Heliostar Presents Third Quarter 2025 Monetary Outcomes

Q3 2025 Quarter Highlights

• File Q3 2025 manufacturing of 9,165 Gold Equal Ounces (GEOs)
• Q3 2025 gross sales of seven,709 GEOs
• Q3 Working revenue of US$14.2M; Internet Earnings of US$1.3M after US$6.4M of Exploration prices
• Consolidated money prices of $1,500 per GEO bought and consolidated all-in sustaining prices (“AISC”) of $1,825 for Q3 2025
• US$34.6M in money, 1,688 unsold gold ounces, working capital of US$46.7M and no debt
• The Firm is on observe to attain its annual manufacturing steering of 31,000 to 41,000 GEOs, annual money value of $1,800-1,900 per GEO bought and AISC of $1,950-2,100 per GEO bought for 2025

Heliostar Metals Ltd. (TSXV: HSTR,OTC:HSTXF) (OTCQX: HSTXF) (FSE: RGG1) (“Heliostar” or the “Firm”) at present reported unaudited monetary outcomes for the three months ended September 30, 2025 (“Q3 2025”), which corresponds to the second quarter of Heliostar’s fiscal reporting yr 2025. Outcomes are introduced in US {dollars}, until said.

Heliostar CEO, Charles Funk, commented, “In Q3, Heliostar continued to generate sturdy money circulation from our working mines. We grew manufacturing and strengthened our capital place whereas considerably reinvesting throughout the portfolio. In Q3, this included important drill applications at Ana Paula and La Colorada, financial research for La Colorada and Ana Paula in addition to permissions and preparations to restart mining at San Agustin. Our sturdy money steadiness has allowed us to internally fund this restart. This offers us a transparent path to generate money circulation from operations which can fund the continued improvement of Ana Paula with little-to-no fairness dilution.”

“Our just lately launched PEA for Ana Paula reveals that the extra 101,000 ounces per yr of manufacturing at an all-in sustaining value of simply $1,011/ouncescan be a big money circulation generator for Heliostar, supporting development by way of the following decade. The money generated by being a producer within the present gold value setting affords us alternatives to speed up our plan to change into a mid-tier producer with 500,000 ounces per yr earlier than the tip of the last decade.”

Third Quarter 2025 Quarterly Convention Name

Heliostar will host a quarterly convention name on Monday, November 24, 2025, at 2:00 PM, Jap Time/11:00 AM Pacific Time. The decision will present a company replace following the discharge of our monetary and working outcomes for the third 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.

Q3 2025 Operational and Monetary Highlights

Complete gold manufacturing of 9,165 gold equal ounces (“GEO”) (8,949 gold ounces) in Q3 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. Manufacturing year-to-date January – September 2025 (“YTD”) stays on observe to attain the decrease half of the 2025 steering issued by the Firm on February 4, 2025, of 31,000-41,000 GEOs.

Complete Money Value of $1,500 per GEO produced in Q3 2025. The mixed YTD money value (see “Non-IFRS Measures”) is $1,405 per GEO.

Complete AISC of $1,825 per GEO bought in Q3 2025. The rise from Q2 displays a change in calculation methodology to incorporate company Normal and Administrative (“G&A”) and inventory based mostly compensation prices, expensed exploration incurred within the interval, and take away previously-included by-product credit. The upper AISC can also be a perform of fewer GEOs bought within the interval in comparison with Q2 2025. The consolidated YTD AISC (see “Non-IFRS Measures) is $1,799 per GEO bought.

Complete Money Prices and AISC are beneath the 2025 steering vary because of larger manufacturing relative to the finances. The Firm anticipates materially larger prices in This fall because of one-off sustainable capital funding incurred to restart mining from the Nook Space. These bills are anticipated to return to decrease charges in early 2026 at San Agustin.

Mine Working Earnings of $14.2 million in Q3 2025. The Firm continued to report sturdy leads to Q3 2025 with regular working unit prices and working margin benefiting from promoting right into a rising gold market. Mine working earnings YTD 2025 are $40 million.

Internet revenue attributable to shareholders of $1.3 million, or $0.01 per share, for Q3 2025. Internet revenue of $1.3 million ($0.01 per share) for Q3 2025 in comparison with a internet revenue attributable to shareholders of $1.9 million ($0.01 per share) for Q2 2025. This was because of the elevated exploration expense as drilling actions at Ana Paula ramped up and decrease GEO gross sales quantity within the quarter.

Strengthened monetary place and liquidity: On September 30, 2025, the Firm had money of $34.6 million and dealing capital (outlined as present property much less present liabilities) of $46.7 million. The money place decreased in comparison with Q2 because of the improve in exploration spending. As of September 30, 2025, the Firm had 1,688 unsold ounces (price approx. $6.9M at present spot gold costs) and no debt.

Maintained secure manufacturing at La Colorada mine. The mining of latest ore restarted on the Junkyard Stockpile in January 2025. Manufacturing from the Junkyard Stockpile was regular throughout Q3 2025, with working prices as anticipated, grade according to the reserve mannequin and ore tonnes reconciling barely larger than anticipated. Manufacturing YTD 2025 was 13,328 GEOs (12,883 gold ounces). Ore feed from the Junkyard Stockpile is deliberate to proceed into 2026, with different historic stockpiles recognized to supply further materials to be crushed and stacked on the leach pad thereafter. Additional, topic to receiving sure land entry approvals, the Firm intends to increase the Veta Madre pit to take advantage of its 43k ounces of gold reserves. As well as, drilling is ongoing at Veta Madre Plus with the intention of including this extra Indicated materials right into a near-term mine plan in brief order.

Restart of mining at San Agustin. Preparation work to start mining is underway at San Agustin from the Nook space following the receipt of all obligatory approvals to restart mining in Q3. The Firm anticipates stacking first ore in December with manufacturing from the Nook beginning close to yr finish and persevering with into 2027. Recoverable reserves on the Nook are estimated at 44.5k ounces of gold.

Robust economics and continued drilling success at Ana Paula drive further funding. On November 6, 2025, the Firm introduced the outcomes of a Preliminary Financial Examine (PEA) for Ana Paula. These confirmed engaging economics at a conservative gold value pushed by manufacturing of 101koz/yr after ramp up at a mean all-in sustaining value of $1,011/oz. On the again of this optimistic consequence, the Firm has introduced its intention to finish the underground decline entry to the deposit in 2026. Technical and regulatory applications are being superior in parallel and can proceed by way of 2026 to finish a bankable feasibility research in early 2027.

Preparation of up to date technical experiences. The Firm introduced the outcomes of an up to date technical report for the La Colorada Mine on October 17, 2025, and is concluding an up to date prefeasibility research (“PFS”) for the Cerro del Gallo Mission. The Firm plans to launch the outcomes of the Cerro del Gallo PFS in This fall 2025 and continues to advance the Ana Paula Mission feasibility research.

Operational and Monetary Outcomes

Outcomes are reported for the three months ended September 30, 2025, which corresponds to the second quarter of Heliostar’s fiscal reporting yr 2026.

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

 

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

Operational Assessment

Consolidated Manufacturing and Prices

Q3 2025 was the Firm’s fourth reporting interval with metals manufacturing. The Firm had no manufacturing in Q3 2024.

Manufacturing of 9,165 GEOs (8,949 gold ounces) for Q3 2025 was reported from the La Colorada mine and the San Agustin mine. In late Q2, the El Castillo mine ceased manufacturing and reclamation commenced in the beginning of Q3. The mixed YTD 2025 manufacturing of 25,642 GEOs (24,988 gold ounces) is in keeping with the 2025 steering issued by the Firm. Heliostar is on observe to attain the decrease half of the 2025 manufacturing steering of 31,000-41,000 GEOs with the a number of week delay in with the ability to restart San Agustin pushing manufacturing from that asset into 2026.

The mixed money prices for the manufacturing operations had been $1,500 per GEO bought, and the consolidated AISC was $1,825 per GEO bought. The mixed money prices and AISC are at present according to the 2025 steering issued by the Firm. Full-year outcomes are anticipated to be throughout the steering vary of $1,800-$1,950/GEO for Money Prices and $1,950-$2,100/GEO for AISC.

La Colorada Mine

Working outcomes for Q3 2025 had been as follows:

 

In January 2025, mining of latest ore restarted on the Junkyard Stockpile by the Firm, alongside re-leach actions of ore stacked by earlier operators.

Throughout the reporting interval, the La Colorada mine produced 5,479 GEOs (5,311 gold ounces). Complete revenues of $14.7 million had been reported from gross sales of 4,229 GEOs. The rise in manufacturing in comparison with Q2 was pushed by larger grades positioned on the leach pad and the primary full quarter of resolution circulation from the leach pad after restart of operations. Manufacturing from the leach pad has elevated steadily all year long and continues to fulfill all anticipated parameters.

For the reporting interval, money prices had been $1,592 per GEO ($1,354 per GEO YTD 2025). AISC was $1,648 per GEO ($1,439 per GEO YTD 2025), on observe to be on the decrease finish or beneath 2025 AISC steering of $1,850-$1,975/GEO.

The Firm plans to proceed mining of the Junkyard Stockpile by way of 2025 and into 2026, with different historic stockpiles recognized to supply further, continued feed to the crushers thereafter. Additional, topic to receiving sure land entry approvals, the Firm intends to increase the Veta Madre pit to take advantage of 43k ounces of gold reserve, which can be timed sequentially with the ore feeds from the historic stockpiles. Drilling is ongoing to outline the mineralization at Veta Madre Plus, with the intention of bringing it into the near-term mine plan in brief order.

Subsequent to the reporting interval, Heliostar launched the outcomes of an up to date technical report for La Colorada exhibiting and elevated useful resource and a decrease capital expenditure. This confirmed a mine with a six-year life producing 286k gold ounces at an AISC of $1,626 per GEO. This resulted in upside case economics of an NPV5% of $243.3M and an IRR of 168.4% at a $3,500/ouncesgold value. For extra particulars, see the press launch right here.

San Agustin Mine

Working outcomes for Q3 2025 had been as follows:

 

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

Throughout the reporting interval, the San Agustin mine produced 3,686 GEOs (3,638 gold ounces). Complete revenues of $12.1 million had been reported from gross sales of three,480 GEOs. Re-leaching efficiency continued effectively above expectations within the quarter because of enhanced restoration initiatives performed earlier within the yr. Gold manufacturing by way of the primary 9 months of the yr exceeded full-year 2025 steering for re-leaching from the mine.

For the reporting interval, money prices had been $1,389 per GEO ($1,437 per GEO YTD 2025). AISC was $1,587 per GEO ($1,546 per GEO YTD 2025), YTD on observe to attain full yr AISC steering of $1,700-$1,850/GEO.

Throughout the quarter, the Firm accomplished all 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 of the Nook Space in the reduction of was undertaken subsequently, together with transferring highway entry, an influence line and contractor choice. First ore is on observe to be stacked on the leach pad within the coming weeks. Preliminary gold manufacturing from this new materials is anticipated to begin close to yr finish 2025 and proceed into 2027. Recoverable reserves on the Nook are estimated at 44.5k ounces of gold.

Ana Paula Mission

Improvement and Exploration expenditures on the flagship Ana Paula Mission had been $3.9 million in Q3 2025 ($1.8 million in Q3 2024).

Throughout Q3 2025, the Firm progressed its ongoing 15,000 metre drilling program at Ana Paula with the target of delivering mineral reserves to help a 10-year lifetime of mine within the Feasibility Examine deliberate to be launched in 1H 2027. On October 6, 2025, the Firm introduced outcomes from the infill drill program (together with 88.1m metres at 8.82 g/t) and the addition of a 3rd rig. Subsequent to quarter finish on November 18, 2025, the Firm introduced further infill outcomes of 83.2m of 17.4 g/t and 70.7m of 9.38 g/t. The drill program continues to efficiently outline huge zones of excessive grade mineralization.

Subsequent to the reporting interval, Heliostar launched the outcomes of a Preliminary Financial Examine (PEA) for Ana Paula exhibiting sturdy economics at a conservative gold value. This confirmed a mine with a 9 yr life producing 101koz/yr after ramp up at an AISC of $1,011/oz. This resulted in upside case economics of an NPV5% of $1,012M, an IRR of 51.3% and common annual after-tax free money circulation of $168M at a $3,800/ouncesgold value. For extra particulars, see the press launch right here.

Cerro del Gallo Mission

Throughout Q3 2025, the Firm performed superior research work in the direction of releasing a prefeasibility research for the Cerro del Gallo venture based mostly on info collected by earlier homeowners. This work contains up to date sources and reserves based mostly on an up to date gold value in addition to higher definition of transition materials and an optimized mining and stacking plan. The outcomes of this research are deliberate to be launched within the coming weeks. All main environmental and different permits will should be obtained earlier than an funding choice may be thought of by the Firm.

Funding Overview

Within the three months ended September 30, 2025, 5,916,250 warrants and 766,250 inventory choices had been exercised for complete proceeds of $1.5 million and 1,299,579 RSUs had been transformed.

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

Change of Yr Finish

The Firm has modified its monetary year-end from March 31 of every yr to December 31 of every yr. The following monetary year-end of the Firm will happen on December 31, 2025, for the 9 months then ended.

Non-IFRS Measures. This information launch refers to sure monetary measures, corresponding to all-in-sustaining prices, which aren’t measures acknowledged below IFRS and do not need a standardized which means prescribed by IFRS. These measures might differ from these made by different firms and, accordingly, might not be corresponding to such measures as reported by different firms. 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 Q3 2025, obtainable on SEDAR+.

Money prices. The Firm makes use of money prices per gold equal ounce bought to watch its working efficiency internally. Probably the most instantly comparable measure ready in accordance with IFRS is value of gross sales. The Firm believes this measure offers traders 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 firms in an effort to supply a comparable customary; nonetheless, there may be no assurance that the Firm’s reporting of those non-GAAP monetary measures are just like these reported by different mining firms. They’re broadly reported within the metals mining trade as a benchmark for efficiency, however do not need a standardized which means and are disclosed along with IFRS measures. Money prices embody manufacturing prices, refinery and transportation prices and extraordinary mining obligation. Money prices exclude non-cash depreciation and depletion and web site share-based compensation. Manufacturing prices embody mining, crushing, processing, and direct overhead on the operation websites.

AISC. AISC extra totally defines the entire prices related to producing treasured metals. The AISC is calculated based mostly on pointers printed by the World Gold Council (WGC), which had been first issued in 2013. In mild of latest accounting requirements and to help additional consistency of software, the WGC printed an up to date Steerage Word in 2018. Different firms might calculate this measure in a different way due to variations in underlying rules and insurance policies utilized. Variations may come up because of a distinct definition of sustaining versus development capital. Word that in respect of AISC metrics throughout the technical experiences, as a result of such economics are disclosed on the venture stage, company normal and administrative bills weren’t included within the AISC calculations. AISC per GEO contains mining, processing, direct overhead, reclamation and sustaining capital.

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 Initiatives, have reviewed the scientific and technical info that varieties the idea for this information launch and have authorized the disclosure herein. Mr. Bush is employed as Chief Working Officer of the Firm, Mr. Gingles is employed as Vice President of Company Improvement, and Mr. Harris is employed as Exploration Supervisor.

About Heliostar Metals Ltd.

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

 

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

Cautionary Assertion Concerning Ahead-Wanting Data
This information launch contains sure “Ahead-Wanting Statements” throughout the which means of america Non-public Securities Litigation Reform Act of 1995 and “forward-looking info” below relevant Canadian securities legal guidelines. When used on this information launch, the phrases “anticipate”, “consider”, “estimate”, “count on”, “goal”, “plan”, “forecast”, “might”, “would”, “may”, “schedule” and comparable phrases or expressions, determine forward-looking statements or info. These forward-looking statements or info relate to, amongst different issues: the Firm’s objective of changing into a mid-tier producer, the mine efficiency, manufacturing plans and the free cashflow era from our working mines, all income generated from operations to be reinvested instantly into our Firms development and this reinvestment will give attention to increasing manufacturing and rising sources 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 based mostly on administration’s cheap assumptions, estimates, expectations, analyses and opinions, that are based mostly on administration’s expertise and notion of traits, present circumstances and anticipated developments, and different elements that administration believes are related and cheap within the circumstances, however which can show to be incorrect. Assumptions have been made relating to, amongst different issues, the receipt of obligatory approvals, value of metals; no escalation within the severity of public well being crises or ongoing navy conflicts; prices of exploration and improvement; the estimated prices of improvement of exploration initiatives; and the Firm’s capacity to function in a secure and efficient method and its capacity to acquire financing on cheap phrases.

These statements replicate the Firm’s respective present views with respect to future occasions and are essentially based mostly upon a lot of different assumptions and estimates that, whereas thought of cheap 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 based mostly on or associated to many of those elements. Such elements embody, with out limitation: treasured metals value volatility; dangers related to the conduct of the Firm’s mining actions in international jurisdictions; regulatory, consent or allowing delays; dangers referring to reliance on the Firm’s administration staff and outdoors contractors; dangers relating to exploration and mining actions; the Firm’s incapacity to acquire insurance coverage to cowl all dangers, on a commercially cheap foundation or in any respect; forex fluctuations; dangers relating to the failure to generate adequate money circulation from operations; dangers referring to venture financing and fairness issuances; dangers and unknowns inherent in all mining initiatives, together with the inaccuracy of reserves and sources, metallurgical recoveries and capital and working prices of such initiatives; contests over title to properties, significantly title to undeveloped properties; legal guidelines and laws governing the setting, well being and security; the power of the communities through 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 navy conflicts and normal financial elements to the Firm; working or technical difficulties in reference to mining or improvement actions; worker relations, labour unrest or unavailability; the Firm’s interactions with surrounding communities; the Firm’s capacity to efficiently combine acquired property; the speculative nature of exploration and improvement, 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 below the caption “Threat Components” 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 determine vital elements that would trigger precise outcomes to vary materially, there could also be different elements that trigger outcomes to not be anticipated, estimated or supposed. 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 another occasions affecting such statements or info, apart from as required by relevant legislation.

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