Mr. Charles Funk reports

HELIOSTAR WELCOMES JAMES PERRY AS NEW CHAIRMAN

James Perry has succeeded the retiring Jacques Vaillancourt as chairman at Heliostar Metals Ltd.'s annual general and special meeting held on Nov. 26, 2025.

Heliostar's new chairman Mr. Perry, commented: "I am excited to join Heliostar at this important inflection point. The company has built a strong foundation through disciplined operations and strategic acquisitions, and I look forward to working closely with the experienced board and management team as we advance the next phase of growth. Heliostar has the ingredients to become a leading gold producer in the Americas. I will draw on my experience to help steer the company's disciplined growth, reinforce strong governance practices, and create lasting value for our shareholders and host communities."

Charles Funk, president and chief executive officer, stated: "I once again thank our retiring chair for his long service to Heliostar. I strongly welcome James as our new chairman at a time of considerable growth. Having worked with James previously at Newcrest Mining, I know his ambition for our company, his growth mindset and the high regard in which he is held across the industry. We are delighted to attract someone of his calibre as we continue advancing toward our goal of becoming a 500,000-ounce-per-year producer by the end of this decade."

Mr. Perry is currently president of Sweetwater Royalties, one of the largest landowners in the United States, majority owned by Orion Resource Partners following its acquisition of Sweetwater's extensive land and mineral portfolio from Occidental Petroleum in 2020 for approximately $1.3-billion (U.S.). Sweetwater's vast mineral position extends across more than 4.5 million mineral acres in Wyoming, Utah, Colorado and Michigan, providing an expansive royalty platform spanning industrial minerals, base metals and renewable energy opportunities.

Mr. Perry has over 17 years of global mining and resources experience across Asia, Africa and the Americas, spanning business development, corporate strategy and governance, legal and permitting, ESG (environmental, social and governance), and operations. He spent a decade at Newcrest Mining -- one of the world's largest gold mining companies headquartered in Australia -- serving as business development manager and corporate counsel. Newcrest was acquired for approximately $19-billion (U.S.) by Newmont Mining in 2023. Mr. Perry has extensive international experience managing large and complex transactions, including leading Newcrest's entry into Ecuador and its investment in Lundin Gold's world-class Fruta del Norte gold district. He possesses broad expertise in project evaluation and negotiation across diverse sectors and jurisdictions. He is a lawyer and holds an MSc in history and international relations from the London School of Economics.

Incentive plan issuance

Heliostar further announces that, pursuant to the company's omnibus equity incentive compensation plan, it has granted 250,000 stock options at an exercise price of $2.63 and 200,000 restricted share units to directors, officers and consultants of the company. The options are exercisable for a period of five years and will vest over the next three years. The RSUs will vest in three equal annual instalments commencing on the first anniversary of the grant date.

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 and the San Antonio project in Baja Sur, all in Mexico, and the Unga project in Alaska, United States.

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