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Heliostar Metals Ltd (TSXV: HSTR,OTC:HSTXF): Stonegate Capital Partners updates their coverage on Heliostar Metals Ltd (TSXV: HSTR,OTC:HSTXF). Heliostar continued advancing its flagship Ana Paula project in Guerrero as its primary development asset and next major source of growth. The November 2025 PEA outlined a nine-year underground mine producing 101.1 koz of gold per year after ramp-up, with cash costs of $923oz and AISC of $1,011oz. At $2,400oz gold, the study generated an after-tax NPV5 of $426.0M and 28.1% IRR. The Company has also continued reserve conversion and expansion drilling, including recent Expansion Zone results of 25.45m at 8.26 gt gold, including 8.30m at 19.99 gt, while noting mineralization remains open to the north, northwest, and at depth. Management is advancing the Feasibility Study for 1H27 and expects to continue development of the existing 412 meter decline in 2026, supporting targeted first production in 2H28.
To view the full announcement, including downloadable images, bios, and more, click here.
Key Takeaways:
- 2026 is about self-funded execution, with 50-55 koz guided production, $40.6M cash exiting 2025, and a $27M exploration program expected to be funded from mine cash flow.
- Heliostar is building multi-asset growth optionality, as Cerro del Gallo adds a $424M NPV5 / 33.1% IRR project and Goldstrike brings a past-producing heap-leach asset with ~95 koz average annual output in the 2018 PEA.
- Goldstrike adds meaningful U.S. optionality, with the acquired project carrying a 2018 PEA showing ~95 koz average annual gold production, $113.2M initial capex, $129.5M after-tax NPV5, and 29.4% IRR at $1,300/oz gold.
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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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/290057
