TriStar Gold Corporate Presentation - June 2025
- 1. 1 Tristar Gold | TSXV: TSG | OTCQB: TSGZF www.tristargold.com TSXV: TSG | OTCQB: TSGZF DEVELOPING GOLD DELIVERING VALUE Corporate Presentation I June 2025
- 2. 2 Tristar Gold | TSXV: TSG | OTCQB: TSGZF Tristar Gold | TSXV: TSG | OTCQB: TSGZF DISCLAIMERS Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this presentation. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Certain statements contained in this presentation may constitute forward-looking statements under Canadian securities legislation which are not historical facts and are made pursuant to the "safe harbour" provisions under the United States Private Securities Litigation Reform Act of 1995. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "expects" or "it is expected", or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward looking statements in this press release include all estimates from the PFS such as the cash flow, IRR, NPVs, cash cost, AISC, initial capital, life of mine production, average annual production and payback period time. Such forward-looking statements are based upon the Company's reasonable expectations and business plan at the date hereof, which are subject to change depending on economic, political and competitive circumstances and contingencies. Readers are cautioned that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause a change in such assumptions and the actual outcomes and estimates to be materially different from those estimated or anticipated future results, achievements or position expressed or implied by those forward-looking statements. Risks, uncertainties and other factors that could cause the Company's plans to change include changes in demand for and price of gold and other commodities (such as fuel and electricity) and currencies; changes or disruptions in the securities markets; legislative, political or economic developments in Brazil; the need to obtain permits and comply with laws and regulations and other regulatory requirements; the possibility that actual results of work may differ from projections/expectations or may not realize the perceived potential of the Company's projects; risks of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in development programs; operating or technical difficulties in connection with exploration, mining or development activities; the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of reserves and resources; and the risks involved in the exploration, development and mining business. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Notes: Estimated All In Sustaining Costs per ounce of gold produced is a Non-GAAP measure that is equal to the total of site mining costs, site and corporate G&A costs, royalties and production taxes, realized gains/losses on hedging transactions, community and permitting costs relating to current operations, refining costs, site based non-cash remuneration, inventory write-downs, stripping costs, byproduct credits, reclamation costs, and sustaining costs related to exploration and studies, capital exploration, capitalized stripping and underground mine development, and capital expenditures, divided by the estimated total ounces of gold produced during the life of the mine. Cash costs per ounce of gold produced is also a non-GAAP financial measure and is equal to on-site mining and processing costs, on-site general and administration costs, realized gains and losses on hedges due to operating costs, community and permitting costs related to current operations, third party refining and transportation costs, non-cash site remuneration costs, stripping costs, stockpile and inventory write-downs, exploration costs related to current operations and by-product credits all divided by ounces of gold cost produced. Guilherme Gomides Ferreira MAIG of GE21, a qualified person as defined in National Instrument 43-101 has reviewed and approved the technical information contained in this presentation and approves its publication. 1 Please see Technical Report titled ‘Castelo de Sonhos Project, Pre-Feasibility Study’ by Leonardo de Moraes Soares – MAIG, Guilherme Gomides – MAIG, Ricardo Reis de Paula – MAIG, Porfirio Cabaleiro – FAIG, Andries Jacobus Strauss – Pr.Eng. ECSA, and Martin Paul Boland – CGeol. GSL effective October 4, 2021. Please see also the Company’s May 5, 2025 press release titled ”TriStar Gold Updates Economics of PFS with After-Tax 40% IRR and US$603 Million NPV5 and Provides Update on Permit” for additional details on the 2025 prefeasibility study update.
- 3. 3 Tristar Gold | TSXV: TSG | OTCQB: TSGZF BRAZIL’S NEXT MAJOR GOLD MINE ✓ Development Hotspot – Brazil • G Mining Ventures; Pará State • Tocantinzinho, commercial production Sept 2024 • Hochschild Mining; Goiás State • Mara Rosa, commercial production May 2024 • Ero Copper; Pará State • Tucumã, first production July 2024 • Aura Minerals; Tocantins and Rio Grande do Norte • Almas, production Q2 2023 • Borborema, ramp up March 2025 3 Tristar Gold | TSXV: TSG | OTCQB: TSGZF GOLD MINES IN BRAZIL
- 4. 4 Tristar Gold | TSXV: TSG | OTCQB: TSGZF CASTELO DE SONHOS DEVELOPMENT THE PROJECT • Large resource1: • 1.8Moz Indicated plus 0.7Moz inferred • Investments from Royal Gold (Aug 2019) and Auramet (Apr 2022) ADVANCING TO CONSTRUCTION • May 2025 PFS Update (after tax)1: • $2,200 gold • IRR 40% • NPV5 $603M • $3,200 gold • IRR 72% • NPV5 $1,353M STRAIGHTFORWARD MINING • Mineralization at surface • 98% gold recovery • Environmentally clean • No sulphides SIGNIFICANT UPSIDE • Resource open on strike and at depth • ~19km of mineralized conglomerate reef at the site
- 5. 5 Tristar Gold | TSXV: TSG | OTCQB: TSGZF Permitted multi-million- ounce deposit Social License Environmental Viability 2025 PFS: 1.4Moz Strong Economics 2022 Auramet Investment 2019 Royal Gold Investment 2024 LP Permit Approved CASTLE OF DREAMS 5 Tristar Gold | TSXV: TSG | OTCQB: TSGZF
- 6. 6 Tristar Gold | TSXV: TSG | OTCQB: TSGZF 40% $2,200 Gold 72% $3,200 Gold 1.4M Ounces Current Gold reserves 121koz/yr LOM annual production over 11-yr mine life 146koz/yr Esperança South, year 1-6 US$296M Initial capital Incl. 20% contingency $1,111/oz AISC IRR Post-Tax COMPELLING ECONOMICS Updated PFS Base Case: $2,200 Gold Tristar Gold | TSXV: TSG | OTCQB: TSGZF US$603M $2,200 Gold 2 Years $2,200 Gold NPV5% Post-Tax US1,353$M $3,200 Gold Please footnote 1 on Slide 2 for Disclosure Payback Post-Tax
- 7. 7 Tristar Gold | TSXV: TSG | OTCQB: TSGZF A base case gold price of $2,200 has been used and a fixed exchange ratio of BRL5.75 (5.75 Brazilian Reals) to US$1 UPDATED PFS ECONOMIC RESULTS Notes: Notes: Estimated All In Sustaining Costs per ounce of gold produced is a Non-GAAP measure that is equal the total of site mining costs, site and corporate G&A costs, royalties and production taxes, realized gains/losses on hedging transactions, community and permitting costs relating to current operations, refining costs, site based non-cash remuneration, inventory write-downs, stripping costs, byproduct credits, reclamation costs, and sustaining costs related to exploration and studies, capital exploration, capitalized stripping and underground mine development, and capital expenditures, divided by the estimated total ounces of gold produced during the life of the mine. Parameter Unit Pre-Tax Post-Tax Cash Flow US$ millions 1,123 934 IRR % 46 40 NPV 5% US$ millions 736 603 NPV 10% US$ millions 491 393 Cash Cost US$/oz 1,080 AISC US$/oz 1,111 Process Rate tpd 10,000 Life of Mine Production Moz. gold 1.3 Average Annual Production oz. gold 121,000 Payback Period (Mine Life) Years 2.0 2025 PFS Update • Reviewed and updated all project operating and capital costs • Economic analyses carried out based on the resources and reserves that are still considered current • Updated economics using US$2,200 gold and fixed 5.75 BRL: 1 USD exchange ratio • 2025 PFS Study Update now replaces 2021 PFS Please footnote 1 on Slide 2 for Disclosure
- 8. 8 Tristar Gold | TSXV: TSG | OTCQB: TSGZF $34 $173 $393 $559 $696 $834 $999 $1,165 $1,385 $0 $500 $1,000 $1,500 1,550 1,800 2,200 2,500 2,750 3,000 3,300 3,600 4,000 US$ Millions Gold Price (US$/oz) NPV10 (%) 13.2% 24.5% 39.8% 50.1% 58% 65.7% 74.5% 82.9% 93.6% 0% 20% 40% 60% 80% 100% $1,550 $1,800 $2,200 $2,500 $2,750 $3,000 $3,300 $3,600 $4,000 Gold Price (US$/oz) IRR (%) STRONG LEVERAGE TO GOLD PRICES UPDATED PFS SENSITIVITY TO GOLD PRICES Please footnote 1 on Slide 2 for Disclosure Updated study shows an after-tax IRR increase from 40% at the base case of US$2,200 gold to 72% at US$3,200 gold with an increasing gold price >$3,300 Spot (Jun2025) >$3,300 Spot (Jun2025)
- 9. 9 Tristar Gold | TSXV: TSG | OTCQB: TSGZF PFS PRODUCTION & PROPOSED LAYOUT TWO-PHASE MINING • Years 1-6, the higher grade Esperança South deposit • Years 7-11, the Esperança East and Center deposits PROCESS DESIGN • 3.6Mtpa plant: CIL • Feed grades: • 1.3 g/t gold in Phase 1, • 0.8 g/t gold in Phase 2 • 98% gold recovery Please footnote 1 on Slide 2 for Disclosure
- 10. 10 Tristar Gold | TSXV: TSG | OTCQB: TSGZF Chairman & Director Mark Jones III NEAR-MINE UPSIDE POTENTIAL Down – dip extensional potential: Needs to be tested with a “what if” analysis and optimisation sensitivity work to focus drilling 1 Extensions between scheduled pits: E.g. Esperanca South (ES) 2 Higher grade paleochannels have been identified and mapped: to be used for focused drilling down dip of ES and Arrias Strike extension potential: to the south and north of Esperanca South 4 3
- 11. 11 Tristar Gold | TSXV: TSG | OTCQB: TSGZF MANAGEMENT & BOARD NICK APPLEYARD Over 25 years international experience in precious metals. He has managed exploration, and development in North and South America. PRESIDENT, CEO, DIRECTOR ROD MCKEEN Over 35 years of legal experience acting for Canadian public companies with an international focus. LEAD DIRECTOR MARCUS BREWSTER Geologist and mining engineer who has specific experience in both technical and managerial positions operating large scale paleoplacer gold mines DIRECTOR MARK ISTO Retired from the role of EVP and COO for Royal Gold, has 38 yrs experience in mining engineering, mine management, and project development on a regional and global basis. DIRECTOR JESSICA VAN DEN AKKER Chartered Professional Accountant (CA) with 15 years' experience in the resource sector. Experience through Canadian audit firm providing reporting and accounting services CARLOS VILHENA Holds LLM degree in Natural Resources Law from the Centre for Energy, Petroleum, and Mineral Law and Policy at University of Dundee, Scotland and LLB in Law from University of Brasilia Law School DIRECTOR DIRECTOR ERIC ZAUNSCHERB Geologist with over 32 years, and six cycles, of experience as a mining analyst. Most recently served as Managing Director, Research – Metals & Mining Analyst at Canaccord Genuity DIRECTOR
- 12. 12 Tristar Gold | TSXV: TSG | OTCQB: TSGZF Involved & Invested BOARD OF DIRECTORS Our Closest Community ESPERANÇA IV Currently Being Rebuilt ESPERANÇA IV SCHOOL Important To All Of Us LOCAL FLORA & FAUNA Neighbors Are Always Welcome A VISIT FROM LOCAL CYCLISTS They Are The Future Of The Region EDUCATING THE NEXT GENERATION Keeping People & Nature Healthy DELIVERING PLANTS ESG LEADERSHIP FOCUS ON HEALTH, EDUCATION, & ENVIRONMENT
- 13. 13 Tristar Gold | TSXV: TSG | OTCQB: TSGZF Market Capitalization Retail Insiders Institutions – Auramet, US Global, Konwave, Eric Sprott 61% 5% 35% C$51 million Cash ~C$10 million Share Price C$0.175 52-Week Range C$0.09 – 0.24 Shares Issued 352 million Fully Diluted Shares 406.2 million Stock Options 10.3 million Warrants 43.9 million CAPITAL STRUCTURE *As of June 2, 2025 Tristar Gold | TSXV: TSG | OTCQB: TSGZF $0.00 $0.05 $0.10 $0.15 $0.20 $0.25 3/Jun/24 3/Aug/24 3/Oct/24 3/Dec/24 3/Feb/25 3/Apr/25
- 14. 14 Tristar Gold | TSXV: TSG | OTCQB: TSGZF Region INDICATED CATEGORY INFERRED CATEGORY Tonnes (Mt) Grade (g/t Au) Ounces (Moz) Tonnes (Mt) Grade (g/t Au) Ounces (Moz) Esperança South 29.0 1.3 1.2 10.0 1.2 0.4 Esperança East 5.0 0.8 0.1 12.8 0.7 0.3 Esperança Center 19.1 0.7 0.4 3.3 0.9 0.1 PROJECT TOTAL 53.1 1.0 1.8 26.0 0.9 0.7 Region Tonnes (Mt) Grade (g/t Au) Ounces (Moz) Esperança South 24.2 1.3 1.0 Esperança East 3.1 0.8 0.1 Esperança Center 11.4 0.8 0.3 PROBABLE RESERVES 38.7 1.1 1.4 MINERAL RESERVES All Probable Classification MINERAL RESOURCES Inclusive of Reserves Further details available in the October 5th 2021 press release entitled “TriStar Gold Announces Positive PFS with 1.4 Moz Gold Reserves and pre-tax 33% IRR and $400 million NPV” 14 Tristar Gold | TSXV: TSG | OTCQB: TSGZF
- 15. 15 Tristar Gold | TSXV: TSG | OTCQB: TSGZF www.tristargold.com TSXV: TSG | OTCQB: TSGZF SCOTTSDALE OFFICE: +1 (480) 794-1244 [email protected] www.tristargold.com Nick Appleyard I Scott Brunsdon I President & CEO CFO