El Zorro Project

Ternera Gold Deposit

Tesoro holds one of the largest and most prospective gold properties in Chile.

Unconstrained Mineral Resource Estimate of 1.46Moz Gold announced on 9 March 2023.

TERNERA DEPOSIT MINERAL RESOURCE ESTIMATE

PHASE 1 OPEN PIT SCOPING STUDY HIGHLIGHTS

Study completed at an assumed life of mine price of US$1,750/oz

MINE SCHEDULE

17.1 Mt at 1.2 g/t gold

Initial open pit mine

MINING PHYSICALS

2.4 Mtpa throughput

For initial 8-year operating life

STANDARD CIP PLANT

94.5% gold recovery

Simple non-refractory metallurgy

PHASE 1 GOLD OUTPUT

651 koz

Average production 93 koz p.a.

AISC

US$1,068/oz

Including US$8.6M of sustaining capital

UPFRONT CAPITAL COST

US$132M

Including US$10.4M in pre-strip

NPV5%

US$201M

Pre-tax at US$1,750/oz gold

IRR

27.5%

Pre-tax at US$1,750/oz gold

PAYBACK

3.4 years

Pre-tax from first production

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