Mr. Charles Funk reports

HELIOSTAR TO ACQUIRE GOLDSTRIKE GOLD PROJECT IN UTAH

Heliostar Metals Ltd. has entered into a binding agreement with Liberty Gold Corp. to acquire a 100-per-cent interest in the Goldstrike project, located in Utah.

The Goldstrike project is located in the Bull Valley Mountains in Washington county, approximately 50 kilometres northwest of St. George in southwestern Utah. The property is made up of a central block of patented claims that are surrounded by a contiguous block of unpatented claims and land leased from the Utah School and Institutional Trust Lands Administration. The property area totals 5,173 hectares (ha).

The company will provide additional details on the Goldstrike project when technical disclosure allows.

Transaction details

Heliostar, through its whole owned subsidiary, Helio Five Resources Ltd., has entered into an agreement dated March 20, 2026, to purchase Specialty American Metals Inc., a wholly owned British Columbia subsidiary of Liberty, which is the sole owner of Pilot Goldstrike Inc., a Nevada company that holds the Goldstrike project.

Consideration to Liberty consists of $72.5-million (U.S.), which comprises:

• $10-million (U.S.) in cash plus 1,593,213 Heliostar shares paid and issued on the closing date;
• $10-million (U.S.) in cash on the 12-month anniversary of the closing date;
• $10-million (U.S.) in cash on the 18-month anniversary of the closing date;
• $15-million (U.S.) in cash on the on the earlier of the achievement of certain infrastructure-related milestones or five years from the closing date;
• $25-million (U.S.) in cash on the earliest of completion of a feasibility study, a formal construction decision or the five-year anniversary of the closing date.

The transaction is subject to the receipt of applicable regulatory and exchange approvals (including approval of the TSX Venture Exchange) and the satisfaction of certain other closing conditions customary for a transaction of this nature. Subject to the satisfaction of such conditions, the transaction is expected to close within 30 days. All Heliostar shares issued in connection with the acquisition will be subject to a four-month-and-one-day hold period from the closing date in accordance with applicable securities laws.

About Heliostar Metals Ltd.

Heliostar is a growing gold mining company with production from operating mines in Mexico, with the objective of being a mid-tier producer with 500,000 ounces of annual gold production by the end of the decade. The company's operating mines are La Colorada in Sonora and San Agustin in Durango. Heliostar also has a strong portfolio of development projects in Mexico and the United States, including its flagship Ana Paula project in Guerrero, the Cerro del Gallo project in Guanajuato, the San Antonio project in Baja Sur and the Unga project in Alaska.

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