Tristar Gold

Description

TriStar Gold is advancing its 100%-owned Castelo de Sonhos paleoplacer gold project in Para State, Brazil. The May 2025 updated PFS retained a resource base of 53.1 Mt at 1.0 g/t for 1.8 Moz indicated and 26.0 Mt at 0.9 g/t for 0.7 Moz inferred, with 38.7 Mt at 1.1 g/t for 1.4 Moz probable reserves. The proposed 10,000 tpd open-pit/CIL operation has 98% recovery, an 11-year mine life and average production of 121 koz/year.

The investment case is a large permitted-development asset with strong gold-price leverage. At US$2,200/oz gold, the updated PFS reports US$603M after-tax NPV5, 40% IRR, US$296M initial capex, US$1,111/oz AISC, a two-year payback and US$934M life-of-mine after-tax cash flow. At US$3,200/oz, after-tax NPV5 rises to US$1.353B. Near-mine upside includes down-dip extensions, gaps between planned pits, higher-grade paleochannels and strike extensions along approximately 19 km of mineralized reef.

The company's 2026 priorities are to defend the valid Preliminary Licence in the federal civil action, complete outstanding licence conditions and begin studies required for the Installation Licence. The September 2026 presentation reports approximately US$10M cash following the June financing and August warrant exercises.

List of Projects:

Project 1: Castelo de Sonhos, Para, Brazil — Gold
100%-owned flagship PFS-stage gold project. Esperanca South supplies the higher-grade first six years, while Esperanca East and Esperanca Center supply years 7–11. The plan uses conventional open-pit mining, a 3.6 Mtpa CIL plant and a 26 km transmission line. Resources remain open along strike and at depth, while the Installation Licence, feasibility work, financing and a construction decision are still required.

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