Mr. Charles Funk reports

HELIOSTAR HITS 16M GRADING 16.7 G/T GOLD IN NEW ZONE WITH STEP-OUT DRILLING AT ANA PAULA

Heliostar Metals Ltd. has released the first results from the 2024 drill program at the Ana Paula project in Guerrero, Mexico. The company is drilling 2,600 metres (m) in phase 1 of the program and will follow up the best results with a second phase of 2,400 m.

Highlights:

• Hole AP-24-314 -- 16.0 m at 16.7 grams per tonne (g/t) gold in a newly discovered zone;
• Results suggest that new zones of gold can be found surrounding the high-grade panel;
• Hole AP-24-313 -- 6.05 m at 8.24 g/t gold;
• These results suggest the high-grade panel can be expanded by over 115 m downplunge.

Heliostar chief executive officer Charles Funk commented: "We took our most aggressive stepout shots with the first holes of the 2024 program at Ana Paula. The results show two critical points about Ana Paula. First, we believe the high-grade panel can be expanded by over 115 m downplunge. Second, that new zones of gold could be identified surrounding the main panel. Early on, we determined that the higher-grade gold mineralization at Ana Paula trends east-west. We changed the drilling orientation by 90 degrees from the standard historical orientation. Since then, we have found more high-grade gold. We believe Ana Paula will continue to grow as we continue to drill."

Drill results

The focus of the 2024 drill program at Ana Paula is on extending the high-grade and parallel panels to the west. It also tests the downdip extension of the high-grade panel while infilling the parallel panel target. Two holes will be drilled through potential mine stopes to collect metallurgical samples for the continuing feasibility study.

Hole AP-24-313 was the largest planned stepout of the program. It aimed to connect a deeper zone of higher-grade gold mineralization defined in the 2023 resource estimate with the high-grade panel. First results from this gap returned an interval of 6.05 m grading 8.24 g/t gold from 388.5 m downhole.

This hole tests a gap of 115 m between the upper and lower sections of the high-grade panel. If follow-up holes continue to successfully intercept gold mineralization, they could extend the high-grade panel to over 400 m upplunge and downplunge.

Hole AP-24-314 delivered a positive surprise, defining a new zone of gold mineralization -- 16 m grading 16.7 g/t gold from 182.0 m downhole. The intercept occurs between the high-grade panel and parallel panel, and will require additional drilling to define its full extent. The company believes that this could be one of several zones of mineralization at favourable fault/lithology intersections that occur surrounding the high-grade panel.

Drilling is continuing, with five holes completed to date for a total of 1,994.8 m. The company anticipates reporting assay results over the remainder of 2024.

Quality assurance/quality control

Core samples were shipped to ALS Ltd. in Zacatecas, Mexico, for sample preparation and for analysis at the ALS laboratory in North Vancouver. The Zacatecas and North Vancouver ALS facilities are ISO/IEC 17025 certified. Gold was assayed by 30-gram fire assay with atomic absorption spectroscopy finish and overlimits were analyzed by 50-gram fire assay with gravimetric finish.

Control samples comprising certified reference and blank samples were systematically inserted into the sample stream and analyzed as part of the company's quality assurance/quality control protocol.

Statement of qualified person

Stewart Harris, PGeo, a qualified person, as such term is defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects, has reviewed the scientific and technical information that forms the basis for this news release and has approved the disclosure herein. Mr. Harris is employed as exploration manager of the company.

About Heliostar Metals Ltd.

Heliostar aims to grow to become a mid-tier gold producer. The company is focused on developing the 100-per-cent-owned Ana Paula project in Guerrero, Mexico, and has recently entered into an agreement to acquire a portfolio of production and development assets in Mexico.

We seek Safe Harbor.