Heliostar Reports 52.4m Grading 5.84 g/t Gold from the High Grade Panel and Continues to Build Out the Expansion Zone at Ana Paula

Heliostar Metals Ltd. (HSTR) has released the final assay results from its completed 2025-2026 Ana Paula infill and exploration program at its Guerrero, Mexico site. The company reported eight assayed holes divided into two groups, with intercepts reported as downhole lengths and uncut unless otherwise noted.

• AP-26-409 (High Grade Panel): 52.35 m @ 5.83 g/t Au from 46.85 m (top cut 5.64), including 12.55 m @ 17.75 g/t from 76.4 m (cut 16.94); and 19.75 m @ 6.14 g/t from 123.5 m.
• AP-26-405 (HGP): 12.65 m @ 6.89 g/t from 32.0 m; and 16.55 m @ 5.73 g/t from 218.45 m (cut 5.39), including 7.55 m @ 10.73 g/t (cut 9.97).
• AP-26-410 (HGP): 24.75 m @ 5.14 g/t from 43.0 m, including 8.6 m @ 11.28 g/t; and 20.7 m @ 3.51 g/t from 101.3 m.
• AP-26-407 (HGP): 4.9 m @ 10.07 g/t; 5.0 m @ 5.29 g/t; 0.8 m @ 75.80 g/t (cut 38.00); 0.7 m @ 22.70 g/t.
• AP-26-406 (HGP): 3.2 m @ 4.32 g/t; 10.35 m @ 2.03 g/t; 4.2 m @ 2.99 g/t.
• AP-26-314A (Expansion Zone): 3.5 m @ 3.86 g/t from 450.5 m; 9.65 m @ 4.33 g/t from 598.6 m, including 3.4 m @ 10.64 g/t from 604.85 m.
• AP-26-411 (Expansion Zone): 2.95 m @ 3.58 g/t; 5.2 m @ 2.29 g/t; 8.0 m @ 6.88 g/t from 469.0 m (cut 5.64); 8.15 m @ 3.19 g/t from 648.4 m.
• AP-26-412 (Expansion Zone): 5.5 m @ 4.53 g/t from 434.0 m; 18.85 m @ 2.05 g/t from 565.3 m (cut 1.99), including 6.4 m @ 5.19 g/t (cut 5.02); 6.7 m @ 3.07 g/t from 639.0 m.

The completed program consisted of 122 holes totaling 35,121 meters. Approximately 25,000 meters of this was conversion drilling conducted inside the Preliminary Economic Assessment (PEA) mine plan, while roughly 10,000 meters was dedicated to down-plunge exploration in the Expansion Zone. Drilling focus has now shifted to condemnation and geotechnical holes. Additionally, the release disclosed a paid investor-awareness agreement with Native Ads Inc., valued at up to US$200,000, with US$100,000 paid in advance.

Heliostar Metals Ltd. (HSTR) is a producing gold company, not a grassroots explorer, with 2026 guidance targeting 50,000-55,000 oz of gold and 290,000-320,000 oz of silver. The company reported first-half 2026 revenue of US$110.9 million, net income of US$22.1 million, and cash holdings of US$43.0 million, with no debt. Its Ana Paula project is a development asset with a completed Preliminary Economic Assessment (PEA) showing a base-case NPV5 of US$426 million, rising to US$1,012 million at a gold price of US$3,800/oz.

This release does not materially change those parameters. It confirms the conversion of inferred ounces at approximately resource grade, which aligns with market assumptions, and adds a handful of modest intervals to a growth zone not included in the PEA mine plan. The release serves as a wrapping-up statement rather than a step-change event.

Key assay intercepts include: - High Grade Panel: 99.8 m @ 10.90 g/t (~1,088 g.m, June 2026), preceded by 83.2 m @ 17.35 g/t (~1,443 g.m, November 2025). - Expansion Zone: AP-25-374, 101.0 m @ 5.34 g/t (~539 g.m, April 2026).

The stock peaked at C$3.28 in late January 2026, round-tripped to C$1.57 by late June 2026, and currently sits at C$2.42. This price is below the C$2.58 level seen on the day of the April 2026 Expansion Zone release and barely above the C$1.57 level recorded the day before the June 2026 99.8 m headline. The significant 2026 drilling results were not retained in the price, meaning the market does not assume the next release will repeat them.

While the grade and width of this release are weaker than previous anchors, the impact is neutralized by the fact that these are conversion holes graded against the resource, where 5.83 g/t over 52 m is in-line to better than expected. Furthermore, the previous anchor results were never fully embedded in the share price. Consequently, the results are not materially better in grade-and-width substance than anything previously demonstrated.

Factors that would genuinely move the equity include the updated resource and Feasibility Study, financing for the US$300 million capital expenditure, permitting progress, and BiOX pilot results. This release addresses none of those items. It also marks the end of the Ana Paula drill-catalyst window, with rigs pivoting to condemnation and geotechnical work.

Heliostar Metals Ltd. (HSTR) is a Mexico-focused gold producer aiming to reach an annual production target of 500,000 ounces of gold by the end of the decade. The company’s assets are 100% owned.

Its La Colorada mine in Sonora is currently producing, holding a 376,000-ounce gold reserve at a grade of 0.68 g/t. The Veta Madre Plus pit cutback involves waste stripping starting in Q3 2026 and ore extraction from 2027. For 2026, the mine has a guidance range of 20,000 to 22,300 ounces of gold, with an all-in sustaining cost (AISC) of US$1,775 to US$1,875 per ounce.

The San Agustin mine in Durango, which was restarted in late 2025 and produced its first gold pour in late January 2026, holds a 68,000-ounce gold reserve at 0.29 g/t. The site’s 2026 guidance is set at 30,000 to 32,700 ounces of gold, with an AISC of US$2,150 to US$2,250 per ounce. A 15,000 to 18,000-meter oxide drill program is currently underway.

Ana Paula in Guerrero serves as the company’s flagship project. A preliminary economic assessment (PEA) released in November 2025 outlined a nine-year life of production, yielding approximately 101,000 ounces of gold per year and a total of approximately 875,000 ounces. The project carries an AISC of US$1,011 per ounce, with initial capital expenditure estimated at US$300 million. The net present value at a 5% discount rate (NPV5) is US$426 million on a base case, rising to US$1,012 million at a gold price of US$3,800 per ounce. The resource base includes 742,000 ounces of measured and indicated resources at 5.40 g/t and 514,000 ounces of inferred resources at 3.96 g/t. A feasibility study is targeted for Q2 2027, with a construction decision expected in mid-2027 and first gold production anticipated in the second half of 2028.

The Cerro del Gallo project in Guanajuato has a preliminary feasibility study (PFS) dated December 2025, projecting a 15-year life with 86,000 gold-equivalent ounces per year. The project has an AISC of US$1,390 per gold-equivalent ounce, capital expenditure of US$195.3 million, and an NPV5 of US$424 million on a base case, with an upside of US$972 million.

Other assets include San Antonio in Baja Sur, Goldstrike in Utah, and Unga in Alaska. The Goldstrike asset was acquired from Liberty Gold in 2026 and includes 975,000 ounces of indicated resources at 0.46 g/t, along with Antimony Ridge.

According to H1 2026 filings, prior-period financials showed revenue of US$110.9 million, net income of US$22.1 million, and operating cash flow of US$24.4 million. The company held US$43.0 million in cash and US$45.9 million in working capital, with no debt. There were 279.3 million shares outstanding, resulting in a book value of approximately US$0.40 per share.