BTV Explores: Gold, Silver & Copper Companies Advancing Major Mining Projects

Investor Insight

Heliostar combines production of ~50,000–55,000 oz in 2026 with a pipeline of high-margin development assets in Mexico led by Ana Paula. Supported by operating cash flow from La Colorada and San Agustin, a debt-free balance sheet and strategic expansion into the US with the Goldstrike project in Utah, the company is positioned to scale into a 500,000 oz per year gold producer.

Overview

Heliostar Metals (TSX:HSTR,OTCQX:HSTXF,FRA:RGG1) is an emerging gold producer focused on building a mid-tier, multi-asset production platform, anchored in Mexico and complemented by strategic expansion into the United States.

The company has rapidly transformed from an explorer into a producer through disciplined, value-accretive acquisitions, assembling a 100 percent-owned portfolio of producing mines, advanced development projects and exploration assets. This platform provides both immediate cash flow and long-term scalability.

In 2025, Heliostar produced 34,098 gold equivalent ounces, generated US$47.4 million in mine operating earnings, and ended the year with US$40.6 million in cash and no debt, demonstrating strong execution and financial discipline.

Production is expected to increase to 50,000–55,000 oz in 2026, driven by La Colorada and San Agustin. Development of Ana Paula and Cerro del Gallo supports a clear pathway to 500,000 oz annual production by 2030.

In 2026, Heliostar formed part of the OTCQX’s Best 50 top-performing companies. The company ranked 8th overall, joining 7 other mining companies in the top 10.

Beyond its core Mexican portfolio, the addition of the Goldstrike project in Utah introduces further growth optionality, reinforcing Heliostar’s strategy of acquiring and advancing underexplored assets with strong development potential. With a staged growth strategy, strong margins and an expanding resource base, Heliostar is positioned to evolve into a 500,000 oz per year gold producer by 2030.

Company Highlights

• Growing Production Base: Two producing mines targeting 50,000–55,000 oz of gold in 2026, generating cash flow to fund development.
• Clear Path to Mid-Tier Scale: Staged growth targeting annual production of 500,000 oz by 2030.
• High-Margin Flagship Asset: The Ana Paula PEA outlines 101,000 oz/year production (post ramp-up) with strong economics, including US$1,012M NPV5% and 51.3% IRR at higher gold price assumptions, supporting a 2028 production target.
• Self-Funded Growth Model: Generated US$47.4 million in mine operating earnings (2025) with US$40.6 million in cash and zero debt, reducing reliance on equity dilution.
• Robust Resource Base: Approximately 7.3 Moz measured and indicated gold resources plus ~1.4 Moz inferred, supporting long-term scalability.
• High-Quality Development Pipeline: Cerro del Gallo targeting 86,000 GEO/year at US$1,390 AISC, alongside San Antonio’s production potential.
• Strategic Expansion in the US: Acquisition of the Goldstrike project in Utah adds near-surface oxide potential and long-term growth optionality.
• Strong Institutional Backing: Approximately 53 percent institutional ownership, complemented by high-net-worth investors and management alignment.

Key Projects

Ana Paula (Flagship Development Project)

Ana Paula is a high-grade underground gold project in Guerrero and the cornerstone of Heliostar’s long-term growth strategy.

The November 2025 PEA outlines a 9 year mine life with 101,000 oz/year production, 874,700 oz total output, and strong economics, including a US$1,012M NPV5% and a 51.3 percent IRR, supported by a low AISC of US$1,011/oz.

The project hosts approximately 742,000 oz measured and indicated at 5.4 g/t and 514,000 oz inferred, highlighting its high-grade profile and expansion potential.

With a feasibility study targeted for H1 2027 and construction expected in H2 of the same year, Ana Paula is expected to become the primary driver of Heliostar’s transition to mid-tier production.

The company is targeting production at Ana Paula in 2028.

La Colorada Mine

La Colorada in Sonora is a key cash-flowing asset that underwent a successful turnaround in 2025. The mine hosts reserves of 376,000 ounces of gold grading 0.68 g/t in 17.1 million tonnes of ore.

The mine is expected to produce 20,000–22,300 oz in 2026 at AISC of US$1,775–1,875/oz, supported by a six-year mine life and approximately 286,000 oz total production profile.

Mining at the project’s Veta Madre pit commenced in August 2026, a milestone that the company ties to its plan to secure cash flow through 2027 and 2028 to support construction at Ana Paula.

Ongoing drilling, pit expansions and underground potential provide meaningful upside, reinforcing its role as a core funding engine for development.

San Agustin Mine

San Agustin in Durango is a restarted oxide heap-leach operation providing near-term production growth and cash flow.

2026 guidance targets 30,000–32,700 oz of gold at AISC of US$2,150–2,250/oz, following a low-capital restart funded from the company’s balance sheet.

The asset offers additional upside through oxide expansion and sulphide exploration, supporting potential mine life extension.

Cerro del Gallo Project

Cerro del Gallo is a large-scale gold-silver development project in Guanajuato and a key driver of future production growth.

The 2025 PFS outlines ~86,000 GEO/year over a 15-year mine life at US$1,390 AISC, with strong economics, including US$972 million NPV5% and 59.3 percent IRR at higher gold price assumptions.

The project is expected to play a central role in advancing Heliostar towards the goal of 500,000 oz annual production by 2030.

San Antonio Project

San Antonio is a 100%-owned heap-leach development project offering strong optionality and long-life production potential.

The project hosts approximately 1.74 million ounces of measured and indicated gold and demonstrates attractive optionality, including potential 80,000 oz/year production and low AISC of US$1,063/oz.

As permitting advances, San Antonio represents a key medium-term growth opportunity within the portfolio.

Goldstrike Project (Utah, USA)

Goldstrike is a newly acquired gold project that expands Heliostar’s footprint in the United States and adds exploration and development optionality. The property currently hosts an Indicated resource of 975 kilo ounces at 0.46 g/t of gold.

The project hosts a near-surface oxide gold system with historical production of approximately 209,000 ounces of gold and defined mineralization, offering potential for low-cost, open-pit heap-leach development. Its geological setting and existing dataset provide a strong foundation for resource growth and technical advancement.

Goldstrike complements Heliostar’s acquisition strategy by adding a scalable, underexplored asset outside its core Mexican portfolio, enhancing long-term growth potential.

Drilling is underway at Goldstrike to test the antimony and gold potential of both Antimony Ridge and Antimony Knoll, with results expected towards the end of 2026.

Management Team

Charles Funk – President & CEO

Charles Funk has over 20 years of experience in exploration and business development, including senior roles at Newcrest Mining and OZ Minerals. He led the Panuco discovery for Vizsla Silver, demonstrating strong capability in identifying high-value deposits. At Heliostar, he has driven the company’s transformation into a multi-asset gold producer through disciplined acquisitions. His leadership is focused on building a scalable, mid-tier gold platform.

Gregg Bush – Chief Operating Officer (COO)

Gregg Bush is a proven mine builder with extensive experience in mine development, integration and operations. He previously served as COO of Capstone Mining and held senior leadership roles at Equinox Gold. Bush brings deep expertise in optimizing operating assets and advancing projects into production. He plays a key role in executing Heliostar’s production growth strategy.

Sam Anderson – VP Projects

Sam Anderson has approximately 25 years of experience in mine geology and project development, including 17 years at Newmont. He played a key role in advancing the Merian Mine from resource stage through construction to steady-state production. His expertise spans exploration, resource expansion and project execution. At Heliostar, he leads the advancement of key development assets.

Mike Gingles – VP Corporate Development

Mike Gingles brings more than 35 years of experience in the mining industry, specializing in corporate development and M&A. He played a leadership role in major transactions including Pueblo Viejo and Turquoise Ridge. His expertise includes project evaluation, deal structuring and strategic partnerships. He supports Heliostar’s acquisition-driven growth strategy.

Hernan Dorado – VP Sustainability & Special Projects

Hernan Dorado is a fifth-generation miner with over 20 years of experience in mining operations, particularly in Mexico. He was a founding member of Guanajuato Silver, where he served as COO. His expertise includes permitting, community engagement and sustainability practices. He ensures responsible development across Heliostar’s operations.

Vitalina Lyssoun – Chief Financial Officer (CFO)

Vitalina Lyssoun is a Chartered Professional Accountant (CPA, CA) with more than 16 years of experience in financial management within the resource sector. She has extensive expertise in public company reporting, compliance and internal controls. Prior to joining Heliostar, she led the corporate accounting function at Gatos Silver. Her experience spans multiple international jurisdictions.

Stephen Soock – VP Investor Relations & Development

Stephen Soock has nearly 20 years of experience across mining operations and capital markets. He began his career in technical roles at mine sites before transitioning to equity research, where he spent eight years covering growth-stage mining companies. He is a mining engineer and CFA Charterholder. At Heliostar, he leads investor relations and supports capital markets strategy.