Maiden JORC Exploration Target for Tesoro, Peru

Target highlights significant concession-wide upside potential across multiple veins

Nativo Resources plc (LON: NTVO), the Peru-focused gold mining company, is pleased to announce a JORC (2012)-compliant Exploration Target for the Bonanza, Tesoro, Tesoro_1 and Morrocota vein systems within its wholly owned Tesoro concession in southern Peru.

Highlights

• Contained gold of approximately 6,686 - 195,434 oz
• Tonnages between 79,051 to 316,200 t
• Superficial vein lengths of 6,200m within the concession

Table 1: Exploration Target Summary

The ranges presented in the table were derived from the following sources of information and technical assumptions: recognised strike length mapped and documented through surface cartography (IGH Ingeniería, 2025); thickness ranges (m) identified within the Bonanza Vein from underground sampling completed in 2026; recorded vertical extent ranges (m) interpreted from underground sampling data (2026); chemical assay results (historical sampling surface campaign and IGH Ingeniería surface sampling programme, 2025); average density values determined through SGS laboratory (2,026) testing using the Displacement Method, which reflects bulk density inclusive of interstitial voids and inherent pore spaces within the in-situ material; and quartile values derived from surface sampling datasets.

Figure 1: Tesoro Concession with Vein Locations (exclusively located within Nativo's Tesoro concession)

The Exploration Target has been defined based on data collected by Nativo, as well as calibration and integration with the historic database collected by St Elias and used in its NI43-101 report of 2010 and the following reasonable assumptions:

• 6,200 m of outcropping vein mapped across the Tesoro concessions (Bonanza at 1,000 m, Tesoro at 3,200 m, Tesoro_1 at 1,450 m, and Morrocota at 550 m).
• Downward projection of veins 100 m below surface. Veins in the region are observed to extend to around 300m (e.g. the analogous Santa Catalina mine exceeds 500 m, while geophysical data over the area suggests 300 m).
• Detailed underground mapping of the Bonanza vein shows that veins at Tesoro range between 0.1 m and 0.4 m. The Exploration Target considers vein ranges of 0.05m to 0.2m.
• A density of 2.55 g/cm³ was assumed for quartz vein material.
• Sample populations were used to determine grade ranges for each vein - where the 25th and 75th percentile is used for the lower and upper grade ranges.

JORC defines an Exploration Target as "a statement or estimate of the exploration potential of a mineral deposit in a defined geological setting where the statement or estimate, quoted as a range of tonnes and a range of grade (or quality), relates to mineralisation for which there has been insufficient exploration to estimate a Mineral Resource."

The Exploration Target reported today is based on limited data, is conceptual in nature, and must not be relied upon as an indication of economic viability. It is uncertain if further exploration will result in the estimation of a Mineral Resource.

Stephen Birrell, Chief Executive Officer of Nativo, commented:

"The definition of this Exploration Target represents an important step in advancing our understanding of the high-grade vein systems across Tesoro. The results highlight the significant upside potential across multiple veins, where strong grades support our belief in the project's capacity to deliver meaningful gold production. The Exploration Target provides a clear framework for the next phase of systematic appraisal aimed at defining a JORC-compliant Mineral Resource Estimate and unlocking value for shareholders through gold mining and processing in Peru."

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