Mr. Charles Funk reports

HELIOSTAR ANNOUNCES WARRANT INCENTIVE PROGRAM

Heliostar Metals Ltd. has implemented a warrant exercise incentive program designed to encourage the early exercise of up to 46,363,630 common share purchase warrants issued on March 16, 2023.

Pursuant to the incentive program, the company will offer holders of all 46,363,630 outstanding warrants the opportunity to exercise each of their outstanding warrants between 12 a.m. Pacific Standard Time (PST) on Nov. 17, 2023, and 12 p.m. PST on Dec. 8, 2023. In return for the early exercise, each holder will receive one common share in the capital of the company pursuant to the original warrant terms, plus as an incentive, one-third of one common share purchase warrant. Each incentive warrant will allow the holder to acquire one common share at an exercise price of 40 cents for a period of two years following the date of the issuance of the incentive warrant. A holder may elect to exercise all, none or a portion of their outstanding warrants.

Each warrant is currently exercisable to purchase one common share at 30 cents per common share until March 16, 2026. Any outstanding warrants remaining un-exercised after 12 p.m. PST on Dec. 8, 2023, will remain outstanding and continue to be exercisable pursuant to their existing terms.

Holders of outstanding warrants who elect to participate in the incentive program will be required to deliver the following to the company on or prior to 12 p.m. PST on Dec. 8, 2023:

• A duly completed and executed exercise form, in the form which accompanies the certificate representing the outstanding warrants;
• The original certificate representing the outstanding warrants being exercised;
• The applicable aggregate exercise price (30 cents per outstanding warrant) payable to the company by way of certified cheque, money order, bank draft or wire transfer in lawful money of Canada.

The proceeds from the early exercise of the outstanding warrants will be used to advance the company's Ana Paula project and for general working capital.

The common shares issued on exercise of the outstanding warrants will not be subject to any hold period. The incentive warrants and any common shares issued upon the exercise of the incentive warrants will be subject to a hold period expiring four months after the date of distribution of the incentive warrants.

The incentive program is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the final approval of the TSX Venture Exchange.

About Heliostar Metals Ltd.

Heliostar is a junior mining company with a portfolio of high-grade gold projects in Mexico and Alaska.

The company is focused on developing the 100-per-cent-owned Ana Paula project in Guerrero, Mexico. In addition, Heliostar is working with the Mexican federal and local government to permit the San Antonio gold project in Baja Sur, Mexico. The company continues to explore the Unga gold project in Alaska, United States.

We seek Safe Harbor.