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HELIOSTAR Speed . Grade . Growth . Q2 2026 Quarterly Update August 10 , 2026 TSX.V : HSTR OTCQX : HSTXF FRA : RGG
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O TCQ X: HSTX FTSX .V: H STR 2 Cautionary Statement This presentationcontains certain statementsthat may be deemed“forward-lookingstatements”. All statementsin this presentation,other than statementsof historicalfact, that address future operations, resource potential, exploration drilling, exploitation activities and events or developmentsthat the Company expects to occur, are forward lookingstatements. Forward looking statementsare statementsthat are not historicalfacts and are generally,but not always, identifiedby the words“expects”,“plans”“anticipates”,“believes”, “intends”,“estimates”,“projects”,“potential”and similarexpressions,or that eventsor conditions“will”,“would”,“may”,“could”or“should”occur. Informationinferredfrom the interpretationof drillingresults and informationconcerningmineral resourceestimatesmay also be deemedto be forward looking statements,as it constitutesa predictionof what might be found to be presentwhen and if a projectis actuallydeveloped. Althoughthe Companybelievesthe expectationsexpressedin such forwardlooking statementsare based on reasonableassumptions,such statementsare not guaranteesof future performanceand actual results may differ materiallyfrom those in the forward-looking statements. Factors that could cause the actual results to differ materiallyfrom those in forward-looking statementsinclude market prices, exploitationand explorationsuccesses,and continuedavailabilityof capital and financing, and general economic, marketor businessconditions. Investorsare cautionedthat any such statementsare not guaranteesof futureperformanceand actualresultsor developmentsmay differmateriallyfrom those projectedin the forward-looking statements. Forward looking statements are based on the beliefs, estimates and opinions of theCompany’s management on the date the statements are made. The Company undertakes no obligation to update these forward-looking statements in the event thatmanagement’sbeliefs, estimates or opinions, or other factors, shouldchange,exceptas may be requiredby applicablelaw. The Company's disclosureof technical or scientific informationin this press release has been reviewed and approved by Gregg Bush, P.Eng., Chief Operating Officer, Mike Gingles,Vice PresidentCorporateDevelopmentand StewartHarris, P.Geo., ExplorationManager for the Company. Mr. Bush, Mr. Ginglesand Mr. Harris are QualifiedPersons as definedunder the terms of NationalInstrument43-101.
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O TCQ X: HSTX FTSX .V: H STR 3 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 larger, and this space is a proven pathway to building a multi-billion-dollar business.” - Charles Funk, CEO
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O TCQ X: HSTX FTSX .V: H STR AU PRODUCED LA COLORADA 79,710 OZ 14,803 OZ RECORD Q2 RESULTS $31.1M $8.0M $43.0M $45.9M NET INCOME AG PRODUCED CASH WORKING CAPITAL MINE OPERATING EARNINGS
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O TCQ X: HSTX FTSX .V: H STR 5 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 • Added 6 years of mine life averaging 50koz/ year from pit expansions • Injection leaching, transitioning to open pit stripping • Regional exploration upside • Received permits to expand open pit and raise leach pad • Ramped up production through Q1 • Mine life extension and sulphide exploration drilling ongoing • Long life heap leach mine • 86kGEO/yr with upside potential in M&I • Advancing permitting and optimized studies • M&I resource of 975koz at 0.46 g/t unexplored at depth • Carlin-style gold system in the Great Basin in Utah, USA • Inaugural drilling at Antimony Ridge ongoing 2026 Cash Flow Driver 2026 Progressing Permitting Antimony Ridge ExplorationAdvancing Permitting and FS2026 Veta Madre Cutback • Recent PEA shows exceptional economics • On track for production in 2H 2028 • Work ongoing to support 1H 2027 Feasibility Study
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O TCQ X: HSTX FTSX .V: H STR 6 1. Operations on November 7, 2024 upon acquisition of the assets Quarterly Operating Results • Q2 production of 14,803 ounces with sales of 11,960 ounces • YTD cash costs of $1,630/oz and AISC of $2,155/oz on track to achieve guidance • San Agustin mine running at steady state with upside opportunities solidifying • Injection leaching at La Colorada producing strong results • Mine operating earnings of $21.0M after tax • Closed Goldstrike acquisition 10 koz 4Q 20241 San Agustin Mine 10.2 koz Au La Colorada Mine 5 koz 8.8 koz Au 7.3 koz Au 8.9 koz Au 8.2 koz Au 1Q 2025 2Q 2025 3Q 2025 4Q 2025 14.8 koz Au 1Q 2026 2Q 2026 11.7 koz Au 15 koz
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O TCQ X: HSTX FTSX .V: H STR 7 Continued to increase cash balance while investing in growth Financial Results • Generated $8.0 million ($0.03 per share) in Net Income • Working capital position of $45.9 million after $10 million cash payment for Goldstrike • Invested $2.0 million in exploration plus $5.7 million advancing development of Ana Paula • Maintained $0 debt position ahead of Ana Paula non-dilutive project financing $31.1 million $43.1 million $45.9 million $22.4 million Mine Operating Earnings Cash Balance: Working Capital: VAT Receivable: Three months ended June 30, 2026 $0 $8.0 million Debt: Net Income: $0.03 per share Earnings: $56.5 million Revenue:
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O TCQ X: HSTX FTSX .V: H STR 8 2026 Guidance 1. By-product credits calculated using $47.50 per ounce silver price. 2. Cash costs and AISC are non-GAAP measures. Please refer to the “Non-GAAP Financial Measures” section of this news release for further information on this measure. 3. AISC is based on the World Gold Council definition. 4. Mine site AISC includes only the portion of corporate G&A allocated to the operating mines. Consolidated G&A includes the aforementioned corporate G&A allocated to the operating mines plus all corporate stock-based compensation. 5. Annual average exchange rate from all costs based on Mexican peso to US dollar (18 pesos per one dollar) Project Gold Production (Ounces) Silver Production (Ounces) Cash Cost1,2 (/oz Au) AISC1,2,3,4 ($/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 50,000-55,000 290,000-320,000 $1,850-1,950 $2,025-2,125
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O TCQ X: HSTX FTSX .V: H STR 9 Continued strong production while setting up for next phase of growth La Colorada Mine • Produced primarily from injection leaching previously stacked ore on the leach pad • Invested in injection leaching well infrastructure and mobilized second injection rig set up • No recordable safety incidents • On track for full year cash cost and AISC guidance • Mobilization for Veta Madre Plus pit cutback waste stripping planned ongoing with first blast planned this month 20,000-22,300 oz Au $1,650-1,750 per oz Au $1,775-1,875 per oz Au 2026 Production Guidance: 2026 Cash Cost Guidance: 2026 AISC Guidance: 7,587 oz Au 6,982 oz Au $1,531 per oz Au $1,641 per oz Au Production: Sales: Cash Costs: AISC: Sequencing low capital intensity growth projects to maximize cash flow
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O TCQ X: HSTX FTSX .V: H STR 10 La Colorada Mine Reserve - 311koz Au @ 0.77 g/t Underground Potential 2028 - 2031 Reserve – 48koz Au @ 0.71 g/t Veta Madre Plus Engineering H1 2026 Pre-stripping H2 2026 Ore Production H1 2027 Creston Pit Veta Madre Pit ADR Plant Crushing Circuit Injection Leaching Leach PadLeach Pad 2027 Underground Potential Gran Central Pit 2026
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O TCQ X: HSTX FTSX .V: H STR 11 Exploration Targets La Esmeralda La Verde Soils Target Tinajitas Veta Madre Los Duendes Rancho Mel Tinajitas Window through post mineral cover with strong alteration, historic workings and a geochemical signature Soils Target 2km long, high-grade, coherent, gold in soils signature Values in soils above the cutoff grade of the pit reserves but not drill tested La Verde Underexplored gold in outcrop ~1km northeast of the leach pad La Esmeralda >1 g/t gold in sparse rock chip sampling with no follow-up Los Duendes Former open pit mine with expansion potential 2026 exploration budget of $5.8M on resource expansion and regional exploration
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O TCQ X: HSTX FTSX .V: H STR 12 Significant cash generation from mining reserve with additions likely Steady state production driving cash flow through 2026 and beyond San Agustin Mine • Mining of Corner Reserve Area ongoing • Low grade stockpiling strategy maximizing near term cashflow • Ore production reconciling above reserve block model • 2 recordable safety incidents • On track for full year cash cost and AISC guidance • Engineering of Corner Expansion ongoing to support permit for mine life extension4,975 oz Au Sales: 7,216 oz Au Production: $1,814 per oz Au Cash Costs: $2,228 per oz Au AISC: 30,000-32,700 oz Au $2,000-2,100 per oz Au $2,150-2,250 per oz Au 2026 Production Guidance: 2026 Cash Cost Guidance: 2026 AISC Guidance:
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O TCQ X: HSTX FTSX .V: H STR 13 • 15,000-18,000m drill program ongoing with goal of extending mine life • 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 0.32 g/t AuEq o 13.7m at 0.31 g/t AuEq • Sulphide exploration potential beneath and adjacent to current pit currently being tested • Regional exploration targets include the Consejo vein target with historic intercepts including 1.3 m grading 3,235 g/t silver, 2.85 g/t gold, 15.0% lead and 8.7% zinc1 San Agustin Oxide Growth and Sulphide Exploration 1As per Consejo de Recursos Minerales, 1985. A qualified person has not been able to independently verify the Consejo vein assay results in the drill intersections presented here, and Heliostar plans on conducting additional work at San Agustin to establish the grades and widths of targets on the property.
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O TCQ X: HSTX FTSX .V: H STR 14 Targeting commercial production in 2028 Priority Development Project Ana Paula Project • Purchased in 2023 for US$10M with over US$100M invested into the project • 84-person camp, surface rights ownership, strong local support, portal and 412m long underground decline, electrical grid connection • 25,000 metres drilled successfully upgrading inferred resources and testing resource growth targets • 10,000m drill program demonstrated high grade extends at depth with Expansion Zone open in multiple directions • November 2025 PEA shows exceptional economics • Feasibility Study on track for 2Q 2027 101 koz/yr post ramp up $709 per oz $1,011 per oz Production: Cash Operating Cost: AISC: 100% Underground 972 Koz gold ounces $300M Flotation/BIOX/CIL 5.37 g/t gold Ownership: Mine Type: PEA Mill Feed: Initial Capex: Processing: Grade:
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O TCQ X: HSTX FTSX .V: H STR 15 • Northern Targetsemerging as open zones of mineralization tested with recent 10,000m drill program • Satellite mineralizationto the High-Grade Panel presents near-mine resource growth opportunities • Decline completion will provide a platform for drilling Expansion Zone • Ana Paula is geologically shallower than Morelos and Los Filos deposits • Locating a well mineralized Contact Skarn Targetcould provide multi-million ounce deposit potential Exploration Potential Expansion Zone drilling success points to significant upside potential
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O TCQ X: HSTX FTSX .V: H STR 16 Technical review of gold project and exploration plan for antimony target Pipeline Development Project Goldstrike Project • 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 potential with a large, shallowly drilled Carlin footprint (96% of drilling less than 200 metres deep) • Past producer with permitted, drill ready expansion targets • Critical Minerals: Antimony Ridge target adds strategic metals component to Heliostar portfolio o 5.7% Sb + 0.05 g/t Au in grab samples2 o 5.1% Sb + 0.13 g/t Au in grab samples2 Utah, USA Resource Gold, Antimony Location: Stage: Metals: 100% 0.46 g/t gold1 Open Pit Heap Leach 90 Koz gold1 Ownership: M&I Grade: Proposed Mine Type Proposed Processing: Inferred Resources: 1. NI 43-101 Technical Report Goldstrike Project, Utah State, USA with effective date March 24, 2026 975 Koz gold1 M&I Resources: 1. 2. Liberty news release titled “Liberty Gold Announces Results from Field Sampling at the Antimony Ridge Discovery, Goldstrike Oxide Gold Project, Southwest Utah” dated November 18, 2024
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O TCQ X: HSTX FTSX .V: H STR 17 Heliostar News Flow Drill Results Development Catalysts Quarterly Execution Ana Paula Cerro Del Gallo La Colorada Ana Paula Q4 Results Q1 Results Q2 Results Q3 Results Q4 Results La Colorada Ana Paula Ana Paula San Agustin La Colorada La Colorada San Agustin Ana Paula Ana Paula Goldstrike Ana Paula Step Out PFS Update Veta Madre Approval 2025 2025 2025 2026 2026 2026 2026 2026 2026 2027 2027 2027 Infill Veta Madre Plus Permit Submission Regional Oxides Veta Madre Stripping Creston Underground Sulphides Expansion Zone Feasibility Study Antimony Ridge Construction Start ✓ ✓ San Agustin First Gold ✓ ✓ Ana Paula FS Progress Update La Colorada Veta Madre Production Q1 Results✓ ✓ ✓ Goldstrike Technical Report Goldstrike PFS La Colorada Regional ✓ ✓ ✓
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O TCQ X: HSTX FTSX .V: H STR 18 Thank you info@heliostarmetals.com Heliostarmetals.com OTCQX: HSTXFTSX.V: HSTR