EPBC Approval Granted for Sorby Hills

Heliostar CEO, Charles Funk, commented, “Q2 2025 was one other sturdy quarter for Heliostar with the mines persevering with to carry out as anticipated, funding our manufacturing and useful resource development applications, and additional strengthening our monetary place. Our consolidated margin continues to develop in a powerful gold value atmosphere, with the Firm reporting an working margin of 51%. Trying ahead, the Firm is restarting mining at San Agustin in late 2025 and expects to develop its manufacturing profile in This autumn 2025 and into 2026. We proceed to ship on our dedication to develop the Firm to a mid-tier gold producer.

“The sturdy steadiness sheet and working money circulation enable Heliostar to speed up our development plans. At La Colorada, we’re drilling further historic stockpiles with the target of extending manufacturing by 2026 forward of the deliberate pit enlargement at Veta Madre. At San Agustin, the Firm has happy all allowing necessities to develop the Nook space, and preparations are ongoing to restart mine operations earlier than the tip of the 12 months. This restart is absolutely funded from money on the Firm’s steadiness sheet. Additional, the Firm has dedicated to an expanded $9.5 million program at Ana Paula in 2025, together with a minimal 15,000 metre drilling with the target of delivering mineral reserves to assist a 10-year lifetime of mine within the upcoming feasibility examine.

“Within the quarter, the Firm has been engaged on quite a few technical reviews to unlock further worth from our property. The marginally delayed, up to date La Colorada technical report shall be accomplished within the coming weeks. A pre-feasibility examine is deliberate for Cerro Del Gallo this 12 months, and the feasibility examine for Ana Paula is continuous to progress.”

Second Quarter 2025 Quarterly Convention Name

Heliostar will host a quarterly convention name on Thursday, September 4, 2025, at 11:00 AM, Jap Time/8:00 AM Pacific Time. The decision will present a company replace following the discharge of our monetary and working outcomes for the second quarter of 2025.

Please use the hyperlink right here to register for the decision or go to the Firm web site at www.heliostarmetals.com.

Q2 2025 Operational and Monetary Highlights

Complete gold manufacturing of seven,396 gold equal ounces (“GEO”) (7,262 gold ounces) in Q2 2025. Gold manufacturing was realized from mining the Junkyard Stockpile on the La Colorada mine, in addition to re-leaching the beforehand stacked ore on the La Colorada and the San Agustin mines. Consolidated manufacturing additionally benefited from a nominal contribution from residual manufacturing from the rinsing of residual leach pads on the El Castillo mine. Manufacturing year-to-date (“YTD”) 2025 is in line with the 2025 steering issued by the Firm on February 4, 2025, which stays unchanged.

Complete Money Price of $1,413 per GEO produced in Q2 2025. The mixed YTD money price (see “Non-IFRS Measures”) is $1,257 per GEO.

Complete AISC of $1,541 per GEO bought in Q2 2025. The consolidated YTD AISC (see “Non-IFRS Measures”) is $1,602 per GEO.

Each Complete Money Prices and AISC are forward of the 2025 steering vary; nevertheless, the Firm anticipates prices will improve within the latter half of the 12 months as residual leaching at San Agustin declines forward of stacking new ore from the Nook space, and notably attributable to one-off capital prices incurred to restart major mining from the Nook space.

Mine Working Earnings of $14.3 million in Q2 2025. The Firm continued to report sturdy ends in Q2 2025, with continued enhancements in working efficiency, in addition to benefiting from promoting right into a rising gold market. Mine working earnings YTD 2025 are $26.1 million.

Internet earnings attributable to shareholders of $1.9 million, or $0.01 per share, for Q2 2025. Internet earnings of $1.9 million ($0.01 per share) for Q2 2025 in comparison with a web loss attributable to shareholders of $2.3 million ($0.01 loss per share) for Q2 2024.

Strengthened monetary place and liquidity. On June 30, 2025, the Firm had money of $29.7 million and dealing capital (outlined as present property much less present liabilities) of $51.7 million, with a rise in working capital of $10.1 million over the prior quarter. As of June 30, 2025, the Firm had no debt.

Achieved steady manufacturing at La Colorada mine. The mining of recent ore restarted on the Junkyard Stockpile in January 2025. Manufacturing from the Junkyard Stockpile has elevated steadily throughout Q2 2025, with working prices as anticipated, grade according to the reserve mannequin and ore tonnes reconciling barely greater than anticipated. Manufacturing YTD 2025 was 7,850 GEOs (7,572 gold ounces). Ore feed from the Junkyard Stockpile is deliberate to proceed into 2026, with different historic stockpiles recognized to offer further materials to be crushed and stacked on the leach pad thereafter. Additional, topic to receiving sure regulatory approvals, the Firm intends to develop the Veta Madre pit to take advantage of 43k ounces of gold reserves.

Restart of mining at San Agustin. The Firm was capable of full the regulatory necessities to allow the approval to restart mining at San Agustin from the Nook space. Preparation work to start mining is underway, and the Firm anticipates manufacturing from the Nook beginning in This autumn 2025 and persevering with into 2027. Recoverable reserves on the Nook are estimated at 44.5k ounces of gold.

Persevering with to advance the event of the flagship Ana Paula Mission. In July 2025, the Firm commenced an expanded $9.5 million exploration and growth program, together with a minimal 15,000 metre drill program at Ana Paula Mission. This system has the target of upgrading present inferred mineral assets to reveal greater than a 10-year mine life within the upcoming feasibility examine. Technical and regulatory applications are being superior in parallel and can proceed by 2026 to finish a bankable feasibility examine.

Preparation of up to date technical reviews. The Firm is concluding an up to date technical report for La Colorada and is planning to finish a prefeasibility examine (“PFS”) for the Cerro del Gallo Mission in 2025 and continues to advance the Ana Paula Mission feasibility examine.

Operational and Monetary Outcomes

Outcomes are reported for the three months ended June 30, 2025 (“Q2 2025”), which corresponds to the primary quarter of Heliostar’s fiscal reporting 12 months 2026.

A abstract of the Firm’s consolidated operational and monetary outcomes for the reporting interval is offered under:

1. Non-IFRS measure. Consult with the “Non-IFRS Measures” part of this information launch.

Operational Assessment

Consolidated Manufacturing and Prices

Q2 2025 was the Firm’s third reporting interval with metals manufacturing. The Firm had no manufacturing in Q2 2024.

Gold manufacturing of seven,396 GEOs (7,262 gold ounces) for Q2 2025 was reported from the La Colorada mine and the San Agustin mine, with a nominal quantity reported from the El Castillo mine, which has commenced reclamation. The mixed YTD 2025 manufacturing of 16,477 GEOs of gold (16,039 gold ounces) is in line with the 2025 steering issued by the Firm.

The mixed money prices for the manufacturing operations have been $1,413 per GEO bought, and the consolidated AISC was $1,541 per GEO bought. The mixed money prices and AISC are at present forward of the 2025 steering issued by the Firm, and full-year outcomes are anticipated to be throughout the steering vary.

La Colorada Mine

Working outcomes for Q2 2025 have been as follows:

In January 2025, mining of recent ore restarted on the Junkyard Stockpile by the Firm, alongside re-leach actions began by the earlier operator.

In the course of the reporting interval, the La Colorada mine produced 3,538 GEOs (3,464 gold ounces). Complete revenues of $12.0 million have been reported from gross sales of three,747 GEOs. A collection of actions have been carried out at La Colorada to enhance re-leaching efficiency, with gold manufacturing from re-leaching exceeding plans. Manufacturing from the Junkyard Stockpile has elevated steadily throughout Q2 2025 and continues to satisfy all anticipated parameters.

For the reporting interval, money prices have been $1,296 per GEO ($1,101 per GEO YTD 2025), and AISC was $1,425 per GEO ($1,232 per GEO YTD 2025), at present an enchancment on 2025 steering.

The Firm plans to proceed mining of the Junkyard Stockpile by 2025 and into 2026, with different historic stockpiles recognized to offer further, continued feed to the crushers thereafter. Additional, topic to receiving sure regulatory approvals, the Firm intends to develop the Veta Madre pit to take advantage of 43k ounces of gold reserve, which shall be timed sequentially with the ore feeds from the historic stockpiles.

San Agustin Mine

Working outcomes for Q2 2025 have been as follows:

In September 2024, the earlier homeowners of San Agustin positioned the mine underneath care and upkeep, with metals manufacturing persevering with from the re-leaching of residual leach pads.

In the course of the reporting interval, the San Agustin mine produced 3,622 GEOs (3,564 gold ounces). Complete revenues of $14.9 million have been reported from gross sales of 4,660 GEOs. A collection of actions have been carried out at San Agustin to enhance re-leaching efficiency, with gold manufacturing from re-leaching exceeding 2025 steering.

For the reporting interval, money prices have been $1,529 per GEO ($1,407 per GEO YTD 2025), and the consolidated AISC was $1,597 per GEO ($1,485 per GEO YTD 2025), which is at present an enchancment on 2025 steering.

The Firm has accomplished regulatory necessities to allow the restart of mining at San Agustin from the Nook space (see Information Launch dated July 22, 2025). Work to start mining is underway, together with administrative applications and small ancillary capital tasks, and the Firm anticipates manufacturing from the Nook beginning in This autumn 2025 and persevering with into 2027. Recoverable reserves on the Nook are estimated at 44.5k ounces of gold.

El Castillo Mine

Working outcomes for Q2 2025 have been as follows:

In late 2022, the earlier homeowners of El Castillo positioned the mine underneath care and upkeep, and the mine is now thought of in reclamation. Some nominal metallic manufacturing has been doable from the rinsing of residual heap leach pad throughout reclamation actions.

In the course of the reporting interval, the El Castillo mine produced 236 GEOs (234 gold ounces). Complete revenues of $0.5 million have been reported from gross sales of 150 GEOs.

Reclamation expenditures on the El Castillo mine for the three months ended June 30, 2025, have been $nil; nevertheless, $1.1 million was incurred in oblique reclamation expenditures for upkeep of land, permits and basic bills required to keep up the location in good standing. Additional reclamation work will proceed to be carried out in 2025.

Ana Paula Mission

Growth and Exploration expenditures on the flagship Ana Paula Mission have been $0.8 million in Q2 2025 ($1.2 million in Q2 2024).

Throughout Q2 2025, the Firm initiated a $9.5 million exploration and growth price range, together with a minimal 15,000 metre drilling program at Ana Paula with the target of delivering mineral reserves to assist a 10-year lifetime of mine. On August 27, 2025, the Firm introduced preliminary outcomes from the primary useful resource conversion holes, together with 30.2 metres at 6.29 grams per tonne gold.

Throughout Q2 2025, the Firm accomplished trade-off research and decided a most popular course of flowsheet for the challenge. Technical and regulatory applications are being superior and can proceed by 2026 to finish a bankable feasibility examine.

Cerro del Gallo Mission

The method of advancing the extra growth and engineering required on the Cerro del Gallo Mission is ongoing.

Throughout Q2 2025, the Firm started a strategic overview of the Mission and initiated technical applications with the target of figuring out and evaluating the subsequent growth steps.

Throughout Q2 2025, the Firm commissioned the preparation of a prefeasibility examine for the Cerro del Gallo Mission. The examine is deliberate to be accomplished in 2025. All main environmental and different permits will should be obtained earlier than an funding determination may be thought of by the Firm.

Funding Overview

Within the three months ended June 30, 2025, 5,254,548 warrants and 422,082 inventory choices have been exercised for whole proceeds of $1.3 million and 906,249 RSUs have been transformed.

As of June 30, 2025, the Firm had no debt.

Non-IFRS Measures. This information launch refers to sure monetary measures, akin to all-in-sustaining prices, which aren’t measures acknowledged underneath IFRS and don’t have a standardized which means prescribed by IFRS. These measures could differ from these made by different corporations and, accordingly, might not be similar to such measures as reported by different corporations. These measures have been derived from the Firm’s monetary statements as a result of the Firm believes that they’re of help in understanding the outcomes of operations and its monetary place. Sure further disclosures for these specified monetary measures have been integrated by reference and may be discovered within the Firm’s MD&A for This autumn 2024, out there on SEDAR+.

Money prices. The Firm makes use of money prices per ounce of metals bought to observe its working efficiency internally. Essentially the most instantly comparable measure ready in accordance with IFRS is the price of gross sales. The Firm believes this measure supplies buyers and analysts with helpful details about its underlying money prices of operations. The Firm additionally believes it’s a related metric used to know its working profitability and talent to generate money circulation. Money prices are measures developed by metals corporations in an effort to offer a comparable normal; nevertheless, there may be no assurance that the Firm’s reporting of those non-IFRS monetary measures are just like these reported by different mining corporations. They’re extensively reported within the metals mining business as a benchmark for efficiency, however don’t have a standardized which means and are disclosed along with IFRS monetary measures. Money prices embrace manufacturing prices, refinery and transportation prices and extraordinary mining responsibility. Money prices exclude non-cash depreciation and depletion and web site share-based compensation.

AISC. All-in Sustaining Prices (“AISC”) extra absolutely defines the whole prices related to producing valuable metals. The AISC is calculated primarily based on pointers printed by the World Gold Council (“WGC”), which have been first issued in 2013. In gentle of recent accounting requirements and to assist additional consistency of software, the WGC printed an up to date Steerage Word in 2018. Different corporations could calculate this measure in another way due to variations in underlying ideas and insurance policies utilized. Variations may come up attributable to a distinct definition of sustaining versus development capital. Word that with respect to AISC metrics throughout the technical reviews, as a result of such economics are disclosed on the challenge degree, company basic and administrative bills weren’t included within the AISC calculations.

Assertion of Certified Individuals

Gregg Bush, P.Eng., Mike Gingles, and Stewart Harris, P. Geo., Certified Individuals, as such time period is outlined by Nationwide Instrument 43-101 — Requirements of Disclosure for Mineral Tasks, have reviewed the scientific and technical info that kinds the idea for this information launch and have accredited the disclosure herein. Mr. Bush is employed as Chief Working Officer of the Firm, Mr. Gingles is employed as Vice President of Company Growth, and Mr. Harris is employed as Exploration Supervisor.

About Heliostar Metals Ltd.

Heliostar goals to develop to turn into a mid-tier gold producer. The Firm is targeted on growing manufacturing and creating new assets on the La Colorada and San Agustin mines in Mexico, and on creating the 100% owned Ana Paula Mission in Guerrero, Mexico.

Neither TSX Enterprise Alternate nor its Regulation Providers Supplier (as that time period is outlined within the insurance policies of the TSX Enterprise Alternate) accepts duty for the adequacy or accuracy of this launch.

Cautionary Assertion Relating to Ahead-Trying Data
This information launch contains sure “Ahead-Trying Statements” throughout the which means of america Non-public Securities Litigation Reform Act of 1995 and “forward-looking info” underneath relevant Canadian securities legal guidelines. When used on this information launch, the phrases “anticipate”, “imagine”, “estimate”, “anticipate”, “goal”, “plan”, “forecast”, “could”, “would”, “may”, “schedule” and related phrases or expressions, establish forward-looking statements or info. These forward-looking statements or info relate to, amongst different issues: the Firm’s purpose of turning into a mid-tier producer, the mine efficiency, manufacturing plans and the free cashflow technology from our working mines, all earnings generated from operations to be reinvested instantly into our Corporations development and this reinvestment will give attention to increasing manufacturing and rising assets throughout our portfolio.

Ahead-looking statements and forward-looking info referring to the phrases and completion of the Facility, any future mineral manufacturing, liquidity, and future exploration plans are primarily based on administration’s affordable assumptions, estimates, expectations, analyses and opinions, that are primarily based on administration’s expertise and notion of developments, present circumstances and anticipated developments, and different elements that administration believes are related and affordable within the circumstances, however which can show to be incorrect. Assumptions have been made relating to, amongst different issues, the receipt of needed approvals, value of metals; no escalation within the severity of public well being crises or ongoing army conflicts; prices of exploration and growth; the estimated prices of growth of exploration tasks; and the Firm’s means to function in a protected and efficient method and its means to acquire financing on affordable phrases.

These statements replicate the Firm’s respective present views with respect to future occasions and are essentially primarily based upon quite a few different assumptions and estimates that, whereas thought of affordable by administration, are inherently topic to important enterprise, financial, aggressive, political and social uncertainties and contingencies. Many elements, each recognized and unknown, may trigger precise outcomes, efficiency, or achievements to be materially totally different from the outcomes, efficiency or achievements which might be or could also be expressed or implied by such forward-looking statements or forward-looking info and the Firm has made assumptions and estimates primarily based on or associated to many of those elements. Such elements embrace, with out limitation: valuable metals value volatility; dangers related to the conduct of the Firm’s mining actions in overseas jurisdictions; regulatory, consent or allowing delays; dangers referring to reliance on the Firm’s administration crew and out of doors contractors; dangers relating to exploration and mining actions; the Firm’s incapability to acquire insurance coverage to cowl all dangers, on a commercially affordable foundation or in any respect; forex fluctuations; dangers relating to the failure to generate adequate money circulation from operations; dangers referring to challenge financing and fairness issuances; dangers and unknowns inherent in all mining tasks, together with the inaccuracy of reserves and assets, metallurgical recoveries and capital and working prices of such tasks; contests over title to properties, notably title to undeveloped properties; legal guidelines and laws governing the atmosphere, well being and security; the flexibility of the communities by which the Firm operates to handle and address the implications of public well being crises; the financial and monetary implications of public well being crises, ongoing army conflicts and basic financial elements to the Firm; working or technical difficulties in reference to mining or growth actions; worker relations, labour unrest or unavailability; the Firm’s interactions with surrounding communities; the Firm’s means to efficiently combine acquired property; the speculative nature of exploration and growth, together with the dangers of diminishing portions or grades of reserves; inventory market volatility; conflicts of curiosity amongst sure administrators and officers; lack of liquidity for shareholders of the Firm; litigation threat; and the elements recognized underneath the caption “Threat Elements” within the Firm’s public disclosure paperwork. Readers are cautioned in opposition to attributing undue certainty to forward-looking statements or forward-looking info. Though the Firm has tried to establish essential elements that would trigger precise outcomes to vary materially, there could also be different elements that trigger outcomes to not be anticipated, estimated or meant. The Firm doesn’t intend, and doesn’t assume any obligation, to replace these forward-looking statements or forward-looking info to replicate modifications in assumptions or modifications in circumstances or some other occasions affecting such statements or info, apart from as required by relevant regulation.

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