Star Royalties (STRR) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue was $96,594, down from the prior year due to lower sales at Keysbrook, but sales volumes are expected to increase in the second half of the year.

• Cost-saving initiatives led to a 34% reduction in total expenses year-over-year.

• Minera Alamos' acquisition of a producing Nevada gold mine de-risks and funds the Copperstone Gold Project, targeting production in late 2026.

• Gold Mountain suspended operations at Elk Gold and appointed a receiver after creditor demands, creating uncertainty for related royalty receivables.

• Despite Elk Gold uncertainty, the mining royalty portfolio outlook improved due to Copperstone developments and sustained gold prices above $3,300/oz.

Financial highlights

• Q2 2025 revenue was $96,594, compared to $266,306 in Q2 2024.

• Net loss for Q2 2025 was $825,791, compared to a net loss of $567,350 in Q2 2024.

• Basic and diluted loss per share remained at $(0.01) year-over-year.

• Cash flow from operating activities was $(419,052) in Q2 2025, compared to $(253,271) in Q2 2024.

• Current assets remained stable at approximately $3.2 million since the start of the year.

Outlook and guidance

• Anticipates higher sales volumes from Keysbrook in the second half of 2025.

• Expects meaningful gold stream revenues from Copperstone starting in late 2026.

• Ongoing cost-saving initiatives and investment in Minera Alamos shares position the company for future growth.