Heliostar Metals Ltd
Heliostar Metals is a gold producer operating the La Colorada mine (Sonora) and San Agustín mine (Durango) in Mexico, having transitioned into production in 2025. 2025 output reached 34,098 gold-equivalent ounces (8,180 oz gold, 80,527 oz silver), with 2026 guidance of 50,000-55,000 oz; the company ended 2025 with a US$41M cash balance and no debt, and is targeting over 500,000 oz of annual gold production by 2030, with the Ana Paula development project expected to add roughly 101,000 oz/year starting in 2028.
Notable vs. Peers
- Jurisdiction risk score of 6/10 is meaningfully riskier than the peer average of 7.8/10.
- Financials score of 8/10 is stronger than the peer average of 6.4/10.
Lifecycle Milestones
Construction Milestones
5 of 5 reached- Jul 2025 · Heliostar received the final governmental approvals (including a change-of-use-of-soils permit) needed to restart mining at San Agustin, Durango -- a mine acquired already-producing from Argonaut/Florida Canyon Gold in Nov 2024 before operations paused Sept 2024. · Source
- Jul 2025 · Heliostar announced its decision to restart mining operations and invest in growth at San Agustin the same day final permits were received. · Source
- Dec 2025 · Mining, crushing, conveying and stacking of new ore onto the San Agustin leach pad recommenced, meeting the company's stated Q4 2025 restart goal. · Source
- Reached — date not disclosed · Heliostar announced the first official gold pour from restarted San Agustin operations occurred 'late January 2026' (announcement published Feb 5, 2026); no more precise calendar day is disclosed. · Source
- Reached — date not disclosed · Genuinely reached, but no single Heliostar-era date exists: the La Colorada mine (Sonora, Mexico) was already an established producing operation when Heliostar acquired it on 2024-11-08 (as part of Florida Canyon Gold Inc.'s Mexican asset portfolio, itself successor to prior operators including Argonaut Gold) -- production predates Heliostar's ownership under a prior corporate name, matching the Hemlo Mining Corp precedent (batch4). Cerro del Gallo remains a development-stage project, not yet producing. This row was missing entirely prior to 2026-08-21 -- a genuine data gap, not a stage error; Miner.stage was already correctly PRODUCTION. · Source
Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.
Combined view across 3 projects. Figures below are only combined where the underlying basis genuinely matches -- see the notes under each.
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.
Your Rankings
Management Team
Founder, Chief Executive Officer and Director of Heliostar Metals Ltd. 18 years in company management, exploration and business development at companies including Newcrest Mining, OZ Minerals and Vizsla Silver.
Chief Financial Officer of Heliostar Metals Ltd. Appointed effective March 3, 2025. CPA, CA with over 16 years' resource-sector finance experience, previously leading corporate accounting at Gatos Silver through its merger with First Majestic Silver, and earlier roles at Endeavour Mining and QuadReal Property Group.
Vice President of Projects at Heliostar Metals Ltd. Joined September 2020. 19 years' exploration, development and production geology experience including 17 years at Newmont Gold; MSc Finance, MSc Geology, BSc Geology.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Franklin Gold and Precious Metals Fund and EuroPac Gold Fund, both real specialists, each independently hold more than 5%. Six insiders bought stock on the open market repeatedly and extensively through the trailing year, exceeding the offsetting selling by four other insiders in the same window.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
We haven't parsed this company's PEA/PFS/FS recommendations yet — cut-off grade, mine life, DCF/NPV, and the report's own next-steps guidance are a planned research pass, not live data for every company yet.
Heliostar's two current producing mines: La Colorada (Sonora) Proven+Probable reserve of 376,200 oz gold (17.1 Mt @ 0.68 g/t, 6-year mine life); San Agustin (Durango) Probable reserve of 68,000 oz gold (NI 43-101 Technical Report effective 30 Nov 2025, 1.2-year mine life at site level). Combined 2026 guidance of 50,000-55,000 oz. Ana Paula (acquired separately, not part of this miner's tracked project) carries a Nov 2025 PEA with NPV5 US$1,012M/IRR 51.3% at US$3,800/oz gold.