May 27, 2026, TORONTO, ON – Star Royalties Ltd. (“Star Royalties”, or the “Company”) (TSXV: STRR, OTCQX: STRFF) today reported its financial results for the quarter ended March 31, 2026. All amounts are in U.S. dollars, unless otherwise indicated. Neither TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
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Q1 2026 Financial and Corporate Highlights

• In March 2026, the Company and Summit Royalties Ltd. (“Summit”) (TSXV: SUM, OTCQB: SUMMF) announced that Summit will acquire all common shares of the Company, whereby the Company’s shareholders will receive 0.360 of a common share of Summit in exchange for each share of the Company.
• The Copperstone Gold Project (“Copperstone”) is anticipated to commence production in the first quarter of 2027. Minera Alamos Inc.’s (“Minera Alamos”) (TSXV: MAI, OTCQX: MAIFF) latest update for Copperstone reported that project development continues to advance, equipment deliveries to site are ongoing, while the Pre-Feasibility-Study (“PFS”) results are expected in the coming weeks.
• First quarter 2026 revenues were 12% higher than in the prior year period, primarily due to a higher quantity of materials sold by Doral, the operator of Keysbrook. During the first quarter, Doral formally extended Keysbrook’s life-of-mine (“LOM”) through 2028, with a possibility of additional extensions thereafter.
• Following its first year of positive cash flow in 2025, Green Star Royalties Ltd. (“Green Star”) successfully monetized its available removal carbon offsets from NativState LLC (“NativState”), while efforts to monetize its avoidance offset inventory are well underway.

Summary of Quarterly Financial Results

For complete details, please refer to the Audited Consolidated Financial Statements and associated Management Discussion and Analysis for the three months ended March 31, 2026, available on SEDAR+ at sedarplus.ca or on the Company’s website at starroyalties.com.

Announced Business Combination with Summit

On March 16, 2026, Summit and the Company announced that they had entered into an arrangement agreement (the "Agreement"), pursuant to which Summit will acquire all of the issued and outstanding common shares of the Company by way of a court approved Plan of Arrangement under the Canada Business Corporations Act (the "Transaction").

Assuming completion of the Transaction, the Company’s shareholders will receive 0.360 (the “Exchange Ratio”) of a common share of Summit in exchange for each share of the Company held immediately prior to the effective time of the Transaction (the "Consideration"). Upon completion of the Transaction, Summit shareholders and Star Royalties shareholders were expected to own approximately 72% and 28%, respectively, of the pro forma company on a fully-diluted in-the-money basis.

The Consideration implied a value of C$0.60 per Star Royalties share based on the Exchange Ratio and the closing price of Summit’s shares on the TSX Venture Exchange ("TSXV") on March 13, 2026. The implied fully-diluted in-the-money equity value of the Transaction was approximately C$51 million.

Key Transaction Highlights and Strategic Rationale

The Company’s Management and Board are supportive of the Transaction, highlighting the following strategic rationale as of March 16:

• Immediate Scale and Quality: The combined entity will be comprised of 50 royalties and streams across three core jurisdictions (Canada, USA, and Australia). Approximately 63% of the pro forma Net Asset Value (“NAV”) will be comprised from assets in production or assets with committed timelines to production. Upon completion of the Transaction, the combined entity will have a diversified revenue base with four assets currently in production, increasing to six by 2027.
• Industry-Leading Growth in Gold Equivalent Ounces: The combined entity is expected to have a cumulative average growth rate of 47% over the next 3 years, the highest among junior royalty and streaming companies.
• Accretive and Cash Flow Enhancing: The Copperstone and Pitangui projects are expected to be in production by 2027 and are expected to result in pro forma 2027 revenues of over $15 million at consensus metal prices.
• Meaningful Re-rate Potential: The combined entity would benefit from an improved capital markets presence and trading liquidity, with a supportive shareholder base, while being valued at a significant discount to peers on NAV and cash flow metrics.

Benefits for Star Royalties Shareholders

Management believes the combination of Summit and the Company presents a compelling opportunity for Star Royalties shareholders, including:

• The implied acquisition price of Star Royalties shares represented a premium of 25% based on spot prices and 32% based on 20-day volume weighted average prices of Summit and Star Royalties, respectively, as of March 16.
• Star Royalties shareholders will retain significant exposure to the construction-stage Copperstone gold stream while gaining exposure to Summit’s rapidly growing portfolio of high-quality royalty and streaming assets.
• The combined company will have greater scale (~C$184 million pro forma market capitalization), increased trading liquidity, stronger access to capital and support from institutional investors.
• The combined asset portfolio balances near-term cash flow upside with meaningful longer-dated growth and exploration optionality.

Alex Pernin, Chief Executive Officer of Star Royalties, commented: “Our recently announced merger with Summit stands to create one of the most compelling investment opportunities in the royalty sector. The combined company will benefit from greater scale, industry leading revenue growth, broader portfolio diversification, improved trading liquidity with stronger institutional appeal, and a more robust free cash flow profile.”

“During the first quarter, our mining portfolio continued to benefit from a sustained gold price of over $4,500/oz, as well as ongoing developments at Copperstone and at Minera Alamos. Our Elk Gold royalty will be converted shortly into an equity ownership of Gold Mountain, which we believe will maintain significant optionality to the exploration and full development potential of Elk Gold under its new ownership. Separately, we were encouraged by the announcement of a 2.5-year LOM extension at Keysbrook, with additional extension potential to generate cash flow from this asset into the early 2030’s. At Green Star, monetization of carbon credits received in 2026 is well underway and we are actively looking to deploy our available capital into new revenue-generating cleantech royalty opportunities.”

“Earlier this month, we filed our Management Information Circular related to the Transaction with Summit, which is expected to close at the end of June. Management and the Board of Directors unanimously recommend that shareholders vote for the Transaction.”

Significant Portfolio Updates

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Mining Portfolio Updates

Copperstone Gold Project

On April 30, Minera Alamos announced that the results of the PFS for Copperstone are expected to be released in May 2026, followed by a construction decision shortly thereafter. In addition, an inaugural drilling program targeting near-surface and open pit gold mineralization is expected to commence in the second quarter of 2026 and a maiden open pit mineral resource estimate is anticipated in mid-2026.

On May 8, Minera Alamos provided an update on development activities at Copperstone, reporting that equipment deliveries were ongoing, including key ball mill components such as shells, bearings, and gears, which had recently been received on site.

Copperstone remains a key asset within the Company’s portfolio and is expected to commence production in the first quarter of 2027. Minera Alamos has characterized the project as having relatively low capital intensity, supported by its permitting status and projected economics at current gold prices. The Company’s gold stream on Copperstone is expected to generate cash flows beginning in early 2027.

Minera Alamos Equity

On January 5, Minera Alamos completed a previously announced ten-to-one share consolidation on the TSX Venture Exchange. On a post-consolidation basis, the Company currently holds 554,279 common shares of Minera Alamos.

On January 15, Minera Alamos announced fourth quarter 2025 gold production from the Pan Operating Complex of 9,165 ounces, exceeding the previously forecasted range of 8,500–9,000 ounces. Full-year 2025 gold production of 35,303 ounces achieved annual guidance of 30,000–40,000 ounces.

On February 4, Minera Alamos announced that it completed the integration of its Pan Operating Complex ahead of schedule and provided 2026 production and cost guidance for the Pan Mine. The 2026 guidance included gold production of 32,000–38,000 ounces, cash costs of US$1,750–1,900 per ounce and all-in sustaining costs of US$1,850–2,000 per ounce at the Pan Mine.

On March 31, Minera Alamos announced that it had executed a term sheet for a new $75 million revolving credit facility. Minera Alamos’ management indicated that the revolving credit facility will provide it with lower cost debt financing and will allow it to advance its pipeline of permitted U.S. growth projects, starting with Copperstone, without equity dilution. It also reiterated that it was advancing the Pan LOM plan optimization and mine development studies on the adjacent Gold Rock Project, located just 7 miles southeast from the Pan Mine.

On April 13, 2026, Minera Alamos announced first quarter 2026 gold production of 8,734 ounces, an increase in the cash balance from $34 million to $46 million, and reiterated full-year 2026 gold production guidance of 32,000–38,000 ounces.

On May 11, Minera Alamos announced several Board and management team changes, as well as a proposed name change to “Mining Americas Inc.”, subject to shareholder approval in June 2026. As part of the executive changes, Minera Alamos plans to appoint Darren M. Pylot as Chairman at its Annual General Meeting. Mr. Pylot was the founder of Capstone Copper Corp. (formerly Capstone Mining), and led its transformation from a small exploration company to a multi-asset, multi-billion-dollar copper producer with operations in North and South America. In addition, Darren Koningen, Minera Alamos’ current President and CEO, will transition to the role of President & COO and will remain a Director of the Board. Darren Blasutti, who was appointed Executive Vice President, Corporate Development in October 2025, will transition to the CEO role.  

Star Royalties anticipates several additional catalysts in 2026 that could positively re-rate its Minera Alamos equity ownership, including Copperstone’s milestones described above, consistent production and operating cash flows from its Pan Mine in Nevada, and permitting developments at its Mexican assets. Minera Alamos has also indicated that it expects to graduate from the TSX Venture Exchange to the Toronto Stock Exchange in the second quarter of 2026.

Keysbrook Mine

Star Royalties owns a 2% minerals royalty on the Keysbrook Mine, an open pit mineral sands (leucoxene, zircon) mine located 70 km south of Perth, WA, Australia, and in operation since 2015. First quarter royalty income from Keysbrook was $179,148 compared to $160,539 for the comparative period in 2025. As previously reported, in early 2026, the operator formally announced receipt of a Ministerial sign off, as well as DWER and Shire approvals for the LOM to extend through 2028, with additional sought-after mining access having the potential for another 2-year LOM extension.

Elk Gold Project

As previously reported, on December 11, 2025, the Company entered into a binding letter of intent with Nhwelmen Construction Limited Partnership to exchange its Elk Gold net smelter return (“NSR”) royalty interest for an option to acquire a 5% equity interest in Gold Mountain, following the resolution of Gold Mountain’s court appointed receivership process. Under the terms of the agreement, the Company’s Elk Gold NSR royalty interest will be extinguished in consideration for the option, which is exercisable upon total cash payments of C$500,000. Upon the pending closing of the acquisition of 5% equity interest in Gold Mountain, management expects to determine a fair value of this equity ownership.

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Green Star Joint Venture (45.9% interest)

Green Star continues to operate as a joint venture between Star Royalties, Agnico Eagle Mines Limited (“Agnico Eagle”) (NYSE, TSX: AEM), Cenovus Energy Inc. (“Cenovus”) (NYSE, TSX: CVE), and certain members of Star Royalties’ and Green Star’s management teams and Boards of Directors (collectively, “Management”). The Company retains ownership of approximately 45.9% of Green Star’s common shares, Agnico Eagle and Cenovus each own approximately 25.9% of the common shares and the remaining 2.3% is owned by Management. During 2025, Green Star generated approximately $1 million in operating cash flow, representing its first full year of positive cash flow generation. In 2026, Green Star will be looking to deploy its available capital into its pipeline of revenue-generating cleantech royalty opportunities.
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NativState Improved Forest Management Carbon Offset Portfolio

Green Star owns several gross revenue royalties on a carbon offset-issuing portfolio of Improved Forest Management (“IFM”) projects in the southeastern United States, developed by NativState. NativState is an Arkansas-based forest carbon project developer that aggregates small-to-medium forest landowners into IFM projects under the American Carbon Registry (“ACR”). These royalties are expected to deliver voluntary carbon offsets to Green Star over a 20-year period.

During the first quarter of 2026, Green Star received 66,347 carbon offsets from NativState. In February 2026, Green Star sold 4,188 carbon offsets, representing all removal carbon offsets received to date in 2026, for total proceeds of $104,700. Efforts to monetize the avoidance offsets are well underway, and additional issuances of offsets by ACR on Green Star’s royalty projects are anticipated to take place over the coming months. Green Star believes that NativState’s existing and future long-term offtake agreements for its carbon offsets continue to represent a future source of potential demand for Green Star’s attributable offsets.

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