Stonegate Capital Partners Initiates Coverage on Heliostar Metals Ltd (HSTR)

Core Insights - Stonegate Capital Partners has initiated coverage on Heliostar Metals Ltd (TSXV: HSTR), highlighting the company's flagship Ana Paula project in Guerrero, which hosts approximately 1.2 million ounces of gold at a grade of 5.4 g/t in the High-Grade Panel [1] - Active drilling is ongoing to extend the Parallel Panel and upgrade inferred ounces, with a preliminary economic assessment currently underway, followed by a feasibility study expected in mid-2026 [1] - The company targets first production in 2028 and is fully permitted for open-pit mining, with plans to submit an underground permit amendment in 2026 [1] Financial Performance - Heliostar Metals Ltd sold 8,556 gold equivalent ounces (GEOs) at an all-in sustaining cost (AISC) of US$1,541 per ounce, generating revenue of $27.9 million [6] - The company has approximately $30.0 million in cash and no debt [6] - In the second quarter of 2025, La Colorada produced 3,464 ounces at low costs, while San Agustin received approval to restart mining in the fourth quarter of 2025 [6] Project Development - The Ana Paula drilling is advancing towards a 2026 Preliminary Feasibility Study (PFS), with a production target of approximately 100,000 ounces per year starting in 2028 [6]