Star Royalties (STRR) Investor presentation summary

Strategic growth and portfolio overview

• Focuses on precious metals and decarbonization royalties, leveraging a royalty model in North America with exposure to gold, titanium, and carbon credits.

• Portfolio includes producing, development, and care-and-maintenance assets, with near-term catalysts and cash flow expected from Copperstone and Keysbrook.

• Green Star Royalties, a 46% owned subsidiary, targets nature-based climate solutions and cleantech, with joint ventures involving Agnico Eagle and Cenovus Energy.

• Monetized all inventoried US IFM carbon credits from NativState, with further issuances expected; Green Star Royalties anticipates positive free cash flow in 2026.

• Multiple catalysts across the portfolio, including Copperstone production, Minera Alamos equity re-rating, and new project deployments.

Recent transaction and growth outlook

• Announced transformational combination with Summit Royalties, creating a platform with 50 royalties and streams across three core jurisdictions.

• Approximately 63% of NAV is producing or has a committed timeline to production, with 90% of 2026 revenue expected from precious metals.

• Forecasts industry-leading GEOs CAGR of ~47% over the next three years, driven by existing and development assets.

• Identified US$2M in annual cost synergies and expects revenue to exceed US$15M by 2027 at consensus prices.

• Pro-forma market capitalization projected at C$184M, with improved trading liquidity and valuation upside.

Asset highlights and operational updates

• Copperstone Gold Project in Arizona is construction-ready, with production expected in Q1 2027 and fully funded through Minera Alamos.

• Keysbrook mineral sands mine in Australia provides consistent royalty revenue, with life-of-mine extended through 2028 and potential into the 2030s.

• Elk Gold royalty in BC is paused; a binding agreement to exchange the royalty for equity in Gold Mountain is pending receivership resolution.

• NativState IFM carbon credit portfolio in Arkansas is cash-flowing, with further issuances and expansion across the Southeastern US.

• MOBISMART cleantech royalty generates cash flow from mobile off-grid power solutions, with a 2.5% gross revenue royalty and repurchase rights.