Heliostar Metals Ltd. reported an updated mineral resource estimate ("Updated Mineral Resource Estimate") for its Ana Paula Project (the "Project" or "Ana Paula") located in Guerrero, Mexico. The Updated Mineral Resource Estimate was completed by Rita Teal, Qualified Person with Teal CPG Inc. The high-grade portion of the Ana Paula deposit has grown significantly from 860,519 measured and indicated ounces of gold grading 4.86 grams per tonne ("g/t") and 5,564 inferred ounces of gold grading 3.72 g/t to 710,920 measured and indicated ounces of gold grade grading 6.60 g/t and an additional 447,512 ounces inferred ounces of gold grading 4.24 g/t. Today's updated resource estimate is a major milestone on this rapid path of growth and de-risking toward production. In acquiring the project, the Company saw three key levers to improve the deposit; increases in both resource size and grade, enhanced gold recoveries and higher upfront mining grades.

Today's resource estimate, coupled with the Company's recent metallurgical results have firmly delivered on each lever. These additional resources have been delivered at a cost of just USD 16 per gold ounce. The classification of the Updated Mineral Resource Estimate into measured, indicated and inferred mineral resources is consistent with current 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves.

A technical report is being prepared on the Updated Mineral Resource Estimate in accordance with National Instrument 43-101 ("NI-43-101") and will be available on the Company's website and SEDAR+ within 45 days of the date of this release. The database comprises a total of 419 drill holes totaling 170,674 metres of drilling for 111,352 samples completed between 2005 and 2023 by Goldcorp Inc., Newstrike Capital Inc., Timmins Gold Corp., Alio Gold Inc., and Heliostar. This estimate includes 2023 drilling completed by Heliostar.

Heliostar completed 18 holes totaling 3,218.8 metres for 2,794 samples which were included in this model. The Updated Mineral Resource Est Estimate relies on the updated geologic model completed in Leapfrog Geo modeling software for domaining. A grade shell study was completed to evaluate the percentage of dilution and exclusion of gold grades at differing probabilities.

The resource model was completed in Leapfrog Edge software, based on 5x5x5 metre blocks with minimum sub-block size of 1x1x1 metre. In the new resource, the gold grade has materially increased in every category. The broader spaced holes outboard and beneath the High Grade Panel have largely been reclassified to inferred status in the updated resource due to the tighter drill spacing required for an underground mining focused resource estimate.

The tighter spaced drilling completed by HeliostAR in 2023 was the principal driver of higher average gold grades in the Updated Mineral Resource Estimate. This equates to an estimated discovery cost of USD 16 per ounce for new high grade gold resources (above 2.5.5 g/t) (above 2.5 g/t) and an additional 447, 512 ounces inferred ounces of gold grade grading 4.24 g/T. The updated resource estimate is a major milestones on this rapid path of growth, and de-risking toward production. In acquiring the project, The Company saw three key levers to improving the deposit; increases in both Resource size and grade, enhanced gold recovery and higher upfront mining grades.

The resource estimate, coupled with the company's recent metallurgical results has firmly delivered on each lever. these additional resources have been delivered at an cost of just USD 16 pergold ounce.