Mr. Alex Pernin reports

STAR ROYALTIES HIGHLIGHTS COPPERSTONE DEVELOPMENT PROGRESS AND EXPLORATION POTENTIAL

Star Royalties Ltd. has highlighted an update by Minera Alamos Inc. (TSX Venture Exchange: MAI, OTCQX: MAIFF) on the development progress and exploration potential of its Copperstone gold mine. Minera Alamos is currently preparing an updated technical study to support Copperstone's restart, following anticipated approvals of final amendments to its mine plan of operations, which are expected before year-end 2025. All amounts are in United States dollars, unless otherwise indicated.

Highlights

• Robust Copperstone economics: Copperstone is expected to generate over $297-million in after-tax net cash flow, have an after-tax NPV 5 per cent (net present value, 5-per-cent discount rate) of $227-million, and generate an after-tax IRR (internal rate of return) of 171 per cent as per the latest preliminary economic assessment (PEA) and assuming a gold price of $3,000/ounce.
• Permitting milestones on track: Minera Alamos expects to receive approval of final MPO by year-end 2025, including amendments to the aquifer protection permit, air quality control permit and reclamation plan, positioning Copperstone for a 2026 restart.
• Fast-track restart strategy: Engineering activities have been ramped up to optimize plans for the mine restart and process plant installation. Under the authorization of the existing permits, site development activities can be initiated in parallel with the pending MPO amendment to fast track the project restart. Transfer and refurbishment of already-owned 1,000-tonne-per-day process plant equipment (PEA mine plan was modelled at 600 tpd) to site is expected to be largely complete by year-end 2025, to be immediately followed by installation and refurbishment.
• Upcoming technical report: In parallel, an updated technical study is in progress, with engineering efforts focused on optimizing mine design, plant flexibility and capital efficiency. Opportunities to mine and process at higher rates to support future resource expansion potential are being assessed. The updated technical report is expected in the first half of 2026.
• High-grade underground gold resource and exploration potential: Copperstone hosts 300,000 oz of measured and indicated resources (1.2 million tonnes at 7.7 grams per tonne) and 197,000 oz of inferred resources (0.97 Mt at 6.3 g/t), based on a gold price of $1,800/oz. Minera Alamos's review of its exploration results suggests the deposit is part of an iron oxide-copper-gold (IOCG) system, with potential for deeper mineralization and shallow open-pit extensions near the historic pit. A phase 1 drill program is being finalized for early 2026 to assess near-surface material beside the historic open pit and at depth along strike to further delineate underground resources.
• Enhanced stream valuation: The company estimates its 4-per-cent gold stream on Copperstone to generate approximately $5.3-million in pretax cash flow during the mine's first year of production and $24-million in life-of-mine pretax cash flow, prior to any mine-life extension from resource conversion and exploration success, as per the latest PEA and assuming a gold price of $3,500/oz.
• Equity ownership of Minera Alamos: The company owns approximately 7.8 million shares of Minera Alamos, valued at $2.9-million as per Minera Alamos's latest closing share price. In addition to Copperstone's upcoming development and construction milestones, Star Royalties anticipates several additional catalysts in 2026 that could positively rerate its Minera Alamos equity ownership, including consistent production and operating cash flows from its Pan gold mine in Nevada and permitting developments at its Mexican assets.

Alex Pernin, chief executive officer of Star Royalties, commented: "We are encouraged by the latest Copperstone development progress from Minera Alamos. The project's economics and our stream's valuation at today's robust gold prices continue to demonstrate significant cash flow generation potential for Star Royalties that is not reflected in our share price. In addition, the new interpretation of Copperstone's host geology provides a highly constructive pathway to meaningfully extending the life of mine well beyond what is currently contemplated in the PEA. Given that Copperstone's current mine plan only incorporates half of its current high-grade resource, we look forward to the phase 1 exploration program in the next few months and its potential impact on Copperstone's mineral inventory. We also highlight complementary efforts by Minera Alamos to access opportunities for plant flexibility to support expanded processing rates and overall higher annual gold production."

Copperstone exploration potential

Following a detailed review of available Copperstone drill core and field investigations of exposed gold mineralization in the open pit and underground workings, Minera Alamos confirmed that the gold and subsidiary copper mineralization is hosted by a shallowly northeast-dipping fault zone, suspected to be a thrust rather than a traditionally assumed extensional listric normal fault. The gold mineralization occurs with stockworks of specular hematite partly transformed to magnetite, which is typically associated with IOCG deposits. An IOCG affiliation implies that gold mineralization could occur over a large vertical extent rather than being confined to a shallow, near-surface interval, as would be historically interpreted. In addition, the current underground mining resource area appears to be open both along strike and at depth, while potential for shallow open-pit gold mineralization occurs close to the current pit limits, especially to the southeast.

Minera Alamos indicated that the phase 1 drill program is currently being finalized for Copperstone and is expected to begin in Q1 2026 focusing on shallow mineralization adjacent to the current historic open pit and areas along strike and at depth of the currently outlined underground resources. While this work program is under way, Minera Alamos's exploration team will also be evaluating the potential for new mineralized structures outside of the current area which had previously been identified by historic exploration drill programs.

The company is relying on Minera Alamos's disclosure from its Nov. 6, 2025, press release for the accuracy of Copperstone-related information and on Darren Koningen, PEng, Minera Alamos's chief executive officer, as the qualified person responsible for the technical content related to Copperstone under National Instrument 43-101.

About Star Royalties Ltd.

Star Royalties is a precious metals and carbon credit royalty and streaming company. The company's objective is to provide wealth creation by originating accretive transactions with superior alignment to both counterparties and shareholders. The company offers investors exposure to precious metals as well as carbon credit prices through its pure-green joint venture, Green Star Royalties Ltd., having innovated the world's first carbon credit royalties.

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