Interview with Nick Appleyard, President & CEO of TriStar Gold (TSX-V:TSG)TriStar Gold Inc is a gold exploration and development company listed on TSX-V. The company's 100% owned flagship project is the Castelo de Sonhos gold project, is located in Pará state, Brazil. The Company recently completed a US$8 million finance with Royal Gold Inc. TriStar Gold will use the proceeds to advance Castelo de Sonhos to completion of a feasibility study in 2020. The aim is to get into production as soon as possible; this is what Royal Gold wants too. Typically, the TriStar Gold model has been for someone else to discover the project, then the TriStar team can come in and develop it to production.There is a PEA for Castelo de Sonhos, completed in November 2018. What are the headline stats at US$1,250/oz gold?- AISC: US$687/oz (wow)- CAPEX: US$184M- Average Annual Production: 130,000oz gold- IRR: 43% (post-tax)- NPV 5% - US$264M (post-tax)These are fantastic figures and this is just for "one corner of the project." The only real issue appears to be the short mine life: 8 years. However, this is only for one part of the project. What is Appleyard doing to extend longevity? The plan appears to be very smart. Appleyard aims to monetise the PEA-segment of the project as quickly as possible by getting it into production. Once the cash is flowing, he plans to raise separate capital to finance the rest of the project. He thinks the project will involve naturally in a reasonable timeframe. While Appleyard has heard some stories that might lead investors to worry about how institutional investors perceive RC drilling, he claims he is not concerned at all. He states he has had no pushback and that the results will speak for themselves.Appleyard is current working on metallurgical work and other technical measurements as he works towards a PFS. This was originally intended to be completed this year, but COVID-19 has pushed it back a little. The second focus is on exploration upside, so when the PFS is delivered, the exploration component can be added on as a bonus to sweeten the deal for investors. Smart.TriStar Gold currently has around US$5M in the bank.Appleyard states that TriStar Gold is fully aware that Brazil is notoriously slow at issuing permits. He states that the company is currently on track: things are moving forward well, if not quickly. COVID-19 has been disruptive and TriStar Gold is operating a skeleton crew in the field.What are the deliverables for TriStar Gold. For phase 1, the PFS, the aim is simply to replicate the PEA: c. 1.1Moz gold production. All the numbers will stay the same. What is the exit strategy? Before the PFS, TriStar gold wants to know a clear plan of who will bring the mine into production and how it will happen. While Appleyard states that TrioStar gold could bring it into production, there will be more able teams out there who are better equipped with a stronger skill set. He states the company will have its eyes open for opportunities that would be beneficial for shareholders over the next year. The PFS is aimed for Q2/21.Appleyard thinks that the market has undervalued TriStar Gold. Insiders and associates hold 27% of TriStar Gold. How much skin the game does the management have? Appleyard states that management and directors probably hold around 12%. He holds just under 2M shares, all of which he bought. US Global is the biggest shareholder with c.18%, Gold 2000 (in Zurich) has c.7%, RBC Toronto holds 5%.  Company Page: https://tristargold.com/Make smarter investment decisions, subscribe here: https://www.cruxinvestor.comFor FREE unbiased investment information, follow us on Twitter, LinkedIn and Facebook:https://twitter.com/cruxinvestorhttps://www.linkedin.com/company/crux-investor/https://www.facebook.com/cruxinvestorTake advantage, hear it here first: https://www.youtube.com/CRUXinvestor