Mr. Alex Pernin reports

STAR ROYALTIES HIGHLIGHTS POSITIVE COPPERSTONE CONSTRUCTION DECISION AND PFS RESULTS BY MINERA ALAMOS

Star Royalties Ltd. has highlighted the positive construction decision and results of the prefeasibility study (PFS) announced by Minera Alamos Inc. for its 100-per-cent-owned Copperstone gold project in La Paz county, Arizona. The PFS confirms a robust, low-capital, high-return underground gold project with initial production expected mid-2027. Star Royalties holds a 4-per-cent gold stream on Copperstone. All amounts are in United States dollars, unless otherwise indicated.

Highlights

• Exceptional project economics: The Copperstone PFS outlines an after-tax NPV 5 per cent (net present value, 5-per-cent discount rate) of $374-million, an after-tax IRR (internal rate of return) of 108 per cent, and total after-tax net cash flow of $512-million at a base case gold price of $3,500/ounce. At a spot gold price of $4,500/oz, after-tax NPV 5 per cent increases to $537-million with an IRR of 154 per cent.
• Positive construction decision and near-term production: Minera Alamos's board of directors has approved full-scale construction, with initial gold production expected mid-2027, to average 46,000 oz of gold annually over a 6.3-year mine life. Construction is anticipated to take approximately one year, while a planned three-month ore stockpile ahead of mill start-up is expected to help debottleneck the commissioning and ramp-up of the project.
• Low capital intensity and rapid payback: Initial capital costs are expected to total $58-million, resulting in a compelling net-present-value-to-capex ratio of 6.4 times at the base case $3,500/oz gold price scenario with a payback of 1.2 years.
• Significantly increased resource base: Measured and indicated resources of 4,054,000 tonnes grading 4.83 grams per tonne gold (g/t) and containing 630,000 oz gold represent a 110-per-cent increase in contained gold ounces compared to the previous mineral resource estimate. In addition, maiden proven and probable reserves of 1,934,000 t grading 4.87 g/t and containing 303,000 oz gold have been declared.
• Stream valuation uplift for Star Royalties: The PFS production profile of 291,000 oz over a 6.3-year mine-life and average annual production of 46,000 oz represent a significant increase in the value of Star Royalties' 4-per-cent gold stream on Copperstone, relative to prior technical studies. At a spot gold price of $4,500/oz, the company estimates its 4-per-cent gold stream to generate approximately $39-million in life-of-mine pretax cash flow, prior to any mine-life extension from resource conversion and exploration success.
• Significant exploration and mine-life extension potential: Minera Alamos has identified meaningful additional upside from down-plunge extensions of high-grade underground zones as well as infill and stepout drilling planned during mining operations.
• Additional open pit potential: Copperstone has an extensive history of both open pit and underground mining. For the purposes of the updated PFS, only underground accessible resources were considered. A portion of these resources exist in near-surface areas in proximity to the historic open pit excavations and Minera Alamos believes there is potential for gold mineralization to be extracted via open pit mining methods. This opportunity will be more fully evaluated over the course of 2026 and 2027.

Alex Pernin, chief executive officer of Star Royalties, commented: "We are encouraged by the Copperstone PFS results and Minera Alamos's decision to fast track construction. This study confirms Copperstone as a high-return, low-capital project with near-term production and significant exploration upside with the potential for a concurrent open pit operation in the coming years. At today's gold prices, the economics of both the project and especially our 4-per-cent gold stream continue to strengthen, yet we believe our stream's ultimate value is still not reflected in our share price. With construction commencing shortly and first gold production expected in mid-2027, Copperstone represents a major value creation catalyst for Star Royalties shareholders."

The company is relying on Minera Alamos's disclosure from its May 26, 2026, 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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