Tesoro Posts Maiden 1.28Moz Ternera Ore Reserve

Tesoro Gold (ASX:TSO) has reported a maiden Ore Reserve for the Ternera Gold Deposit at its El Zorro Gold Project in Chile, establishing a single open-pit development base ahead of a Definitive Feasibility Study targeted for completion during CY2026.

The Ore Reserve totals 42.8Mt at 0.93g/t Au for 1.28Moz of contained gold, reported above a 0.30g/t Au cut-off and contained entirely within one open pit. It comprises Proved Reserves of 2.8Mt at 1.05g/t Au for 93koz and Probable Reserves of 40.1Mt at 0.92g/t Au for 1,190koz, as at 16 September 2026. The company states the Reserve represents approximately 87% of the 1.47Moz of gold in the Measured and Indicated components of the August 2026 Mineral Resource Estimate, with no Inferred material included. The ultimate Reserve pit is based on a shell from pit optimisation at a US$3,000/oz gold price and PFS-level modifying factors. The mine schedule supports more than 13 years of production at a planned 3.0Mtpa crushing, grinding, gravity and CIP rate, with average grade of 1.16 g/t Au for the first 10 years and a life-of-mine waste-to-ore stripping ratio of 6.3:1. The Life of Mine Production Target and related forecast financial information are underpinned entirely by Proved and Probable Ore Reserves.

PFS production targets and financial forecasts remain uncertain, and the DFS is still to refine project design, economics and assumptions.