRONE HILL TERNERA NORTH
TERNERA EAST
TERNERA
TORO GORDO
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• Drone Hill & Toro Blanco have same geology as Ternera and structural trends & high chargeability anomalies, as identified by the recently expanded 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)]

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

• 2 – Refer ASX announcement 23 March 2021

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TORO BLANCO
TERNERA EAST
TERNERA
TORO GORDO
DRONE HILL
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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.

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Key Activities for 2021/2022
2021 2022
Q3 Q4 Q1 Q2 Q3 Q4
Exploration & Development
Ternera Resource Drilling (50,000m)
Ternera Mine Drilling
Resource Update Resource Update
Met Testwork
El Zorro Project Mining Studies
Financial Analysis
Scoping Study Report
Feasibility Study
Environmental Approvals
FID
Exploration
Regional
Ternera East, Drone Hill, Toro Blanco Drilling (10,000m)
Exploration Maiden Resource
Drilling Analysis Approvals Key Announcements
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TESORO RESOURCES (ASX:TSO) | CORPORATE PRESENTATION
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A endix 1: 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.

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TESORO RESOURCES (ASX:TSO) | CORPORATE PRESENTATION

Appendix 2: 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 & 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 & 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 & 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

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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

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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