The densification of GNSS Continuously Operating Reference Station (CORS) networks in mountainous regions is constrained by the high cost of geodetic-grade equipment. Low-cost (LC) multi-frequency GNSS receivers offer a viable alternative, yet their performance in challenging high-altitude Alpine environments remains largely unexplored. This study evaluates the rover-side positioning performance and tropospheric delay estimation capability of a newly installed LC permanent station at Prali (2200 m elevation), in the Alpine region of Piedmont, Italy. The station, based on a u-blox ZED-F9P receiver with a broadband LC antenna and a Raspberry Pi computer, was assessed using Virtual Reference Station (VRS) corrections from the SPIN3 professional CORS network. Six independent two-hour RTK sessions across a full diurnal cycle were processed using RTKLIB in forward-only kinematic mode to emulate real-time conditions. Results demonstrate that the LC station achieves centimetre-level horizontal precision (8–11 mm) with fix rates up to 97% and time to first fix below 3 minutes under favourable conditions. A diurnal performance variability was observed and characterised across the six sessions. Zenith Tropospheric Delay estimation via CSRS-PPP with 92% fixed ambiguities yielded physically consistent values (mean ZTD = 1811 mm, ZWD = 41 mm), consistent with dry winter conditions at altitude. These results confirm that LC GNSS stations can deliver reliable centimetre-level positioning and meaningful tropospheric products in demanding Alpine environments, supporting their deployment for CORS network densification in regions where geodetic-grade infrastructure is economically or logistically prohibitive.