Maiden Mineral Resource Estimate of 660 koz gold sets foundation at El Zorro

Highlights

• Ternera Maiden Resource (MRE) of 25.1 Mt @ 0.8 g/t for 660 koz of gold using a 0.3g/t Au cutoff, within a pit optimised of gold from the Ternera Gold Deposit, is the preferred open pit mining scenario, based on current mining and metallurgical inputs.
• Includes 15.4Mt @ 1.09 g/t for 540koz using a 0.5g/t Au cut-off
• MRE delivered in under 18 months since Company’s re-quotation on ASX at a discovery cost of approximately $21.00 per ounce.
• MRE calculated using assay results from 148 drill holes of a total 204 holes drilled. Multiple mineralised holes fall outside of current optimised pit.
• Potential for continued growth of the Mineral Resource at Ternera, with multiple mineralised zones open and significant potential to convert “unclassified” resources with infill drilling.
• Expansion potential at surrounding prospects Ternera East, Drone Hill, Toro Blanco and Buzzard with multiple untested drill targets.
• Drilling continues 24/7, with 6 drill rigs at El Zorro to define and add additional Resource ounces.
• 48,202,854 Performance Rights vest and become capable of exercise.

Geophysics Survey Expands Gold Potential at El Zorro

• Expanded Gradient Array Induced Polarisation (GAIP) survey completed at El Zorro, expanding the previous GAIP survey by 750m to the north-east and 2km to the north-west.
• High chargeability anomaly trends identified, coinciding with favourable gold host rocks and mineralised fault systems, adding additional gold targets to the EL Zorro Gold Project.
• The GAIP survey confirms the structural framework controlling gold mineralisation at Ternera, and the broader El Zorro District.
• Highlights increasing scale of the project with new additional undrilled targets.
• The gold mineralisation trend is now confirmed over 4km north-to-south and 2km east-to-west.
• Detailed surface mapping and sampling underway on the new geophysical targets to define high priority zones for follow-up drill testing.

Tesoro Increases Ownership of El Zorro to 85%

• Tesoro’s 95% owned Chilean subsidiary has increased its ownership of the El Zorro Gold Project via a capital contribution of approximately A$7.6 million into El Zorro S.C.M., the Joint Venture (JV) company that holds the El Zorro Gold Project.
• Tesoro’s minority JV partner elected not to contribute, meaning Tesoro’s Chilean subsidiary will increase its ownership interest to 85%.
• The capital contribution will be deployed directly into exploration and development activities at the El Zorro Gold Project.