Heliostar Metals Ltd · TSX:HSTR
Heliostar Metals — Q1 2026 Earnings Presentation
36 slides from Heliostar Metals's earnings presentation, May 13, 2026
Slide 1: Speed. Grade. Growth.
Speed. Grade. Growth. May 2026 TSX.V: HSTR OTCQX: HSTXF FRA: RGG TSX.V: HSTR OTCQX: HSTXF 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 Projects Steady State Cashflow Primary Development Project Second Development Project Pipeline Development Project • Injection leaching, • Approved to expan
Slide 5: Portfolio Position
Portfolio Position A Portfolio of 100% Owned Assets In Mexico Producing Gold Assets La Colorada Mine, Sonora Growth Gold Projects San Agustin Mine, Durango 2 5 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 Higher Grades Cerro del Gallo at Ana Paula Ramping to 100koz/yr Targeted Production1 Ana Paula Ramping up to 170-200 Koz >100koz/yr 200 200 Koz Higher Grades at La Colorada La Colorada 80-100 Koz Injection Leaching Opportunities 55-80 Koz 100 100 Koz 50-55 Ko
Slide 7: Q1 2026 Results
Q1 2026 Results 11.7 koz Au 15 koz • Heliostar produced 11,743 ounces of gold in Q1 10.2 koz Au 8.9 koz Au • Consolidated AISC of $1,996 per 8.8 koz Au gold ounce sold 8.2 koz Au 7.3 koz Au 10 koz • Successfully restarted production San Agustin at San Agustin in late January Mine • Completed stockpi
Slide 8: 2026 Guidance
2026 Guidance Gold Production Silver Production Cash Cost1,2 AISC1,2,3,4 Project (Ounces) (Ounces) (/oz Au) ($/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.V: HSTR OTCQX: HSTXF Shares Outstanding 279M Warrants 5.8M 42% HNW & Retail 53% Institutional C$625M Options & RSUs Fully diluted shares 17M 302M Market Cap May 11, 2026 Debt $0M March 31, 2025 In Money Warrants $3.5M C$2.24 $70M $38M 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 Community Investment Water Tillage Water Underground Water Culture Education Precipitation 1% • Focused on supporting primary • Conscious of water use in 2% 5% and secondary school education 15% arid environments • Assist establishing access to • Focus on efficient
Slide 12: La Colorada Mine
La Colorada Mine Continued cash generation through creative 2026 Production Guidance: 2026 Cash Cost Guidance: 2026 AISC Guidance: production approaches 20,000-22,300 oz Au $1,650-1,750/oz Au $1,775-1,875/oz Au • Injection leaching provides low-cost production through 2026 investment year • Veta Mad
Slide 13: La Colorada Technical Report Highlights
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 14: La Colorada Mine
2028 - 2031 La Colorada Mine Creston Pit 2026 Reserve - 311koz Au @ 0.77 g/t Leach Pad Underground Potential Injection Leaching ADR Plant Gran Central Pit Crushing Circuit Underground Potential 2027 Veta Madre Pit Reserve – 48koz Au @ 0.71 g/t Veta Madre Plus Engineering H1 2026 Pre-stripping H2 202
Slide 15: Resource Growth
Resource Growth Veta Madre Plus Resource Target • Pit constrained with $2,100 gold price in October 2025 technical report • Higher grade 28,000 gold ounce resource target zone to south of pit with confirmation drilling completed • Engineering ongoing prior to commencement of mining in 2H 2026 El Cre
Slide 16: Exploration Targets
Exploration Targets 2026 exploration budget of $5.8M on resource expansion and regional exploration La Esmeralda Tinajitas Window through post mineral cover with strong La Verde alteration, historic workings and a geochemical signature Soils Target 2km long, high-grade, coherent, gold in soils Tinaj
Slide 17: San Agustin Mine
San Agustin Mine 2026 Production 2026 Cash Cost 2026 AISC Guidance: Guidance: Guidance: Cash engine fueling company-wide 30,000-32,700 oz Au $2,000-2,100 per oz Au $2,150-2,250 per oz Au growth through 2026 • Regulatory approvals for restart received July 2025 • First gold poured late January 2026 f
Slide 18: 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 from After Tax NPV 5% IRR adding oxide resource around the p
Slide 19: San Agustin Oxide Growth and Sulphide Exploration
San Agustin Oxide Growth and Sulphide Exploration • 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
Slide 20: San Agustin Mine Corner Expansion Zone
San Agustin Mine Corner Expansion Zone Recent drilling includes: • 35.0m at 0.34 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.V: HSTR OTCQX: HSTXF 20
Slide 21: Ana Paula Project
Ana Paula Project Production: Cash Operating Cost: AISC: Priority Development Project 101 koz/yr post $709 per oz $1,011 per oz ramp up • Purchased in 2023 for US$10M with over US$100M invested into the project • 84-person camp, surface rights ownership, strong local Ownership: Grade: support, porta
Slide 22: Ana Paula PEA Highlights
Ana Paula PEA Highlights $3.800/oz 9 Year Mine Life 874,700 oz $1,011/GEO $1,012 M 51.3% After Tax NPV 5% IRR 101 Koz $93.8 M $2.400/oz Plan to test additional near-mine $426 M 28.1% exploration targets and to support the After Tax NPV 5% IRR Feasibility Study aiming to bring the mine into productio
Slide 23: Ana Paula Resource
Ana Paula Resource 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 Hol
Slide 24: 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 Advance Decline Financing Discussions Feasibility Study Construction Production TSX.V: HSTR OTCQX: HSTXF 24
Slide 25: Exploration Potential
Exploration Potential Expansion Zone drilling success points to significant upside potential • Northern Targets emerging as open zones of mineralization to be tested with ongoing 10,000m drill program • Satellite mineralization to the High-Grade Panel presents near-mine resource growth opportunities
Slide 26: 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 27: Cerro del Gallo Project
Cerro del Gallo Project Development Project Production: Initial CAPEX: AISC: 86 k GEO/yr $195M $1,390/GEO • 100% owned, gold-silver open pit heap leach development project in the prolific State of Guanajuato • December 2025 PFS for the project shows 15 year mine Ownership: Royalty: life producing 86
Slide 28: 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 29: Goldstrike Project
Goldstrike Project Pipeline Development Project Location: Stage: Metals: Utah, USA Resource Gold, Antimony • Low cost, staged acquisition of a gold development project in the Great Basin • Diversifies portfolio into premier mining jurisdiction in USA • Gold Exploration Upside: Resource growth potent
Slide 30: Heliostar News Flow
Heliostar News Flow ✓ Ana Paula ✓ Ana Paula Ana Paula La Colorada La Colorada Step Out Infill Regional Creston Underground Regional Drill Results 2026 2027 2025 2026 ✓ San Agustin La Colorada San Agustin Goldstrike Ana Paula Oxides Veta Madre Plus Sulphides Antimony Ridge Expansion Zone ✓ Cerro Del
Slide 31: Thank you
Thank you Heliostarmetals.com info@heliostarmetals.com TSX.V: HSTR OTCQX: HSTXF TSX.V: HSTR OTCQX: HSTXF 31
Slide 32: Appendix
Appendix TSX.V: HSTR OTCQX: HSTXF 32
Slide 33: 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 34: 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 35: 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 36: 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