Stonegate Capital Partners has updated its coverage on Heliostar Metals Ltd (TSXV: HSTR), focusing on the company's progress at its flagship Ana Paula project in Guerrero, Mexico, and its broader multi-asset growth strategy. The update comes as Heliostar continues to advance its development pipeline, with the Ana Paula project positioned as a primary development asset and next major source of growth.
The November 2025 Preliminary Economic Assessment (PEA) for Ana Paula outlined a nine-year underground mine producing 101,100 ounces of gold per year after ramp-up, with cash costs of $923 per ounce and all-in sustaining costs (AISC) of $1,011 per ounce. At a gold price of $2,400 per ounce, the study generated an after-tax net present value (NPV5) of $426.0 million and an internal rate of return (IRR) of 28.1%. The company has also continued reserve conversion and expansion drilling, including recent Expansion Zone results of 25.45 meters at 8.26 grams per tonne gold, including 8.30 meters at 19.99 grams per tonne. Mineralization remains open to the north, northwest, and at depth, suggesting further upside potential.
Management is advancing a feasibility study expected for the first half of 2027 and continues development of the existing 412-meter decline in 2026, supporting targeted first production in the second half of 2028. The company's 2026 guidance calls for self-funded execution, with 50,000 to 55,000 ounces of guided production, $40.6 million in cash exiting 2025, and a $27 million exploration program expected to be funded from mine cash flow.
Beyond Ana Paula, Heliostar is building multi-asset growth optionality. The Cerro del Gallo project adds a project with an NPV5 of $424 million and IRR of 33.1%, while the Goldstrike project in the United States brings a past-producing heap-leach asset with a 2018 PEA showing approximately 95,000 ounces of average annual gold production, initial capital expenditure of $113.2 million, after-tax NPV5 of $129.5 million, and IRR of 29.4% at $1,300 per ounce gold. The Goldstrike project adds meaningful U.S. optionality to Heliostar's portfolio.
For more details, the full announcement including downloadable images and bios is available here. Stonegate Capital Partners is a leading capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Its affiliate, Stonegate Capital Markets (member FINRA), provides a full spectrum of investment banking services for public and private companies.
