Stonegate Capital Partners has updated its coverage on Heliostar Metals Ltd, highlighting significant progress at the company's flagship Ana Paula project in Guerrero. The positive Preliminary Economic Assessment released in early fourth quarter 2025 outlines a high-grade underground development asset with compelling economics that could reshape the company's production profile.
The PEA details total recovered production of approximately 875,000 ounces over a nine-year mine life, with mill feed averaging 5.37 grams per tonne gold. The proposed 1,800 tonne-per-day underground operation would produce roughly 101,000 ounces annually at cash costs of approximately US$923 per ounce and all-in sustaining costs of about US$1,011 per ounce. At a gold price of US$2,400 per ounce, the study delivers a post-tax NPV5 of US$426 million, a 28% internal rate of return, and a 2.9-year payback period, demonstrating strong leverage to higher gold prices.
Management is actively progressing engineering and metallurgical work while executing a 15,000-meter drill program designed to upgrade Inferred resources, extend the High-Grade and Parallel panels, and support a Feasibility Study targeted for mid-2026. First underground production remains on track for 2028, maintaining the project's development timeline despite ongoing technical work.
Beyond the Ana Paula project, Heliostar has restarted mining operations at San Agustin, adding 45,000 ounces to its production profile. The company has also completed a Pre-Feasibility Study for Cerro del Gallo showing a base case NPV of US$424.0 million, and an oxide targets drilling program is underway with 37 holes completed and submitted for analysis. These developments collectively strengthen Heliostar's position in the gold mining sector.
The combination of strong PEA economics at Ana Paula, resumed production at San Agustin, and advancing studies at Cerro del Gallo positions Heliostar as a company with multiple value drivers. For business and technology leaders monitoring the resources sector, these developments demonstrate how junior mining companies can leverage technical studies and strategic drilling to advance projects toward production. The targeted 2026 Feasibility Study will provide critical data for investment decisions, while the 2028 production timeline offers visibility into future cash flow generation. To view the full announcement, including downloadable images, bios, and more, visit https://click.here.
