Mr. Nick Appleyard reports

TRISTAR RECEIVES FINAL ROYAL GOLD PAYMENT, GIVES PROJECT UPDATE

Tristar Gold Inc. has noted that Royal Gold has made the final payment of $1.5-million (U.S.) in connection with Royal Gold's acquisition of a 1.5-per-cent net smelter return royalty on the company's Castelo de Sonhos project (see press release dated Aug. 6, 2019). Additionally, the company is excited to have reached a major milestone in its advance toward permitting with the approval of a unified terms of reference for the concessions covering the resource area at Castelo de Sonhos.

"We are proud of Royal Gold's continued confidence in Castelo de Sonhos and Tristar is in a strong financial position to unlock the value in this project," says Nick Appleyard, Tristar's president and chief executive officer. "We're also really happy with the results we're getting from the infill drill program, not only for the occasional higher grade but more for the entirety of the infill drilling program, which is producing results consistent with our PEA resource model. With these additional approximately 20,000 m of infill drilling, we anticipate that we'll be able to convert much of the inferred resource in Esperanca South into indicated resources, which can serve as a solid base for reserve calculations in the PFS."

Final Royal Gold payment

Tristar has received payment of $1.5-million (U.S.) from Royal Gold as the final instalment of the previously announced transaction. Royal Gold now holds:

• A newly created 1.5-per-cent NSR royalty on Castelo de Sonhos;
• A total of 19.64 million common share purchase warrants, each entitling Royal Gold to purchase one common share of Tristar at a price of 25 cents per common share for a period of approximately five years from the date of issuance;
• The repurchase right to acquire 50 per cent of the existing 2-per-cent NSR royalty on CDS held by a third party.

Permitting, approval of terms of reference

Tristar and SEMAS, the environmental authority in Para, Brazil, have agreed on the guidelines for the formal social and environmental studies that will form the basis for applications for the environmental permit, construction permit and operations permit. The approval of the terms of reference for the study and report encompasses the two contiguous concessions covering the current mineral resource.

Infill drilling results

To date, Tristar has completed 167 reverse-circulation holes for 17,400 metres and two core holes for 240 m from the approximately 20,000 m infill drill program. During March, the company received results for 25 drill holes, significant intersections from these drill results include:

• 27 metres at 0.7 gram per tonne from 36 m to 63 m in RC-20-414;
• Seven m at 1.6 g/t from 15 m to 22 m in RC-20-427;
• Eight m at 20.4 g/t from 18 m to 26 m in RC-20-432, includes one m at 161.5 g/t from 24 m to 25 m;
• Eight m at 1.3 g/t from 39 m to 47 m in RC-20-433.

Detailed summaries of drill hole locations and significant intervals have been added to the CDS project page of the company website along with a complete list of all significant intervals for the project.

Impact of COVID-19 virus on continuing work

Drilling at CDS is continuing, with the project remaining isolated to protect the health of the company's employees. The company anticipates drilling will continue until mid-April, at which time drilling and fieldwork will be temporarily suspended. Work on the prefeasibility study will continue remotely where possible; however, the restrictions on international travel will cause delays in the completion of the study. All staff who are not isolated at CDS are working from home.

The project-wide work to evaluate for the existence of additional resources beyond those already identified is unaffected at this time, as all work is being done remotely. This scope of work is being conducted in conjunction with GoldSpot Discoveries.

Assay methods, quality assurance and quality control

All drill-hole samples are analyzed using a fire-assay analysis of the chips collected in RC holes. Any sample that returns greater than 0.1 g/t gold is automatically submitted for a duplicate fire-assay analysis and the average grade is utilized. Samples are transported by truck from the site to the ALS preparation lab in Goiania, Brazil, where they are dried, crushed, pulverized and packaged for shipment to the ALS analytical lab in Lima, Peru.

The ALS preparation and analytical labs are accredited to ISO 17025:2005 UKAS ref. 4028, and have internal QA/QC programs for monitoring accuracy and precision. In addition to this, Tristar uses standards, blanks and field duplicates in an external QA/QC program to provide independent monitoring of laboratory analyses.

Qualified person

R. Mohan Srivastava (PGeo), vice-president of Tristar, 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 Gold Inc.

Tristar Gold is an exploration-and-development company focused on precious-metal properties in the Americas that have the potential to become significant producing mines. The company's current flagship property is Castelo de Sonhos in Para, Brazil.

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