Heliostar Presents Q2 2026 Financial and Operating Results with Record Gold Production and Cash Balance
Heliostar reported record Q2 gold output while its all-in sustaining costs breached full-year guidance, signaling quietly creeping expenses.
Heliostar Metals Ltd. reported a record second quarter 2026 gold production of 14,803 ounces, driven by output from its La Colorada mine, which produced 7,587 ounces, and the San Agustin mine, which contributed 7,216 ounces. The company posted record revenue of $56.5 million and a net income of $8.0 million, or $0.03 per share. Heliostar ended the quarter with a record cash position of $43.0 million and zero debt.
Consolidated cash costs came in at $1,654 per ounce, below guidance. However, corporate all-in sustaining costs (AISC) rose to $2,287 per ounce, a sharp increase from $1,996 per ounce in the first quarter and above the full-year guidance band of $2,025–$2,125 per ounce. Management stated the company remains on track for its 50,000–55,000 ounce production guidance. While the press release did not explicitly reiterate cost guidance, the MD&A reaffirmed the original AISC range.
The Goldstrike acquisition in Utah has closed. At the Ana Paula project, infill drilling returned 99.8 meters at 10.9 grams per tonne gold and 49.6 meters at 2.88 grams per tonne gold. The feasibility study for the project remains on track for completion in the second quarter of 2027.
Heliostar Metals Ltd. (HSTR) reported record production and cash costs, but its all-in sustaining costs (AISC) missed guidance. The consolidated AISC of $2,287/oz was 7.6% above the top of the guided range of $2,125/oz, and the first-half average of $2,155/oz was 1.4% above the ceiling. This divergence suggests higher sustaining capital expenditures, potentially related to the injection leaching transition or pre-stripping, or cost inflation that has not been fully priced in.
Management highlighted only the cash cost, which excludes many sustaining items, and remained silent on AISC in the release. The market’s reaction cannot be assessed from post-release prices as data is missing, but the recent stock decline from $2.10 to the $1.60 area suggests the market had already priced in some disappointment.
Heliostar Metals Ltd. (HSTR) is a gold producer and developer operating two mines in Mexico: the La Colorada open-pit heap leach and the San Agustin open-pit heap leach. The company also holds a flagship development project, Ana Paula, a high-grade underground operation, alongside several pipeline assets including Cerro del Gallo at the PFS level, San Antonio, Goldstrike in Utah—an oxide heap leach with antimony potential—and Unga in Alaska. Heliostar’s strategy focuses on funding growth from internal cash flow to avoid equity dilution, with a target of producing more than 500 koz/yr by 2030.