Corporate Presentation – November 2020 www.starroyalties.com

DisclaimersThe purpose of this presentation is to inform the recipient as to the operations of Star Royalties Ltd. (the “Company”). No representation or warranty, express or implied, is made as to the

accuracy or completeness of the information set out herein and nothing contained in this presentation is, or shall be relied upon, as a promise or representation. The Company does not

make any representation or warranty as to results obtained from the use of the information contained herein and makes no express or implied warranties for fitness for a particular use. No

person has been authorized by the Company to provide any information or make any representation with respect to information not contained in this presentation and, if given or made, such

information or representation may not be relied upon as being authorized by the Company. This presentation presents information as of the date set forth on the cover page hereof, and this

presentation does not imply there has been no change in the affairs of the Company since such date. The Company does not intend to update or revise this presentation after the date set

forth on the cover page.

Recipients of this presentation agree that this presentation is furnished or made available to the recipients or their representatives by the Company, whether communicated in written or oral

form, solely for the purposes of providing information to the recipients. This presentation is for the use and information of the recipients only and is not to be reproduced. The information

expressed herein represents the beliefs of the management of the Company except where such information is noted as being attributable to an external source.

This presentation is not, and under no circumstances is to be construed as, an offering memorandum, a solicitation or an offer of any kind. The matters set forth in this

presentation do not constitute an agreement or offer that may be accepted. Accordingly, no person may bring a claim or action against another for a failure to negotiate, agree

or enter into any agreement with respect to matters contained in this presentation.

This presentation includes forward-looking statements with respect to the Company’s assessment of future results of operations. Forward looking statements may relate to the future price of

metals and minerals, the estimation of mineral reserves and resources, realization of mineral reserve estimates, and the timing and amount of estimated future production. These forward-

looking statements were derived using assumptions regarding expected growth, results of operations, market conditions, performance and business prospects and opportunities that could

cause actual results to differ materially from those in the forward-looking statements. Any statements that express or involve discussions with respect to forecasts, predictions, expectations,

beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “is expected”, “anticipates”, “plans”,

“projects”, “estimates”, “assumes”, “intends”, “strategy”, “goals”, “objectives”, “potential” or variations thereof or stating that certain actions, events or results “may”, “could”, “would”, “might” or

“will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) may be forward-looking statements and are not statements of fact. Readers are

cautioned that the assumptions the Company has made with respect to such forward-looking statements, and the success of the operations of the Company, are subject to a number of

mitigating factors, together with the other information contained in this presentation or made available by or on behalf of the Company. Certain important factors that could cause actual

results, performance or achievements to differ materially from those in the forward-looking statements include, amongst others, metal and mineral price volatility, discrepancies between

actual and estimated production, mineral reserves and resources and metallurgical recoveries, mining operation and development risks relating to the parties which produce the metals and

minerals the Company will purchase or based which the Company will receive royalty payments, regulatory restrictions, activities by governmental authorities (including changes in taxation),

currency fluctuations, the global economic climate, dilution, share price volatility and competition. There can be no assurance that such statements will prove to be accurate and actual

results and future events could differ materially from those anticipated in such statements.

1

Differentiated Business Model

Financially and technically competent team

• Management has over 80 years of combined mining-specific capital markets experience with focused expertise in the royalty

industry, capital allocation and risk-adjusted returns

• Strong existing relationships within the gold sector (equity research, portfolio management, corporate finance)

• Tax and legal confidence with top-tier firms: KPMG and Fasken engaged as financial and legal consultants

Precious metals leverage and counterparty alignment

• Precious metals focused with up to a 20% non-core component (green/EV/base metals)

• Focus on both underwriting new opportunities and existing royalties/streams (strict emphasis on after-tax IRR and ROIC)

• Target portfolio allocation of 70% cash flowing royalties/streams, 20% near-term development, 10% advanced exploration

• Specialized in creating custom-made financing solutions to provide a uniquely aligned model for our counterparties as well as

leverage to rising commodity prices for our investors

Strong shareholder alignment and balance sheet conservatism

• Owner model approach with a minimal burn rate – management co-investing with shareholders for additional alignment

(management co-invested over C$1.1M in our latest C$15.1M financing)

• Plan to instate a meaningful and sustainable dividend (proposed +25% of free cash flow)

• No current debt; appropriately-sized credit facility to be considered following establishment of free cash flow

• Corporate culture to reflect strong ESG principles (green investments, First Nations partnerships, Board gender diversity)2

Peter Bures, BASc

Chief Business Development Officer• 20+ years of international capital markets experience

in the metals and mining sector

• Progressive mining research roles at Deutsche Bank,

HSBC, Yorkton, Canaccord Genuity; portfolio

management roles at Sentry Investments;

institutional sales at BMO

• Mining engineer with operations experience at Placer

Dome

Kevin MacLean, P.Eng., CFA

Chief Investment Officer• 30+ years of precious metals and mining

fundamental analysis and portfolio management

experience

• 13 Lipper awards for best risk-adjusted returns and

seven Brendan Wood International Top Gun awards

for recognition of being a leading mind in the gold

mining sector

• Previously SVP and Senior Portfolio Manager at

Sentry Investments, managing $2B in assets

Alex Pernin, MSc, P.Geo.

Chief Executive Officer & Director• Previously at Barrick Gold for capital allocation and

investment management; $6B Randgold Resources

acquisition and $5B Barrick Gold-Newmont Mining

Nevada joint venture

• Canaccord Genuity equity research, covered

precious metal producers and royalty and streaming

companies

• P.Geo. mining at Freeport McMoRan and exploration

across Canada

Executive Management

Tony Lesiak, BSc, MBA, MAG

Executive Chairman• 20+ years of investment banking and equity research

experience in the metals and mining sector

• Previously Senior Advisor, Investment Banking

Canaccord Genuity, and Managing Director and

Global Head of Mining Research

• Senior metals and mining equity research roles at

Macquarie Capital Markets, Genuity Capital Markets,

UBS and HSBC

3

Jay S. Layman, BSME, MBA, ICD. D Director• Director, President and COO of Seabridge Gold, owner of the KSM and

Courageous Lake projects

• Previously VP Solutions and Innovation at Newmont Mining, managed

Newmont Global Technical Services

• Global technical exposure with experience in underground and open pit

operations containing gold, copper, silver, lead and zinc

Matthew Wood, HBSc Director• 25+ years of global industry experience in mining and commodities

investments

• Executive Chairman of Steppe Gold, a precious metals producer in

Mongolia

• Founder of Hunnu Coal (sold for ~A$500M in 2011), and founder of

Avanco Resources (sold for ~A$420M in 2018)

Alex Pernin, MSc, P.Geo. Chief Executive Officer & Director• Previously Barrick Gold capital allocation and investment management;

$6B Randgold Resources acquisition and $5B Barrick Gold-Newmont

Mining Nevada joint venture

• Canaccord Genuity equity research, covered precious metal producers

and royalty and streaming companies

• P.Geo. mining at Freeport McMoRan and exploration across Canada

Board of DirectorsTony Lesiak, BSc, MBA, MAG Executive Chairman• 20+ years of investment banking and equity research experience in the

metals and mining sector

• Senior Advisor, Investment Banking Canaccord Genuity, previously a

Managing Director and Global Head of Mining Research

• Senior metals and mining equity research roles at Macquarie Capital

Markets, Genuity Capital Markets, UBS and HSBC

4

Kylie Dickson, BBA, CPA, CA Director• 14+ years of mining industry experience as a CPA, CA across

exploration, mine development and operations

• Currently Director and Audit Committee Chair of Fortuna Silver Mines

• Previously VP Business Development at Equinox Gold and VP Business

Development at Trek Mining

• Previously CFO of several publicly-listed mining companies and

Corporate Controller of Minefinders Corporation

Jinhee Magie, BCom, CPA, CA Director• 25+ years of finance experience, with the last 15 years being in the

mining industry

• Currently SVP and CFO of Lundin Mining Corporation

• Previous roles include progressively more senior positions at Lundin

Mining, LionOre Mining International and E&Y

• Experience in acquisitions and divestitures, public and private equity

fundraising and public company reporting

Beatriz Orrantia, LLB, BCL Director• 15+ years of mining industry experience in both legal and operational

capacities, including operations, sustainability, and license-to-operate

• Barrick Gold VP Special Projects across projects in Latin America and

responsible for oversight on corporate initiatives globally

• M&A, securities and mining lawyer at leading law firms in Toronto,

including Heenan Blaikie, McCarthy Tétrault, and Gowlings

Aneel Waraich, MBA Director• 15+ years of progressive experience in capital markets, having worked

on over $1B in transactions

• EVP of Steppe Gold, a precious metals producer in Mongolia

• Founder of ATMA Capital Markets, focused on advising public and

private companies in the natural resources sector

Multiple Types of Opportunities

Underwriting new and operator-friendly royalties and streams

• Creating royalties and streams to best fit an operator’s requirements for improved alignment and to directly benefit

the counterparty’s financial health

• This allows us to craft our deal structure and economics for improved precious metals leverage for our shareholders

Purchasing existing royalties and streams

• Priority is on cash and near-cash flowing opportunities

• High sensitivity to geopolitical exposure – focused on lower-risk jurisdictions

Funding existing royalty buyback opportunities

• When a producer/developer has a buy-back opportunity – we provide capital for the buy-back, then restructure

• Reduce an asset’s encumbrance and promote the project’s development likelihood

Royalty generator model

• Working with First Nations and other groups to develop new royalties

• Potential to “unlock” idled assets, but we are not considering a project or land bank structure

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2

3

4

5

Portfolio: Key Assets

6

LSFN Forest Carbon

Sequestration

16% GR Royalty

Development

Copperstone

Gold Stream

Construction (Restart)

Keysbrook

2.0% Minerals Royalty

Production

Copperstone: Gold Stream

Operator Kerr Mines Inc. (TSX: KER)

Location Arizona, USA

Stage Construction (Restart)

Commodity Gold

Terms

Gold Stream of 9.9% of gold produced until a cumulative 21,000 ounces are delivered, then 3.3% of gold produced until a cumulative 27,200 ounces are delivered, then

1.2% of gold produced thereafter, all at a cash payment per ounce of gold delivered equal to 25% of the average LBMA gold spot price for the five consecutive trading days

prior to delivery

Description

• Gold restart project located in western Arizona, USA, within the Walker Lane gold trend (a mineral belt hosting a gold endowment of >40 million ounces)

• Project is fully permitted with significant mining and processing infrastructure on site

• Historically produced over 500,000 ounces from 1987-1993 through open pit mining, and was acquired by Kerr Mines Inc. in 2014

• Mine restart plan envisions a 550 tonne-per-day underground operation and whole ore leach process to produce gold doré on site

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Copperstone: Surface Infrastructure Copperstone: Underground Drilling

Keysbrook: Minerals Royalty

Operator Keysbrook Leucoxene Pty Ltd

Location Western Australia, Australia

Stage Production

Commodity Mineral Sands (Titanium, Zircon)

Terms 2.0% Minerals Royalty

Description

• Open pit mineral sands mine located 70 km south of Perth, WA, Australia

• Mine is owned and operated by Keysbrook Leucoxene Pty Ltd, a subsidiary of Doral Mineral Sands Pty Ltd, which is a subsidiary of Iwatani Corporation of Japan

• Keysbrook produces leucoxene (a naturally altered titanium mineral) and zircon, and commenced operations in late 2015

• Heavy mineral concentrate produced at Keysbrook is transported via road to Doral’s nearby Mineral Separation Plant for processing

• Final products of leucoxene and zircon are exported to global customers through the Ports of Bunbury and Fremantle, WA, Australia

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Keysbrook: Mining Operations Keysbrook: Processing Facilities

LSFN Forest: Carbon Offset Credits

Operator Lac Seul First Nation, AurCrest Gold Inc., Blue Source Canada ULC

Location Ontario, Canada

Stage Development

Commodity Federal Output-Based Performance Standards (OBPS) Carbon Offset Credit

Terms16% Gross Revenue Royalty on AurCrest Gold’s forest carbon sequestration revenue share from the Forest Pilot Project (with a Right of First Refusal on any forest carbon

sequestration within the overall Lac Seul Forest Management Unit)

Description

• The Government of Canada has mandated minimum standards for carbon pricing across Canada and implemented a federal program applied to greenhouse gas (GHG)-

emitting industrial facilities in several provinces, including Ontario

• Reforestation and the conservation of the boreal forest are creating carbon offsets as trees absorb atmospheric CO2 through photosynthesis and sequester the CO2 into

their biomass

• AurCrest Gold and Bluesource (one of the largest developers and marketers of carbon offsets in North America) are assisting Lac Seul First Nation in developing forest

carbon sequestration opportunities on the Nation’s Reserve lands and Traditional Territory that the parties expect to result in carbon offset credits that can be sold to

federally regulated industrial emitters

• The Lac Seul First Nation Forest Pilot Project covers a forested area of 22,063 hectares of the Nation’s Reserve lands (representing ~3% of the overall 800,000-hectare

Lac Seul Forest Management Unit)

• The future benefits derived from the monetization of the carbon offset credits, net of expenses, will be split with the significant majority going to the Lac Seul First Nation

and the remainder to AurCrest Gold and Bluesource

• Star Royalties, AurCrest Gold and Bluesource are working together to identify other carbon sequestration, renewable energy and mining opportunities to pursue

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Lac Seul First Nation Forest Carbon Pilot Project

Growing pipeline of precious metals opportunities currently totaling over US$100M

Pipeline of Opportunities

Size (US$M) Opportunity Location Stage Commodity Vendor

<10

Underwriting royalty Canada Development Au Developer

Underwriting royalty Canada Development Carbon offset credits First Nations

10-50

Underwriting stream Turkey Production Au/Ag Conglomerate

Underwriting stream USA Production Au/Ag Inter. producer

Underwriting stream Mexico Development Ag Inter. producer

Underwriting stream Canada Development Au Developer

Existing portfolio Canada/USA Development Au Developer

Underwriting stream Australia Production Au/Ag Multiple

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16.1%

39.4%20.6%

23.9%

Ownership Breakdown (%)

Insiders

Institutional

Retail

Other

RoundShares

Issued (M)

Broker

Warrants

Issued (M)

Share

Price

(C$/share)

Proceeds

(C$000)

Founder Raise1 12.5 0.02 250

Family & Friends Raise2,3 29.7 0.075 2,155

September 2020 Raise2,3,4 120.9 3.3 0.125 14,489

Shares for Services1 1.9 0.125 240

Total 165.0 3.3 17,134

Share Structure and Listing Strategy

Listing strategy• Current valuation of ~C$21M with a precious-metals

focused and cash flowing portfolio, ~C$11.5M in cash and

a minimal burn rate

• Intent to go public via IPO (TSX-V listing in Q1 2021)

• Planned share consolidation in conjunction with the IPO

for a tighter capital structure on listing

Note: no options in our capital structure

1. Complete lock-up period of three years on commencement of trading

2. Gradual lock-up period of six months on commencement of trading

3. Net of commission fees

4. Broker warrants are exercisable for a common share at C$0.125 for a period of 18

months (until March 2022)

Use of Proceeds (July 2019 – Present) C$000

Royalty Acquisitions 4,584

Due Diligence Expenses 395

G&A 608

Cash on Hand 11,547

Total 17,134

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Star Royalties

400-90 Adelaide St W

Toronto ON M5H 3V9

Canada

APPENDIX

Royalties

In exchange for an initial payment, Star Royalties is given the

right to receive a percentage of revenue, profit or value of

metal produced from a mining operation

Royalties vs. Streams

Streams

In exchange for an initial payment, Star Royalties is given the

right to purchase all or a predetermined percentage of future

metal production generated from a mining operation, at a

predetermined below-market price

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Royalty and Streaming Model

Star Royalties Producers Bullion/ETFs

Commodity price leverage ✓ ✓

Counterparty and shareholder alignment ✓

Expansion and optimization upside ✓ ✓

Reserve and resource growth ✓ ✓

Exploration potential ✓ ✓

Diverse portfolio ✓

No operating costs ✓ ✓

No capital expenditures ✓ ✓

No exploration expenses ✓ ✓

No environmental and closure liabilities ✓ ✓

No operations management ✓ ✓

Our differentiated and uniquely aligned royalty and streaming business model provides:

14

0.0

10.0

20.0

30.0

40.0

50.0

60.0

P/E

202

0E

(x

)

0.0

0.5

1.0

1.5

2.0

2.5

P/N

AV

(x

)

Royalty Companies: Metrics

Royalty and streaming companies also trade at

a premium on nearly every metric relative to

peers, regardless of commodity exposure or

status

Source: CIBC World Markets 15

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

P/C

F 2

02

0E

(x

)

Exploration Portfolio

Operator Aranjin Resources Ltd.

Location Mongolia

Stage Advanced Exploration

Commodity Cu, Ag

Terms2% Net Smelter Return Royalty (with a Right of First Refusal on any

future Ag stream)

Description

• The Bayan Undur project covers a total land package of 2,774

hectares and consists of four mining licenses with 30-year terms

• Historic exploration included over 57,000 m of diamond and RC

drilling, 2,000 m3 of trenching, detailed geological mapping and

geochemical sampling

• Past exploration efforts are being reviewed with the aim of

identifying new drill targets for 2020

Operator Ion Energy Ltd.

Location Mongolia

Stage Early Exploration

Commodity Li (brine)

Terms 1.5% Gross Revenue Royalty

Description

• The Baavhai Uul project represents one of Mongolia’s largest

exploration licenses (over 80,000 hectares) and most prospective

for lithium brine (average grade results of 426 ppm Li with

maximum grade results of 811 ppm Li)

• The project is located 30 km from the Chinese border where five

Gigafactories are either planned or under construction

• Favourable geochemistry (low potassium and magnesium ratios

for large crystal formation) and production characteristics (high

evaporation and low precipitation endorheic basin)

16

Bayan Undur Baavhai Uul

17

Notes

18

Alex Pernin, P.Geo.

Chief Executive Officer & Director

T. +1 647 360 4793

M. +1 647 801 3549

apernin@starroyalties.com

Peter Bures

Chief Business Development Officer

T. +1 647 951 6511

M. +1 437 997 8088

pbures@starroyalties.com

902-18 King St. E.

Toronto ON M5C 1C4

Canada