The stations are Dirtmouth, Forgotten Crossroads, Greenpath, Queen's Station in the Fungal Wastes, Queen's Gardens, City Storerooms and King's Station in the City of Tears, Resting Grounds, Distant Village in Deepnest, Hidden Station in the Palace Grounds, and the Stag Nest in the Howling Cliffs.
The Stag Nest is different. It only becomes available once every other station is open, and reaching it completes the network. It is a short ride with a quiet scene at the end rather than a useful travel node.
How to collect them
Each station is sealed until you find it on foot. Once inside, hit the large bell and the stag arrives. After that the station appears on your travel list from any other station. Several stations sit behind breakable walls, most notably the Dirtmouth one, which is west of the well down a short shaft.
Buy the Stagway pin from Iselda for 100 Geo so stations show on the in-game map. Practically, the most valuable stations to open early are Dirtmouth, Forgotten Crossroads, Greenpath and Queen's Station, because they connect the four areas you will be moving between constantly in the first few hours.
What you get
Opening stations gives no completion percent, but it gives two achievements. Opening half of them unlocks Connection, and opening all of them plus discovering the Stag Nest unlocks Hope. The real reward is time: a full Stagway plus the Dreamgate cuts most cross-map journeys from several minutes to a few seconds.
All 11 locations by area
Dirtmouth (1)
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North end of Dirtmouth
Free to use, but it can only be opened from the inside. It becomes available once any other station has been unlocked.
Forgotten Crossroads (1)
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Central Crossroads
The first station you can open. Pay the toll, ring the bell and the Last Stag arrives.
Greenpath (1)
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Central Greenpath
Behind a breakable wall in the middle of Greenpath, one room from the bench.
Fungal Wastes (1)
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Queen's Station, west Fungal Wastes
The grand station on the border between the Fungal Wastes and Fog Canyon.
City of Tears (2)
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North-west City of Tears
Tucked in the storerooms above the main City streets, next to a bench.
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King's Station, south-east City
The grandest station in Hallownest and the priciest toll, on the way out to Kingdom's Edge.
Resting Grounds (1)
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Resting Grounds
No Geo is needed here, only a large lever on the ground. Cornifer leaves his letter in this station instead of mapping the area himself.
Howling Cliffs (1)
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Top of the Howling Cliffs
Appears only once every other Stag Station is open. The call bell is broken, so the Last Stag can only bring you here.
Deepnest (1)
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Distant Village, west Deepnest
Deep in the spider village. Open it and you can skip most of the walk through Deepnest.
Ancient Basin (1)
Queen's Gardens (1)
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Central Queen's Gardens
Sits with its bench in the middle of the Gardens. The Last Stag has barely ever been here.