Tesoro Gold Mine

Tesoro is located in the prolific Nazca-Ocona gold corridor, south of Lima in Arequipa, and is characterised by quartz-gold veins hosted in intrusive rocks with grades of 5-15 g/t Au with bonanza zones of >30 g/t Au, and lengths >1km, depths between 0.6 - 1km, and widths between 10-80 cm.

Highlights:

• Formalised artisanal and small mining operations
• Initial vein material recovered from the Bonanza shaft has an average grade of between 6 g/t and 12 g/t Au and maximum results returning over 27g/t
• Internal estimates suggest approximately 150,000 t with an average grade of 15 g/t Au for 73,000 oz Au at Tesoro
• Ongoing development of primary “Bonanza” vein, with the principal shaft extending to over 22m in depthBoku intends to prepare 20 m x 20 m blocks for cut and fill mining, each with 172 t vein material
• Estimated to be ready to mine by the end of 2024 (production from preparation phases already initiated September 2024), scaling to 65 tpd by end of 2025
• Simultaneous production scaling is planned with additional shafts and exploitation of “La Dorada” and three further shafts
• Samples from “La Dorada” returned high gold grade values of 13.13 g/t
• Permits secured to establish a gold ore processing plant to service ASM sector and process its own ore

Gold Ore Processing Plant

• Gold ore processing is a lucrative support business to the ASM sector in Peru and capture more value
• There are many private and listed companies (incl. Dynacor, Mollehuaca, Inca One, Vista Gold) servicing the sector
• Boku has secured the permits for the establishment and operation of its own gold ore processing plant, just 30 kilometers from Tesoro
• Boku believes that in addition to its own ore production, it will be able to source significant volumes of certified gold ore to operate the plant at 350 tpd
• Progression to processing own ore and third-party ore (e.g. Dynacor), allows Boku to capture significant margin of between 25% - 35% vs using tolling plant
• With land and permits in place, development can be up and running within 12 months

The image on the right shows the Nativo and Boku team visiting a processing plant site with the owner (September 2024)