Mr. Scott McLean reports

TESORO MINERALS CLOSES C$1 MILLION PRIVATE PLACEMENT

Tesoro Minerals Corp. has closed its previously announced non-brokered private placement, issuing an aggregate of 10 million common shares at a price of 10 cents per share for aggregate gross proceeds of $1-million. All amounts are in Canadian dollars.

The offering was originally announced on Sept. 3, 2026, for gross proceeds of up to $600,000. In response to investor demand, the company announced an increase to $750,000 on Sept. 14, 2026. Continued investor interest prompted a further increase to $1-million, announced later that same day.

"We're grateful for the support of our new and existing investors. These funds will support the next steps at Rumichaca and Cerro Macho, including initial exploration work and community engagement," said Scott McLean, president and chief executive officer of Tesoro.

In connection with the offering, the company paid an aggregate cash finder's fee of $44,100 to Haywood Securities Inc., representing 6 per cent of the gross proceeds received from subscribers introduced to the company by Haywood.

Use of proceeds

The net proceeds from the offering are expected to be used for the following purposes:

• Advancement of the Rumichaca and Cerro Macho properties in Peru, including initial fieldwork, data compilation, geological mapping and sampling, and induced polarization (IP) ground geophysical surveys;
• Community and social engagement initiatives;
• General working capital and corporate purposes.

The company confirms that none of the proceeds of the offering will be used for investor relations activities, as such term is defined in the policies of the TSX Venture Exchange, and no payments from such proceeds will be made to non-arm's-length parties of the company.

All shares issued pursuant to the offering are subject to a four-month-and-one-day hold period, expiring on Jan. 24, 2027, in accordance with applicable securities laws and the policies of the TSX-V.

Related party transaction

Two insiders of the company participated in the offering, acquiring an aggregate of 150,000 shares for aggregate consideration of $15,000. This participation constitutes a related party transaction within the meaning of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The offering is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to sections 5.5(b) and 5.7(1)(b) thereof as the company is not listed on a specified market and neither the value of the securities issued to nor the consideration paid by insiders exceeded $2.5-million.

About Tesoro Minerals Corp.

Tesoro Minerals is a junior exploration company focused on the discovery and advancement of high-quality precious and base metal projects in Peru. The company leverages strong in-country expertise and a disciplined, value-accretive approach to project acquisition and exploration.

We seek Safe Harbor.