Heliostar Metals (TSXV:HSTR) - Self-Funded Growth Fuels Push To 300,000 Gold Ounces Per Annum

Mar 4, 2026

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Interview with Stephen Soock, VP Investor Relations & Development of Heliostar Metals

Our previous interview: https://www.cruxinvestor.com/posts/heliostar-metals-tsxvhstr-self-funding-path-from-40k-to-300k-ounces-by-2030-8846

Recording date: 2nd March 2026

Heliostar Metals is one of the more clearly defined growth stories in the emerging mid-tier gold space. The company is producing approximately 50,000 ounces of gold per year from its La Colorada mine in Mexico and is on a stated path to 300,000 ounces annually by the end of the decade. That growth is to be funded through internal cash flow, without reliance on the equity markets — a commitment management describes with increasing conviction as gold prices remain elevated.

The investment case centers on Ana Paula, the company's flagship development asset. A PEA outlined a project capable of producing 100,000 ounces per year over a nine-year mine life at an all-in sustaining cost of approximately $1,000 per ounce. At that cost profile, Ana Paula would rank in the lowest decile of the global gold cost curve, generating substantial free cash flow across a wide range of gold price scenarios. The company is now progressing directly to a full feasibility study, expected in H1 2026, which will serve as the basis for a construction decision. First production is targeted for H2 2028.

The geometry of the Ana Paula orebody underpins its economics. Rather than a series of narrow veins requiring extensive underground development, the deposit hosts a wide mineralised breccia flooded with high-grade gold, allowing meaningful ore access with relatively limited lateral development. The high-grade zone grades approximately 5,000 ounces per vertical metre — one of the highest density metrics of any underground gold project globally. Drilling has also confirmed that high-grade mineralisation continues at depth, opening the possibility of expanding Ana Paula beyond its current mine plan toward a potential tier-one scale asset.

Beyond Ana Paula, the growth roadmap layers in Cerro del Gallo as a third mine, funded by Ana Paula cash flow and targeted to add another 100,000 ounces per year before the end of the decade. La Colorada continues to provide near-term production stability, with the Veta Madre open pit cutback and subsequent Creston pit extending mine life and sustaining cash generation through the Ana Paula development period.

The company has also been tidying its portfolio, recently divesting a package of non-core early-stage exploration assets that did not fit the growth pipeline. Underground decline development at Ana Paula is being restarted in H2 2026, providing tangible operational momentum well ahead of the feasibility study and construction decision.

On the capital structure side, Heliostar's share register is now approximately 50% institutional. Generalist funds are beginning to participate, viewing the company as a preferred vehicle for gold growth exposure. The re-rating from developer to producer multiple — which management expects to begin as Ana Paula advances through feasibility — is the key valuation catalyst for current investors.

Heliostar's Q1 2026 cash flow results, Ana Paula's feasibility study release, and the progress of project finance conversations in mid-2026 are the primary milestones investors should monitor in the near term. The company has built a credible platform. Execution is now the determining factor.

View Heliostar Metals' company profile: https://www.cruxinvestor.com/companies/heliostar-metals