Mr. Peter Tegart reports

TESORO MINERALS ANNOUNCES UPDATE REGARDING STATUS OF SUPREME DECREES FOR MINING CONCESSIONS IN PIURA, PERU

Tesoro Minerals Corp. has noted that the Peruvian government has passed supreme decree 001-2021-EM, which repeals the previously published supreme decrees 027-2020-EM and 028-2020-EM, which gave the company's Peruvian subsidiary the right to acquire and hold mineral rights on 21 mineral concessions located in the department of Piura, with effect as of Jan. 20, 2020. According to supreme decree 001-2021-EM, the supreme decrees have been repealed after a re-evaluation of the socio-economic situation in the district of Tambo Grande, located in the department of Piura.

The company is consulting with its Peruvian legal counsel and regulatory advisers to consider appropriate actions and potential avenues of redress available to the company. The company will provide further updates regarding the supreme decrees as and when appropriate.

About Tesoro Minerals Corp.

The company has assembled a team of well-respected geoscientists with extensive exploration experience in the Americas, together with social issue specialists, and is focused on acquiring high-quality exploration assets.

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