Scottsdale, Arizona--(Newsfile Corp. - July 21, 2022) - TriStar Gold Inc. (TSXV: TSG) (OTCQX: TSGZF) (the Company or TriStar) is pleased to announce the completion of the Environmental Impact Assessment (EIA) and the application for the Prior License (LP) for the Castelo de Sonhos gold project.

The Prior License (Licença Prévia in Portuguese) represents the first of a three-stage environmental licencing process required for mining projects in Brazil. The LP is generally considered the most critical stage as it involves input and approval from several government agencies as well as local stakeholders, communities and details the environmental, social, and economic impacts and benefits of the project.

The EIA incorporates project details from the Castelo de Sonhos Pre-Feasibility Study completed in Q4 2021. It provides an analysis of potential project impacts across the physical, biotic and socio- economic mediums while detailing mitigation, management and compensation strategies to be implemented by the Company.

The EIA highlights that the majority of the Directly Affected Area (ADA) of the project is already significantly impacted by human activity. It states that "the formalization of mining, and the installation of a mineral extractive industry, makes the project an opportunity for the local government to leverage investment, empowering it to face the challenges of population expansion, as well as in promoting local political and economic prominence".

Nick Appleyard, CEO of TriStar, commented, "This is very significant milestone in the development of Castelo de Sonhos which, when in full production, will generate significant and lasting economic benefits for the region. We have already initiated most of the preparatory work that we know will be required for the submission of the Installation License application, so we are in a good position to make this application promptly upon approval of the LP."

Over the coming months, TriStar will work with SEMAS (the Environment and Sustainability Secretariat of Pará State) to engage key stakeholders about the project and the findings of the EIA and prepare detailed information in advance of a Public Hearing, which we anticipate holding by Q2 of 2023 depending on the decision of SEMAS.

After receipt of the LP, the second stage of permitting is the Installation License ("LI") which will allow the processing plant and other infrastructure to be constructed. Work on several programs and studies to support the LI application have already been initiated, including detailed studies on cave relevance, archeology and land regularization. The final stage is the Operations License, which allows you to commence operations once construction is complete.

Drilling Update

Drilling is advancing at Esperança South, with two core rigs as part of a 2,500m reserve expansion and exploration program. The initial holes are targeting shallow up-dip extensions in the central portion of the deposit, as well as gaps in the mineral reserves in the extreme south.

Figure 1, Esperança South, showing red asterisks for this program, with named holes being underway or complete. Black dots are pre-existing drill holes.

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/4509/131466_874719241418f922_003full.jpg

First results are anticipated to be available in September, with the program complete with all assays in Q1 of 2023.

Qualified Person

R. Mohan Srivastava (P.Geo.) of RedDot3D Inc. is the Qualified Person who has reviewed the technical information contained in this news release, including data verification, and has approved its disclosure.

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 Castelo de Sonhos in Pará State, Brazil. The Company's shares trade 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 THE COMPANY:

Nick Appleyard
President and CEO

For further information, please contact:

TriStar Gold Inc.
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.

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