Heliostar Provides Progress Update on Ana Paula Feasibility Study
Heliostar’s Ana Paula FS execution and AISC discipline will dictate the next leg higher.
Heliostar Metals Ltd. (HSTR) provided a progress update on the Ana Paula Feasibility Study, confirming the project is 34% complete and on track for a Q2 2027 completion. The company maintains its target of a mid-2027 construction decision and first gold production before the end of 2028.
Engineering optimizations include increasing throughput to 2,000 tpd, with expansion capacity to 2,500 tpd, switching to an underground-only mining plan, and adopting a variable gold grade cutoff model based on Net Smelter Return (NSR).
Drilling progress shows 74 holes (25,072 metres) incorporated since the November 2025 PEA, bringing total drilling to 122 holes for 35,121 metres.
Metallurgical testing has finalized a flotation circuit and is piloting a bio-oxidation (BiOX) circuit, confirming mineralization is amenable to conventional grinding/flotation followed by BiOX and Carbon-in-Leach (CIL).
Permitting is transitioning from open pit to underground-only, with a new environmental permit (MIA-R) submission to SEMARNAT targeted for September/October 2026.
Financing will rely on internally generated cash and new project debt, with a forecasted $150 million after-tax cash from current operations over the next two years. The balance sheet as of June 30, 2026, shows $43.0 million in cash and zero debt.
Heliostar Metals Ltd. (HSTR) released an update confirming the Ana Paula development timeline and engineering direction, a move that validates existing guidance without introducing new upside or downside surprises. The market had already priced in the completion of the Feasibility Study in Q2 2027 and a production start in 2028, as evidenced by the stock trading in a $1.57-$3.28 range over the past year. This news is expected and telegraphed, representing a routine progress update rather than a new catalyst.
Heliostar Metals Ltd. (HSTR) is a precious metals growth company targeting mid-tier production of more than 500,000 ounces of gold per year by 2030. The company’s producing assets include the La Colorada mine in Sonora, Mexico, and the San Agustin mine in Durango, Mexico.
Development projects include the Ana Paula underground gold project in Guerrero, Mexico, and the Cerro del Gallo project in Guanajuato, Mexico. The pipeline and exploration assets include the Goldstrike project in Utah, USA, along with additional early-stage properties in Mexico and Alaska. Heliostar operates on a 100% owned basis across its portfolio, focusing on self-funded growth and internal cash flow generation.