Rio Silver Inc. (the ‘Company’ or ‘Rio Silver’) (TSX.V: RYO,OTC:RYOOF) (OTC: RYOOF) announces that, following regulatory approval, the closing of the previously-announced transaction (the ‘Transaction’) with Peruvian Metals Corp. (‘Peruvian’) to acquire 100% of the issued and outstanding common shares of Mamaniña Exploraciones S.A.C. (the ‘Subsidiary’), a Peruvian corporation, which holds mining rights in the Maria Norte project (the ‘Maria Norte Property’) located in Peru. The details and the terms of the Transaction are summarized in the Company’s previous press releases on March 26, June 25 and September 17, 2025.

Pursuant to the terms of the Transaction, on closing, Rio Silver has acquired from Peruvian 100% of the issued and outstanding common shares of the Subsidiary. In consideration, Rio Silver issued to Peruvian 3,999,999 common shares of the Company, representing 9.27 of the Company’s issued and outstanding share capital (accounting for the recent 5:1 share consolidation completed on July 3, 2025), and, in addition, under the terms of the Transaction, the Company is required to pay an aggregate of US$250,000 by making semi-annual payments to Peruvian over a period of five years commencing on June 15, 2025. To date, the Company has made the following cash payments (i) CDN$15,000 upon signing; (ii) US$22,500 upon an amendment; and (ii) US$25,000 option payment on June 15, 2025, resulting in US$225,000 payable in remaining option payments.

A geological report prepared in accordance with National Instrument 43-101 in respect of the Maria Norte Property will be filed at the Company’s profile on SEDAR+.

ON BEHALF OF THE BOARD OF DIRECTORS OF Rio Silver INC.

Chris Verrico
Director, President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

For further information,

Christopher Verrico, President, CEO
Tel: (604) 762-4448
Email: chris.verrico@riosilverinc.com
Website: www.riosilverinc.com

This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required by applicable laws.

(TheNewswire)

Vancouver, Canada, December 12, 2025 TheNewswire – Spartan Metals Corp. (‘ Spartan ‘ or the ‘ Company ‘) (TSX-V: W | OTCQB: SPRMF | FSE: J03) announces, effectively immediately, it has terminated the previously announced (November 17, 2025) investor relations agreement with ValPal Management Consultancy.

About Spartan Metals Corp.

Spartan Metals is focused on developing critical minerals projects in well-established and stable mining jurisdictions in the Western United States, with an emphasis on building a portfolio of diverse strategic defense minerals such as Tungsten, Rubidium, Antimony, Bismuth, and Arsenic.

Spartan’s flagship project is the Eagle Project in eastern Nevada that consists of the highest-grade historic tungsten resource in the USA (the past-producing Tungstonia Mine) along with significant under-defined resources consisting of: high-grade rubidium; antimony; bismuth; indium; as well as precious and base metals. More information about Spartan Metals can be found at www.SpartanMetals.com

On behalf of the Board of Spartan

‘Brett Marsh’

President, CEO & Director

Further Information:

Brett Marsh, M.Sc., MBA, CPG

President, CEO & Director

1-888-535-0325

info@spartanmetals.com

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

Copyright (c) 2025 TheNewswire – All rights reserved.

Located in Idaho’s prolific Silver Valley, the historical Ranger-Page workings and mineralized zones are geologically continuous with the Bunker Hill system

Silver Dollar Resources Inc. (CSE: SLV,OTC:SLVDF) (OTCQX: SLVDF) (FSE: 4YW) is pleased to announce that, further to the news release of October 27, 2025, it has completed the sale of the Ranger-Page Project, whereby Bunker Hill Mining Corp. and its subsidiary (together, ‘Bunker Hill’) have acquired from Silver Dollar Resources Inc. and its subsidiary (together, ‘Silver Dollar’ or the ‘Company’), the right, title and interest in the assets related to the Ranger-Page Project located in Shoshone County, Idaho, USA, which includes Silver Dollar’s 75% interest in the Government Gulch property and its related option rights under the Government Gulch Option and Joint Venture Agreement and the Page Mine Mineral Rights Lease and Option Agreement.

Figure 1: Plan map showing the location of the Bunker Hill – Ranger-Page land package in the Silver Valley.

To view an enhanced version of this graphic, please visit:
https://silverdollarresources.com/images/Ranger-Page/BNKR-RP_Silver-Valley.jpg

‘Finalizing this transaction represents the successful execution of our strategic vision for Ranger-Page. The closing immediately establishes Silver Dollar as a significant and supportive shareholder in a near-term producer, providing our investors with direct, leveraged exposure to the restart of the Bunker Hill Mine that is on track for first production in H1 2026,’ said Greg Lytle, President and CEO of Silver Dollar. ‘We believe this transaction delivers an accelerated path to value creation for our shareholders compared to the independent development of Ranger-Page, and we look forward to the growth of Bunker Hill in the years ahead through production and exploration.’

Figure 2: Cross-Section showing the Bunker Hill – Ranger-Page underground workings and target area.

To view an enhanced version of this graphic, please visit:
https://silverdollarresources.com/images/Ranger-Page/BunkerHill_RP-X-Section-Target-Area.jpg

Strategic Highlights:

• Consolidated Land Position: The acquisition unites the Ranger-Page and Bunker Hill properties into a contiguous land package, creating one of the largest and most prospective holdings by any single company in the Silver Valley.

• Exploration Upside: Historical drilling and production data from the Ranger-Page indicate high-grade silver-lead-zinc mineralization along the Page vein system, which remains open at depth and along strike.

• Infrastructure Synergies: The Ranger-Page Mines’ existing underground workings and surface access points could provide additional flexibility for future mine planning, ventilation, and exploration access to deeper levels of the Bunker Hill system.

• Complementary to Restart Plan: The acquisition is aligned with Bunker Hill’s ongoing restart of operations at the Bunker Hill Mine, targeted for H1 2026, and enhances the Company’s upside optionality for future resource expansion and mill feed sources.

• Community benefits: This has the potential to create more local employment opportunities within the Silver Valley and stimulate procurement from regional suppliers in ways that benefit the local communities.

Transaction Summary

Under the terms of the asset purchase agreement with Bunker Hill, Silver Dollar received 23,333,334 common shares of Bunker Hill valued at approximately $5,800,000 based on yesterday’s closing price of Bunker Hill’s shares on the TSX Venture Exchange. The Bunker Hill common shares will be subject to a statutory six-month hold period and contractual escrow, and will be released in accordance with the following schedule:

About the Ranger-Page Project

Located in a world-class silver district, the Ranger-Page land package covers six historic mines and adjoins the Bunker Hill Mining property. The primary target areas are up and down plunge from historic underground mining, along strike where ground-induced polarization (IP) surveys have identified anomalies, and where surface trenching has identified near-surface mineralization. Additional exploration targets have also been identified away from historic mine infrastructure, using soil geochemical data, mapping, and ground IP survey data.

About Bunker Hill Mining Corp.

Bunker Hill is an American mineral exploration and development company focused on revitalizing its historic mining asset: the renowned zinc, lead, and silver deposit in northern Idaho’s prolific Coeur d’Alene mining district. This strategic initiative aims to breathe new life into a once-productive mine, leveraging modern exploration techniques and sustainable development practices to unlock the potential of this mineral-rich region. Bunker Hill Mining Corp. aims to maximize shareholder value by responsibly harnessing the mineral wealth in the Silver Valley mining district, focusing its efforts on this single, high-potential asset. Information about the Company is available on its website, www.bunkerhillmining.com, or within the SEDAR+ and EDGAR databases.

About Silver Dollar Resources Inc.

Silver Dollar is a dynamic mineral exploration company focused on North America’s premier mining regions. Our portfolio includes the advanced-stage La Joya Silver (Cu-Au) Project, and the early-stage Nora Silver-Gold Project, both located in the prolific Durango-Zacatecas silver gold belt. The Company is fully funded for 2026 having recently closed a financing with continued support from financial backers that include renowned mining investor Eric Sprott, our largest shareholder. Silver Dollar’s management team is committed to an aggressive growth strategy and is actively reviewing potential acquisitions with a focus on drill-ready projects in mining-friendly jurisdictions.

For additional information, you can visit our website at silverdollarresources.com, download our investor presentation, and follow us on X at x.com/SilverDollarRes.

ON BEHALF OF THE BOARD,

Signed ‘Gregory Lytle’

Forward-Looking Statements:

This news release contains forward-looking statements and forward-looking information (collectively, ‘forward-looking statements’) within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the closing of the transaction, the benefits of the transaction for the Company, the exploration and development potential of the Ranger-Page and Bunker Hill projects, and the Company’s strategy and future plans, are forward-looking statements. Often, but not always, forward-looking information can be identified by words such as ‘pro forma,’ ‘plans,’ ‘expects,’ ‘will,’ ‘may,’ ‘should,’ ‘budget,’ ‘scheduled,’ ‘estimates,’ ‘forecasts,’ ‘intends,’ ‘anticipates,’ ‘believes,’ ‘potential’ or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved.

In making the forward-looking statements in this news release, the Company has made certain assumptions, including without limitation, the operational restart of the Bunker Hill Mine will proceed as planned, the integration of the Ranger-Page and Bunker Hill properties will deliver the anticipated operational and exploration synergies, and that market conditions for silver, zinc, and lead will remain supportive.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, the operational restart of the Bunker Hill Mine may be delayed or unsuccessful, the integration of the Ranger-Page and Bunker Hill properties may not deliver the anticipated operational and exploration synergies, and market conditions for silver, zinc, and lead may deteriorate. 

Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements in this news release except as otherwise required by law.

The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this news release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/277808

Standard Uranium Ltd. (TSXV: STND,OTC:STTDF) (OTCQB: STTDF) (FSE: 9SU0) (‘Standard Uranium’ or the ‘Company’) announces the conclusion, effective December 11, 2025, of an arm’s length property option agreement (the ‘Agreement’) with Aero Energy Ltd. (‘Aero’) dated October 20, 2023, that had allowed Aero to earn up to 100% interest in the Sun Dog Project (‘Sun Dog’, or the ‘Project’). Following the conclusion of the Agreement, full and unencumbered ownership of the Project has been returned to the Company. Standard Uranium is currently working on plans to advance exploration on Sun Dog, building upon recent drilling and geophysical programs in 2024 and 2025.

Sun Dog covers an area of 48,443 acres (19,604 ha) across nine mineral claims and is located 15 km Southeast of Uranium City on the northern margin of the Athabasca Basin (Figure 1). It hosts the historical Gunnar Uranium Mine, discovered in 1952, which doubled Canada’s uranium production and became the largest uranium producer globally in 1956. The Gunnar Mine produced approximately 18M lbs of U₃O₈ between 1953 and 1981^1,2.

Jon Bey, CEO & Director of Standard Uranium, commented, ‘Sun Dog is a fantastic project that continues to garner a great deal of interest from multiple companies. We are excited to have the Sun Dog project returned to our portfolio and confident that we will have another joint venture partner funding further exploration in the next year. I would also like to wish the team at Aero Energy future success as they focus their sites on their other uranium projects in Canada and the USA. They were a great partner to work with the past two years.’

Figure 1. Overview of the Sun Dog Project highlighting drill target areas, historical high-grade^* uranium occurrences³, and EM-conductors⁴.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10633/277772_82df2fcd64d3c957_001full.jpg

Sun Dog Highlights

• History of Production: The project hosts the historical Gunnar Mine which produced 18M pounds of U₃O₈ between 1953 and 1981 and was formerly the world’s largest uranium producer^1,2.

• Uranium Above and Below the Unconformity: Numerous recent and historical high-grade* uranium assays from outcrop samples across the Project range from 0.01% to 17.4% U₃O₈^3,4. These showings occur in both basement rocks below the Unconformity and perched within Athabasca sandstones above the Unconformity thus confirming the presence of unconformity-related high-grade uranium on the Sun Dog Project.

• Verified Targets: Stacked graphitic structural zones associated with uranium mineralization and prospective hydrothermal alteration have been intersected in multiple target areas during modern drill programs. The drill program results to date confirm a favorable geological environment for fluid movement and uranium deposition on the Project.

Modern Exploration

Recent exploration efforts by Standard Uranium have focused on multiple target areas across the Project, testing down-dip extensions of structures hosting uranium at surface with the aim of discovering high-grade unconformity mineralization and basement ‘roots’ of the mineralizing systems underlying the Athabasca sandstones.

Prospecting & Surface Exploration

Prospecting in 2020 led to the discovery of a new high-grade uranium showing named the Haven discovery and several zones of visible uranium mineralization at surface that returned uranium assay results of 3.58% U₃O₈, 1.7% U₃O₈, and 0.7% U₃O₈.⁵

In the summer of 2022, Standard Uranium executed a field mapping and prospecting program to expand upon the results of the 2020 prospecting program. Handheld RS-120 and RS-125 scintillometers were used to track radioactivity with more than 80 new mineralized boulder and bedrock locations discovered on Johnston and Stewart islands.

In 2024, occurrences of strong to intense radioactivity in outcropping basement rocks were identified at surface while prospecting at the Wishbone and Spring-Dome target areas, returning highly anomalous assays ranging from 0.02% to 13.0% U₃O₈.⁶

Additionally, the analytical results revealed a correlation between uranium and gold, while boron and other pathfinder elements highlighted the potential for a robust alteration footprint associated with uranium mineralization. Surficial grab samples from faults and veins cutting sandstone outcrop returned high concentrations of dravite (up to 75%), a uranium pathfinder mineral commonly associated with uranium-fertile systems.

Geophysical Surveys

In the winter of 2022, MWH Geo-Surveys Ltd. carried out a ground gravity survey and UAV-borne magnetic surveys in the areas of Johnston and Stewart islands on behalf of Standard Uranium. The gravity survey consisted of 3,388 unique gravity measurement stations with a station spacing of 50 to 100 m. The survey identified several variations in residual gravity and outlined multiple gravity low target areas on and around Stewart and Johnston islands.

An airborne VTEM^TM Plus survey was completed in 2024 to pinpoint graphitic rocks (conductors) favourable for hosting significant concentrations of uranium. This modern electromagnetic (‘EM’) survey improved upon historical surveys which have identified at least 40 km of combined conductor strike length.

In 2025, MWH Geo-Surveys Ltd. completed high-resolution ground gravity surveys along known conductive exploration trends across the Wishbone, McNie, and Armbruster South target areas, filling in the gaps between the previous 2022 gravity grids (Figure 2). These surveys have identified numerous density-low bullseye anomalies representing potential zones of hydrothermal alteration or structural disruption which are commonly associated with uranium mineralization events.

Figure 2. 2025 ground gravity survey areas covering the Armbruster South, Wishbone, and McNie EM conductor trends. Density-low anomalies representing potential alteration zones are highlighted by cool colours on the inverted gravity grids.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10633/277772_82df2fcd64d3c957_002full.jpg

Drill Programs

Standard Uranium carried out two drill programs on the Project during the winters of 2022 and 2023, in addition to operating a program in 2024 funded by Aero. In total, 4,062 m of diamond drilling has been completed by the Company across 21 drill holes on the Project.

Historical exploration efforts primarily focused on the ‘Beaverlodge-style’ deposit model, targeting lower-grade, fault-hosted mineralization visible at the surface. This approach did not target, and would not have been effective for, the high-grade ‘Unconformity-related’ basement-hosted deposits associated with graphitic rocks more recently discovered near the Athabasca Basin’s edge (e.g. Arrow, Triple R).

Recent diamond drill programs have been successful in identifying key geological characteristics prospective for significant uranium mineralizing systems on the Project, which in turn will aid in planning and prioritization of additional exploration targets for follow-up drill programs.

Drilling highlights include^3,8:

• Widespread hydrothermal alteration zones containing illite-rich and dravitic clays and abundant iron-oxide minerals intersected in multiple drill holes, indicating a robust fluid system with prospective chemistry for uranium.

• Significant structural influence evidenced to control high-grade uranium mineralization and anomalous radioactivity in drill holes.

• Reactivated graphitic shear zones & quartz-hematite breccias intersected over 10s of metres in several drill holes indicate ideal structural regime providing the plumbing system for uranium mobilization.

• Favorable geochemistry returned in multiple drill holes, including prospective clay spectroscopy results (dravite), elevated pathfinder elements, and anomalous uranium correlated to lead isotope ratios which may be used as an additional exploration vector.

• Uranium mineralization confirmed by anomalous uranium assays was intersected in multiple drill holes, coinciding with prospective structure and favorable alteration.

Qualified Person Statement

The scientific and technical information contained in this news release has been reviewed, verified, and approved by Sean Hillacre, P.Geo., President and VP Exploration of the Company and a ‘qualified person’ as defined in NI 43-101 – Standards of Disclosure for Mineral Projects.

Samples collected for analysis by the Company were sent to SRC Geoanalytical Laboratories in Saskatoon, Saskatchewan for preparation, processing, and ICP-MS multi-element analysis using total and partial digestion, gold by fire assay, and boron by fusion. Basement samples were tested with ICP-MS2 uranium multi-element exploration package plus boron. All basement samples marked as radioactive upon arrival to the lab were also analyzed using the U₃O₈ assay (reported in wt %). Basement rock split interval samples range from 0.1 to 0.5 m. SRC is an ISO/IEC 17025:2005 and Standards Council of Canada certified analytical laboratory. Blanks, standard reference materials, and repeats were inserted into the sample stream at regular intervals in accordance with Standard Uranium’s quality assurance/quality control (QA/QC) protocols. All samples passed internal QA/QC protocols, and the results presented in this release are deemed complete, reliable, and repeatable.

Samples containing clay alteration were sent to Rekasa Rocks Inc. in Saskatoon, Saskatchewan to be analyzed by Short Wavelength Infrared Reflectance (‘SWIR‘) via a Portable Infrared Mineral Analyzer (‘PIMA‘) to verify clay species. All depth measurements reported are down-hole measurements and true thicknesses are yet to be determined.

Historical data disclosed in this news release relating to sampling results from previous operators are historical in nature. Neither the Company nor a qualified person has yet verified this data and therefore investors should not place undue reliance on such data. The Company’s future exploration work may include verification of the data. The Company considers historical results to be relevant as an exploration guide and to assess the mineralization as well as economic potential of exploration projects. Any historical grab samples disclosed are selected samples and may not represent true underlying mineralization.

Natural gamma radiation from rocks reported in this news release was measured in counts per second (‘cps’) using a handheld RS-125 super-spectrometer and RS-120 super-scintillometer. Readers are cautioned that scintillometer readings are not uniformly or directly related to uranium grades of the rock sample measured and should be treated only as a preliminary indication of the presence of radioactive minerals. The RS-125 and RS-120 units supplied by Radiation Solutions Inc. (‘RSI‘) have been calibrated on specially designed Test Pads by RSI. Standard Uranium maintains an internal QA/QC procedure for calibration and calculation of drift in radioactivity readings through three test pads containing known concentrations of radioactive minerals. Internal test pad radioactivity readings are known and regularly compared to readings measured by the handheld scintillometers for QA/QC purposes.

References

1. Gunnar Uranium Mine: From Cold War Darling to Ghost Town, L. Schramm, Saskatchewan Research Council, 2018.
2. Geology and Genesis of Major World Hardrock Uranium Deposits, United States Geological Survey, Open-File Report 81-166, 1981.
3. Technical Report on the Sun Dog Property – Northwestern Saskatchewan, Canada, Effective date June 30, 2023
4. Information obtained from Saskatchewan Mineral Deposit Index and historical report from Uranium City Resources, 2007

^*The Company considers uranium mineralization with concentrations greater than 1.0 wt% U₃O₈ to be ‘high-grade’.

^**The Company considers radioactivity readings greater than 65,535 counts per second (cps) on a handheld RS-125 Super-Spectrometer to be ‘off-scale’.

^***The Company considers radioactivity readings greater than 300 counts per second (cps) on a handheld RS-125 Super-Spectrometer to be ‘anomalous’.

About Standard Uranium (TSXV: STND,OTC:STTDF)

We find the fuel to power a clean energy future

Standard Uranium is a uranium exploration company and emerging project generator poised for discovery in the world’s richest uranium district. The Company holds interest in over 235,435 acres (95,277 hectares) in the world-class Athabasca Basin in Saskatchewan, Canada. Since its establishment, Standard Uranium has focused on the identification, acquisition, and exploration of Athabasca-style uranium targets with a view to discovery and future development.

Standard Uranium’s Davidson River Project, in the southwest part of the Athabasca Basin, Saskatchewan, comprises ten mineral claims over 30,737 hectares. Davidson River is highly prospective for basement-hosted uranium deposits due to its location along trend from recent high-grade uranium discoveries. However, owing to the large project size with multiple targets, it remains broadly under-tested by drilling. Recent intersections of wide, structurally deformed and strongly altered shear zones provide significant confidence in the exploration model and future success is expected.

Standard Uranium’s eastern Athabasca projects comprise over 43,185 hectares of prospective land holdings. The eastern basin projects are highly prospective for unconformity related and/or basement hosted uranium deposits based on historical uranium occurrences, recently identified geophysical anomalies, and location along trend from several high-grade uranium discoveries.

Standard Uranium’s Sun Dog project, in the northwest part of the Athabasca Basin, Saskatchewan, is comprised of nine mineral claims over 19,603 hectares. The Sun Dog project is highly prospective for basement and unconformity hosted uranium deposits yet remains largely untested by sufficient drilling despite its location proximal to uranium discoveries in the area.

Cautionary Statement Regarding Forward-Looking Statements

This news release contains ‘forward-looking statements’ or ‘forward-looking information’ (collectively, ‘forward-looking statements’) within the meaning of applicable securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as of the date of this news release. Forward-looking statements include, but are not limited to, statements regarding: the timing and content of upcoming work programs; geological interpretations; timing of the Company’s exploration programs; and estimates of market conditions.

Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by forward-looking statements contained herein. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Certain important factors that could cause actual results, performance or achievements to differ materially from those in the forward-looking statements are highlighted in the ‘Risks and Uncertainties’ in the Company’s management discussion and analysis for the fiscal year ended April 30, 2025.

Forward-looking statements are based upon a number of estimates and assumptions that, while considered reasonable by the Company at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies that may cause the Company’s actual financial results, performance, or achievements to be materially different from those expressed or implied herein. Some of the material factors or assumptions used to develop forward-looking statements include, without limitation: that the transaction with the Optionee will proceed as planned; the future price of uranium; anticipated costs and the Company’s ability to raise additional capital if and when necessary; volatility in the market price of the Company’s securities; future sales of the Company’s securities; the Company’s ability to carry on exploration and development activities; the success of exploration, development and operations activities; the timing and results of drilling programs; the discovery of mineral resources on the Company’s mineral properties; the costs of operating and exploration expenditures; the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); uncertainties related to title to mineral properties; assessments by taxation authorities; fluctuations in general macroeconomic conditions.

The forward-looking statements contained in this news release are expressly qualified by this cautionary statement. Any forward-looking statements and the assumptions made with respect thereto are made as of the date of this news release and, accordingly, are subject to change after such date. The Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/277772

Ground radiometrics, soil geochemistry and mapping reinforce the potential for a Rossing-style system beneath shallow cover

ReeXploration Inc. (TSXV: REE) (FSE: K2I0) (‘ReeXploration’ or the ‘Company’) is pleased to announce results from its uranium field program, which provide strong support for the scale and technical validity of the previously-announced uranium target at the Eureka Project in Namibia. The Company believes the target has the potential to represent a large, under-cover Rössing-style uranium system. A drill program is planned for early 2026 to provide initial testing of the target.

HIGHLIGHTS:

• Strong correlation between airborne and ground uranium signatures strengthens confidence in continuity of target
  • Areas of very high total gamma readings, including zones above 1,500 counts per second (‘cps’), identified above interpreted leucogranites
• Soil geochemistry confirms the radiometric signal is uranium-bearing
  • Uranium-rich soils mapped with values up to 114 ppm U (pXRF)
• Mapping highlights key indicators consistent with Rössing-style uranium systems
  • Favourable rock types and grab samples up to 853 ppm U (pXRF) provide encouraging indicators of a uranium-bearing system below cover
• Evidence points to a large, cohesive uranium system
  • Geological setting and signature show strong similarity with known Namibian uranium systems (Rössing, Omaholo and Etango) when compared at equal scale
• Drill program planned to test Rössing-style model
  • Program aims to provide initial testing of the large-scale target

Christopher Drysdale, Interim CEO for ReeXploration, added, ‘This field program has materially advanced our understanding of the uranium target at Eureka. The strong alignment between airborne radiometrics, ground radiometrics, geology and soil geochemistry provides exactly the type of multi-layered confirmation you want to see before drilling. Namibia is one of the world’s most important uranium jurisdictions, and Eureka lies in the same structural corridor that hosts Rössing, Husab, Etango, Omaholo and Norasa. The scale of this anomaly, and the quality of the early technical indicators, point to a meaningful discovery opportunity.’

Field Program Results

Four grids across the broad airborne uranium anomalies southwest of the Eureka Dome were defined for follow-up ground investigation (Figure 1). A ground spectrometer survey and soil sampling program were executed by the Company across the four grids. The objectives included obtaining a greater understanding of the nature, cause and extent of the anomalies, and identifying any highly anomalous areas.

Figure 1: Grids 1 to 4 covering the airborne uranium radiometric anomalies.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6102/277795_8e4d6f7a54a09b55_001full.jpg

Ground Spectrometer Survey

A total of 102-line kilometers of ground spectrometer survey was completed across the four grids, with survey lines running east-west and spaced 100 m apart. Overall, a very good correlation was achieved with the airborne radiometric uranium anomalies. The ground surveying highlighted areas of very high anomalism with values up to 2,255 cps. Low radioactivity corresponds with more massive calc-silicate exposure, covered areas, and drainage sediments, whereas high radioactivity corresponds with gypcretes/calcretes overlying leucogranite. Secondary uranium (carnotite) was found in the overburden (sand/sheetwash), as well as in in-situ leucogranite and schist. Sand cover increases to south attenuating radioactive signal (Figure 2).

Figure 2: Ground spectrometer survey completed across the four grids.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6102/277795_8e4d6f7a54a09b55_002full.jpg

The field spectrometer survey has confirmed the regional scale of the airborne radiometric uranium anomalies. The anomalies relate to widespread uranium mineralization occurring within thin overburden, which is best visible where drainages have incised a regionally occurring gypcrete/calcrete horizon with anomalous values ranging from 300 to 1,500 cps (Figure 3).

Figure 3: Mineralized leucogranite and gypcrete/calcrete found during reconnaissance field work and the ground spectrometer survey.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6102/277795_8e4d6f7a54a09b55_003full.jpg

Soil Sampling pXRF Results

A total of 1,040 soil samples were collected across the four grids at 100 x 100 m spacing and analyzed with the Company’s portable XRF. High uranium in soils are evident where secondary uranium (carnotite) was found in gypcrete / calcretes primarily along drainages (Figure 4).

Figure 4: Uranium in soil pXRF results from the soil sampling campaign.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6102/277795_8e4d6f7a54a09b55_004full.jpg

Initial Drill Target Areas

Six initial drill target areas have been identified based on coincident; 1) airborne uranium radiometric anomalies, 2) high total gamma (>500 cps) from ground spectrometer survey, 3) uranium in soils (>10 ppm pXRF), and 4) zones of interpreted leucogranites in contact with reactive calc-silicate rocks (Figure 5). The target areas include occurrences of visible secondary uranium mineralization identified within leucogranites and gypcretes/calcretes.

Figure 5: Initial drill target areas.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6102/277795_8e4d6f7a54a09b55_005full.jpg

Next Steps: Diamond Drilling Expected to Commence Early 2026

ReeXploration is in the final stages of contractor selection and anticipates mobilizing in early 2026 for a 2,000-metre inaugural diamond drilling program. The program is designed to test for primary uranium mineralization within the leucogranites (Rössing-style model) beneath the weathering profile. Drilling is expected to comprise a series of heel-to-toe drill fences across priority target areas. The initial program is planned to consist of approximately ten holes averaging 200 metres in length. A detailed drilling schedule will be released once mobilization dates are confirmed, and the program remains subject to financing.

Technical Disclosure

Field analysis of rock and soil samples was carried out using a calibrated SciAps X-555 portable X-Ray Fluorescence (pXRF) analyzer. The instrument is capable of detecting uranium providing a rapid, preliminary, and semi-quantitative indication of uranium concentrations which is considered sufficiently reliable for initial reporting of initial field reconnaissance results. Select samples are expected to be verified through uranium assay at an accredited laboratory.

Counts per second (‘cps’) results were collected using an RS-125 handheld gamma-ray spectrometer. The RS-125 measures natural radioactivity from potassium (K), uranium (U), and thorium (Th), providing real-time counts-per-second (cps) readings that assist in identifying zones of elevated radioactivity and guiding geological mapping and sampling programs. The cps measurements are qualitative in nature and should not be interpreted as equivalent to uranium concentrations obtained through laboratory analysis.

Qualified Person

Tolene Kruger, BSc. (Hons), M.Sc., is a consulting geologist and has reviewed and approved the scientific and technical information in this news release. Mrs. Kruger is registered as Professional Natural Scientist (Pr.Sci.Nat.) with the South African Council for Natural Science Professions (SACNASP, Reg. No.: 148182), and a Qualified Person for the purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

About ReeXploration Inc.

ReeXploration (TSXV: REE) (FSE: K2I0) is a Canadian exploration company positioned to help meet surging global demand for secure, responsible supplies of critical minerals essential to the clean energy transition, advanced technologies and national defense. The Company’s flagship Eureka Project in central Namibia pairs a technically proven rare earth foundation – supported by the production of a clean, Western-standard monazite concentrate – with a newly defined, high-priority uranium target located within one of the world’s most established uranium corridors. Together, these commodities provide multi-path discovery potential aligned with accelerating global efforts to diversify critical mineral and nuclear fuel supply. Supported by a Namibia-based technical team and guided by global critical minerals experts, ReeXploration is advancing a disciplined, discovery-led strategy, building a credible, ESG-aligned platform positioned to benefit from the global race to diversify and secure responsible supply chains.

Caution Regarding Forward-Looking Information

This press release may contain forward-looking information. This information is based on current expectations and assumptions (including assumptions relating to general economic and market conditions) that are subject to significant risks and uncertainties that are difficult to predict. Actual results may differ materially from results suggested in any forward-looking information. Exploration does not assume any obligation to update forward-looking information in this release, or to update the reasons why actual results could differ from those reflected in the forward-looking information unless and until required by securities laws applicable to ReeXploration. Additional information identifying risks and uncertainties is contained in the filings made by ReeXploration with Canadian securities regulators, which filings are available at www.sedarplus.ca.

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/277795

Apex Resources Inc. (TSXV: APX,OTC:SLMLF) (OTCID: SLMLF) (‘Apex’ or the ‘Company’) announces the appointment of Michael Malana as Chief Financial Officer (‘CFO’) of the Company, effective today, following the resignation of Dennis Cojuco as the Company’s CFO.

Mr. Malana brings more than 20 years of international experience in financial management, financial reporting and general corporate governance. He has held senior financial executive roles across the natural resources, biotechnology, and manufacturing sectors. Mr. Malana holds a Bachelor of Commerce from Concordia University and is a Chartered Professional Accountant (Certified Management Accountant).

The Board, management, and extended Apex team extend their sincere thanks to Mr. Cojuco for his exemplary service and dedication and contribution to the company.

Clarification on the Amended Lithium Creek Project Option Agreement

The Company also wishes to clarify that the exploration and development expenditures due to be completed on or before August 25, 2026, in its news release dated October 27, 2025, increased from $1,000,000 (instead of $1,200,000) to $1,266,000.

About Apex Resources Inc.

Apex is a Vancouver-based exploration company with a suite of precious and critical minerals projects and historic mines located in the United States and Canada.

The Lithium Creek Project is Apex’s flagship project with placer claims covering hundreds of square miles within the aerially extensive Fernley, Humboldt, and Carson Sinks, and includes widespread naturally flowing lithium brine groundwater. The Lithium Creek Project is strategically located near the City of Reno and within 40 minutes of the principle North American battery hub, hosting the Tesla Gigafactory and other key industry players in the Lithium Ion battery supply chain.

The Jersey-Emerald Property is wholly owned by Apex and encompasses the historic Jersey Lead-Zinc Mine – British Columbia’s second largest historic zinc mine, and the Emerald Tungsten Mine – Canada’s second largest historic tungsten mine, both located in southern British Columbia.

On Behalf of the Board of Directors of

Apex Resources Inc.

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/277830

Company Highlights:

• Upside Case shows US$972M post tax NPV5, 59.3% IRR, with a 1.4 year payback at a US$3,900/oz gold price

• 1.31M GEOs produced over a 15.3 year mine life, averaging approximately 85,700 GEOs/yr (94,000 GEOs/yr over Years 1-5) at a co-product AISC of US$1,390/GEO

• Initial capital expenditure of US$195.3M for an open pit, heap leach mine and SART plant, including owner’s costs, contingency and initial working capital requirements

• Average annual free cash flow of US$47.6M at $2,300/oz gold price (US$104.5 at $3,900/oz) driven by 0.73 g/t AuEq life of mine head grade, low strip ratio (0.3:1) and low sustaining capital

• Indicated resource of 240Mt grading 0.63 g/t AuEq for 4.9M GEOs (0.38g/t gold, 13.78g/t silver, 0.10% copper), and an Inferred resource of 24Mt grading 0.52 g/t AuEq for 0.4M GEOs (0.28g/t gold, 13.67g/t silver, 0.09% copper), providing significant upside opportunities if property boundary constraints lifted

Vancouver, British Columbia–(Newsfile Corp. – December 11, 2025) – Heliostar Metals Ltd. (TSXV: HSTR,OTC:HSTXF) (OTCQX: HSTXF) (FSE: RGG1) (‘Heliostar‘ or the ‘Company‘) is pleased to announce strong economics in an updated Prefeasibility Study (‘PFS’) for its 100% owned Cerro del Gallo project located in the state of Guanajuato, Mexico.

Heliostar CEO, Charles Funk, commented, ‘The Cerro del Gallo Prefeasibility Study demonstrates a mine that fits perfectly with Heliostar’s growth trajectory to larger, lower cost operations. The project has low CAPEX, shows strong free cash flow at a conservative gold price and significant resource upside. With this study the value of Cerro del Gallo to Heliostar has now been established, having been delayed due to our initial focus on operations following the acquisition of the mines and properties in November 2024. This study confirms Cerro del Gallo as an important development project in the Heliostar portfolio, and the Company plans to continue technical work, permitting and community engagement to advance the project to a feasibility level. Organic growth from Ana Paula first, and later from Cerro del Gallo, is planned to launch Heliostar to 300,000 ounces of annual gold equivalent production by the end of the decade.’

The technical report supporting this news release will be available on SEDAR+ (www.sedarplus.ca) and on the Company’s website (www.heliostarmetals.com) within the next 45 days. The Cerro del Gallo technical report that is the subject of this news release will use United States dollars (USD or US$) unless otherwise noted.

Cerro del Gallo Prefeasibility Study Overview

The Prefeasibility Study is based on the current reserve base of 2.27M GEOs of Probable Mineral Reserves as shown in the Mineral Reserves Update effective July 31, 2025.

The study outlines a 15.3 year mine life, producing 85,700 koz gold equivalent ounces (‘GEOs’) per year at an average total cash cost of $1,252/GEO and an all-in sustaining cost (AISC) of $1,390 GEO, and costing $195.3M in initial capital expenditures (‘CAPEX’) to bring into production. At the base case gold price of $2,300 per ounce, this results in an after-tax NPV of $424M, an IRR of 33.1% and a payback period of 2.3 years.

The Cerro del Gallo project is envisaged as a 6 million tonne-per-year open-pit mining operation using conventional drill, blast, load, and haul methods, with mining activities performed by a contractor-supplied fleet. Ore will be crushed using a multi-stage crushing circuit, including conventional crushing and High Pressure Grinding Roll (‘HPGR’), and stacked on a lined heap-leach pad. Leaching will use conventional cyanide solution application. Pregnant solution will be processed through an adsorption, desorption and recovery (‘ADR’) circuit for gold recovery, producing gold doré on-site. Copper and silver dissolved in solution will be recovered through a sulphidization, acidification, recycling, and thickening (‘SART’) circuit and shipped to smelters.

A dedicated waste rock storage facility will be located adjacent to the open pit, sized according to life-of-mine requirements, with engineered drainage and environmental controls. Processing residues will consist primarily of leached material on the heap-leach pad; therefore, no conventional tailings storage facility will be required. Site infrastructure will include an upgraded connection to the national power grid, a reliable water supply from permitted local wells, and supporting buildings such as a maintenance shop, warehouse, administration offices, security facilities, and expanded camp accommodations for operational staff.

Key Highlights

1. Non-International Financial Reporting Standards (IFRS) measures. All-in sustaining costs (AISC) were first issued by the World Gold Council (WGC) in 2013 with an updated Guidance note issued in 2018.
2. Includes US$132.0 million reclamation expenditure at the end of the mine life.

1. All other key parameters set at base assumptions, including the 5% discount rate used. More detailed analysis will be presented in the full technical report.
2. After tax return estimates.
3. Base gold price assumption used in the technical report.
4. Comparison gold price of US$3,900 with reference to US$4,198 London Bullion Market Association (LBMA) PM gold price on trading day December 9, 2025.

Figure 1 – Isometric View of Cerro del Gallo Resource with Reserve Pit Shell

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7729/277693_7638a1be94ca1834_001full.jpg

Figure 2 – Cross Section through Cerro del Gallo Resource with Reserve Pit Shell

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7729/277693_7638a1be94ca1834_002full.jpg

Forecast Operating Cost Estimates

Operating costs at the Cerro del Gallo Project will benefit from the simplicity of a truck and shovel open pit mine, very low strip ratio, and access to low-cost grid power and regional infrastructure. The crush-agglomerate-heap-leach-ADR-SART flowsheet utilizes industry standard equipment and processes. It supports efficient processing of the Cerro del Gallo ore with moderate reagent use and no requirement for milling or conventional tailings storage.

Estimations of total cash costs average US$1,252/GEO, with AISC of US$1,390/GEO over the 15.3-year mine life. Revenue credits from copper and silver recovered through the SART circuit further strengthen operating margins and contribute to a robust, long-life cost profile.

Total Operating Cost Summary

Forecast Capital Cost Estimates

The initial capital cost for the project is estimated to be $195.3M including $15.6M for initial working capital (60 days) and $22.3M in total contingency. The total initial required capital expenditure will benefit from proximity to infrastructure and the assumption of a contractor-supplied fleet. Sustaining capital costs are primarily related to completion of a powerline to the site and three leach pad expansions. The cost estimate is based on more advanced work that will progress into a feasibility study, however, it includes a contingency of 17.5% of the total cost.

The Company’s LOM plan allocates US$132.0M for reclamation work at the end of the mine life.

Forecast Capital Cost Summary

Economic Analysis

The economic analysis shows a base case after-tax net present value at a discount rate of 5% of US$423.9M, an after-tax internal rate of return of 33.1%, and a payback period of 2.3 years at US$2,300/oz gold. The projected mine life is 15.3 years in the PFS. Approximately 1,310k GEOs (888 koz gold, 22.2 Moz silver and 59 kT copper) are projected to be produced and sold over the life of the mine.

Summary Economic Results

Metal Prices

The gold market has experienced significant upward price movement in the past few years. The gold price at the effective date of the technical report is about 83% above the base case gold price used in the study.

The sensitivity analysis presents gold price scenarios up to US$4,100/gold ounce (near spot prices) to understand the potential impact of continued gold price movements. From the base case price of $2,300/oz, a change in the average gold price of 10% (US$230/gold ounce) would change the after-tax NPV_5% by approximately US$76.2M.

The economics of the Prefeasibility Study are most sensitive to changes in gold price and grade and less sensitive to operating costs and initial capital costs.

Gold Price Sensitivity Analysis

Figure 3 – Planned Cerro del Gallo Site Layout

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7729/277693_7638a1be94ca1834_003full.jpg

Figure 4 – Cerro del Gallo Process Flow Sheet

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7729/277693_7638a1be94ca1834_004full.jpg

Figure 5 – Cerro del Gallo Planned Production Schedule

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7729/277693_7638a1be94ca1834_005full.jpg

Next steps

The next steps by Heliostar at Cerro del Gallo will focus on conversion of resources to reserves and additional resource growth.

This plan includes additional resource and reserve drilling, updating geological interpretations, metallurgical testing and trade off studies. Positive changes to the gold price have resulted in an increase to the potential size of the reserve. Additional metallurgical analysis and data points are required on the deposit to support this increase.

The Company intends to drill with a focus on increasing both mineral resources and reserves and to improve the geological interpretation for the deposit. Mineralization remains open to the north and at depth. The north is considered a high potential target for reserve growth but historically was not drilled due to surface access limitations. The drill density decreases at depth as noted in Figure 2 with in-fill drilling having potential to improve resource classifications. Further, mineralization is open at depth with potential to expand resources.

Subject to confirming the extent of the mineral resource at Cerro del Gallo, the Company intends to refine the planned process flowsheet, start preparing permitting and social plans and commence work to prepare a feasibility study. Development of Cerro del Gallo is planned after Ana Paula has been commissioned and is in production.

Mineral Resource Estimates

Mineral Resources for the Cerro del Gallo deposit were updated as part of the 2025 Prefeasibility Study and are summarized in the accompanying table. The Mineral Resources have an effective date of July 31, 2025, and are reported on an in-situ basis in accordance with the 2014 Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves.

Mineral Resources Statement

Notes to accompany Mineral Resources table:

1. Mineral Resources are reported within a resource shell constrained by the property boundary using the 2014 CIM Definition Standards.
2. Mineral Resources have an effective date of 31 July 2025. The Qualified Person for the estimate is Mr. Timothy O. Kuhl, Reg Mem SME and Principal Geologist with Mine Technical Services.
3. An NSR is used for reporting Mineral Resources by material type. NSR cutoffs of $11.81 for Oxide, $10.66 for Mixed Oxide, $11.81 for Mixed Sulfide and $11.23 for Sulfide were used. The NSR is determined based on estimated processing costs of US$9.10/t, general and administrative costs of US$0.90t, production taxes and royalty costs of US$1.40/t. Metal prices of US$2,500/oz Au, US$30.50/oz Ag, and US$4.60/lb Cu were used in calculating the NSR. In addition, a gold recovery of 74%, a silver recovery of 60% and a copper recovery of 17% were used for Oxide material; a gold recovery of 68%, a silver recovery of 73% and a copper recovery of 62% were used for Mixed Oxide material; a gold recovery of 61%, a silver recovery of 58% and a copper recovery of 73% were used for Mixed Sulfide material; and a gold recovery of 53%, a silver recovery of 35% and a copper recovery of 59% were used for Sulfide material in the NSR calculation.
4. Based on the stated metal prices and recoveries, the gold equivalent grades were calculated as AuEq = Au Grade + (((Cu Price in US$/lb * 22.0462 * Cu Recovery and Payable) / (Au Price in US$/g * Au Recovery and Payable)) * Cu Grade) + (((Ag Price in US$/g * Ag Recovery and Payable) / (Au Price in US$/g * Au Recovery and Payable)) * Ag Grade). The average overall payables from the smelter and refineries were estimated at 98.8% for gold, 90.1% for silver, and 88.2% for copper.
5. Tonnage and grade estimates are in metric units.
6. Mineral Resource tonnage and contained metal have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding.

Mineral Reserve Estimates

Mineral Reserves for the Cerro del Gallo deposit as part of the 2025 Prefeasibility Study have an effective date of July 31, 2025, are reported at the point of delivery to the leach facility, and are stated in accordance with the 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves.

The Mineral Reserves estimate is based on a 6 Mtpa open-pit mining operation, with ore processed through the established crushing, agglomeration, heap-leach, ADR, and SART circuits. The resulting Mineral Reserves statement is provided in the following table.

Mineral Reserves Statement

Notes to accompany Mineral Reserves table:

1. Mineral Reserves are reported at the point of delivery to the process plant, using the 2014 CIM Definition Standards.

2. Mineral Reserves have an effective date of 31 July 2025. The Qualified Person for the estimate is Mr. Jeffrey Choquette, P.E., of Hard Rock Consulting.

3. An NSR cutoff of $12.50/t was used for reporting the Mineral Reserves which is based on estimated processing costs of US$9.10/t, general and administrative costs of US$0.90t, production taxes and royalty costs of US$1.40/t. Metal prices of US$2,200/oz Au, US$26.50/oz Ag, and US$4.00/lb Cu were used in calculating the NSR. In addition, a gold recovery of 74%, a silver recovery of 60% and a copper recovery of 17% were used for Oxide material, a gold recovery of 68%, a silver recovery of 73% and a copper recovery of 62% were used for Mixed Oxide material, a gold recovery of 61%, a silver recovery of 58% and a copper recovery of 73% were used for Mixed Sulfide material and a gold recovery of 53%, a silver recovery of 35% and a copper recovery of 59% were used for Sulfide material in the NSR calculation.

4. Based on the stated metal prices and recoveries, the gold equivalent grades were calculated as AuEq = Au Grade + (((Cu Price in US$/lb * 22.0462 * Cu Recovery and Payable) / (Au Price in US$/g * Au Recovery and Payable)) * Cu Grade) + (((Ag Price in US$/g * Ag Recovery and Payable) / (Au Price in US$/g * Au Recovery and Payable)) * Ag Grade). The average overall payables from the smelter and refineries were estimated at 98.8% for gold, 90.1% for silver and 88.2% for copper.

5. Mineral Reserves are reported within the ultimate reserve pit design.

6. Tonnage and grade estimates are in metric units.

7. Mineral Reserve tonnage and contained metal have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding

Qualified Persons

The technical report for the Cerro del Gallo Project will be prepared for Heliostar Metals Ltd. by Mr. Ted Eggleston, Ph.D., RM SME, PGEO, Mr. Tim Kuhl, MSc, RPG, RM-SME, Mr. Jeffrey Choquette, P.E., Mr. Marvin Silva, PhD, PE, PEng., Mr. Todd Minard P.E., Mr. Travis Manning, P.E., QP, Mr. Carl Defilippi, RM SME, and Ms. Dawn Garcia, CPG. Each of these Qualified Persons has reviewed and approved the technical information contained in this news release in their area of expertise and are independent of the Company.

Qualified Persons with Respect to this News Release

Gregg Bush, P.Eng. and Mike Gingles, the Company’s Qualified Persons, as such term is defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, have reviewed the scientific and technical information not derived from the updated technical reports and included in this news release in the Company Overview, Commentary by the Company on Relevant Matters and Commentary by the Company on Next Steps and Permitting sections for each property and have approved the disclosure herein.

Data Verification

The Qualified Persons for the technical reports verified the data in the report for their areas of expertise and concluded that the information supported Mineral Resource estimation, and could be used in mine planning and economic analysis. The verification completed by each Qualified Person is discussed in each technical report and included site visits, and could include data audits, evaluation of the suitability of data for use in estimation and mine planning, quality assurance and quality control checks, review of available technical and economic study data, review of data collection and evaluation methods, review of production data including reconciliation where available, review of actual cost data for operations, and review of third-party inputs to forecasts.

The Company’s Qualified persons verified the information that was not derived from the technical reports. The data verification included site visits, data audits, review of available study data, review of data collection and evaluation methods, review of production data including reconciliation where available, review of actual cost data for operations, and review of third-party inputs to forecasts, and consideration of the Company’s plans for the projects.

About Heliostar Metals Ltd.

Heliostar is a gold mining company with production from operating mines in Mexico. This includes the La Colorada Mine in Sonora and the San Agustin Mine in Durango. The Company also has a strong portfolio of development and exploration stage projects in Mexico and the USA. These include the Ana Paula project in Guerrero, the Cerro del Gallo project in Guanajuato, the San Antonio project in Baja Sur, all in Mexico and the Unga project in Alaska, USA.

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.

Cautionary Statement Regarding Forward-Looking Information

This news release contains ‘forward-looking statements’ and ‘forward-looking information’ (together, ‘forward-looking statements’) within the meaning of applicable Canadian securities laws and the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, are forward-looking statements and are based on the opinions and estimates of management as of the date hereof. Forward-looking statements in this release include, but are not limited to: the economic potential or projections of the PFS, including, but not limited to, estimates of capital and operating costs, mine life, throughput, grades, recoveries, production rates, payback period, NPV and IRR; statements regarding expected timing, scope and cost of planned exploration, drilling, metallurgical and engineering programs, or any future work or social programs generally; the anticipated timing of completion of a Feasibility Study; expectations concerning permitting, submission and approval of amendment applications; the timing and potential development of an underground decline or early-works program; the potential for additional mineralization at depth and future exploration success or improvements in resource classification; the availability of the PFS within the prescribed deadline, the Company’s plans regarding financing arrangements, including the potential for a project finance facility; the expectation that cash flow from existing operations may fund future development; projections of future metal prices; the potential for Cerro Del Gallo to be placed into production and the timing thereof; and other statements regarding the Company’s future plans, strategies, objectives, expectations and intentions.

Forward-looking statements are based on a number of assumptions considered reasonable by management at the time of making such statements, including, without limitation: the accuracy of the PEA assumptions and parameters; that required permits and approvals will be obtained on reasonable terms and within expected timeframes; the availability of financing for exploration and development activities on acceptable terms; that projected metallurgical recoveries and operating costs will be achieved; that community and governmental support for operations will continue; the reliability of certain assumptions and known risks; and general stability in economic and market conditions, exchange rates and commodity prices.

Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied. Such risks include, without limitation: the preliminary nature of the PFS; risks related to exploration, development, permitting and operating activities; cost escalation and inflation; geopolitical or economic uncertainty or force majeure events; changes in metal prices and exchange rates; financing and liquidity risks; community and environmental risks; reliance on contractors and third parties; title, tax and legal risks; and those risks set out in the Company’s continuous disclosure filings available on SEDAR+ (www.sedarplus.ca).

There can be no assurance that the Cerro del Gallo Project will be developed into a producing mine or that the results of the PFS will be realized. The purpose of the forward-looking statements is to provide information about management’s current expectations and plans and may not be appropriate for other purposes. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this release. Except as required by applicable securities laws, the Company does not undertake to update any forward-looking statements, whether as a result of new information, future events or otherwise.

No Production Decision: The Company cautions that it has not made a production decision with respect to the Cerro del Gallo Project. Any such decision would only be made following completion of a Feasibility Study, the arrangement of project financing, and receipt of all necessary permits and approvals.

Cautionary Note to U.S. Investors

Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability, and U.S. investors are cautioned that terms such as ‘Measured,’ ‘Indicated’ and ‘Inferred Mineral Resource’ are recognized and required by Canadian regulations but may not be comparable to similar terms used in U.S. reporting standards.

Non-IFRS Financial Measures

This news release includes certain non-International Financial Reporting Standards (‘IFRS’) performance measures, including cash costs (‘Cash Costs’) and all-in sustaining costs (‘AISC’). These measures are not standardized financial measures under IFRS and may not be comparable to similar measures used by other issuers. They are provided as additional information to investors and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. Cash Costs and AISC are common financial performance measures in the gold mining industry but do not have any standardized meaning under IFRS. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use these metrics to evaluate the economic performance of mining projects and their potential to generate operating earnings and cash flow.

AISC is calculated in accordance with the guidelines published by the World Gold Council (‘WGC’) in 2013, as updated in 2018, which define AISC as the sum of total cash costs, sustaining capital expenditures, and corporate general and administrative costs, among other items. Other companies may calculate this measure differently due to variations in underlying principles and policies applied. Note that in respect of AISC metrics disclosed herein, corporate general and administrative expenses have not been included, as such economics are presented at the project level.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/277693