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
- Pará State, Brazil
- Primary commodity
- Gold
- Secondary commodities
- None reported
- Document categories
- Resource update, Production, Other
- Extracted
- 2026-08-21 08:26:10 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
TriStar Gold announced an updated Pre-Feasibility Study for its Castelo de Sonhos gold project, reporting a post-tax NPV5% of US$603 million and an IRR of 40% at a US$2,200/oz gold price. The study incorporates updated costs and exchange rates, while the mineral resources and reserves remain unchanged from the 2021 PFS. Additionally, the company received a positive legal opinion confirming the validity and good standing of the project's permit.
Reasoning: TriStar Gold announced an updated Pre-Feasibility Study for its Castelo de Sonhos project, showing significantly improved economics with a post-tax NPV5% of US$603 million and an IRR of 40% at a US$2,200/oz gold price. The company also received a positive legal opinion confirming the validity of its permit, de-risking a key aspect of the project. While the resource and reserve estimates remain unchanged from 2021, the updated economics and permit clarity are highly positive developments.
Positive factors
- Significant increase in NPV and IRR compared to previous PFS
- Positive legal opinion on permit status, de-risking project
- High gold recovery of 98% anticipated
- QP sign-off on technical disclosure
Negative factors
- Mineral resource and reserve estimates are unchanged and based on 2021 data, indicating no new geological information
- Resource and reserve estimates are stale (effective date October 2021)
Facts used in scoring: 40
Classification and evidence
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The document provides an update to the Pre-Feasibility Study, including economic parameters and restating mineral resources and reserves.
Evidence · text
“TriStar Gold Updates Economics of PFS with After-Tax 40% IRR and US$603 Million NPV5 and Provides Update on Permit”
Permitting Milestonepositive · Story-specific tag
No canonical definition is currently available.
Why it applies: The company received a positive legal opinion on the status of its permit, confirming its validity and good standing.
Evidence · text
“The Company has received a positive legal opinion on status of the Castelo de Sonhos Permit, which remains valid and in good standing”
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: The technical disclosure for the Preliminary Feasibility Study was approved by Porfirio Cabaleiro Rodriguez, a Qualified Person.
Evidence · text
“Porfirio Cabaleiro Rodriguez (FAIG #3708), Director of GE21, is the Qualified Person, as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects , for the Preliminary Feasibility Study presented in this press release, is independent of the Company and has approved the technical disclosure in this press release.”
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The Preliminary Feasibility Study and Mineral Reserves are reported in accordance with National Instrument 43-101 and CIM Definition Standards.
Evidence · text
“Porfirio Cabaleiro Rodriguez (FAIG #3708), Director of GE21, is the Qualified Person, as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects”
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: The mineral resource and reserve estimates have an effective date of October 4, 2021, which is over two years old.
Evidence · text
“This mineral resource estimate remains unchanged as per the Company press release dated Oct 5, 2021”
High Recoverypositive · Story-specific tag
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: The anticipated gold recovery is 98%, which is exceptional for gold processing.
Evidence · table
“98”
Context: Gold Recovery
Mill Routeneutral · Story-specific tag
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: The process flowsheet includes whole-ore agitation leaching, hybrid cyanidation and carbon in leach (CIL).
Evidence · text
“The process flowsheet remains unchanged with whole-ore agitation leaching as the preferred process flowsheet for project development. The plant will be designed to treat 10,000 tpd through crushing, grinding, hybrid cyanidation and carbon in leach, carbon acid wash, pressure stripping, and thermal regeneration.”
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: The resource estimate is part of a Pre-Feasibility Study update.
Evidence · text
“TriStar Gold Updates Economics of PFS with After-Tax 40% IRR and US$603 Million NPV5”
Extracted facts
Stored fact records: 40. Some facts used in scoring do not have a stored record.
Resource Estimates (40)
Fact 1Castelo de SonhosView all detailsHide details
Identity
- Project
- Castelo de Sonhos
- Ticker
- TSG
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-05-05T00:00:00.000Z
Reasoning: The initial capital cost of US$296 million is a key economic parameter from the updated Pre-Feasibility Study, contributing to the overall project economics.
Positive factors
- Part of an updated PFS with improved economics
Evidence · table
“$296”
Context: Initial Capital (US$ million)
Fact 2Castelo de SonhosView all detailsHide details
Identity
- Project
- Castelo de Sonhos
- Ticker
- TSG
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-05-05T00:00:00.000Z
Reasoning: The updated base-case gold price of US$2,200/oz is a critical input for the improved project economics in the updated PFS.
Positive factors
- Reflects current market conditions and improved project economics
Evidence · table
“$2,200”
Context: Base-Case Gold Price (US$/oz)
Fact 3Castelo de SonhosView all detailsHide details
Identity
- Project
- Castelo de Sonhos
- Ticker
- TSG
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-05-05T00:00:00.000Z
Reasoning: The All-In Sustaining Cost (AISC) of US$1,111/oz is a key metric for project profitability, presented in the updated PFS.
Positive factors
- Provides clear cost guidance for the project
Evidence · table
“$1,111”
Context: AISC (US$/oz)
Fact 4Castelo de SonhosView all detailsHide details
Identity
- Project
- Castelo de Sonhos
- Ticker
- TSG
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-05-05T00:00:00.000Z
Reasoning: The updated exchange rate of 5.75 BRL to 1 US$ is an important economic assumption in the updated PFS, reflecting current currency valuations.
Positive factors
- Updated exchange rate provides more current economic assumptions
Evidence · table
“5.75”
Context: Exchange Rate (1 US$: BRL)
Fact 5Castelo de SonhosView all detailsHide details
Identity
- Project
- Castelo de Sonhos
- Ticker
- TSG
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-05-05T00:00:00.000Z
Reasoning: The after-tax NPV 5% of US$603 million is a substantial increase from the previous PFS, indicating a highly attractive project valuation.
Positive factors
- Significantly improved NPV compared to previous PFS
- Indicates strong project value
Evidence · table
“$603”
Context: After-Tax NPV 5% (US$ million)
Fact 6Castelo de SonhosView all detailsHide details
Identity
- Project
- Castelo de Sonhos
- Ticker
- TSG
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-05-05T00:00:00.000Z
Reasoning: The after-tax IRR of 40% represents a significant improvement over the previous PFS, highlighting the project's strong profitability and return potential.
Positive factors
- Significantly improved IRR compared to previous PFS
- Indicates strong project profitability
Evidence · table
“40%”
Context: Base Case After-Tax IRR (%)
Fact 7Castelo de SonhosHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Castelo de Sonhos
- Ticker
- TSG
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 initial capital cost from the 2021 PFS is provided for comparison but is historical and superseded by the current update.
Negative factors
- Historical data, superseded by current PFS update
Evidence · table
“$261”
Context: Initial Capital (US$ million)
Fact 8Castelo de SonhosHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Castelo de Sonhos
- Ticker
- TSG
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 base-case gold price from the 2021 PFS is provided for comparison but is historical and superseded by the current update.
Negative factors
- Historical data, superseded by current PFS update
Evidence · table
“$1,550”
Context: Base-Case Gold Price (US$/oz)
Fact 9Castelo de SonhosHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Castelo de Sonhos
- Ticker
- TSG
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 AISC from the 2021 PFS is provided for comparison but is historical and superseded by the current update.
Negative factors
- Historical data, superseded by current PFS update
Evidence · table
“$900”
Context: AISC (US$/oz)
Fact 10Castelo de SonhosHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Castelo de Sonhos
- Ticker
- TSG
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 exchange rate from the 2021 PFS is provided for comparison but is historical and superseded by the current update.
Negative factors
- Historical data, superseded by current PFS update
Evidence · table
“5.0”
Context: Exchange Rate (1 US$: BRL)
Fact 11Castelo de SonhosHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Castelo de Sonhos
- Ticker
- TSG
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 after-tax NPV 5% from the 2021 PFS is provided for comparison but is historical and superseded by the current update.
Negative factors
- Historical data, superseded by current PFS update
Evidence · table
“$321”
Context: After-Tax NPV 5% (US$ million)
Fact 12Castelo de SonhosHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Castelo de Sonhos
- Ticker
- TSG
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 after-tax IRR from the 2021 PFS is provided for comparison but is historical and superseded by the current update.
Negative factors
- Historical data, superseded by current PFS update
Evidence · table
“28%”
Context: Base Case After-Tax IRR (%)
Fact 13Castelo de SonhosView all detailsHide details
Identity
- Project
- Castelo de Sonhos
- Ticker
- TSG
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-05-05T00:00:00.000Z
Reasoning: The post-tax cash flow of US$934 million is a key economic outcome from the updated PFS, demonstrating significant project value.
Positive factors
- Indicates strong project cash generation
Evidence · table
“934”
Context: Cash flow
Fact 14Castelo de SonhosView all detailsHide details
Identity
- Project
- Castelo de Sonhos
- Ticker
- TSG
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-05-05T00:00:00.000Z
Reasoning: The post-tax NPV 10% of US$393 million further supports the project's robust economics under the updated PFS.
Positive factors
- Indicates strong project value at a higher discount rate
Evidence · table
“393”
Context: NPV 10%
Fact 15Castelo de SonhosView all detailsHide details
Identity
- Project
- Castelo de Sonhos
- Ticker
- TSG
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-05-05T00:00:00.000Z
Reasoning: The cash cost of US$1,080/oz is an important operating cost metric from the updated PFS.
Positive factors
- Provides clear cost guidance for the project
Evidence · table
“1,080”
Context: Cash Cost
Fact 16Castelo de Sonhos · goldView all detailsHide details
Identity
- Project
- Castelo de Sonhos
- Commodity
- gold
- Ticker
- TSG
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-05-05T00:00:00.000Z
Reasoning: The life of mine production of 1.33 Moz gold is a key output from the updated PFS, demonstrating the project's scale.
Positive factors
- Indicates significant life of mine production potential
Evidence · table
“1.33”
Context: Life of mine production
Fact 17Castelo de Sonhos · goldView all detailsHide details
Identity
- Project
- Castelo de Sonhos
- Commodity
- gold
- Ticker
- TSG
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-05-05T00:00:00.000Z
Reasoning: The average annual production of 121,000 oz gold is a key output from the updated PFS, demonstrating the project's production capacity.
Positive factors
- Indicates significant annual production potential
Evidence · table
“121,000”
Context: Average annual production
Fact 18Castelo de SonhosView all detailsHide details
Identity
- Project
- Castelo de Sonhos
- Ticker
- TSG
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-05-05T00:00:00.000Z
Reasoning: A payback period of 2.0 years is a strong indicator of the project's financial attractiveness and efficiency in capital recovery.
Positive factors
- Short payback period indicates rapid return on investment
Evidence · table
“2.0”
Context: Payback period (Mine life)
Fact 19Castelo de SonhosView all detailsHide details
Identity
- Project
- Castelo de Sonhos
- Ticker
- TSG
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-05-05T00:00:00.000Z
Reasoning: The process rate of 10,000 tpd is a key operating parameter for the project, defining its throughput capacity.
Positive factors
- Indicates a significant processing capacity for the project
Evidence · table
“10,000”
Context: Process rate
Fact 20Castelo de Sonhos · goldView all detailsHide details
Identity
- Project
- Castelo de Sonhos
- Commodity
- gold
- Ticker
- TSG
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-05-05T00:00:00.000Z
Reasoning: The average head grade of 1.1 g/t Au is a key operating parameter, indicating the average gold content of the ore processed.
Positive factors
- Average head grade is a good indicator of feed quality
Evidence · table
“1.1”
Context: Average head grade
Fact 21Castelo de Sonhos · goldView all detailsHide details
Identity
- Project
- Castelo de Sonhos
- Commodity
- gold
- Ticker
- TSG
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-05-05T00:00:00.000Z
Reasoning: The Phase 1 head grade of 1.3 g/t Au indicates a higher-grade start to the mine life, which is positive for early cash flow.
Positive factors
- Higher head grade in Phase 1 suggests strong initial production
Evidence · table
“1.3”
Context: Phase 1 head grade
Fact 22Castelo de Sonhos · goldView all detailsHide details
Identity
- Project
- Castelo de Sonhos
- Commodity
- gold
- Ticker
- TSG
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-05-05T00:00:00.000Z
Reasoning: The Phase 2 head grade of 0.8 g/t Au indicates a lower-grade feed later in the mine life, which is a common but notable operational detail.
Negative factors
- Lower head grade in Phase 2 suggests declining feed quality over time
Evidence · table
“0.8”
Context: Phase 2 head grade
Fact 23Castelo de Sonhos · goldView all detailsHide details
Identity
- Project
- Castelo de Sonhos
- Commodity
- gold
- Ticker
- TSG
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-05-05T00:00:00.000Z
Reasoning: An anticipated gold recovery of 98% is exceptionally high for gold processing, suggesting a very efficient metallurgical flowsheet.
Positive factors
- Exceptional gold recovery, indicating efficient processing
Evidence · table
“98”
Context: Gold Recovery
Fact 24Castelo de SonhosView all detailsHide details
Identity
- Project
- Castelo de Sonhos
- Ticker
- TSG
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-05-05T00:00:00.000Z
Reasoning: The mine operating cost of US$2.01/t moved is a key operational cost metric from the updated PFS.
Evidence · table
“2.01”
Context: Mine operating cost (owner operator)
Fact 25Castelo de SonhosView all detailsHide details
Identity
- Project
- Castelo de Sonhos
- Ticker
- TSG
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-05-05T00:00:00.000Z
Reasoning: The process operating cost of US$11.10/t processed is a key operational cost metric from the updated PFS.
Evidence · table
“11.10”
Context: Process operating cost
Fact 26Castelo de SonhosView all detailsHide details
Identity
- Project
- Castelo de Sonhos
- Ticker
- TSG
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-05-05T00:00:00.000Z
Reasoning: The G&A cost of US$1.70/t processed is a key operational cost metric from the updated PFS.
Evidence · table
“1.70”
Context: G&A
Fact 27Castelo de SonhosView all detailsHide details
Identity
- Project
- Castelo de Sonhos
- Ticker
- TSG
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-05-05T00:00:00.000Z
Reasoning: The life of mine strip ratio of 9:1 is a key operational parameter for open pit mining, indicating the amount of waste to be moved per tonne of ore.
Evidence · table
“9 : 1”
Context: LOM strip ratio
indicatedCastelo de Sonhos · goldTonnes: 29000000Grade: 1.3Grade Unit: g/t AuContained Metal: 1.2Contained Unit: Moz AuHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Castelo de Sonhos
- Commodity
- gold
- Region
- brazil
- Reported Region
- Pará State, Brazil
- Ticker
- TSG
Resource Data
- Category
- indicated
- Tonnes
- 29000000
- Grade
- 1.3
- Grade Unit
- g/t Au
- Contained Metal
- 1.2
- Contained Unit
- Moz Au
- Cutoff Grade
- 0.26
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: This Indicated resource for Esperança South is a significant component of the overall resource, but it is historical and has not been updated in this release.
Positive factors
- Indicated category provides reasonable geological confidence
Negative factors
- Estimate is historical and unchanged from 2021
- Effective date is stale
Evidence · table
“29.0”
Context: Esperança South
inferredCastelo de Sonhos · goldTonnes: 10000000Grade: 1.2Grade Unit: g/t AuContained Metal: 0.4Contained Unit: Moz AuHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Castelo de Sonhos
- Commodity
- gold
- Region
- brazil
- Reported Region
- Pará State, Brazil
- Ticker
- TSG
Resource Data
- Category
- inferred
- Tonnes
- 10000000
- Grade
- 1.2
- Grade Unit
- g/t Au
- Contained Metal
- 0.4
- Contained Unit
- Moz Au
- Cutoff Grade
- 0.26
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: This Inferred resource for Esperança South is part of the overall resource but is historical and has not been updated, carrying lower confidence due to its category.
Negative factors
- Estimate is historical and unchanged from 2021
- Effective date is stale
- Inferred category has lower geological confidence
Evidence · table
“10.0”
Context: Esperança South
indicatedCastelo de Sonhos · goldTonnes: 5000000Grade: 0.8Grade Unit: g/t AuContained Metal: 0.1Contained Unit: Moz AuHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Castelo de Sonhos
- Commodity
- gold
- Region
- brazil
- Reported Region
- Pará State, Brazil
- Ticker
- TSG
Resource Data
- Category
- indicated
- Tonnes
- 5000000
- Grade
- 0.8
- Grade Unit
- g/t Au
- Contained Metal
- 0.1
- Contained Unit
- Moz Au
- Cutoff Grade
- 0.26
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: This Indicated resource for Esperança East is a smaller component of the overall resource, historical and unchanged from 2021.
Positive factors
- Indicated category provides reasonable geological confidence
Negative factors
- Estimate is historical and unchanged from 2021
- Effective date is stale
Evidence · table
“5.0”
Context: Esperança East
inferredCastelo de Sonhos · goldTonnes: 12800000Grade: 0.7Grade Unit: g/t AuContained Metal: 0.3Contained Unit: Moz AuHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Castelo de Sonhos
- Commodity
- gold
- Region
- brazil
- Reported Region
- Pará State, Brazil
- Ticker
- TSG
Resource Data
- Category
- inferred
- Tonnes
- 12800000
- Grade
- 0.7
- Grade Unit
- g/t Au
- Contained Metal
- 0.3
- Contained Unit
- Moz Au
- Cutoff Grade
- 0.26
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: This Inferred resource for Esperança East is historical and unchanged, contributing to the overall resource with lower confidence.
Negative factors
- Estimate is historical and unchanged from 2021
- Effective date is stale
- Inferred category has lower geological confidence
Evidence · table
“12.8”
Context: Esperança East
indicatedCastelo de Sonhos · goldTonnes: 19100000Grade: 0.7Grade Unit: g/t AuContained Metal: 0.4Contained Unit: Moz AuHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Castelo de Sonhos
- Commodity
- gold
- Region
- brazil
- Reported Region
- Pará State, Brazil
- Ticker
- TSG
Resource Data
- Category
- indicated
- Tonnes
- 19100000
- Grade
- 0.7
- Grade Unit
- g/t Au
- Contained Metal
- 0.4
- Contained Unit
- Moz Au
- Cutoff Grade
- 0.26
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: This Indicated resource for Esperança Center is historical and unchanged, contributing to the overall resource.
Positive factors
- Indicated category provides reasonable geological confidence
Negative factors
- Estimate is historical and unchanged from 2021
- Effective date is stale
Evidence · table
“19.1”
Context: Esperança Center
inferredCastelo de Sonhos · goldTonnes: 3300000Grade: 0.9Grade Unit: g/t AuContained Metal: 0.1Contained Unit: Moz AuHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Castelo de Sonhos
- Commodity
- gold
- Region
- brazil
- Reported Region
- Pará State, Brazil
- Ticker
- TSG
Resource Data
- Category
- inferred
- Tonnes
- 3300000
- Grade
- 0.9
- Grade Unit
- g/t Au
- Contained Metal
- 0.1
- Contained Unit
- Moz Au
- Cutoff Grade
- 0.26
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: This Inferred resource for Esperança Center is historical and unchanged, contributing a smaller, lower-confidence portion to the total.
Negative factors
- Estimate is historical and unchanged from 2021
- Effective date is stale
- Inferred category has lower geological confidence
Evidence · table
“3.3”
Context: Esperança Center
indicatedCastelo de Sonhos · goldTonnes: 53100000Grade: 1Grade Unit: g/t AuContained Metal: 1.8Contained Unit: Moz AuHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Castelo de Sonhos
- Commodity
- gold
- Region
- brazil
- Reported Region
- Pará State, Brazil
- Ticker
- TSG
Resource Data
- Category
- indicated
- Tonnes
- 53100000
- Grade
- 1
- Grade Unit
- g/t Au
- Contained Metal
- 1.8
- Contained Unit
- Moz Au
- Cutoff Grade
- 0.26
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 resource of 1.8 Moz gold is a substantial component of the project, but it is historical and unchanged from 2021.
Positive factors
- Significant Indicated resource provides a solid base for economic studies
Negative factors
- Estimate is historical and unchanged from 2021
- Effective date is stale
Evidence · table
“53.1”
Context: Project Total
inferredCastelo de Sonhos · goldTonnes: 26000000Grade: 0.9Grade Unit: g/t AuContained Metal: 0.7Contained Unit: Moz AuHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Castelo de Sonhos
- Commodity
- gold
- Region
- brazil
- Reported Region
- Pará State, Brazil
- Ticker
- TSG
Resource Data
- Category
- inferred
- Tonnes
- 26000000
- Grade
- 0.9
- Grade Unit
- g/t Au
- Contained Metal
- 0.7
- Contained Unit
- Moz Au
- Cutoff Grade
- 0.26
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 resource of 0.7 Moz gold is historical and unchanged, representing a lower-confidence portion of the overall resource.
Negative factors
- Estimate is historical and unchanged from 2021
- Effective date is stale
- Inferred category has lower geological confidence
Evidence · table
“26.0”
Context: Project Total
probableCastelo de Sonhos · goldTonnes: 24200000Grade: 1.28Grade Unit: g/t AuContained Metal: 0.99Contained Unit: Moz AuHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Castelo de Sonhos
- Commodity
- gold
- Region
- brazil
- Reported Region
- Pará State, Brazil
- Ticker
- TSG
Resource Data
- Category
- probable
- Tonnes
- 24200000
- Grade
- 1.28
- Grade Unit
- g/t Au
- Contained Metal
- 0.99
- Contained Unit
- Moz Au
- Cutoff Grade
- 0.26
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: This Probable reserve for Esperança South is a significant portion of the project's economic inventory, but it is historical and unchanged from 2021.
Positive factors
- Probable reserve indicates demonstrated economic viability
Negative factors
- Estimate is historical and unchanged from 2021
- Effective date is stale
Evidence · table
“24.2”
Context: Esperança South
probableCastelo de Sonhos · goldTonnes: 3100000Grade: 0.82Grade Unit: g/t AuContained Metal: 0.08Contained Unit: Moz AuHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Castelo de Sonhos
- Commodity
- gold
- Region
- brazil
- Reported Region
- Pará State, Brazil
- Ticker
- TSG
Resource Data
- Category
- probable
- Tonnes
- 3100000
- Grade
- 0.82
- Grade Unit
- g/t Au
- Contained Metal
- 0.08
- Contained Unit
- Moz Au
- Cutoff Grade
- 0.26
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: This Probable reserve for Esperança East is a smaller component of the project's economic inventory, historical and unchanged from 2021.
Positive factors
- Probable reserve indicates demonstrated economic viability
Negative factors
- Estimate is historical and unchanged from 2021
- Effective date is stale
Evidence · table
“3.1”
Context: Esperança East
probableCastelo de Sonhos · goldTonnes: 11400000Grade: 0.78Grade Unit: g/t AuContained Metal: 0.29Contained Unit: Moz AuHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Castelo de Sonhos
- Commodity
- gold
- Region
- brazil
- Reported Region
- Pará State, Brazil
- Ticker
- TSG
Resource Data
- Category
- probable
- Tonnes
- 11400000
- Grade
- 0.78
- Grade Unit
- g/t Au
- Contained Metal
- 0.29
- Contained Unit
- Moz Au
- Cutoff Grade
- 0.26
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: This Probable reserve for Esperança Center is historical and unchanged, contributing to the project's economic inventory.
Positive factors
- Probable reserve indicates demonstrated economic viability
Negative factors
- Estimate is historical and unchanged from 2021
- Effective date is stale
Evidence · table
“11.4”
Context: Esperança Center
probableCastelo de Sonhos · goldTonnes: 38700000Grade: 1.1Grade Unit: g/t AuContained Metal: 1.4Contained Unit: Moz AuHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Castelo de Sonhos
- Commodity
- gold
- Region
- brazil
- Reported Region
- Pará State, Brazil
- Ticker
- TSG
Resource Data
- Category
- probable
- Tonnes
- 38700000
- Grade
- 1.1
- Grade Unit
- g/t Au
- Contained Metal
- 1.4
- Contained Unit
- Moz Au
- Cutoff Grade
- 0.26
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 reserve of 1.4 Moz gold is a substantial economic inventory for the project, but it is historical and unchanged from 2021.
Positive factors
- Significant total Probable reserve indicates strong economic viability
Negative factors
- Estimate is historical and unchanged from 2021
- Effective date is stale
Evidence · table
“38.7”
Context: Project Total
Fact 40Castelo de SonhosView all detailsHide details
Identity
- Project
- Castelo de Sonhos
- Region
- brazil
- Reported Region
- Pará State, Brazil
- Ticker
- TSG
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2025-05-05T00:00:00.000Z
Reasoning: The positive legal opinion on the Castelo de Sonhos permit significantly de-risks the project by confirming its validity and addressing concerns regarding Indigenous lands and regulatory recommendations.
Positive factors
- Permit confirmed valid and in good standing
- Legal opinion supports non-interference with Indigenous lands
- EIA deemed complete and adequate
- MPF recommendations noted as non-binding
Evidence · text
“The Company has received a positive legal opinion on status of the Castelo de Sonhos Permit, which remains valid and in good standing”
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.