Canstar Resources Inc. · TSXV:ROX
Canstar Resources — Investor Presentation (July 2025)
57 slides from Canstar Resources's investor presentation, July 2025
Slide 1: Securing resilient critical materials supply chains
Securing resilient critical materials supply chains Investor Presentation, July 2025 TSXV: ROX canstarresources.com
Slide 2: Disclaimer & Qualified Person Statements
Disclaimer & Qualified Person Statements Disclaimer Forward-looking information in this presentation includes but is not limited to the This presentation contains a review of the Company’s projects in Canada. Viewers are Company’s objectives, goals or plans, statements, exploration results, potentia
Slide 3: A Proven Team of Builders, Explorers, and Dealmakers
A Proven Team of Builders, Explorers, and Dealmakers Juan Carlos Giron Jr. Bob Patey, P. Geo. President & CEO Vice President, Exploration 15 years of experience in strategy, finance, management and corporate 20 years+ of experience designing and managing exploration programs, including 9 years devel
Slide 4: Independent Strategic Governance Backed by Fortune 500, Capital Markets, and Geoscience Leadership
Independent Strategic Governance Backed by Fortune 500, Capital Markets, and Geoscience Leadership Dr. Jacqueline Allison, CFA, P. Geo, CDI.D Nyla Beth Gawel Chairwoman – Independent Independent Director 20 years+ experience in mining, capital markets, strategy. Chair of the 20 years+ experience in
Slide 5: Unmatched Advisory Network With Specialized Insight Spanning Geoscience, Policy, and Capital
Unmatched Advisory Network With Specialized Insight Spanning Geoscience, Policy, and Capital Dr. Lawrence Winter, P. Geo, ICD.D, Advisor Dr. David Palmer, P. Geo, Advisor 20 years+ experience in mineral project evaluation and exploration, including 18 25 years+ experience in exploration, project eva
Slide 6: About Canstar: Hybrid Strategy – Intelligent Exploration + Disciplined Acquisition
About Canstar: Hybrid Strategy – Intelligent Exploration + Disciplined Acquisition Geology-First Exploration Canstar’s Investment Thesis: Combining intelligent exploration + value-focused We prioritize proven deposit analogs, overlooked systems, and project acquisition can deliver 10-20x+ returns ov
Slide 7: Macro Tailwinds: Structural Undersupply + Strategic Demand + Resource Nationalism
Macro Tailwinds: Structural Undersupply + Strategic Demand + Resource Nationalism Critical Minerals Policies Adopted / Global Nonferrous Exploration Global Critical Minerals Demand Announced (2019 – 2024) Budget (USD Billions) vs Supply (kt) 50 25 60,000 45 40 20 35 45,000 30 15 25 20 30,000 15 10 1
Slide 8: District-Scale Exploration Portfolio Backed by Altius in a Proven Mining Region
District-Scale Exploration Portfolio Backed by Altius in a Proven Mining Region • Top-10 global mining jurisdiction (Fraser Institute) with a 138.5 km2 Buchans & Mary modern regulatory regime and strong community March Projects: VMS Copper, Zinc, Lead, Gold, Silver support • Low-cost operating envir
Slide 9: Canstar's VMS Projects: 138.5 km2 of Polymetallic VMS Assets
Canstar’s VMS Projects: 138.5 km2 of Polymetallic (Copper-Zinc-Lead-Gold- Silver) VMS Assets in Prolific Historic District Featuring Multiple High-Grade Discoveries – Grade is King. Buchans Wears the Crown. Zinc: Expected Supply v. Demand (kt) Contained Metal vs $Value/tonne of 20,000 Ore for Differ
Slide 10: Smart Capital, Non-Dilutive: $11.5M Strategic JV for Buchans and Mary March VMS Projects
Smart Capital, Non-Dilutive: $11.5M Strategic JV for Canstar’s Buchans and Mary March VMS Projects • $11.5M committed by VMSC to fast-track new, high-grade discoveries at the Company’s polymetallic volcanogenic massive sulphide assets • Initial $1.5M investment by VMS Mining Corporation values Canst
Slide 11: 16 km2 Buchans Project: Tier 1 Grades, Re-opened with Modern Tools
16 km2 Buchans Project: Tier 1 Clementine Historical Resource (1976): 360k Buchans Mine (1927-1984): 5 Grades, Re-opened with Modern tonnes at 4.9% Zn, 2.6% Pb, .3% Cu, 10.3 g/t Ag orebodies generally regarded as amongst highest grade of all time Tools • Buchans is one of the richest VMS districts i
Slide 12: Buchans VMS System May Extend Deeper Than Previously Understood
Buchans VMS System May Extend Deeper Than Previously Understood: Multiple Conductor Anomalies Remain Untested • Multiple deep SkyTEM conductor anomalies remain largely untested beneath the historic Buchans mining camp, previously unknown to the original operators. • Drill hole 2799 (1979) intersecte
Slide 13: 122.5 km2 Mary March Project: Buchans-Scale Potential in an Underexplored Portion of the District
122.5 km2 Mary March Project: Buchans-Scale Potential in an Underexplored Portion of the District Located 25 km east of the historic Buchans Mine in the • Discovery hole intersected 9.63m same VMS belt — but outside the main camp, in grading 4.2 g/t Au, 122 g/t Ag, 10.1% underexplored ground Zn, 1.8
Slide 14: Mary March Project: A Glimpse of the Elephant in Elephant Country
Mary March Project: A Glimpse of the Elephant in Elephant Country • $1.5M Phase 1 of our $11.5M non-dilutive exploration program is underway — funded through our strategic JV with VMS Mining Corp • Exploration is ramping up with a focus on solving the structural architecture — we believe the key to
Slide 15: Exploration is Capital Allocation: Partnering with Machine Learning to Enhance Targeting & IRR
Exploration is Capital Allocation: We’re Partnering with the Best in Machine Learning to Enhance Targeting & IRR A Khosla Ventures-backed company Terra AI deploys the world’s most intelligent AI for mineral exploration 40% reduction in drilling campaign time and cost 1.5x improved portfolio IRR 90%
Slide 16: Canstar's Golden Baie Project: 489.5 km2 of High-Grade Gold + Antimony Potential
Canstar’s Golden Baie Project: 489.5 km2 of High-Grade Gold + Antimony Potential with 90 km of Strike on Major Regional Fault Structure Global Central Bank Purchases, Reserves Have Soared – Driving Record Gold Golden Baie: High-Grade 40,000 1200 Orogenic Gold + Antimony 35,000 700 • 90 km of strike
Slide 17: Golden Baie Overview: District-scale Orogenic Gold + High-grade Antimony
Golden Baie Overview: District-scale Orogenic Gold + High-grade Antimony • 90+ km of strike along a major crustal-scale fault system; structurally similar to the 5Moz Valentine Lake Gold Mine and Beaver Brook Antimony Mine • 100+ bedrock samples >10 g/t Au, including grades up to 4,485 g/t Au and 74
Slide 18: Golden Baie: Unlocking Gold-Antimony Potential Through Efficient, Systematic Exploration
Golden Baie: Unlocking Gold-Antimony Potential Through Efficient, Systematic Exploration • 2024 prospecting returned over 300 samples, >60% anomalous >100 ppb Au; notable grabs: 11.8 g/t, 3.1 g/t, 1.8 g/t Au • New glaciology framework redefines ice flow vectors and untargeted float/till vectors, unl
Slide 19: Platform Built. Strategy Proven. Positioned to Scale.
Platform Built. Strategy Proven. Positioned to Scale. Canstar’s Investment Thesis: CONCEPT / PROOF OF ACCELERATING ORGANIC + STRATEGIC FOUNDATION CONCEPT GROWTH Combining intelligent exploration + value-focused project acquisition can deliver 10-20x+ returns over 3-5 years with effective execution $
Slide 20: Securing resilient critical materials supply chains
Securing resilient critical materials supply chains Investor Presentation, July 2025 Juan Carlos Giron Jr. President & CEO JC@canstarresources.com 220 Bay Street, Suite 550 Toronto, Ontario TSXV: ROX M5J 2W4 canstarresources.com 20
Slide 21: Metals & Mining: Poised to Enter a Multiyear Bull Market
Metals & Mining: Poised to Enter a Multiyear Bull Market 2 TSXV: ROX canstarresources.com 1
Slide 22: Four Supercycles Since 1899. The Fifth Has Already Begun.
Four Supercycles Since 1899. The Fifth Has Already Begun. • Major commodity bull cycles are triggered by structural supply shortages meeting secular demand shocks: we are entering that setup again • Over a decade of underinvestment in new supply has left the global resource base unprepared for the d
Slide 23: The Setup: Structural Undersupply, Low Stockpiles, High Urgency
The Setup: Structural Undersupply, Low Stockpiles, High Urgency Global Copper Mine Pipelines Near Historic Low in Value of US National Global Nonferrous Exploration Discoveries Have Declined Pre-Supercycle Lows Defense Mineral Stockpile (USD Budget (USD Billions) 40 300 Millions) 25 35 $45,000 250 2
Slide 24: Demand Shock: Geopolitics, Gold and Grid
Demand Shock: Geopolitics, Gold and Grid Re-armament, electrification, de-dollarization the AI/robotics arms race – added to background intrinsic demand (India, Indonesia, domestic infrastructure requirements) Expected Copper Demand NATO Spending at Record Global Mining CAPEX Actual Global Central B
Slide 25: Geopolitical Dynamics: Critical Mineral Supply Chains Dominated by Strategic Adversaries
Geopolitical Dynamics: Critical Mineral Supply Chains Dominated by Strategic Adversaries S EC U R IT Y OF S U P P L Y TECHNICAL INNOVATION MID STREAM CAPACITY Global share of critical minerals primary Global share of high-quality critical minerals Global share of critical minerals refining & resourc
Slide 26: The Critical Minerals Supercycle is Now a Policy Imperative
The Critical Minerals Supercycle is Now a Policy Imperative Annual Price of Antimony Critical Minerals Policies Adopted or Announced Ingot 99.65% min ($US/MT) Between 2019 - 2024 $32.00 50 45 40 $27.00 US$ 25 Billion 35 30 $22.00 25 20 $17.00 US Government support for 15 10 Domestic and Canadian Cri
Slide 27: Capitalizing on a Major Global Theme: Small Companies Offer the Highest Leverage
Capitalizing on a Major Global Theme: Small Individual Companies Offer the Highest Leverage to the Secular Bull Market in Metals Small Mining Companies Dramatically Outperformed S&P 500 During Previous Metals Bull • Mining Equities Consistently Outperform Underlying Metals in Market Bull Markets: ju
Slide 28: Case Study: Return Pathways in Junior Mining
Case Study: Return Pathways in Junior Mining • Successful outcomes in exploration, acquisition and development can generate substantial returns • Effective capital allocation, risk/dilution management in exploration is essential • Market conditions for value accretive acquisitions remain attractive
Slide 29: Canstar's Critical Minerals Ecosystem: Strategic Capital, Machine Learning, and Top Minds
Canstar’s Critical Minerals Ecosystem: Strategic Capital, Elite Machine Learning, and the Top Minds in VMS & Exploration Geology VMSC Mining Geologic Experience $11.5M Joint Venture on Canstar has recruited the industry’s leading LOI for AI Support in Exploration Polymetallic VMS Assets minds with e
Slide 30: Built to Execute: High Conviction, Cross-Disciplinary Talent
Built to Execute: High Conviction, Cross-Disciplinary Talent Forged in Mining, Mission, Finance and Strategy Best of mining F500 | Finance PE | Defense We combine experience from Differentiated Talent to Drive Differentiated Outcomes 30
Slide 31: Expanding the Platform Beyond the Drill Bit
Expanding the Platform Beyond the Drill Bit: Disciplined Accretive Growth Through A Pipeline Built to Acquire, Derisk, and Scale 3 TSXV: ROX canstarresources.com 1
Slide 32: Newfoundland is Only the Beginning—Deep Project Pipeline of Potential Acquisition Targets
Newfoundland is Only the Beginning—Deep Project Pipeline of Potential Acquisition Targets Asset Funnel Over 150 potential acquisition targets identified from company networks across industry and academia, scientific journals, SEDAR filings, open solicitation and other sources OPTION: ADVANCE OR MONE
Slide 33: Not All Rocks Are Equal—Our Team Knows When to Pass (And When to Chase)
Not All Rocks Are Equal—Our Team Knows When to Pass (And When to Chase) Asset Funnel Over 150 potential Targets are narrowed based on the acquisition targets identified industry expertise of advisors and from company networks geoscientists, exploration maturity across industry and of assets, jurisdi
Slide 34: Networked Intelligence, Targeted Diligence
Networked Intelligence, Targeted Diligence—Multi-Disciplinary Expert Networks Accelerate Sorting of Priority Targets Asset Funnel Over 150 potential Targets are narrowed based on the Priority targets are selected acquisition targets identified industry expertise of advisors and for advanced, multi-f
Slide 35: Only the Best Make the Cut—Rigorous Diligence Deliverables for Board-level Review
Only the Best Make the Cut—Cross-disciplinary Teams Generate Rigorous Diligence Deliverables for Board-level Review Asset Funnel Over 150 potential Targets are narrowed based on the Final targets are selected for acquisition targets identified industry expertise of advisors and formal due diligence
Slide 36: Golden Baie
Golden Baie Gold-Antimony Project 36
Slide 37: Golden Baie: High-Grade Antimony Potential Comes into Focus
Golden Baie: High-Grade Antimony Potential Comes into Focus 90+ km of strike on major crustal-scale fault structure – Generated by Canstar strategic investor Altius Minerals (TSX: ALS - $1B+ market cap), NL’s largest landholder Excellent geology: same structural setting as 5M-oz Valentine Lake Gold
Slide 38: Golden Baie Overview: District-scale orogenic gold and high-grade antimony
Golden Baie Overview: District-scale orogenic gold and high-grade antimony 400+ bedrock samples >1 g/t Au across ~90km of strike , unsourced till anomalies up to 1,049 gold grains 90+ km of strike on major crustal-scale fault structure – Generated by Canstar strategic investor Altius Minerals (TSX:
Slide 39: Little River Trend – Target Rich Exploration
Little River Trend – Target Rich Exploration, over 15 km of high-grade gold targets Little River Trend (LRT) has a large concentration of gold-in- soil/till/rock anomalies Limited recent drilling to date (~15,000m) identified high-grade Kendell Prospect (~8,000m) and bulk-tonnage Wolf’s Pond Prospec
Slide 40: Orogenic Gold Belts – Immense Size and Scale analogous to the Mother Lode District
Orogenic Gold Belts – Immense Size and Scale analogous to the Mother Lode District in the Sierra Nevada Foothills, USA Major Structures Orogenic gold deposits in the Mother Lode Sierra City Paleozoic-Mesozoic district do not have a big surficial footprint but Alleghany – supracrustal rocks Mesozoic
Slide 41: LRT: New high-res geophysics yields insights into structural architecture
LRT: New high-res geophysics yields insights into structural architecture essential for successful deposit discovery 2024 acquisition of high-resolution airborne geophysical survey using ALS GoldSpot Discoveries Ltd.’s (“ALS GoldSpot”) Multi-Parametre Airborne Acquisition System (“M-PASS”) over the
Slide 42: New glaciology study for unsourced tills & high-grade boulders/float
New glaciology study for unsourced tills & high-grade boulders/float improves understanding of ice flows, guides further exploration and target development Extensive till and float rock anomalies, across Golden Baie project have largely gone unsourced, including till sample with 1,049 gold grains (8
Slide 43: Kendell Prospect demonstrates Golden Baie's potential massive gold endowment
Kendell Prospect demonstrates Golden Baie’s potential massive gold endowment with a 195-metre high-grade gold mineralization identified by 2021-2022 drilling Coarse visible gold discovered in 2019 with rock grab samples grading up to 4,485 g/t gold Maiden drill program on Kendell prospect in 2021 co
Slide 44: 2024 geological modeling and structural architecture analysis
2024 geological modeling and structural architecture analysis yield new insights on controlling structures Black shales in vicinity of gold mineralization believed to be important for structural preparation – structures continue to the northwest and are seen in other areas Building on previous work,
Slide 45: Wolf Pond: Multiple mineralized zones open in multiple directions
Wolf Pond: Multiple mineralized zones open in multiple directions adjacent to a paved highway within a large geochemical footprint Two mineralized zones identified Wolf Pond prospect, both open in Inclined section view of gold multiple directions enriched chutes (Red) within a mineralized plane (Ora
Slide 46: Facheux Bay demonstrates Golden Baie's untapped potential
Facheux Bay demonstrates Golden Baie’s untapped potential with potential mineralization on 9 km long structural trend on which limited prospecting has found 1.2 km of mineralization 61.25km2 mineral license at SW end of Golden Baie Project with no known historical exploration Maiden exploration prog
Slide 47: Facheux Bay shows excellent early results
Facheux Bay shows excellent early results, and abundant outcrop and lack of till cover make it a compelling target Channel, 2.21 g/t Au Float, 15.8 g/t Au Strong shear zone, moderate – steeply dipping 17 bedrock grab samples with assays >0.5 g/t Au, including 18.4 g/t Au 4 float samples with assays
Slide 48: Golden Baie beyond precious metals: high-grade antimony showings
Golden Baie beyond precious metals: extensive high-grade antimony showings add critical minerals upside Le Pouvoir Assay Highlights: - Bedrock assays up to 74.4% Sb, 24.1 g/t Au Canstar’s Golden Baie Project is located ~90km SW of past- - - Channel sample assays 20.4%-58.8% Sb producing Beaver Brook
Slide 49: Golden Baie beyond precious metals: property-wide antimony anomalies
Golden Baie beyond precious metals: property-wide antimony anomalies Extensive antimony anomalies across Golden Baie represent new exploration potential High-grade antimony in tills around Swanger’s Cove prospect create new trenching opportunities identified in recent glaciological study High-grade
Slide 50: VMSC Joint Venture Buchans & Mary March Polymetallic VMS
VMSC JOINT VENTURE BUCHANS & MARY MARCH POLYMETALLIC VMS 50
Slide 51: Buchans technical overview
Buchans technical overview Clementine Historical Resource (1976): 360k Buchans Mine (1927-1984): 5 tonnes at 4.9% Zn, 2.6% orebodies generally regarded as Pb, .3% Cu, 10.3 g/t Ag amongst highest grade of all time Leveraging modern technology to explore the extension of ASARCO’s Buchans Mine – one of
Slide 52: Exploring the downdip extension of the historic Buchans Mine
Exploring the downdip extension of the historic Buchans Mine Lucky Strike & Rothermere Canstar Exploration Licenses Deposits: High-grade Zn+Pb+Cu assays in historical drilling of past producing 5.6 Mt - 1.6% Cu, 8.6% Pb, Buchans VMS deposits dipping toward Canstar Licenses 18.4% Zn,112 g/t Ag & 1.7
Slide 53: LM7 Anomaly Remains largely untested
LM7 Anomaly Remains largely untested DH 2799 SkyTEM conductor anomalies untested (unknown by original owner/operator); historical drilling mostly shallow DH 2799 only drill hole to apparently 200m intersect LM7 anomaly DH 2799 log notes 100m of “intense alteration” at the top of LM7 between 690m and
Slide 54: Mary March Technical Overview
Mary March Technical Overview Proven geological setting – Located in Buchans Roberts Arm Belt, 25 km east of Buchans Mine – one of world’s 106 km2 richest critical metals mines Under-explored – historical exploration undertaken without significant investment in geophysics; approx. 21,616 metres of s
Slide 55: Mary March contains an alteration zone on the scale of the historic Buchans district
Mary March contains an alteration zone on the scale of the historic Buchans district Large Mary March Alteration Zone Coincident with Strong Geochemistry Anomalies, Highest Grade Drill Intercepts Outside of Historically Mined Buchans District 55
Slide 56: Limited exploration has already identified high-grade occurrences at Mary March
Limited exploration has already identified high-grade occurrences at Mary March In 2019 Canstar discovered a new high-grade copper-gold massive Two continuous channels cut through the debris flow and six grab samples of individual clasts were taken sulphide occurrence at surface, approximately 1.8 k
Slide 57: Securing resilient critical materials supply chains
Securing resilient critical materials supply chains Investor Presentation, July 2025 Juan Carlos Giron Jr. President & CEO JC@canstarresources.com 220 Bay Street, Suite 550 Toronto, Ontario TSXV: ROX M5J 2W4 canstarresources.com 57
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