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2026-11-06
◂ Monitor TSO ASX

Tesoro Gold Limited

PFS Developer · Gold · CL Rating locked: sign in to view v8.1 · tso-20261030t220329-full
Last 2026-11-06
A$0.74
1D
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1M
—
YTD
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1Y
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Upside
Locked: sign in to view
Mkt cap
A$133M
EV
A$124.1M
Cash
A$9.3M
Debt
A$0
3 newer ASX announcements not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-09-30
Cash A$9.3M2024-12-31: 3,856,976 A$2025-06-30: 7,450,867 A$2025-09-30: 3,747,000 A$2025-12-31: 22,171,000 A$2026-03-31: 14,545,000 A$2026-06-30: 15,291,208 A$2026-09-30: 9,280,000 A$ Finite
Debt A$0 Net cash A$9.3M
Basic shares 179.7MTY2024 (6m): 103,560,936FY2025: 177,850,215 2026-09-30
Runway 1.61 quarters Appendix 5B item 8.7: A$9.28m cash over A$5.76m quarterly relevant outgoings before the A$40m placement (gross) announced 29 October 2026, which lifts runway to roughly eight quarters at the current rate.

Liquidity

Financial position

Cash fell to A$9.28m at 30 September 2026 with no debt or facilities; the A$40m placement (A$32.8m unconditional, A$7.2m subject to a December 2026 EGM) funds the DFS, permitting and drilling into 2027 but not construction, which needs roughly US$224m of cash capital plus a US$52m vendor lease after FID. VAT refunds (A$1.97m in H1 2026) partly offset spending.

Capital structure

Ownership and dilution

Ordinary shares
179.7M
Fully diluted
193.7M

31 Dec 2025 177,850,215 shares (post 15:1 consolidation on 1 Dec 2025) -> 9 Feb 2026 +1,153,333 on rights conversion -> 179,003,548 (AR date) -> +56,111 to 179,059,659 at 30 Jun 2026 -> 17 Jul 2026 +630,000 performance-right conversions and +46,508 share rights -> 179,736,167 at 18 Sep 2026 (Appendix 3H), unchanged to 30 Sep 2026. Pending and not yet issued at the cutoff: ~54.8m placement shares at A$0.73 (tranche 2 needs EGM approval) and ~11.7m consideration shares for the Marlin 5% interest in Tesoro Mining Chile (EGM December 2026). Fully diluted adds 12,872,762 performance rights, 1,000,000 A$0.54 options and 77,243 share rights.

Security classes4
ClassTypeQuantityStrikeExpiry
Ordinary fully paid shares (TSO)Ordinary Share179.7M——
Performance rights (TSOAB), milestone-vestingPerformance Right12.9M——
Unlisted options exercisable at A$0.54Option1MA$0.542028-06-25
Share rights (TSOAD), salary sacrificeOther77.2K——

Actuals and forecasts

Financial statements

Reported years only; our forecasts are available to subscribers
AUDUnitTrendTY2024 (6m)AFY2025A
Profit and loss
Revenue (gold)AUDm0.00.0
Site operating costsAUDm0.00.0
Specific mining tax (proxy)AUDm0.00.0
Corporate and other expenses (net of other income)AUDmTY2024 (6m): 972,485 AUDFY2025: 5,336,087 AUD1.05.3
EBITDAAUDmTY2024 (6m): -972,485 AUDFY2025: -5,336,087 AUD(1.0)(5.3)
Depreciation and amortisationAUDmTY2024 (6m): 29,049 AUDFY2025: 125,695 AUD0.00.1
EBITAUDmTY2024 (6m): -1,001,534 AUDFY2025: -5,461,782 AUD(1.0)(5.5)
Net finance cost (negative = net income)AUDmTY2024 (6m): -79,632 AUDFY2025: -295,363 AUD(0.1)(0.3)
Income taxAUDm0.00.0
NPAT (consolidated, before NCI)AUDmTY2024 (6m): -921,902 AUDFY2025: -5,166,419 AUD(0.9)(5.2)
Cash flow
Operating cash flowAUDmTY2024 (6m): -675,759 AUDFY2025: -2,856,991 AUD(0.7)(2.9)
Sustaining capex (incl. corporate PP&E)AUDmTY2024 (6m): 7,661 AUDFY2025: 88,500 AUD0.00.1
Growth (construction) capexAUDm0.00.0
Exploration, evaluation and pre-FID study spendAUDmTY2024 (6m): 4,917,606 AUDFY2025: 13,565,399 AUD4.913.6
Total capexAUDmTY2024 (6m): 4,925,267 AUDFY2025: 13,653,899 AUD4.913.7
Free cash flowAUDmTY2024 (6m): -5,601,026 AUDFY2025: -16,510,890 AUD(5.6)(16.5)
Equity raised (net)AUDmTY2024 (6m): 9,114,964 AUDFY2025: 42,846,737 AUD9.142.8
Debt drawn / (repaid)AUDm0.00.0
Other (term deposits, leases, FX, closure)AUDmTY2024 (6m): 41,032 AUDFY2025: -8,021,534 AUD0.0(8.0)
Net change in cashAUDmTY2024 (6m): 3,554,970 AUDFY2025: 18,314,313 AUD3.618.3
Balance sheet
CashAUDmTY2024 (6m): 3,856,976 AUDFY2025: 22,171,000 AUD3.922.2
DebtAUDm0.00.0
Net debt / (cash)AUDmTY2024 (6m): -3,856,976 AUDFY2025: -22,171,000 AUD(3.9)(22.2)
Total equityAUDmTY2024 (6m): 46,297,758 AUDFY2025: 85,794,498 AUD46.385.8
Per share
Shares on issue (year end, diluted from 2027)m sharesTY2024 (6m): 103,560,936 sharesFY2025: 177,850,215 shares103.6177.9
EPSAUD/shareTY2024 (6m): -0.01 AUD/shareFY2025: -0.03 AUD/share(0.01)(0.03)
Multiples and ratios
EV / EBITDA (x, current EV)xTY2024 (6m): -138 xFY2025: -25.10 x(137.7)(25.1)
P / E (x, current market cap)xTY2024 (6m): -155 xFY2025: -27.66 x(155.0)(27.7)
FCF yield (current market cap)%TY2024 (6m): -0.04 fractionFY2025: -0.12 fraction-3.9%-11.6%
EBITDA margin%——
Net debt / EBITDA (x)xTY2024 (6m): 3.97 xFY2025: 4.15 x4.04.2

KPI history

Operating metrics · Company

Cash and cash equivalents shown
06,207,88012,415,76018,623,64024,831,520Dec 2025: 22,171,000 AUDDec 2025Mar 2026: 14,545,000 AUDMar 2026Jun 2026: 15,291,208 AUDJun 2026Sep 2026: 9,280,000 AUDSep 2026
MetricUnitTrendDec 2025Mar 2026Jun 2026Sep 2026
Cash and cash equivalentsAUDDec 2025: 22,171,000 AUDMar 2026: 14,545,000 AUDJun 2026: 15,291,208 AUDSep 2026: 9,280,000 AUD22,171,00014,545,00015,291,2089,280,000
Exploration and evaluation paymentsAUDDec 2025: 4,788,000 AUDMar 2026: 6,670,000 AUDJun 2026: 7,135,000 AUDSep 2026: 5,639,000 AUD4,788,0006,670,0007,135,0005,639,000
Operating metric source table17
MetricProjectPeriodPeriod typeValueStatus
Cash and cash equivalentsCompanyDec 2024Point In Time3,856,976 AUDReported
Cash and cash equivalentsCompanyJun 2025Point In Time7,450,867 AUDReported
Cash and cash equivalentsCompanySep 2025Point In Time3,747,000 AUDReported
Cash and cash equivalentsCompanyDec 2025Point In Time22,171,000 AUDReported
Cash and cash equivalentsCompanyMar 2026Point In Time14,545,000 AUDReported
Cash and cash equivalentsCompanyJun 2026Point In Time15,291,208 AUDReported
Cash and cash equivalentsCompanySep 2026Point In Time9,280,000 AUDReported
Exploration and evaluation paymentsCompanyDec 2025 quarterQuarter4,788,000 AUDReported
Exploration and evaluation paymentsCompanyMar 2026 quarterQuarter6,670,000 AUDReported
Exploration and evaluation paymentsCompanyJun 2026 quarterQuarter7,135,000 AUDReported
Exploration and evaluation paymentsCompanySep 2026 quarterQuarter5,639,000 AUDReported
Borrowings (none)CompanySep 2026Point In Time0 AUDReported
Design gold recovery (PFS)El ZorroPFS life of minePoint In Time94.5 %Reported
Nameplate plant throughput (PFS)El ZorroPFS designPoint In Time3 Mt/yrReported
Life-of-mine AISC (PFS)El ZorroPFS life of minePoint In Time1,572 USD/ozReported
Operating cost per tonne (mining 23.11, processing 13.73, G&A 4.28, lease 1.63)El ZorroPFS life of minePoint In Time42.77 USD/tReported
Scheduled gold production, PFS Year 3El ZorroPFS Year 3 (first full year)Point In Time111 kozReported
Company guidance9
MetricProjectPeriodLowHighStatus
Steady State Gold Productionel_zorroPFS Years 3-11100112 koz/yrCurrent
Low Grade Stockpile Productionel_zorroPFS Years 12-164141 koz/yrCurrent
Life Of Mine AISCel_zorroPFS life of mine1,5721,572 USD/ozCurrent
Pre Production Capitalel_zorroConstruction (PFS, +/-25%)256276.5 USD mCurrent
Sustaining Capitalel_zorroLife of mine46.346.3 USD mCurrent
DFS Completionel_zorroCY2026—— dateCurrent
First Goldel_zorroCY2029—— dateCurrent
Final Investment Decisionel_zorroEnd CY2026 (February 2026 guidance)—— dateSuperseded
Scoping Study Pre Production Capitalel_zorroScoping study (September 2025)248248 USD mSuperseded

Capital history

Capital events

4 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-10-29RaisingOrdinary SharesA$40M—A$0.73AnnouncedTwo-tranche placement: ~A$32.8m under existing capacity and ~A$7.2m subject to approval at an EGM expected in December 2026; ~54.8m shares at A$0.73 for DFS completion, permitting, resource expansion and exploration.Max 54.8M · Holder approval required
2026-06-30Ann. 2026-09-11LeaseA$341K——Ongoing—
2025-12-02Ann. 2025-09-30RaisingOrdinary SharesA$34M42.8MA$0.053CompletedA$34m placement in two tranches (641.5m pre-consolidation shares, about 42.8m post-consolidation), tranche 2 approved 26 November 2025.Max 641.5M · Holder approval required
2025-06-25Ann. 2025-04-17RaisingOrdinary SharesA$11.1M30.8MA$0.024CompletedA$11.1m institutional placement (461.3m pre-consolidation shares).Max 461.3M · Holder approval required

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Complete As Disclosed · as of 2026-10-30

Annual report 2025, half-year 2026, reserve release and September 2026 quarterly reviewed for royalties, streams, offtake, JVs, carries, partnerships and hedges; the reserve release states no government or private royalties apply, no offtake is required (dore sold on site) and no hedges are disclosed.

Marlin holds a 5% free-carried interest in Tesoro Mining Chile (so Tesoro funds 100% of TMC spending for 95% of the benefit). A binding term sheet (29 October 2026) buys it for ~11.7m Tesoro shares, lifting effective El Zorro ownership from 90.63% to 95.4% subject to the December 2026 EGM.

Free Carry · Active
Counterparties
Inversiones Marlin Limitada
Applies to
El Zorro Gold Project (Ternera deposit) · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Free-carried interest in Tesoro Mining Chile SpA: 5 %
Acquisition consideration (binding term sheet, 29 Oct 2026): 11,700,000 shares
Escrow on consideration shares: 50% for six months
Condition: Shareholder approval at December 2026 EGM
How it affects our valuation

No valuation treatment is available for this arrangement.

Wanaco SpA, the original vendor-partner, holds about 4.6% of El Zorro SCM in a fully diluting joint venture and disputes the 2021 capital increase; the first-instance court dismissed its claim with costs (August 2025) and the appeal is pending.

Joint Venture · Active
Counterparties
Wanaco SpA
Applies to
El Zorro Gold Project (Ternera deposit) · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Wanaco interest in El Zorro SCM: 4.6 %
Funding: Fully diluting: non-participation in capital increases dilutes Wanaco
Litigation: Civil claim over the 2021 capital increase dismissed Aug 2025; appeal expected to be decided in 2027; ancillary proceedings continue
How it affects our valuation

No valuation treatment is available for this arrangement.

Non-binding alliance LOI with STRACON as preferred contractor for pre-construction, construction and mining; PFS mining costs include alliance costs.

Strategic Partnership · Announced
Counterparties
STRACON Chile SpA
Applies to
El Zorro Gold Project (Ternera deposit) · Gold
Economic direction
Mixed
Period
From 2026-07-01; no end date stated
Key terms
Nature: Non-binding LOI for an alliance-style mining and construction framework, phases under separate Notices to Proceed
Binding: —
How it affects our valuation

No valuation treatment is available for this arrangement.

Non-binding MoU for grid power supply via the Tecnocap line and Totoralillo substation; underpins the PFS power cost (~US12c/kWh).

Other · Announced
Counterparties
Tecnocap S.A. (Compania de Aceros del Pacifico)
Applies to
El Zorro Gold Project (Ternera deposit) · Gold
Economic direction
Benefit
Period
From 2025-05-09; no end date stated
Key terms
Scope: Non-binding MoU to study grid power transmission via Totoralillo (175MVA line)
Connection request: 21 MW
How it affects our valuation

No valuation treatment is available for this arrangement.

MoU for brine (bittern) process water piped from the Aguas CAP Totoralillo plant ~25km away; metallurgy confirmed recoveries with this water.

Other · Announced
Counterparties
Aguas CAP (Totoralillo desalination plant)
Applies to
El Zorro Gold Project (Ternera deposit) · Gold
Economic direction
Benefit
Period
Dates not stated
Key terms
Scope: MoU for supply of desalination brine as process water
How it affects our valuation

No valuation treatment is available for this arrangement.

VAT refunds on exploration spend are conditional on meeting export targets by 30 June 2030 (extendable); a development delay beyond 2030 without an extension would require repayment.

Other · Active
Counterparties
Chilean tax authority (SII)
Applies to
El Zorro Gold Project (Ternera deposit) · Gold
Economic direction
Burden
Period
2023-08-02 to 2030-06-30
Key terms
Gross IVA receivable: 4,928,078 AUD
Condition: Meet export targets by 30 June 2030 (extendable) or repay VAT refunds
How it affects our valuation

No valuation treatment is available for this arrangement.