Star Royalties Reports Q1 2023 Financial Results

TORONTO, ON / ACCESSWIRE / May 25, 2023 / Star Royalties Ltd. ("Star Royalties", or the "Company") (TSXV:STRR)(OTCQX:STRFF) is pleased to report its financial results for the quarter ended March 31, 2023. All amounts are in U.S. dollars, unless otherwise indicated.

Q1 2023 Corporate and Portfolio Highlights

• Quarterly revenues of $271,429, representing a 12% decline over the prior-year quarter due to lower mineral sands sales at Keysbrook.
• Quarterly net income of $69,539 was positively impacted by a $606,880 recognition of equity income from the Green Star Royalties Ltd. joint venture ("Green Star").
• Increased quarterly revenue from the Elk Gold mine of $54,959 related to continued improvements in mined gold grades.
• Green Star's flagship regenerative agriculture carbon farming program continued to see steady farmer enrollment and is in the process of listing under the Verra Registry.
• MOBISMART Mobile Off-Grid Power & Storage Inc. ("MOBISMART") became the first cash flowing royalty for Green Star.

Alex Pernin, Chief Executive Officer of Star Royalties, commented: "During the first quarter of 2023, Keysbrook performed in line with internal expectations, while Elk Gold's continued mined grade improvements resulted in higher royalty payments. Our majority-owned subsidiary, Green Star, is pleased to report that MOBISMART became its first cash flowing royalty as MOBISMART continues to execute on its cleantech sales pipeline across multiple industries. Green Star's flagship regenerative agriculture program is undergoing listing under the Verra Registry, which should lead to several catalysts throughout this year. In addition, Green Star continues to evaluate capital raising opportunities to transact on its significantly expanded portfolio of carbon opportunities. Our team is working diligently and we believe 2023 will be a transformative year of unlocking value for our shareholders."

Summary of Q1 2023 Financial Results

		Quarter ended				Quarter ended
		March 31, 2023				March 31, 2022
Revenue		$	271,429			$	307,659
Net Income (loss)			69,539				(706,393	)
Basic and diluted income (loss) per share			0.00				(0.01	)
Cash flow from operating activities			(369,976	)			(564,625	)
Cash flow from investing activities			-				(722,078	)
Cash flow from financing activities			-				-

For complete details, please refer to the Condensed Interim Consolidated Financial Statements and associated Management Discussion and Analysis for the three months ended March 31, 2023, available on SEDAR at sedar.com or on the Company's website at starroyalties.com.