Mr. Scott McLean reports

TESORO MINERALS ANNOUNCES THE CLOSE OF OVERSUBSCRIBED PRIVATE PLACEMENT

Tesoro Minerals Corp.'s private placement offering, which was initially disclosed on Feb. 21, 2024, has been oversubscribed. In response to the demand, the company has decided to upsize the offering. The offering closed today, consisting of the sale of 12,645,000 common shares at a price of 2.5 cents per share, raising aggregate gross proceeds of $316,125 (all in Canadian dollars).

In connection with the offering, the company paid a cash finder's fee of 6 per cent in the amount of $18,967.50 to Haywood Securities Inc. in respect of subscribers introduced to the company.

The net proceeds of the offering are expected to be allocated by the company for general working capital and operating expenses. Additionally, a portion exceeding 10 per cent of the funds raised will be allocated for the payment of the annual concession fees in Peru. It is important to note that none of the proceeds will be utilized for investor relations activities and no payments will be made to non-arm's-length parties of the issuer.

All securities issued under the offering are subject to a four-month-and-one-day restricted resale period expiring on July 29, 2024 in accordance with the policies of the TSX Venture Exchange and applicable securities laws.

One insider of the company participated in the offering, thereby making the offering a related party transaction, as defined under Multilateral Instrument 61-101, Protection of Minority Security Holders in Security Transactions. The offering was exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as the company is not listed on a specified market (as set out in Section 5.5(b) of MI 61-101) and the value of the shares issued to, nor the consideration paid by, the insider did not exceed $2.5-million (as set out in Section 5.7(1)(b) of MI 61-101).

About Tesoro Minerals Corp.

The company has assembled a team of experienced geoscientists with extensive exploration experience in the Americas with the aim of acquiring further assets.

We seek Safe Harbor.