Mr. Juan Carlos Giron Jr. reports

CANSTAR RESOURCES NEARS COMPLETION OF PHASE 1 TILL SAMPLING AT ITS 100%-OWNED SKELLEFTE VMS PROJECT IN NORTHERN SWEDEN

Canstar Resources Inc.'s phase 1 till geochemistry program at its 100-per-cent-owned Skellefte VMS (volcanogenic massive sulphide) project in northern Sweden, a volcanogenic massive sulphide (VMS) exploration property, is nearing completion. A systematic till sampling program, comprising approximately 2,150 samples, commenced on Aug. 19, 2026, on three of the project's exploration permits, an area of approximately 31,000 hectares. This geochemical survey is designed to identify anomalies which can support drill targeting. As at Oct. 6 2026, approximately 95 per cent of the planned sample sites had been sampled, and sampling is expected to be completed in October.

Till sampling detects the geochemical signature dispersed down-ice in glacial sediment from mineralization which may be concealed beneath cover. In glaciated terrain such as the Skellefte belt, where outcrop is scarce, it is an established first-pass reconnaissance method, and may be used alongside airborne geophysics to focus follow-up exploration. The Skellefte belt hosts a documented endowment of more than 200 million tonnes of polymetallic VMS mineralization and more than 70 million tonnes of gold and gold-telluride style deposits; none of this mineralization is on the project, and the project's geochemical coverage under Canstar begins with this program.

Juan Carlos Giron Jr., president and chief executive officer of Canstar, commented: "Our Skellefte project is the second leg of Canstar's strategy and covers a large land position in one of the most productive VMS belts in the world. The project is in a part of the Skellefte VMS belt which has not yet been systematically tested using modern methods. We plan to apply the same disciplined approach that has brought initial exploration success at our flagship Mary March VMS project in Newfoundland. We are now advancing projects in two districts, and will update the market as each progresses."

Till sampling program

Phase 1 of the till geochemistry program comprises approximately 2,150 samples, including quality-control samples, collected on a grid of approximately 400 metres by 400 metres across the project's three original permits (Missentrask nr 101, Snotterberget nr 101 and Stoverberg nr 101), with limited targeted infill at approximately 200 metres around anomalies identified by field screening. Sampling commenced on Aug. 19, 2026, and completion is expected in October. Routine one-kilogram till samples are collected with field QA/QC (quality assurance/quality control) samples inserted at a rate of 7 per cent.

Approximately 100 grams of each dried, unsieved sample is analyzed once using a portable X-ray fluorescence (pXRF) instrument. The pXRF data provide rapid screening to guide infill sampling and real-time feedback on samples collected ahead of laboratory analysis. pXRF screening is not a substitute for laboratory analysis, and no pXRF results are reported in this release. All samples will be submitted to Bureau Veritas for sample preparation and dry sieving to less than 63 micrometres (SS230) and multielement analysis by four-acid digestion with an ICP-MS/ICP-ES finish (MA200) at its ISO-accredited laboratory in Vancouver, Canada. Laboratory results will be interpreted together with a compilation of historical exploration data over the project, including airborne geophysical surveys, to rank anomalies for follow-up.

Property and district context

The project comprises four granted exploration permits covering approximately 680 square kilometres (68,000 hectares) in the northern portion of the Skellefte belt. The part of the project covered by the fourth permit is not included in the current program and is expected to be incorporated into follow-up exploration plans.

Sweden ranked ninth of 68 jurisdictions in the Fraser Institute's Annual Survey of Mining Companies 2025. The Skellefte belt is one of Europe's longest-producing VMS districts, with mining activities since 1918. Work by Boliden AB, which has anchored production in the district, has substantially defined the modern understanding of the district. References to other deposits and districts are provided for context and are not necessarily indicative of mineralization on the project.

Canstar acquired the project from 1478078 B.C. Ltd., doing business as Lithological Opportunities (LithOps). The till sampling program is being carried out by LithOps' Sweden-based exploration team, which operates the program on the company's behalf, under the supervision of Canstar's executive team.

Next steps at Skellefte VMS project

Completion of phase 1 of the program is expected in October, 2026, after which samples will be submitted for laboratory analysis. The company will report laboratory results and the integrated interpretation, including any follow-up targets, when they are available.

Quality assurance and quality control

The program includes a 7-per-cent field QA/QC insertion rate, comprising OREAS 48 and OREAS 49 certified reference materials and field duplicates. Samples are documented and secured through collection, preparation, shipment and laboratory receipt. Laboratory submissions are also subject to Bureau Veritas's internal QA/QC procedures.

Warrant extension

Further to its news release dated Sept. 11, 2026, the company confirms that it has completed the extension of the expiry date of 10,357,369 common share purchase warrants issued under its warrant exercise incentive program. The expiry date of the incentive warrants has been extended from Sept. 25, 2026, to Dec. 31, 2026. The exercise price remains seven cents per share, and all other terms are unchanged. The TSX Venture Exchange accepted the extension on Sept. 23, 2026. None of the incentive warrants are held by insiders of the company.

Qualified person

The scientific and technical content of this news release has been reviewed and approved by Bob Patey, PGeo, vice-president, exploration, of Canstar, a qualified person as defined by National Instrument 43-101.

About Canstar Resources Inc.

Canstar Resources is a focused VMS exploration company with a portfolio of projects in established mining jurisdictions. The company's flagship Mary March VMS project (approximately 148 square km) is located within the Buchans district in central Newfoundland and is being advanced under an earn-in joint venture with VMS Mining Corp. The Buchans mining camp is well known for producing some of the highest-grade VMS deposits in North American mining history. The company's Skellefte VMS project (approximately 68,000 hectares) is located in the northern portion of the Skellefte VMS belt of Sweden, a well-established VMS district. Canstar also holds the Golden Baie project in southern Newfoundland, currently subject to an option agreement with Churchill Resources Inc.

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