Heliostar Metals : Corporate Presentation

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SPEED, GRADE AND GROWTH

Developing the High-Grade Ana Paula Gold Deposit

November Corporate Presentation

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 events or developments that the Company expects to occur, are forward looking statements.

Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans" "anticipates", "believes", "intends", "estimates", "projects", "potential", "NPV targets" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Information inferred from the interpretation of drilling results and information concerning mineral resource estimates may also be deemed to be forward looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed.

Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions.

Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change, except as may be required by applicable law.

The Company's disclosure of technical or scientific information in this presentation has been reviewed and approved by Sam Anderson, CPG, Vice President Projects and Stewart Harris, P.Geo., Exploration Manager for the Company. Mr. Anderson and Mr. Harris are Qualified Persons as defined under the terms of National Instrument 43-101.

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PORTFOLIO

ANA

PAULA

THE KEY ASSET

• Heliostar owns the Ana Paula Gold Deposit in Mexico
• • 1.4Moz of gold (M&I) at 2.16 g/t gold
  • PFS completed in 2023 with post tax 30.5% IRR and US$278.6M NPV at US$1,600 per ounce gold price1
  • Permitted for an Open Pit Mine
  • Previous operators have spent in excess of $US75M on the project

SAN

ANTONIO

UNGA

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TIER ONE CALL OPTION

• Heliostar has an option on the San Antonio Gold Deposit in Mexico
• • 1.7Moz of gold (M&I) at 0.83 g/t gold2

GROWTH ASSET

• Unga is a high quality growth project in Alaska

• 0.4Moz of gold (Inferred) at 13.8 g/t gold3

1: Ana Paula Project NI 43-101 Preliminary Feasibility Study Update for Heliostar Metals. dated February 28, 2023	heliostarmetals.com	3
2: NI 43-101 Technical Report on Resources, San Antonio Project for Argonaut Gold Inc. dated October 10, 2012
3. Amended and Restated NI 43-101 Technical Report & Resource Estimate for the SH-1 Gold & Silver Deposit dated November 24, 2020.

CAPITALIZATION

$40M

Market Capitalization

249 M

Fully diluted shares

*Raising $27.7M

SHARE STRUCTURE

167M

Shares Outstanding on Issue

67.5 M Warrants

50% Institutional

$4.0M

Cash Balance

14.4 M

Options and RSUs

45% HNW & Retail	5%	Board& Management

TRADING			ANALYST
SYMBOLS
TSX.V: HSTR	OTCQX: HSTXF	COVERAGE	Mike Niehuser

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LEADERSHIP

Charles Funk - CEO & Director

Over 15 years in Business Development and Exploration for companies including Newcrest Mining and OZ Minerals

Led the Panuco discovery for Vizsla Silver in 2020

Sam Anderson - VP Projects

20 years experience with 17 at Newmont in roles including Mine Geology Supt. and Senior Manager of Exploration BD

Significant roles at the Merian Mine in Suriname from resource stage, through studies, construction to steady state operation

Mahesh Liyanage - CFO

CA, CPA with 20 years experience including roles as CFO of

Vizsla Silver, Orogen Royalties and Mirasol Resources

Rob Grey - Investor Relations Manager

15 years experience in Senior Communications positions with Extorre Gold Mines Ltd & Exeter Resources Corporation

Jacques Vaillancourt - Chairman

Investment Banker with 30 years experience. 20 years with BMO. Helped raise $30B for natural resource sector

George Ireland - Director

Founder, CEO and CIO of Boston based Geologic Resource Partners LLC. Financier with over 40 years industry experience

Ken Booth - Director

CEO and Geologist with wide-ranging experience in company management and investment banking with Scotia, BMO & RBC

Dr. Alan Wilson - Director

PHD Economic Geologist with 30 years experience working for Rio Tinto, Billiton, Newcrest, Anglo American and Antofagasta

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2023 PROGRESS

Heliostar Drills

53.2 m Grading

11.0 g/t gold and 44.5 m

Grading 11.0

g/t gold at Ana

Paula Project,

Mexico

Heliostar Drills

46.0 m Grading

13.4 g/t gold within 129.2m

Grading 6.0 g/t

gold at Ana

Paula, Mexico

Heliostar

Intersects 242 m

Grading 9.06 g/t gold - The Longest and

Highest-Grade Drill Hole in the History of the Ana Paula project in Mexico

Heliostar Drills

31.8 g/t Gold over 9.5 m

within 8.0 g/t gold over 72.0

m in Up-Plunge

Target at the Ana

Paula Project

Heliostar Drills

33 m Grading

16.4 g/t gold and 9.5 m

Grading 25.6

g/t gold,

Expands High

Grade Panel at

Ana Paula

Heliostar Drills

63m Grading

10.4 g/t Gold and

14.6m Grading

33.0 g/t Gold at the Ana Paula

Project, Mexico

March

April

May

June

July

August

Sept

Oct

Nov

Closed C$20.4M	Announce	Upsized C$7M	New Growth	Met Work	Resource
Financing and	Re-Scope	Financing	Targets	Results	Update
Transaction

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LOCATION

Location:

Guerrero State, Mexico

Located 20km NW of Torex Gold's operating Morelos Complex Mine (440-470koz gold production guidance in 2023)

Located 30km NW of Equinox Gold's Los Filos Mine (160-180koz gold production guidance in 2023)

Infrastructure:

Excellent road access Power connected to site

115 kV power line for plant located 2.5km from permitted location.

6 km from closest town of Cuetzala del Progreso

215 km to the Port of Acapulco

100% ownership of surface rights for mine

LA PAZ

SAN ANTONIO

HELIOSTAR METALS

ANA PAULA	IGUALA
HELIOSTAR METALS	MORELOS
	TOREX GOLD

LOS FILOS

EQUINOX GOLD

CHILPANCINGO

ACAPULCO

MEXICO CITY

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SITE LAYOUT

TOREX GOLD

Morelos Complex

ANA PAULA

Portal Location

ANA PAULA

Deposit Location

ANA PAULA	ANA PAULA	ANA PAULA
54 Man Camp	Core Processing Facility	Entrance to Underground Portal (412m Long)

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A RAPID PATH TO PRODUCTION

OUR VISION

• Change the Ana Paula mine plan from an open pit to a high grade, underground gold mine
• Deliver re-scoping milestones in 2023 (drilling results, mine sequencing, metallurgy and resource upgrade)
• Targeting a materially improved NPV and IRR
• Targeting a lower construction CAPEX
• Reach construction decision in 18 months and commercial production in 3 years
• Unlock a three-stage growth pipeline
• 1. Target expansion of the core High-Grade Panel
  2. Target growth of the overall Ana Paula Deposit
  3. Explore the entire 52,047 Hectare claim package to define full extent of Ana Paula's potential

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2023 RE-SCOPE

Three simple steps targeting increased mine economics

Reserve Growth

Drill program to expand and infill the High-Grade Panel

• Drilling commenced in April, 2023
• Results continuing from May through to September
• 3,216 metre program completed to drive resource update
• Targeting growth of the High Grade Panel up and down plunge
• Potential to increase grade within the High Grade Panel

Bring High-Grade Forward

Complete an underground mine sequence

• No mining sequence has previously been completed at Ana Paula
• Choosing a selective underground mining technique has the potential to bring high grade ounces forward in the mine plan
• Geotechnical program commenced to define maximum mining stope shapes
• Utilize existing decline at Ana Paula

Improve Metallurgy

Optimize met work for a conventional milling circuit

• Open pit PFS focused on low grade material
• Opportunity to improve recoveries within the High Grade Panel
• New metallurgical material being collected in current drilling program
• Optimization focus on gravity recovery and inclusion of a conventional regrind circuit

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