# TriStar Gold Updates Economics of PFS with After-Tax 40% IRR and US$603 Million NPV5 and Provides Update on Permit Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/tristar-gold-updates-economics-of-pfs-with-after-tax-40-irr-and-us-603-million-n--1f235dd3-ea62-4af9-9ab3-444bea215f2b Original source: https://money.tmx.com/en/quote/TSG/news/6619848942630345/tristar-gold-updates-economics-of-pfs-with-after-tax-40-irr-and-us-603-million-n Publisher: tmx Original announcement: 2025-05-05T11:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - 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 Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas 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 factor: Significant increase in NPV and IRR compared to prior study - Positive factor: Robust economics at current gold prices - Positive factor: Positive permit update - Positive factor: High gold recovery - Positive factor: Low payback period - Negative factor: Mineral resource and reserve estimates are historical and unchanged Facts used in scoring: 16 ## Classification and evidence **Mill Route** Polarity: neutral Definition: 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) ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/tristar-gold-updates-economics-of-pfs-with-after-tax-40-irr-and-us-603-million-n--1f235dd3-ea62-4af9-9ab3-444bea215f2b#fact-resource-facts-4) Castelo de Sonhos gold project · gold Historical result Needs review: historical\_restatement #### 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 factor: Indicated resource category provides good confidence - Negative factor: Estimate is historical \(Oct 2021\) and unchanged Evidence · table > 1.2 Context: Esperança South #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 Estimate** Polarity: negative Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/tristar-gold-updates-economics-of-pfs-with-after-tax-40-irr-and-us-603-million-n--1f235dd3-ea62-4af9-9ab3-444bea215f2b#fact-resource-facts-5) Castelo de Sonhos gold project · gold Historical result Needs review: historical\_restatement #### 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 factor: Inferred resource category has lower confidence - Negative factor: Estimate is historical \(Oct 2021\) and unchanged Evidence · table > 0.4 Context: Esperança South #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 Estimate** Polarity: negative Definition: 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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/tristar-gold-updates-economics-of-pfs-with-after-tax-40-irr-and-us-603-million-n--1f235dd3-ea62-4af9-9ab3-444bea215f2b#fact-resource-facts-6) Castelo de Sonhos gold project · gold Historical result Needs review: historical\_restatement #### 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 factor: Indicated resource category provides good confidence - Negative factor: Estimate is historical \(Oct 2021\) and unchanged Evidence · table > 0.1 Context: Esperança East #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 Estimate** Polarity: negative Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/tristar-gold-updates-economics-of-pfs-with-after-tax-40-irr-and-us-603-million-n--1f235dd3-ea62-4af9-9ab3-444bea215f2b#fact-resource-facts-7) Castelo de Sonhos gold project · gold Historical result Needs review: historical\_restatement #### 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 factor: Inferred resource category has lower confidence - Negative factor: Estimate is historical \(Oct 2021\) and unchanged Evidence · table > 0.3 Context: Esperança East #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 Estimate** Polarity: negative Definition: 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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/tristar-gold-updates-economics-of-pfs-with-after-tax-40-irr-and-us-603-million-n--1f235dd3-ea62-4af9-9ab3-444bea215f2b#fact-resource-facts-8) Castelo de Sonhos gold project · gold Historical result Needs review: historical\_restatement #### 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 factor: Indicated resource category provides good confidence - Negative factor: Estimate is historical \(Oct 2021\) and unchanged Evidence · table > 0.4 Context: Esperança Center #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 Estimate** Polarity: negative Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/tristar-gold-updates-economics-of-pfs-with-after-tax-40-irr-and-us-603-million-n--1f235dd3-ea62-4af9-9ab3-444bea215f2b#fact-resource-facts-9) Castelo de Sonhos gold project · gold Historical result Needs review: historical\_restatement #### 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 factor: Inferred resource category has lower confidence - Negative factor: Estimate is historical \(Oct 2021\) and unchanged Evidence · table > 0.1 Context: Esperança Center #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 Estimate** Polarity: negative Definition: 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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/tristar-gold-updates-economics-of-pfs-with-after-tax-40-irr-and-us-603-million-n--1f235dd3-ea62-4af9-9ab3-444bea215f2b#fact-resource-facts-10) Castelo de Sonhos gold project · gold Historical result Needs review: historical\_restatement #### 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 factor: Significant total Indicated resource provides confidence for project development - Negative factor: Estimate is historical \(Oct 2021\) and unchanged Evidence · table > 1.8 Context: Project Total #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 Estimate** Polarity: negative Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/tristar-gold-updates-economics-of-pfs-with-after-tax-40-irr-and-us-603-million-n--1f235dd3-ea62-4af9-9ab3-444bea215f2b#fact-resource-facts-11) Castelo de Sonhos gold project · gold Historical result Needs review: historical\_restatement #### 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 factor: Significant portion of the total resource is Inferred, carrying lower confidence - Negative factor: Estimate is historical \(Oct 2021\) and unchanged Evidence · table > 0.7 Context: Project Total #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 Estimate** Polarity: negative Definition: 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 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/tristar-gold-updates-economics-of-pfs-with-after-tax-40-irr-and-us-603-million-n--1f235dd3-ea62-4af9-9ab3-444bea215f2b#fact-resource-facts-12) Castelo de Sonhos gold project · gold Historical result Needs review: historical\_restatement #### 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 factor: Probable Reserve category indicates economic viability - Negative factor: Estimate is historical \(Oct 2021\) and unchanged Evidence · table > 0.99 Context: Esperança South #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 Estimate** Polarity: negative Definition: 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 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/tristar-gold-updates-economics-of-pfs-with-after-tax-40-irr-and-us-603-million-n--1f235dd3-ea62-4af9-9ab3-444bea215f2b#fact-resource-facts-13) Castelo de Sonhos gold project · gold Historical result Needs review: historical\_restatement #### 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 factor: Probable Reserve category indicates economic viability - Negative factor: Estimate is historical \(Oct 2021\) and unchanged Evidence · table > 0.08 Context: Esperança East #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 Estimate** Polarity: negative Definition: 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 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/tristar-gold-updates-economics-of-pfs-with-after-tax-40-irr-and-us-603-million-n--1f235dd3-ea62-4af9-9ab3-444bea215f2b#fact-resource-facts-14) Castelo de Sonhos gold project · gold Historical result Needs review: historical\_restatement #### 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 factor: Probable Reserve category indicates economic viability - Negative factor: Estimate is historical \(Oct 2021\) and unchanged Evidence · table > 0.29 Context: Esperança Center #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 Estimate** Polarity: negative Definition: 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 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/tristar-gold-updates-economics-of-pfs-with-after-tax-40-irr-and-us-603-million-n--1f235dd3-ea62-4af9-9ab3-444bea215f2b#fact-resource-facts-15) Castelo de Sonhos gold project · gold Historical result Needs review: historical\_restatement #### 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 factor: Significant total Probable Reserve provides a strong basis for project development - Negative factor: Estimate is historical \(Oct 2021\) and unchanged Evidence · table > 1.4 Context: Project Total #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 Estimate** Polarity: negative Definition: 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\_cil [Link to this fact](https://atlas-extractions.minestarters.com/news/tristar-gold-updates-economics-of-pfs-with-after-tax-40-irr-and-us-603-million-n--1f235dd3-ea62-4af9-9ab3-444bea215f2b#fact-metallurgical-facts-3) Castelo de Sonhos gold project · gold #### 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 factor: Very high gold recovery \(98%\) - Positive factor: 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 Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the mill\_cil signal **High Recovery** Polarity: positive Definition: 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 Commodity** Polarity: neutral Definition: 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.