TriStar Gold

TriStar's Castelo de Sonhos gold project in Brazil is a permitted, open-pit development asset with robust PFS economics (updated May 2025). Key highlights: ~1.4 Moz reserves (2.5+ Moz total resources) 40% after-tax IRR and ~US$600M NPV5 at US$2,200 gold ~US$1,100/oz AISC and ~US$296M initial capex The project is technically straightforward: near-surface, open-pit, conventional metallurgy, low strip, strong recoveries, and existing infrastructure on Highway 163 in southern Pará.

Management Profile:

Nick Appleyard - CEO and President

Mr. Appleyard was appointed President and CEO in December 2015. He has executive experience in mining having previously been the CEO of Chaparral Gold and Vice President Corporate Development for International Minerals. Nick has over 25 years international experience in precious metals exploration and mining. He has managed exploration, development and production JVs in North and South America, including extensive project development experience in South America with more than ten years in-country, and prior to that in Australia. Nick is fluent in Spanish, holds a Bachelor of Science (Geology) from Curtin University, Australia.

What are your key goals for the next 3, 6 and 12 months?

3 Months

Ongoing project derisking.

6 Months

Ongoing project derisking.

12 Months

Ongoing project derisking.

What do you think makes your company such a compelling investment?

The third-party legal challenge represents a single, resolvable legal overhang — not a geology or economics problem — creating a clear event-driven re-rating opportunity for a technically advanced, high-quality gold developer.