Heliostar Metals Ltd. announced that the Ana Paula measured and indicated resource contains an average of 5,350 ounces of gold per vertical metre between 725-950 metres of elevation (im immediately below surface). The deposit's favourable orientation, width, and shallow depth make the resource amenable to underground mining configurations. Heliostar is currently reviewing undergound mining scenarios at multiple cut-off grades and potential throughput rates.

Potential underground mining scenerios take advantage of the existing 412 metre long, production sized, portal and decline. One of the keys to achieving this is mining high grades early in the mine life, as compared to the open pit scenario. The company will choose the best outcome and work through the Feasibility Study in 2023.

The company expects further improvements to the mine economics as current analysis does not include the excellent results from Heliostar's 2023 drill program. Gold Distribution within the Resource. Ana Paula's 2023 PFS measured and indicated resource contains anaverage of 5,350 ounces of Gold per vertical metre between 725 -950 metres of elevation (immediately below surface).

The zone ranges between a maximum of 8,540 ounces per vertical metre at 775 metres of elevation and a minimum of 1,080 ounces per vertical metre at 925 metres of elevation. Multiple potential mining scenarios are in review for Ana Paula. The project re-scoping is assessing the most applicable mining scenario with a focus on increasing project economics (NPV and IRR) while reducing initial CAPEX when compared to the open pit mining scenario proposed in the 2023 PFS.

The Company contracted JDS Energy & Mining Inc., who completed the existing decline on the property, to evaluate the options. Currently, the engineers are assessing three scenarios with different cutoff grades and throughput rates for the Ana Paula deposit using the 2023 pre-feasibility study resource model. The Company will refine the options upon receipt of an updated resource model and metallurgical program results, both of which rely on drilling completed in 2023.

Metallurgical results will be reported in October and an updated resource model is expected in November 2023. The best outcome will then be selected and taken through Feasibility Study in 2024. Weighted Average measured and indicated gold grades and total ounces by elevation from 2023 PFS Resource1.

Results may slightly vary from resource estimate due to rounding. Elevation breakdown from 2023 PFS Resource Estimate. does not include Heliostar's 20 23 drilling.

Samuel Anderson, CPG., a Qualified Person, as such term is defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"), has reviewed the scientific and technical information that forms the basis for this news release and has approved the disclosure herein.