TESORO GOLD LTD — Investor Presentation 2023

Apr 3, 2023

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PHASE 1 OPEN PIT SCOPING STUDY PRESENTATION EL ZORRO GOLD PROJECT, CHILE APRIL 2023

ASX:TSO | OTCQB:TSORF

DISCLAIMER

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This presentation and any accompanying verbal presentation (together the Presentation) are confidential and have been prepared by Tesoro Gold 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 3 April 2023 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 report that relates to Exploration Results and Exploration Target is based on information compiled by Mr Zeffron Reeves (B App Sc (Hons) Applied Geology) MBA, MAIG). Mr Reeves is a member of the Australian Institute of Geoscientists and a Director and shareholder of the Company. Mr Reeves has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Reeves consents to the inclusion in this report of the matters based on this information in the form and context in which it appears.

The information in this report that relates to Mineral Resources is based on information compiled by Mr Lynn Widenbar, a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Widenbar is acting as an independent consultant to Tesoro Gold Limited. Mr Widenbar 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 Mr Widenbar consents to the inclusion in the report of the matters based on his information in the form and context in which it appears and that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original announcement on 9 March 2023.

The information in this report that relates to the Production Target, assumptions on Modifying Factors and evaluation of other relevant factors are based on and fairly represents information and supporting documentation that has been compiled for this announcement and have been compiled under the supervision of Mr Linton Putland BEng (Mining), MSc (Mineral Economics) & Member AusIMM. Mr Putland is a Director of the Company. Mr Putland has reviewed and approved the technical content of this announcement. Mr Putland is a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012). Mr Putland consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

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.

INVESTOR PRESENTATION |

2

TESORO GOLD LIMITED

RAPID GROWTH AND ADVANCEMENT OF THE EL ZORRO GOLD PROJECT

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$$ GROWTH Further unlocking a district scale gold system

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Au
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LOCATION

RESOURCE

Large surface gold footprint on 570km[2] of tenure

Increased and upgraded 1.3 Moz[1] Ternera Gold Deposit

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Coastal location and Scoping study Numerous exciting, supporting evidences robust untested targets and infrastructure in a starter pit gold mining district level potential Tier 1 mining and processing provides multi-million jurisdiction operation ounce potential

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Au
Cu/Fe
Cu/Au
CHILE
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1. Refer to Mineral Resource Update and Exploration Target, ASX Announcement 9 March 2023 and the Appendix, Tesoro Gold Limited confirms that it is not aware of any new information or data that materially affects the information included in that release. All material assumptions and technical parameters underpinning that release continue to apply and have not materially changed.

Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION

INVESTOR PRESENTATION |

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UNLOCKING EL ZORRO’S FULL POTENTIAL DUAL TRACK ADVANCEMENT STRATEGY

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DEVELOPING DISTRICT
TERNERA DISCOVERIES
REFINE THE DEVELOPMENT CONFIRM CONTINUITY OUTSIDE
PATHWAY TERNERA
Economic assessment, Define ounces outside of the existing
planning and permitting Ternera deposit
CONTINUE GROWING THE TEST TERNERA STYLE
RESOURCE BASE TARGETS
Infill drilling and Aggressive drill testing of look-alike
resource growth targets
DISCOVER AND DEFINE CONTINUED TARGET
NEW TARGETS GENERATION
New and extensional Ongoing mapping and
mineralisation discoveries sampling programs
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INVESTOR PRESENTATION |

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CORPORATE SNAPSHOT

TESORO GOLD (ASX: TSO, OTCQB:TSORF)

Capital structure

Share price1	A$0.027
Shares on issue2	1,053.5 M
Performance rights2	73.41 M
Listed options (ASX: TSOO and ASX: TSOOA)2	174.76 M
Market capitalisation (undiluted)	A$28.44 M
Cash3	A$7.21 M
Debt3	Nil

Register detail[4]

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9.4%
BOARD AND MANAGEMENT
14.9%
GOLD FIELDS
56.2%
INSTITUTIONAL INVESTORS
19.5%
OTHER INVESTORS
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Board and management

Zeffron Reeves	Managing Director
Linton Putland	Executive Director
Geoff McNamara	Non-Executive Director
Kristie Young	Non-Executive Director
Sarah Wilson	Company Secretary
Sergio Uribe	Country Manager – Chile
Ruben Cahuana	Exploration Manager – Chile
Tatania Garcia	Manager – Permitting, Community Relations and Sustainability
Francisco Varela	Legal Counsel - Chile

1. As at 3 April 2023

2. As at 7 March 2023: TSOO expiring 7 July 2025 and TSOOA expiring 13 December 2025 3. As at 31 December 2023

3. At 16 February 2023 Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION

INVESTOR PRESENTATION |

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TESORO GOLD LIMITED

EL ZORRO GOLD PROJECT, CHILE

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SCOPING STUDY

Ternera Gold Deposit Phase 1 Open Pit Scoping Study Outcomes

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A simple, robust gold project with conventional mining and metallurgy, located close to key infrastructure in a wellestablished, supportive mining jurisdiction

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INVESTOR PRESENTATION | 6

PHASE 1 OPEN PIT SCOPING STUDY HIGHLIGHTS

TECHNICALLY AND FINANCIALLY ROBUST GOLD MINING AND PROCESSING[1]

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MINE SCHEDULE MINING PHYSICALS STANDARD CIP PLANT 17.1 Mt at 1.25 g/t gold 2.4 Mtpa throughput 94.5% gold recovery Initial open pit mine For initial 8-year operating life Simple non-refractory metallurgy

PHASE 1 GOLD OUTPUT

PHASE 1 GOLD OUTPUT AISC UPFRONT CAPITAL COST 651 koz US$1,068/oz US$132M Average production 93 koz p.a. Including US$8.6M of sustaining capital Including US$10.4M in pre-strip NPV IRR PAYBACK 5% US$201M 27.5% 3.4 years Pre-tax at US$1,750/oz gold Pre-tax at US$1,750/oz gold Pre-tax from first production

UPFRONT CAPITAL COST US$132M Including US$10.4M in pre-strip

1. For full Scoping Study details, refer Tesoro ASX release dated 4 April 2023, Ternera Gold Deposit Phase 1 Open Pit Scoping Study Outcomes. Tesoro Gold confirms that it is not aware of any new information or data that materially affects the information included in that release. All material assumptions and technical parameters underpinning that release continue to apply and have not materially changed.

PHASE 1 OPEN PIT SCOPING STUDY HIGHLIGHTS DETAILED STUDY OUTCOMES

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Key parameter (± 35%) Unit Study estimate	Key parameter (± 35%) Unit Study estimate	Key parameter (± 35%) Unit Study estimate	Key parameter (± 35%) Unit Study estimate
Ore throughput	Mt	17.1
Gold grade	g/t	1.25
Production ounces	koz	651
Plant throughput	Mtpa	2.4
Average annual steady state production	koz pa	93
Production life (excluding pre-strip)	years	7.4
Forecast average All‐In‐Sustaining‐Cost (AISC)	US$/oz	1,068
Total pre‐production capital cost (including pre-strip)	US$M	132
Economic outcomes (± 35%) Unit Base Spot1
Gold price	US$/oz	1,750	1,950
NPV5% (pre-tax, ungeared)	US$M	201	300
IRR (pre-tax, ungeared)	%	27.5	37.1
Net cashflow (pre-tax, undiscounted, ungeared)	US$M	312.3	442.5
Payback from first production	years	3.4	2.8

STARTER PIT

Base case assessment of development potential

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Initial project derived from the shallowest portion of the Ternera Deposit MRE

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VALUE UPSIDE

Significant leverage to future resource growth

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Project economics highly attractive at current, rising gold prices

1. Approximate gold spot price as at 28 March 2023 Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION

INVESTOR PRESENTATION |

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SUBSTANTIAL POTENTIAL UPSIDE DRIVERS IMMEDIATE POTENTIAL FOR PRODUCTION EXPANSION

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1. Further 170 koz Au available within optimised pit shell:

• Additional ounces residing between base of the Scoping Study pit design and optimal pit shell at US$1,750/oz – provides potential open pit expansion to 822 koz Au

2. Underground development: Through incorporation of further Ternera MRE ounces into the mine schedule via potential underground mining – to be interrogated during Phase 2 study work

3. Potential resource additions to be Ternera Exploration Target area: unlocked through exploration within the initial constrained Ternera Exploration Target area

4. Ternera extensional targets: Drill-out and potential conversion of key growth targets at Toro Blanco and Kitsune - situated within 3km of the Ternera Deposit

5. El Zorro district targets: High impact targets remain to be unlocked, including the prospective geology defined at the Animas Viejas Target – just 35km north of Ternera

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INVESTOR PRESENTATION | 9

DEVELOPMENT SCHEDULE

BASELINE STUDIES, EIA AND PROJECT APPROVALS UNDERWAY

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		2023		2024 2025		2026		2027		2028
		EARLY STUDIES / FEASIBILITY ENGINEERING
				EIA APPLICATION AND CONSULTATION
				DETAILED STUDIES / ADVANCED ENGINEERING

PAS – PA APPLICATION PROCESS

CONSTRUCTION

PRODUCTION

INVESTOR PRESENTATION |

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UNLOCKING EL ZORRO’S FULL POTENTIAL

MILESTONES ON THE VALUE REALISATION PATHWAY

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DEVELOPING TERNERA

DISTRICT DISCOVERIES

• MRE increased and upgraded with initial Exploration Target defined Q1 2023

• Kitsune maiden drilling program to commence Q2 2023

• Ternera expansion drilling program ongoing with completion targeted by end H1 2023

• Calderillas Target follow up drilling planned to commence Q2 2023

• Ternera Gold Deposit Phase 2 Scoping Study targeted for Q4 2023

• Ongoing mapping and sampling work to further define drill targets at Calderillas north, Drone Hill and Buzzard during 2023

INVESTOR PRESENTATION |11

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LARGE, HIGHLY PROSPECTIVE GOLD PROJECT 1 Strategically positioned, and located in a Tier 1 mining jurisdiction EXISTING 1.3 Moz MINERAL RESOURCE ESTIMATE 2 Delivered at a low A$21/oz discovery cost and 99% success rate EXCEPTIONAL METALLURGY FOR SIMPLE PROCESS FLOW 3 Single stage crushing, gravity and CIP expected ATTRACTIVE PHASE 1 OPEN PIT SCOPING STUDY OUTCOMES 4 Technically and financially robust initial base case project RESOURCE AND DISTRICT LEVEL GROWTH POTENTIAL 5 Numerous discoveries for multi-million ounce potential HIGHLY EXPERIENCED BOARD AND MANAGEMENT TEAM 6 Local presence and deep Chilean expertise

4

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APPENDIX PHASE 1 OPEN PIT SCOPING STUDY DETAIL

TERNERA DEPOSIT

MINERAL RESOURCE ESTIMATE (MRE)

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Constrained 1.28 Moz Au MRE: US$1,800/oz optimised pit shell, underground reported at 1.5 g/t Au cut off[1]

Area	Cut off		Indicated			Inferred			Total
	Au g/t	Mt	Au g/t	Koz	Mt	Au g/t	Koz	Mt	Au g/t	Koz
Open Pit Resource	0.30	22.5	1.10	795	10.0	1.18	379	32.5	1.13	1,175
Underground Resource	1.50	0.1	2.64	7	1.2	2.64	100	1.3	2.64	107
Total Resources		22.6	1.11	802	11.2	1.34	479	33.7	1.18	1,282

Unconstrained 1.46 Moz Au MRE: reported at various cut offs to the 200mRL[1]

Cut off		Indicated			Inferred			Total
Au g/t	Mt	Au g/t	Koz	Mt	Au g/t	Koz	Mt	Au g/t	Koz
0.3	23.2	1.09	815	19.4	1.03	645	42.6	1.07	1,459
0.5	16.3	1.39	727	12.8	1.37	561	29.1	1.38	1,288
1.00	7.2	2.25	523	5.6	2.24	400	12.8	2.24	923
2.00	2.6	3.75	317	2.0	3.71	241	4.7	3.37	558

1. Refer to Mineral Resource Update and Exploration Target, ASX Announcement 9 March 2023. Tesoro Gold Limited confirms that it is not aware of any new information or data that materially affects the information included in that release. All material assumptions and technical parameters underpinning that release continue to apply and have not materially changed. Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION

INVESTOR PRESENTATION |

14

PRODUCTION PROJECTIONS PHASE 1 OUTPUT OF 651 koz

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Annual recovered gold and head grade

• Average production 93 koz p.a.

• Mining rates provide 2.4 Mt p.a. mill feed

• Mining dilution factor of 10% @ 0g/t Au applied to all mill feed tonnes

• Mining loss of 5% used for all optimisation runs and production schedules

INVESTOR PRESENTATION |15

SENSITIVITY ANALYSIS

STRONG GOLD PRICE LEVERAGE

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NPV5% (pre-tax) sensitivity analysis (US$M)

• Commodity price/revenue and operating cost parameters represent the largest economic sensitivity to Project NPV

• Significant NPV5% (pre-tax) uplift to US$300M at current gold spot price levels of US$1,950/oz

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INVESTOR PRESENTATION |16

PROJECT CONFIGURATION

INITIAL 8-YEAR OPERATING LIFE

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Optimised pit production target (US$1,750/oz at 0.46 g/t Au)

• Open pit operation with activities performed by a mining contractor

• Mining costs estimate based on the use of a 230-tonne diesel hydraulic excavator and 120-tonne truck fleet

• Modelling based on preliminary pit, run of mine and waste dump designs

• Open pit mining schedules developed based on a single stage pit, targeting a mill feed rate of 2.4 Mt p.a. at the highest grade possible

• Over an initial 8-year operating life, the Phase 1 pit provides approximately 17.1 Mt of mill feed at an average grade of 1.25g/t Au and a strip ratio of 8.3:1

			Indicated	Indicated			Inferred	Inferred			Total
Pit		Mt	Au g/t	koz	%	Mt	Au g/t	koz	%	Mt	Au g/t	koz
Phase	1	14.8	1.22	582	84	2.3	1.45	107	16	17.1	1.25	689

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INVESTOR PRESENTATION |17

PROCESS PLANT FLOWSHEET

SIMPLE SINGLE STAGE CRUSHING, GRAVITY AND CIP

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Mill throughput by resource category

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45% gold recovered by gravity

94.5% total recovery at 150 micron grind size

INVESTOR PRESENTATION |

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CAPITAL COST ESTIMATE

LOW UP FRONT CAPITAL BURDEN

• Total pre-production capital cost estimate of US$132M

• Estimated in consultation with independent specialists, a leading South American mining contractor and GR Engineering Services

• Pre-strip mining costs of US$10M for the period preceding commercial production included in the total cost

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Pre-production capital cost estimate (plant and infrastructure)	Pre-production capital cost estimate (plant and infrastructure)
Area	Cost estimate (US$M)
Processing plant 62.5
Project infrastructure 39.0
Other costs 6.6
Mining capital 13.5
Pre–strip mining activities 10.4
Total pre-production capital cost 132.0

INVESTOR PRESENTATION |19

OPERATING COST ESTIMATE

HIGHLY COMPETITIVE ALL IN SUSTAINING COST (AISC) ESTIMATE

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• Forecast average AISC US$1,068/oz

• Includes US$13/oz sustaining capital

• Operating cost estimates constructed in consultation with independent specialists, a mining contractor and GR Engineering Services and derived across mining, processing and administration

Operating cost estimate (rounded)	Operating cost estimate (rounded)	Operating cost estimate (rounded)
Area	US$/t Au processed	US$/oz Au processed
Processing plant 22.2 585
Project infrastructure 14.0 368
Other costs 3.9 102
C1 cost 40.1 1,055
Sustaining capital 0.5 13
All‐In‐Sustaining‐Cost 40.6 1,068

• Mining contractor operating strategy to be adopted

• Estimate assumes all material in pit will require drill and blast

INVESTOR PRESENTATION |20

LICENCE TO OPERATE

ENVIRONMENTAL AND SOCIAL STRATEGY

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ALIGNED TO THE UNITED NATIONS (UN) SUSTAINABLE DEVELOPMENT GOALS (SDG) WITH A COMMITMENT TO ENSURING EXPLORATION AND OPERATIONAL ACTIVITIES GENERATE POSITIVE SUSTAINABILITY OUTCOMES

Health and safety

Climate change

Environment

People and culture

Community partnerships

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Occupational Health and Safety are fundamental responsibilities Tesoro has towards its workforce. Our strategies and practices are based on providing a safe workplace for all employees, suppliers and contractors.

Total GHG emissions on a $ per value basis for newly mined gold is significantly lower than that for other major metals and mined products. Tesoro is committed to put in place a framework to ensure future mine developments are built and operated to support global greenhouse mitigation targets.

Tesoro applies leading exploration techniques, technology and practices to promote drilling efficiency and minimise environmental impacts. Furthermore, Tesoro is committed to continual improvement of its environmental performance through a robust environmental management program.

Attracting, developing and retaining a diverse, inclusive and competent workforce is important to Tesoro and a key foundation to the company's policies and practices.

Tesoro partners with the local and host communities of the Coastal Cordillera region of Chile to share value through the creation of local jobs and business opportunities.

Economic sustainability

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Generating economic growth and value for all our investors, employees and stakeholders through successful exploration and investment in the Coastal Cordillera region of Chile.

INVESTOR PRESENTATION |

21

CURRENT MRE IS JUST THE BEGINNING

EXISTING DRILLING INFORMS SIGNIFICANT GROWTH POTENTIAL

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• Exploration Target of 48.5 Mt to 101.0 Mt at 0.91 g/t Au to 1.45 g/t Au[1]

• Indicates Ternera could potentially contain between 1.6 Moz and 3.0 Moz gold[1]

• Exploration Target constrained to the extent of the current drill footprint

• Ternera Deposit remains open in all directions

• Multiple continuous high-grade zones

• Wide-spaced drill intercepts outside of Resource

Ternera Exploration Target[1]

Tonnage (Mt)	Tonnage (Mt)	Au Grade (g/t)	Au Grade (g/t)	Contained Au (Moz)	Contained Au (Moz)
Lower	Upper	Lower	Upper	Lower	Upper
48.5	101.0	0.91	1.45	1.6	3.0

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Drilled metres Resource (kOz Au)
120,000 Ternera constrained MRE 3,500
3,000
3,000
100,000
2,500
80,000
2,000
60,000
1,460 1,600 1,500
1,281
40,000 1,096 645
479 1,000
661 593
20,000
500
586 802 815
503
75
0 0
July 2021 MRE May 2022 MRE March 2023 MRE March 2023 Tenera Gold Deposit
unconstrained MRE Exploration Target
Drilled metres Indicated Resource Inferred Resource
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Ternera MRE growth updates and initial Exploration Target highlighting improved classification and consistent resource growth with efficient drilling. Refer to Mineral Resource Update and Exploration Target, ASX Announcement 9 March 2023, Tesoro Gold Limited confirms that it is not aware of any new information or data that materially affects the information included in that release. All material assumptions and technical parameters underpinning that release continue to apply and have not materially changed.

1. Refer to Mineral Resource Update and Exploration Target, ASX Announcement 9 March 2023 Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION

INVESTOR PRESENTATION |

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GOLD FIELDS STRATEGIC INVESTMENT

HIGH QUALITY SUPPORTIVE PARTNERSHIP

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• Partnering with one of the world’s largest gold mining firms

• Globally diverse South African gold producer with eight mining operations and projects through Australia, Chile, Ghana, Peru and South Africa

• Annual gold production of approximately 2.2 Moz[1]

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• Constructing the Salares Norte high-grade open pit gold-silver project in Northern Chile, 190 km north-east from the El Zorro Gold Project

• Processing capacity of 2.8Moz per year of metal doré for approximately 9.9 t of gold annually[2]

• Tesoro strategic investment facilitates acceleration of regional and district scale exploration at the El Zorro Gold Project

• Gold Fields now hold a 14.86% investment in Tesoro Gold

Gold Fields’ investment “ strategic demonstrates tremendous confidence in the Tesoro team and recognises the current opportunity and significant upside potential of the El Zorro Gold Project. This investment allows us to accelerate our regional and district scale while we exploration efforts, continue to the Mineral grow existing Resource base. ”

- Zeff Reeves, Tesoro Managing Director

1. Source: www.goldfields.com 2. Source: https://www.bnamericas.com/en/features/5-chilean-gold-projects-set-to-help-boost-national-output Tesoro Gold (ASX:TSO | OTCQB:TSORF) | CORPORATE PRESENTATION

INVESTOR PRESENTATION |23

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TESORO GOLD LIMITED

Level 48

152-158 St Georges Terrace Perth, WA 600 +61 8 6311 9160 info@tesorogold.com.au www.tesorogold.com.au

ASX:TSO | OTCQB:TSORF