Stonegate Capital Partners Mid-Quarter Update on Heliostar Metals Ltd (HSTR) 2Q26

Group 1 - Heliostar Metals Ltd is advancing its flagship Ana Paula project in Guerrero, highlighted by a positive Preliminary Economic Assessment (PEA) released in early Q4 2025 [1] - The PEA outlines total recovered production of approximately 875,000 ounces over a nine-year mine life, with mill feed averaging 5.37 g/t gold and an underground operation producing roughly 101,000 ounces per year at cash costs of approximately US$923 per ounce and all-in sustaining costs (AISC) of approximately US$1,011 per ounce [1] - At a gold price of US$2,400 per ounce, the PEA indicates a post-tax NPV5 of US$426 million, a 28% internal rate of return (IRR), and a payback period of 2.9 years, demonstrating strong leverage to higher gold prices [1] Group 2 - Management is progressing with engineering and metallurgical work, along with a 15,000-meter drill program aimed at upgrading inferred resources and extending high-grade and parallel panels [1] - A feasibility study is targeted for mid-2026, with the first underground production expected in 2028 [1]