TESORO GOLD LTD — Investor Presentation 2021

Jul 28, 2021

A S X A N N O U N C E M E N T

2 9 J u l y 2 0 2 1

ASX: TSO | ACN 106 854 175

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El Zorro Gold Project Maiden Resource Estimate - Webinar

Tesoro Resources Limited (Tesoro or the Company ) advises that Managing Director, Mr Zeff Reeves, will deliver a Mineral Resource Estimate ( MRE ) briefing presentation and update via a webinar at 1:30pm AEDT Thursday, 29 July 2021.

Mr Reeves will discuss the MRE, its implications for the growing El Zorro Gold Project, the ongoing drill program and outlook for the project.

The Company invites shareholders to attend via the login link below:

https://us02web.zoom.us/webinar/register/WN_DmdEN3JuRhyaUhI5tAKEMQ

Authorised by the Board of Tesoro Resources Limited.

For more information:

Company:

Zeff Reeves Managing Director, Tesoro Resources Limited +61 8 9322 1587

Investors:

Peter Taylor NWR Communications +61 (0) 412 036 231 peter@nwrcommunications.com.au

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 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

Aerial View of the Ternera Prospect Looking North

El Zorro Gold Project Presentation, July 2021 ASX:TSO

Tesoro Resources Limited ACN 106 854 175

DISCLAIMER

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 29 July 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 report 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. A list of all Material ASX releases referred to in this announcement are listed at Appendix 3 of this release.

Tesoro Resources Corporate Presentation July 2021

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18 MONTHS ON THE ASX

MANAGEMENT FOCUSED ON RAPIDLY ADVANCING THE EL ZORRO GOLD PROJECT

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▪ A$31.6M Raised Since March 2020 ASX Listing ▪ >87% of Capital deployed into El Zorro

• 61km of Diamond Drilling

• 6 Rigs Drilling 24/7

• 660koz Maiden Resource Estimate at Ternera

▪ Deposit remains open in all directions

• Low Discovery cost of $21 per ounce

• ▪ Multiple Untested Mineralised Targets

• Clear Development Pathway

• Funded with Material Exploration Upside

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Tesoro Resources Corporate Presentation July 2021

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EL ZORRO GOLD PROJECT MAIDEN MINERAL RESOURCE

Ternera Gold Deposit Maiden Resource Table

*

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Indicated Inferred 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 1.40 54 8.9 1.34 385 10.1 1.35 439
0.8 0.9 1.64 45 6.0 1.61 312 6.9 1.62 357
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• Resource only uses 148 holes of 204 holes drilled

• Does not included drilling at Ternera South or Ternera East

• Modelling has defined approx. 250koz at 0.5g/t cut-off as unclassified meaning rapid resource upgrade

• ▪ Pit optimisation** uses 0.30g/t cut off grade

• Vertical ounces per metre ranging from 2,000 ovm to 3,200 ovm

• Low discovery cost of $21/oz.

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*Refer ASX Announcement 28/07/2021. Full List of material announcements is presented in Appendix 3

**Refer Notes in Appendix 4

Tesoro Resources Corporate Presentation July 2021

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TERNERA LARGE SCALE OPEN PIT BULK MINING POTENTIAL

• Mineralised from Surface

• No Overburden

• Multiple Outcropping High Grade Lodes

• Strike & Depth Continuity

• Continuity maintained at higher cut-off grades

• Reduce strip via conversion of mineralised waste

• Ternera East could significantly change open pit economics

• Good metallurgy, high gravity & high recovery means lower cut-off

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Ternera Block Model – looking North showing classified resource blocks >0.60g/t Au within pit shell. Demonstrating grade continuity at higher gold grade.

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Tesoro Resources Corporate Presentation July 2021

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EL ZORRO – MORE VALUE TO COME

• New Intrusive Related Gold District

• Convert Unclassified Material (approx. 250koz @ 0.5g/t Au cut-off) to JORC

• Major Extensions at Ternera South & Ternera East to be included in resource upgrade

• Rapid & Cost-Effective resource delineation – 65 holes to be add to model prior to year end

• Significant Future Resource Upgrades

• Material Exploration Upside outside of Ternera

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TERNERA EAST
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Drill Section 140. red blocks >0.30g/t, Grey = unclassified potential resource, Pink = pit outline. Pink circles show areas
of high potential resource growth
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Tesoro Resources Corporate Presentation July 2021

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TESORO – FOCUS FOR 2021

Ternera

El Zorro District

Regional Exploration

Studies & Development

• Resource Definition Drilling to Extend & Upgrade resources

• Define resources at Ternera East & Drone Hill

• Regional Targeting to find Ternera Analogues

• Detailed Metallurgical Testwork underway

• Continue to Expand Ternera remains open in all directions

• Initial drill testing of Toro Blanco & Buzzard

• Identify Causative Intrusions from Mapping & Geochemistry

• Commenced Environmental Studies

• Potential for additional higher grade north south faults to be identified

• Continue to identify mineralised tonalite intrusions

• IRGS Potential for Multiple Deposits

• First Mover Advantage

• Infrastructure Studies to Optimise Power & H2O

• Mining & Processing Studies for Scoping & PFS

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Tesoro Resources Corporate Presentation July 2021

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EL ZORRO WILL CONTINUE TO GROW

▪ Continue to grow resources at El Zorro with additional low cost drilling

▪ Identify new targets within the El Zorro concessions

▪ Build organisational capability & progress El Zorro to production

Tesoro aims to become a low cost gold producer in Chile

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El Zorro access road looking west to Pacific Ocean & Pan American Hwy

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Tesoro Resources Corporate Presentation July 2021

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APPENDIX 2 TESORO RESOURCES – AN EXPERIENCED TEAM

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BOARD & MANAGMENT

John Toll - Chairman

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.

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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 and Chile.

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Geoff McNamara - Non-Executive Director

25 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.

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Sergio Uribe - Country Manager, Chile

Administrative, management & development professional with experience in Chile. He has worked on numerous resource projects from greenfields exploration, discovery, production, closure, retreatment & tailings reclamation. Part of the development team with Fortescue Metals Group during development of its Pilbara mining operations, he has 10 years of resource sector experience. Sergio has represented numerous foreign companies investing into resource projects in Chile & was Commercial Manager of Metallum Chile Ltd. where he was involved in the acquisition & development of their operation in Chile. Prior to this he was General Manager of Acorn Mining Chile Ltd & Country Manager for Cleveland Mining Chile Ltd. Sergio has a Business Management degree from Universidad del Desarrollo & is a member of the civil police & a military reserve officer.

Shannon Coates - 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.

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Tesoro Resources Corporate Presentation July 2021

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APPENDIX 3 – MATERIAL ASX ANNOUNCEMENTS ASX:TSO

• Date Announcement Title

• 28/07/2021 Maiden Mineral Resource Estimate sets foundation at El Zorro 6/07/2021 New Discovery expands Ternera Gold System 500m to the East

• 25/06/2021 Bonanza Gold Grades Continue to Expand Ternera 11/06/2021 Ternera Step Out Hole Extends Mineralisation 150m East 25/05/2021 New Gold Zone Identified from Extensional Drilling 29/04/2021 Ternera Resource Definition Drilling Continues to Deliver 16/04/2021 Geophysics survey expands gold potential at El Zorro 13/04/2021 New Gold Discovery at El Zorr0 29/03/2021 Multiple wide shallow gold intercepts at Ternera 26/03/2021 EL Zorro Gold Project Update and Outlook Webinar 24/03/2021 El Zorro Ownership increased ot 85% 5/03/2021 First Toro Gordo hole returns gold grades up to 69g/tAU 1/03/2021 Commencement of fully contributing JV for El Zorro Project

• 19/02/2021 Step out drilling extends Ternera 200m to south 27/01/2021 Drilling continues to extend Ternera deposit 11/01/2021 Drilling continues to expand scale at El Zorra 24/12/2020 El Zorro drilling returns multiple thick gold intercepts 22/12/2020 300g/m intercept confirms El Zorro large-scale potential 10/12/2020 Large surface gold target defined by trenching at Toro Gordo 1/12/2020 Geophysical survey identified potential Terera repeat

• 17/11/2020 Drilling success continues at El Zorro 4/11/2020 Wide high-grade gold intercept at El Zorro

• Date Announcement Title

• 23/10/2020 Infill drilling continues to intercept gold bearing zones 9/10/2020 Wide gold zones defined at El Zorro 1/10/2020 Annual Report to shareholders

• 23/09/2020 Tesoro increases El Zorro land position by 500% 17/09/2020 Wide interval of visible gold in drilling at El Zorro 4/09/2020 Intercept confirms large scale potentail at El Zorro

• 26/08/2020 Drilling results demonstrate wide gold zones at El Zorro 10/08/2020 El Zorro geophysical survey highlights gold mineralisation 4/08/2020 El Zorro exploration update

• 31/07/2020 Tesoro increases El Zorro land position by 360% 3/07/2020 Infill and extensional drillprogram commences at El Zorro

• 25/06/2020 Extensive gold breaing vein system identified at Buzzard 10/06/2020 Drilling results continue to expand scale of El Zorro 9/06/2020 Excellent metallurgical testwork results from El Zorro

• 27/05/2020 El Zorro drill results continue to expand mineralisation 13/05/2020 El Zorro's Coquetas gold system extended 750m south 6/05/2020 Further wide high-grade gold intercepts at El Zorro

• 27/04/2020 Wide high-grade gold intercept at El Zorro 17/04/2020 Widespread surface gold mineralisation at El Zorro 12/03/2020 Additional assays extend gold zone at El Zorro 6/03/2020 Exceptional gold assays for first drill hole at El Zorro

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Tesoro Resources Corporate Presentation July 2021

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APPENDIX 4 – TERNERA RESOURCE ESTIMATION PARAMETERS

Mineral Resource Estimate

• 148 HQ diameter diamond drill holes used (46,937m)

• Domaining based on 3D modelling of lithology (El Zorro Tonalite ) and faults

• Resource Classification Criteria:

• Geological continuity and volume;

• Drill spacing and drill data quality;

• Modelling technique; and

• Estimation properties, including search strategy, number of informing composites, average distance of composites from blocks and kriging quality parameters.

• Mineral Resource has been reported above a 0.30 g/t Au cut-off . Selection of the cut-off has considered results of metallurgical testing (ASX release 9 June 2020). The applied cut-off has been reviewed against that reported from peer projects with similar mineralisation styles and proposed processing options and is considered comparable.

Pit Optimisation Parameters

• The following parameters were used to generate an optimised pit shell that reported a 0.30 g/t Au cut-off grade to match the calculated geological Mineral Resource Estimate.

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Item Units Value Justification
Average Mining Cost US$/t 2.10 Based on mining cycle time modelling
mined
Mining Dilution % 10 Industry Standard assumption for open pit
Mining Recovery % 95 Industry Standard assumption for open pit
Gold price US$ per oz 2,500
Recovery Au % 94 Based on preliminary metallurgical testwork as announced to the
ASX on 9th June 2020
Processing cost US$/t milled 13.60 Based on cost modelling from metallurgical testwork and
database costs
General and Administration $/t milled 3.60 Based on previous costs estimates database
Tailings $/t milled 0.15 Based on previous costs estimates database
Closure cost provisions $/t milled 1.00 Based on previous costs estimates database
Overall slope angle Degree 42.5 Based on geotechnical logging and groundwater measurements
in host rock units.
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It must be noted that the optimization pit shell provided was for the purpose of constraining the Resource model only and is NOT an economic assessment of an open pit mining operation at El Zorro or indicates the economic gold price required for potential future mining at El Zorro.

The optimization was completed to delineate the portion of the Resource estimate that could potentially be mined by an open pit at some time in the future. The pit optimization was based on certain assumptions that are considered at to be preliminary and have a high degree of uncertainty. The purpose of the optimization is to provide a constraint around the resource with some explained economic parameters.

The gold price selected for the pit optimization was based on cut-off grade calculations using the conceptual cost, recovery and dilution inputs as outlined above, to match the geological cut off grade in the Mineral Resource Estimate. A gold price of US2,500/oz provides an estimated cut off grade for an optimized pit shell of approximately 0.3g/t Au, in line with the Mineral Resource cut off grade.

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Tesoro Resources Corporate Presentation July 2021

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