Denver Gold Group member
Tesoro Gold
- ASX: TSO
- Developer (construction/feasibility)
- Gold
- FREMANTLE, Australia
Company profile
Tesoro Gold Limited is a gold exploration and development company listed on the Australian Securities Exchange (ASX: TSO), with additional listings on the OTCQB market in the United States (OTCQB: TSORF) and in Germany (FSE: 5DF).
In 2017, Tesoro made Chile’s first recognised Intrusive Related Gold System (IRGS) discovery, establishing a new corridor of exploration within the highly prospective Coastal Cordillera. The Ternera Gold Deposit now hosts an unconstrained 2.0 Moz Mineral Resource Estimate at 1.07 g/t Au and is the focus of a proposed initial single open pit gold mine and processing facility at the El Zorro Gold Project (El Zorro). Ongoing drilling continues to target extensions to the Ternera Mineral Resource, while exploration across the broader IRGS corridor is aimed at identifying additional discoveries within this district-scale system.
A Scoping Study released in September 2025 demonstrated the technical simplicity and economic robustness of El Zorro. Key outcomes at a US$3,000/oz LoM gold price assumption include:
• Pre-tax NPV (7.5%) of US$1,331m 79% IRR.
• Post-tax NPV (7.5%) of US$966m 68% IRR.
• Single open pit schedule of 41Mt at 1.02g/t gold for 1.3Moz of contained gold.
• Average 111koz p.a. gold production for the first 9 years of full production.
• Initial operating mine life of 13.5 years at 3.0Mtpa throughput.
• Forecast average All-In-Sustaining-Cost of US$1,216/oz.
• Conventional Carbon-in-Pulp process plant (estimated recoveries of > 94% Au).
• Low pre-production capital cost of US$248M (including US$41m for pre-strip).
Subsequent technical trade-off studies and the maturity of the Project have supported a decision to progress directly to a Definitive Feasibility Study, currently targeted for completion by end CY2026.
At Mining Forum Australia
A Denver Gold Group member company
Member companies meet qualified investors in unmediated 1x1 Meetings at every Mining Forum. The 2027 issuer list is published as companies confirm.
Peer groupthe five most similar Denver Gold Group members, 1 = most similar
| Rank | Company | Stage | Minerals | Primary operations | Market cap | 2025 production | Reserves | Match by factor |
|---|---|---|---|---|---|---|---|---|
| This company | Tesoro GoldASX: TSO | Developer | Gold | Chile | $110M | |||
| 1 | Mayfair Gold Corp.NYSE Arca: MINE | Developer | Gold | Canada | $197M | 1.04 Moz | ||
| 2 | Astral ResourcesASX: AAR | Developer | Gold | Australia | $238M | 1.1 Moz | ||
| 3 | KEFI Gold and Copper PlcLSE: KEFI | Developer | Gold, Copper | Ethiopia | $142M | 1 Moz | ||
| 4 | Rio2TSX: RIO | Developer | Gold, Silver | Chile | $1.3B | 1.7 Moz | ||
| 5 | U.S. Gold Corp.NASDAQ: USAU | Developer | Gold, Copper | United States | $215M |
close partial distant not reported Dots run in the order market cap, stage, minerals, country, production, reserves. Similarity weighs market capitalisation 25%, stage of development 20%, primary and secondary minerals 20%, primary country of operations 10%, production 12.5% and reserves 12.5%, with sizes compared on a logarithmic scale. Production and reserves are compared only between companies with the same primary mineral, and a figure a company has not supplied is left out of the score instead of counting against it. A statistical grouping for orientation, not a recommendation or a valuation comparison.
Prepared for information only; it is not investment advice or a recommendation. Company data as supplied to Denver Gold Group by member companies and public market sources. Market figures in US dollars as at 20 September 2026.