Vancouver, Canada, March 17, 2023 – Heliostar Metals Limited (TSX.V: HSTR, OTCQX: HSTXF, FRA: RGG1) (“Heliostar” or the “Company”) is pleased to announce that further to its news releases dated December 6, 2022, January 17, 2023 and March 3, 2023, it has closed its previously announced non-brokered private placement offering (the “Offering”), of which the Company issued 92,727,272 units (each a “Unit”) at a price of C$0.22 per Unit for gross aggregate proceeds of approximately C$20,400,000 (US$15,000,000¹). The Company is also pleased to provide an update on its proposed acquisition (the “Transaction”) of all of the issued and outstanding shares of Aurea Mining Inc. (“Aurea Mining”), a wholly owned subsidiary of Argonaut Gold Inc. (“Argonaut”), which through Aurea Mining’s wholly owned subsidiary Minera Aurea S.A. de C.V. (“Minera Aurea”), holds a 100% indirect interest in and to the Ana Paula Gold project (the “Ana Paula Gold Project”), as well as its option agreement (the “Option Agreement”) with Argonaut and its wholly owned subsidiary, Compañía Minera Pitalla S.A. de CV, pursuant to which the Company has been granted an option (the “Option”) to acquire a 100% interest in the San Antonio Gold project (the “San Antonio Gold Project”).