TriStar Gold (TSXV:TSG) - $603M NPV, 80% Peer Discount Gold Developer Awaits Court Ruling

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TriStar Gold is pitching a major rerating opportunity in its Brazil-focused Castelo de Sonhos project, with the May 2025 PFS update showing 1.4Moz of probable reserves at 1.1 g/t and 2.5Moz of total indicated + inferred resources. At a $2,200/oz gold base case, the project is described as generating a 40% post-tax IRR and $603M post-tax NPV on roughly $296M of initial capex; at $3,200/oz gold, economics expand to a 72% IRR and $1.35B NPV. The project is shallow open pit, 98% recovery, no sulphides, and remains open along a roughly 19km mineralized strike. The main market takeaway is valuation: TriStar’s market cap was only C$63.6M at end-July 2026, implying about $20/oz on measured and indicated resources versus a peer median near $94/oz, and around 0.02x price-to-NAV versus a 0.3x peer median. Management is effectively arguing that the stock is deeply discounted relative to project economics, even before any court-driven catalyst resolves.