TESORO GOLD LTD - Investor Presentation 2021

A S X A N N O U N C E M E N T 1 6 M A R C H 2 0 2 1

ASX: TSO | ACN 106 854 175

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Tesoro to present at Australian Energy and Minerals Investor Conference

2.45pm Qld Time, Thursday, 18 March 2021

Tesoro Resources Limited (Tesoro or the Company) (ASX:TSO) is pleased to provide an opportunity for shareholders and investors to view a virtual presentation by the Managing Director, Zeff Reeves, who will present at the Australian Energy and Minerals Investor Conference at 2.45pm Qld time, Thursday, 18 March, 2021.

The Company provides an updated Presentation (attached) and Mr Reeves will discuss the recent drilling and planned activities to progress the Company’s El Zorro Gold Project in Chile, South America.

Event: Australian Energy and Minerals Investor Conference Presenting: Zeff Reeves, Managing Director Time: Thursday, 18 March 2021, 12.45pm WST/ 2.45pm Qld time

Investors can register online here:

www.australianenergyconference.com.au/

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 [email protected] [email protected] 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 currently owns 70% of the El Zorro Gold Project.

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

Aerial View of the Ternera Prospect Looking South

El Zorro Gold Project Presentation March 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 15 March 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 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 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 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.

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.

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Tesoro Resources Corporate Presentation March 2021

TESORO RESOURCES – CORPORATE SNAPSHOT

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Corporate Structure

Shares
(ASX:TSO)	555.9m
Performance
rights	146.2m
Share Price
(15 March 2021)	A$0.19
Market
Capitalisation	$A105m
Cash
(31 Dec 2020)	$A19.4m

Shareholders

Top 20	46%
Top 50	57%
Board & Management	11%
Institutional, HNW & Family Office	29%
Other	60%

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Tesoro Resources Corporate Presentation March 2021

TESORO RESOURCES – AN EXPERIENCED TEAM

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BOARD & MANAGMENT

John Toll - Chairman

John is a Partner at Azure Capital Limited & has >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 March 2021

12 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 ▪ >85% of Capital has gone into the Ground

35km of Diamond Drilling completed

▪ Currently 4 Rigs Drilling 24/7

Ternera Mineralised Footprint Grown by >300%
▪ Regionally Dominant ~555 km[2] Ground Position
5 New Gold Targets Identified
Multiple Untested Ternera Analogues
Funded & Poised for Growth in 2021

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Tesoro Resources Corporate Presentation March 2021

EL ZORRO GOLD PROJECT LOCATION

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Tesoro owns 70% of El Zorro
Fully diluting JV structure commenced on 11 March 2021
~555 km[2] Project Area
El Zorro Identified as an Intrusive Related Gold System (IRGS)
▪ Mineralisation Identified to date has a Strike Length >5km ▪ Open in All Directions
World Class Mining Region
Candelaria (Lundin Mining), Inca de Oro (Codelco), Mantoverde (Mitsubishi) & Maricunga (Kinross) 90km radius

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Tesoro Resources Corporate Presentation March 2021

EL ZORRO GOLD PROJECT – LEVERAGING EXISTING INFRASTRUCTURE

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Regionally Dominant Concession Holding
Region III (Atacama Desert), Chile
Low Altitude 600m to 1,600m ASL
Pan American Highway 10km
Pacific Ocean (processing H2O) 10km
Caldera Port 57km
Atacama Airport 76km
Copiapo City 130km
Multiple Power, H2O & Transport Options within 60km

El Zorro Gold Project Concession area 555 km[2] of an emerging IRG Region

Yellow diamond – Ternera Deposit

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Tesoro Resources Corporate Presentation March 2021

TERNERA – DEFINING A MAJOR GOLD SYSTEM

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Tesoro has Drilled >35,000m at Ternera
Gold Mineralisation Associated with Multiple, Parallel, Elongate Tonalite Intrusions
▪ To Date Mineralisation Identified over a Large Area ▪ ~1,000m North-South ▪ ~550m East-West ▪ Outcropping at Surface to >400m depth
Mineralisation Open in all Directions, Large Extensions to North East, results include:

▪ ZDDH00017 86.54m @ 2.29g/t Au from 167.55m including; 55.50m @ 3.63g/t Au from 182.70m ▪ ZDDH00025 121.55m @ 1.32g/t Au from 49.00m including; 12.27m @ 4.98g/t Au from 148.00m ▪ ZDDH00049 111.50m @ 1.17g/t Au from 124.00m including; 27.50m @ 3.57g/t Au from 154.00m ▪ ZDDH00057 22.00m @ 1.03g/t Au from 22.00m and; 77.00m @ 1.13g/t Au from 274.00m ▪ ZDDH00069 267.00m @ 1.12g/t Au from 147.00m including; 45.00m @ 4.02g/t Au from 292.00m ▪ ZDDH00075 220.00m @ 0.86g/t Au from 76.00m including; 39.00m @ 2.73g/t Au from 270.00m

▪ To date 13 holes have returned >100 gm drill intercepts*

Ternera Prospect >1000m strike drilled Drilled to >400m depth >750m strike surface mineralisation Multiple high grade fault zones

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*Full table of significant intercepts presented at Appendix 1

Tesoro Resources Corporate Presentation March 2021

TERNERA – DEFINING A MAJOR GOLD SYSTEM

Additional Data has Refined the Model

▪ Parallel Ore Zones Linked by Faults

▪ Majority of Mineralisation Tonalite Hosted

▪ CC Faults Mineralise Tonalites & Sedimentary Country Rocks

▪ Cross Cutting CC Faults Concentrate Gold

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Section -80m
60°
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Section -120m
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Ternera Prospect Sections Looking NW

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60°
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For additional sections and section locations refer to Appendix 2

Tesoro Resources Corporate Presentation March 2021

MODELLING HAS DISCOVERED MAJOR NORTH EAST EXTENSIONS

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Au g/t Range
0.20 - 0.50
Open
0.50 -1.00
1.00 - 2.00
2.00 -3.00
3.00 - 5.00
NE Extensions >5.00
Open
Open
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3D Modelling has Defined Multiple Extensions
New North East Extension
Multiple Drill Results >100m @ >1.00g/t Au
High Grade Zones 30 to 70m @ 2.00g/t to >4.00g/t Au
North East Zone Drilled >400m strike
Open in all Directions
Ternera Central well Defined Mineralisation within Tonalites & Fault Zones
High Grade Core Emerging >2.50g/t Au

Ternera 3D Model - Looking NNW

Modelled El Zorro Tonalite Host Rock – Pink
N-S Master Fault – Green

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Tesoro Resources Corporate Presentation March 2021

EL ZORRO GOLD PROJECT SYSTEMATIC EXPLORATION DEFINING A MAJOR GOLD SYSTEM

Surface Mapping & Sampling has Defined New Targets
Tesoro has only Scratched the Surface
Outcropping Mineralisation at Drone Hill, Toro Blanco, Ternera North, Toro Gordo & Buzzard
Surface Channel Sampling includes:
Ternera North – 16.60m @ 1.33g/t Au
Toro Gordo – 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; 18.00m @ 1.23g/t Au, including 4.00m @ 3.97g/t Au.
Buzzard – 26.00m @ 1.62g/t Au including 8.00m @ 3.08g/t Au.

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El Zorro Project District map showing surface sampling highlights at new prospects

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Tesoro Resources Corporate Presentation March 2021

EL ZORRO GOLD PROJECT –

GEOPHYSICS HIGHLIGHTS TARGETS & DEMONSTRATES SCALE

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Ternera Prospect

Gradient Array IP Chargeability Image and Drilling

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Ternera Prospect

Potential Ternera repeat IP Anomaly in yellow circle

▪ IP Anomalies Correlate well to Drilling Results*

Multiple Untested IP Targets Identified

▪ Potential Ternera Repeat 300m East

Surface Sampling, Drilling & Geophysics Define System
Untested Regional Potential

▪ Rapidly Growing Large Scale Gold Project

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Refer ASX Announcement 1 December 2020

Tesoro Resources Corporate Presentation March 2021

EL ZORRO GOLD PROJECT STUDIES & DEVELOPMENT

El Zorro is Ideally Located to Leverage off Existing Infrastructure & Support Services

Order of Magnitude Conceptual Studies & Long Lead Activities Commenced:
Metallurgy, Environment, Surface Easement Corridors, Infrastructure Access & Options;
Initial Metallurgical Studies from Ternera:
- Free Milling Material;
- Gold Recoveries up to 99%;
- Amenable to Gravity Concentration up to 75% Gravity Recovery; and
- Initial Testwork Indicates Conventional Gravity Concentration with CIL.

Tesoro Focused & Well Positioned to Progress El Zorro through Development

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

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Tesoro Resources Corporate Presentation March 2021

TESORO POISED FOR GROWTH

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CONTINUED GROWTH BY EXECUTING THE STRATEGY

▪ Continue to Deploy Capital Efficiently into the El Zorro Gold Project

▪ Grow Ternera for a Maiden Resource Estimate

▪ Demonstrate Resource Potential at Ternera in 2021

▪ Emerging Gold District with Multiple Untested Drill Targets

▪ Build In-house Capability to Deliver a Robust Project

▪ Rapidly Progress El Zorro through Development

▪ Tesoro is Focused on Delivering El Zorro into Production

▪ District Scale Land Position with Multiple Untested Targets

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Tesoro Resources Corporate Presentation March 2021

CONTACT DETAILS

Zeffron Reeves, Managing Director

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Email: [email protected] Phone: +61 8 9322 1587

Web: www.tesororesources.com.au

Address: Suite 5 | 62 Ord Street | West Perth | WA 6005

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Tesoro Resources Corporate Presentation March 2021

APPENDIX 1 EL ZORRO GOLD PROJECT SIGNIFICANT INTERCEPTS TABLE

Hole_ID	From(m)	To(m)	Interval	Au(g/t)	*Comments*	Hole_ID	From(m)	To(m)	Interval	Au(g/t)	*Comments*	Hole_ID	From(m)	To(m)	Interval	Au(g/t)	*Comments*	Hole_ID	From(m)	To(m)	Interval	Au(g/t)	*Comments*	Hole_ID	From(m)	To(m)	Interval	Au(g/t)	*Comments*
ZDDH0001	5.00	119.00	114.00	0.35		ZDDH0009	4.00	6.00	2.00	1.39		ZDDH0017	44.00	74.00	30.00	0.94		ZDDH0028	14.00	14.75	0.75	3.23		ZDDH0034	17.00	28.00	11.00	0.79
ZDDH0001	5.00	15.00	10.00	0.55	including	ZDDH0009	12.55	38.00	25.45	0.51		ZDDH0017	44.00	60.10	16.10	1.05	including	ZDDH0028	21.00	28.00	7.00	0.85		ZDDH0034	23.00	24.00	1.00	4.59	including
ZDDH0001	5.00	51.30	46.30	0.45	including	ZDDH0009	21.00	26.00	5.00	1.09	including	ZDDH0017	44.00	47.00	3.00	4.27	including	ZDDH0028	25.00	25.90	0.90	5.03	including	ZDDH0034	27.00	28.00	1.00	1.77	including
ZDDH0001	12.00	13.00	1.00	1.64	including	ZDDH0009	48.00	48.50	0.50	2.19		ZDDH0017	70.00	74.00	4.00	4.26	including	ZDDH0028	42.00	49.00	7.00	0.61		ZDDH0034	62.22	63.34	1.12	2.85
ZDDH0001	14.30	15.00	0.70	2.35	including	ZDDH0009	78.00	83.00	5.00	0.59		ZDDH0017	103.46	105.60	2.14	1.76		ZDDH0028	43.90	45.00	1.10	1.10	including	ZDDH0034	87.00	92.84	5.84	1.12
ZDDH0001	33.64	39.00	5.36	0.97	including	ZDDH0010	31.00	33.00	2.00	2.47		ZDDH0017	167.55	254.00	86.45	2.29	including	ZDDH0029	29.50	243.00	213.50	0.73		ZDDH0034	89.00	91.00	2.00	2.45
ZDDH0001	44.30	51.30	7.00	0.67	including	ZDDH0010	60.00	61.00	1.00	1.16		ZDDH0017	182.70	233.20	50.50	3.63	including	ZDDH0029	29.50	93.00	63.50	1.81	including	ZDDH0034	105.40	106.00	0.60	1.15
ZDDH0001	64.00	65.00	1.00	2.50	including	ZDDH0010	66.00	67.00	1.00	1.04		ZDDH0017	183.22	206.22	23.00	7.20	including	ZDDH0029	29.50	31.20	1.70	1.20	including	ZDDH0034	116.00	117.00	1.00	1.17
ZDDH0001	75.50	79.00	3.50	0.89	including	ZDDH0010	75.00	159.30	84.30	1.30		ZDDH0017	190.00	205.00	15.00	10.82	including	ZDDH0029	43.00	48.00	5.00	2.76	including	ZDDH0034	172.00	173.00	1.00	1.68
ZDDH0001	75.50	76.00	0.50	4.82	including	ZDDH0010	75.00	104.00	29.00	2.95	including	ZDDH0017	197.00	202.30	5.30	25.31	including	ZDDH0029	56.64	61.84	5.20	3.36	including	ZDDH0034	180.40	181.50	1.10	6.58
ZDDH0001	107.00	112.00	5.00	1.11	including	ZDDH0010	82.50	86.45	3.95	4.97	including	ZDDH0017	200.00	202.30	2.30	46.41	including	ZDDH0029	72.00	80.00	8.00	1.24	including	ZDDH0034	193.00	194.00	1.00	2.73
ZDDH0001	117.00	119.00	2.00	2.05	including	ZDDH0010	91.00	102.00	11.00	4.70	including	ZDDH0018	187.27	222.00	34.73	2.94		ZDDH0029	91.00	93.00	2.00	33.00	including	ZDDH0034	202.00	203.00	1.00	2.12
ZDDH0002	5.70	68.00	62.30	0.54		ZDDH0010	93.00	97.00	4.00	8.50	including	ZDDH0018	187.27	211.00	23.73	4.09	including	ZDDH0029	121.00	130.70	9.70	0.53		ZDDH0035	67.00	68.00	1.00	2.67
ZDDH0002	8.80	24.30	15.50	1.15	including	ZDDH0010	120.00	126.00	6.00	1.11	including	ZDDH0018	197.00	199.70	2.70	22.21	including	ZDDH0029	121.00	122.00	1.00	3.20	including	ZDDH0035	81.10	110.34	29.24	1.05
ZDDH0002	8.80	14.00	5.20	1.96	including	ZDDH0010	149.00	159.00	10.00	1.07	including	ZDDH0018	189.00	204.00	15.00	5.99	including	ZDDH0029	166.30	195.00	28.70	0.82		ZDDH0035	89.00	94.00	5.00	4.11	including
ZDDH0002	51.70	68.00	16.30	0.78	including	ZDDH0011	176.00	274.30	98.30	1.58		ZDDH0019	21.00	89.52	68.52	0.47		ZDDH0029	180.00	195.00	15.00	1.33	including	ZDDH0035	84.00	106.00	22.00	1.34	including
ZDDH0002	58.00	61.00	3.00	3.62	including	ZDDH0011	181.70	212.00	30.30	3.03	including	ZDDH0019	36.00	45.00	9.00	1.34	including	ZDDH0030	5.20	6.40	1.20	0.74		ZDDH0035	144.00	155.00	11.00	1.15
ZDDH0003	21.00	77.30	56.30	0.50		ZDDH0011	196.40	212.00	15.60	3.87	including	ZDDH0019	74.00	79.00	5.00	1.23	including	ZDDH0030	50.00	76.00	26.00	0.69		ZDDH0035	153.00	155.00	2.00	4.41	including
ZDDH0003	21.00	27.00	6.00	1.96	including	ZDDH0011	203.00	203.70	0.70	21.70	including	ZDDH0020	87.30	87.60	0.30	3.33		ZDDH0030	66.00	76.00	10.00	1.54	including	ZDDH0035	162.00	164.00	2.00	1.03
ZDDH0003	21.00	22.83	1.83	5.24	including	ZDDH0011	203.00	212.00	9.00	5.07	including	ZDDH0021	100.92	116.50	15.58	0.95		ZDDH0030	66.00	71.10	5.10	2.64	including	ZDDH0035	199.00	200.00	1.00	1.76
ZDDH0003	37.20	43.00	5.80	1.27	including	ZDDH0011	217.00	222.00	5.00	4.13	including	ZDDH0021	107.50	112.00	4.50	1.24	including	ZDDH0030	66.00	67.00	1.00	6.89	including	ZDDH0035	192.00	238.00	46.00	0.72
ZDDH0003	47.30	48.00	0.70	2.00	including	ZDDH0011	246.60	256.40	9.80	2.28	including	ZDDH0021	100.92	101.70	0.78	8.44	including	ZDDH0030	70.00	71.10	1.10	5.73	including	ZDDH0035	224.00	238.00	14.00	1.86	including
ZDDH0003	64.00	77.30	13.30	0.41	including	ZDDH0012	0.00	58.80	58.80	1.70		ZDDH0021	189.25	208.50	19.25	2.86	open downhole	ZDDH0030	101.00	102.50	1.50	1.13		ZDDH0035	224.00	233.00	9.00	2.59	including
ZDDH0003	90.00	91.00	1.00	1.53		ZDDH0012	1.70	22.00	20.30	4.50	including	ZDDH0021	189.25	201.30	12.05	4.25	including	ZDDH0030	117.00	120.00	3.00	3.23		ZDDH0035	277.00	278.00	1.00	1.63
ZDDH0004	5.00	66.00	61.00	0.97		ZDDH0012	1.70	8.40	6.70	12.21	including	ZDDH0021	189.25	195.40	6.15	7.37	including	ZDDH0030	117.00	119.13	2.13	4.15	including	ZDDH0036	74.00	125.00	51.00	1.07
ZDDH0004	56.00	66.00	10.00	4.53	including	ZDDH0012	2.30	4.70	2.40	33.35	including	ZDDH0021	193.90	195.40	1.50	20.82	including	ZDDH0030	165.00	167.00	2.00	4.05		ZDDH0036	74.00	96.00	22.00	2.16	including
ZDDH0004	57.00	61.00	4.00	9.60	including	ZDDH0012	17.60	22.00	4.40	2.00	including	ZDDH0022	30.00	31.00	1.00	3.16		ZDDH0030	195.40	199.00	3.60	1.41	open downhole	ZDDH0036	88.30	96.00	7.70	5.04	including
ZDDH0005	4.00	42.65	38.65	0.65		ZDDH0012	17.60	20.00	2.40	2.82	including	ZDDH0022	78.00	119.17	41.17	1.38		ZDDH0030	202.95	203.90	0.95	5.12	open downhole	ZDDH0036	104.00	105.00	1.00	2.33	including
ZDDH0005	4.00	32.00	28.00	0.84	including	ZDDH0012	53.20	58.80	5.60	0.95		ZDDH0022	94.40	95.45	1.05	2.98	including	ZDDH0031	72.00	303.00	231.00	0.83		ZDDH0036	114.00	115.00	1.00	2.84	including
ZDDH0005	9.80	28.00	18.20	1.17	including	ZDDH0012	53.20	56.00	2.80	1.42	including	ZDDH0022	105.00	119.17	14.17	3.25	including	ZDDH0031	72.00	126.00	54.00	1.69		ZDDH0036	165.00	166.00	1.00	1.11
ZDDH0005	9.80	10.15	0.35	20.10	including	ZDDH0012	151.80	152.20	0.40	2.29		ZDDH0022	105.00	110.32	5.32	6.54	including	ZDDH0031	72.00	75.60	3.60	1.27	including	ZDDH0036	215.00	216.00	1.00	1.60
ZDDH0005	51.60	52.00	0.40	2.03		ZDDH0013	0.00	3.00	3.00	0.83		ZDDH0023	146.70	151.00	4.30	7.25		ZDDH0031	100.00	104.44	4.44	1.04	including	ZDDH0037	42.00	65.00	23.00	0.40
ZDDH0005	65.00	67.00	2.00	1.03		ZDDH0013	9.00	14.30	5.30	0.41		ZDDH0023	146.70	149.00	2.30	13.30	including	ZDDH0031	100.00	125.00	25.00	3.36	including	ZDDH0037	42.00	42.68	0.68	1.55	including
ZDDH0005	72.00	85.90	13.90	0.52		ZDDH0013	25.00	29.80	4.80	0.72		ZDDH0023	273.00	277.00	4.00	1.06		ZDDH0031	118.30	125.00	6.70	11.57	including	ZDDH0037	56.00	65.00	9.00	0.70	including
ZDDH0005	72.00	75.00	3.00	1.90	including	ZDDH0013	28.55	29.80	1.25	2.14	including	ZDDH0023	276.00	277.00	1.00	3.32	including	ZDDH0031	146.40	154.00	7.60	0.79	including	ZDDH0037	56.00	57.00	1.00	2.47	including
ZDDH0005	72.00	73.00	1.00	4.32	including	ZDDH0013	46.30	70.00	23.70	0.85		ZDDH0024	6.00	9.00	3.00	1.63		ZDDH0031	171.60	173.00	1.40	1.40	including	ZDDH0037	62.00	64.00	2.00	1.32	including
ZDDH0005	100.60	102.00	1.40	2.07		ZDDH0013	46.30	51.50	5.20	1.24	including	ZDDH0024	41.00	78.00	37.00	0.86		ZDDH0031	193.30	217.60	24.30	2.43	including	ZDDH0037	149.00	172.00	23.00	0.82
ZDDH0005	130.00	132.60	2.60	0.66		ZDDH0013	51.25	65.35	14.10	1.08	including	ZDDH0024	41.00	45.50	4.50	2.12	including	ZDDH0031	193.30	208.00	14.70	3.77	including	ZDDH0037	149.00	154.00	5.00	1.47	including
ZDDH0005	135.80	136.80	1.00	12.20		ZDDH0013	58.00	65.35	7.35	1.65	including	ZDDH0024	44.10	45.50	1.40	5.93	including	ZDDH0031	193.30	197.00	3.70	4.16	including	ZDDH0037	162.00	172.00	10.00	0.92	including
ZDDH0005	0.00	88.00	88.00	0.15		ZDDH0013	102.00	104.00	2.00	0.79		ZDDH0024	54.50	57.00	2.50	1.87	including	ZDDH0031	204.34	217.60	13.26	3.25	including	ZDDH0037	162.00	168.00	6.00	1.04	including
ZDDH0006	2.40	3.00	0.60	0.75	including	ZDDH0013	136.00	137.30	1.30	4.97		ZDDH0024	56.50	69.50	13.00	1.12	including	ZDDH0031	204.34	208.00	3.66	10.76	including	ZDDH0038	23.00	24.00	1.00	3.12
ZDDH0006	22.60	25.95	3.35	2.14	including	ZDDH0013	165.00	173.60	8.60	1.60		ZDDH0024	66.00	69.50	3.50	2.53	including	ZDDH0031	228.00	229.00	1.00	2.17	including	ZDDH0038	74.20	113.00	38.80	0.49
ZDDH0006	24.00	25.00	1.00	6.10	including	ZDDH0013	170.40	173.00	2.60	2.80	including	ZDDH0024	155.00	169.00	14.00	3.06		ZDDH0031	248.00	263.90	15.90	1.04	including	ZDDH0038	74.20	77.00	2.80	2.06	including
ZDDH0006	46.70	50.30	3.60	0.32	including	ZDDH0014	15.30	70.60	55.30	1.01		ZDDH0024	162.20	163.50	1.30	19.72	including	ZDDH0031	291.00	295.00	4.00	1.00	including	ZDDH0038	92.00	93.00	1.00	4.39	including
ZDDH0006	61.10	64.02	2.92	0.42	including	ZDDH0014	15.30	34.00	18.70	2.19	including	ZDDH0024	161.80	167.00	5.20	6.97	including	ZDDH0032	3.20	6.00	2.80	1.23		ZDDH0038	105.00	106.00	1.00	2.11	including
ZDDH0006	108.30	116.00	7.70	0.30	including	ZDDH0014	15.30	26.30	11.00	3.40	including	ZDDH0025	49.00	170.55	121.55	1.32		ZDDH0032	17.30	18.30	1.00	7.09		ZDDH0038	148.00	152.00	4.00	1.17	including
ZDDH0006	133.50	135.60	2.10	1.30	including	ZDDH0014	23.00	26.30	3.30	6.18	including	ZDDH0025	73.10	84.00	10.90	4.57	including	ZDDH0032	43.50	44.00	0.50	5.70		ZDDH0038	178.00	186.00	8.00	0.50
ZDDH0006	148.00	151.80	3.80	0.59	including	ZDDH0014	64.60	70.60	6.00	2.03	including	ZDDH0025	75.00	82.00	7.00	6.14	including	ZDDH0032	75.00	76.00	1.00	5.02		ZDDH0038	185.00	186.00	1.00	2.48	including
ZDDH0006	180.10	244.00	63.90	0.23	including	ZDDH0014	64.60	67.35	2.75	5.00	including	ZDDH0025	104.00	118.00	14.00	1.63	including	ZDDH0032	128.00	204.00	76.00	0.93		ZDDH0038	200.00	208.10	8.10	1.12	including
ZDDH0006	180.10	181.10	1.00	0.55	including	ZDDH0014	112.00	122.50	10.50	0.52		ZDDH0025	110.00	113.60	3.60	4.97	including	ZDDH0032	128.00	140.00	12.00	1.39	including	ZDDH0038	202.00	204.00	2.00	3.72	including
ZDDH0006	184.00	186.00	2.00	1.06	including	ZDDH0014	115.00	117.00	2.00	1.75	including	ZDDH0025	148.00	160.27	12.27	4.98	including	ZDDH0032	132.63	135.00	2.37	4.30	including	ZDDH0039	2.50	5.60	3.10	0.39
ZDDH0006	207.00	212.00	5.00	0.77	including	ZDDH0014	177.20	179.00	1.80	2.37		ZDDH0025	148.00	170.55	22.55	2.98	including	ZDDH0032	157.00	162.00	5.00	2.41	including	ZDDH0039	78.70	81.00	2.30	1.43
ZDDH0006	226.00	227.00	1.00	0.55	including	ZDDH0015	37.90	39.70	1.80	1.11		ZDDH0025	155.20	159.90	4.70	10.69	including	ZDDH0032	171.00	174.80	3.80	1.92	including	ZDDH0039	188.00	252.50	64.50	0.47
ZDDH0006	236.00	244.00	8.00	0.66	including	ZDDH0015	91.90	132.70	40.80	0.37		ZDDH0026	92.00	110.00	18.00	1.36		ZDDH0032	178.30	197.00	18.70	1.57	including	ZDDH0039	212.00	232.00	20.00	0.84	including
ZDDH0007	1.00	4.00	3.00	4.75		ZDDH0015	91.90	94.60	2.70	1.64	including	ZDDH0026	105.40	110.00	4.60	4.99	including	ZDDH0032	178.30	179.40	1.10	5.15	including	ZDDH0039	212.00	218.00	6.00	1.49	including
ZDDH0007	39.00	66.20	27.20	0.70		ZDDH0015	112.00	116.00	4.00	1.13	including	ZDDH0026	233.00	242.00	9.00	1.85		ZDDH0032	191.00	197.00	6.00	2.58	including	ZDDH0039	226.00	227.00	1.00	3.86	including
ZDDH0007	39.00	58.00	19.00	0.80	including	ZDDH0015	240.60	242.00	1.40	8.46		ZDDH0026	240.00	242.00	2.00	7.31	including	ZDDH0033	40.00	68.00	28.00	1.22		ZDDH0039	237.00	238.00	1.00	2.30	including
ZDDH0007	104.85	110.00	5.15	0.34		ZDDH0015	265.90	269.00	3.10	0.64		ZDDH0027	176.00	206.50	30.50	0.40		ZDDH0033	57.00	67.00	10.00	3.17	including	ZDDH0039	268.00	269.00	1.00	1.62	including
ZDDH0007	117.40	118.00	0.60	2.75		ZDDH0016	125.00	131.72	6.72	1.47		ZDDH0027	176.00	202.00	26.00	0.44	including	ZDDH0033	59.00	63.00	4.00	5.96	including	ZDDH0040	136.00	197.00	61.00	0.75
ZDDH0008	35.00	41.10	6.10	0.28		ZDDH0016	152.00	204.60	52.60	0.62		ZDDH0027	176.00	188.00	12.00	0.64	including	ZDDH0033	100.00	104.00	4.00	1.51		ZDDH0040	136.00	152.00	16.00	1.96	including
ZDDH0008	58.00	59.00	1.00	1.43		ZDDH0016	188.10	194.00	5.90	3.30	including	ZDDH0027	176.00	182.00	6.00	1.21	including	ZDDH0033	134.70	137.00	2.30	1.27		ZDDH0040	136.00	146.00	10.00	2.61	including
						ZDDH0016	188.58	188.90	0.32	31.30	including							ZDDH0033	143.00	144.00	1.00	1.45		ZDDH0040	142.00	146.00	4.00	5.34	including
						ZDDH0016	203.60	204.60	1.00	3.00	including													ZDDH0040	160.00	164.00	4.00	0.95	including
						ZDDH0016	281.00	290.00	9.00	0.36														ZDDH0040	161.00	162.00	1.00	2.84	including
						ZDDH0016	287.50	290.00	2.50	0.77	including													ZDDH0040	182.00	188.00	6.00	0.72	including
																								ZDDH0040	195.00	197.00	2.00	2.75	including
																								ZDDH0040	288.00	291.00	3.00	1.24	including
																								ZDDH0041	2.00	12.00	10.00	0.55
																								ZDDH0041	6.00	8.00	2.00	1.33	including
																								ZDDH0041	23.50	52.00	28.50	0.38
																								ZDDH0041	23.50	32.00	8.50	0.48	including
																								ZDDH0041	29.00	32.00	3.00	0.99	including

==> picture [88 x 53] intentionally omitted <==

Tesoro Resources Corporate Presentation March 2021

APPENDIX 1 - CONT’D

EL ZORRO GOLD PROJECT SIGNIFICANT INTERCEPTS TABLE

Hole_ID	From(m)	To(m)	Interval	Au(g/t)	*Comments*	Hole_ID	From(m)	To(m)	Interval	Au(g/t)	*Comments*	Hole_ID	From(m)	To(m)	Interval	Au(g/t)	*Comments*
ZDDH0055	20.00	241.20	221.20	0.62		ZDDH0064	102.00	103.70	1.70	1.43		ZDDH0072	356.00	396.00	40.00	0.69
ZDDH0055	21.00	22.00	1.00	3.19	including	ZDDH0064	188.00	202.00	14.00	0.55		ZDDH0072	366.20	372.20	6.00	1.89	including
ZDDH0055	48.00	122.00	74.00	1.05	including	ZDDH0064	192.00	196.00	4.00	1.33	including	ZDDH0072	366.20	368.00	1.80	5.50	including
ZDDH0055	48.00	88.50	40.50	1.51	including	ZDDH0064	243.00	244.00	1.00	1.11		ZDDH0072	383.00	384.00	1.00	5.01	including
ZDDH0055	48.00	60.12	12.12	4.83	including	ZDDH0064	309.00	317.00	8.00	0.78		ZDDH0072	393.00	394.00	1.00	8.39	including
ZDDH0055	77.00	80.00	3.00	16.88	including	ZDDH0064	311.00	314.00	3.00	1.53		ZDDH0073	21.40	23.00	1.60	0.62
ZDDH0055	105.00	109.00	4.00	3.04	including	ZDDH0065	25.00	27.00	2.00	1.25		ZDDH0073	69.00	70.00	1.00	3.33
ZDDH0055	168.00	169.00	1.00	2.00	including	ZDDH0065	56.40	58.80	2.40	0.78		ZDDH0073	93.00	95.00	2.00	2.04
ZDDH0055	200.00	241.20	41.20	1.13	including	ZDDH0065	155.00	167.00	12.00	1.72		ZDDH0073	179.00	180.00	1.00	2.73
ZDDH0055	200.00	233.00	33.00	1.36	including	ZDDH0066	306.00	465.00	159.00	0.46	including	ZDDH0073	207.00	285.00	78.00	0.41
ZDDH0055	200.00	201.00	1.00	2.83	including	ZDDH0066	306.00	443.00	137.00	0.51	including	ZDDH0073	207.00	209.00	2.00	7.42	including
ZDDH0055	207.00	208.00	1.00	6.51	including	ZDDH0066	389.00	436.00	47.00	1.00	including	ZDDH0073	207.00	232.06	25.06	0.74	including
ZDDH0055	217.00	231.00	14.00	2.03	including	ZDDH0066	308.00	310.00	2.00	1.98	including	ZDDH0073	279.00	279.50	0.50	13.80	including
ZDDH0055	223.00	231.00	8.00	2.64	including	ZDDH0066	357.00	362.00	5.00	1.10	including	ZDDH0074	89.00	116.00	27.00	1.16
ZDDH0055	282.00	326.00	44.00	0.48		ZDDH0066	357.50	361.00	3.50	1.43	including	ZDDH0074	89.00	94.00	5.00	2.15	including
ZDDH0055	282.00	283.00	1.00	3.91	including	ZDDH0066	389.00	412.00	23.00	1.09	including	ZDDH0074	114.00	116.00	2.00	8.06	including
ZDDH0055	302.00	308.00	6.00	1.97	including	ZDDH0066	389.00	401.00	12.00	1.59	including	ZDDH0075	76.00	335.90	259.90	0.70
ZDDH0055	319.00	320.00	1.00	1.51	including	ZDDH0066	389.00	392.00	3.00	2.97	including	ZDDH0075	89.00	309.00	220.00	0.86	including
ZDDH0055	325.00	326.00	1.00	3.77	including	ZDDH0066	424.00	443.00	19.00	1.24	including	ZDDH0075	97.00	100.00	3.00	2.63	including
ZDDH0056	232.00	236.70	4.70	0.70		ZDDH0066	427.00	436.00	9.00	2.14	including	ZDDH0075	124.00	127.00	3.00	2.40	including
ZDDH0056	236.00	236.70	0.70	3.09		ZDDH0067	5.00	64.00	59.00	1.72		ZDDH0075	137.00	140.00	3.00	1.49	including
ZDDH0057	22.00	44.00	22.00	1.03		ZDDH0067	5.00	37.40	32.40	3.05	including	ZDDH0075	153.50	155.00	1.50	5.99	including
ZDDH0057	22.00	23.00	1.00	10.20	including	ZDDH0067	31.00	37.00	6.00	15.18	including	ZDDH0075	178.00	187.00	9.00	1.02	including
ZDDH0057	22.00	30.00	8.00	1.61	including	ZDDH0067	81.00	82.00	1.00	1.87		ZDDH0075	217.00	220.00	3.00	1.18	including
ZDDH0057	216.00	233.00	17.00	0.55		ZDDH0067	91.00	96.00	5.00	0.53		ZDDH0075	236.00	238.00	2.00	1.56	including
ZDDH0057	225.00	228.00	3.00	1.93	including	ZDDH0067	107.00	121.00	14.00	0.47		ZDDH0075	249.00	251.00	2.00	1.03	including
ZDDH0057	274.00	351.00	77.00	1.13		ZDDH0067	108.00	109.00	1.00	1.27	including	ZDDH0075	270.00	309.00	39.00	2.73	including
ZDDH0057	279.00	321.00	42.00	1.97	including	ZDDH0067	119.00	121.00	2.00	1.17	including	ZDDH0075	270.00	296.00	26.00	3.54	including
ZDDH0057	279.00	311.00	32.00	2.32	including	ZDDH0067	136.00	139.00	3.00	2.13		ZDDH0075	270.00	285.50	15.50	5.49	including
ZDDH0057	283.00	298.00	15.00	3.25	including	ZDDH0068	0.00	7.00	7.00	0.45		ZDDH0075	304.00	309.00	5.00	2.72	including
ZDDH0057	318.00	321.00	3.00	2.75	including	ZDDH0068	56.00	117.70	61.70	0.30		ZDDH0075	328.00	338.80	10.80	1.44	including
ZDDH0058	34.00	35.00	1.00	1.29		ZDDH0068	60.00	83.00	23.00	0.46	including	ZDDH0075	336.00	338.80	2.80	4.97	including
ZDDH0058	237.00	250.00	13.00	0.47		ZDDH0068	60.00	61.00	1.00	2.43	including	ZDDH0076	145.00	146.00	1.00	0.57
ZDDH0058	237.00	241.00	4.00	0.69	including	ZDDH0068	74.00	75.00	1.00	1.14	including	ZDDH0077	65.00	82.00	17.00	0.54
ZDDH0058	248.00	250.00	2.00	1.49	including	ZDDH0068	114.90	117.70	2.80	0.84	including	ZDDH0077	74.00	78.00	4.00	1.13	including
ZDDH0059	61.00	62.00	1.00	1.02		ZDDH0068	143.00	154.00	11.00	0.62		ZDDH0077	69.60	70.60	1.00	1.91	including
ZDDH0059	194.50	282.00	87.50	0.72		ZDDH0068	152.00	153.00	1.00	1.59	including	ZDDH0077	121.70	122.50	0.80	1.56
ZDDH0059	196.00	244.50	48.50	1.02	including	ZDDH0068	185.00	186.00	1.00	1.84		ZDDH0078	214.00	225.00	11.00	0.67
ZDDH0059	207.00	241.60	34.60	1.29	including	ZDDH0068	189.00	190.00	1.00	1.37		ZDDH0078	214.33	216.00	1.67	3.46	including
ZDDH0059	229.00	241.60	12.60	2.21	including	ZDDH0068	200.00	201.00	1.00	2.03		ZDDH0078	263.00	265.00	2.00	1.54
ZDDH0059	196.00	198.00	2.00	1.76	including	ZDDH0068	209.00	210.00	1.00	4.42		ZDDH0078	391.00	393.00	2.00	0.92
ZDDH0059	207.00	212.00	5.00	1.58	including	ZDDH0068	225.00	226.00	1.00	1.53
ZDDH0059	236.00	241.60	5.60	4.37	including	ZDDH0068	303.00	303.93	0.93	1.14
ZDDH0059	276.00	282.00	6.00	1.48		ZDDH0069	147.00	414.00	267.00	1.12
ZDDH0060	156.00	168.00	12.00	0.44		ZDDH0069	221.00	414.00	193.00	1.47	including
ZDDH0060	163.00	166.00	3.00	0.78	including	ZDDH0069	224.00	404.00	180.00	1.57	including
ZDDH0060	215.00	220.95	5.95	0.37		ZDDH0069	234.00	366.00	132.00	1.89	including
ZDDH0061	157.00	158.00	1.00	2.31		ZDDH0069	147.00	162.00	15.00	0.68	including
ZDDH0061	194.00	195.00	1.00	0.83		ZDDH0069	147.00	152.00	5.00	1.24	including
ZDDH0062	8.00	70.00	62.00	0.46		ZDDH0069	184.00	184.50	0.50	8.69	including
ZDDH0062	8.00	31.00	23.00	0.88	including	ZDDH0069	234.00	258.00	24.00	1.72	including
ZDDH0062	8.00	21.50	13.50	1.12	including	ZDDH0069	244.00	248.00	4.00	4.94	including
ZDDH0062	13.00	15.50	2.50	2.01	including	ZDDH0069	289.00	345.00	56.00	3.49	including
ZDDH0062	18.00	21.50	3.50	1.94	including	ZDDH0069	292.00	337.00	45.00	4.02	including
ZDDH0062	68.00	70.00	2.00	2.40	including	ZDDH0069	289.00	322.00	33.00	5.07	including
ZDDH0062	110.00	111.00	1.00	1.18		ZDDH0069	292.00	320.50	28.50	5.68	including
ZDDH0062	119.00	120.00	1.00	2.36		ZDDH0069	314.00	320.50	6.50	7.28	including
ZDDH0062	108.00	201.00	93.00	0.37		ZDDH0069	292.00	303.00	11.00	7.73	including
ZDDH0062	129.00	173.00	44.00	0.53	including	ZDDH0069	392.50	401.00	8.50	2.49	including
ZDDH0062	134.00	141.00	7.00	0.76	including	ZDDH0069	398.00	400.00	2.00	7.89	including
ZDDH0062	162.20	172.00	9.80	1.30	including	ZDDH0070	1.50	24.00	22.50	0.34
ZDDH0062	225.00	226.00	1.00	1.40		ZDDH0070	10.95	24.00	13.05	0.50	including
ZDDH0062	256.00	280.00	24.00	0.66		ZDDH0070	18.00	21.50	3.50	0.98	including
ZDDH0062	256.00	261.00	5.00	2.29	including	ZDDH0070	155.00	156.00	1.00	2.28
ZDDH0063	0.00	3.00	3.00	2.26		ZDDH0071	25.00	96.00	71.00	0.80
ZDDH0063	166.00	332.00	166.00	0.57		ZDDH0071	41.00	43.00	2.00	1.96	including
ZDDH0063	169.00	171.00	2.00	1.20	including	ZDDH0071	62.79	70.00	7.21	1.04	including
ZDDH0063	180.00	210.00	30.00	0.90	including	ZDDH0071	67.00	70.00	3.00	1.98	including
ZDDH0063	180.00	182.00	2.00	7.52	including	ZDDH0071	88.00	96.00	8.00	4.18	including
ZDDH0063	197.00	210.00	13.00	0.75	including	ZDDH0071	89.75	95.00	5.25	5.97	including
ZDDH0063	277.00	316.00	39.00	1.22	including	ZDDH0071	133.00	149.50	16.50	0.36
ZDDH0063	300.00	316.00	16.00	2.96	including	ZDDH0071	139.00	146.50	7.50	0.55	including
ZDDH0063	311.00	316.00	5.00	9.09	including	ZDDH0071	255.00	255.50	0.50	2.69

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Tesoro Resources Corporate Presentation March 2021

APPENDIX 2 - TERNERA SELECTED SECTIONS

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Section -20m
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Ternera Prospect

Surface geology and drill collars Blue Lines show section locations

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60°
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Tesoro Resources Corporate Presentation March 2021

APPENDIX 2 - TERNERA SELECTED SECTIONS

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Section +40m Section -60m
60° 60°
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Tesoro Resources Corporate Presentation March 2021

APPENDIX 2 - TERNERA SELECTED SECTIONS

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Section +100m
60°
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Section +140m
60°
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Tesoro Resources Corporate Presentation March 2021

APPENDIX 3 – MATERIAL ASX ANNOUNCEMENTS ASX:TSO

Date Description	Date Description
27/01/2021 11/01/2021 22/12/2020 16/12/2020 10/12/2020 1/12/2020 24/11/2020 17/11/2020 4/11/2020 23/10/2020 9/10/2020 17/09/2020 4/09/2020 26/08/2020 10/08/2020 4/08/2020 31/07/2020 3/07/2020	Drilling continues to extend Ternera deposit Drilling continues to expand scale at El Zorro 300g/m intercept confirms El Zorro large-scale potential El Zorro drilling continues to expand Ternera Large surface gold target defined by trenching at Toro Gordo Geophysical survey identifies potential Ternera repeat El Zorro drilling returns multiple thick gold intercepts Drilling success continues at El Zorro Wide high-grade gold intercept at El Zorro Infill drilling continues to intercept gold bearing zones Wide gold zones defined at El Zorro Wide interval of visible gold in drilling at El Zorro Intercept confirms large scale potential at El Zorro Drilling results demonstrate wide gold zones at El Zorro El Zorro geophysical survey highlights gold mineralisation El Zorro exploration update Tesoro increases El Zorro land position by 360% Infill and extensional drill program commences at El Zorro

Date
Description

27/01/2021
11/01/2021
22/12/2020
16/12/2020
10/12/2020
1/12/2020
24/11/2020
17/11/2020
4/11/2020
23/10/2020
9/10/2020
17/09/2020
4/09/2020
26/08/2020
10/08/2020
4/08/2020
31/07/2020
3/07/2020

Drilling continues to extend Ternera deposit
Drilling continues to expand scale at El Zorro
300g/m intercept confirms El Zorro large-scale potential
El Zorro drilling continues to expand Ternera
Large surface gold target defined by trenching at Toro Gordo
Geophysical survey identifies potential Ternera repeat
El Zorro drilling returns multiple thick gold intercepts
Drilling success continues at El Zorro
Wide high-grade gold intercept at El Zorro
Infill drilling continues to intercept gold bearing zones
Wide gold zones defined at El Zorro
Wide interval of visible gold in drilling at El Zorro
Intercept confirms large scale potential at El Zorro
Drilling results demonstrate wide gold zones at El Zorro
El Zorro geophysical survey highlights gold mineralisation
El Zorro exploration update
Tesoro increases El Zorro land position by 360%
Infill and extensional drill program commences at El Zorro

Date Description	Date Description
25/06/2020 12/06/2020 10/06/2020 9/06/2020 29/05/2020 27/05/2020 13/05/2020 6/05/2020 27/04/2020 22/04/2020 17/04/2020 6/04/2020 26/03/2020 23/03/2020 12/03/2020 6/03/2020 17/02/2020 7/02/2020 30/10/2019	Extensive gold bearing vein system identified at Buzzard Capital raising for accelerated exploration program Drilling results continue to expand scale of El Zorro Excellent metallurgical testwork results from El Zorro Termination of Espina Option Agreement El Zorro drill results continue to expand mineralisation El Zorro's Coquetas gold system extended 750m south Further wide high-grade gold intercepts at El Zorro Wide high-grade gold intercept at El Zorro Additional channel sampling at El Zorro expands surface gold Widespread surface gold mineralisation at El Zorro Espina surface sampling confirms large scale gold potential Company Update Tesoro to accelerate to 70% ownership of El Zorro Additional assays extend gold zone at El Zorro Exceptional gold assays for first drill hole at El Zorro First Drill Hole Completed of Program, at El Zorro Drilling commences at El Zorro Gold Project Plukka Ltd Prospectus

Date
Description

25/06/2020
12/06/2020
10/06/2020
9/06/2020
29/05/2020
27/05/2020
13/05/2020
6/05/2020
27/04/2020
22/04/2020
17/04/2020
6/04/2020
26/03/2020
23/03/2020
12/03/2020
6/03/2020
17/02/2020
7/02/2020
30/10/2019

Extensive gold bearing vein system identified at Buzzard
Capital raising for accelerated exploration program
Drilling results continue to expand scale of El Zorro
Excellent metallurgical testwork results from El Zorro
Termination of Espina Option Agreement
El Zorro drill results continue to expand mineralisation
El Zorro's Coquetas gold system extended 750m south
Further wide high-grade gold intercepts at El Zorro
Wide high-grade gold intercept at El Zorro
Additional channel sampling at El Zorro expands surface gold
Widespread surface gold mineralisation at El Zorro
Espina surface sampling confirms large scale gold potential
Company Update
Tesoro to accelerate to 70% ownership of El Zorro
Additional assays extend gold zone at El Zorro
Exceptional gold assays for first drill hole at El Zorro
First Drill Hole Completed of Program, at El Zorro
Drilling commences at El Zorro Gold Project
Plukka Ltd Prospectus

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Tesoro Resources Corporate Presentation March 2021

CHILE A PROVEN MINING JURISDICTION AND MOST DEVELOPED SOUTH AMERICAN ECONOMY

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Tesoro Resources Corporate Presentation March 2021

AI assistant

TESORO GOLD LTD — Investor Presentation 2021

65957_rns_2021-03-15_f953064b-c3b6-42b0-97bd-13b666c12e18.pdf

Tesoro to present at Australian Energy and Minerals Investor Conference

2.45pm Qld Time, Thursday, 18 March 2021

For more information, please contact:

About Tesoro Resources

DISCLAIMER

Competent Person’s Statements

TESORO RESOURCES – CORPORATE SNAPSHOT

Corporate Structure

Shareholders

TESORO RESOURCES – AN EXPERIENCED TEAM

BOARD & MANAGMENT

John Toll - Chairman

Zeffron Reeves - Managing Director

Geoff McNamara - Non-Executive Director

Sergio Uribe - Country Manager, Chile

Shannon Coates - Company Secretary

12 MONTHS ON THE ASX

MANAGEMENT FOCUSED ON RAPIDLY ADVANCING THE EL ZORRO GOLD PROJECT

EL ZORRO GOLD PROJECT LOCATION

EL ZORRO GOLD PROJECT – LEVERAGING EXISTING INFRASTRUCTURE

TERNERA – DEFINING A MAJOR GOLD SYSTEM

TERNERA – DEFINING A MAJOR GOLD SYSTEM

▪ Cross Cutting CC Faults Concentrate Gold

Ternera Prospect Sections Looking NW

MODELLING HAS DISCOVERED MAJOR NORTH EAST EXTENSIONS

Ternera 3D Model - Looking NNW

EL ZORRO GOLD PROJECT SYSTEMATIC EXPLORATION DEFINING A MAJOR GOLD SYSTEM

EL ZORRO GOLD PROJECT –

GEOPHYSICS HIGHLIGHTS TARGETS & DEMONSTRATES SCALE

Ternera Prospect

Ternera Prospect

EL ZORRO GOLD PROJECT STUDIES & DEVELOPMENT

El Zorro is Ideally Located to Leverage off Existing Infrastructure & Support Services

Tesoro Focused & Well Positioned to Progress El Zorro through Development

TESORO POISED FOR GROWTH

CONTINUED GROWTH BY EXECUTING THE STRATEGY

CONTACT DETAILS

Zeffron Reeves, Managing Director

APPENDIX 1 EL ZORRO GOLD PROJECT SIGNIFICANT INTERCEPTS TABLE

APPENDIX 1 - CONT’D

EL ZORRO GOLD PROJECT SIGNIFICANT INTERCEPTS TABLE

APPENDIX 2 - TERNERA SELECTED SECTIONS

Ternera Prospect

APPENDIX 2 - TERNERA SELECTED SECTIONS

APPENDIX 2 - TERNERA SELECTED SECTIONS

APPENDIX 3 – MATERIAL ASX ANNOUNCEMENTS ASX:TSO

CHILE A PROVEN MINING JURISDICTION AND MOST DEVELOPED SOUTH AMERICAN ECONOMY

More from TESORO GOLD LTD

TESORO GOLD LTD Investor Presentation 2021