Tesoro Gold : Ternera Mineral Resource Presentation

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El Zorro Gold Project Chile

Scale, Simplicity, Strategic Location & Exceptional Metallurgy

Ternera Mineral Resource Presentation

May 2022

ASX:TSO OTCQB:TSORF

Disclaimer

This presentation and any accompanying verbal presentation (together the Presentation) are confidential and have been prepared by Tesoro Gold Limited (Tesoro or the Company) and approved by the Board of the Company. The information contained in the Presentation (Information) is

summary only and should be read in conjunction with any other documents provided to you by the Company. The Information is current as at 23 May 2022 and the Company does not undertake to provide any additional or update information, whether as a result of new information, future events onlyor results or otherwise. By receiving the Presentation, you acknowledge and represent to the Company that you have read, understood and accepted the terms of this disclaimer.

The Company has prepared the Presentation based on information available to it at the time of preparation. No representation or warranty, express or implied, is made as to the currency, accuracy, reliability, completeness or fairness of the information, opinions and conclusions contained in this Presentation. Tesoro, or related bodies corporate, shareholders or affiliates, nor any of their respective officers, directors, employees, affiliates, agents or advisers (Agents) guarantee or make any representations or warranties, express or implied, as to or take responsibility for, the currency, accuracy, reliability, completeness or fairness of the information, opinions and conclusions contained in this Presentation. Tesoro does not represent or warrant that this Presentation is complete or that it contains all material information about Tesoro or which a prospective investor or purchaser may require in evaluating a possible investment in Tesoro or acquisition of shares. To the maximum extent permitted by law, Tesoro and its Agents expressly disclaim any and all liability, including, without limitation, any liability arising out of fault or negligence, for any loss arising from the use of i formation contained in this Presentation, or otherwise arising in connection with it.

Any f rward-looking statements in this Presentation, including projections, forecasts and estimates, are provided as a general guide only and should not be relied on as an indication or guarantee of future performance and involve known and unknown risks, uncertainties, assumptions, c ntingencies and other important factors, many of which are outside the control of Tesoro and which are subject to change without notice and could cause the actual results, performance or achievements of Tesoro to be materially different from the future results, performance or achievements expressed or implied by such statements. Past performance is not necessarily a guide to future performance and recipients of this Presentation are cautioned not to place undue reliance on such forward-looking statements.

useThe information contained in this Presentation is for information purposes only, does not constitute investment or financial product advice (nor taxation, accounting or legal advice) and is not intended to be used as the basis for making an investment decision. In providing this Presentation, Tesoro

has not considered the objectives, financial position or needs of any particular recipients. Before making an investment decision prospective investors should consider the appropriateness of the information in this Presentation having regard to their own objectives, financial situation and needs, and s k legal, taxation and financial advice appropriate to their jurisdiction and circumstances.

This Presentation is not a prospectus, product disclosure statement or other offer document under Australian law or any other law (and will not be lodged with the Australian Securities and Investments Commission or any other foreign regulator) and is not, and does not constitute, an invitation or offer of ecurities for subscription, purchase or sale in any jurisdiction. In particular, this Presentation does not constitute an invitation or offer of securities for subscription, purchase or sale in the United States or any other jurisdiction in which such an offer would be illegal. The securities referred to in this Presentation have not been, and will not be, registered under the U.S. Securities Act of 1933 as amended or the securities laws of any state or other jurisdiction of the United States and may not be offered or sold, directly or indirectly in the United States. The information in this Presentation is strictly confidential. It may not be disclosed, reproduced, disseminated, quoted or referred to, in whole or in part, without the express consent of Tesoro.

Competent Person's Statements

The information in this Presentation that relates to Exploration Results is based on information compiled by Mr Zeffron Reeves (B App Sc (Hons) Applied Geology) MBA, MAIG). Mr Reeves is a member of the Australian Institute of Geoscientists and Managing Director and shareholder of the Company. Mr Reeves has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Reeves consents to the inclusion in this Presentation of the matters based on this information in the form and context in which it appears.

The information in this report that relates to Mineral Resources is based on information compiled by Mr Lynn Widenbar, a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Widenbar is acting as an independent consultant to Tesoro Gold Limited. Mr Widenb r has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original announcement.

The Company has released all material information that relates to Exploration Results for the El Zorro Gold Project, on a continuous basis to the ASX and in compliance with JORC 2012. The Company confirms that it is not aware of any new information that materially affects the content of this ASX release.

T soro Gold (ASX:TSO) | TERNERA RESOURCE PRESENTATION	2
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Ternera - Maiden MRE Since July 2021

only	• Drilling to support the updated MRE1
	• 155 diamond drill holes (55,000m)
•	Detailed geological review has unlocked higher-grade potential
•	440koz of gold resource added

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T soro Gold (ASX:TSO) | TERNERA RESOURCE PRESENTATION	1 - MRE = Mineral Resource Estimate	3

May 2022 -Ternera Gold Deposit Resource Update

only			1.1Moz @ 1.12 g/t Au and growing1
	Indicated		Inferred			Total
	Cutoff Au g/t	Mt	Au g/t		koz	Mt	Au g/t	koz	Mt	Au g/t	koz
	2.00	1.8	3.93		223	2.0	3.63	230	3.7	3.77	453
	1.00	4.4	2.41		341	5.2	2.23	373	9.6	2.31	715
	0.50	9.3	1.51		453	12.0	1.36	527	21.4	1.43	980
use	0.30	13.3	1.18		503	17.2	1.07	593	30.5	1.12	1,096
El Zorro Gold Project, Ternera Gold Deposit updated Mineral Resource Estimate reported at various cut-offs within a USD1,800 per ounce optimised pit shell.

• Unconstrained Resource 1.3Moz
• Increased Mineral Resource gold grade by +36% to 1.12g/t Au
• Indicated Resources of 503koz at 1.18 g/t Au
• 46% of the MRE classified as Indicated
• Deposit remains open in all directions

ersonal	1 - Refer to ASX announcement 23 May 2022 for full details
T soro Gold (ASX:TSO) | TERNERA RESOURCE PRESENTATION	4

Ternera - A Robust Open Pit Resource

only	• Multiple well-defined, continuous high-grade zones start at surface
•	High proportion of ounces in high-grade zones - 715koz @ 2.31 g/t Au at a 1.00g/t Au cutoff1
•	From surface (≈620mRL) to 325mRL Ounces per Vertical Metre (OVM) averages 3,333 OVM

use	Average surface elevation	300m
ersonal							Au g/t
							1.00-1.50
							1.50-2.50
							2.50-5.00
							>5.00
	Deeper
Ternera Gold Deposit ounces per vertical metre through the deposit
				Ternera Gold Deposit Block Model Section 7036300mN looking north showing resource blocks >1g/t Au. USD1800/oz pit
				shell shown as red outline. 50m grid.
T soro Gold (ASX:TSO) | TERNERA RESOURCE PRESENTATION	1 - Refer to ASX announcement 23 May 2022 for full details						5