Canstar wraps 2025 work, plans drilling in 2026

Executive Summary

• Canstar Resources concluded its 2025 field season in Newfoundland and advanced its winter technical program, focusing on data integration and drill target refinement for the 2026 exploration season.
• The company reported significant progress on its $11.5-million strategic joint venture with VMS Mining Corp, including the receipt of an initial $500,000 non-dilutive payment and the appointment of Dr. Harold Gibson to lead the JV exploration strategy.
• Mary March project activities included trenching results showing elevated copper (up to 4.28% Cu) and the expansion of the land package through option agreements and acquisitions totaling over 1,300 hectares.

Key Details

• 2026 Drilling Plans: Winter 2025/2026 technical program is underway, aiming to commence exploration drilling at the start of the 2026 season, subject to permitting and final program design.
• Buchans Geophysics: Launched and advanced a deep-penetrating IP-focused geophysics program in partnership with Canterra Minerals, including completion of a deep IP survey and continuing 3-D inversion/modelling to prioritize drill targets.
• VMS Mining Corp JV:
  • Executed LOI in April 2025 for an $11.5-million phased exploration joint venture on Buchans and Mary March projects.
  • Phase 1: $1.5-million non-dilutive funding for a 10% JV interest.
  • Optional Phase 2 and 3 investments of $4-million and $6-million, respectively, allowing earn-in to 60% interest.
  • Received initial $500,000 tranche in May 2025 to commence Phase 1 work.
  • Dr. Harold Gibson (VP Exploration, VMS Mining Corp) leading JV exploration strategy.
• TerraAI Partnership: Executed LOI in June 2025 with Khosla-backed TerraAI to deploy machine learning for drill targeting and program optimization at Buchans and Mary March; mandate extended for definitive agreement.
• Mary March Project Updates:
  • Identified multiple IP chargeability trends, including a ~1.2 km chargeability corridor ~550 m north of historic discovery.
  • Trenching Results: Mineralized float up to 4% Cu (pXRF); semi-massive sulphide lenses; bedrock pXRF spot analyses up to ~4.28% Cu and ~31.57% Zn.
  • 130 samples submitted for assay and whole-rock geochemistry; results pending.
  • Land Expansion:
    • Signed option agreements adding 625 hectares.
    • Acquired additional ground including 675 ha of optioned licence areas.
    • Completed exchange-approved option agreements to acquire 647 ha via $71,000 cash and 350,000 shares.
• Capital Execution (2025):
  • $500,000 initial JV payment from VMSC.
  • $1,333,275 gross proceeds from exercise of 26,665,500 warrants issued in Jan 2024 (including $517,868 from early exercise incentive).
  • $1.17-million gross proceeds from 2025 non-brokered private placement (oversubscribed, institutional investors).
• Technical & Governance:
  • Appointed Dr. Stephen J. Piercey, PGeo, FGC, to technical and advisory board in June 2025.
  • Added Nyla Beth Gawel to board of directors.

Notable Quotes

• No direct quotes from the CEO/President were included in the provided text.