TESORO SECURES A$11.1M TO PUSH EL ZORRO TOWARDS DEVELOPMENT

Strong institutional support led by Gold Fields to fund drilling, new resource estimate and permitting

Tesoro Gold Limited (ASX:TSO) has received binding commitments to raise approximately A$11.1 million through a placement priced at A$0.024 per share, to accelerate development at its flagship El Zorro Gold Project in Chile.

Proceeds from the placement will be directed towards new discovery drilling, an updated Mineral Resource Estimate (MRE) at Ternera, and a revised Scoping Study. Additionally, the funding will fully support the El Zorro permitting process.

Highlights:

Placement raised approximately A$11.1 million, strongly supported by existing shareholders.
Strategic partner Gold Fields Limited (JSE:GFI, NYSE:GFI) committed A$1.75 million.
Funding will focus on drilling at Ternera and other high-priority district-scale discovery targets.
Enables completion of a new MRE and Scoping Study, and fully funds El Zorro permitting.

Tesoro Managing Director, Zeff Reeves, commented:

We are very pleased to receive further investment from Gold Fields and our major shareholders, as well as to welcome several new investors to our register who recognise the significant potential of the Company’s vast district-scale exploration tenure and the proven development potential at the El Zorro Gold Project.

This additional funding allows us to aggressively advance the El Zorro Project through drilling, technical studies, and permitting over the next 12 months.

We have worked closely with the Gold Fields technical team since their initial investment in November 2022, and their ongoing support for regional exploration in particular validates our view that the El Zorro Gold Project is a highly prospective district deserving of further exploration and investment.