Dr. Christian Grainger reports

HELIUS MINERALS PROVIDES AN UPDATE ON THE AGENCIA NACIONAL DE MINERACAOS RECENT DECISIONS FOR THE SERRA PELADA PROJECT

The Agencia Nacional de Mineracao (the ANM), the Brazilian federal agency responsible for regulating, supervising and managing mining activities in Brazil, has authorized a one-year extension to Serra Pelada Companhia de Desenvolvimento Mineral (SPCDM) for the commencement of mining activities at Helius Minerals Ltd.'s Serra Pelada mining concession in Para state, Brazil, on the condition that SPCDM, the titleholder of such concession, satisfies a series of regulatory, environmental and corporate compliance requirements within a 60-day extendable period pursuant to the Brazilian Mining Code. While the authorization remains subject to satisfaction of the conditions, the company will assist SPCDM to demonstrate to the ANM substantive progress on all required items within the applicable time frame and to engage constructively with the ANM throughout that process.

Helius has entered into an agreement dated March 3, 2025, as amended, with Colossus Minerals Inc. pursuant to which Helius has the option to acquire all of the shares of Colossus's Brazilian subsidiaries, including Colossus Mineracao Ltda. (which holds a 75-per-cent interest in SPCDM), and thereby a 75-per-cent beneficial interest in the Serra Pelada mining concession. The Serra Pelada project has been dormant since 2014, and there was a significant risk of annulment and loss of the Serra Pelada mining concession. The grant of the authorization has reduced the risk of annulment and loss of the Serra Pelada mining concession.

Following a series of legal and technical discussions between the company and the ANM, the ANM granted a one-year extension to SPCDM for the commencement of mining activities at the Serra Pelada mining concession in March, 2026, subject to the satisfaction of the conditions within the extendable period that was initially set to expire on May 2, 2026. SPCDM originally filed the request for the extension in 2012, and the company subsequently obtained a proxy from Colossus in February, 2026, to represent SPCDM and to pursue the extension request. The company understands that the ANM granted the authorization and extension on the basis of the company's detailed plans to responsibly develop the deposit, the fact that mining operations were never initiated on the concession and the absence of any risk associated with the project's existing dam structure. The company believes that such factors, along with the company's proposed detailed and structured plan and timeline to proceed with mining activities, provided sufficient assurance to the ANM that SPCDM was not abandoning the Serra Pelada mining concession.

The ANM has decided to grant SPCDM a further 60-day extension to the extendable period, during which SPCDM is required to continue the satisfaction of the conditions. Such 60-day extension begins on the publication of such decision at the Brazilian Official Gazette (the DOU), which publication is pending as of the date of this news release. The extendable period remains subject to further extensions under the Brazilian Mining Code. The conditions continue to include initiating a new environmental licensing process, submitting a resource/reserve reassessment report and an updated economic development plan, and presenting a revised mine closure plan. SPCDM must also regularize its corporate taxpayer registration and corporate standing, provide a geotagged photographic report of current site conditions and renew or substantiate prior mining easement requests.

Following the company's exercise of the option, the company plans to restart exploration work at Serra Pelada and to demonstrate tailings dam stability through registration of the tailings dam structure in the Sistema Integrado de Gestao de Barragens de Mineracao (SIGBM), submit a tailings dam safety plan, and deploy periodic safety and stability inspections.

Christian J. Grainger, president and chief executive officer of Helius, commented:

"We are extremely satisfied with the progress made in regards to the restoration of development activities at Serra Pelada, the result of our Brazilian legal counsel at Lima and Martins working with the Agencia Nacional de Mineracao and the Ministerio de Minas e Energia. This further emphasizes our strong belief that Brazil is truly a premier mining and mineral exploration jurisdiction and our clear focus at Helius. As we have been given the regulatory all clear to advance the Serra Pelada project, we look forward to exercising the Option and completing major milestones in the near future as we advance all aspects of exploration and development activities."

The company's exercise of the option remains subject to receipt of TSX Venture Exchange approval and the satisfaction of closing conditions under the agreement. The company continues to conduct due diligence on Colossus Brazil's direct and indirect liabilities and is using its best efforts to proceed to closing of the exercise of the option as soon as possible. The company will provide additional information concerning such liabilities in a subsequent news release.

About Helius Minerals Ltd.

Helius is a mineral exploration company focused on the identification and development of high-quality mineral assets across the Americas, with an emphasis on South American jurisdictions.

We seek Safe Harbor.