Glenstar to Conduct Shear-Wave Seismic Survey at Green Monster Project Following Successful Phase 2 Drill Program

Early-stage exploration, no resource estimate, and years from any economic clarity.

What the company is saying

Glenstar Minerals Inc. is positioning itself as a proactive explorer advancing the Green Monster Project in Clark County, Nevada, with a focus on critical minerals like copper, nickel, cobalt, and zinc. The company wants investors to believe that its upcoming Terēan geophysical survey, starting June 29, 2026, will unlock valuable subsurface insights and guide the next phase of drilling. The announcement highlights the technical sophistication of the planned survey—four shear-wave velocity cross sections over 2,400 ft arrays to 600 ft depth—and recaps recent drilling (six holes, ~3,320 ft) and sampling results (notably, 1.18 meters at 3.77% Cu, 3.06% Ni, 0.21% Co, 6.83% Zn). The language frames the property as 'significantly mineralized and geologically complex,' but also admits that grades are 'less than expected' and that results raise 'interesting questions.' The company emphasizes the scale of its land package (35 claims, ~700 acres) and proximity to Las Vegas, but omits any discussion of resource estimates, economic studies, or financing. The tone is measured and technical, with frequent use of forward-looking statements and explicit caution that results are early-stage and uncertain. Notable individuals include David Ryan (President & CEO) and Robert Marvin, P.Geo (ONT), the independent qualified person under NI 43-101, whose involvement lends technical credibility but does not imply institutional backing. This narrative fits a classic early-stage exploration IR strategy: highlight technical progress and geological potential, downplay lack of economic clarity, and defer value realization to future work. There is no evidence of a shift in messaging, as no prior communications are referenced.

What the data suggests

The disclosed data is strictly operational and geological, with no financials or economic metrics. The company reports six drill holes from Phase 2, each between 500 and 585 feet deep, totaling approximately 3,320 feet across three pads. Channel sampling returned 1.18 meters grading 3.77% copper, 3.06% nickel, 0.21% cobalt, and 6.83% zinc, while boulder sampling found zinc above 10% and silver above 200 ppm, plus copper, uranium, and lead. However, these are isolated samples, not representative averages or resource estimates, and there is no context for how these grades compare to economic thresholds. The company itself notes that grades are 'less than expected,' which tempers any bullish interpretation. There is no disclosure of costs, budgets, cash position, or any financial trajectory, making it impossible to assess burn rate, capital needs, or runway. No prior targets or guidance are referenced, so there is no way to judge whether operational milestones are being met or missed. The quality of operational disclosure is reasonable—specific numbers for drilling and sampling—but the absence of period-over-period data, resource modeling, or economic analysis is a major gap. An independent analyst would conclude that, while the company is making technical progress, there is no evidence yet of a commercially viable discovery or a path to monetization.

Analysis

The announcement provides a factual update on planned and recently completed exploration activities, including the upcoming Terēan survey and results from Phase 2 drilling and sampling. While the language is generally measured, there is a clear emphasis on forward-looking statements about the potential of the survey to guide future exploration, without any binding commitments or immediate economic impact. The only realised results are specific sampling and drilling metrics, but these are not contextualized with resource estimates or economic thresholds. The claim that the area is 'significantly mineralized' is not substantiated beyond isolated sample results, and the company itself notes that grades are 'less than expected.' There is no mention of large capital outlays or financing, and no immediate earnings impact is implied. The gap between narrative and evidence is moderate: the company is transparent about the early stage and uncertainty, but the forward-looking tone about future potential is not yet matched by concrete milestones.

Risk flags

• ●Operational risk is high: The project is at an early exploration stage, with no resource estimate or economic study. This means there is no evidence yet that a mineable deposit exists, and most early-stage projects never reach production.
• ●Financial disclosure risk: The announcement contains no information on cash position, burn rate, or funding plans. Investors have no visibility into how long the company can operate before needing to raise more capital, which is a critical risk for pre-revenue explorers.
• ●Forward-looking statement risk: The majority of claims are about future surveys, interpretations, and potential, not realized value. The company itself cautions that there is 'no assurance' any suggested results will materialize, highlighting the speculative nature of the investment.
• ●Economic viability risk: While some high-grade samples are reported, there is no resource estimate or indication of continuity, tonnage, or economic thresholds. Isolated high grades in channel or boulder samples do not guarantee a viable deposit.
• ●Execution and timeline risk: The next major technical milestone (Terēan survey) is scheduled for June 2026, with any actionable results likely months or years beyond that. The long lead time increases the risk of dilution, cost overruns, or project abandonment.
• ●Disclosure completeness risk: Key metrics such as costs, budgets, and comparative grade data are missing. Without these, investors cannot benchmark progress or assess whether the project is advancing toward commercial viability.
• ●Geographic and jurisdictional risk: The project is in Nevada, which is generally mining-friendly, but the company is based in British Columbia. Cross-border operations can introduce regulatory, logistical, and cost uncertainties.
• ●Qualified person caveat: While Robert Marvin, P.Geo (ONT), is the independent qualified person, his technical sign-off does not equate to institutional investment or guarantee of project success. Technical validation is necessary but not sufficient for value creation.

Bottom line

For investors, this announcement is a classic early-stage exploration update: it signals technical progress but offers no near-term economic clarity. The company is transparent about the early stage and the fact that grades are 'less than expected,' which is a rare note of caution in a sector prone to overstatement. However, the absence of any resource estimate, economic study, or financial disclosure means there is no basis for valuing the project or the company beyond speculative optionality. The involvement of a qualified person (Robert Marvin, P.Geo) ensures technical compliance but does not imply institutional validation or funding. To change this assessment, the company would need to disclose a maiden resource estimate, preliminary economic assessment, or at least period-over-period financials and exploration budgets. Key metrics to watch in the next reporting period include the results of the Terēan survey, any follow-up drilling, and—critically—whether the company can demonstrate continuity and scale of mineralization, not just isolated high grades. Investors should treat this as a signal to monitor, not to act on: the risk/reward profile is highly speculative, and any investment should be sized accordingly. The single most important takeaway is that Glenstar Minerals remains years away from demonstrating economic value, and all current claims are best viewed as technical progress, not investment-grade milestones.

Announcement summary

(CSE: GSTR) (OTCQB: GSTRF) Glenstar Minerals Inc. announces that it will be conducting a Terēan survey at its Green Monster Project in Clark County, Nevada, beginning on Monday, June 29, 2026. The survey will consist of four (4) shear-wave velocity structure cross sections collected along 2,400 ft long arrays, extending from the surface to a 600 ft cross section depth. The Phase 2 drill program consisted of six (6) holes drilled to depths from 500 feet to 585 feet, totaling ~3,320 feet of drilling across three (3) drill pads. Channel sampling across the exposed back of a raise off the main shaft returned 1.18 meters of 3.77% Cu, 3.06% Ni, 0.21% Co, and 6.83% Zn. Sampling of oxide and sulfide bearing boulders confirmed the presence of very high zinc (>10%) and silver (>200ppm), as well as copper, uranium, and lead. The company projects that the Terēan survey should provide more advanced, detailed information that will help determine what the next phase of drilling and exploration should look like going forward. The Green Monster Property is comprised of 35 federal lode claims covering ~700 acres located in Clark County, Nevada.

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