TriStar Gold - LP Permit Update

Scottsdale, March 18, 2024 - TriStar Gold Inc. (TSXV: TSG) (OTCQB: TSGZF) (the Company or TriStar) is pleased to provide an update on the application for the Licença Prévia (Preliminary License or LP) for the Castelo de Sonhos gold project in Brazil. On December 12, 2023, TriStar received a notification from the Secretariat for the Environment and Sustainability (SEMAS) for Pará State to clarify certain issues in our LP process, which was duly responded to in the timeframe requested. TriStar recently received a new notification with issues for clarification, which has also been responded to. This back and forth shows that SEMAS are ensuring they have a correct understanding of the project and are doing their jobs vigorously and professionally to minimize the possibility of errors in the licensing process.

Mr. Nick Appleyard, CEO, stated, "In November at our Public Hearing we saw what great community support we have at Castelo de Sonhos. Now we continue to work closely with SEMAS towards the issuance of the LP. These final few issues that are being worked on are not go/no go, rather technical definitions that should not impede the issuance of the LP but are causing small delays which is not unusual in a robust process like this."

TriStar has now submitted everything requested and responded to all comments. Although there is no formal timeframe for this review, TriStar feels that the receipt of the LP in Q1 2024 is now unlikely, and that receipt of the LP will most probably slip into Q2.

About TriStar

TriStar Gold is an exploration and development company focused on precious metals properties in the Americas that have the potential to become significant producing mines. The Company's current flagship property is the Castelo de Sonhos gold project in Pará State, Brazil. TriStar has completed a pre-feasibility study and is now advancing permitting while evaluating optimization options. The Company's shares trade on the TSX Venture Exchange under the symbol TSG and on the OTCQB under the symbol TSGZF. Further information is available at www.tristargold.com.

ON BEHALF OF THE BOARD OF DIRECTORS OF THE COMPANY:

Nick Appleyard
President and CEO
480-794-1244

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 statements about the Company's ability to complete the current drilling program, the results of further exploration target identification and the anticipated ongoing effects of the COVID-19 virus. 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; effects of the COVID-19 virus on all aspects of the Company's business, 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/201932