Star Royalties Reports Q3 2025 Financial Results

(TheNewswire)

November 25, 2025, TORONTO, ON – TheNewswire – Star Royalties Ltd. (“ Star Royalties ”, or the “ Company ”) (TSXV: STRR, OTCQX:STRFF) today reported its financial results for the quarter endedSeptember 30, 2025. All amounts are in U.S. dollars, unless otherwiseindicated.

Q3 2025 Financial and CorporateHighlights

• Minera Alamos Inc. ( Minera Alamos ”) (TSXV: MAI, OTCQX: MAIFF) provided an update onthe Copperstone Gold Project ( Copperstone ”) development progress andexploration potential, reiterating robust project economics andconfirming projected startup in late 2026. Minera Alamos also provideda new interpretation on Copperstone’s exploration potential andannounced a Phase 1 drilling program to commence in early2026.

• Quarterly revenues of $40,104 represented a decreasefrom the prior-year period due to an intentionaloperational slowdown at the Keysbrook Mine( Keysbrook ”), which is anticipating an approval of its Life-of-Mine ( LOM ”) extension in early 2026. The operator’s recently updated budget indicates animprovement in production tonnage over the coming quarters.

• The Gold Mountain Mining Corp. ( Gold Mountain ”)(TSX: GMTN, OTCQB: GMTNF, FRA: 5XFA) receivership process is ongoing,with a court-filed sale and investment solicitation process expectedto conclude in December 2025 or January 2026. Resolution of the saleprocess is expected to provide clarity on the timeline of productionrestart at the Elk Gold Mine (“ Elk Gold ”), and on the valuation of ElkGold’s mining royalty interest for Star Royalties.

• Recent Copperstone-related disclosures and a reiteratedtimeline to production along with a sustained increase in the goldprice to approximately $4,000/oz have continued to improve theCompany’s outlook for its mining royalty portfolio, with Elk Goldoffering additional optionality for value creation.

Summary of Annual FinancialResults

For complete details, please refer to the CondensedInterim Consolidated Financial Statements and associated ManagementDiscussion and Analysis for the three months ended September 30, 2025,available on SEDAR+ at sedarplus.c a or on the Company’s websiteat starroyalties.com .

Alex Pernin, Chief Executive Officer of Star Royalties, commented:“We have benefited from several recent positive developments at ourassets, which translated into a consistent improvement in our shareprice as investors continue to better recognize the value creationpotential of our royalty portfolio. The recent Copperstone updatereinforces its top priority in Minera Alamos’ development pipelinewith permitting expected to be completed by year-end and productionstartup on track for late 2026. Minera Alamos’ latest operatingresults at its recently acquired Pan Gold Mine (“ Pan ”) are indicative of itsability to fund the construction and development of Copperstone frominternally generated cash flows. Elk Gold's sale process isexpected to conclude in the next two months or so, and we arecognizant that this Canadian asset could provide significantoptionality for our portfolio under new ownership. At Keysbrook, whilethe current quarter’s operating results were significantly belowhistorical levels do to an intentional operationalslowdown , we are encouraged with theoperator’s latest budget and a recent report from the AustralianEnvironmental Protection Agency (“ EPA ”) about thenear-term prospects of a meaningful LOM extension. ”

“From a financial strength standpoint, Star Royalties’ currentassets remain largely unchanged since the beginning of the year atapproximately $3.4 million, buoyed by our ongoingcost-saving initiatives and underpinned by our investment holding of approximately 7.8 million Minera Alamosshares. We are well positioned and look forward to generatingmeaningful cash flow following Copperstone’s production startup inlate 2026.

At Green Star Royalties (“ GreenStar ”), we have sold all of our already-issued carbon offsetsto our partners at NativState, whose long-term offtake agreements withseveral large energy producers may provide a future source of demandfor our attributable offsets. Our team remains focused on deployingGreen Star’s remaining capital into several cleantech anddecarbonization opportunities .”

Significant Portfolio Updates

Mining Portfolio

Copperstone

The LOM gold stream on Copperstone is a key investmentin Star Royalties’ portfolio, with a re-start of the mine expectedto occur in late 2026 as per Minera Alamos’ latest guidance. OnNovember 6, 2025, Minera Alamos provided an update on Copperstone’sdevelopment progress and exploration potential. The detailed updatecan be found on the Company’s website at News Release (Nov 07,2025) - Star Royalties . In summary,Minera Alamos reiterated that:

• Copperstone’s economics remain robust, with expectedafter-tax net cash flows of over $297 million, an after-tax NPV5% of$227 million, and an after-tax IRR of 171% as per the latestPreliminary Economic Assessment (“ PEA ”) 1 at an assumed goldprice of $3,000/oz.

• Permitting remains on track with an approval of thefinal Mining Plan of Operations expected by year-end 2025, includingamendments to the Aquifer Protection Permit, Air Quality ControlPermit, and reclamation plan.

• Engineering activities have been ramped up to“fast-track” the project restart, and the transfer ofalready-owned process plant equipment to site is expected to belargely complete by year-end 2025, to be immediately followed byinstallation and refurbishment.

• An updated technical report is expected in early 2026,which will focus on optimizing mine design, plant flexibility, andcapital efficiency, as well as assessing opportunities to mine andprocess at higher rates to capitalize on future resource expansionpotential.

• Minera Alamos’ review of Copperstone’s explorationresults indicates the deposit is part of an iron oxide-copper-goldsystem, with potential for deeper mineralization and shallow open-pitextensions near the historic pit. A Phase 1drill program is being finalized for early 2026 to assess near-surfacematerial beside the historic open pit and at depth along strike tofurther delineate underground resources.

Copperstone Mine Life and ThroughputExpansion Potential

In its latest management presentation, Minera Alamos indicated that itanticipates gold production at Copperstone to exceed 50,000 ozannually, and that production is expected to increase furtherfollowing a planned ~68% throughput expansion that will match the 900tpd capacity of the processing plant currently in transit. Thethroughput expansion is expected to capitalize on the potentialupgrading of a significant portion of existing Inferred resources thatare contiguous to the Measured and Indicated resource and theexploration potential of the property.

The Company will look to evaluate the impact of this positivedevelopment on the value of its stream when further details becomeavailable in the upcoming Copperstone technical report in early 2026.

The Company is relying on Minera Alamos’ disclosurefrom its November 6, 2025 press release for the accuracy ofCopperstone-related information and on Mr. Darren Koningen, P. Eng.,Minera Alamos’ CEO, as the Qualified Person responsible for thetechnical content related to Copperstone under National Instrument43-101.

Minera Alamos Equity

The Company currently owns approximately 7.8 millionshares of Minera Alamos, valued at C$3 million as per Minera Alamos’latest closing share price. On August 7, 2025,Minera Alamos announced that it entered into a definitive agreement toacquire Calibre USA Holdings Ltd. (“ Calibre USA ”) fromEquinox Gold Corp. (“ Equinox ”) for total consideration of $115million. Calibre USA held a 100% economic interest in Pan, Gold RockProject (“ GoldRock ”) and Illipah Project (“ Illipah ”), alllocated in Nevada, USA. As per Mineral Alamos, the transformativeacquisition was designed to create a growing, diversified,Americas-focused precious metals producer with immediate productionand cash flow and a suite of low-capital intensity, quick-build goldprojects to take advantage of the record-high gold price environment.Post-acquisition, Minera Alamos states that its asset base will holdthe potential to produce, in aggregate, over 175koz gold annuallybased on the current production profile of Pan and development plansfor Copperstone, Cerro de Oro and Gold Rock assets.

On September 17, 2025, Minera Alamos reported that itclosed its previously announced bought deal private placement forgross proceeds of approximately C$135,000,300.

On October 1, 2025, Minera Alamos announced thecompletion of its acquisition of Calibre USA, including Pan, Gold Rockand Illipah. As consideration, Minera Alamos paid a wholly-ownedsubsidiary of Equinox $88,372,424 in cash and issued to it 96,802,816common shares in the capital of Minera Alamos.

Subsequent to the current reporting period, on October23, 2025, Minera Alamos announced that Darren Blasutti has joined itsmanagement team as Executive Vice President, Corporate Development.Mr. Blasutti is a mining executive and professional CharteredAccountant with more than 25 years of mining finance and seniorexecutive experience, with previous roles as Senior Vice President,Corporate and Business Development with Barrick Gold Corporation, andPresident and CEO of Americas Gold and Silver Inc.

Star Royalties anticipates several catalysts in 2026 that couldpositively re-rate its Minera Alamos equity ownership, includingconsistent production and operating cash flows from Pan,Copperstone’s upcoming development and construction milestones, andpermitting developments at its Mexican assets.

Keysbrook

Third quarter 2025 royalty income from Keysbrook was$40,105, compared to $125,450 for the comparative period in 2024.Production and sales volumes in the current quarter were negativelyimpacted by an intentional operational slowdown. In addition, someshipments of product occurred post quarter-end and will be recorded inthe fourth quarter. In particular, the operator’s updated budgetcontemplates higher sales of leucoxene (L88) in the fourth quarterthan what was recorded year-to-date, and total 2025 sold producttonnage to be approximately 5% below 2024 levels, despite theintentional slowdown. As previously reported, Keysbrook’s operatoris actively undergoing approval processes to extend Keysbrook’s LOMthrough 2029, with further potential upside to early 2030’s. TheAustralian EPA has already indicated support for the approval of theLOM extension, which remains  in late stages of approval with several other agencies. A formal approval of the extension isexpected in the first quarter of 2026.

Elk Gold

On July 31, 2025, GoldMountain announced that its Board of Directors had consented to theappointment of MNP Ltd. (“ MNP ”) as a receiver, following the receiptof demand letters from its creditor, Nhwelmen Construction GP Ltd., asgeneral partner of Nhwelmen Construction Limited Partnership(“ Nhwelmen ”).

On August 20, 2025, Gold Mountain announced that theBritish Columbia Supreme Court (“ Court ”) appointedMNP as the receiver and manager over all of the assets of GoldMountain and its two subsidiaries, Bayshore Minerals Incorporated andElk Gold Mining Corporation., including, without limitation, Elk Gold.Gold Mountain also indicated that the Toronto Stock Exchange woulddelist the securities of the Gold Mountain at the close of market onSeptember 12, 2025 following a delisting review.

On August 27, 2025, MNP filed a report with the Court,which outlined a proposed sale and investment solicitation process anda Stalking Horse Bid by Nhwelmen. The report contemplates a timelinefor the sale process that would conclude in December 2025 if no otherbids are received or in January 2026 if other bids arepresented.

Star Royalties’ management remains in frequentcommunications with all relevant parties and continues to evaluate thepotential impact of this process on the timeline of production restartat Elk Gold, as well as on the valuation of the Elk Gold miningroyalty interest.

Green Star JointVenture (45.9% interest)

NativState Improved Forest Management Carbon OffsetPortfolio

Green Star owns several gross revenue royalties on acarbon offset-issuing portfolio of Improved Forest Management(“ IFM ”) projects in the southeastern United States, developed byNativState LLC (“ NativState ”). NativState is anArkansas-based forest carbon project developer that aggregatessmall-to-medium forest landowners into IFM projects under the AmericanCarbon Registry (“ ACR ”). These royalties are expected todeliver voluntary carbon offsets to Green Star over a 20-yearperiod.

During the third quarter of 2025, Green Star continuedto engage with voluntary carbon market intermediaries to monetizealready-issued offsets from Project ACR 783. At the end of July,NativState announced a strategic agreement with TotalEnergies SE(“ TotalEnergies ”) (NYSE: TTE), whereby TotalEnergies will acquire carbonoffsets generated by 13 of NativState’s IFM projects, including mostof the projects under Green Star’s royalty portfolio. The agreementspans 247,000 acres across four U.S. states and represents asignificant counterparty endorsement of NativState’s growing trackrecord as a developer of high-integrity, high-demand, certified carbonoffsets.

Subsequent to the reporting period, Green Star sold allof its remaining 113,690 avoidance offsets to NativState. Green Starbelieves that NativState’s existing and future long-term offtakeagreements for its carbon offsets represent a future source ofpotential demand for Green Star’s attributable offsets.

CONTACT INFORMATION

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

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 and carbon credit prices, as well ascleantech and other decarbonization projects through its pure-greenjoint venture, Green Star Royalties Ltd.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

Certain statements in this news release may constitute“forward-looking statements”, including those regarding futuremarket conditions for metals, minerals and carbon offset credits,future capital raising opportunities and commitments, timing anddemand with respect to the carbon offset issuances under theNativState projects, timing of the updated ACR protocols with respectto IFM projects, upcoming development and construction milestones andpermitting developments of Minera Alamos’ Mexican assets and thefuture business growth and cash flow of the Company and Green Star.Forward-looking statements are statements that address or discussactivities, events or developments that the Company or Green Starexpects 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 and Green Star to be materiallydifferent from future results, performances or achievements expressedor implied by such statements. Forward-looking statements should notbe read as a guarantee of future performance or results and will notnecessarily be an accurate indication of whether or not such resultswill be achieved.

A number of factors could cause actual results,performances or achievements to differ materially from suchforward-looking statements, including, without limitation, changes inbusiness plans and strategies, market and capital finance conditions,ongoing market disruptions caused by the Ukraine and Russian conflict,metal and mineral commodity price volatility, discrepancies betweenactual and estimated production and test results, mineral reserves andresources and metallurgical recoveries, mining operation anddevelopment risks relating to the parties which produce the metals andminerals Star Royalties will purchase or from which it will receiveroyalty payments, carbon pricing and carbon tax legislation andregulations, risks inherent to the development of the ESG-relatedinvestments and the creation, marketability and sale of carbon offsetcredits by the parties, the potential value of mandatory and voluntarycarbon markets and carbon offset credits, including carbon offsets,expected delivery of carbon offset credits to Green Star byNativState, risks related to the IFM projects, royalty income from ElkGold and risks associated with possible impairment of royaltyinterests as a results of the receivership process and timing thereof,changes in legislation and policies including affects related to theACR, risks inherent to royalty companies, title and permittingmatters, operation and development risks relating to the parties whichdevelop, market and sell the carbon offset credits from which GreenStar will receive royalty payments, changes in crop yields andresulting financial margins regulatory restrictions, activities bygovernmental authorities (including changes in taxation), currencyfluctuations, the global, federal and provincial social and economicclimate in particular with respect to addressing and reducing globalwarming, natural disasters and global pandemics, significant economicand geopolitical uncertainty as a result of such tariffs andcounter-tariffs and the potential trade wars and global supply chainissues that may be triggered by the tariff changes, as well asshifting trends in carbon credit marketing practices, risk inherent toany capital financing transactions, risks inherent to a possible GreenStar go-public transaction, the nature of the governance rightsbetween Star Royalties, Cenovus Energy Inc. and Agnico Eagle MinesLtd. in the operation and management of Green Star and competition,the ability to raise any additional funds into Green Star. Theserisks, as well as others, could cause actual results and events tovary significantly. Accordingly, readers should exercise caution inrelying upon forward-looking statements and the Company undertakes noobligation to publicly revise them to reflect subsequent events orcircumstances, except as required by law.

Timothy Strong, MIMMM QMR, a Qualified Person under NI43-101, has reviewed the technical information in this release, whichis based on work completed by Minera Alamos on the CopperstoneProject. The Company holds a gold stream interest on the CopperstoneProject and has relied on this information under Section 9.2 of Form43-101F1.

Except where otherwise stated, the disclosure in thispress release relating to properties and operations on the propertiesin respect of which Star Royalties holds royalty or stream interestsis based in respect of the current technical reports of CopperstoneGold Project and the Elk Gold Project and on additional publiclydisclosed information relating to these assets after the date of thetechnical reports.

Neither TSX Venture Exchange nor its RegulationServices Provider accepts responsibility for the adequacy or accuracyof this release.

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.

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