TESORO GOLD LTD — Major Shareholding Notification 2021

Jan 21, 2021

Form 603

Corporations Act 2001 Section 671B

Notice of initial substantial holder

To., Company Name/Scheme	Tesoro Resources Limited
ACN/ARSN	106 854 175
1. Details of substantial holder (1)
Name.	Mr Kenneth Joseph Hall
ACN/ARSN (if applicable)	77 836 394 458

The holder became a substantial holder on

$21/12/2020$

2. Details of voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a
relevant interest (3) in on the date the substantial holder

Class of securities (4)	Number of securities	Person's votes (5)	Voting power (6)
Fully Paid Ordinary Shares 29,240,741		29.240.741	5.27%

3. Details of relevant interests

The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

Holder of relevant interest	Nature of relevant interest (7)	Class and number of securities
Mr Kenneth Joseph Hall	Power to exercise voting rights attached to the securities + power to dispose of the securities	29,240,741 fully paid ordinary shares

4. Details of present registered holders

The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

Holder of relevant	Registered holder of	Person entitled to be	Class and number
interest	securities	registered as holder (8)	of securities
Mr Kenneth Joseph Hall	Mr Kenneth Joseph Hall	Mr Kenneth Joseph Hall	29,240,741 fully paid
			ordinary shares

5. Consideration

The consideration paid for each relevant interest referred to in peragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows:

Holder of relevant interest.	Date of acquisition	Consideration (9)		Class and number of securities
		Cash	Non-cash
Mr Kenneth Joseph Hall	29/01/2020	500.000-00		16,666,666 fully paid ordinary shares
Mr Kenneth Joseph Hall	22/06/2020	310.000-02		5,166,667 fully paid ordinary shares
Mr Kenneth Joseph Hall	21/12/2020	2.000.000-00		7,407,408 fully paid ordinary shares

29,240,741 fully paid ordinary shares

6. Associates

The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:

Name and ACN/ARSN (if applicable)	Nature of association

7. Addresses

The addresses of persons named in this form are as follows:

Name	Address
Mr Kenneth Joseph Hall	PO Box 368 Bassendean WA 6934

Signature

print name	Mr Kenneth Joseph Hall	Trustee capacity
sign here	sall Litati	22/01/2021 date

DIRECTIONS

• $\left\langle 1\right\rangle$ If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 7 of the
  Inroughout the form as a specifically named group if the m forn.
• See the definition of "associate" in section 9 of the Corporations Act 2001. $(2)$
• $\left(3\right)$ See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.
• $(4)$ The voting shares of a company constitute one class unless divided into separate classes.
• $\overline{5}$ The total number of votes attached to all the voting shares in the company or voting interests in the scheme (if any) that the person or an associate has a relevant interest in.
• 0 The person's votes divided by the total votes in the body corporate or scheme nuitiplied by 100.
• Ø) Include details of:
• any relevant agreement or other circumstances by which the relevant interest was acquired. If subsection 671B(4) applies, a copy of any document setting out (a) the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and
• $|b|$ any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

• $\langle 3 \rangle$ If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write "unknown".
• $\langle 9 \rangle$ Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.