Stonegate Capital Partners Updates Coverage on Heliostar Metals Ltd 26Q2

Heliostar Metals Ltd (TSXV: HSTR,OTC:HSTXF): Stonegate Capital Partners updates their coverage on Heliostar Metals Ltd (TSXV: HSTR,OTC:HSTXF). HSTR's Q2 results improved the forward setup by strengthening the operating cash-flow bridge to Ana Paula and clarifying producing-asset earnings capacity. San Agustin reaching steady state and low-cost La Colorada production supported record production and a record cash balance, while the qq net income decline reflected the annual option grant, higher taxes and FX rather than weaker mine performance. Near-mine reserve growth should improve visibility beyond 2026, while Ana Paula's Expansion Zone provides potential upside beyond upcoming FS. Key markers remain reserve conversion, Veta Madre execution and Ana Paula permitting.

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Key Takeaways:

• Gold production increased 26% q/q to a record 14,803 oz, while revenue reached $56.5M, mine operating earnings were $31.1M and cash increased to $43.0M despite the $10M initial Goldstrike payment. San Agustin's steady-state production and continued La Colorada cash generation strengthen the operating base supporting Heliostar's development pipeline.
• Ana Paula remains the principal step-change growth project, with the Feasibility Study targeted for 2Q27, underground permit submission expected in Q3 and first gold targeted before YE28. The Expansion Zone provides potential upside beyond the current development case, while permitting and project financing remain the key execution variables.
• Goldstrike adds 1.065Moz of attributable gold resources plus emerging antimony optionality, with surface work confirming mineralization at Antimony Ridge and identifying the new Antimony Knoll target 1.7km west. An initial ~1,500m RC drilling program is underway, with results expected in Q4 2026. Goldstrike broadens Heliostar's longer-term pipeline, although the remaining staged purchase consideration should be reflected consistently in valuation.

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About Stonegate
Stonegate Capital Partners is a leading capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Our affiliate, Stonegate Capital Markets (member FINRA) provides a full spectrum of investment banking services for public and private companies.

Source: Stonegate, Inc.

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