Roaster Project and Business Update

Tri-Star Resources plc ("Tri-Star" or the "Company")

Roaster Project and Business Update

30 December 2014

Tri-Star, the integrated antimony development company, is pleased to provide an update on the Oman Antimony Roaster ("OAR") project and other key initiatives.

OAR Environmental Permitting Process

Strategic & Precious Metals Processing LLC ("SPMP"), Tri-Star's joint venture company in the Sultanate of Oman of which Tri-Star owns 40%, has received a No Objection Letter ("NOL") from Oman Environmental Services Holding Company SAOC, or "Be'ah". This entity is responsible for the Sultanate's solid waste management, and has been considering the waste treatment aspect of the environmental impact assessment ("EIA") report lodged by SPMP earlier in 2014. The NOL is a temporary notice which is an essential element of the EIA process and is required to allow the overall environmental permitting process to continue with other governmental authorities. SPMP will receive a final NOL later in the permitting process conditional on other environmental approvals.

Receipt of the temporary NOL represents an important milestone in the EIA permitting process for the OAR. The OAR's procedures for handling solid waste form a critical part of its environmental credentials and is a major focus of the EIA. The overall environmental permitting process is continuing and the other required approvals are being sought. Further updates with regard to the progress of the overall EIA application will be provided as appropriate.

OAR Engineering

Significant improvements have been achieved in the OAR design. Gas handling volumes have been lowered thereby reducing the equipment size and cost and leading to lower fuel consumption and lower operating costs for the kilns. Further engineering work is scheduled to be undertaken as part of the "value engineering" phase the project will now enter. Estimates of the capital cost before further value engineering are presently in the region of US$65 million.

One important addition to the engineering strategy has been the inclusion in the OAR of a pilot plant (7% of main plant nameplate capacity). The pilot plant is planned to allow for small scale production whilst the main plant construction and commissioning is in progress. It will de-risk the operational ramp up of the main facility by providing a material testing facility and operational training for the plant team and contractors as well as providing a meaningful income stream for the OAR project in its early phase. Its construction is subject to the successful financial closure of the overall OAR project.

SPMP Project Financing

Negotiations with the local banks are well advanced and SPMP is in receipt of banking facility terms, which SPMP is now reviewing. These terms remain subject to a number of conditions similar to those required for the OAR and include, for example, obtaining required environmental permits. The overall funding package for the OAR is currently expected to amount to US$70million, comprising a mezzanine loan of US$10million from one of the other joint venture partners, equity contributions of US$20million from the joint venture partners and a senior bank facility of up to US$40million.

Refractory Gold Business Strategy

The Middle East Refractory Gold ("MERG") Report, published a year ago, has moved on from being a conceptual technology plan to a developing business strategy. MERG uses the antimony roasting technology to process refractory gold ores and is based on the model of a centralised refractory gold processing plant which benefits from a low energy cost, low taxation, and good port and logistics infrastructure. An estimated 30-50% of the world's gold resources in the ground are characterised as being "refractory" in nature and not easily amenable to processing by simple cyanide leaching.

Canada

Recent announcements have already reported that a fifth antimony anomaly has now been identified around the original Bald Hill antimony discovery in New Brunswick. The footprint area explored to date remains a small part of the overall claim package held in Canada, but the proximity to Bald Hill is encouraging. A limited drill plan of shallow holes is being conducted to test some of these features and structures to the south of Bald Hill and results should be available during 2015.

Turkey

The management team in Turkey has successfully and safely completed a series of benching and blasting works in the Göynük open pit for access and safety purposes and are now focused on progressing the necessary plans and reports for the mining permit extension which is expected to be processed next year.

Outlook

The Company has an intense period ahead and looks forward to meeting these challenges and progressing further the OAR and MERG in 2015.

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