Tesoro Minerals Closes C$1 Million Private Placement
1005, 409 Granville Street Vancouver, BC, V6C 1A5
www.tesorominerals.com
For Immediate Release September 23, 2026
Tesoro Minerals Closes C$1 Million Private Placement
“Not for distribution to United States newswire services or for dissemination in the United States.”
Vancouver, BC – September 23, 2026– Tesoro Minerals Corp. (TSXV: TES) (“Tesoro” or
the “Company”) is pleased to announce that it has closed its previously announced non-brokered
private placement (the “Offering”), issuing an aggregate of 10,000,000 common shares (each
a “Share”) at a price of $0.10 per Share for aggregate gross proceeds of $1,000,000. All amounts
are in Canadian dollars.
The Offering was originally announced on September 3, 2026, for gross proceeds of up to
$600,000. In response to investor demand, the Company announced an increase to $750,000 on
September 14, 2026. Continued investor interest prompted a further increase to $1,000,000,
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 CEO of Tesoro.
In connection with the Offering, the Company paid aggregate cash finder’s fees of $44,100 to
Haywood Securities Inc. (“Haywood”), representing 6% 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; and
• 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
(“TSXV”), and no payments from such proceeds will be made to Non-Arm’s Length Parties of
the Company.
1005, 409 Granville Street Vancouver, BC, V6C 1A5
www.tesorominerals.com
All Shares issued pursuant to the Offering are subject to a four-month and one-day hold period,
expiring on January 24, 2027, in accordance with applicable securities laws and the policies of
the TSXV.
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 (“MI 61-101”). 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
$2,500,000.
About Tesoro Minerals Corp.
Tesoro Minerals Corp. (TSXV: TES) 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.
On behalf of Tesoro Minerals Corp.
Scott McLean
President and CEO
Tesoro Minerals Corp.
Tel: (705) 669-1777
www.tesorominerals.com
Cautionary Statement Regarding Forward-Looking Information
This news release contains “forward-looking information” within the meaning of applicable
Canadian securities legislation. Forward-looking information includes statements concerning the
completion, timing and terms of the Private Placement; the anticipated use of proceeds; the
Company's exploration plans and activities at its Rumichaca and Cerro Macho properties; and
the receipt of regulatory approvals.
1005, 409 Granville Street Vancouver, BC, V6C 1A5
www.tesorominerals.com
Forward-looking information is based on the Company's current expectations, assumptions,
estimates and beliefs and is subject to known and unknown risks and uncertainties. There can be
no assurance that the Private Placement will be completed on the terms described herein, or at
all, or that the Company will receive the anticipated proceeds. There can also be no assurance
that the Company's proposed exploration activities will proceed as planned or that such activities
will result in the discovery or advancement of mineral resources or mineral deposits.
Factors that could cause actual results to differ materially from those expressed or implied by
such forward-looking information include, without limitation, the Company's ability to complete
the Private Placement; the receipt of required regulatory approvals; changes in market
conditions; the availability of capital; fluctuations in metal prices; exploration and development
risks; uncertainties relating to geological information and exploration results; permitting and
regulatory risks; community and social relations; political, economic and legal conditions in
Peru; competition; and other risks and uncertainties described from time to time in the
Company's public disclosure documents available under the Company's profile on SEDAR+.
Readers are cautioned not to place undue reliance on forward-looking information. The
Company does not undertake to update or revise any forward-looking information, except as
required by applicable securities laws.
Not for distribution to United States newswire services or for dissemination in the United States
of America
This news release does not constitute an offer to sell or a solicitation of an offer to buy any
securities in the United States or to or for the account or benefit of U.S. Persons. The Shares have
not been and will not be registered under the United States Securities Act of 1933, as amended
(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 absent registration under the U.S. Securities Act and
applicable state securities laws or an applicable exemption from such registration requirements.
“United States” and “U.S. Person” have the meanings assigned to them in Regulation S under the
U.S. Securities Act.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined
in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy
of this release.