Canstar Concludes 2025 Field Season, Reports Year -in-Review Milestones, and Advances Winter Technical Program Toward 2026 Drilling
Canstar Concludes 2025 Field Season, Reports Year -in-Review
Milestones, and Advances Winter Technical Program Toward 2026
Drilling
Toronto, ON – December 2 9, 2025 – Canstar Resources Inc. (TSX -V: ROX) (the
“Company”) reports that its 2025 field season in Newfoundland has concluded and its
Winter 2025/2026 technical program is now underway, with the objective of commencing
exploration drilling at the start of the 2026 exploration season, subject to permitting and
final program design.
Winter work includes additional data integration and interpretation of newly collected and
compiled geological, geochemical, geophysical and LiDAR datasets, continued 3D
modelling, and refinement of drill targets for the 2026 program.
2025 Year in Review – Key Milestones
• District -scale geophysics initiated and advanced at Buchans (Deep IP / 3D
modelling)
Canstar launched and advanced a deep-penetrating IP-focused geophysics
program to refine and prioritize drill targets in the historic Buchans mining district,
including completion of a deep IP survey at Buchans (in partnership with Canterra
Minerals) and ongoing 3D inversion and modelling to assess large-scale targets.
• $11.5M strategic exploration JV – LOI with VMS Mining Corporation (non- dilutive,
asset -level funding)
In April 2025, Canstar executed a letter of intent with VMS Mining Corporation
(“VMSC”) establishing terms for an $11.5 million phased exploration joint venture
on the Buchans and Mary March projects, including Phase 1 funding of $1.5M (non-
dilutive) for a 10% JV interest, and optional Phase 2 and Phase 3 investments of $4M
and $6M, respectively (earn-in to 60%).
• Initial JV payment received: $500,000
In May 2025, the Company reported receipt of the initial $500,000 tranche from
VMSC to commence Phase 1 work, enabling the Company to accelerate exploration
without issuing share capital.
• World -class technical leadership: Dr. Harold Gibson leads JV exploration
strategy
Dr. Harold Gibson, P .Geo., VMSC’s VP-Exploration and a globally recognized VMS
authority with 100+ peer reviewed papers published on VMS systems, ore deposits
and vulcanology, is leading exploration and technical strategy for the JV . Dr. Gibson
and Dr. Rodney Allen led a rigorous 2025 core mapping and relogging initiative at
Mary March to define stratigraphic and structural controls and target faulted
extensions of known mineralization.
• AI-enabled exploration partnership – LOI with Khosla -backed TerraAI
In June 2025, Canstar executed an LOI with TerraAI, an AI company backed by
Khosla Ventures , to deploy machine learning in support of drill targeting and
program optimization at Buchans and Mary March, integrating geophysical,
geochemical, and geological datasets. The LOI was later extended as the parties
advanced the mandate for a definitive agreement.
• Mary March advanced through trenching, relogging, mapping, LiDAR, and new
target generation
During 2025, the Company advanced Mary March through trenching and a “geology-
forward” program combining compilation, reinterpretation, and field execution. This
included identification of multiple IP chargeability trends and a previously untested
~1.2 km chargeability corridor located ~550 m north of the historic discovery area.
• Initial trenching results: elevated copper in float and bedrock (pXRF spot
analyses)
Initial trenching fieldwork reported mineralized float in the trench corridor reading
up to 4% copper (pXRF). Subsequent trenching updates reported semi-massive
sulphide lenses and early bedrock pXRF spot analyses returning copper values
ranging up to ~4.28% Cu (and zinc up to ~31.57% in selective spot readings),
supporting the view that mineralization may represent the up-dip extension of
mineralization intersected in a historical drill hole. The 2025 trenching program
generated 130 samples submitted for assay and whole-rock geochemistry, with
results to be released when available.
• Expanded land package at target area for proposed Mary March JV
To secure and expand coverage around newly identified targets, the Company (i)
signed option agreements covering third-party licenses within the Mary March
footprint, adding 625 ha, and later (ii) acquired additional ground related to the JV ,
including an additional 675 ha of optioned license areas. The Company also
accelerated completion of exchange-approved option agreements to acquire 647 ha
within the existing Mary March project footprint through an aggregate cash payment
of $71,000 and issuance of 350,000 shares, creating a more contiguous land
position around the target area.
• Technical and governance strengthening
In June 2025, Canstar appointed Dr. Stephen J. Piercey, P .Geo., FGC, a recognized
expert in VMS mineralization and Newfoundland geology, to its Technical & Advisory
Board. The Company also announced the addition of Nyla Beth Gawel to its Board of
Directors, bringing senior Fortune 500 strategic leadership experience.
• Disciplined capital execution (non -dilutive + hard -dollar funding)
In 2025, Canstar strengthened its balance sheet through a combination of:
o $500,000 initial JV payment from VMSC (asset-level, non-dilutive)
o $1,333,275 in gross lifetime proceeds from the exercise of 100% of the
26,665,500 warrants issued in January 2024, including $517,868 raised
through the 2025 early warrant exercise incentive program
o A 2025 non-brokered private placement closed for total gross proceeds of
$1.17M including $1.15 million in hard-dollar units, which was
oversubscribed and comprised almost entirely of institutional investors
Positioned for 2026
With the 2025 field season complete and key datasets now in hand, Canstar is focused on
final integration and modelling, continued AI-supported targeting, and drill program planning
to enable a first-phase drill program in 2026.
Additional Corporate Updates
The Company also announces that its Board of Directors has approved the grant of
2,033,000 incentive stock options (“Options”) to directors and officers of the Company at an
exercise price of $0.065 for a period of five years from the date of grant. The Options are
subject to certain vesting provisions as determined by the board of directors.
The Options were granted in accordance with the policies of the TSX Venture Exchange.
Acknowledgement
Canstar acknowledges the financial support of the Junior Exploration Assistance ( “JEA”)
Program from the Government of Newfoundland and Labrador Department of Industry,
Energy and Technology, which has been a valuable contribution to the exploration programs
on the Company’s Buchans-Mary March and Golden Baie projects.
About Canstar Resources Inc.
Canstar Resources Inc. (TSXV: ROX) is an exploration company focused on critical minerals
and gold. The Company’s 100%- owned Golden Baie Project (489.5 km 2) 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 (122.5 km 2) are located
within the world- class, past-producing VMS zinc-, copper-, and silver-rich Buchans Mining
Camp and boast high-grade zinc and copper discoveries.
For further information, please contact:
Juan Carlos Giron, Jr.
President & Chief Executive Officer
Email: [email protected]
Phone: (647) 557-3442
Website: www.canstarresources.com
Neither.TSX.Venture.Exchange.nor.its.Regulation.Services.Provider.(as.that.term.is.defined.in.
the. policies. of. the. TSX. Venture. Exchange). accepts. responsibility. for. the. adequacy. or.
accuracy.of.this release.
Forward -Looking Statements
This.news.release.contains. »forward‗looking.statements‹ .and. »forward‗looking.information‹ .
that.are.not.historical.facts¡.Forward‗ looking. statements. include? . but. are. not. limited. to? .
statements.regarding¿ .the.objectives? .scope? .and.anticipated.benefits.of.the.₰ 77¡❶ .million.JV.
with. VMSC·. expectations. that. geological. mapping? . relogging? . LiDAR. surveys? . and.
geophysical.modelling.will.identify.and.refine.VMS.drill.targets·.planned.trenching? .drilling? .
and. other. exploration. activities·. interpretations. of. geological. similarities. to. the. historic.
Buchans. deposits·. and. the. expected. completion. of. a. revised. geological. model. and. definitive.
joint.venture.agreements¡
Forward‗looking. statements. are. based. on. management" s. current. expectations. and.
assumptions? . including? . among. other. things¿ . the. ability. of. the. parties. to. negotiate. and.
execute. definitive. agreements. on. terms. acceptable. to. Canstar·. timely. completion. and.
integration. of. geological? . geochemical? . LiDAR? . and. geophysical. work·. availability. of.
financing? .equipment? .and.qualified.personnel·.receipt.of.required.permits.and.regulatory.
approvals·. continued. access. to. historical. data·. and. commodity. prices. and. market.
conditions.remaining.broadly.consistent.with.current.expectations¡
Forward‗looking.statements.are.subject.to.known.and.unknown.risks.and.uncertainties.that.
may.cause.actual.results.to.differ.materially? .including¿ .failure.to.complete.the.definitive.JV.
agreement·. failure. to. complete. a. definitive. agreement. with. Terra. AI? . geological.
interpretations. proving. inaccurate·. exploration. activities. not. yielding. expected. results·.
delays.in? .or.inability.to.commence? .planned.programs·.permitting.or.logistical.challenges·.
and.general.exploration? .market? .and.commodity.price.risks¡.Additional.risks.are.described.
in.the.Company" s.public.filings.on.SEDAR>¡
The.Company.does.not.guarantee.that.forward‗looking.statements.will.prove.accurate? .and.
a c t ua l .re s u l ts .m ay .d i ffe r .m a te r ia ll y¡ .F o r w a r d‗looking. information. is. provided. as. of. the. date. of.
this.news.release? .and.the.Company.undertakes.no.obligation.to.update.or.revise.it.except.
as.required.by.law¡