TriStar Gold Announces Non-Brokered Private Placement of up to Cdn $3.0 Million

Scottsdale, August 2, 2023 - TriStar Gold Inc. (TSXV: TSG) (OTCQX: TSGZF) ("TriStar" or the "Company") is pleased to announce it intends to complete a non-brokered private placement to raise maximum gross proceeds of Cdn $3.0 million. The Company currently has indications from Auramet Capital Partners, other existing shareholders and certain members of senior management, that they intend to participate subject to the rules of the TSX Venture Exchange.

The offering will consist of the issuance of up to 23,076,923 units, which will each be comprised of one common share of the Company and one-half share purchase warrant. Each unit will be priced at Cdn $0.13 and each full warrant will be exercisable for one common share of the Company at an exercise price of Cdn $0.20 per share and a three-year term-to-maturity.

The Company intends to use the proceeds of the offering to advance the permitting of the Company's 100% owned Castelo de Sonhos property and for general working capital purposes.

This private placement is planned to close on or about August 21, 2023, subject to all regulatory approvals being received, including the approval of the TSX Venture Exchange. All securities issued in the private placement will be subject to a hold period pursuant to applicable Canadian securities laws ending four months and one day after issuance.

About TriStar:

TriStar Gold is an exploration and development company focused on precious metals properties in the Americas that have potential to become significant producing mines. The Company's current flagship property is Castelo de Sonhos in Pará State, Brazil. The Company's shares are listed on the TSX Venture Exchange under the symbol TSG and on the OTCQX under the symbol TSGZF. Further information is available at www.tristargold.com.

On behalf of The Board of Directors of TriStar Gold Inc.

Nick Appleyard
President and CEO

For further information, please contact:

TriStar Gold Inc.
Nick Appleyard
President and CEO
480-794-1244
info@tristargold.com

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 release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Forward-Looking Statements

Certain statements contained in this press release 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, the statements regarding the planned completion of the private placement and use of proceeds from the private placement. 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 risks related to regulatory approval; 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.

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