Core Viewpoint - Minera Alamos Inc. has successfully integrated the Pan Operating Complex ahead of schedule and provided production and cost guidance for 2026, indicating stable gold production despite increased waste stripping and costs [1][3][8]. Business Integration and Optimization - The integration of the Pan mine into Minera Alamos has been completed approximately three months ahead of schedule, with all corporate legal structures and financial systems transferred [4][6]. - A new mining contractor, Turner Mining Group, has been mobilized to the site, enhancing mining productivity and setting the stage for future expansion [4][6]. - The initial base case plan for the 2026 Pan mine has been completed, with further optimizations underway to leverage higher gold prices [5][6]. Production and Cost Guidance for 2026 - Gold production is projected to be between 32,000 and 38,000 ounces, maintaining similar levels to 2025 production of 35,303 ounces [8]. - Cash costs are expected to range from US$1,750 to US$1,900 per ounce, with all-in sustaining costs (AISC) projected between US$1,850 and US$2,000 per ounce [9]. - Mining rates are forecasted to increase by approximately 40% throughout 2026 due to the benefits of the new contractor and equipment [8]. Capital Expenditures - The company plans to spend approximately $1.5 million on sustaining capital expenditures, primarily for additional surface equipment [9]. - A significant non-sustaining capital expenditure of about $13.5 million is forecasted for capitalized stripping activities at the Pan mine [10]. Future Development - Mine development studies are underway for the Gold Rock deposit, which is located 7 miles southeast of the Pan mine, with potential integration into the POC to boost gold production as early as 2027 [7][8]. - The Gold Rock deposit contains 403,000 ounces of gold in indicated resources and 84,000 ounces in inferred resources [7].

Core Viewpoint - Heliostar Metals Ltd. has announced its production and cost guidance for 2026, projecting gold production of 50,000-55,000 ounces with by-product cash costs of $1,850-$1,950 per ounce and consolidated All-In Sustaining Costs (AISC) of $2,025-$2,125 per ounce. The company plans to reinvest cash generated from operations into exploration and growth initiatives, particularly focusing on the Ana Paula development project [1][5]. Production Guidance - La Colorada Mine is expected to produce 20,000-22,300 ounces of gold and 130,000-145,000 ounces of silver, with cash costs of $1,650-$1,750 per gold ounce and AISC of $1,775-$1,875 per gold ounce [2][4]. - San Agustin Mine is projected to produce 30,000-32,700 ounces of gold and 160,000-175,000 ounces of silver, with cash costs of $2,000-$2,100 per gold ounce and AISC of $2,150-$2,250 per gold ounce [2][9]. - Consolidated production for Heliostar is anticipated to include 290,000-320,000 ounces of silver sold [2]. Growth Initiatives - The company plans to commence pre-stripping of 11 million tonnes of waste at the Veta Madre open pit expansion project in early Q3 2026, aiming to access 43,000 ounces of in-situ gold [4][5]. - A $27 million exploration program will be funded from operating cash flow, focusing on resource development and exploration activities [5][8]. - The Ana Paula project will continue with a 20,000-meter infill and expansion drill program, with an additional 6,500 meters approved to upgrade inferred material [11][13]. Exploration and Development - Heliostar has budgeted $5.8 million for resource development and exploration activities at La Colorada in 2026, including drilling to investigate underground potential [8][10]. - The company plans to invest $6.6 million in resource development and regional exploration at Ana Paula, alongside $15 million for extending the decline [13]. - At Cerro del Gallo, permitting discussions and community engagement are ongoing, with a workplan to update the geologic model and conduct further metallurgical tests [14][15].