Heliostar Presents Q3 2026 Financial and Operating Results with Record Mine Operating Earnings and Cash Balance
Heliostar reports record cash and Q4 output, with silver production serving as the key performance test for the company.
Heliostar Metals Ltd. (HSTR) reported unaudited financial results for the third quarter of 2026, recording a record revenue of $66.319 million. The company posted mine operating earnings of $36.464 million and net income of $10.166 million, equating to $0.04 per share and $0.03 on a fully diluted basis. Heliostar ended the quarter with record cash holdings of $53.647 million and a working capital position of $52.936 million, maintaining a debt-free balance sheet.
Gold production reached 14,481 ounces, with silver output at 83,067 ounces. The company sold 14,603 ounces of gold and 79,192 ounces of silver. Consolidated cash costs stood at $1,588 per ounce, while all-in sustaining costs (AISC) were $1,948 per ounce, against an average realized gold price of $4,243 per ounce.
At the La Colorada operation, Heliostar produced 5,359 ounces of gold and 48,283 ounces of silver. The site reported cash costs of $1,376 per ounce and AISC of $1,559 per ounce. Meanwhile, the San Agustin mine produced 9,121 ounces of gold and 34,784 ounces of silver, with cash costs of $1,707 per ounce and AISC of $1,828 per ounce.
Year-to-date gold production totaled 41,026 ounces, with sales reaching 36,543 ounces. Heliostar reaffirmed its annual gold production guidance of 50,000 to 55,000 ounces.
Development progress continues on the Ana Paula project, with the feasibility study remaining on track for completion in the second quarter of 2027. The MIA-R environmental permit was submitted on October 13, 2026, and discussions regarding debt financing are advancing. Long-lead orders are expected to be placed in the coming weeks.
At the Veta Madre Plus project, waste stripping commenced in August, with first ore targeted for late in the second quarter of 2027. In San Agustin, drilling programs have been expanded to a target of 25,000 to 30,000 metres. The operation reported zero lost-time injuries during the third quarter.
Heliostar Metals Ltd. (HSTR) reported a 17.4% increase in revenue for the second quarter of 2026, rising from $56.485 million to $66.319 million compared to the first quarter. Mine operating earnings grew 17.3% to $36.464 million, up from $31.094 million, while net income increased 27.5% to $10.166 million from $7.970 million.
The company reversed previous cost pressures, with consolidated all-in sustaining costs (AISC) falling 14.8% from $2,287/oz to $1,948/oz. Cash costs decreased 4.0% from $1,654/oz to $1,588/oz. These improvements occurred despite a 3.7% decline in the average realized gold price, which dropped from $4,406/oz in the first quarter to $4,243/oz in the second. The revenue growth was driven by a 22.1% increase in gold sales volume, which reached 14,603 oz.
Cash on hand rose by $10.6 million to $53.647 million, even after a $12.4 million portfolio investment during the quarter. The company remains debt-free.
Heliostar’s shares closed at C$2.26 on November 12, 2026, representing a 12.4% increase from the C$2.01 close on August 7, 2026, the date of the prior earnings release.
Heliostar Metals Ltd. is a TSX-listed gold and silver producer with 100%-owned assets in Mexico and the United States. Its stated goal is to produce 500,000 oz/yr by the end of the decade.
The company’s producing assets include La Colorada in Sonora, Mexico, an open-pit heap-leach operation with 376 koz Au probable reserves and a six-year mine life, and San Agustin in Durango, Mexico, an open-pit heap-leach operation with 68 koz Au probable reserves and a 1.2-year reserve life.
Development assets include Ana Paula in Guerrero, Mexico, an underground gold project with a PEA outlining about 101 koz/yr over nine years, $1,011/oz AISC, and a feasibility study due Q2 2027; Cerro del Gallo in Guanajuato, Mexico, a 15.3-year open-pit PFS project producing about 86 koz GEO/yr; and San Antonio in Baja California Sur, Mexico, a PEA-stage open-pit project.
U.S. assets include Goldstrike in Utah, a Carlin-style gold project with 975 koz indicated Au plus antimony potential; and Unga in Alaska, a silver resource.
Management includes Charles Funk as President and CEO, Gregg Bush as COO, and Vitalina Lyssoun as CFO. The team has prior experience at Capstone, Equinox, Newcrest, OZ Minerals, Gatos Silver, and Newmont.
The company’s strategy involves 100% ownership, no royalties on the core portfolio, and funding growth from operating cash flow plus project debt.