Tesoro Gold Ltd (ASX:TSO) has featured among ASX gold developers attracting attention in September 2026, as the company accelerates work toward a definitive feasibility study at its El Zorro project in Chile. Centred on the Ternera deposit, El Zorro has grown into one of the more advanced Chilean gold projects held by an ASX-listed explorer. With drilling complete on infill work and the focus shifting to development readiness, Tesoro has given investors a clear set of catalysts to follow through the balance of the year.

Latest Developments

Tesoro has been advancing El Zorro toward a definitive feasibility study, having completed infill drilling at the Ternera deposit and shifted focus to growth and development-readiness workstreams. The company outlined progress at industry events including the Noosa Mining Conference in 2026, describing an accelerating pathway for the Chilean project. Tesoro has also reported exploration success, including at prospects such as La Brea, as it seeks to add ounces around the core Ternera resource. The infill drilling was designed to firm up the confidence level of the resource ahead of feasibility, while the growth-focused work aims to test the potential for additional discoveries within the broader El Zorro land package.

What Could Come Next

The key near-term catalyst is progress on the definitive feasibility study, which is expected to define production scale, costs, Capital requirements and project economics. Further exploration results, including at growth targets such as La Brea, could add ounces. Investors will watch permitting, funding discussions and any Partnership or offtake developments that could support a path toward construction. Delivery of the DFS will be a pivotal milestone.

Risks to Watch

As a pre-production developer, Tesoro faces the risks of advancing a project through feasibility and financing to construction, including capital costs, permitting and execution. Study outcomes may differ from expectations, and resource estimates can change with further work. The company relies on Capital Markets and may need additional funding, raising the prospect of dilution. Gold price Volatility and Chilean regulatory and jurisdictional factors add further variables, and securing the substantial capital required to build a mine of this scale is a significant hurdle that many advanced explorers face on the path to production.

Conclusion

Tesoro Gold heads into late 2026 with its 1.82-million-ounce Ternera deposit advancing toward a definitive feasibility study at the El Zorro project in Chile. The stock remains among the ASX gold developers under watch, with delivery of the DFS and continued exploration success the key catalysts investors will be monitoring as the company works toward defining El Zorro's development potential.