Heliostar Metals Files Mineral Resource Update Technical Report for the Ana Paula Project

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).

Statement of Qualified Person

The Updated Mineral Resource Estimate was completed by Lewis Teal and Rita Teal of Teal CPG Inc. Ms. Teal and Mr. Teal are each independent Qualified Persons as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Rita Teal and Lewis Teal, QPs with Teal CPG, Inc. have reviewed and approved the technical contents of this news release.

About Heliostar Metals Ltd.

Heliostar is a junior mining company with a portfolio of high-grade gold projects in Mexico and Alaska.

The Company is developing the 100% owned Ana Paula Project in Guerrero, Mexico. In addition, Heliostar in conjunction with the Mexican federal and local government, is working to permit the San Antonio Gold Project in Baja Sur, Mexico. The Company continues to explore the Unga Gold Project in Alaska, United States of America.

Ana Paula hosts measured and indicated resources of 710,920 ounces of gold (320,204 measured and 390,716 indicated ounces) at 6.60 g/t gold and an inferred resource of 447,512 ounces of gold at 4.24 g/t gold. The asset is permitted for open-pit mining and contains significant existing infrastructure including a portal and a 412-metre-long decline.

For additional information please contact:

Charles Funk

Chief Executive Officer
Heliostar Metals Limited
Email: charles.funk@heliostarmetals.com

Rob Grey

Investor Relations Manager
Heliostar Metals Limited
Email: rob.grey@heliostarmetals.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This press release contains statements which constitute "forward‐looking information" within the meaning of applicable securities laws. Forward‐looking information is often identified by the words "may," "would," "could," "should," "will," "intend," "plan," "anticipate," "believe," "estimate," "expect" or similar expressions. Readers are cautioned that forward‐looking information is not based on historical facts but instead reflects the Company's management's expectations, estimates or projections concerning the business of the Company's future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Forward-looking information in this press release includes statements regarding exploration and development plans and other future plans and objectives. Although the Company believes that the expectations reflected in such forward‐looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements. Among the key factors that could cause actual results to differ materially from those projected in the forward‐looking information are the following: changes in general economic, business and political conditions, including changes in the financial markets; decreases in the prevailing prices for products in the markets that the Company operates in; adverse changes in applicable laws or adverse changes in the application or enforcement of current laws; regulations and enforcement priorities of governmental authorities; compliance with government regulation and related costs; and other risks described in the Prospectus. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward‐looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward‐looking information except as otherwise required by applicable law.

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/194033

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HSTR:CC

Heliostar Announces First Results from 2024 Drilling Program at La Colorada Mine

HIGHLIGHTS:

5.0m grading 18.0 g/t gold
37.0m grading 1.24 g/t gold
11.8m grading 1.71 g/t gold
14.5m grading 1.69 g/t gold
10.1m grading 0.85 g/t gold
Five drill rigs operating at site completing a 12,500m drill program
Program designed to expand oxide mineral reserves at the El Creston pit
Results show shallow mineralization is open and can positively impact mining economics
Production decision at El Creston expected by mid-2025

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HIGHLIGHTS:

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Immediate objectives are to expand annual production and grow resources
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As part of the Transaction, Heliostar and FCGI entered into an agreement eliminating the outstanding US$20 million of contingent payments payable by Heliostar to FCGI pursuant to the agreement under which Heliostar previously acquired the Ana Paula project. Further, up to US$150 million in conditional option payments and the issuance of a 2% net smelter returns royalty on the San Antonio project have been eliminated.

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(All amounts expressed in Canadian dollars unless otherwise noted)

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HoleID	From (metres)	To (metres)	Interval (metres)	Au (g/t)	Topcut Au (to 67 g/t)	Comment
AP-24-315	104.5	230.35	125.85	4.02	-	North side of HGP
including	157.45	181.0	23.55	12.5	-
AP-24-316	112.5	116.8	4.3	2.27	-
and	129.2	136.85	7.65	6.74	-
and	168.3	229.8	61.5	5.04	-	Down-dip of HGP
including	197.3	223.5	26.2	10.4	7.31
and	246.8	362.15	115.35	2.69	-	Deeper Zone
including	274.0	277.7	3.7	12.2	-
and including	289.0	301.0	12.0	9.68	-
AP-24-317	141.0	228.8	87.8	16.0	9.37	North side of HGP
including	176.9	193.0	16.1	71.8	35.7
and	284.6	290.5	5.9	9.55	-	Down-dip of HGP

Hole ID	Northing (WGS84 Zone 14N)	Easting (WGS84 Zone 14N)	Elevation (metres)	Azimuth (°)	Inclination (°)	Length (metres)
AP-24-315	410,145	1,998,094	924.0	180	-60	329.0
AP-24-316	410,144	1,998,115	924.2	180	-60	398.0
AP-24-317	410,125	1,998,142	929.5	180	-55	409.8

Hole ID	From (metres)	To (metres)	Interval (metres)	Au (g/t)	Ag (g/t)	% True Width	Comment
24-LCDD-218	24.85	35.0	10.15	0.85	9.8	100	Intermediate Vein
24-LCDD-219	77.9	87.75	9.85	0.25	19.7	90	South Vein
24-LCDD-220	47.0	53.0	6.0	0.37	7.2	100	North Vein
24-LCDD-221	No significant intervals
24-LCDD-222	9.9	21.75	11.85	1.71	21.6	100	North Vein
including	15.55	16.8	1.25	13.1	20.5	100	North Vein
24-LCDD-223	74.4	76.4	2.0	0.55	38.8	100	South Vein
24-LCDD-224	0.0	22.15	22.15	0.40	8.8	85	Intermediate Vein
24-LCDD-225	22.2	23.15	0.95	4.43	0.5	100	North Vein
and	35.75	45.5	9.75	0.16	8.1	100	North Vein
and	93.0	101.35	8.35	0.22	53.9	95	Intermediate Vein
24-LCDD-226	18.05	35.9	17.85	0.34	69.0	90	South Vein
24-LCDD-227	1.1	14.8	13.7	0.25	37.5	90	South Vein
24-LCDD-228	27.15	39.1	11.95	0.18	35.7	90	South Vein
and	46.7	51.15	4.45	0.29	43.8	90	South Vein
24-LCDD-229	15.45	19.55	4.1	2.27	4.0	100	North Vein
and	82.2	89.15	6.95	0.38	3.4	85	Intermediate Vein
24-LCDD-230	73.8	79.9	6.1	0.79	3.3	90	South Vein
24-LCDD-231	0.0	13.0	13.0	2.22	5.1	90	Intermediate Vein
including	0.0	3.0	3.0	8.79	4.8	90	Intermediate Vein
and	36.5	41.5	5.0	18.5	20.3	90	Intermediate Vein
	36.5	41.5	5.0	6.62	20.3	90	Top-cut to 23 g/t gold
and	67.4	73.5	6.1	0.34	3.5	100	South Vein
and	96.2	133.15	36.95	1.24	5.4	85	South Vein
24-LCDD-232	65.0	82.5	17.5	0.39	4.9	95	North Vein
24-LCDD-233	168.3	171.55	3.25	0.26	123	90	North Vein
24-LCDD-234	79.5	89.3	9.8	0.36	4.8	95	North Vein
24-LCDD-235	82.55	86.1	3.55	0.25	8.9	95	North Vein
and	169.5	184.0	14.5	1.69	5.2	100	North Vein
including	174.35	175.6	1.25	16.6	13.6	100	North Vein
24-LCDD-236	43.0	53.4	10.4	0.26	25.7	90	South Vein
24-LCDD-237	45.9	58.25	12.35	0.20	26.4	100	South Vein
24-LCDD-238	Assays pending
24-LCDD-239	No significant intervals
24-LCDD-240	Assays pending
24-LCDD-241	81.25	86.0	4.75	0.49	158	100	South Vein

Hole ID	Northing (NAD27 CONUS Zone 12N)	Easting (NAD27 CONUS Zone 12N)	Elevation (metres)	Azimuth (°)	Inclination (°)	Length (metres)
24-LCDD-218	3185843	543104	442.1	180	-40	118.20
24-LCDD-219	3185579	542101	455.8	155	-47	156.45
24-LCDD-220	3185874	543079	445.9	180	-40	150.75
24-LCDD-221	3185629	542111	450.9	175	-50	175.50
24-LCDD-222	3185837	543080	440.9	180	-40	100.00
24-LCDD-223	3185603	542104	453.3	167	-48	147.20
24-LCDD-224	3185798	543080	437.8	180	-40	97.40
24-LCDD-225	3185881	543105	442.3	180	-40	136.45
24-LCDD-226	3185537	542126	441.3	160	-55	66.70
24-LCDD-227	3185581	542191	382.0	180	-55	77.30
24-LCDD-228	3185603	542195	380.4	191	-57	107.20
24-LCDD-229	3185871	543129	443.4	180	-45	128.70
24-LCDD-230	3185835	543128	441.0	180	-45	88.45
24-LCDD-231	3185732	542533	190.9	139	-45	142.70
24-LCDD-232	3185892	543053	444.3	180	-40	140.85
24-LCDD-233	3185887	542390	346.9	180	-49	175.25
24-LCDD-234	3185899	543025	441.6	180	-49	191.50
24-LCDD-235	3185974	542975	475.0	180	-42	267.40
24-LCDD-236	3185625	542212	378.8	180	-50	78.80
24-LCDD-237	3185563	542091	457.5	180	-45	78.70
24-LCDD-238	3186027	542850	479.7	180	-51	419.85
24-LCDD-239	3185594	542089	454.8	180	-45	89.35
24-LCDD-240	3185472	542671	405.9	355	-40	200.35
24-LCDD-241	3185607	542101	453.2	146	-40	122.40

Project	Category	Jul-Oct Actual	Nov-Dec Guidance	Total Jul-Dec Guidance
La Colorada Mine
	Gold Sold (Ounces)	3,800	900-1,000	4,700-4,800
	Silver sold (Ounces)	10,300	3,000-4,000	13,300-14,300
	GEO's sold (Ounces)	3,900	900-1,050	4,800-4950
	Cash Cost (US$ per Gold Ounce)	1,200	2,200-2,300	1,350-1,450
	AISC (US$ per Gold Ounce)	1,400	2,400-2,500	1,500-1,600
San Agustin Mine
	Gold Sold (Ounces)	11,300	3,350-3,650	14,650-14,950
	Silver sold (Ounces)	18,500	6,900-7,000	25,400-25,500
	GEO's sold (Ounces)	11,600	3,600-3,700	15,200-15,300
	Cash Cost (US$ per Gold Ounce)	1,650	1,200-1,300	1,500-1,600
	AISC (US$ per Gold Ounce)	1,800	1,400-1,500	1,650-1,750
Consolidated
	Gold Sold (Ounces)	15,100	4,250-4,650	19,350-19,750
	Silver sold (Ounces)	28,800	9,900-11,000	38,700-39,800
	GEO's sold (Ounces)	15,500	4,500-4,750	20,000-20,250
	Cash Cost (US$ per Gold Ounce)	1,550	1,400-1,500	1,500-1,600
	AISC (US$ per Gold Ounce)	1,700	1,500-1,600	1,650-1,750

Heliostar Metals Files Mineral Resource Update Technical Report for the Ana Paula Project

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Management Team

Ashok Parekh – Non-executive Chairman

Warren Hallam - Non-executive Director

Grant Haywood – Managing Director and Chief Executive Officer

Julian Tambyrajah – Chief Financial Officer & Company Secretary

Stephen Guy – Chief Geologist

Brendan Shalders - Chief Executive Officer (Poseidon)

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