Stonegate Capital Partners has issued a mid-quarter update on Heliostar Metals Ltd (TSXV: HSTR), highlighting significant advancements at the company's flagship Ana Paula project in Guerrero, Mexico. The update follows a positive Preliminary Economic Assessment (PEA) released in early Q4 2025, which outlines a high-grade underground development asset with robust financial metrics.
According to the PEA, the Ana Paula project is expected to produce approximately 875,000 ounces of gold over a nine-year mine life, with mill feed averaging 5.37 g/t gold. The operation would process 1,800 tonnes per day, yielding roughly 101,000 ounces per year at cash costs of about US$923 per ounce and all-in sustaining costs (AISC) of approximately US$1,011 per ounce. At a gold price of US$2,400 per ounce, the project delivers a post-tax net present value (NPV5) of US$426 million, an internal rate of return (IRR) of 28%, and a payback period of 2.9 years. The PEA demonstrates strong leverage to higher gold prices, positioning the project favorably in the current market environment.
Heliostar is advancing engineering, metallurgical work, and a 15,000-meter drill program aimed at upgrading Inferred resources, extending the High-Grade and Parallel panels, and supporting a feasibility study targeted for mid-2026. First underground production is still expected in 2028. The company also noted that mining operations have restarted at San Agustin, adding 45,000 ounces, and the Cerro del Gallo Pre-Feasibility Study (PFS) shows a base case NPV of US$424 million. Additionally, an oxide targets drilling program is underway with 37 holes completed and submitted for analysis.
These developments underscore Heliostar's progress in advancing its portfolio of gold projects in Mexico. The Ana Paula project's strong economics, particularly at elevated gold prices, highlight its potential to become a significant gold producer. Investors and stakeholders can view the full announcement, including downloadable images and bios, here.
Stonegate Capital Partners, a leading capital markets advisory firm, provides investor relations, equity research, and institutional investor outreach services. Its affiliate, Stonegate Capital Markets (member FINRA), offers investment banking services for public and private companies.
