Q2 Financial Statements 2025

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# Q2 Financial Statements 2025

Source: https://www.heliostarmetals.com/_resources/financials/2025/FS_Sep_2025_Final.pdf?v=091207
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## Content

# Q2 Financial Statements 2025
HELIOSTAR METALS LTD.
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
For the three and six months ended
September 30, 2025
(Unaudited)
1
See notes to the condensed consolidated interim financial statements
HELIOSTAR METALS LTD.
Condensed Consolidated Interim Statements of Financial Position
(Unaudited - Presented in thousands of US Dollars, except share and per share amounts)
Note September 30, 2025 March 31, 2025
Assets
Current assets
Cash $ 34,576 $ 27,185
Trade and other receivables 6 11,833 5,608
Inventories 7 28,261 25,519
Prepaid amounts and advances 8 3,210 1,963
Other current assets 54 1,038
77,934 61,313
Non-current
Non-current prepaid amounts 8 11,036 14,238
Exploration and evaluation assets 10 19,854 19,678
Deferred income tax assets 409 830
Mineral properties 9 5,793 4,425
Plant and equipment 9 14,855 16,742
51,947 55,913
Total assets $ 129,881 $ 117,226
Liabilities
Current
Accounts payable and accrued liabilities 11 14,615 14,576
Income taxes payable 13,299 1,610
Current portion of reclamation and closure cost provisions 12 2,840 3,404
Due to related parties 72 217
Current portion of provisions 408 73
31,234 19,880
Non-current
Provisions 212 481
Tax liability - 7,966
Reclamation and closure cost provisions 12 26,737 23,577
Deferred income tax liabilities 3,198 2,695
Other non-current liabilities 1,001 1,085
31,148 35,804
Total liabilities 62,382 55,684
Shareholders’ equity
Share capital 14 94,755 92,752
Accumulated other comprehensive income 622 43
Reserves 14 10,415 10,188
Deficit (38,293) (41,441)
Total equity 67,499 61,542
Total liabilities and shareholders’ equity $ 129,881 $ 117,226
Subsequent Events - Notes 9 & 14
These condensed interim consolidated financial statements are authorized for issue by the Board of Directors on November 20, 2025. They are signed
on the Company's behalf by:
/s/ George R. Ireland, Director /s/ Ramon Davila, Director
2
See notes to the condensed consolidated interim financial statements
HELIOSTAR METALS LTD.
Condensed Consolidated Interim Statements of Earnings (Loss) and Comprehensive Earnings (Loss)
(Unaudited - Presented in thousands of US Dollars, except share and per share amounts)
Three months ended Six months ended
Note
September 30, September 30,
2025 2024 2025 2024
Restated (Note 4) Restated (Note 4)
Revenues 15 $ 26,765 $ - $ 54,691 $ -
Cost of sales 16 12,522 - 26,192 -
Mine operating earnings 14,243 - 28,499 -
General and administrative expenses 18 2,584 1,281 5,356 1,900
Exploration expenses 19 6,411 1,865 8,327 3,367
Share-based compensation 14 315 629 713 796
Mining holding cost 347 - 1,449 -
Operating income (loss) 4,586 (3,775) 12,654 (6,063)
Net finance expenses 17 (362) (61) (765) (123)
Foreign exchange (loss) gain 1,276 65 (169) 132
Other expenses (261) 1 (387) (9)
Income (loss) before taxes 5,239 (3,770) 11,333 (6,063)
Income tax expenses (3,983) - (8,185) -
Net income (loss) for the period 1,256 (3,770) 3,148 (6,063)
Other Comprehensive Income
Foreign currency translation (274) 703 579 573
Total comprehensive Income (loss) for
the period 982 (3,067) 3,727 (5,490)
Basic income (loss) per share $ 0.01 $(0.02) $0.01 $(0.03)
Diluted income (loss) per share 14 $ 0.00 $(0.02) $0.01 $(0.03)
Weighted average number of common
shares outstanding (basic) 250,998,439 203,092,190 249,935,460 194,873,990
Weighted average number of common
shares outstanding (diluted) 285,356,721 203,092,190 282,749,256 194,873,990
3
See notes to the condensed consolidated interim financial statements
HELIOSTAR METALS LTD.
Condensed Consolidated Interim Statements of Changes in Shareholders’ Equity
(Unaudited - Presented in thousands of US Dollars, except share and per share amounts)
Share Capital
Number of Accumulated Total Shareholders’
Amount Reserves Deficit
Shares Comprehensive Loss Equity
Balance, March 31, 2024 184,292,180 $69,459 $9,079 $1,076 $(62,476) $17,138
Private placement 18,790,585 3,633 - - - 3,633
Shares issued on vesting of share
units 739,581 151 (151) - - -
Warrants exercised 423,794 94 94
Shares issuance costs - cash - (300) - - - (300)
Shares issuance costs - warrants - (30) 30 - - -
Share-based compensation - - 796 - - 796
Loss for the period - - - 573 (6,063) (5,490)
Balance, September 30, 2024 204,246,140 73,007 9,754 1,649 (68,539) 15,871
Balance, March 31, 2025 244,113,685 92,752 10,188 43 (41,441) 61,542
Shares issued on vesting of share - - -
units 1,299,579 300 (300)
Warrants exercised 5,916,250 1,409 (21) - - 1,388
Options exercised 766,250 294 (165) - - 129
Share-based compensation - - 713 - - 713
Income for the period - - - 579 3,148 3,727
Balance, September 30, 2025 252,095,764 $94,755 $10,415 $622 $(38,293) $67,499
4
See notes to the condensed consolidated interim financial statements
HELIOSTAR METALS LTD.
Condensed Consolidated Interim Statements of Cash Flows
(Unaudited - Presented in thousands of US Dollars, except share and per share amounts)
Six months ended
September 30, 2025
2025 2024
Operating activities
Income (loss) for the period $3,148 $(6,063)
Items not affecting cash:
Accretion of consideration payable - 111
Accretion of provision for reclamation and closure 1,106 16
Depreciation and depletion 2,049 48
Share-based payment 713 796
Unrealized foreign exchange 729 (29)
Income tax expense 8,185 -
Net change in non-cash working capital
Amounts receivable (6,225) (5)
Inventories (2,742) -
Prepaid amounts and advances 1,955 (56)
Other current assets 984 -
Accounts payable and accrued liabilities (7,945) 353
Income taxes payable 4,428 -
Reclamation payments (556) -
Due to related parties (145) (21)
$5,684 $(4,850)
Investing activities
Additions of mineral properties and PPE (229) (85)
Financing activities
Proceeds from warrants and stock options exercised 1,517 -
Proceeds from share issuance, net of share issue costs - 3,437
Loan proceeds - 1,660
$1,517 $5,097
Effect of foreign exchange on cash 419 1
Change in cash 7,391 163
Cash, beginning of the year 27,185 555
Cash, end of period $34,576 $718
Schedule of non-cash investing and financing transactions
Fair value of broker’s warrants $- $124
5
See notes to the condensed consolidated interim financial statements
HELIOSTAR METALS LTD.
Notes to the Condensed Consolidated Interim Financial Statements
For the three and six months ended September 30, 2025 and 2024
(Unaudited - Presented in thousands of US Dollars)
1. NATURE OF OPERATIONS
Heliostar Metals Ltd., together with its subsidiaries, (collectively, the “Company” or “Heliostar”), is a publicly
traded corporation, incorporated and domiciled in Canada under the Business Corporations Act (British
Columbia), with its registered office at 1723-595 Burrard Street, Vancouver, BC, V7X 1J1. The Company is trading
on the TSX Venture Exchange (TSX-V) under the trading symbol “HSTR.” The Company is also trading on the
OTCQX under the trading symbol “HSTXF.”
The Company is engaged in gold and silver mining, exploration and related activities in Mexico and Alaska. The
Company, through acquisition of Florida Canyon Gold Inc.’s Mexican assets (refer to Note 5) in the prior year,
became the operator of the open pit La Colorada gold mine (“La Colorada”) in Hermosillo, Mexico, and the open
pit San Agustin gold mine (“San Agustin”) in Durango, Mexico.
2. BASIS OF PREPARATION
Statement of compliance
These condensed consolidated interim financial statements have been prepared in accordance with
International Financial Accounting Standards as issued by the International Accounting Standards Board (“IFRS
Accounting Standards”) applicable to the preparation of interim financial statements including International
Accounting Standard (“IAS”) 34, Interim Financial Reporting. The financial Statements have been prepared on a
historical cost basis, except for financial instruments classified as financial instruments at fair value through profit
and loss and fair value through other comprehensive income, which are stated at their fair value.
Since these financial statements do not include all disclosures required by IFRS Accounting Standards for annual
consolidated financial statements, they should be read in conjunction with the Company’s audited annual
consolidated financial statements for the year ended March 31, 2025.
The preparation of consolidated financial statements requires management to make judgments, estimates and
assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities,
income and expenses. Actual results may differ from these estimates. The judgements, estimates and
assumptions made in preparing these condensed interim financial statements are consistent with those disclosed
in the Company’s annual consolidated financial statements for the year ended March 31, 2025.
These consolidated financial statements are presented US dollars and include the accounts of the Company and
its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated upon
consolidation of these subsidiaries.
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting policies and methods of computation followed in preparing these financial statements are the
same as those followed in preparing the most recent audited annual consolidated financial statements. For a
complete summary of significant accounting policies, please refer to the Company’s audited annual consolidated
financial statements for the year ended March 31, 2025
6
HELIOSTAR METALS LTD.
Notes to the Condensed Consolidated Interim Financial Statements
For the three and six months ended September 30, 2025 and 2024
(Unaudited - Presented in thousands of US Dollars)
4. CHANGE IN PRESENTATION CURRENCY
During the year ended March 31, 2025, the Company changed its presentation currency to US dollars from
Canadian dollars (“C$”). This change in presentation currency better reflects the Company’s business activities
and aligns operational reporting within the industry. The Company applied the presentation change
retrospectively and restated the comparative financial information as if the presentation currency had always
been US dollars:
September 30, 2024
Previously Restated in
reported in C$ US$
Assets
Total current assets $ 1,377 $ 1,021
Total non-current assets 27,337 20,252
Total assets 28,714 21,273
Liabilities
Current liabilities 7,329 5,430
Non-current liabilities 665 493
Total Liabilities 7,994 5,923
Shareholders’ equity
Share capital 92,438 72,810
Accumulated other comprehensive income 283 1,519
Reserves 12,723 9,561
Deficit (84,724) (68,540)
Total Equity 20,720 15,350
Total liabilities and shareholders' equity $ 28,714 $ 21,273
Consolidated statement of loss and comprehensive loss:
Three months ended Six months ended
September 30, 2024 September 30, 2024
Previously Previously Restated in
Restated in US$
reported in C$ reported in C$ US$
General and administrative expenses $ 1,741 $ 1,281 $ 2,597 $ 1,900
Exploration expenses 2,520 1,865 4,600 3,367
Share-based compensation 856 629 1,087 796
Operating loss (5,117) (3,775) (8,284) (6,063)
Net finance expenses (83) (61) (169) (123)
Foreign exchange (loss) or gain 87 65 180 132
Other (expense) income 1 1 (12) (9)
Net income (loss) for the period $ (5,112) $ (3,770) $ (8,285) $ (6,063)
Other comprehensive income
Foreign currency translation - 703 - 573
Total comprehensive loss for the year $ (5,112) $ (3,067) $ (8,285) $ (5,490)
Basic and diluted loss per share $ (0.03) $ (0.02) $ (0.04) $ (0.03)
Weighted average number of common
203,092,190 203,092,190 194,873,990 194,873,990
shares outstanding (basic and diluted)
7
HELIOSTAR METALS LTD.
Notes to the Condensed Consolidated Interim Financial Statements
For the three and six months ended September 30, 2025 and

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