Mr. Rob Bruggeman reports

CANSTAR ANNOUNCES ANNUAL GENERAL MEETING RESULTS

Canstar Resources Inc. has released the results from all matters submitted to shareholders at the company's annual general meeting of shareholders held on Dec. 5, 2022. All of the management nominees for election of director were elected, and MNP LLP was reappointed as the company's auditor.

The resolution pertaining to the approval of the rolling stock option plan of the company was not approved by a majority of shareholders represented at the meeting. The board of directors of the company expects to approve a resolution modifying the prior rolling stock option plan of the company to a 10-per-cent fixed stock option plan, which is permitted by the policies of the TSX Venture Exchange and does not require shareholder approval under TSX-V policies. The number of common shares of the company reserved for issuance under the fixed plan is expected to be 11,025,366 common shares, which are 10 per cent of the number of common shares outstanding on the meeting date. Any grant of stock options under the fixed plan is subject to the terms and conditions prescribed by the TSX-V and applicable securities laws.

The terms of the fixed plan will be substantially similar to the stock option plan that was appended to information circular dated Oct. 19, 2022, pertaining to the meeting; however, the number of shares issuable under the fixed plan will be fixed at 11,025,366 common shares, and the fixed plan will not include a net exercise provision. The purpose of the fixed plan will be to continue the outstanding stock options that were granted under the previous stock option plan and to advance the interests of the company to provide eligible persons under the fixed plan with incentives and to encourage stock ownership of such persons. The fixed plan will be the only security-based compensation plan that the company maintains at the time of adoption of the fixed plan. Any stock options outstanding under the previous stock option plan will be governed by the fixed plan. The fixed plan is subject to the approval of the TSX-V.

About Canstar Resources Inc.

Canstar has a very experienced technical team and board which are focused on new mineral discoveries in Newfoundland, Canada. Central Newfoundland has emerged as one of the most exciting gold exploration districts due to recent high-grade orogenic gold discoveries along crustal-scale fault corridors. The company is focused on gold exploration on 939 square kilometres of mineral claim licences in south-central Newfoundland, including the Golden Baie project, which has multiple high-grade gold anomalies at surface along 40 kilometres of strike and near-surface drilling confirming the presence of high-grade orogenic gold. The company also holds the Buchans-Mary March project in central Newfoundland.

Canstar is based in Toronto, Canada, and is listed on the TSX Venture Exchange under the symbol ROX and trades on the OTCPK under the symbol CSRNF.

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