Tesoro Gold Limited has updated the Mineral Resource Estimate for the Ternera Gold Deposit at its El Zorro Gold Project in Chile, lifting higher-confidence material following the completion of a 27,000-metre infill drilling programme.

The updated estimate stands at 51.6 million tonnes at 1.10 grams per tonne gold for 1.82 million ounces of contained metal, based on a 0.30 gram per tonne cut-off grade. The resource is constrained within an optimised open pit shell using a gold price of US$3,500 per ounce, replacing the US$3,000 per ounce pit shell used in the August 2025 estimate.

The new calculation delivers a material increase in resource confidence. Measured and Indicated resources now total 1.47 million ounces, representing 78% of the total contained gold. This marks an increase of 348,000 ounces compared to the August 2025 mineral resource estimate, which classified 1.12 million ounces—or 62%—in those categories. The updated figure also includes a defined Measured Mineral Resource component of 95,000 ounces, established for the first time.

The infill programme built on more than 160 kilometres of diamond drilling completed across the project since its discovery.

“This updated MRE is a significant upgrade for the Ternera Gold Deposit supported by the 27,000m of drilling completed this year. Ternera now contains 1.47Moz of gold in the higher- confidence Measured and Indicated categories, representing 78% of the total Mineral Resource.”

“Since discovery, more than 160km of diamond drilling has systematically defined a substantial, high-confidence gold resource. This work provides the foundation for Ternera's maiden Ore Reserve, which is well advanced, and supports the broader technical studies required for project development.”

— Zeff Reeves, Managing Director

The upgraded resource base provides the necessary data to support the calculation of Ternera's maiden Ore Reserve, which Tesoro expects to deliver in September 2026. Drilling is continuing at extensional growth targets around the deposit, with assay results for four recently completed near-deposit holes anticipated in the coming weeks.

Read the full announcement: Upgrade to Ternera 1.8Moz Mineral Resource