CEO.CA Chairman's Briefing

Toronto, Ontario--(Newsfile Corp. - October 16, 2025) - Canstar Resources Inc. (TSXV: ROX) ("Canstar" or the "Company") reports that the 2025 trenching program at Canstar's Mary March project, located in Newfoundland's historic Buchans Mining District, has advanced to the final stages. Trenching exposed more than 20 metres of footwall mineralization, containing thin lenses of high-grade base metal mineralization in bedrock. Identification of copper-, lead- and zinc-rich zones is encouraging as they potentially represent the up-dip extension of mineralization first identified in 1999/2000 in drill hole MM-294-03, extending it 130 metres to the surface and 80 metres to the northeast. This discovery further confirms the project's potential to host very high-grade volcanogenic massive sulphide ("VMS") mineralization.

Highlights

• Bedrock samples from two trenches⁴, 125m apart, exposed a strongly mineralized zone containing semi-massive pyrite-sphalerite-galena-chalcopyrite lenses. The presence of these sulphide minerals has been confirmed by various portable X-ray fluorescence device ("pXRF") spot analyses, which returned maximum yields up to +30% zinc, 3% lead and 4% copper.¹ Analysis of one sample providing readings ranging from 16.9% to 31.57% zinc and 0.17% to 3.08% lead. A separate sample had readings ranging from 0.81% to 4.28% copper.

• High-grade lenses, containing pyrite-sphalerite-galena-chalcopyrite stringers, occur in a zone of lower-grade footwall mineralization, at least 20 m thick.

• This style of mineralization closely resembles mineralization intercepted in drill hole MM-294-03, which intercepted 20.6 m grading 3.02% zinc and 1.08% lead.

• The trenching program produced 130 samples in total, sent for whole rock geochemistry and assaying, the results of which the Company will release when available.

• This prospect is located 590m west of the Mary March intercept (9.63 metres grading 4.2 g/t gold, 122 g/t silver, 10.1% zinc, 1.8% lead, and 0.64% copper²) and is believed to be part of the same mineralizing system.

• Mineralized zones occur in proximity to newly mapped chargeability anomalies, strengthening confidence in chargeability surveys for defining drill targets.

• The Mary March project, located in the historic Buchans district, remains one of the least explored parts of one of the world's highest-grade VMS camps.

• Detailed mapping and re-logging of historic drill holes are currently ongoing; results will be used in geological modelling and data integration by Terra AI.

• The results of this season's programs will be used to refine drill targets for exploration drilling expected to commence at the beginning of the 2026 exploration season.

"Our trenching results reinforce why we are so excited about Mary March," said Juan Carlos Girón Jr., President & CEO of Canstar Resources. "We know from historical work that this district has hosted some of the highest-grade VMS deposits globally, and these new exposures provide further, direct evidence of high-grade mineralization in new areas. They also coincide with recently defined geophysical anomalies, illustrating how our geology-first, data-driven approach, led by Dr. Harold Gibson, is steadily converging toward high-confidence drill targets. We're very pleased with the quality of the work and continue building momentum across our Newfoundland exploration portfolio."

Program Update

The Company is trenching and conducting geological mapping across priority targets to better characterize surface mineralization and structure. All historic drilling on the project has now been digitized and spatially verified, providing a robust foundation for the construction of a geological model. A detailed graphic relogging and geochemistry program is ongoing to develop a thorough understanding of the volcanic stratigraphy, alteration, mineralization and structural deformation of the area. This dataset will be used with Terra AI's machine-learning platform to refine target generation ahead of drilling.

Canstar's technical team analyzed the trenching samples in the field with a pXRF device to obtain preliminary geological observations, project analysis, and vectoring. These readings are preliminary and selective, measuring only a tiny fraction of the most mineralized portions of hand samples. Assay results from accredited laboratories will be reported when available.¹

Project Context

The Buchans mining district produced five major deposits between the 1920s and 1980s³ with average ore grades of 14.51% zinc, 7.56% lead, 1.33% copper, 126 g/t silver, and 1.37 g/t gold – exceeding 20% combined base metals. These deposits also produced over 60 million oz of silver and more than 700,000 oz of gold. Mary March, situated in an underexplored sector of this prolific belt, continues to demonstrate potential for similar high-grade, polymetallic mineralization.

Next Steps

Canstar has almost completed mapping and channel sampling of the mineralized trenches and intends to ship the final samples for assay within the week. The Company plans to integrate all new and historical data into its 3-D model and finalize drill targeting in collaboration with Terra AI. Pending results, the Company anticipates a first-phase drill program during the 2026 exploration season, subject to additional permitting and conditions.

Acquisition of Newfoundland Mining Claims

The Company has entered into option agreements dated September 25, 2025 (the "Option Agreements") with certain arm's length parties (each, an "Optionor") to acquire an undivided 100% legal and beneficial interest in certain mineral licenses located in Newfoundland and Labrador, Canada.

The new acquisitions expand Canstar's land position in the Mary March area of the Buchans District, Central Newfoundland, one of Canada's most prolific volcanogenic massive sulphide ("VMS") camps. These licenses directly adjoin the Mary March project, a polymetallic VMS target prospective for copper, zinc, lead, gold, and silver, and extend Canstar's footprint over areas of strong geophysical anomalism, including part of a ~1.2 km IP chargeability trend recently identified and being trenched by the Company.

The additions increase Canstar's strategic control of highly prospective ground within the Buchans VMS corridor, strengthening its district-scale position and aligning with the Company's strategy to consolidate and systematically explore key VMS belts in Newfoundland. The newly acquired claims are geologically analogous to those hosting significant historical mineralization within the camp, including the nearby Mary March and Buchans deposits.

Under the terms of the agreements:

Canstar has been granted an option to acquire a 100% undivided interest in mineral licenses 037025M, 038219M, 038658M, and 038582M, comprising a total of twenty-nine (29) mineral claims located in Newfoundland and Labrador.

To maintain the option in good standing, Canstar will make aggregate payments of $71,000 in cash and issue 350,000 common shares of the Company over a three-year period. Upon exercise of the option, each Optionor will retain a 2.0% net smelter returns ("NSR") royalty on their respective license, one-half (1.0%) of which may be repurchased by the Company for $1,000,000.

All securities issued pursuant to the Option Agreements will be subject to a statutory hold period of four months and one day from the date of issuance. The transactions remain subject to TSX Venture Exchange approval.

Qualified Person

Bob Patey, P.Geo, VP Exploration for Canstar and a Qualified Person as defined in NI 43-101, has reviewed and approved the scientific and technical information in this news release.

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 km2) 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 km2) 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.

Notes

1. pXRF readings are screening-level only and are not a substitute for assaying. The pXRF model used is a V2MR Vanta Max from Evident Scientific, calibrated at the factory and monitored for accuracy using three certified reference materials.
2. Reported by Phelps Dodge in 1999 : 9.63 metres grading 4.2 g/t gold, 122 g/t silver, 10.1% zinc, 1.8% lead, and 0.64% copper
3. Historical production source: Zinc and Lead, Mineral Commodities of Newfoundland and Labrador, Geological Survey of Newfoundland and Labrador, Compiled by R.J. Wardle, 2008
4. Trench MM25-TR-05 534,221m E 5,408,899m N azimuth 135, Trench MM25-TR-06 533,984m E 5,408,671m N Azimuth 140. Coordinates are in NAD 27, Zone 21 N

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" that are not historical facts. Forward-looking statements relate to future events or performance and include, but are not limited to: the objectives, scope, and anticipated benefits of the $11.5 million joint venture 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.

Such statements are based on current assumptions and subject to known and unknown risks and uncertainties that may cause actual results to differ materially, including: failure to complete the definitive JV agreement; geological interpretations proving inaccurate; exploration activities not yielding expected results; delays 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 actual results may differ materially. Forward-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.

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