# TSO: Presentation - Precious Metals Summit Beaver Creek

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/tso-presentation-precious-metals-summit-beaver-creek--a1a9c24e-3fe9-4fb7-aa46-1646a80167e6

Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03141958

Publisher: asx

Original announcement: 2026-09-21T22:22:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: 2026-09-21T23:10:16.360Z

Atlas analysis updated: 2026-09-21T23:10:16.360Z

- Company: Tesoro Gold Limited

- Ticker: TSO

- Exchange: ASX

- Region: Chile

- Primary commodity: Gold

- Secondary commodities: None reported

- Document categories: Resource update, Metallurgy

- Extracted: 2026-09-21 23:10:17 UTC

Narrative sentiment: 0.90 · Bullish

## Minestarters Atlas summary

Tesoro Gold Limited has announced a maiden 1.28 Moz Ore Reserve for its El Zorro Gold Project in Chile, based on the Ternera Gold Deposit. The reserve underpins a 13+ year single open-pit operation with strong economics, including a post-tax NPV5% of US$994M and IRR of 57% at US$3,500/oz gold. The project benefits from high gold recoveries \(95%\) using a standard CIP plant and is advancing rapidly towards a Final Investment Decision.

Reasoning: The announcement of a maiden 1.28 Moz Ore Reserve for the El Zorro Gold Project, supported by strong metallurgical recoveries and positive economic metrics, represents a significant de-risking and advancement towards development.

- Positive factor: Maiden Ore Reserve declared

- Positive factor: Significant contained gold \(1.28 Moz\)

- Positive factor: High gold recovery \(95%\)

- Positive factor: JORC compliant reporting

- Positive factor: QP/CP signed off on estimates

- Positive factor: Clear development pathway outlined

- Positive factor: Strong project economics \(NPV, IRR\)

- Positive factor: Favorable mining jurisdiction \(Chile\)

- Positive factor: High conversion of M&I resources to reserves

Low confidence — this extraction should be reviewed alongside the original source.

Facts used in scoring: 4

## Classification and evidence

**Maiden Resource**

Polarity: neutral

Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component.

Why it applies: The document explicitly states 'Maiden Ore Reserve'.

Evidence · text

> Maiden Ore Reserve

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: The Ore Reserve is reported in accordance with the '2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves \(2012 JORC Code\)'.

Evidence · text

> 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves \(2012 JORC Code\)

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: Linton Putland, a Competent Person, is stated as responsible for the Ore Reserves.

Evidence · text

> Linton Putland, a Competent Person who is a full-time employee of Tesoro Gold. Linton Putland is a Member of the Australasian Institute of Mining and Metallurgy.

**Probable Reserve**

Polarity: positive

Definition: Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: The Ore Reserve includes a 'Probable' category, indicating a high level of confidence for economic viability.

Evidence · table

> Probable

Context: CATEGORY

**Proven Reserve**

Polarity: positive

Definition: Measured Resource with demonstrated economic viability after applying modifying factors.

Why it applies: The Ore Reserve includes a 'Proved' category, representing the highest level of confidence for economic viability.

Evidence · table

> PROVED

Context: CATEGORY

**Contained Metal Growth**

Polarity: positive

Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.

Why it applies: The declaration of a 'Maiden 1.28 Moz Single Open Pit Ore Reserve' represents a significant new quantity of contained gold.

Evidence · text

> Maiden 1.28 Moz Single Open Pit Ore Reserve

**Tonnage Growth**

Polarity: positive

Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved.

Why it applies: The declaration of a 'Maiden 1.28 Moz Single Open Pit Ore Reserve' implies a significant new tonnage for the project.

Evidence · text

> Maiden 1.28 Moz Single Open Pit Ore Reserve

**Category Upgrade**

Polarity: positive

Definition: Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal.

Why it applies: The document states 'More than 85% of Measured and Indicated Material from August 2026 MRE Converted to Reserves', indicating a significant upgrade in confidence.

Evidence · text

> More than 85% of Measured and Indicated Material from August 2026 MRE Converted to Reserves

**High Recovery**

Polarity: positive

Definition: Recovery at or above the exceptional band for the commodity and processing route.

Why it applies: The reported '95% Au RECOVERY' is at or above the exceptional band for gold processing via a mill/CIP route.

Evidence · text

> 95% Au RECOVERY

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: The processing route is described as a 'Standard CIP plant'.

Evidence · text

> Standard CIP plant

**Gravity Route**

Polarity: neutral

Definition: Gravity separation forms a material part of the flowsheet.

Why it applies: the document describes a gravity route \("gravity"\)

## Extracted facts

Stored fact records: 4. Some facts used in scoring do not have a stored record.

## Resource Estimates (3)

### proven

[Link to this fact](https://atlas-staging.minestarters.com/news/tso-presentation-precious-metals-summit-beaver-creek--a1a9c24e-3fe9-4fb7-aa46-1646a80167e6#fact-resource-facts-0)

El Zorro Gold Project · gold

#### Identity

- Project: El Zorro Gold Project
- Commodity: gold
- Region: chile
- Reported Region: Chile
- Ticker: TSO

#### Resource scope

- Estimate type: reserve
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Linton Putland
- Resource group id: resource:c71fdca7228888c6e53d
- Deposit or zone: Ternera Gold Deposit
- Mining method: open\_pit

#### Resource Data

- Category: proven
- Tonnes: 2800000
- Grade: 1.05
- Grade Unit: g/t
- Contained Metal: 93
- Contained Unit: koz
- Cutoff Grade: 0.3
- Cutoff Unit: g/t Au

#### Prior Estimate

- Resource Date: 2026-09-18

#### Lab

- Laboratory: ALS Perth

#### Location

- Loc. Confidence: medium

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-21T00:00:00.000Z

Reasoning: This is a portion of the maiden Ore Reserve, representing high-confidence Proven material, which is a significant de-risking event for the project.

- Positive factor: Maiden Ore Reserve

- Positive factor: JORC compliant

- Positive factor: QP signed

- Positive factor: Proven category indicates high confidence

- Positive factor: Economic grade for open pit

Evidence · table

> 1.05

Context: 2.8

#### Tags used in scoring

**Proven Reserve**

Polarity: positive

Definition: Measured Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "proven"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/tso-presentation-precious-metals-summit-beaver-creek--a1a9c24e-3fe9-4fb7-aa46-1646a80167e6#fact-resource-facts-1)

El Zorro Gold Project · gold

#### Identity

- Project: El Zorro Gold Project
- Commodity: gold
- Region: chile
- Reported Region: Chile
- Ticker: TSO

#### Resource scope

- Estimate type: reserve
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Linton Putland
- Resource group id: resource:f000e02df0718de6b7ea
- Deposit or zone: Ternera Gold Deposit
- Mining method: open\_pit

#### Resource Data

- Category: probable
- Tonnes: 40100000
- Grade: 0.92
- Grade Unit: g/t
- Contained Metal: 1190
- Contained Unit: koz
- Cutoff Grade: 0.3
- Cutoff Unit: g/t Au

#### Prior Estimate

- Resource Date: 2026-09-18

#### Lab

- Laboratory: ALS Perth

#### Location

- Loc. Confidence: medium

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-21T00:00:00.000Z

Reasoning: This represents the bulk of the maiden Ore Reserve, providing substantial contained gold and indicating strong economic viability for the project.

- Positive factor: Maiden Ore Reserve

- Positive factor: JORC compliant

- Positive factor: QP signed

- Positive factor: Significant contained metal

- Positive factor: Economic grade for open pit

Evidence · table

> 1,190

Context: 40.1

#### Tags used in scoring

**Probable Reserve**

Polarity: positive

Definition: Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/tso-presentation-precious-metals-summit-beaver-creek--a1a9c24e-3fe9-4fb7-aa46-1646a80167e6#fact-resource-facts-2)

El Zorro Gold Project · gold

#### Identity

- Project: El Zorro Gold Project
- Commodity: gold
- Region: chile
- Reported Region: Chile
- Ticker: TSO

#### Resource scope

- Estimate type: reserve
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Linton Putland
- Resource group id: resource:9fcc0606bb6138738d2b
- Deposit or zone: Ternera Gold Deposit
- Mining method: open\_pit

#### Resource Data

- Category: probable
- Tonnes: 42800000
- Grade: 0.93
- Grade Unit: g/t
- Contained Metal: 1283
- Contained Unit: koz
- Cutoff Grade: 0.3
- Cutoff Unit: g/t Au

#### Prior Estimate

- Resource Date: 2026-09-18

#### Lab

- Laboratory: ALS Perth

#### Location

- Loc. Confidence: medium

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-21T00:00:00.000Z

Reasoning: The total maiden Ore Reserve of 1.28 Moz gold provides a strong foundation for the project's development, demonstrating significant scale and economic potential.

- Positive factor: Maiden Ore Reserve

- Positive factor: JORC compliant

- Positive factor: QP signed

- Positive factor: Significant total contained metal

- Positive factor: Economic grade for open pit

Evidence · table

> 1,283

Context: 42.8

#### Tags used in scoring

**Probable Reserve**

Polarity: positive

Definition: Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: the release names the study this estimate supports

## Metallurgical Results (1)

### mill\_cip

[Link to this fact](https://atlas-staging.minestarters.com/news/tso-presentation-precious-metals-summit-beaver-creek--a1a9c24e-3fe9-4fb7-aa46-1646a80167e6#fact-metallurgical-facts-3)

El Zorro Gold Project · gold

#### Identity

- Project: El Zorro Gold Project
- Commodity: gold
- Region: chile
- Reported Region: Chile
- Ticker: TSO

#### Test Work

- Program Status: detailed
- Test Type: mill\_cip
- Processing Route: CIP plant

#### Recovery

- Recovery: 95 %
- Recovery Basis: actual\_test

#### Lab

- Laboratory: ALS Perth
- Consultant: GR Engineering Services

#### Location

- Loc. Confidence: medium

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-21T00:00:00.000Z

Reasoning: The reported 95% gold recovery using a standard CIP plant is exceptional and significantly de-risks the metallurgical aspect of the project, supporting the strong economic projections.

- Positive factor: High recovery for gold

- Positive factor: Standard processing route \(CIP\)

- Positive factor: Supports PFS-level economics

- Positive factor: Advanced testwork

Evidence · text

> 95% Au RECOVERY Standard CIP plant

#### Tags used in scoring

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: processing\_route matches the mill\_cil signal

**High Recovery**

Polarity: positive

Definition: Recovery at or above the exceptional band for the commodity and processing route.

Why it applies: 95% is at or above the exceptional band \(95%\)

## How Atlas produces this analysis

Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.