February 7, 2025, TORONTO, ON – Star Royalties Ltd. (“Star Royalties”, or the “Company”) (TSXV: STRR, OTCQX: STRFF) is pleased to highlight the completion of Minera Alamos Inc.’s (“Minera Alamos”) (TSXV: MAI, OTCQX: MAIFF) previously announced acquisition of Sabre Gold Mines Corp. (“Sabre Gold”) (TSX: SGLD, OTCQB: SGLDF). The acquisition provides a direct and accelerated pathway to bring the Copperstone Gold Mine (“Copperstone”) into production in the first half of 2026. The Company's existing gold streaming agreement on Copperstone remains a flat 4% of gold produced for the duration of Copperstone’s life-of-mine (“LOM”). Under the terms of the streaming agreement, Star Royalties will provide a cash payment to Minera Alamos equal to 25% of the spot gold price for each ounce of gold delivered. All amounts are in U.S. dollars, unless otherwise indicated.

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Transaction Highlights

• Accelerated timeline to production at Copperstone: With the acquisition of Sabre Gold now complete, Copperstone has become a priority development project for Minera Alamos. Minera Alamos is in the process of expanding its construction and operations team, and management plans for first production in the first half of 2026.
• Proven mine builders and operators: Minera Alamos’ established track record of permitting, building, and operating gold mines will be a key driver to returning Copperstone to production within established timelines and cost estimates. The management team has set several milestones for 2025, including re-issuing a Preliminary Economic Assessment (“PEA”), installing process plant equipment, and rehabilitating underground infrastructure.
• Increased confidence in development cost estimates: Minera Alamos management expects that the use of already-owned process plant equipment and leveraging existing infrastructure should offset inflationary pressures to the pre-production capital of approximately $36 million as contemplated in the June 2023 PEA. Minera Alamos is reviewing transportation proposals for relocating the process plant equipment that is currently in storage in Quebec to Copperstone.
• Upcoming PEA to highlight project economics and stream value at current gold prices: Minera Alamos indicated that it will be re-issuing the 2023 Copperstone PEA, with previous operating assumptions and a gold price sensitivity table that will reflect current gold price assumptions. As per the current Copperstone’s PEA and assuming a gold price of US$2,800/oz, Star Royalties’ stream is expected to generate approximately US$19.2 million in LOM pre-tax cash flow prior to any successful mine-life extension from resource conversion and exploration upside.
• Equity ownership of Sabre Gold converted at a premium with improved diversification: The Company’s equity position in Sabre Gold of 7,407,407 shares, has been converted into 5,133,333 shares of Minera Alamos. The equity ownership conversion diversifies the Company’s exposure from a single-asset developer in Sabre Gold to a portfolio of operating and development-stage projects in Minera Alamos.
• C$2.0 million in contingent payments converted to Minera Alamos equity: The Company’s outstanding C$2.0 million payments owed by Sabre Gold have been converted into an additional 4,459,459 shares of Minera Alamos as a result of the share exchange process detailed in Sabre Gold’s news release dated October 28, 2024.

Alex Pernin, Chief Executive Officer of Star Royalties, commented: “We congratulate Minera Alamos on their successful acquisition of Sabre Gold and we look forward to what should be a highly productive and milestone-rich 2025 as Copperstone is brought forward to production. Achieving gold production in the coming quarters will generate significant value for our investment and for our shareholders, especially in today’s record-high gold price environment. In addition to Copperstone’s development plan, as Minera Alamos derisks its remaining portfolio and advances its pipeline, we continue to see meaningful re-rating potential for the 9.6 million Minera Alamos shares we now own through this acquisition. This Minera Alamos equity improves the long-term liquidity and strength of our balance sheet. Once again, the completion of this transaction cements value for our Copperstone stream, but also meaningfully rerates and derisks our mining royalty portfolio as a whole. We believe it is an important step in closing the valuation gap implied by our share price to the value of our underlying mining royalty portfolio.”

2025 Development Outlook for Copperstone

In a recent update to shareholders, Mineral Alamos communicated a timeline of milestones for 2025, as it develops Copperstone for anticipated production in the first half of 2026. During the first half of 2025, Minera Alamos anticipates:

• Securing the remaining financing required to bring Copperstone into production
• Rehabilitating and installing process plant equipment at Copperstone
• Submitting final permitting documents for the addition of leaching facilities to the existing processing infrastructure at site

During the second half of 2025, Minera Alamos anticipates:

• Completing process plant installation at site
• Receiving all necessary documentation to begin operations

Figure 1: Location of Copperstone and 2023 PEA Summary