Star Royalties (STRR) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue was $160,539, down from $275,395 year-over-year, mainly due to lower sales at Keysbrook.

• Net loss for Q1 2025 was $331,859, compared to net income of $320,430 in Q1 2024.

• Copperstone Gold Mine acquisition by Minera Alamos accelerates production timeline to 2026, with key development milestones expected in the next 12 months.

• Corporate liquidity improved by converting a C$2 million receivable into Minera Alamos equity.

• Green Star Royalties terminated future capital commitments to the Carbon NOW program due to deteriorating market conditions.

Financial highlights

• Q1 2025 revenue: $160,539, down from $275,395 in Q1 2024.

• Net loss: $331,859 in Q1 2025 versus net income of $320,430 in Q1 2024.

• Keysbrook royalty income: $152,834, down from $265,015 year-over-year.

• Elk Gold Mine royalty income: $7,705, down from $10,380 year-over-year.

• Impairment losses recognized: $130,650 (Baavhai Uul) and $139,384 (Bayan Undur) due to discontinued exploration.

Outlook and guidance

• Copperstone expected to begin production in 2026, with project financing and refurbishment milestones anticipated in 2025.

• Management expects meaningful cash flow generation starting in 2026.

• Ongoing cost-saving initiatives and deferred management salaries to conserve cash until Copperstone revenues begin.

• Green Star to focus on high-quality, de-risked decarbonization royalties with remaining $7.2 million capital.