Mr. Charles Funk reports

HELIOSTAR ANNOUNCES $3 MILLION NON-BROKERED PRIVATE PLACEMENT

Heliostar Metals Ltd. has arranged a non-brokered private placement of up to 12 million units at a price of 25 cents per unit for gross proceeds of approximately $3-million.

Each unit will consist of one common share in the capital of the company and one common share purchase warrant. Each warrant shall initially entitle the holder to purchase one additional common share at an exercise price of 50 cents per common share until the date that is six months following the closing date. On the transition date, each outstanding warrant shall automatically (without any need for notice or action) convert into a half-warrant and thereafter the holder will only be entitled to purchase one common share upon the exercise of two half-warrants at an aggregate exercise price of 75 cents per common share. The half-warrants will expire 18 months after the transition date.

The company intends to use the net proceeds from the offering to advance the company's Alaskan and Mexican projects, as well as for working capital and general corporate purposes. The company anticipates commencing drilling at the Centennial prospect at Unga in late July, 2022.

The offering is scheduled to close on or about July 29, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange and the securities regulatory authorities.

About Heliostar Metals Ltd.

Heliostar is a junior exploration and development company with a portfolio of high-grade gold projects in Alaska and Mexico. The company's flagship asset is the 100-per-cent-controlled Unga gold project on Unga and Popof Islands in Alaska. The project hosts an intermediate sulphidation epithermal gold deposit, located within the district-scale property that encompasses 240 square kilometres across the two islands. Additional targets on the property include porphyry, high-sulphidation and intermediate sulphidation epithermal veins. On Unga Island, priority targets include: the SH-1 and Aquila, both on the Shumagin trend, the former Apollo-Sitka mine, which was Alaska's first underground gold mine, and the Zachary Bay porphyry gold-copper prospect. Gold mineralization at the Centennial zone is located on neighbouring Popof Island within four kilometres of infrastructure and services at Sand Point.

In Mexico, the company owns 100 per cent of three early-stage epithermal projects in Sonora that are highly prospective for gold and silver. Cumaro forms part of the El Picacho district, while the Oso Negro and La Lola projects are also prospective for epithermal gold-silver mineralization.

We seek Safe Harbor.