TESORO GOLD LIMITED (TSO)
Share Price Analysis and Chart

15/06/2026

1

Initiation of coverage with Speculative Buy

$2.80

193.19%

Canaccord Genuity initiates coverage on Tesoro Gold with a Speculative Buy rating and a $2.80 target price, highlighting the development potential of the El Zorro Gold Project in Chile.

The September 2025 Scoping Study outlined a 3.0Mtpa carbon-in-pulp operation producing approximately 1.26Moz over 13.5 years, with forecast life-of-mine all-in sustaining costs of US$1,216/oz and pre-production capital of US$248m.

A resource update is expected in the June quarter of 2026 following more than 20,000m of infill drilling, while a Definitive Feasibility Study is targeted for completion in DecQ26 and a fully funded 38,000m drilling campaign remains underway across six rigs.

The analyst highlights additional upside from a more than 40km prospective gold corridor surrounding the flagship Ternera deposit, with several exploration targets progressing toward drilling and only nominal exploration value currently reflected in valuation assumptions.

The investment thesis centres on a simple processing flowsheet, favourable Chilean infrastructure and regulatory settings, and resource growth potential beyond the current 1.82Moz constrained resource estimate.