Northwire Canada EditionTuesday, July 28, 2026
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Earnings Material +

Heliostar Presents Fiscal 2025 Financial Results

Heliostar transitions from developer to producer, leveraging Mexican asset cash flow to self-fund the high-grade Ana Paula flagship.

By The Northwire Desk — AI Analysis Mar 19, 2026 · 06:31 HSTR · 2.15 Heliostar Metals Ltd.
Executive Summary

The most recent news (March 19, 2026) reports audited fiscal 2025 results, showing a company in full transition to a mid-tier producer. Heliostar reported mine operating earnings of $47.4M and net income of $12.4M for the nine months ended Dec 31, 2025. The company met its 2025 guidance with 34,098 gold-equivalent ounces (GEOs). Crucially, the San Agustin mine successfully restarted in December 2025, with the first gold pour in January 2026. 2026 guidance is set at 50,000–55,000 oz gold at an AISC of $2,025–$2,125/oz. Exploration is being aggressively funded ($27M budget for 2026) to extend mine lives and advance the Ana Paula Feasibility Study.

Material Impact
  • Financial Strength: The shift to positive net income ($12.4M) and a robust cash position ($40.6M) is a material upgrade from the developer-only phase. The company is now generating the internal capital necessary to fund its growth.
  • Operational De-risking: Meeting 2025 guidance and successfully restarting San Agustin on time/budget validates management’s execution capabilities.
  • Ana Paula Progress: The PEA for Ana Paula (flagship) shows exceptional economics (AISC $1,011/oz). Recent drilling (25.45m at 8.26 g/t Au) suggests resource expansion potential at depth, which could further enhance the upcoming Feasibility Study.
  • Asset Optimization: The option agreement with Zacatecas Silver to shed non-core assets for $1.2M in cash/shares plus a 2% NSR streamlines the portfolio while providing incremental liquidity.
HSTR · Price
Company Overview

Heliostar Metals is a gold producer and developer focused on Mexico and the USA. - Flagship Project: Ana Paula (Guerrero, Mexico). A high-grade underground project with a PEA showing 101,000 oz/yr production at an AISC of $1,011/oz. - Producing Assets: La Colorada (Sonora) and San Agustin (Durango). These mines provide the cash flow to fund the development of Ana Paula and Cerro del Gallo. - Other Assets: Cerro del Gallo (PFS stage), San Antonio, and Unga (Alaska).

Read the original news release →

More from Heliostar Metals Ltd.

Jun 25, 2026 · 06:31

Heliostar’s high-grade Ana Paula intercepts de-risk the feasibility study despite a $300m capex wall and aisc volatility testing near-term execution.

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Drill Results Jun 08, 2026 · 07:01

Heliostar Announces Closing of Option Agreement with Zacatecas Silver for Non-Core Properties

M&A / Property May 21, 2026 · 06:31

Heliostar Metals Confirms Operational Maturity with ESG Report Amidst Production Growth and Acquisition Integration

Other May 12, 2026 · 06:31

Record Q1 Output Overshadowed by Rising Costs as Heliostar Digests Goldstrike, Eyes Ana Paula Pivot

Earnings Apr 27, 2026 · 06:31

Heliostar Metals Closes Utah Acquisition as Ana Paula Drilling Confirms High-Grade Underground Potential

M&A / Property