Heliostar Metals Ltd · TSX:HSTR
Heliostar Metals — Technical Presentation (November 2025)
25 slides from Heliostar Metals's technical presentation, Nov 10, 2025
Slide 1: Speed. Grade. Growth. Ana Paula PEA Webinar
SPEED. GRADE. GROWTH. A N A PA U L A P E A W E B I N A R 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: Our Team
Our Team M AN AGEM EN T Charles Funk, BSS, BSc Vitalina Lyssoun, CPA, CA Gregg Bush, BSc Sam Anderson, MSc, CPG President & CEO CFO COO VP Projects Proven mine builder with a strong track 25 years experience, with 17 at Newmont as Over 20 years in business development A CPA accountant with more than
Slide 4: Ana Paula PEA Highlights
Ana Paula PEA Highlights 9 YEAR MINE LIFE 874,700oz 101koz $1,011/oz $93.8M/year GOLD PRODUCED ANNUAL PRODUCTION1 LOM AVERAGE AISC AFTER-TAX CASH FLOW BASE CASE - $2,400/oz UPSIDE CASE - $3,800/oz $426M 28.1% $1,012M 51.3% AFTER TAX NPV5% IRR AFTER TAX NPV5% IRR Ongoing 15,000m drill program and Fea
Slide 5: Strong Economics
Strong Economics Post Tax Economics Low Costs Support Strong Cash Flows ($2,400/oz Base Case) NVP5% $426M IRR 28.1% Payback 2.9 years NPV/Capex 1.4x Post Tax Economics ($3,800/oz Upside Case) NVP5% $1,012M IRR 51.3% Payback 1.9 years NPV/Capex 3.4x TSX.V: HSTR OTCQX: HSTXF 5
Slide 6: High Grade + Bulk Tonnage
High Grade + Bulk Tonnage Bottom End of the Global AISC Cost Curve Ana Paula Source: S&P Capital IQ from available 2025 data. Co-Product AISC shown. TSX.V: HSTR OTCQX: HSTXF 6
Slide 7: Location
Location Location IGUALA ANA PAULA • Guerrero State, Mexico HELIOSTAR METALS MORELOS • Located 20km NW of Torex Gold’s operating TOREX GOLD Morelos Complex Mine (400-450koz gold LOS FILOS production guidance in 2025) EQUINOX GOLD • Located 30km NW of Equinox Gold’s Los Filos CHILPANCINGO Mine (170.3
Slide 8: Ana Paula Resource Classification
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 9: Strong Production Driven by Grade
Strong Production Driven by Grade 101 Koz/yr LOM Avg. Production After Ramp Up 130 Koz/yr Avg. For First 3 Years After Ramp Up 875 Koz Total Gold Production $1,011/oz AISC TSX.V: HSTR OTCQX: HSTXF 9
Slide 10: Compact Deposit = Limited Development
Compact Deposit = Limited Development 280m Long, 200m High and 60m Wide Dimensions of High Grade Panel 3,900 ounces per vertical metre in High Grade Panel 35 Ounces for every 1 development metre Low cost bulk mining 10-20m x 25m stopes TSX.V: HSTR OTCQX: HSTXF 10
Slide 11: Compact Deposit = Limited Development
Compact Deposit = Limited Development North Zone High Grade Panel Expansion Zone ANA PAULA PEA MINE DESIGN – LOOKING NORTHEAST TSX.V: HSTR OTCQX: HSTXF 11
Slide 12: Surface Infrastructure Layout
Surface Infrastructure Layout TSX.V: HSTR OTCQX: HSTXF 12
Slide 13: Processing Facility for 1,800 tpd
Processing Facility for 1,800 tpd 3 2 1 2-Stage Crush + Grind 1 2 Gravity Recovery 4 3 Floatation A 4 BIOX Circuit 5 Cyanidation 6 ADR Plant 6 5 B 7 Floatation 7 A Tailings Processing B Paste Backfill Plant TSX.V: HSTR OTCQX: HSTXF 13
Slide 14: Metallurgical Testing
Metallurgical Testing Completed Testing Process Parameters Work Program • Rougher and cleaner testing • 1,800 tpd throughput rate • Floatation variability testing • Grind optimization testing • 5.6 g/t head grade • Sequential floatation testing • Float variability testing • 90% recovery • Bond varia
Slide 15: Global BIOX Operations – 36Moz produced
Global BIOX Operations – 36Moz produced Proven • 36Moz produced • Commercially available over 30 years Versatile Suzdal • Used 3,000m above sea level • Tropical and arid regions • Temperatures of operation -40oC Jinfeng Sabodala - in winter to 45oC in summer Massawa Runruno Scalable Kokpatas Obuasi
Slide 16: Initial Capital Requirements
Initial Capital Requirements Initial Capex Breakdown (M) Underground Mining $43.4 Process Plant $61.6 BIOX $45.8 Tailings Management $26.9 Site Infrastructure $20.2 Camp Expansion $6.8 Powerline & Substation $6.2 EPCM $16.7 Contingency $56.8 Indirects $15.7 Total $300.1 Sustaining Capex (M) Mine $70
Slide 17: Ana Paula Operating Expenses
Ana Paula Operating Expenses Cash Costs per ounce produced Cash Costs per tonne processed Mining $421/oz Mining $64.85/t Processing $227/oz Processing $34.94/t Site G&A $50/oz Site G&A $7.75/t Refinery & Transport $11/oz Refinery & Transport $1.63/t Total $709/oz Total $109.17/t Processing OPEX Mini
Slide 18: Opportunities
Opportunities Infill Drilling Potential to improve grade of Inferred material through tighter drill spacing while upgrading to M&I for inclusion in upcoming Feasibility Study Step Out Resource Drilling Opportunity to add additional material into the Feasibility Study mine plan through extending know
Slide 19: Permitting & Community
Permitting & Community Recently Achieved On Track • Change of Land Use (CUS) successfully • Submit new MIA (Q1 2026) to include extended underground mine and new • >33% reduction in environmental impact infrastructure locations moving to underground mine • Exploration drilling MIA for High Grade • E
Slide 20: Development Timeline
Development Timeline 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 20
Slide 21: Path Forward
Path Forward Ongoing Next Steps Execution • 15,000m infill drill program • Permit amendment • Early works program and site • Advanced metallurgical testing submission prep • Permit amendment application • Advance underground decline • Site mobilization • Community engagement • FEED to support orderi
Slide 22: Exploration Upside
Exploration Upside • Northern Targets emerging as open zones of mineralization to be tested with ongoing 15,00m drill program • Satellite mineralization to the High Grade Panel presents near-mine resource growth opportunities • Decline completion will provide a platform for drilling Expansion Zone •
Slide 23: Guerrero Gold Belt
La Colorada Mine Los Filos District Produced – 1.7Moz gold Reserves – 5.4Moz gold Resource – 7.9Moz gold 30km South Morelos Complex Produced – 2.7 Moz gold Reserves – 4.9 Moz gold eq. Resource – 2.5 Moz gold eq. 20km Southeast Ana Paula M&I Resource – 0.74 Moz gold Guerrero Gold Belt Inf Resource –
Slide 24: 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 Ce
Slide 25: Thank You
Thank You HELIOSTARMETALS.COM INFO@HELIOSTARMETALS.COM TSX.V: HSTR OTCQX: HSTXF 25
Heliostar Metals — Technical Presentation (November 2025) on 6ix