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.
Lifecycle Milestones
Construction Milestones
5 of 5 reached- Jul 2025 · Source
- Jul 2025 · Source
- Dec 2025 · Source
- Reached — date not disclosed · Source
- Reached — date not disclosed · 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.
Not in place: tailings facility.
Not in place: tailings facility.
Not in place: mill, tailings facility.
Combined view across 6 projects. Figures below are only combined where the underlying basis genuinely matches -- see the notes under each.
- 24.4%La Colorada
- 28%Ana Paula
- 6.1 yrsLa Colorada
- 1.2 yrsSan Agustín
- 9 yrsAna Paula
Jurisdiction (40%)6/10
Mexico's federal-level mining-law reform (2023) and policy uncertainty are a real overhang on Mexican juniors generally, though Heliostar's operating assets are established, permitted mines rather than greenfield ground.
Infrastructure (40%)8.6/10
A confirmed mill, confirmed road access, confirmed grid power, and no confirmed tailings facility at La Colorada.
Nearby producing mine (20%)10/10
Media Luna / El Limon-Guajes (Morelos complex) (Torex Gold Resources Inc.) is 12 km away -- within shared-mill trucking range.
Acquisition Susceptibility
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 in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score:8.8/10
Nearest producing mine: Media Luna / El Limon-Guajes (Morelos complex) (Torex Gold Resources Inc.), 12 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:5.5/10
Stage: Production
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:6/10
Mexico: jurisdiction score 6/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
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
Heliostar Metals is a Mexican gold producer operating the La Colorada mine in Sonora and the San Agustín mine in Durango, both 100%-owned open-pit heap-leach operations. Its portfolio also includes the Ana Paula underground development project in Guerrero, the Cerro del Gallo project in Guanajuato and the San Antonio project in Baja California Sur, plus the Goldstrike project in Utah, acquired in April 2026. Company-wide measured and indicated resources are 7,240,000 oz of gold, inclusive of reserves, plus 1,426,000 oz inferred. The November 2025 preliminary economic assessment for Ana Paula shows an after-tax NPV5% of US$426M and a 28% IRR at US$2,400/oz gold, with initial capital of US$300M and a 9-year mine life averaging 101,100 oz a year. San Agustín poured its first gold after its restart in late January 2026, and consolidated all-in sustaining cost was US$1,996/oz in Q1 2026.
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.