TriStar Gold : Corporate Presentation - April 2024

DEVELOPING GOLD DELIVERING VALUE

Corporate Presentation I April 2024

www.tristargold.com

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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

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Brazil's Next Major Gold Mine

Belem

1.4 Million oz open pit reserve1

Next steps

• LP permit

Permitted multi-million-ounce
reserve	Pará
	State

✓ Two large mine start ups in 2024:

• G Mining; Pará State

(expected H2 2024)

• Hochschild; Goiás State (first gold pour Feb 2024)

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CASTELO DE SONHOS DEVELOPMENT

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THE PROJECT

• Large resource1:
• • 1.8Moz Indicated plus 0.7Moz inferred
  • Investments from Royal Gold (Aug 2019) and Auramet (Apr 2022)

ADVANCING TO		STRAIGHTFORWARD
CONSTRUCTION		MINING

• Oct 2021 PFS (pretax)1:	• Mineralization at surface
• $1,550 gold	• 98% gold recovery
• IRR 33%	• Environmentally clean
• NPV5 $399M	• No sulphides
• $2,000 gold
• IRR 54%
• NPV5 $811M

SIGNIFICANT

UPSIDE

• Resource open on strike and at depth
• ~19km of mineralized conglomerate reef at the site

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Timeline

Castle of Dreams

2019 Royal Gold investment

2021 PFS 1.4-million-ounce reserve1

2022 Auramet investment

2022 Completion of EIA

2023 Environmental regulator site visit

2023 Townhall Meeting

2024 LP Anticipated Q2

			| TSXV: TSG | OTCQB: TSGZF
	Environmental		Gold
	Viability
		Tristar
Social		Strong
License		Economics

Permitted

multi-million- ounce deposit

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COMPELLING ECONOMICS

PFS Base Case: $1,550 Gold

1.4M Ounces		121koz/yr		146koz/yr		US$261M
Current Gold		LOM annual production		Esperança South,		Initial capital
reserves		over 11-yr mine life		year 1-6		Incl. 20% contingency

33%		54%	US$399M	US$628M	US$811M	$900/oz
$1,550 Gold		$2,000 Gold	$1,550 Gold	$1,800 Gold	$2,000 Gold	AISC
IRR Pre-Tax		NPV5%

Pre-Tax

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Please footnote 1 on Slide 2 for Disclosure	6

PFS PRODUCTION & PROPOSED LAYOUT

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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

Tristar Gold

Please footnote 1 on Slide 2 for Disclosure

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MANAGEMENT & BOARD OF DIRECTORS

Mark Jones III	Nick Appleyard	Carlos Vilhena	Jessica Van Den	Mark Isto
Akker
Chairman & Director	CEO, President &	Independent Director	Independent Director
Independent Director

Director	Chair of Audit Committee

Rod McKeen		Eric Zaunscherb		Scott Brunsdon		Marcus Brewster
Lead Independent		Independent Director		Chief Financial Officer		Chief Operating Officer
Director

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ESG Leadership

BOARD OF DIRECTORS		ESPERANÇA IV		ESPERANÇA IV SCHOOL

Focus on health, education, and environment

Involved and Invested		Our closest community		Currently being rebuilt

A VISIT FROM		EDUCATING THE NEXT		LOCAL FLORA & FAUNA		DELIVERING PLANTS
LOCAL CYCLISTS		GENERATION

Our neighbors are always welcome		They are the future of the region		Important to all of us		Keeping people and nature healthy

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PEERS SORTED BY MARKET CAPITALIZATION

TriStar has room to "move right" when compared to peers with a lesser endowment.

Increasing Market Capitalization

Sources: FactSet; Company reports; Lee, Zaunscherb & Associates Inc.

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