Mr. Nick Appleyard reports

TRISTAR GOLD EXPLORATION AND PFS UPDATE

Tristar Gold Inc. is advancing on schedule the delineation of upside drill targets outside the current resource base at its 100-per-cent-controlled Castelo de Sonhos (CDS) gold project. Multiple near-surface mineralized conglomerate targets have been generated for future drill evaluation. Target delineation work has now shifted to generating deeper targets at CDS, which selection process is anticipated to be completed by June, 2020. In addition to target generation, the company has completed its infill reverse circulation drill program. The need for any follow-up drilling will be determined upon review of awaited final assays.

"Our exciting target-generation work conducted with GoldSpot Discoveries has delineated multiple new shallow conglomerate gold targets for drill testing," says Nick Appleyard, Tristar's president and chief executive officer. "Our geologists are currently evaluating the first round of these shallow open-pit targets in preparation for initial drill testing as soon as possible. Work on CDS deeper targets is ongoing and we anticipate it similarly generating multiple targets by the time work is completed in June."

Upside exploration targeting work has progressed past the data integration phase and the machine learning algorithms are advancing toward rapid interpretation of downhole imagery (OTV). Phase 2, conventional and machine learning target generation, is now under way. Initial targets are currently being reviewed by Tristar geologists. Phase 2 deep-target generation is scheduled to be completed in June, at which point phase 3, drill testing of the targets and completion of the 3-D modelling, will begin.

Prefeasibility study

The CDS prefeasibility infill drill program concluded April 18. A total of 183 reverse circulation drill holes encompassing 18,993 metres and three core holes encompassing 372 m were completed. Reverse circulation drilling is substantially complete. It is anticipated that approximately a further 2,000 m of core drilling, including geotechnical drilling, is required for the company's prefeasibility study. No assays were received during April; the next batch of results are expected to be received by the end of May.

The aim of Tristar's prefeasibility study is to refine the economic analysis of the CDS conglomerate gold deposit. Tristar's previously announced preliminary economic assessment (see the company's press release dated Nov. 16, 2018) returned exceptional economics. Recent review of this study by the independent qualified person who conducted the study confirms that base-case inputs are still current in respect of a base-case scenario, even though gold prices and the Brazil real exchange rate have changed significantly.

Base-case economics of the PEA in 2018 used a gold price of $1,250 (U.S.) per ounce and resulted in a posttax internal rate of return of 43 per cent and net present value at a 5-per-cent discount of $264-million (U.S.). The CDS project is also quite sensitive to changes in the exchange rate of the Brazilian real to the United States dollar. The PEA base case applied an exchange rate of 3.8 reals to $1 (U.S.). The current exchange rate is approximately 5.4 reals to $1 (U.S.). Applying the current exchange rate and the base-case gold price of $1,250 (U.S.) per ounce results in an increase of the posttax IRR from the base case of 43 per cent to 60 per cent.

The PEA and the sensitivity analyses are preliminary in nature and include inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the economic results described in the PEA and the sensitivity analyses will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

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.

Porfirio Cabaleiro Rodriguez (MAIG No. 3708), director of GE21, is the qualified person for the PEA and sensitivity analyses data presented in this press release, is independent of the company and has approved the technical disclosure in this press release.

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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