Heliostar Announces Equity Incentive Plan

TSX.V: HSTR OTCQX: HSTXF

Heliostar Announces Equity Incentive Plan

Vancouver, Canada, February 2, 2023 – Heliostar Metals Limited (TSX.V: HSTR, OTCQX: HSTXF, FRA: RGG1) ("Heliostar" or the "Company") announces that at the Company’s Annual General and Special meeting held on December 13, 2022, the shareholders adopted an equity incentive plan (the “Plan”) which has a 10% rolling stock option component and a fixed Restricted Share Unit, Performance Share Unit and Deferred Share Unit components reserving an aggregate of 4,403,707 shares for issuance. Shareholder approval of the Plan must be obtained annually at the Company’s Annual General Meeting. In addition, the Plan must be submitted for Exchange review and acceptance on an annual basis.

For additional information please contact:

Charles Funk

Chief Executive Officer Heliostar Metals Limited Email: [email protected]

Rob Grey

Investor Relations Manager Heliostar Metals Limited Email: [email protected]

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

1090 West Georgia Street, Suite 700, Vancouver BC, V6E 3V7, Canada -- Tel +1 236 429 9306 TSX.V: HSTR, OTCQX: HSTXF, FRA: RGG1 CW19416073.1