In addition, the closing of the Offering has been extended and is now anticipated to occur on or

TESORO MINERALS CORP.

Suite 108, 744 West Hastings Street

Vancouver, British Columbia

Canada V6C 1A5

TESORO MINERALS ANNOUNCES RE-PRICING OF PRIVATE PLACEMENT

(Not for distribution to United States newswire services or for dissemination in the United

States of America)

May 5, 2023 (TSX Venture: TES) – Due to current market conditions, Tesoro Minerals Corp.,

(“Tesoro” or the “Company”) has re -priced the non-brokered private placement offering (the

“Offering”) previously announced on April 5, 2023. With the adjustment, the Company intends to

now issue up to 10,000,000 common shares at a price of $0.025 for aggregate gross proceeds of

approximately C$250,000.00.

In addition, the closing of the Offering has been extended and is now anticipated to occur on or

before May 31, 2023 (the “Closing Date”) and continues to be subject to certain conditions

including, but not limited to, the receipt of all necessary regulatory approvals, including the

acceptance of the TSX Venture Exchange. The securities issued under the Offering will be subject

to a statutory hold period in Canada expiring four months and one day from the Closing Date.

A finder’s fees may be payable in cash of up to 6% of the proceeds of the Private Placement in

accordance with TSXV policies.

The net proceeds of the offering are expected to be used by Tesoro for general working capital

and operating expenses to support business efforts.

About Tesoro

The Company has assembled a team of experienced geoscientists with extensive exploration

experience in the Americas with the aim of acquiring further assets. For further information on the

Company please contact Scott McLean, Interim President & CEO at [email protected] or

(604) 210-2305.

On Behalf of the Board of Directors

“Scott McLean”

Scott McLean

Interim President & CEO

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts

responsibility for the adequacy or accuracy of this release.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the

United States of America. The securities have not been and will not be registered under the United States Securities

Act of 1933 (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United

States or to U.S. Persons (as defined in the U.S. Securities Act) unless registered under the U.S. Securities Act and

applicable state securities laws, or a n exemption from such registration is available.

Cautionary Statements regarding Forward -Looking Information

Certain statements contained in this press release constitute forward -looking information. These statements relate to

future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected",

"estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify

forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing

of such future events. Actual future results may differ materially.

All statements including, without limitation, statements relating to the ability to complete the off ering on the proposed

terms or at all, anticipated use of proceeds from the offering and receipt of regulatory approvals with respect to the

offering as well as any other future plans, objectives or expectations of the Company are forward -looking statement s

that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate

and actual results and future events could differ materially from those anticipated in such statements. Important factors

that could cause actual results to differ materially from the Company's plans or expectations include risks relating to the

availability of capital and financing, general economic, market or business conditions, regulatory changes, the COVID -

19 pandemic or other simila r health crisis, timeliness of government or regulatory approvals and other risks detailed

herein and from time to time in the filings made by the Company with securities regulators. The Company expressly

disclaims any intention or obligation to update or revise any forward -looking statements whether as a result of new

information, future events or otherwise except as otherwise required by applicable securities legislation.