Slide 1: Speed. Grade. Growth. Q3 2025 Quarterly Update
SPEED. GRADE. GROWTH. Q 3 2 0 2 5 Q U A R T E R LY U P D AT E N O V E M B E R 2 0 2 5 OTCQX: HSTXF TSX.V: HSTR
Slide 2: Cautionary Statement
Cautionary Statement This presentation contains certain statements that may be deemed “forward-looking statements”. All statements in this presentation, other than statements of historical fact, that address future operations, resource potential, exploration drilling, exploitation activities and eve
Slide 3: Ambition: Becoming a Mid Tier Gold Producer
Ambition BECOMING A MID TIER GOLD PRODUCER “Heliostar aims to be a premier precious metals growth company; producing more than 500,000 ounce of gold per year by 2030. Building mines in the 100-250kozpa production space has been abdicated by the major mining companies. Gold deposits regularly grow la
Slide 4: Consolidated Operating Results
Consolidated Operating Results Q3 2025 9,165 7,709 US$35M US$0 Cash plus GEOs Produced GEOs Sold Net Debt 1,688 gold ounces US$1,500 US$1,825 US$3,486 91% per GEO Sold per GEO Sold US$1,661 per ounce Cash Cost AISC Avg. Sale Price Per Ounce Profit Margin GEO: Gold Equivalent Ounce AISC: All In Susta
Slide 5: 2025 Q3 Operating Results
2025 Q3 Operating Results • Heliostar sold 7,709 Gold Equivalent Ounces (GEO) at a cash cost of $1,500 per GEO and an AISC of $1,825 per GEO in Q3 2025 • Mine operating earnings of $14.2M in Q3 2025 • US$35M in cash, $44.1 million in working capital and no debt as of September 30 2025 • Restart of m
Slide 6: La Colorada Mine
Results - Three months ended September 30 La Colorada Mine • Production: • GEOs – 5,479 ounces • Gold – 5,311 ounces Guidance YTD 13,328 GEOs 17,500-23,800 GEOs Highlights • Safety – One Loss of Time incident • Junkyard stockpile – Continued crushing and stacking free digging ~0.2 g/t material throu
Slide 7: La Colorada Technical Report Highlights
La Colorada Technical Report Highlights 6 YEAR MINE LIFE 286,000oz 46.1Koz $1,626/GEO $106M GOLD PRODUCED ANNUAL PRODUCTION LOM AVERAGE AISC BASE CASE FREE CASH FLOW BASE CASE - $2,300/oz UPSIDE CASE - $3,500/oz $66M 24.4% $243M 168.4% AFTER TAX NPV5% IRR AFTER TAX NPV5% IRR Substantial near mine re
Slide 8: La Colorada – Veta Madre Plus
La Colorada – Veta Madre Plus • Derisking – Confirmation drilling ongoing • Extended mine life potential – Potential to further extend production vs October technical report • Additional cash flow opportunity – Could enhance near term cash flow profile, expanding treasury to support Ana Paula constr
Slide 9: San Agustin Mine
Results - Three months ended September 30 San Agustin Mine • Production: • GEOs – 3,686 ounces • Gold – 3,638 ounces YTD 11,815 GEOs Restart Guidance Guidance 8,500-11,000 GEOs 5,000-6,200 GEOs Highlights Corner Area • Safety – No reportable incidents • Re-leaching – Stronger than budgeted results f
Slide 10: San Agustin – Restart Progress
San Agustin – Restart Progress TSX.V: HSTR OTCQX: HSTXF 10
Slide 11: San Agustin Oxide Growth and Sulphide Exploration
San Agustin Oxide Growth and Sulphide Exploration • Restart provides confidence for Heliostar to invest in long term future of San Agustin • Drilling will commence shortly on oxide expansion targets • Targets to expand Corner include: • 18m @ 3.52 g/t gold • 15.24m @ 0.34 g/t gold • Sulphide explora
Slide 12: Ana Paula PEA Highlights
Ana Paula PEA Highlights 9 YEAR MINE LIFE 874,700 OZ 101KOZ $1,011/OZ $93.8M ANNUAL PRODUCTION AFTER AVERAGE ANNUAL AFTER-TAX GOLD PRODUCED LOM AVERAGE AISC RAMP UP FREE CASH FLOW BASE CASE - $2,400/oz UPSIDE CASE - $3,800/oz $426M 28.1% $1,012M 51.4% AFTER TAX NPV5% IRR AFTER TAX NPV5% IRR Plan to
Slide 13: Ana Paula Resource
Ana Paula Resource Classification Cutoff Gold Grade (g/t) Tonnes (Mt) Average Gold Grade (g/t) Contained Gold (Ounces) Measured 2.1 1.30 7.60 317,000 Indicated 2.1 2.97 4.44 424,000 Total Measured 2.1 4.27 5.40 742,000 & Indicated Inferred 2.1 4.04 3.96 514,000 Ana Paula Project NI 43-101 Preliminar
Slide 14: Exploration Potential
Exploration Potential PLANNING TO EXTEND DECLINE INTO DEPOSIT IN 2026 • Northern Targets emerging as open zones of mineralization to be tested with ongoing 20,00m drill program • Satellite mineralization to the High Grade Panel presents near- mine resource growth opportunities • Decline completion w
Slide 15: Path to 2028 Production
Path to 2028 Production 2026 2027 2028 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Infill Drilling Step Out Drilling Permit Submission Metallurgical Testing Advance Decline Financing Discussions Feasibility Study Construction Production TSX.V: HSTR OTCQX: HSTXF 15
Slide 16: Heliostar News Flow
Heliostar News Flow Ana Paula AnaInfill Paula Ana Paula Step Out Ana Paula Infill Regional La Colorada Creston Underground Ana Paula Extension Drill 2026 2027 Results 2025 2026 Ana Paula La Colorada San Agustin San Agustin La Colorada Infill Veta Madre Plus Oxides Sulphides Regional La Colorada
Slide 17: Thank You
Thank You HELIOSTARMETALS.COM INFO@HELIOSTARMETALS.COM TSX.V: HSTR OTCQX: HSTXF 17
Slide 18: Appendix
Appendix TSX.V: HSTR OTCQX: HSTXF 18
Slide 19: Why You Should be Buying Gold Producers
Why You Should be Buying Gold Producers Spot Gold $3,500 Price La Colorada has never LA COLORADA COST AND SALEPRICE sold gold for more per $3,000 ounce in profit than 2025 $2,500 $1,780 This is representative of Gold Price MARGIN the industry with per EXPANSION ounce profit at its highest $2,000 $73
Slide 20: Our Portfolio – A Strong 100% Owned Pipeline
Our Portfolio – A Strong 100% Owned Pipeline La Colorada San Agustin Ana Paula Cerro del Gallo San Antonio Mine Mine Project Project Project Strong Turnaround in Restarting Mining in High Quality Second Development Very Strong 2025 2025 Development Project Project Economics • Restarted mining in • R
Slide 21: Production Potential
M&A Production Potential 300koz Larger Veta Higher Grades Madre Pit at La at Ana Paula 300koz Colorada Cerro del Gallo at 80-100kozpa – Targeted Production Extend Mine Life Growth1 at San Agustin 170koz 170koz 200koz Ana Paula Higher Grade at at 100kozpa La Colorada Ana Paula at – Targeted Ana Paula
Slide 22: Capitalization
ANALYST COVERAGE Capitalization Richard Gray C$527M 251M 29M 20M 301M Jonathan Guy Market Cap Shares Outstanding Warrants Options & RSUs Fully Diluted Shares Nov 20, 2025 C$2.10 US$35M US$0M US$9M Mike Niehuser Share Price Cash Debt In Money Warrants Nov 20, 2025 September 30, 2025 September 30, 202