Heliostar Metals Ltd · TSX:HSTR
Heliostar Metals — Investor Presentation (October 2026)
38 slides from Heliostar Metals's investor presentation, October 2026
Slide 1: Speed. Grade. Growth.
Speed. Grade. Growth. October 2026 TS X: H STR OTCQX: H STXF FR A: RGG 1 TSX : HS TR O TCQ X: HSTX F 1
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: Our Portfolio
Our Portfolio A Strong 100% Owned Pipeline La Colorada Mine San Agustin Mine Ana Paula Project Cerro del Gallo Project Goldstrike Staged Growth Steady State Cashflow Primary Development Project Second Development Project Pipeline Development Project • 6 years of mine life • Long life heap leach mine
Slide 5: Portfolio Position
Portfolio Position A Portfolio of 100% Owned Assets In Mexico Producing Gold Assets La Colorada Mine, Sonora 2 5 Growth Gold Projects San Agustin Mine, Durango Producing Mines Growth Assets San Antonio Project, Baja California Sur 1.9 Moz 1 7.2 Moz 1 Probable Gold Reserves M&I Gold Resources Cerro D
Slide 6: Production Potential
M&A Production Potential 300 Koz 300 Koz Ana Paula Ramp Cerro del Gallo Up Ramping to 100koz/yr Targeted Production1 Ana Paula 170-200 Koz Production Start 200 200 Koz Higher Grade Veta Madre Pit Online Injection Leaching 70-90 Koz at La Colorada 55-70 Koz 100 100 Koz 50-55 Koz 33 Koz Ana Paula San
Slide 7: Q2 Operating Results
Q2 Operating Results 14.8 koz Au • Q2 production of 14,803 ounces 15 koz with sales of 11,960 ounces 11.7 koz Au • YTD cash costs of $1,630/oz and 10.2 koz Au AISC of $2,155/oz on track to San Agustin 8.8 koz Au 8.9 koz Au Mine achieve guidance 8.2 koz Au 10 koz 7.3 koz Au • San Agustin mine running
Slide 8: 2026 Guidance
2026 Guidance Gold Production Silver Production Cash Cost1,2 AISC1,2,3,4 Project (Ounces) (Ounces) (/oz Au) ($/oz Au) La Colorada Mine 20,000-22,300 130,000-145,000 $1,650-1,750 $1,775-1,875 San Agustin Mine 30,000-32,700 160,000-175,000 $2,000-2,100 $2,150-2,250 Consolidated 50,000-55,000 290,000-3
Slide 9: Capitalization
Capitalization TSX: HSTR OTCQX: HSTXF Shares Outstanding 280M Warrants 5.8M HNW & Retail C$655M 42% Institutional Options & RSUs 25M 53% Fully diluted shares 310M Market Cap October 1, 2026 Debt $0M June 30, 2025 In Money Warrants $3.5M C$2.34 $46M $43M Expire Oct 2026 5% Share Price Working Capital
Slide 10: Our Team
Our Team Management Charles Funk, BSS, BSc Vitalina Lyssoun, CPA, CA Gregg Bush, BSc Sam Anderson, MSc, CPG President & CEO CFO COO VP Projects Over 20 years in business A CPA accountant with more than 16 Proven mine builder with a strong track 25 years experience, with 17 at Newmont as development
Slide 11: Building More Than Just a Company
Building More Than Just a Company Responsible mining is fundamental to Heliostar's growth — Supporting our people, protecting the environment and creating lasting economic value in the communities where we operate is our goal. SOCIAL ENVIRONMENTAL ECONOMIC 99% 90% 97% Mexican Employees Water Recycle
Slide 12: Ana Paula Project
Ana Paula Project Production: Cash Operating Cost: AISC: Our Next Gold Mine – 101 koz/yr post $709 per oz $1,011 per oz Targeting First Gold in 2028 ramp up • PEA shows exceptional economics Grade: • Permit submitted and Feasibility Study on track for Ownership: completion in Q2 2027 100% 5.37 g/t g
Slide 13: Ana Paula PEA Highlights
Ana Paula PEA Highlights $3,800/oz 9 Year Mine Life 874,700 oz $1,011/oz $1,012 M 51.3% After Tax NPV 5% IRR 101 Koz $93.8 M $2,400/oz Site investigation and engineering $426 M 28.1% ongoing to support the Feasibility After Tax NPV 5% IRR Study on track to bring the mine into production in 2028 Ana
Slide 14: Ana Paula PEA Summary
Ana Paula PEA Summary Cutoff Gold Tonnes Average Gold Contained Gold Classification Grade (g/t) (Mt) Grade (g/t) (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 Mining Method Throughput Rate Long
Slide 15: Changes Targeted in the Feasibility Study at Ana Paula
Changes Targeted in the Feasibility Study at Ana Paula • Increasing throughput to an initial 2,000 tonnes per day with planned ability for mid-mine life expansion to 2,500 tpd • Infill drilling program completed with 25,072 additional metres to support the updated Mineral Resource estimate. The Comp
Slide 16: Path to 2028 Production
Path to 2028 Production 2026 2027 2028 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Infill Drilling Step Out Drilling Permit Submission Metallurgical Testing Financing Discussions Feasibility Study Construction Production TSX : HS TR O TCQ X: HSTX F 16
Slide 17: Expansion Zone Exploration Success
Expansion Zone Exploration Success Ana Paula Resource 0.7 Moz Au M&I 0.5 Moz Au Inf Drilling below the Ana Paula resource points to significant upside potential Expansion Zone • Recent drilling in Expansion Zone confirmed high grade continues 13.5m @ 29.1 g/t Gold at depth 40.0m @ 6.3 g/t Gold 20.5m
Slide 18: Regional Exploration
Regional Exploration Heliostar controls 1/3 of the entire Guerrero Gold Belt El Rincon – Concealed intrusive/hydrothermal target, gold and pathfinder anomalies coincident with an untested magnetic-high Rey David-San Luis – Hybrid epithermal/skarn target with surface samples up to 16.7 g/t Au, includ
Slide 19: Share Price Outperformance During Construction
Share Price Outperformance During Construction • Building mines successfully drives share outperformance • The major value creation portion of the Lassonde Curve is built on this step • Heliostar is entering this stage with Ana Paula Investment Decision Commercial Production 1 – Performance timeline
Slide 20: La Colorada Mine
La Colorada Mine 2026 Production 2026 Cash Cost 2026 AISC Sustainable Production Profile Guidance: 20,000-22,300 oz Au Guidance: $1,650-1,750/oz Au Guidance: $1,775-1,875/oz Au After 2025 Restart • Injection leaching provides low-cost production through Ownership: Royalty: 2026 and 2027 100% 0% • Ve
Slide 21: La Colorada Technical Report Highlight
La Colorada Technical Report Highlight $3,500/oz 6 Year Mine Life 286,000 oz $1,626/GEO $243 M 168.4% After Tax NPV 5% IRR 46.1 Koz $106 M $2,300/oz Substantial near mine resource expansion $66 M 24.4% opportunities alongside under-explored After Tax NPV 5% IRR regional exploration targets La Colora
Slide 22: La Colorada Mine
La Colorada Mine 2026 – 2027 Leach Pad Gold Production from injection leaching ADR Plant Gran Central Pit Crushing Circuit Underground Potential 2027 - 2028 Veta Madre Pit 2028 - 2031 Reserve – 48koz Au @ 0.71 g/t gold Veta Madre Plus Expansion Potential Creston Pit Pre-stripping H2 2026 Reserve - 3
Slide 23: La Colorada Exploration
La Colorada Exploration La Esmeralda Very Limited Exploration Beyond the Resources Veta Madre Plus – Veta Madre pit reserves constrained La Verde with $2,100 gold price in October 2025 technical report, with drilling targeting 20,000 ounce pit expansion • 33.7m grading 0.62 g/t incl 5.1m grading 2.3
Slide 24: San Agustin Mine
San Agustin Mine 2026 Production 2026 Cash Cost 2026 AISC Guidance: Guidance: Guidance: Cash Generation Fueling Company Growth 30,000-32,700 oz Au $2,000-2,100 per oz Au $2,150-2,250 per oz Au Ownership: Production Royalty: • Executing on mine plan 100% 0% • Positive reconciliation indicating mine l
Slide 25: San Agustin Oxide Growth
San Agustin Oxide Growth • 15,000-18,000m drill program ongoing with goal of extending mine life • First results from Corner Expansion target include: o 35.0m at 0.40 g/t AuEq o 19.8m at 0.60 g/t AuEq o 53.3m at 0.27 g/t AuEq • Phase 3 SW results include: o 16.8m at 0.50 g/t AuEq o 33.5m at 0.27 g/t
Slide 26: Cerro del Gallo Project
Cerro del Gallo Project Production: Cash Operating Cost: AISC: Advancing Towards Feasibility Study 86 k GEO/yr $1,067/GEO $1,390/GEO • Gold-silver-copper open pit heap leach development project in the prolific State of Guanajuato Ownership: Initial CAPEX 100% $195M • December 2025 PFS for the projec
Slide 27: Cerro del Gallo PFS Highlights
Cerro del Gallo PFS Highlights $3,900/oz 15 Year Mine Life 1.31 Moz $1,390/GEO $972 M 59.3% After Tax NPV 5% IRR 85.7 Koz $48 M $2,400/oz Organic growth from Ana Paula followed by Cerro del Gallo will launch Heliostar to 300,000 $424 M 33.1% ounces of annual gold equivalent production by After Tax N
Slide 28: Goldstrike Project
Goldstrike Project Location: Stage: Metals: Pipeline Development Project Utah, USA Resource Gold, Antimony • Diversifies portfolio into premier mining jurisdiction in USA • Gold Exploration Upside: Resource growth potential with a large, shallowly drilled Carlin footprint (96% of drilling less than
Slide 29: Heliostar News Flow
Heliostar News Flow ✓ Ana Paula ✓ Ana Paula Goldstrike La Colorada La Colorada Step Out Infill Antimony Ridge Regional Creston Underground Exploration 2026 2027 2025 2026 ✓ San Agustin ✓ La Colorada Ana Paula Ana Paula San Agustin Oxides Veta Madre Plus Expansion Zone Regional Sulphides ✓ Cerro Del
Slide 30: Thank you
Thank you Heliostarmetals.com info@heliostarmetals.com TSX: HSTR OTCQX: HSTXF TSX : HS TR O TCQ X: HSTX F 30
Slide 31: Appendix
Appendix TSX : HS TR O TCQ X: HSTX F 31
Slide 32: San Agustin Technical Report Highlights
San Agustin Technical Report Highlights $3,000/oz 1.2 Year Mine Life 44,500 oz $1,990/GEO $35 M 548% After Tax NPV 5% IRR 37.1 Koz $40 M $2,100/oz Substantial near term cash flow generation $12 M 156% plus opportunities to extend mine life by After Tax NPV 5% IRR adding oxide resource around the pit
Slide 33: San Agustin Mine
San Agustin Mine Corner Expansion Zone Recent drilling includes: • 35.0m at 0.40 g/t AuEq • 19.8m at 0.60 g/t AuEq • 53.3m at 0.27 g/t AuEq 2026-2027 Corner Reserve Reserve - 68koz Au @ 0.29 g/t TSX : HS TR O TCQ X: HSTX F 33
Slide 34: San Antonio Project
San Antonio Project PRODUCTION INITIAL CAPEX AISC 80 koz/yr $131 M $1,063/oz Development Project • 100% owned, gold development project in the State of Baja California Sur Ownership: Royalty: • Attractive optionality with high grade (1.0 g/t gold), 100% 0% low CAPEX, low AISC and long mine life • Up
Slide 35: Guerrero Gold Belt
Guerrero Gold Belt Los Filos District 1.7 Moz gold 7.9 Moz gold 5.4 Moz gold 30 km Morelos Complex 2.7 Moz gold 2.3 Moz gold eq 5.1 Moz gold eq 20 km Ana Paula 0.74 Moz gold 0.51 Moz gold 1 Morelos Complex production, reserves and resources from https://www.spglobal.com/marketintelligence/en/ 2 Los
Slide 36: Heliostar Total Reserves
Heliostar Total Reserves Tonnes Gold Grade Silver grade Gold Silver Category (kt) (g/t) (g/t) (kozs) (kozs) Probable La Colorada 17,117 0.68 9.2 376 5,056 San Agustin 7,358 0.29 16.4 68 3,880 Cerro del Gallo 91,893 0.51 15.25 1,495 45,066 Total Probable 116,368 0.52 14.4 1,939 54,002 Probable Reserv
Slide 37: Heliostar M&I Resources
Heliostar M&I Resources Tonnes Gold Grade Silver grade Gold Silver Category (kt) (g/t) (g/t) (kozs) (kozs) Measured Ana Paula 1,300 7.60 317 Indicated Ana Paula 2,970 4.44 424 San Agustin 23,629 0.43 12.2 325 9,229 La Colorada 20,213 0.79 10.4 514 6,775 San Antonio 55,522 0.98 1,741 Cerro del Gallo
Slide 38: Heliostar Inferred Resources
Heliostar Inferred Resources Tonnes Gold Grade Silver grade Gold Silver Category (kt) (g/t) (g/t) (kozs) (kozs) Inferred Ana Paula 4,040 3.96 514 San Agustin 1,401 0.32 9.4 14 421 La Colorada 1,144 0.46 35.1 17 1,291 San Antonio 14,957 0.38 184 Cerro del Gallo 24,448 0.28 13.67 224 10,746 Goldstrike
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