TriStar Gold Updates Economics of PFS with After-Tax 40% IRR and US$603 Million NPV5 and Provides Update on Permit
Original announcement by tmx on
- Company
- TriStar Gold Inc.
- Ticker
- TSG
- Exchange
- TSX
- Region
- southern Pará State, Brazil
- Primary commodity
- Gold
- Secondary commodities
- None reported
- Document categories
- Resource update, Economic study, Metallurgy
- Extracted
- 2026-09-17 03:24:28 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
TriStar Gold has released an updated Pre-Feasibility Study (PFS) for its Castelo de Sonhos gold project, demonstrating significantly improved economics with an after-tax NPV5% of US$603 million and an IRR of 40% at a US$2,200/oz gold price. This update replaces the 2021 PFS, incorporating new cost estimates and updated gold prices. Additionally, the company announced a positive legal opinion regarding the project's permit status, confirming its validity and good standing.
Reasoning: The updated Pre-Feasibility Study for Castelo de Sonhos shows a substantial increase in after-tax NPV5% to US$603 million and IRR to 40% at a base-case gold price of US$2,200/oz, significantly improving upon the 2021 PFS. The project also received a positive legal opinion on its permit status, de-risking a key aspect of development, despite the underlying resource and reserve estimates being historical.
Positive factors
- Significant increase in NPV and IRR compared to prior study
- Robust economics at current gold prices
- Positive permit update
- High gold recovery
- Low payback period
Negative factors
- Mineral resource and reserve estimates are historical and unchanged
Facts used in scoring: 16
Classification and evidence
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: the document describes a mill_cil route ("carbon in leach")
Extracted facts
Stored fact records: 13. Some facts used in scoring do not have a stored record.
Resource Estimates (12)
indicatedCastelo de Sonhos gold project · goldTonnes: 29000000Grade: 1.3Grade Unit: g/tContained Metal: 1.2Contained Unit: moz auHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Castelo de Sonhos gold project
- Commodity
- gold
- Region
- brazil
- Reported Region
- southern Pará State, Brazil
- Ticker
- TSG
Resource scope
- Estimate type
- resource
- Effective date
- 2021-10-04T00:00:00.000Z
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Porfirio Cabaleiro Rodriguez
- Resource group id
- resource:9f566b0aeea043b0aae8
- Deposit or zone
- Esperança South
Resource Data
- Category
- indicated
- Tonnes
- 29000000
- Grade
- 1.3
- Grade Unit
- g/t
- Contained Metal
- 1.2
- Contained Unit
- moz au
- Cutoff Grade
- 0.26
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2021-10-04
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2021-10-05T00:00:00.000Z
Dates
- Event date
- 2025-05-05T00:00:00.000Z
Reasoning: The Indicated Mineral Resource for Esperança South, though historical, contributes significantly to the project's overall resource base, providing a foundation for economic studies.
Positive factors
- Indicated resource category provides good confidence
Negative factors
- Estimate is historical (Oct 2021) and unchanged
Evidence · table
“1.2”
Context: Esperança South
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.6 years before this release
inferredCastelo de Sonhos gold project · goldTonnes: 10000000Grade: 1.2Grade Unit: g/tContained Metal: 0.4Contained Unit: moz auHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Castelo de Sonhos gold project
- Commodity
- gold
- Region
- brazil
- Reported Region
- southern Pará State, Brazil
- Ticker
- TSG
Resource scope
- Estimate type
- resource
- Effective date
- 2021-10-04T00:00:00.000Z
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Porfirio Cabaleiro Rodriguez
- Resource group id
- resource:25e70f14ad459060c998
- Deposit or zone
- Esperança South
Resource Data
- Category
- inferred
- Tonnes
- 10000000
- Grade
- 1.2
- Grade Unit
- g/t
- Contained Metal
- 0.4
- Contained Unit
- moz au
- Cutoff Grade
- 0.26
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2021-10-04
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2021-10-05T00:00:00.000Z
Dates
- Event date
- 2025-05-05T00:00:00.000Z
Reasoning: The Inferred Mineral Resource for Esperança South, while contributing to the total resource, carries lower confidence due to its category and historical nature.
Negative factors
- Inferred resource category has lower confidence
- Estimate is historical (Oct 2021) and unchanged
Evidence · table
“0.4”
Context: Esperança South
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.6 years before this release
indicatedCastelo de Sonhos gold project · goldTonnes: 5000000Grade: 0.8Grade Unit: g/tContained Metal: 0.1Contained Unit: moz auHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Castelo de Sonhos gold project
- Commodity
- gold
- Region
- brazil
- Reported Region
- southern Pará State, Brazil
- Ticker
- TSG
Resource scope
- Estimate type
- resource
- Effective date
- 2021-10-04T00:00:00.000Z
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Porfirio Cabaleiro Rodriguez
- Resource group id
- resource:ed64e1f849deedf5f35a
- Deposit or zone
- Esperança East
Resource Data
- Category
- indicated
- Tonnes
- 5000000
- Grade
- 0.8
- Grade Unit
- g/t
- Contained Metal
- 0.1
- Contained Unit
- moz au
- Cutoff Grade
- 0.26
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2021-10-04
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2021-10-05T00:00:00.000Z
Dates
- Event date
- 2025-05-05T00:00:00.000Z
Reasoning: The Indicated Mineral Resource for Esperança East, though smaller, adds to the project's overall resource base, but is historical.
Positive factors
- Indicated resource category provides good confidence
Negative factors
- Estimate is historical (Oct 2021) and unchanged
Evidence · table
“0.1”
Context: Esperança East
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.6 years before this release
inferredCastelo de Sonhos gold project · goldTonnes: 12800000Grade: 0.7Grade Unit: g/tContained Metal: 0.3Contained Unit: moz auHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Castelo de Sonhos gold project
- Commodity
- gold
- Region
- brazil
- Reported Region
- southern Pará State, Brazil
- Ticker
- TSG
Resource scope
- Estimate type
- resource
- Effective date
- 2021-10-04T00:00:00.000Z
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Porfirio Cabaleiro Rodriguez
- Resource group id
- resource:d4c833701bdd06154cbf
- Deposit or zone
- Esperança East
Resource Data
- Category
- inferred
- Tonnes
- 12800000
- Grade
- 0.7
- Grade Unit
- g/t
- Contained Metal
- 0.3
- Contained Unit
- moz au
- Cutoff Grade
- 0.26
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2021-10-04
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2021-10-05T00:00:00.000Z
Dates
- Event date
- 2025-05-05T00:00:00.000Z
Reasoning: The Inferred Mineral Resource for Esperança East, while contributing to the total resource, carries lower confidence due to its category and historical nature.
Negative factors
- Inferred resource category has lower confidence
- Estimate is historical (Oct 2021) and unchanged
Evidence · table
“0.3”
Context: Esperança East
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.6 years before this release
indicatedCastelo de Sonhos gold project · goldTonnes: 19100000Grade: 0.7Grade Unit: g/tContained Metal: 0.4Contained Unit: moz auHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Castelo de Sonhos gold project
- Commodity
- gold
- Region
- brazil
- Reported Region
- southern Pará State, Brazil
- Ticker
- TSG
Resource scope
- Estimate type
- resource
- Effective date
- 2021-10-04T00:00:00.000Z
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Porfirio Cabaleiro Rodriguez
- Resource group id
- resource:58ebbbe99df019fce6c3
- Deposit or zone
- Esperança Center
Resource Data
- Category
- indicated
- Tonnes
- 19100000
- Grade
- 0.7
- Grade Unit
- g/t
- Contained Metal
- 0.4
- Contained Unit
- moz au
- Cutoff Grade
- 0.26
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2021-10-04
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2021-10-05T00:00:00.000Z
Dates
- Event date
- 2025-05-05T00:00:00.000Z
Reasoning: The Indicated Mineral Resource for Esperança Center, though historical, contributes to the project's overall resource base.
Positive factors
- Indicated resource category provides good confidence
Negative factors
- Estimate is historical (Oct 2021) and unchanged
Evidence · table
“0.4”
Context: Esperança Center
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.6 years before this release
inferredCastelo de Sonhos gold project · goldTonnes: 3300000Grade: 0.9Grade Unit: g/tContained Metal: 0.1Contained Unit: moz auHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Castelo de Sonhos gold project
- Commodity
- gold
- Region
- brazil
- Reported Region
- southern Pará State, Brazil
- Ticker
- TSG
Resource scope
- Estimate type
- resource
- Effective date
- 2021-10-04T00:00:00.000Z
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Porfirio Cabaleiro Rodriguez
- Resource group id
- resource:3283f65e87a4a9d04dfa
- Deposit or zone
- Esperança Center
Resource Data
- Category
- inferred
- Tonnes
- 3300000
- Grade
- 0.9
- Grade Unit
- g/t
- Contained Metal
- 0.1
- Contained Unit
- moz au
- Cutoff Grade
- 0.26
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2021-10-04
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2021-10-05T00:00:00.000Z
Dates
- Event date
- 2025-05-05T00:00:00.000Z
Reasoning: The Inferred Mineral Resource for Esperança Center, while contributing to the total resource, carries lower confidence due to its category and historical nature.
Negative factors
- Inferred resource category has lower confidence
- Estimate is historical (Oct 2021) and unchanged
Evidence · table
“0.1”
Context: Esperança Center
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.6 years before this release
indicatedCastelo de Sonhos gold project · goldTonnes: 53100000Grade: 1Grade Unit: g/tContained Metal: 1.8Contained Unit: moz auHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Castelo de Sonhos gold project
- Commodity
- gold
- Region
- brazil
- Reported Region
- southern Pará State, Brazil
- Ticker
- TSG
Resource scope
- Estimate type
- resource
- Effective date
- 2021-10-04T00:00:00.000Z
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Porfirio Cabaleiro Rodriguez
- Resource group id
- resource:a46444705d80cf4e972a
- Deposit or zone
- Project Total
Resource Data
- Category
- indicated
- Tonnes
- 53100000
- Grade
- 1
- Grade Unit
- g/t
- Contained Metal
- 1.8
- Contained Unit
- moz au
- Cutoff Grade
- 0.26
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2021-10-04
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2021-10-05T00:00:00.000Z
Dates
- Event date
- 2025-05-05T00:00:00.000Z
Reasoning: The total Indicated Mineral Resource for the project, though historical, represents a substantial gold endowment that underpins the economic study.
Positive factors
- Significant total Indicated resource provides confidence for project development
Negative factors
- Estimate is historical (Oct 2021) and unchanged
Evidence · table
“1.8”
Context: Project Total
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.6 years before this release
inferredCastelo de Sonhos gold project · goldTonnes: 26000000Grade: 0.9Grade Unit: g/tContained Metal: 0.7Contained Unit: moz auHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Castelo de Sonhos gold project
- Commodity
- gold
- Region
- brazil
- Reported Region
- southern Pará State, Brazil
- Ticker
- TSG
Resource scope
- Estimate type
- resource
- Effective date
- 2021-10-04T00:00:00.000Z
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Porfirio Cabaleiro Rodriguez
- Resource group id
- resource:dcc11a1a97052c77515f
- Deposit or zone
- Project Total
Resource Data
- Category
- inferred
- Tonnes
- 26000000
- Grade
- 0.9
- Grade Unit
- g/t
- Contained Metal
- 0.7
- Contained Unit
- moz au
- Cutoff Grade
- 0.26
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2021-10-04
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2021-10-05T00:00:00.000Z
Dates
- Event date
- 2025-05-05T00:00:00.000Z
Reasoning: The total Inferred Mineral Resource, while adding to the overall gold content, represents a less confident portion of the resource base and is historical.
Negative factors
- Significant portion of the total resource is Inferred, carrying lower confidence
- Estimate is historical (Oct 2021) and unchanged
Evidence · table
“0.7”
Context: Project Total
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.6 years before this release
probableCastelo de Sonhos gold project · goldTonnes: 24200000Grade: 1.28Grade Unit: g/tContained Metal: 0.99Contained Unit: moz auHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Castelo de Sonhos gold project
- Commodity
- gold
- Region
- brazil
- Reported Region
- southern Pará State, Brazil
- Ticker
- TSG
Resource scope
- Estimate type
- reserve
- Effective date
- 2021-10-04T00:00:00.000Z
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Guilherme Gomides Ferreira, P.Eng.
- Resource group id
- resource:0d8872e13044214ce028
- Deposit or zone
- Esperança South
- Mining method
- open_pit
Resource Data
- Category
- probable
- Tonnes
- 24200000
- Grade
- 1.28
- Grade Unit
- g/t
- Contained Metal
- 0.99
- Contained Unit
- moz au
- Cutoff Grade
- 0.26
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2021-10-04
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2021-10-05T00:00:00.000Z
Dates
- Event date
- 2025-05-05T00:00:00.000Z
Reasoning: The Probable Mineral Reserve for Esperança South, though historical, represents a significant portion of economically viable gold for the project.
Positive factors
- Probable Reserve category indicates economic viability
Negative factors
- Estimate is historical (Oct 2021) and unchanged
Evidence · table
“0.99”
Context: Esperança South
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.6 years before this release
probableCastelo de Sonhos gold project · goldTonnes: 3100000Grade: 0.82Grade Unit: g/tContained Metal: 0.08Contained Unit: moz auHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Castelo de Sonhos gold project
- Commodity
- gold
- Region
- brazil
- Reported Region
- southern Pará State, Brazil
- Ticker
- TSG
Resource scope
- Estimate type
- reserve
- Effective date
- 2021-10-04T00:00:00.000Z
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Guilherme Gomides Ferreira, P.Eng.
- Resource group id
- resource:206ff6af8053a02a03ff
- Deposit or zone
- Esperança East
- Mining method
- open_pit
Resource Data
- Category
- probable
- Tonnes
- 3100000
- Grade
- 0.82
- Grade Unit
- g/t
- Contained Metal
- 0.08
- Contained Unit
- moz au
- Cutoff Grade
- 0.26
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2021-10-04
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2021-10-05T00:00:00.000Z
Dates
- Event date
- 2025-05-05T00:00:00.000Z
Reasoning: The Probable Mineral Reserve for Esperança East, though smaller and historical, contributes to the project's economically viable gold.
Positive factors
- Probable Reserve category indicates economic viability
Negative factors
- Estimate is historical (Oct 2021) and unchanged
Evidence · table
“0.08”
Context: Esperança East
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.6 years before this release
probableCastelo de Sonhos gold project · goldTonnes: 11400000Grade: 0.78Grade Unit: g/tContained Metal: 0.29Contained Unit: moz auHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Castelo de Sonhos gold project
- Commodity
- gold
- Region
- brazil
- Reported Region
- southern Pará State, Brazil
- Ticker
- TSG
Resource scope
- Estimate type
- reserve
- Effective date
- 2021-10-04T00:00:00.000Z
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Guilherme Gomides Ferreira, P.Eng.
- Resource group id
- resource:558ba0e72954b2f3c2a8
- Deposit or zone
- Esperança Center
- Mining method
- open_pit
Resource Data
- Category
- probable
- Tonnes
- 11400000
- Grade
- 0.78
- Grade Unit
- g/t
- Contained Metal
- 0.29
- Contained Unit
- moz au
- Cutoff Grade
- 0.26
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2021-10-04
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2021-10-05T00:00:00.000Z
Dates
- Event date
- 2025-05-05T00:00:00.000Z
Reasoning: The Probable Mineral Reserve for Esperança Center, though historical, adds to the project's economically viable gold inventory.
Positive factors
- Probable Reserve category indicates economic viability
Negative factors
- Estimate is historical (Oct 2021) and unchanged
Evidence · table
“0.29”
Context: Esperança Center
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.6 years before this release
probableCastelo de Sonhos gold project · goldTonnes: 38700000Grade: 1.1Grade Unit: g/tContained Metal: 1.4Contained Unit: moz auHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Castelo de Sonhos gold project
- Commodity
- gold
- Region
- brazil
- Reported Region
- southern Pará State, Brazil
- Ticker
- TSG
Resource scope
- Estimate type
- reserve
- Effective date
- 2021-10-04T00:00:00.000Z
- Reporting standards
- ni_43_101, other
- QP Signed
- Yes
- Qualified person names
- Guilherme Gomides Ferreira, P.Eng.
- Resource group id
- resource:d74f4a1edbef4ec27fdd
- Deposit or zone
- Project Total
- Mining method
- open_pit
Resource Data
- Category
- probable
- Tonnes
- 38700000
- Grade
- 1.1
- Grade Unit
- g/t
- Contained Metal
- 1.4
- Contained Unit
- moz au
- Cutoff Grade
- 0.26
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2021-10-04
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2021-10-05T00:00:00.000Z
Dates
- Event date
- 2025-05-05T00:00:00.000Z
Reasoning: The total Probable Mineral Reserve for the project, though historical, represents a substantial and economically viable gold inventory that supports the updated economic study.
Positive factors
- Significant total Probable Reserve provides a strong basis for project development
Negative factors
- Estimate is historical (Oct 2021) and unchanged
Evidence · table
“1.4”
Context: Project Total
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.6 years before this release
Metallurgical Results (1)
mill_cilCastelo de Sonhos gold project · goldRecovery: 98 %View all detailsHide details
Identity
- Project
- Castelo de Sonhos gold project
- Commodity
- gold
- Region
- brazil
- Reported Region
- southern Pará State, Brazil
- Ticker
- TSG
Test Work
- Program Status
- detailed
- Test Type
- mill_cil
- Processing Route
- crushing, grinding, hybrid cyanidation and carbon in leach, carbon acid wash, pressure stripping, and thermal regeneration
Recovery
- Recovery
- 98 %
- Recovery Basis
- actual_test
Lab
- Laboratory
- undisclosed
- Consultant
- undisclosed
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-05-05T00:00:00.000Z
Reasoning: The study confirms a very high metallurgical recovery of 98% for gold using a conventional CIL flowsheet, which is a strong positive for project economics, although this is based on prior test work.
Positive factors
- Very high gold recovery (98%)
- Conventional and proven processing route
Evidence · text
“Based on the test work conducted this flowsheet is anticipated to result in a metallurgical recovery of 98% of the gold delivered to the plant.”
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the mill_cil signal
High Recoverypositive
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: 98% is at or above the exceptional band (95%)
Byproduct Commodityneutral
The tested commodity is a byproduct rather than the primary economic driver.
Why it applies: the release describes a byproduct credit
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.