Mr. Juan Carlos Giron Jr. reports

CANSTAR COMPLETES EARLY WARRANT EXERCISE INCENTIVE PROGRAM WITH 100% PARTICIPATION

Canstar Resources Inc. has completed its early warrant exercise incentive program (the "incentive program"), as originally described in the company's press release dated Aug. 25, 2025, with 100 per cent of its outstanding warrants exercised.

Under the incentive program, a total of 10,357,369 common shares of the company were issued upon the exercise of 10,357,369 previously outstanding common share purchase warrants, resulting in aggregate gross proceeds of $517,868 to the company.

Since their issue in January, 2024, 100 per cent of the 26,665,500 warrants have been exercised for gross lifetime proceeds of $1,333,275 to the company.

For each outstanding warrant exercised under the incentive program, the holder received:

• One share, as provided under the original terms of the outstanding warrant;
• One additional common share purchase warrant.

Each incentive warrant entitles the holder to acquire one share at an exercise price of seven cents for a period of 12 months from the date of issuance. A total of 10,357,369 incentive warrants were issued pursuant to the incentive program.

The incentive warrants are subject to an acceleration provision, whereby the company may accelerate their expiry if the closing price of the shares on the TSX Venture Exchange equals or exceeds 10 cents for 10 consecutive trading days. In such a case, the company may elect to disseminate a news release announcing the acceleration event, and holders will have 30 calendar days to exercise their incentive warrants, after which any unexercised incentive warrants will expire.

Holders of 10,357,369 outstanding warrants issued on Jan. 23, 2024, were eligible to participate in the incentive program. Following completion of the incentive program, no outstanding warrants remain available for exercise under their existing terms.

The proceeds from the incentive program will be used for general working capital purposes.

All incentive warrants issued under the incentive program are subject to a statutory four-month-and-one-day hold period from the date of issuance. Completion of the incentive program remains subject to final acceptance of the TSX-V.

About Canstar Resources Inc.

Canstar Resources is an exploration company focused on critical minerals and gold in Newfoundland. The company's 100-per-cent-owned Golden Baie project (489.5 square kilometres) hosts high-grade gold and antimony showings along a major mineralized structure that also hosts a large number of gold deposits. The Buchans and Mary March projects (120.5 square km) are located within the past-producing VMS (volcanogenic massive sulphide) zinc-, copper- and silver-rich Buchans mining camp and boast high-grade zinc and copper discoveries.

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