TESORO GOLD LIMITED (TSO)
Share Price Analysis and Chart

23/09/2026

1

Speculative Buy

$2.64

205.20%

Morgans retains its Speculative Buy rating on Tesoro Gold with a materially lower $2.64 target, down from $4.88. This latter change follows a maiden Ore Reserve and pre-feasibility study (PFS) for the company's flagship gold project El Zorro in Chile.

The 1.28Moz reserve represents around 70% conversion of the 1.82Moz resource and supports a minimum 13-year mine life.

The study estimates average production of around 106kozpa over the first ten years and a post-tax internal rate of return (IRR) of 57% at US$3,500/oz gold, the analysts highlight.

While capital and costs increased from the scoping study, Morgans considers El Zorro technically robust and financeable.

First production is forecast for the December quarter of 2029.

30/08/2026

1

Speculative Buy

$2.20

154.34%

Canaccord Genuity retains a Speculative Buy rating for Tesoro Gold with a $2.20 target price following a Mineral Resource Estimate update for the Ternera deposit in Chile.

The revised evaluation upgrades the Measured and Indicated categories by 31% to 1.47Moz at 1.14g/t gold.

The upgraded resource base establishes the foundation for a maiden Ore Reserve anticipated in September 2026 to underpin an initial mine life of eight to ten years.

The analyst highlights that the project presents significant ongoing resource growth optionality within a prime jurisdiction featuring established local infrastructure.

Canaccord views the valuation as undemanding, with shares trading at an enterprise value to resource multiple of $90 per ounce compared to the $200 per ounce peer average.