Heliostar pours first gold at San Agustin

Executive Summary

• Heliostar Metals Ltd. announced the first official gold pour from its restarted San Agustin mine in late January 2026, marking the successful completion of the mine restart on time and on budget.
• The company has exceeded internal targets for ore mining rates and recoverable ounces stacked on the leach pad, maintaining a trajectory to meet 2026 production guidance of 30,000 to 32,700 ounces of gold.
• CEO Charles Funk highlighted that the restart increased year-on-year consolidated production guidance by over 60% while maintaining a low All-In Sustaining Cost (AISC) of approximately $2,000, generating sufficient cash flow to fund exploration and capital programs at La Colorada and Ana Paula.

Key Details

• Event: First official gold pour from the San Agustin mine occurred in late January 2026.
• Restart Status: Mining, crushing, and stacking of new ore resumed in Q4 2025 (announced Dec 18, 2025); restart completed on time and on budget.
• Operational Performance: The operation is ramping up successfully, exceeding internal targets for ore mining rates and recoverable ounces stacked on the pad.
• 2026 Production Guidance: 30,000 to 32,700 ounces of gold.
• Financial Metrics:
  • AISC: Approximately $2,000 in 2026.
  • Budget Gold Price: $3,800 per ounce.
  • Impact: Increased year-on-year consolidated production guidance by over 60%.
• Capital Allocation: Cash flow from San Agustin funds company-wide exploration and capital programs, including:
  • Pit expansion at La Colorada.
  • Decline development at Ana Paula.
  • Building cash position to fund Ana Paula capex planned for 2027/2028.
• Drilling Program:
  • Scope: 10,000-to-15,000-metre drill program at San Agustin.
  • Objective: Defining additional oxide gold mineralization around the open pit to extend current mine life.
  • Status: Ongoing; initial assays expected shortly.
• Future Updates: Results from the drill program targeting mine life extension are expected in mid- to late Q1 2026.

Notable Quotes

• Charles Funk, CEO: "It is an extraordinary time in the gold market to bring new production on line. Bringing San Agustin on line has increased our year-on-year consolidated production guidance by over 60 per cent whilst maintaining a low [approximately] $2,000 AISC [all-in sustaining cost] in 2026."
• Charles Funk, CEO: "At our 2026 budget gold price of $3,800 per ounce, cash flow from San Agustin allows us to fund our company-wide exploration programs and capital programs, including a pit expansion at La Colorada and decline development at Ana Paula."