NEWGEN21-Proceedings-Full

2020 Decisions, Decisions, Decisions…





• Finally in the right vehicle, funded and strongly backed


• But did we have a viable development project ?


 <1g/t orebody

 not heap leach

• Positive attributes


 +200m true width
 45° dip

 Soft – biotite not silica


• What did Koné need to look like to work?

























TSXV MAU Montage Gold Corp.

2020 Step Out Drilling






• 11 holes/4,700m



• Expanded resource



October 2018
• MIK Resource Model Inferred resource








October 2018
Resource Shell









Cat 4
Block Model Key
August 2021 MIK blocks shown
sized based on the proportion of the September 2020
block above a 0.2g/t cut-off grade.
Hypothetical
<0.20g/t Resource blocks
0.20 – 0.40g/t Unreported, internal
0.40 – 0.75g/t Cat 5
0.75 – 1.20g/t
>1.20g/t




TSXV MAU Montage Gold Corp.

Throughput Study





• Pit Optimisations



• 6Mtpa to 12Mtpa



• Realistic Costs


• Mine schedules



• Financial Modelling














Block Model Key
August 2021 MIK blocks shown
sized based on the proportion of the
block above a 0.2g/t cut-off grade.
<0.20g/t
0.20 – 0.40g/t
0.40 – 0.75g/t
0.75 – 1.20g/t
>1.20g/t




TSXV MAU Montage Gold Corp.

Understanding the End Point…..







• Now understood where the project needed to go



• IPO on the TSX.V in October 2020



• $C 35M raised



• Q4 2020 – 17,279m drilled


 Expanded Inferred resource


• May 2021 PEA.

 Pit contains +90% of the Inferred Resource PEA Pit Design


• H1 2021 - 59,492m drilled

Indicated Resource
 Indicated Resource. +100% conversion $1,500/oz pit shell


• Feasibility Study ongoing













TSXV MAU Montage Gold Corp.

Summary









1. Initial Ground Selection was the key factor






2. Getting the project into the right vehicle – just took time!







3. Discovery Methodology was straightforward






4. Understanding the end point – critical given nature of orebody




















TSXV MAU Montage Gold Corp.

Thank you











Liam

Nico Yapo McDonnell











































TSXV MAU Montage Gold Corp.

El Zorro Gold Project




An Intrusive Related Gold Deposit in Chile’s Coastal Cordillera


NewGenGold 2021



Zeffron Reeves – Managing Director

Nick Oliver, HCOVGlobal Consultants

Disclaimer




This presentation and any accompanying verbal presentation (together the Presentation) have been prepared by Tesoro Resources 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 8 November 2021 and the Company does not undertake to provide any additional or update information, whether as a result of new information, future events or
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 information contained in this Presentation, or otherwise arising in connection with it.

Any forward-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,
contingencies 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.

The 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 seek 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 securities 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 Presentation that relates to Mineral Resources is based on information compiled by Mr Daniel Saunders, a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Saunders is a full-time employee of Cube Consulting Pty Ltd,
acting as independent consultants to Tesoro Resources Limited. Mr Saunders 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 it is not aware of any new information or data that materially affects the Mineral Resource information included in the original announcement on 28 July 2021
and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. The Company confirms that the form and context in which the applicable Competent Persons’ 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.





TESORO RESOURCES (ASX:TSO) | EL ZORRO PRESENTATION 2

El Zorro Discovery History





Pre-1990 1989-1993 1993-2017 2015 2017 Late 2017- 2020 2021

2020





Gold discovered by Modern exploration No exploration Tesoro Tesoro signs Tesoro maps host Tesoro successfully Tesoro
artisanal miners conducted by Coeur d'Alene conducted founders agreement to intrusives outside lists on the ASX and continues
exploiting outcropping Mining targeting high grade identify acquire the El Zorro of known embarks on drilling exploration and
high grade quartz veins. quartz veins and stockworks. prospectivity of concessions occurrences. programs to define defines a
Drilling and exploration adits the belt to host covering 1.5km 2 16 Diamond drill Ternera. maiden
completed – mixed results, IRGS’s – host holes completed Multiple outcropping resource of
missed the main game! intrusive suite at Ternera mineralised targets 661koz at
identified confirming gold identified in the wider Ternera –
and the presence district. drilling
of an IRG system. A new gold district is continues and
defined and Tesoro Ternera is
expands concession expanding.
2
holdings to 550km .
Ternera Gold Deposit Maiden Resource Estimate (ASX announcement 28 July 2021)
Indicated Inferred Total
Cut-off Au g/t Mt Au g/t koz Mt Au g/t koz Mt Au g/t koz
0.3 2.7 0.88 75 22.4 0.81 586 25.1 0.82 661
0.4 2.1 1.03 68 17.4 0.95 529 19.4 0.96 597
0.5 1.7 1.17 63 13.7 1.08 476 15.4 1.09 539
0.6 1.4 1.28 58 11.1 1.21 430 12.5 1.22 488
0.7 1.2 1.4 54 8.9 1.34 385 10.1 1.35 439
0.8 0.9 1.64 45 6 1.61 312 6.9 1.62 357


TESORO RESOURCES (ASX:TSO) | EL ZORRO PRESENTATION 3

El Zorro Regional Context





Atacama
Fault El Zorro lies close to the J/K Plutonic Boundary, along the western
Zone margin of the Central Iron Belt and subjacent to the Atacama fault Zone

Au

El Zorro Region Major Intrusive Plutons
Cu/Fe
Cu
R RA
MANTO
VERDE
Cu/Au





Fe

TERNERA
Cities
El Zorro Project
Other Mines
Santo Domingo Proposed Port
Yamana Gold License
Airport & Power
Pan American Highway Cu/Au Au
2
Tesoro License (555 km )
CANDELARIA
El Zorro Central Cretaceous Eocene –
IRG Iron Belt porphyry Miocene

Belt (IOCGs) Cu - skarn porphyry Au -
belt epithermal belt


Regional Government mapping Geological Mapping (Sernageomin, 2005)
TESORO RESOURCES (ASX:TSO) | EL ZORRO PRESENTATION 4

El Zorro - a Chilean IRG system







Characteristic Tintina Gold Province* (Fort Knox/Pogo) El Zorro

Age of associated intrusions Cretaceous Jurassic – Cretaceous?

Basement Lithology and age metasediments - Palaeozoic metasediments - Palaeozoic

Intrusion Type Hydrous mafic parent Hydrous mafic parent

Intrusion lithology Granodiorite - monzonite Granodiorite - tonalite - gabbro


Intrusive habit proximal to Au mineralisation Sills and dykes Sills and Dykes

Sulphide minerals Pyrite – Arsenopyrite - Pyrrhotite Pyrite – Arsenopyrite - Pyrrhotite

Hornfels and Skarn orebodies Yes Yes

Vein orebodies Sheeted veins, shear veins, breccias Sheeted veins, shear veins, breccias, stockwork


Vein gangue quartz, albite quartz, albite
Dykes lamprohyres and aplite lamprohyres and aplite


Alteration minerals sericite, albite, K-spar, calcite, quartz sericite, albite, K-spar, calcite, quartz

Metal association Bi, Te, W, As, Sb, Hg As, Sb, Bi, Te, W

Related Association W, Sn skarns Skarns


*Source: Lang & Baker 2001, Min. Dep. 36. 477-489
Stephens, J.R. et al, 2004, Structural and mechanical controls on intrusion-related deposits of the Tombstone Gold Belt, Yukon,
Canada, with comparisons to other vein-hosted ore-deposit types, Journal of Structural Geology 26, 1025-1041.
5
TESORO RESOURCES (ASX:TSO) | EL ZORRO PRESENTATION

El Zorro Geology







341000m E 342000m E 343000m E
Gabbro and Diorite
7038000m N
El Zorro Tonalite )(host)
TORO Biotite Granodiorite
Sediments
BLANCO Mafic Dykes
Faults
Tesoro Drill Collars
DRONE HILL TERNERA
NORTH
7037000mN


TERNERA
TERNERA EAST




7036000mN

TORO GORDO
Ternera



7035000m N
BUZZARD




Aster_AlOH
N
0 500m
7034000m N




TESORO RESOURCES (ASX:TSO) | EL ZORRO PRESENTATION 6

El Zorro Gold Mineralisation




Gold in Intrusives
• Host rocks - Mainly within a differentiated suite of intermediate to
mafic intrusive rocks - diorites, tonalites and gabbros, gold bearing
veins in metasediments

• Gold Association - dominated by veins, sheeted veins and
stockworks of quartz –Albite +/- Au, pyrite, arsenopyrite, pyrrhotite
and sphalerite
ZDDH0126 – 265.00 m – 0.02 g/t Au
1
Alteration Increasing
• Alteration - Albite – sericite- quartz, causing bleaching of host
intrusive, intensity increases with Au grade




Quartz-albite-Au vein in sediment
ZDDH0144 – 299.00 m – 1.95 g/t Au ZDDH0170 – 151.10m – 6.29 g/t Au
2



4












1 ASX:TSO Announcement 10 June 2021
2 ASX:TSO Announcement 28 July 2021
3 ASX:TSO Announcement 4 August 2021
4 ASX:TSO Announcement 19 August 2021
ZDDH0154 – 125.00 m – 189.50 g/t Au
3
TESORO RESOURCES (ASX:TSO) | EL ZORRO PRESENTATION
7

El Zorro IRG Intrusions




• A fertile igneous suite -

• hydrous gabbroic magma sources – wet magmas containing hornblende and biotite

• Differentiated (telescoping??) comagmatic igneous suite of intrusions
• High igneous variation from a single magma source – gabbro – tonalite – diorite - granodiorite





The El Zorro data are quite similar to the intrusives
from the Tintina IRG Belt in the Yukon; notably, the Cs
is elevated in both the Yukon and El Zorro relative to
gold-fertile arc rocks elsewhere.






















Mair, J.L. & Hart, Craig & Groves, D. & Goldfarb, Richard. (2004). The
nature of Tombstone Plutonic Suite rocks at Scheelite Dome, Tintina Gold
Province: evidence for an enriched mantle contribution. The Ishihara
Symposium: Granites and Associated Metallogenesis. Geoscience
Australia, Extended Abstracts. 93-96.

TESORO RESOURCES (ASX:TSO) | EL ZORRO PRESENTATION 8

Evidence of an IRG System








IRG: Tell tale signs at El
Zorro include:


• Main host rocks dominated by
tonalite and granodiorite

• Partial melting of immediate
wallrocks, in close spatial
association with wollastonite-
bearing skarn


• Presence of exo- and endo-skarns
– garnet/actinolite/epidote, locally
cut by late stage felsic dykes

• Au and albite-quartz-sericite
bleaching around sheeted quartz
veins as system cooled

• Strong (brittle) structural controls
on mineralization

• Distinctive metal association with
relative low S content: As, Sb, Bi,
Te, W




TESORO RESOURCES (ASX:TSO) | EL ZORRO PRESENTATION 9

Structure – Key to Ore Formation






• Structural control important for Fault architecture set up by Atacama Fault System – NW splays
channelling fluid and providing
dilation within host rocks for AFS
ore formation.


• Master fault zones control
location of conjugate NW fault
sets and associated sheeted
vein systems within the
intrusive hosts.


• Possibly shared structural
controls with adjacent IOCGs NW SPLAYS






Schematic diagram

of structural Ternera

controls at El Zorro










TESORO RESOURCES (ASX:TSO) | EL ZORRO PRESENTATION 10

El Zorro IRG System – Implications for Exploration – What to look for?




Regional


• Prospective zone distal to the west of the Atacama Fault System


• Major NW crustal scale splay faults – may have IOCG mineralisation close to the AFS

• “Wet” intrusive suites close to the Jurassic – Cretaceous igneous boundary


Local


• Igneous diversity – wide variety of genetically related igneous intrusive rocks as dykes and sills

• Proximity to larger intrusions


• High T assemblages in veins and faults


• Bleaching of host rocks


• Metal association: As-Sb-Bi-Te-W with relatively low total S and free Au
















TESORO RESOURCES (ASX:TSO) | EL ZORRO PRESENTATION 11

El Zorro IRG - Ternera is Just the Beginning






• Newly recognised Intrusion-Related

Gold system in Chile, the “El Zorro
IRG Belt”


• R&D continuing with new PhD

student (U Auckland)

• S, O isotopes and mineral
microchemsitry to further understand
mineralisation

• radiogenic isotopes and geochronology
to fingerprint intrusives

• Potential exists elsewhere in coastal
Cordillera


• Multiple drill rigs on site at present,
testing targets and expanding main

resource

• Tesoro has explored <5% of its

prospective ground Ternera Looking North to Toro Blanco





TESORO RESOURCES (ASX:TSO) | EL ZORRO PRESENTATION 12

Tesoro Resources Limited
Suite 5, 62 Ord Street

West Perth, WA 6005

Phone: +61 8 9322 1587
Email: [email protected]

Web: www.tesororesources.com.au

Fenix Gold Project









an Epithermal Gold Deposit, in the



Maricunga Belt













Enrique Garay


Senior Vice President Geology at Rio2 Limited





November 2021

2

3

Location and Mineral Rights


















• Located at 140 Km from

Copiapo. On national road

CH31.






• Fenix Gold Limitada
controls 16,050 hectares

of mineral rights.





















4

Regional Geology



















































Norte Abierto







5

15.8 ± 0.9 Ma









15.1 ± 0.7 Ma


















6

Looking West



























































7

View to the East

View to the North

Fénix Norte










Fénix Central















Fénix Sur
















10

11

12

Brecciated margin of a fresh andesite with Elongate shingle-like andesite breccia clast Rebrecciated breccia clasts in outcrop
1. embayed clast rims, at the contact with a cross 2. within a milled matrix breccia cut by sheeted 3.

cutting, vertically emplaced, milled matrix veins, DDH249 309m, 0.75 g/t Au
breccia of the diatreme flow dome complex





















Early fresh angular andesite clasts and a vein Tuffsite dyke cuts silica-poor dacite, DDH249, Tuffisite dyke cuts earlier milled matrix breccia
4. clast within the later milled matrix breccia cut 5. 392.4m, 0.42 g/t Au 6. and is exploited by banded sheeted quartz
by a later tuffisite dyke, DDH249, 511m, 0.54 veins, DDH249, 372.1m, 1.46 g/t Au
g/t Au





13

7. Crowded breccia dominated by the early 8. Oxidized pyrite veins cut a quartz vein, 9. Oxidized quartz-pyrite vein cuts black silica
vein, DDH104, 132.5m, 4.63g/t Au
quartz eye dacite clasts with low grade Au,
DDH104, 132.4m, 4.63 g/t Au
DDH249, 644m, 0.12g/t Au





















10. Milled matrix breccia rendered competent by 11. Polymictic breccia with rock flour matrix. 12. Oxidized sheeted banded quartz veins cut
milled matrix breccia, DDH249, 349.8m,
silification and cut by an open banded quartz
Fragments of breccia, andesite, dacite and
vein, DDH92, 283.3m, 2.41 g/t Au. quartz vein. DDH282, 34 m, 0.27 g/t Au 2.39 g/t Au





14

HQ











50 µm





20 µm











3 cm

Mineralization Style












1. Low grade gold mineralization
disseminated in matrix and fragments
of phreatomagmatic breccias

2. High grade gold mineralization is
mainly hosted in the Black Banded
Veins (BBV).

3. Dark-grey silica in the matrix of the
hydrothermal breccias.

4. The veinlets systems are mostly
hosted in the complex breccia and
secondarily in the Dacite Dome.

5. There are two structural systems that
are controlling the vein
mineralization, the most important
are the NW and EW tensional
systems.

Fénix Norte










Fénix Central















Fénix Sur
















17

18

Hydrothermal Alteration











A hyperspectral study


(Kerby, 2018) on diamond
Fenix North
core from 6 drill holes


identified very weak


alteration of smectite-illite

within 85% of samples as Fenix


the principle hydrothermal Central

alteration minerals.


Fenix South

















19

Fenix, Ore Deposit Type





1. The gold mineralization occurs in the upper part of
the Volcano system. Hosted in the diatreme-dome
complex.

2. Associated with Black Banded Veinlets (BBV), which
are filling open spaces.

3. Magnetite associated with the BBV and traces of
sulfides. Is it a hypogene oxidation?

4. Abundant vapor-rich fluid inclusions that occurs at
the boiling level.

5. Weak hydrothermal alteration located very close to
the veinlets, traces of smectite, illite, and chlorite.


6. Low content of Hg, As y Sb.

7. It is a unique deposit in the Maricunga belt.

8. Therefore, regarding the geological evidences, our
proposal is classify the Fenix Gold as Low Sulfidation
Type Deposit.

Exploration en Resource





Development


































21

22

#
Grade g/t Au Average
Samples
( < 0.15) g/t 3,543 0.059
(0.15-0.30) g/t 1,260 0.213

(0.30-0.50) g/t 721 0.386
(0.50-1.00) g/t 539 0.692
( ≥ 1.00) g/t 221 1.541

6,284






















23

Drilling Meter

DDH 31,047


RC 84,222

TOTAL 115,269

25

CMD-092: 348m @ 0.85 g/t Au from surface





















































26

2.3 km







27

Geometallurgy





Clean Gold Oxide Mineralization


• Mineralogical studies (TESCAN® Metallurgical Test Work
and QEMSCAN®) defined that the

gold is free and very fine (3 µm to

7 µm)

• it is associated with oxide minerals
and quartz veinlets.

• There are no Cu, As, Sb, and Hg.
• There are no clay, sulfites, neither

carbonites. The gold is leachable.

• The results show an average gold

recovery of 75% can be obtained

in column leaching with material
crashed to P100 of 150 mm with a

P80 of 4”.

• The range of gold recoveries is 72%
to 78%.

• The test results support an average

gold recovery of 75%





28

Resources and Reserves









Resource Million Metric Au Ounces
Classification Tons Au Grade (g/t) (x1000)

Measured 122.4 0.41 1,630
Indicated 288.3 0.36 3,355 Measured, Indicated, and Inferred
Total Measured 410.7 0.38 4,985 Resources contained within the US$

+ Indicated 1,500 oz Au “Resource Pit”,



Inferred 136.6 0.32 1,388





Reserve Million Grade Contained Recoverable
Category Tonnes (Au g/t) Gold (Koz) Gold (Koz) Mineral Reserves are estimated within the

Proven 53 0.52 866 650 final designed pit which is based on the
$1,225 /oz pit shell with a gold price of
Probable 63 0.47 962 722
$1,300 /oz. The minimum cut-off grade was
Proven and 0.24 g/t gold. Average life of mine costs are

Probable 116 0.49 1,828 1,372 $2.42/tonne mining, $4.10/tonne processing,

and $1.99/tonne processed G&A.









29

PFS HIGHLIGHTS





• 1.83 million ounces (“oz”) of Proven & Probable Mineral
Reserves grading 0.49 grams per tonne ("g/t") gold.
• High-grade to leach pad – 81.9 million tonnes grading 0.57
g/t gold
• Low-grade to stockpile – 33.1 million tonnes grading 0.30
g/t gold

• $222 million after-tax life of mine ("LOM") cumulative cash flow
(unlevered)

• $997 / oz average LOM all-in sustaining costs ("AISC")
• 1.37 million oz LOM gold production

• 93,000 oz average annual gold production during initial 13 years

• 50,000 oz average annual gold production during final 3 years

• $121 million after-tax net present value discounted at 5%
(“NPV5”) or ($241 million at $1,500 per oz gold)

• 27.4% internal rate of return ("IRR") (44.3% at $1,500 per oz
gold)

• Capital costs of $111 million with LOM sustaining capital costs of
$95 million

• Construction currently targeted for Q4 2021 and first gold
production in Q4 2022
• 16-year mine life at initial 20,000 tpd mining rate with expansion
potential subject to additional water options and changes to the
gold price

Thank You


























31