Star Royalties Highlights Positive Developments at Copperstone Gold Mine

TORONTO, ON — November 7, 2025 — Leads & Copy — Star Royalties Ltd. has highlighted an update from Minera Alamos Inc. on the development progress and exploration potential of its Copperstone Gold Mine. Minera Alamos is preparing an updated technical study to support Copperstone’s restart, following anticipated approvals of final amendments to its Mine Plan of Operations (MPO) expected before year-end 2025.

Copperstone is expected to generate over $297 million in after-tax net cash flow, have an after-tax NPV5% of $227 million, and generate an after-tax IRR of 171%, assuming a gold price of $3,000/oz, according to the latest Preliminary Economic Assessment (PEA).

Minera Alamos anticipates receiving approval of the 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.

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.

The transfer and refurbishment of already-owned 1,000 tpd process plant equipment is expected to be largely complete by year-end 2025, to be immediately followed by installation and refurbishment. The PEA mine plan was modeled at 600 tpd.

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.

Copperstone hosts 300,000 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 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.

Star Royalties estimates its 4% gold stream on Copperstone to generate approximately $5.3 million in pre-tax cash flow during the mine’s first year of production and $24 million in life-of-mine pre-tax 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.

Star Royalties owns approximately 7.8 million shares of Minera Alamos, valued at C$2.9 million as per Minera Alamos’ 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 re-rate 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.

According to Alex Pernin, Chief Executive Officer of Star Royalties, the project’s economics and the stream’s valuation at today’s gold prices demonstrate significant cash flow generation potential for Star Royalties. Pernin also noted that the new interpretation of Copperstone’s host geology provides a constructive pathway to meaningfully extending the life-of-mine well beyond what is currently contemplated in the PEA and he looks forward to the Phase 1 exploration program in the next few months and its potential impact on Copperstone’s mineral inventory.

Minera Alamos has 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.

Minera Alamos expects to begin a Phase 1 drill program 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 underway, Minera Alamos’ 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.

For more information, please contact:

Alex Pernin, Chief Executive Officer and Director, apernin@starroyalties.com, +1 647 494 5001

Dmitry Kushnir, VP, Investor Relations and Strategy, dkushnir@starroyalties.com, +1 647 494 5088

Source: Star Royalties Ltd.