Mr. David Elliott, a shareholder, reports

On Feb. 4, 2026, Tesoro Minerals Corp. (the issuer), having an office at Suite 1005, 409 Granville St., Vancouver, B.C., V6C 1T2, completed a private placement offering of common shares sold at a price of eight cents per common share. David B. Elliott of Suite 700, 200 Burrard St., Vancouver, B.C., acquired ownership of and direction and control over an aggregate 359,500 common shares pursuant to the offering.

As a result of the offering and associated dilution, the securityholding percentage of Mr. Elliott's beneficial ownership of, or control or direction over, common shares in the capital of the issuer, decreased to less than 10 per cent.

Immediately before the transaction that triggered the requirement to file this report, the acquiror owned, directly and indirectly, an aggregate 3,329,415 common shares of the issuer, representing approximately 10.12 per cent of the issuer's then issued and outstanding common shares.

Immediately after the transaction that triggered the requirement to file this report, the acquiror owned, directly and indirectly, an aggregate 3,688,915 common shares of the issuer representing approximately 9.22 per cent of the issuer's then issued and outstanding common shares.

The securities acquired were issued from the issuer's treasury for cash subscriptions at a per-share price of eight cents for total cash consideration of $28,760. The securities were acquired for investment purposes by Mr. Elliott and he will evaluate his investment in the issuer and will increase or decrease his investment by future acquisitions or dispositions of securities of the issuer at his discretion, as circumstances warrant. As of the date hereof, Mr. Elliott has no immediate future intention to acquire additional securities of the issuer or dispose of securities of the issuer that he owns.

A report respecting this acquisition will be electronically filed with the securities commission in each jurisdiction where the issuer is reporting and will be available for viewing through the Internet on SEDAR+. To obtain a copy of the report, contact Mr. Elliott at 604-697-7111.