# 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-staging.minestarters.com/news/tristar-gold-updates-economics-of-pfs-with-after-tax-40-irr-and-us-603-million-n--f9799fcb-f05b-4baf-aa9a-bdebb756d2f5

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: Pará State, Brazil

- Primary commodity: Gold

- Secondary commodities: None reported

- Document categories: Resource update, Production, Other

- Extracted: 2026-08-21 08:26:10 UTC

Narrative sentiment: 0.80 · Bullish

## Minestarters Atlas 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 factor: Significant increase in NPV and IRR compared to previous PFS

- Positive factor: Positive legal opinion on permit status, de-risking project

- Positive factor: High gold recovery of 98% anticipated

- Positive factor: QP sign-off on technical disclosure

- Negative factor: Mineral resource and reserve estimates are unchanged and based on 2021 data, indicating no new geological information

- Negative factor: Resource and reserve estimates are stale \(effective date October 2021\)

Facts used in scoring: 40

## Classification and evidence

**Resource Update**

Polarity: neutral

Definition: 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 Milestone**

Polarity: positive

Story-specific tag

Definition: 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 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: 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 Compliant**

Polarity: positive

Definition: 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 Estimate**

Polarity: negative

Definition: 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 Recovery**

Polarity: positive

Story-specific tag

Definition: 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 Route**

Polarity: neutral

Story-specific tag

Definition: 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-Supporting**

Polarity: neutral

Definition: 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 1

[Link to this fact](https://atlas-staging.minestarters.com/news/tristar-gold-updates-economics-of-pfs-with-after-tax-40-irr-and-us-603-million-n--f9799fcb-f05b-4baf-aa9a-bdebb756d2f5#fact-resource-facts-0)

Castelo de Sonhos

#### 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 factor: Part of an updated PFS with improved economics

Evidence · table

> $296

Context: Initial Capital \(US$ million\)

### Fact 2

[Link to this fact](https://atlas-staging.minestarters.com/news/tristar-gold-updates-economics-of-pfs-with-after-tax-40-irr-and-us-603-million-n--f9799fcb-f05b-4baf-aa9a-bdebb756d2f5#fact-resource-facts-1)

Castelo de Sonhos

#### 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 factor: Reflects current market conditions and improved project economics

Evidence · table

> $2,200

Context: Base-Case Gold Price \(US$/oz\)

### Fact 3

[Link to this fact](https://atlas-staging.minestarters.com/news/tristar-gold-updates-economics-of-pfs-with-after-tax-40-irr-and-us-603-million-n--f9799fcb-f05b-4baf-aa9a-bdebb756d2f5#fact-resource-facts-2)

Castelo de Sonhos

#### 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 factor: Provides clear cost guidance for the project

Evidence · table

> $1,111

Context: AISC \(US$/oz\)

### Fact 4

[Link to this fact](https://atlas-staging.minestarters.com/news/tristar-gold-updates-economics-of-pfs-with-after-tax-40-irr-and-us-603-million-n--f9799fcb-f05b-4baf-aa9a-bdebb756d2f5#fact-resource-facts-3)

Castelo de Sonhos

#### 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 factor: Updated exchange rate provides more current economic assumptions

Evidence · table

> 5.75

Context: Exchange Rate \(1 US$: BRL\)

### Fact 5

[Link to this fact](https://atlas-staging.minestarters.com/news/tristar-gold-updates-economics-of-pfs-with-after-tax-40-irr-and-us-603-million-n--f9799fcb-f05b-4baf-aa9a-bdebb756d2f5#fact-resource-facts-4)

Castelo de Sonhos

#### 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 factor: Significantly improved NPV compared to previous PFS

- Positive factor: Indicates strong project value

Evidence · table

> $603

Context: After-Tax NPV 5% \(US$ million\)

### Fact 6

[Link to this fact](https://atlas-staging.minestarters.com/news/tristar-gold-updates-economics-of-pfs-with-after-tax-40-irr-and-us-603-million-n--f9799fcb-f05b-4baf-aa9a-bdebb756d2f5#fact-resource-facts-5)

Castelo de Sonhos

#### 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 factor: Significantly improved IRR compared to previous PFS

- Positive factor: Indicates strong project profitability

Evidence · table

> 40%

Context: Base Case After-Tax IRR \(%\)

### Fact 7

[Link to this fact](https://atlas-staging.minestarters.com/news/tristar-gold-updates-economics-of-pfs-with-after-tax-40-irr-and-us-603-million-n--f9799fcb-f05b-4baf-aa9a-bdebb756d2f5#fact-resource-facts-6)

Castelo de Sonhos

Historical result

Needs review: historical\_restatement

#### 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 factor: Historical data, superseded by current PFS update

Evidence · table

> $261

Context: Initial Capital \(US$ million\)

### Fact 8

[Link to this fact](https://atlas-staging.minestarters.com/news/tristar-gold-updates-economics-of-pfs-with-after-tax-40-irr-and-us-603-million-n--f9799fcb-f05b-4baf-aa9a-bdebb756d2f5#fact-resource-facts-7)

Castelo de Sonhos

Historical result

Needs review: historical\_restatement

#### 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 factor: Historical data, superseded by current PFS update

Evidence · table

> $1,550

Context: Base-Case Gold Price \(US$/oz\)

### Fact 9

[Link to this fact](https://atlas-staging.minestarters.com/news/tristar-gold-updates-economics-of-pfs-with-after-tax-40-irr-and-us-603-million-n--f9799fcb-f05b-4baf-aa9a-bdebb756d2f5#fact-resource-facts-8)

Castelo de Sonhos

Historical result

Needs review: historical\_restatement

#### 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 factor: Historical data, superseded by current PFS update

Evidence · table

> $900

Context: AISC \(US$/oz\)

### Fact 10

[Link to this fact](https://atlas-staging.minestarters.com/news/tristar-gold-updates-economics-of-pfs-with-after-tax-40-irr-and-us-603-million-n--f9799fcb-f05b-4baf-aa9a-bdebb756d2f5#fact-resource-facts-9)

Castelo de Sonhos

Historical result

Needs review: historical\_restatement

#### 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 factor: Historical data, superseded by current PFS update

Evidence · table

> 5.0

Context: Exchange Rate \(1 US$: BRL\)

### Fact 11

[Link to this fact](https://atlas-staging.minestarters.com/news/tristar-gold-updates-economics-of-pfs-with-after-tax-40-irr-and-us-603-million-n--f9799fcb-f05b-4baf-aa9a-bdebb756d2f5#fact-resource-facts-10)

Castelo de Sonhos

Historical result

Needs review: historical\_restatement

#### 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 factor: Historical data, superseded by current PFS update

Evidence · table

> $321

Context: After-Tax NPV 5% \(US$ million\)

### Fact 12

[Link to this fact](https://atlas-staging.minestarters.com/news/tristar-gold-updates-economics-of-pfs-with-after-tax-40-irr-and-us-603-million-n--f9799fcb-f05b-4baf-aa9a-bdebb756d2f5#fact-resource-facts-11)

Castelo de Sonhos

Historical result

Needs review: historical\_restatement

#### 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 factor: Historical data, superseded by current PFS update

Evidence · table

> 28%

Context: Base Case After-Tax IRR \(%\)

### Fact 13

[Link to this fact](https://atlas-staging.minestarters.com/news/tristar-gold-updates-economics-of-pfs-with-after-tax-40-irr-and-us-603-million-n--f9799fcb-f05b-4baf-aa9a-bdebb756d2f5#fact-resource-facts-12)

Castelo de Sonhos

#### 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 factor: Indicates strong project cash generation

Evidence · table

> 934

Context: Cash flow

### Fact 14

[Link to this fact](https://atlas-staging.minestarters.com/news/tristar-gold-updates-economics-of-pfs-with-after-tax-40-irr-and-us-603-million-n--f9799fcb-f05b-4baf-aa9a-bdebb756d2f5#fact-resource-facts-13)

Castelo de Sonhos

#### 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 factor: Indicates strong project value at a higher discount rate

Evidence · table

> 393

Context: NPV 10%

### Fact 15

[Link to this fact](https://atlas-staging.minestarters.com/news/tristar-gold-updates-economics-of-pfs-with-after-tax-40-irr-and-us-603-million-n--f9799fcb-f05b-4baf-aa9a-bdebb756d2f5#fact-resource-facts-14)

Castelo de Sonhos

#### 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 factor: Provides clear cost guidance for the project

Evidence · table

> 1,080

Context: Cash Cost

### Fact 16

[Link to this fact](https://atlas-staging.minestarters.com/news/tristar-gold-updates-economics-of-pfs-with-after-tax-40-irr-and-us-603-million-n--f9799fcb-f05b-4baf-aa9a-bdebb756d2f5#fact-resource-facts-15)

Castelo de Sonhos · gold

#### 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 factor: Indicates significant life of mine production potential

Evidence · table

> 1.33

Context: Life of mine production

### Fact 17

[Link to this fact](https://atlas-staging.minestarters.com/news/tristar-gold-updates-economics-of-pfs-with-after-tax-40-irr-and-us-603-million-n--f9799fcb-f05b-4baf-aa9a-bdebb756d2f5#fact-resource-facts-16)

Castelo de Sonhos · gold

#### 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 factor: Indicates significant annual production potential

Evidence · table

> 121,000

Context: Average annual production

### Fact 18

[Link to this fact](https://atlas-staging.minestarters.com/news/tristar-gold-updates-economics-of-pfs-with-after-tax-40-irr-and-us-603-million-n--f9799fcb-f05b-4baf-aa9a-bdebb756d2f5#fact-resource-facts-17)

Castelo de Sonhos

#### 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 factor: Short payback period indicates rapid return on investment

Evidence · table

> 2.0

Context: Payback period \(Mine life\)

### Fact 19

[Link to this fact](https://atlas-staging.minestarters.com/news/tristar-gold-updates-economics-of-pfs-with-after-tax-40-irr-and-us-603-million-n--f9799fcb-f05b-4baf-aa9a-bdebb756d2f5#fact-resource-facts-18)

Castelo de Sonhos

#### 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 factor: Indicates a significant processing capacity for the project

Evidence · table

> 10,000

Context: Process rate

### Fact 20

[Link to this fact](https://atlas-staging.minestarters.com/news/tristar-gold-updates-economics-of-pfs-with-after-tax-40-irr-and-us-603-million-n--f9799fcb-f05b-4baf-aa9a-bdebb756d2f5#fact-resource-facts-19)

Castelo de Sonhos · gold

#### 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 factor: Average head grade is a good indicator of feed quality

Evidence · table

> 1.1

Context: Average head grade

### Fact 21

[Link to this fact](https://atlas-staging.minestarters.com/news/tristar-gold-updates-economics-of-pfs-with-after-tax-40-irr-and-us-603-million-n--f9799fcb-f05b-4baf-aa9a-bdebb756d2f5#fact-resource-facts-20)

Castelo de Sonhos · gold

#### 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 factor: Higher head grade in Phase 1 suggests strong initial production

Evidence · table

> 1.3

Context: Phase 1 head grade

### Fact 22

[Link to this fact](https://atlas-staging.minestarters.com/news/tristar-gold-updates-economics-of-pfs-with-after-tax-40-irr-and-us-603-million-n--f9799fcb-f05b-4baf-aa9a-bdebb756d2f5#fact-resource-facts-21)

Castelo de Sonhos · gold

#### 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 factor: Lower head grade in Phase 2 suggests declining feed quality over time

Evidence · table

> 0.8

Context: Phase 2 head grade

### Fact 23

[Link to this fact](https://atlas-staging.minestarters.com/news/tristar-gold-updates-economics-of-pfs-with-after-tax-40-irr-and-us-603-million-n--f9799fcb-f05b-4baf-aa9a-bdebb756d2f5#fact-resource-facts-22)

Castelo de Sonhos · gold

#### 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 factor: Exceptional gold recovery, indicating efficient processing

Evidence · table

> 98

Context: Gold Recovery

### Fact 24

[Link to this fact](https://atlas-staging.minestarters.com/news/tristar-gold-updates-economics-of-pfs-with-after-tax-40-irr-and-us-603-million-n--f9799fcb-f05b-4baf-aa9a-bdebb756d2f5#fact-resource-facts-23)

Castelo de Sonhos

#### 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 25

[Link to this fact](https://atlas-staging.minestarters.com/news/tristar-gold-updates-economics-of-pfs-with-after-tax-40-irr-and-us-603-million-n--f9799fcb-f05b-4baf-aa9a-bdebb756d2f5#fact-resource-facts-24)

Castelo de Sonhos

#### 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 26

[Link to this fact](https://atlas-staging.minestarters.com/news/tristar-gold-updates-economics-of-pfs-with-after-tax-40-irr-and-us-603-million-n--f9799fcb-f05b-4baf-aa9a-bdebb756d2f5#fact-resource-facts-25)

Castelo de Sonhos

#### 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 27

[Link to this fact](https://atlas-staging.minestarters.com/news/tristar-gold-updates-economics-of-pfs-with-after-tax-40-irr-and-us-603-million-n--f9799fcb-f05b-4baf-aa9a-bdebb756d2f5#fact-resource-facts-26)

Castelo de Sonhos

#### 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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/tristar-gold-updates-economics-of-pfs-with-after-tax-40-irr-and-us-603-million-n--f9799fcb-f05b-4baf-aa9a-bdebb756d2f5#fact-resource-facts-27)

Castelo de Sonhos · gold

Historical result

Needs review: historical\_restatement

#### 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 factor: Indicated category provides reasonable geological confidence

- Negative factor: Estimate is historical and unchanged from 2021

- Negative factor: Effective date is stale

Evidence · table

> 29.0

Context: Esperança South

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/tristar-gold-updates-economics-of-pfs-with-after-tax-40-irr-and-us-603-million-n--f9799fcb-f05b-4baf-aa9a-bdebb756d2f5#fact-resource-facts-28)

Castelo de Sonhos · gold

Historical result

Needs review: historical\_restatement

#### 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 factor: Estimate is historical and unchanged from 2021

- Negative factor: Effective date is stale

- Negative factor: Inferred category has lower geological confidence

Evidence · table

> 10.0

Context: Esperança South

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/tristar-gold-updates-economics-of-pfs-with-after-tax-40-irr-and-us-603-million-n--f9799fcb-f05b-4baf-aa9a-bdebb756d2f5#fact-resource-facts-29)

Castelo de Sonhos · gold

Historical result

Needs review: historical\_restatement

#### 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 factor: Indicated category provides reasonable geological confidence

- Negative factor: Estimate is historical and unchanged from 2021

- Negative factor: Effective date is stale

Evidence · table

> 5.0

Context: Esperança East

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/tristar-gold-updates-economics-of-pfs-with-after-tax-40-irr-and-us-603-million-n--f9799fcb-f05b-4baf-aa9a-bdebb756d2f5#fact-resource-facts-30)

Castelo de Sonhos · gold

Historical result

Needs review: historical\_restatement

#### 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 factor: Estimate is historical and unchanged from 2021

- Negative factor: Effective date is stale

- Negative factor: Inferred category has lower geological confidence

Evidence · table

> 12.8

Context: Esperança East

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/tristar-gold-updates-economics-of-pfs-with-after-tax-40-irr-and-us-603-million-n--f9799fcb-f05b-4baf-aa9a-bdebb756d2f5#fact-resource-facts-31)

Castelo de Sonhos · gold

Historical result

Needs review: historical\_restatement

#### 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 factor: Indicated category provides reasonable geological confidence

- Negative factor: Estimate is historical and unchanged from 2021

- Negative factor: Effective date is stale

Evidence · table

> 19.1

Context: Esperança Center

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/tristar-gold-updates-economics-of-pfs-with-after-tax-40-irr-and-us-603-million-n--f9799fcb-f05b-4baf-aa9a-bdebb756d2f5#fact-resource-facts-32)

Castelo de Sonhos · gold

Historical result

Needs review: historical\_restatement

#### 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 factor: Estimate is historical and unchanged from 2021

- Negative factor: Effective date is stale

- Negative factor: Inferred category has lower geological confidence

Evidence · table

> 3.3

Context: Esperança Center

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/tristar-gold-updates-economics-of-pfs-with-after-tax-40-irr-and-us-603-million-n--f9799fcb-f05b-4baf-aa9a-bdebb756d2f5#fact-resource-facts-33)

Castelo de Sonhos · gold

Historical result

Needs review: historical\_restatement

#### 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 factor: Significant Indicated resource provides a solid base for economic studies

- Negative factor: Estimate is historical and unchanged from 2021

- Negative factor: Effective date is stale

Evidence · table

> 53.1

Context: Project Total

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/tristar-gold-updates-economics-of-pfs-with-after-tax-40-irr-and-us-603-million-n--f9799fcb-f05b-4baf-aa9a-bdebb756d2f5#fact-resource-facts-34)

Castelo de Sonhos · gold

Historical result

Needs review: historical\_restatement

#### 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 factor: Estimate is historical and unchanged from 2021

- Negative factor: Effective date is stale

- Negative factor: Inferred category has lower geological confidence

Evidence · table

> 26.0

Context: Project Total

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/tristar-gold-updates-economics-of-pfs-with-after-tax-40-irr-and-us-603-million-n--f9799fcb-f05b-4baf-aa9a-bdebb756d2f5#fact-resource-facts-35)

Castelo de Sonhos · gold

Historical result

Needs review: historical\_restatement

#### 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 factor: Probable reserve indicates demonstrated economic viability

- Negative factor: Estimate is historical and unchanged from 2021

- Negative factor: Effective date is stale

Evidence · table

> 24.2

Context: Esperança South

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/tristar-gold-updates-economics-of-pfs-with-after-tax-40-irr-and-us-603-million-n--f9799fcb-f05b-4baf-aa9a-bdebb756d2f5#fact-resource-facts-36)

Castelo de Sonhos · gold

Historical result

Needs review: historical\_restatement

#### 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 factor: Probable reserve indicates demonstrated economic viability

- Negative factor: Estimate is historical and unchanged from 2021

- Negative factor: Effective date is stale

Evidence · table

> 3.1

Context: Esperança East

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/tristar-gold-updates-economics-of-pfs-with-after-tax-40-irr-and-us-603-million-n--f9799fcb-f05b-4baf-aa9a-bdebb756d2f5#fact-resource-facts-37)

Castelo de Sonhos · gold

Historical result

Needs review: historical\_restatement

#### 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 factor: Probable reserve indicates demonstrated economic viability

- Negative factor: Estimate is historical and unchanged from 2021

- Negative factor: Effective date is stale

Evidence · table

> 11.4

Context: Esperança Center

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/tristar-gold-updates-economics-of-pfs-with-after-tax-40-irr-and-us-603-million-n--f9799fcb-f05b-4baf-aa9a-bdebb756d2f5#fact-resource-facts-38)

Castelo de Sonhos · gold

Historical result

Needs review: historical\_restatement

#### 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 factor: Significant total Probable reserve indicates strong economic viability

- Negative factor: Estimate is historical and unchanged from 2021

- Negative factor: Effective date is stale

Evidence · table

> 38.7

Context: Project Total

### Fact 40

[Link to this fact](https://atlas-staging.minestarters.com/news/tristar-gold-updates-economics-of-pfs-with-after-tax-40-irr-and-us-603-million-n--f9799fcb-f05b-4baf-aa9a-bdebb756d2f5#fact-resource-facts-39)

Castelo de Sonhos

#### 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 factor: Permit confirmed valid and in good standing

- Positive factor: Legal opinion supports non-interference with Indigenous lands

- Positive factor: EIA deemed complete and adequate

- Positive factor: 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.