Mr. Charles Funk reports

HELIOSTAR BOARD CHANGES AT ANNUAL GENERAL & SPECIAL MEETING

Heliostar Metals Ltd.'s annual general and special meeting (AGM) is scheduled for Nov. 26, 2025. The company's chairman, Jacques Vaillancourt, and director Ken Booth will step down at the AGM, and James Perry is proposed to succeed Mr. Vaillancourt as chairman.

Heliostar's chairman, Jacques Vaillancourt, commented on his retirement from the board. "The company has changed immensely from my initial involvement and investment. It has grown and evolved from a portfolio of prospective exploration assets in Alaska and Nevada to now producing gold from two mines in Mexico, La Colorada and San Agustin. That alone would be a significant corporate achievement, but these producing mines are complemented by a very exciting development portfolio of 100-per-cent-owned projects, which include Ana Paula, Cerro del Gallo and San Antonio. All of this is evidence of the talent, competence, and the day-in and day-out diligence of the management team, led by Charles Funk. I leave a company operationally, financially and geologically stronger than ever and in very good hands."

Charles Funk, president and chief executive officer, stated: "I wish to thank Jacques and Ken for their leadership and guidance as we have built Heliostar over the last five years. The company has come a long way, and their contributions to this growth have been significant. As we continue to expand production towards our goal of 500,000 ounces of annual production by the end of this decade, we look forward to welcoming James Perry to the company's board as Heliostar's proposed new chairman."

Mr. Perry is proposed to succeed Mr. Vaillancourt as chairman and will be put forward for approval by the shareholders at the upcoming AGM. Mr. Perry is currently president of Sweetwater Royalties, a base metals, industrial minerals and renewable energy royalty company based in Denver, Colo. Sweetwater, one of the largest landowners in the United States, is a privately held company established in 2020 by Orion Resource Partners. Mr. Perry has extensive mining and resources experience across Latin America, having previously served as business development manager, as well as corporate counsel at Newcrest Mining, one of the world's largest gold mining companies, headquartered in Australia. Newcrest was acquired for $19-billion (U.S.) by Newmont Mining in 2023. Mr. Perry attended the London School of Economics, receiving an MSc in history and international relations, as well as earning a bachelor of laws from Bond University.

Heliostar annual general and special meeting voting instructions

Heliostar's annual general and special meeting will be held on Nov. 26, 2025, at 8 a.m. PT. The shareholders as of the record date of Oct. 10, 2025, will be entitled to vote and are encouraged to vote before the proxy voting deadline on Nov. 24, 2025, at 8 a.m. PT. Due to the Canada Post service disruption, paper documents may take longer to arrive; however, shareholders can still vote their shares with the following instructions.

How registered shareholders can vote: Registered shareholders are shareholders who hold their shares directly in the company, and not through a brokerage account or depository company. Registered shareholders can call Computershare Shareholder Services at 1-800-564-6253 (Canada/United States) or, for overseas holders, call the direct dial number 1-514-982-7555 (Monday to Friday, 8:30 a.m. to 8 p.m. ET) to request their voting control numbers.

How beneficial shareholders can vote: Beneficial shareholders are shareholders who hold their investment through a brokerage house, depository company or other intermediary. There are two types of beneficial owners: (i) those who object to their identity being made known to the issuers of securities which they own (objecting beneficial owners or OBOs), and (ii) those who do not object to their identity being made known to the issuers of securities which they own (non-objecting beneficial owners or NOBOs). The company is sending meeting materials directly to NOBOs. NOBOs may submit their votes by completing the voting instruction form (VIF) available on the company's website and sending the completed VIF to Computershare by e-mail at service@computershare.com. NOBOs can also contact Computershare at 1-800-564-6253 to request their voting control numbers and instructions.

OBOs should contact their brokerage house or other intermediary and ask to obtain their voting control number and instructions to be able to vote on the Broadridge voting site.

About Heliostar Metals Ltd.

Heliostar is a gold mining company with production from operating mines in Mexico. This includes the La Colorada mine in Sonora and the San Agustin mine in Durango. The company also has a strong portfolio of development and exploration stage projects in Mexico and the United States. These include the Ana Paula project in Guerrero, the Cerro del Gallo project in Guanajuato, the San Antonio project in Baja Sur, all in Mexico and the Unga project in Alaska, United States.

We seek Safe Harbor.