Heliostar Announces Minor Update to Closing of Warrant Incentive Program

Highlights:

• Heliostar undertakes review of financing options to complete the existing decline and test mining of a bulk gold sample in advance of a Feasibility Study
• Multiple scenarios show the potential to recover >20,000 ounces of gold from stopes averaging 7-10 g/t gold
• Demonstrates a potential pathway to production from test mining within 12 months
• The Company is assesing non-equity funding options for this program
• Heliostar has initiated a Preliminary Economic Assessment(" PEA") planned for completion in H2, 2024
• Continued resource growth drilling, PEA, and underground permit modifcation submission to be completed in 2024

Heliostar Metals Ltd. (TSXV: HSTR) (OTCQX: HSTXF) (FSE: RGG1) ("Heliostar" or the "Company") is pleased to provide an update on the potential to advance the underground decline and complete test mining to process a bulk sample from the Ana Paula deposit in Guerrero, Mexico.

Heliostar Metals Ltd. (TSXV: HSTR) (OTCQX: HSTXF) (FSE: RGG1) ("Heliostar" or the "Company") is pleased to announce it filed its updated mineral resource estimate (the "Updated Mineral Resource Estimate") for the Ana Paula Project (the "Ana Paula Project") located in Guerrero, Mexico. The Updated Mineral Resource Estimate was completed by Rita Teal and Lewis Teal, Qualified Persons with Teal CPG Inc.

The technical report titled "Ana Paula Project NI 43-101 Technical Report Mineral Resource Estimate Update" (the "Report") is dated January 11, 2024, has an effective date of November 27, 2023 and supports the disclosure made by Heliostar in its November 27, 2023 press release titled "Heliostar Metals Announces Updated Mineral Resource Estimate for the Ana Paula Project, Mexico". There are no material differences in the Report from the results disclosed in Company's November 27, 2023 press release. The Report can be found under the Company's profile on SEDAR+ (www.sedarplus.ca) and on Heliostar's website (www.heliostarmetals.com).

Heliostar Metals Limited (TSXV: HSTR) (OTCQX: HSTXF) (FSE: RGG1) ("Heliostar" or the "Company") The Board of Directors is pleased to announce the following changes and additions to its Board. We believe that these changes will provide strengthened governance while also adding depth and skills, providing clarity of responsibility and purpose for the company's next stage of growth. The board has approved the following Board and Management changes.

Heliostar Chairman, Jacques Vaillancourt commented, "The past 12 -months were transformational for the Company with the addition of Ana Paula and San Antonio projects in Mexico to the Unga project in Alaska. The management team made great strides in advancing the Company the past year. The next 12-18 months will lead Heliostar inexorably from being an exploration company, to a development company with an exciting portfolio of exploration projects. This growth requires additional governance, depth, skills, judgement, discipline and clarity of purpose which we believe these changes will help ensure."

Heliostar Metals Ltd. (TSXV: HSTR) (OTCQX: HSTXF) (FSE: RGG1) ("Heliostar" or the "Company") is pleased to announce the successful completion of the Company's warrant exercise incentive program, as previously announced on November 14, 2023 (the "Incentive Program"). A total of 17,581,544 common shares in the capital of the Company (each a "Common Share") were issued upon the exercise of 17,581,544 previously outstanding share purchase warrants (the "Outstanding Warrants"), providing aggregate gross proceeds of $5,274,463.20 to the Company.

For every Outstanding Warrant exercised, the holders of such Outstanding Warrant received the one Common Share to which they were otherwise entitled under the terms of the Outstanding Warrants and one-third of one common share purchase warrant (the "Incentive Warrant"). Each whole Incentive Warrant will allow the holder to acquire one Common Share at an exercise price of $0.40 for a period of two years following the date of the issuance of the Incentive Warrant. A total of 5,860,504 Incentive Warrants were issued pursuant to the Incentive Program.

Heliostar Metals Ltd. (TSXV: HSTR) (OTCQX: HSTXF) (FSE: RGG1) ("Heliostar" or the "Company") is pleased to announce the appointment of Mr. Gregg Bush as Chief Operating Officer for the Company.

Mr Bush is a proven mine builder with a strong track record of mine development, project integration and operations. Previously, Mr. Bush was the COO of Capstone Mining Corporation for eight years. There, his responsibilities included all aspects of operations, development projects, and new acquisition integrations for the company. More recently, Mr. Bush served as the Senior Vice President of Mexico for Equinox Gold Corp. He was responsible for the Los Filos mine located 30km south of Ana Paula in Guerrero state. Prior to these roles, Mr. Bush led the development and commissioning of the Dolores mine in Chihuahua, Mexico as COO of Minefinders Corporation. He spent seventeen years in increasingly senior roles with Placer Dome/Barrick. Mr. Bush graduated from the University of Texas, El Paso with a B.Sc. in Metallurgical Engineering.