Mr. Alex Pernin reports

STAR ROYALTIES CLOSES RESTRUCTURING OF COPPERSTONE STREAM

Star Royalties Ltd. has closed a previously announced agreement with Sabre Gold Mines Corp. to restructure the company's existing gold stream on the fully permitted Copperstone gold mine. As part of the restructuring, the gold stream was revised from 6.6% of gold produced with production-based step-downs to a flat 4% of gold produced for the duration of Copperstone's life-of-mine ("LOM") and additional consideration of C$4.55 million paid by Sabre Gold to Star Royalties in a combination of cash and shares. Under the terms of the streaming agreement, Star Royalties will continue to provide a cash payment to Sabre Gold equal to 25% of the spot gold price for each ounce of gold delivered.

Alex Pernin, Chief Executive Officer of Star Royalties, commented: "We are pleased to have created an improved structure for our Copperstone gold stream that should provide improved flexibility for Sabre Gold to secure financing and advance Copperstone to production. We continue to believe in the significant exploration and long-term production potential of Copperstone, and the revised streaming agreement provides Star Royalties with increased exposure to both, while converting a portion of its value into immediate and near-term cash and securities."

Summary of Transaction Terms

Stream revision: Star Royalties' gold stream on Copperstone was revised from 6.6% of gold produced (with a step-down to 2.2% after 14,000 gold ounces have been delivered under the stream, and a further step-down to 0.8% after 18,133 gold ounces have been delivered) to 4% of gold produced LOM. The revised gold stream structure simplifies its overall terms and expected cash flow profile, and provides Star Royalties with enhanced exposure to existing resource conversion and future exploration upside at Copperstone.

Cash and shares consideration:As additional consideration for agreeing to the revised gold stream, Star Royalties will receive from Sabre Gold C$4.55 million in a combination of cash and shares in three tranches. Payment of the second and third tranches will be timed so as to coincide with the payment by Victoria Gold Inc. ("Victoria Gold") (TSX: VGCX) to Sabre Gold of its second and third purchase price installments for its purchase of Sabre Gold's interest in the Brewery Creek Project and other certain mineral assets in the Yukon, which closed on September 14, 2023. The Company will receive:

A first tranche of C$2.55 million, paid on November 1, 2023, consisting of C$1.55 million in cash and C$1 million in Sabre Gold shares, equal to 7,407,407 shares based on a price of C$0.135 per common share of Sabre Gold. As such, the Company is now a 9.4% shareholder of Sabre Gold.

A second tranche of C$1.2 million in a combination of cash and shares of Victoria Gold (depending on how Victoria Gold elects to pay its second installment on the Brewery Creek purchase), payable in September 2024.

A third tranche of C$800,000 in a combination of cash and shares of Victoria Gold (depending on how Victoria Gold elects to pay its third installment on the Brewery Creek purchase), payable in September 2025.

Improved balance sheet: Star Royalties maintains a meaningful interest in Copperstone's future gold production while converting a portion of the original gold stream value into cash and cash equivalents, thereby enhancing the Company's financial position.

Enhanced project economics: The stream revision and royalty buyback are expected to improve Copperstone's project economics, where the Company estimates an after-tax IRR of 58% at US$1,800/oz gold and cash costs of ~US$950/oz. The restructuring results in the fully-permitted Copperstone project having a more attractive 4.5% total royalty equivalent encumbrance which should enhance Sabre Gold's ability to fund project construction.

Improved long-term optionality: The revised stream will be maintained across Copperstone's entire LOM, providing meaningfully higher resource conversion and exploration upside exposure to the Company.

CONTACT INFORMATION For more information, please visit our website at starroyalties.com or contact: Alex Pernin, P.Geo.

Chief Executive Officer and Director

apernin@starroyalties.com

+1 647 494 5001 Dmitry Kushnir, CFA

Vice President, Investor Relations

dkushnir@starroyalties.com

+1 647 494 5088

About Star Royalties Ltd.

Star Royalties Ltd. is a precious metals and carbon credit royalty and streaming company. The Company innovated the world's first carbon credit royalties in forestry and regenerative agriculture through its pure-green joint venture, Green Star Royalties Ltd., and offers investors exposure to precious metals and carbon credit prices. The Company's objective is to provide wealth creation by originating accretive transactions with superior alignment to both counterparties and shareholders.

We seek Safe Harbor.