Mr. Nick Appleyard reports

TRISTAR GOLD RECEIVES INTERIM RULING FROM BRAZILIAN COURT THAT CONFIRMS PATH FORWARD FOR CASTELO DE SONHOS PROJECT

Tristar Gold Inc. has provided an update on the legal proceedings relating to the environmental licensing of its 100-per-cent-owned Castelo de Sonhos (CDS) gold project in Para state, Brazil.

As announced in the company's press release dated Aug. 6, 2025, the Federal Prosecutor's Office (MPF) of Brazil filed a civil public action before the Federal Court of Para against the State Environmental Secretariat of Para (SEMAS/PA) and Mineracao Castelo dos Sonhos SA (MCDS), the wholly owned Brazilian subsidiary of the company that holds the Castelo do Sonhos project, seeking the annulment of the preliminary environmental licence (the LP) for the Castelo de Sonhos project until an indigenous component study (ECI) is conducted and a free, prior and informed consultation (FPIC) process is carried out with indigenous communities.

On Nov. 4, 2026, the court issued an interim ruling that provides that SEMAS/PA and MCDS will have to make submissions to the court to demonstrate the sufficiency of the environmental licensing and the completion of the ECI and FPIC before the construction or operating licences can be issued. While the ruling constitutes a provisional suspension of the LP, it has not been cancelled, and the ruling expressly permits the continuation of technical studies, environmental work and administrative activities associated with advancing the project while establishing a process to address outstanding matters relating to indigenous consultation and environmental licensing.

Importantly, the ruling does not prevent Tristar from proceeding with its planned feasibility study or undertaking the technical and environmental work required to advance Castelo de Sonhos. The company anticipates that a full resolution of the civil public action can be completed concurrently with the feasibility study and should not have an adverse impact on the project development timeline.

"We view this ruling as a major step forward for Castelo de Sonhos because it provides clarity on advancing the project," said Nick Appleyard, president and chief executive officer of Tristar Gold. "We have consistently sought a practical resolution to the issues, and this ruling establishes a process through which those matters can be addressed while allowing us to continue our work.

"Our objective remains to advance the feasibility study and the additional environmental and consultation requirements in parallel. With the feasibility study expected to take approximately two years, we believe there is an opportunity to make substantial progress on these matters within the same time frame."

Key highlights:

• Project advancement can continue: The court expressly permits the continuation of technical and environmental studies, submission of technical documentation, and administrative activities associated with the licensing process.
• Feasibility study remains on track for advancement: The ruling does not restrict the company's ability to undertake the engineering, technical and environmental work required for the planned feasibility study.
• Clear process for indigenous consultation: The court has directed the preparation of an ECI and the implementation of an FPIC process, with the participation of the relevant Brazilian authorities.
• Preliminary licence not cancelled: The court ordered a provisional suspension of the effects of the existing LP rather than its cancellation. The suspension prevents the issuance of mine installation or operating authorizations based on that licence pending further judicial determination.
• Parallel work programs: Based on the court ruling, Tristar intends to advance its feasibility study and the required environmental and indigenous consultation processes concurrently and does not anticipate an adverse impact on project development timelines.

Advancing the feasibility study

Tristar's immediate development priority remains the completion of a feasibility study for Castelo de Sonhos.

The company anticipates that the feasibility study will, subject to financing, require approximately two years to complete and will include updated mineral resource and reserve calculations, project engineering, metallurgical and geotechnical investigations, environmental studies, and other technical work necessary to support future project development.

In parallel, Tristar intends to work with the appropriate Brazilian authorities to advance the indigenous component study and consultation process. The company currently anticipates that the ECI could be completed concurrently with the feasibility study, subject to the applicable regulatory procedures and the involvement of relevant stakeholders.

Next steps

Tristar will continue preparations for the feasibility study while working with its legal and environmental advisers and the relevant Brazilian authorities to address the requirements established by the court.

The ruling requires the company and SEMAS/PA provide additional technical information and evidence of steps taken to address the identified matters within 60 business days of formal notification. The court clarified that this period is intended for the presentation of documents and does not constitute a deadline for concluding the indigenous consultation process, which will follow the procedures specific to the communities concerned.

The company remains committed to responsible project development, constructive stakeholder engagement and compliance with applicable Brazilian environmental and regulatory requirements and will also consider all of its legal options.

About Tristar Gold Inc.

Tristar Gold is a mineral development company focused on advancing its 100-per-cent-owned Castelo de Sonhos gold project in Para state, Brazil. The company is focused on progressing the project through feasibility and toward development.

We seek Safe Harbor.