Canstar Resources Extends Warrant Expiry Date

Canstar Resources Inc., a focused VMS exploration company, has announced plans to extend the expiry date of its incentive warrants. The company intends to push the expiry date of 10,357,369 common share purchase warrants from September 25, 2026, to December 31, 2026. This extension is subject to final acceptance by the TSX Venture Exchange, agreement from the applicable warrant holders, and compliance with applicable securities laws.

The warrants, issued on September 25, 2025, under the company's early warrant exercise incentive program, allow holders to purchase one common share of Canstar at an exercise price of $0.07. The terms of the warrants, including the provision that the company may accelerate the expiry if the closing price of the shares equals or exceeds $0.10 for ten consecutive trading days, remain unchanged. As of September 10, 2026, the closing price of Canstar's shares on the TSXV was $0.055, and none of the warrants are held by insiders.

The extension of the warrant expiry date is part of Canstar's ongoing efforts to support its incentive program. Juan Carlos Giron Jr., President and CEO of Canstar, stated, "The holders of these Warrants supported the Company's incentive program last year with full participation. Extending the expiry to the end of the year gives those holders additional time to exercise."

The proposed amendment will become effective upon the closing date determined by Canstar following receipt of final TSXV acceptance and the required holder agreements, accredited investor representations, and other confirmations. The company intends to rely on the accredited investor exemption from the prospectus requirement in connection with the proposed amendment and will file a Form 45-106F1 Report of Exempt Distribution in the applicable Canadian jurisdictions. The amended warrants and any shares issued upon exercise thereof will be subject to a statutory hold period of four months and one day from the effective date of the proposed amendment.

In the United States, the amended warrants and shares issuable upon exercise thereof have not been, and will not be, registered under the United States Securities Act of 1933, as amended. The company intends to complete the proposed amendment in reliance on the exemption from the registration requirements of the U.S. Securities Act provided by Rule 506(b) of Regulation D and applicable exemptions under U.S. state securities laws. Each holder will be required to confirm that it is an "accredited investor" within the meaning of Rule 501(a) of Regulation D and to provide the other representations and confirmations required by the company.

Canstar Resources Inc. operates in established mining jurisdictions, with a portfolio of projects including the Mary March VMS Project in Central Newfoundland, the Skellefte VMS Project in Sweden, and the Golden Baie Project in southern Newfoundland. The company's flagship Mary March VMS Project is being advanced under an earn-in joint venture with VMS Mining Corporation. The Buchans mining camp, where the Mary March VMS Project is located, is known for producing some of the highest-grade VMS deposits in North American mining history.

The proposed extension of the warrant expiry date is part of Canstar's ongoing efforts to support its shareholders and maintain its focus on exploration and development in established mining regions. The company will continue to monitor market conditions and take appropriate actions to ensure the successful execution of its strategic initiatives.