It's FUBAR
Come on people. Look at where the bolts are. They are on the side of the mast. Look at the diameter of the bolts and the thickness of the section. The section is 3/16" thick at best.Sorry, but the installer screwed up big time.The bolts appear to be 1/4 or 5/16. You need at least 3 full threads for an acceptably strong fastening. 1/4-20 gives 3.75 threads, 5/16-18 gives 3.375, you can safely go from 1/4-20 to 5/16-16 in 3/16 material. If the bolts are 5/16 now, any oversize will be weaker. 3/8-16 give a theoretical 3.0 threads in 3/16" but that's really pushing it when you are looking at an eroded spar.First mistake was fine thread. Second mistake was no insulation on initial install (I'll wager that the fitting has never been off the mast since it was installed). If is has been off, the last person to install it should be keel-hauled.

It's not clear is the mast is being refinished or the gooseneck fitting. If the mast is being refinished, it is out of the boat and more than one repair option is available.If the mast is being refinished, why weren't the damaged threads caught at the time of dis-assembly? If the threads are gone, there is also probably erosion of the surface under the gooseneck fitting.Depending on the condition of the mast around the holes the two options I would consider are; plug weld the holes and re-drill using UNC threads, or clean up the holes slightly oversize and install a threaded backer inside the mast.When any SS fitting is installed on an aluminum spar, it MUST be insulated. That means a gasket, or a layer of tape, or a coating of liquid neoprene. All fasteners MUST be coated with an electrical insulator like Lanocote or Tef-Gel.Robert has it right, yet gets argued with. Some of the "advice" on this thread is why professional riggers *hate* DIY "repairs".BTW it is sound engineering to install Heli-Coils as part of a design. Harken does it on their stuff all the time. Lewmar installs Heli-Coils in their larger winch bases during manufacture. The Heli-Coil has more surface area to spread the load. The tensile strength of a bolt threaded into aluminum is limited be the surface area of the threads. Installing a Heli-Coil increased the tensile load of the bolt without requiring a longer bolt and deeper threads.Fix it right, if the mast hasn't been out of the boat within the last five years, it's time to pull it and do a good service anyway. Once the mast is out a proper repair will be easy.