Star Royalties Highlights Copperstone Development Progress and Exploration Potential

(TheNewswire)

November 7, 2025 - TheNewswire - TORONTO, ON– Star Royalties Ltd. (“ Star Royalties ”, or the “ Company ”) (TSXV: STRR, OTCQX: STRFF) is pleased tohighlight an update by Minera Alamos Inc. (“ Minera Alamos ”) (TSXV: MAI, OTCQX:MAIFF) on the development progress and explorationpotential of its Copperstone Gold Mine (“ Copperstone ”). Minera Alamos is currently preparing an updated technicalstudy to support Copperstone’s restart, following anticipatedapprovals of final amendments to its Mine Plan of Operations(“ MPO ”) which are expected before year-end 2025. Allamounts are in U.S. dollars, unless otherwise indicated. Neither TSXVenture Exchange nor its Regulation Services Provider acceptsresponsibility for the adequacy or accuracy of this release.

Highlights

• Robust Copperstoneeconomics: Copperstone is expected to generateover $297 million in after-tax net cash flow, have an after-tax NPV5%of $227 million, and generate an after-tax IRR of 171% as per thelatest Preliminary Economic Assessment ( PEA ”) 1 and assuming a goldprice of $3,000/oz.

• Permitting milestones on track: Minera Alamos expects to receive approval offinal MPO by year-end 2025, including amendments to the AquiferProtection Permit, Air Quality Control Permit, and reclamation plan,positioning Copperstone for a 2026 restart.

• Fast-track restart strategy: Engineering activities have been ramped up tooptimize plans for the mine restart and process plantinstallation. Under the authorization of theexisting permits, site development activities can be initiated inparallel with the pending MPO amendment to “fast-track” theproject restart. Transfer and refurbishment of already-owned 1,000 tpdprocess plant equipment (PEA mine plan was modelled at 600 tpd) tosite is expected to be largely complete by year-end 2025, to beimmediately followed by installation andrefurbishment.

• Upcoming technical report: In parallel, an updatedtechnical study is in progress, with engineering efforts focused onoptimizing mine design, plant flexibility, and capital efficiency.Opportunities to mine and process at higher rates to support futureresource expansion potential are being assessed. The updated technicalreport is expected in the first half of 2026.

• High-grade underground gold resourceand exploration potential: Copperstone hosts300,000 oz of Measured and Indicated resources (1.2 Mt at 7.7 g/t) 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’ review of its exploration results suggests thedeposit is part of an iron oxide-copper-gold (“ IOCG ”) system, withpotential for deeper mineralization and shallow open-pit extensionsnear the historic pit. A Phase 1 drill programis being finalized for early 2026 to assess near-surface materialbeside the historic open pit and at depth along strike to furtherdelineate underground resources.

• Enhanced stream valuation: TheCompany estimates its 4% gold stream on Copperstone to generateapproximately $5.3 million in pre-tax cash flow during the mine’sfirst year of production and $24 million in life-of-mine pre-tax cashflow, prior to any mine-life extension from resource conversion andexploration success, as per the latest PEA and assuming a gold priceof $3,500/oz.

• Equity ownership of Minera Alamos: The Company owns approximately 7.8 millionshares of Minera Alamos, valued at C$2.9 million as per MineraAlamos’ latest closing share price. In addition to Copperstone’supcoming development and construction milestones, Star Royaltiesanticipates several additional catalysts in 2026 that could positivelyre-rate its Minera Alamos equity ownership, including consistentproduction and operating cash flows from its Pan gold mine in Nevadaand permitting developments at its Mexican assets.

Alex Pernin, Chief Executive Officer of Star Royalties, commented:“We are encouraged by the latest Copperstone development progressfrom Minera Alamos. The project’s economics and our stream’svaluation at today’s robust gold prices continue to demonstratesignificant cash flow generation potential for Star Royalties that isnot reflected in our share price. In addition, the new interpretationof Copperstone’s host geology provides a highly constructive pathwayto meaningfully extending the life-of-mine well beyond what iscurrently contemplated in the PEA. Given that Copperstone’s currentmine plan only incorporates half of its current high-grade resource,we look forward to the Phase 1 exploration program in the next fewmonths and its potential impact on Copperstone’s mineral inventory.We also highlight complementary efforts by Minera Alamos to accessopportunities for plant flexibility to support expanded processingrates and overall higher annual gold production.”

Copperstone Exploration Potential

Following a detailed review ofavailable Copperstone drill core and field investigations of exposedgold mineralization in the open pit and underground workings, MineraAlamos confirmed that the gold and subsidiary copper mineralization ishosted by a shallowly northeast-dipping fault zone, suspected to be athrust rather than a traditionally assumed extensional listric normalfault. The gold mineralization occurs with stockworks of specularhematite partly transformed to magnetite, which is typicallyassociated with IOCG deposits . An IOCG affiliation implies that gold mineralization could occurover a large vertical extent rather than being confined to a shallow,near-surface interval, as would be historically interpreted. Inaddition, the current underground mining resource area appears to beopen both along strike and at depth (see Figure 1 below), whilepotential for shallow open-pit gold mineralization occurs close to thecurrent pit limits, especially to the southeast.

Click Image To View Full Size

Figure 1:Copperstone drillhole identified mineralization (looking NNW). Source: www.mineraalamos.com

Minera Alamos indicated that the Phase 1 drill program iscurrently being finalizedfor Copperstone and is expected to begin in Q1 2026 focusing onshallow mineralization adjacent to the current historic open pit andareas along strike and at depth of the currently outlined undergroundresources. While this work program is underway, Minera Alamos’exploration team will also be evaluating the potential for newmineralized structures outside of the current area which hadpreviously been identified by historic exploration drillprograms.

The Company is relying on MineraAlamos’ disclosure from its November 6, 2025 press release for theaccuracy of Copperstone-related information and on Mr. DarrenKoningen, P. Eng., Minera Alamos’ CEO, as the Qualified Personresponsible for the technical content related to Copperstone underNational Instrument 43-101.

CONTACT INFORMATION

For more information, please visit our website at starroyalties.com or contact:

About Star Royalties Ltd.

Star Royalties Ltd. is a precious metals and carbon credit royalty andstreaming company. The Company’s objective is to provide wealthcreation by originating accretive transactions with superior alignmentto both counterparties and shareholders. The Company offers investorsexposure to precious metals as well as carbon credit prices throughits pure-green joint venture, Green Star Royalties Ltd., havinginnovated the world’s first carbon credit royalties.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

Certain statements in this news release may constitute"forward-looking statements", including those regardingfuture market conditions for metals and minerals, future valuation ofMinera Alamos, development and production of Copperstone, permittingand construction scheduling of Coppertone, future location ofCopperstone grinding and flotation equipment, expected future cashflow from the stream agreement, the Company’s position inCopperstone’s future gold production, the net cash position of theCompany, and future capital raising opportunities are statements thataddress or discuss activities, events or developments that the Companyexpects or anticipates may occur in the future. When used in this newsrelease, words such as "estimates", "expects","plans", "anticipates", "will","believes", "intends" "should","could", "may" and other similar terminology areintended to identify such forward-looking statements. Forward-lookingstatements are made based upon certain assumptions and other importantfactors that, if untrue, could cause the actual results, performancesor achievements of Star Royalties to be materially different fromfuture results, performances or achievements expressed or implied bysuch statements. Forward-looking statements should not be read as aguarantee of future performance or results and will not necessarily bean accurate indication of whether or not such results will beachieved.

A number of factors could cause actual results,performances or achievements to differ materially from suchforward-looking statements, including, without limitation, changes in business plans and strategies, marketand capital finance conditions, ongoing market disruptions caused bythe Ukraine and Russian conflict, metal and mineral commodity pricevolatility, discrepancies between actual and estimated production andtest results, mineral reserves and resources and metallurgicalrecoveries, mining operation and development risks relating to theparties which produce the metals and minerals Star Royalties willpurchase or from which it will receive royalty payments, risksinherent to royalty companies, title and permitting matters,activities by governmental authorities, currency fluctuations, theglobal, federal and provincial social and economic climate inparticular with respect to addressing and reducing global warming,natural disasters and global pandemics, dilution, risk inherent to anycapital financing transactions. These risks, as well as others, couldcause actual results and events to vary significantly. Accordingly,readers should exercise caution in relying upon forward-lookingstatements and the Company undertakes no obligation to publicly revisethem to reflect subsequent events or circumstances, except as requiredby law.

1 "National Instrument 43-101 TechnicalReport: Preliminary Economic Assessment for the Copperstone Project,La Paz County, Arizona, USA" with aneffective date of February 6, 2025.

Copyright (c) 2025 TheNewswire - All rights reserved.