Mr. Charles Funk reports

HELIOSTAR METALS ADDS EXPERIENCED MINE BUILDER AS COO

Heliostar Metals Ltd. has appointed Gregg Bush as chief operating officer for the company.

Mr. Bush is a proven mine builder with a strong record of mine development, project integration and operations. Previously, Mr. Bush was the COO of Capstone Mining Corp. for eight years. There, his responsibilities included all aspects of operations, development projects and new acquisition integrations for the company. More recently, Mr. Bush served as the senior vice-president of Mexico for Equinox Gold Corp. He was responsible for the Los Filos mine located 30 kilometres south of Ana Paula in Guerrero state. Prior to these roles, Mr. Bush led the development and commissioning of the Dolores mine in Chihuahua, Mexico, as COO of Minefinders Corp. He spent 17 years in increasingly senior roles with Placer Dome/Barrick. Mr. Bush graduated from the University of Texas, El Paso, United States, with a BSc in metallurgical engineering.

Commenting on this appointment, Heliostar Metals chief executive officer, Charles Funk, said: "Attracting a mine builder with the wealth and depth of experience as Gregg is a significant step forward for Heliostar. The company has a clear vision to grow into a mid-tier gold producer with Ana Paula as our first operating mine. Gregg will steer the technical studies, economic analysis and, ultimately, the construction of what we believe will be the next major gold mine in Mexico. Gregg has completed the steps ahead of the company multiple times before in Mexico, has experience in the local area where we operate, and brings a track record of safety, environmental, and production improvements in his previous roles. I'm excited to push ahead into 2024 as we continue to grow and derisk one of the widest, highest-grade gold deposits in the world."

Mr. Bush said of his new position: "I am looking forward to joining the Heliostar team and helping to deliver the Ana Paula project to production. I am excited to help the team advance our portfolio of projects in Mexico and the U.S."

COO option and restricted share unit grant

Pursuant to the company's omnibus equity incentive compensation plan, it has granted 1.5 million stock options at an exercise price of 32.5 cents and 500,000 restricted share units to an employee of the company.

The options are exercisable for a period of five years at a price of 32.5 cents per share and will vest one-third immediately; one-third after 12 months from the date of grant; and one-third after 24 months from the date of grant. The options are subject to the policies of the TSX Venture Exchange. The RSUs will vest in three equal annual instalments commencing on the first anniversary of the grant date.

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

Ana Paula hosts measured and indicated resources of 710,920 ounces of gold (320,204 measured and 390,716 indicated ounces) at 6.60 grams per ton gold and an inferred resource of 447,512 ounces of gold at 4.24 g/t gold. The asset is permitted for open-pit mining and contains significant existing infrastructure including a portal and a 412-metre-long decline.

We seek Safe Harbor.