Heliostar Metals Ltd (TSXV: HSTR,OTC:HSTXF): Stonegate Capital Partners updates their coverage on Heliostar Metals Ltd (TSXV: HSTR,OTC:HSTXF). Heliostar continued to advance its flagship Ana Paula project in Guerrero as a high-grade underground development asset, now highlighted by a positive PEA released in early 4Q25. The study outlines total recovered production of ~875,000 ounces over a nine-year mine life, with mill feed averaging 5.37 gt gold and a 1,800 tpd underground operation producing roughly 101 koz per year at cash costs of ~US$923oz and AISC of ~US$1,011oz. At US$2,400oz gold, the PEA delivers a post-tax NPV5 of US$426M, a 28% IRR, and a 2.9-year payback, with strong leverage to higher gold prices. Management is progressing engineering, metallurgical work, and a 15,000m drill program to upgrade Inferred resources, extend the High-Grade and Parallel panels, and support a Feasibility Study targeted for mid-2026, with first underground production still expected in 2028.
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Key Takeaways:
PEA shows US$426M NPV5 28 percent IRR US$300M capex about 101 koz per year AISC ~US$1,011 and 2.9 year payback.
Quarter revenue was US$26.8M with net income US$1.3M supported by La Colorada and San Agustin operations.
Path forward targets a feasibility study by mid 2026 an underground permit amendment in 1Q26 and early works to enable 2028 production.
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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.
Contacts:
Stonegate Capital Partners
(214) 987-4121
info@stonegateinc.com
Source: Stonegate, Inc.
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