Star Royalties Highlights Copperstone Development Progress and Exploration Potential

The most recent news release from November 7, 2025, highlights the development progress at the Copperstone Gold Mine, operated by Minera Alamos Inc. (MAI). Star Royalties holds a 4% gold stream on this project.

Key points from the release include: - Minera Alamos anticipates receiving final amendments to the Mine Plan of Operations (MPO) by the end of 2025. - This timeline positions the Copperstone project for a restart in 2026, consistent with previous guidance. - An updated technical study for the mine is currently in progress. - A Phase 1 drill program is being planned for early 2026 to expand resources and extend the mine life. - Star's CEO, Alex Pernin, reiterated that the project's economics demonstrate significant cash flow potential for Star Royalties that is not currently reflected in its share price.

The release also restates the project's robust economics from a prior Preliminary Economic Assessment (PEA), including an after-tax NPV5% of US$227 million and an IRR of 171%.

The news is a positive confirmation of the ongoing progress at Star's flagship asset, the Copperstone Gold Mine. The primary impact is the reaffirmation of the 2026 production timeline, which is critical for Star Royalties to achieve its goal of generating meaningful free cash flow.

However, the impact is assessed as routine rather than material. The information provided is an incremental update that aligns with the market's existing expectations, which have been consistently guided since Minera Alamos acquired the project in February 2025. The key milestones—such as securing a full financing package, starting construction, and receiving final permits—have not yet been announced. This news confirms the plan is on track but does not accelerate it or remove major hurdles.

A historical review of the company's news shows a clear and increasing reliance on Copperstone's success: - Elk Gold Mine: The operator, Gold Mountain Mining Corp., entered receivership in July 2025, effectively halting any potential near-term royalty income from this asset. Star had already recognized a $2 million impairment on this royalty in 2024. - Green Star JV: The JV's flagship regenerative agriculture program, CarbonNOW, was terminated in April 2025 due to deteriorating market conditions and the bankruptcy of its offtaker. This resulted in a significant equity loss for Star in 2024. While the NativState forestry carbon project has shown some promise with a deal involving TotalEnergies, the carbon market remains challenging and financial contributions are not yet significant.

Given the significant issues in other parts of the portfolio, the steady progress at Copperstone is essential. The August 2025 news that Minera Alamos was acquiring a producing mine (the Pan Gold Mine) was a more material de-risking event, as it provided MAI with an internal source of cash flow to fund Copperstone's development, reducing financing risk. Today's news is a follow-up confirmation that the operational plan remains on schedule.

Star Royalties is a diversified royalty and streaming company focused on precious metals and "green" opportunities like carbon credits.

The company's flagship asset is a 4% life-of-mine gold stream on the Copperstone Gold Mine in Arizona. Copperstone is a fully permitted, past-producing underground mine currently being advanced to a production restart in 2026 by its operator, Minera Alamos Inc. All royalties and streams held by the company appear to be royalty-free in terms of underlying property obligations.

The portfolio also includes: - A 2% royalty on the producing Keysbrook mineral sands mine in Australia. - A 2% NSR on the Elk Gold Mine in British Columbia, where the operator is in receivership. - A 45.9% ownership stake in Green Star Royalties, a joint venture with Agnico Eagle and Cenovus Energy focused on carbon credit and decarbonization projects.