Heliostar Metals Ltd. (TSXV:HSTR) entered into a binding purchase agreement to acquire Aurea Mining Inc. from Argonaut Gold Inc. (TSX:AR) on December 5, 2022. Under the terms of the Purchase Agreement, Heliostar shall pay A cash payment to Argonaut $10 million at closing, the issuance to Argonaut of such number of common shares in the capital of Heliostar (each, a “Heliostar Share”) as have an aggregate value of $5 million divided by the volume weighted average closing price (“VWAP”) of the Heliostar Shares for the ten trading days ending on the last trading day immediately prior to the date of the Purchase Agreement; On the earlier of (a) the date of completion of a feasibility study for the Ana Paula GoldProject and (b) July 1, 2024, a cash payment to Argonaut of $2 million; On the date that Heliostar announces a construction decision for the Ana Paula Gold Project, it will pay to Argonaut an additional cash payment of $3 million and $2 million in cash or Heliostar Shares at a deemed price equal to the VWAP of the Heliostar Shares for the ten trading days immediately prior to announcement of the construction decision; and On the date that Heliostar commences commercial production at the Ana Paula Gold Project, it will pay to Argonaut an additional $5 million in cash and $3 million in cash or Heliostar Shares at a deemed price equal to the VWAP of the Heliostar Shares for the ten trading days immediately prior to announcement of commercial production. The deal is subject to to regulatory approval and customary conditions of closing in favour of the parties, including completion of a proposed financing by Heliostar and Heliostar obtaining the conditional approval of the TSXV. Closing of the proposed transaction is anticipated to occur during the first quarter of 2023.

Heliostar Metals Ltd. (TSXV:HSTR) completed the acquisition of Aurea Mining Inc. from Argonaut Gold Inc. (TSX:AR) on March 28, 2023.