Tesoro Gold (TSO) H2 2025 earnings summary

Executive summary

• Achieved a 42% increase in the Ternera Mineral Resource Estimate (MRE) to 2.0Moz at 1.07g/t Au, with 62% now in the Indicated category, following extensive infill and extensional drilling during FY2025.

• Advanced the El Zorro Gold Project with updated metallurgical test work confirming gold recoveries above 95% and low reagent consumption, supporting a simple CIP processing route.

• Released an updated Scoping Study outlining a 41Mt open-pit operation producing ~111koz gold per annum over nine years at a forecast AISC of US$1,216/oz, with spot gold above US$4,300/oz at year-end.

• Progressed directly to a Definitive Feasibility Study (DFS) post year-end, targeting a Final Investment Decision (FID) by end of 2026.

• Raised A$45.1M through two institutional placements, fully funding advancement of El Zorro through to FID.

Financial highlights

• Loss after tax attributable to the parent for FY2025 was $4,977,926 (vs. $932,115 for the 6 months ended Dec 2024).

• Total assets increased to $87.6M (from $47.4M at Dec 2024), with total liabilities at $1.85M.

• Net increase in issued capital of $42.8M, with total issued capital at $113.2M.

• Cash and cash equivalents at year-end were $22.2M.

• No dividends declared or paid.

Outlook and guidance

• Ongoing, fully funded 38,000m diamond drilling program to be completed in 2026, with continued mapping and sampling to refine targets.

• DFS workstreams well advanced, aiming for FID by end of 2026.

• Continued focus on resource growth, new discoveries, and systematic de-risking of El Zorro.