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Tesoro Gold (TSO) investor relations material

Tesoro Gold Q1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q1 2026 earnings summary27 Oct, 2025

Executive summary

  • Updated Ternera Scoping Study confirms a technically robust, economically attractive open pit gold operation with strong project economics at both base and spot gold prices.

  • Ternera Mineral Resource Estimate (MRE) increased by 42% to 1.82Moz at 1.10g/t Au, with 62% now classified as Indicated, supporting higher confidence in project development.

  • Advanced metallurgical testwork demonstrates >95% gold recovery, low reagent consumption, and suitability for conventional Carbon-in-Pulp processing.

  • Large-scale exploration success at La Brea, with high-grade gold channel samples and drilling underway.

  • Secured A$34 million equity placement to fund project advancement through to Final Investment Decision.

Financial highlights

  • Scoping Study (Base Case, US$2,750/oz gold): NPV7.5% US$917M pre-tax (US$663M post-tax), IRR 60% pre-tax (51% post-tax), AISC US$1,216/oz, payback 20 months post-tax.

  • Spot Case (US$3,300/oz gold): NPV7.5% US$1,331M pre-tax (US$966M post-tax), IRR 79% pre-tax (68% post-tax), payback 16 months post-tax.

  • Initial mine life of 13.5 years, average annual production of 111koz for first 9 years, total production of 1.26Moz over 15 years.

  • Pre-production capital cost of US$248M (including US$41M pre-strip).

  • Cash balance at 30 September 2025: A$3.75 million, zero debt.

Outlook and guidance

  • Pre-Feasibility Study (PFS) initiated, targeted for completion in Q2 2026.

  • Focus on feasibility, permitting, and expanded exploration to drive further resource growth and new discoveries.

  • Additional upside potential from in-pit resource ounces, expanded pit/underground options, and district-scale exploration.

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Frequently asked questions

Tesoro Gold Ltd is an Australia-based mineral exploration company focused on the discovery and development of gold projects. The company primarily operates in Chile, where it explores and advances its flagship El Zorro Gold Project. Its activities include drilling, resource evaluation, and feasibility studies to assess the project's development potential. The company is headquartered in Perth, Australia, and its shares are listed on the ASX.

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