Tesoro Minerals Closes Agreement with GlobeTrotters to Acquire Rumichaca and Cerro Macho in Peru

Rhea-AI Summary

Tesoro Minerals (NNGVF) completed the acquisition of 100% of the Rumichaca and Cerro Macho gold exploration properties from Globetrotters, effective March 23, 2026. Consideration: 1,425,000 common shares at C$0.08 (aggregate C$114,000) plus a 2% NSR, with a repurchase right for 1% NSR at US$1,000,000 prior to a feasibility study.

Both Peru projects show alteration consistent with high-sulphidation epithermal and porphyry systems. Initial work: mapping, ~60 line-km IP/magnetic surveys, and drilling-target definition. Program budget ~CDN$300,000. Transaction has conditional TSXV approval.

Positive

• Acquired 100% interest in Rumichaca and Cerro Macho
• Issued 1,425,000 shares valued at C$114,000
• Defined 60 line-km geophysical program (~CDN$300,000 budget)
• Retained 2% NSR structure with 1% buyback option

Negative

• Consideration primarily equity and royalty; immediate cash paid is limited
• NSR buyback US$1,000,000 could strain capital upon exercise
• TSXV approval is conditional, not final

Vancouver, British Columbia--(Newsfile Corp. - March 23, 2026) - Tesoro Minerals Corp., (TSXV: TES) ("Tesoro" or the "Company") is pleased to announce that it has successfully completed the acquisition of the Rumichaca and Cerro Macho properties from Globetrotters Resource Group Inc. ("Globetrotters") which was previously announced on July 8, 2025 (the "Transaction").

The Transaction was completed pursuant to the terms of an agreement dated July 7, 2025, under which the Company acquired 100% interest in two prospective epithermal gold exploration projects in Peru. The consideration provided by the Company to Globetrotters includes the issuance of 1,425,000 common shares ("Common Shares") of Tesoro at a deemed price of $0.08 per Common Share for an aggregate value of $114,000 and a 2% Net Smelter Return royalty (NSR) to Globetrotters; Tesoro may repurchase 1% of the NSR for $1,000,000 at any time prior to the completion of a Feasibility Study.

Project Highlights

	Rumichaca	Cerro Macho
Area	900 ha	2,500 ha
Geological Setting	High-sulphidation lithocap with pervasive advanced-argillic alteration.	Extensive lithocap with silica-alunite alteration and local vuggy silica.
Key Results	Rock sampling: up to 0.39 g/t Au with anomalous Cu-Mo.	Rock sampling: up to 0.42 g/t Au with elevated As and Ba.

 

Both properties show alteration and geochemical signatures typical of the upper levels of large, high-sulphidation epithermal and porphyry systems. The Company's initial goal is to define chargeability/resistivity anomalies and drill targets beneath shallow cover.

Initial Exploration Plan

The Company plans to continue detailed lithological and alteration mapping, followed by geophysical surveys across both properties. The geophysical program will consist of approximately 60 line kilometres of induced polarization and magnetic surveys. The total cost of the program is estimated at approximately CDN$300,000, inclusive of required community engagement and social initiatives in the project areas. The Company believes it is adequately funded to complete this initial exploration program following its recently completed private placement (see news release dated February 4, 2026).

TSXV Approval

The Company has received conditional approval of the TSX Venture Exchange for the Transaction.

Qualified Person

The technical elements of this news release have been approved by Mr. Scott McLean, P.Geo. (PGO), CEO and Director of Tesoro Minerals Corp., and a Qualified Person under National Instrument 43-101.

About Tesoro Minerals Corp.

Tesoro Minerals Corp. (TSXV: TES) is a junior exploration company focused on discovering and advancing 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 the Board of Directors

(signed) "Scott McLean"
Interim President & CEO

For further information contact:
Tesoro Minerals Corp.
Tel: (705) 669-1777

Cautionary Statements regarding Forward-Looking Information

This press release contains "forward-looking information" within the meaning of applicable Canadian securities laws.

These statements relate to future events or future performance. The use of words such as "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 expectations and assumptions regarding future events. Actual results may differ materially from those expressed or implied by such forward-looking information.

Forward-looking information in this press release includes, without limitation, statements regarding the completion of the Transaction, the intended use of proceeds, planned exploration activities, and the receipt of regulatory approvals. Such forward-looking information involves known and unknown risks, uncertainties and other factors.

There can be no assurance that such forward-looking information will prove to be accurate, and actual results and future events could differ materially from those anticipated.

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 approvals, and risks inherent in the exploration and development of mineral properties, as well as those risk factors set out in the Company's public disclosure documents filed on SEDAR+.

Except as required by applicable securities laws, the Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/289474

FAQ

What did Tesoro Minerals (NNGVF) pay to acquire Rumichaca and Cerro Macho on March 23, 2026?

Tesoro paid by issuing 1,425,000 common shares (C$0.08 each) plus a 2% NSR. According to the company, the shares totalled C$114,000 and Globetrotters retains a 2% net smelter return royalty.

What exploration work will Tesoro Minerals (NNGVF) perform at Rumichaca and Cerro Macho?

Tesoro will do mapping, alteration studies and geophysics, then define drill targets. According to the company, the program includes ~60 line-km of IP/magnetic surveys followed by target drilling preparation.

How much will the initial exploration program cost for Tesoro Minerals (NNGVF)?

The initial program is budgeted at approximately CDN$300,000. According to the company, that estimate includes community engagement and social initiatives in the project areas.

What royalty terms did Tesoro Minerals (NNGVF) agree with Globetrotters for the Peru projects?

Tesoro granted a 2% NSR to Globetrotters and may repurchase 1% for US$1,000,000 prior to a feasibility study. According to the company, this buyback right is exercisable at any time before a feasibility study.

What geological potential do Rumichaca and Cerro Macho offer for Tesoro Minerals (NNGVF)?

Both properties show alteration typical of upper levels of large high-sulphidation epithermal and porphyry systems. According to the company, rock sampling returned up to 0.42 g/t Au in Cerro Macho and 0.39 g/t Au in Rumichaca.

Has Tesoro Minerals (NNGVF) received regulatory approval for the Globetrotters transaction?

The company has received conditional approval from the TSX Venture Exchange for the transaction. According to the company, TSXV approval remains conditional pending completion of required steps.