Tesoro Minerals closes C$1 million private placement

"Not for distribution to United States newswire services or for dissemination in the United States."

Vancouver, British Columbia--(Newsfile Corp. - September 23, 2026) - Tesoro Minerals Corp. (TSXV: TES) (" Tesoro " or the " Company ") is pleased to announce that it has closed its previously announced non-brokered private placement (the " Offering "), issuing an aggregate of 10,000,000 common shares (each a " Share ") at a price of $0.10 per Share for aggregate gross proceeds of $1,000,000. All amounts are in Canadian dollars.

The Offering was originally announced on September 3, 2026 , for gross proceeds of up to $600,000. In response to investor demand, the Company announced an increase to $750,000 on September 14, 2026 . Continued investor interest prompted a further increase to $1,000,000, announced later that same day .

"We're grateful for the support of our new and existing investors. These funds will support the next steps at Rumichaca and Cerro Macho, including initial exploration work and community engagement," said Scott McLean, President and CEO of Tesoro.

In connection with the Offering, the Company paid aggregate cash finder's fees of $44,100 to Haywood Securities Inc. (" Haywood "), representing 6% of the gross proceeds received from subscribers introduced to the Company by Haywood.

Use of Proceeds

The net proceeds from the Offering are expected to be used for the following purposes:

Advancement of the Rumichaca and Cerro Macho properties in Peru, including initial fieldwork, data compilation, geological mapping and sampling, and induced polarization (IP) ground geophysical surveys;

Community and social engagement initiatives; and

General working capital and corporate purposes.

The Company confirms that none of the proceeds of the Offering will be used for Investor Relations Activities, as such term is defined in the policies of the TSX Venture Exchange (" TSXV "), and no payments from such proceeds will be made to Non-Arm's Length Parties of the Company.

All Shares issued pursuant to the Offering are subject to a four-month and one-day hold period, expiring on January 24, 2027, in accordance with applicable securities laws and the policies of the TSXV.

Related Party Transaction

Two insiders of the Company participated in the Offering, acquiring an aggregate of 150,000 Shares for aggregate consideration of $15,000. This participation constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-101– Protection of Minority Security Holders in Special Transactions (" MI 61-101 "). The Offering is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to Sections 5.5(b) and 5.7(1)(b) thereof, as the Company is not listed on a specified market and neither the value of the securities issued to, nor the consideration paid by, insiders exceeded $2,500,000.

About Tesoro Minerals Corp.

Tesoro Minerals Corp. (TSXV: TES) is a junior exploration company focused on the discovery and advancement of 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 Tesoro Minerals Corp.

Scott McLean President and CEO Tesoro Minerals Corp. Tel: (705) 669-1777 www.tesorominerals.com

Cautionary Statement Regarding Forward-Looking Information

This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes statements concerning the completion, timing and terms of the Private Placement; the anticipated use of proceeds; the Company's exploration plans and activities at its Rumichaca and Cerro Macho properties; and the receipt of regulatory approvals.

Forward-looking information is based on the Company's current expectations, assumptions, estimates and beliefs and is subject to known and unknown risks and uncertainties. There can be no assurance that the Private Placement will be completed on the terms described herein, or at all, or that the Company will receive the anticipated proceeds. There can also be no assurance that the Company's proposed exploration activities will proceed as planned or that such activities will result in the discovery or advancement of mineral resources or mineral deposits.

Factors that could cause actual results to differ materially from those expressed or implied by such forward-looking information include, without limitation, the Company's ability to complete the Private Placement; the receipt of required regulatory approvals; changes in market conditions; the availability of capital; fluctuations in metal prices; exploration and development risks; uncertainties relating to geological information and exploration results; permitting and regulatory risks; community and social relations; political, economic and legal conditions in Peru; competition; and other risks and uncertainties described from time to time in the Company's public disclosure documents available under the Company's profile on SEDAR+.

Readers are cautioned not to place undue reliance on forward-looking information. The Company does not undertake to update or revise any forward-looking information, except as required by applicable securities laws.

Not for distribution to United States newswire services or for dissemination in the United States of America

This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States or to or for the account or benefit of U.S. Persons. The Shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the " U.S. Securities Act "), or any state securities laws, and may not be offered or sold within the United States or to U.S. Persons absent registration under the U.S. Securities Act and applicable state securities laws or an applicable exemption from such registration requirements. "United States" and "U.S. Person" have the meanings assigned to them in Regulation S under the U.S. Securities Act.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/315785

TMX Newsfile

September 23, 2026 - 3:05 PM PDT

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