Star Royalties Highlights Copperstone Project Economics and Stream Valuation

Core Viewpoint - Star Royalties Ltd. highlights the reissuance of the Preliminary Economic Assessment (PEA) on the Copperstone Gold Mine by Minera Alamos, indicating improved economic metrics and potential for enhanced value due to rising gold prices [1][3] Economic Assessment - The reissued PEA shows Copperstone is expected to generate $298 million in after-tax net cash flow, with an after-tax NPV5$227 million and an after-tax IRR of 171% at a gold price of $3,000/oz [3] - The PEA includes a gold price sensitivity analysis range of$1,000/oz to $3,000/oz, compared to the previous range of$1,600/oz to $2,000/oz [1] Stream Valuation - Star Royalties' stream is projected to generate approximately$4.6 million in pre-tax cash flow during Copperstone's first year of production and $20.5 million in life-of-mine pre-tax cash flow at a gold price of$3,000/oz [3] Value Enhancement Opportunities - Minera Alamos has identified several opportunities to enhance Copperstone's value, including additional drilling, evaluating marginal grade material for production, increasing plant throughput, and leveraging used equipment to reduce capital expenditures [3] Exploration Potential - Exploration opportunities at Copperstone include drill testing for the Footwall Zone, continued drilling to expand the Southwest Zone, and follow-up on historic drill holes with significant gold intercepts [3] Development Outlook - Minera Alamos plans to advance Copperstone to production in the first half of 2026, with key upcoming catalysts including securing financing, rehabilitating process plant equipment, and submitting final permitting documents [3] Equity Ownership - Star Royalties owns approximately 9.6 million shares of Minera Alamos, valued at C$3.5 million, and anticipates additional catalysts in 2025 that could positively impact its equity ownership [3][4]