The Tesoro Gold Concession
Tesoro is located in the prolific Nazca-Ocona gold corridor, a proven gold belt south of Lima in Arequipa, and is characterised by quartz-gold veins hosted in intrusive rocks. The 300-ha Tesoro Concession, wholly owned by Nativo, was previously explored and mined by St Elias, who carried out full suites of geological mapping, trenching, geophysical surveys, drilling, sampling and underground work.
In May 2026, Nativo announced a maiden JORC (2012) Exploration Target across the Bonanza, Tesoro, Tesoro_1 and Morrocota vein systems of between 6,686 oz and 195,434 oz of contained gold, substantially weighted towards the Tesoro and Tesoro_1 vein systems*.
A preferred location for the next phase of underground development has been identified, targeting priority high-grade zones within the Tesoro and Tesoro_1 vein systems.
Initial development is planned via a new shaft, with rapid development anticipated to approximately 20 metres depth to access the mineralised structure.
*The Exploration Target is conceptual in nature and based on limited data; there has been insufficient exploration to estimate a Mineral Resource, and it is uncertain whether further exploration will result in the estimation of a Mineral Resource. The Exploration Target should not be relied upon as an indication of economic viability.
Bonanza Gold Mine
Nativo’s current field work and plans aim to restart mining at the Bonanza Gold Mine in December 2025.
Highlights:
- Nativo has successfully mined Bonanza in 2024, achieving up to 63 g/t Au
- Internal estimates attribute 51,000 Oz Au to Bonanza and neighbouring Morrocota Mines alone
- Nativo is carrying out detailed studies to resume mining and identify new areas to mine
- Early results have identified the extensions of gold bearing veins through the Morrocota area and to the south of Bonanza
- Five areas have been highlighted as vein shoots with potential to initiate ASM mining
Bonanza Field Activities
- 20 trenches completed along Bonanza vein - excavated, logged, sampled and prepared for dispatch to Certimin lab
- Geological sections, longitudinal profiles and modelling work commenced
- Mine access rehabilitation advancing in line with the preliminary engineering plan; topographic survey completed and shaft access system design underway
- Central operations camp upgrade progressing, increasing capacity from 20 to 40 personnel
- Prospective mining contractor site visits commenced
- Field activities and underground to advance in parallel to complete the Bonanza Vein Study, with objective to resume small scale mining at Bonanza by year-end
Morrocota Gold Mine
Opportunity to accelerate production and cashflow for Nativo, bringing two neighbouring mines together under our umbrella, with all the operational and financial economies of scale. The operations and mining geology are symbiotic with what we are developing at Bonanza.
- Nativo acquired 100% for £116k in shares (vendors also subscribing for additional Nativo shares)
- 3km from Tesoro – shares central camp/facilities
- Mine in preparation stage – 24m shaft and total of 56m drilled to date
- Vein material recovered from preparation stage grading up to 23.4 g/t Au
- 7-9 t of vein material stockpiled at surface, transferred to Nativo
- Initiating new production and operating plan with contract mining company
- Addition of second mine diversifies and reduces risk
Tesoro Gold Concession, southern Peru