Heliostar Announces 2024 Production and Provides 2025 Production and Cost Guidance
Heliostar Announces 2024 Production and Provides
2025 Production and Cost Guidance
HIGHLIGHTS:
• 2024 Production of 20,795 GEOs (20,298 gold ounces and 43,076 silver ounces)
• 2025 Production Guidance of 31,000-41,000 GEOs
Vancouver, Canada – February 4 , 202 5 – Heliostar Metals L td. (TSX.V: HSTR, OTCQX: HSTXF, FRA: RGG 1)
(“Heliostar” or the “Company”) is pleased to announce that it produced 10,391 Gold Equivalent Ounces (GEOs)
(10,156 gold ounce and 20,054 silver ounces) in the fourth quarter of 2024 (the third quarter of the Company’s
financial year).
This resulted in a total 2024 production of 20,795 GEOs (20,298 gold ounces and 43,076 silver ounces). As a
result, the Company exceeded its production guidance for 2024, which was 20,000-20,250 GEOs (see news
release dated November 14, 2024). Financial results for the quarter ended December 31, 2024 will be reported
during February 2025. Cash Costs and All In Sustaining Costs ( “AISCs”) are expected to be below the bottom
end of the guidance range
Project Category Oct-Dec
2024 Total 2024
La Colorada Mine
Gold sold (Ounces) 3,052 5,427
Silver sold (Ounces) 9,823 16,143
GEOs sold (Ounces)1 3,167 5,613
San Agustin Mine
Gold sold (Ounces) 7,104 14,871
Silver sold (Ounces) 10,231 26,933
GEOs sold (Ounces)1 7,224 15,182
Consolidated
Gold sold (Ounces) 10,156 20,298
Silver sold (Ounces) 20,054 43,076
GEOs sold (Ounces)1 10,391 20,795
1. Metal prices estimated at US$2,500 per ounce gold and $30 per ounce gold price.
In the reporting period, Heliostar Metals entered into an agreement to acquire the Mexican assets of the
former Argonaut Gold on July 11, 2024. The operations were managed by Florida Canyon Gold Inc. (FCGI) under
agreed covenants until closing on November 7, 2024.
Following cessation of mining operations in September 2023, the La Colorada mine (“La Colorada”) continued
to produce metals from re-leaching activities during 2024. Similarly, at the San Agustin mine ( “San Agustin”),
mining operations were ended in September 2024 . San Agustin has continued to produce metals from re -
leaching operations.
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OTCQX: HSTXF
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2025 Production Guidance
In 2025, the Company expects to produce 31,400-41,000 GEOs at an all-in sustaining cost (“AISC”) of US$1,950-
2,000 per GEO.
Project
Gold
Production
(Ounces)
Silver
Production
(Ounces)
GEO
Production3
(Ounces)
Cash Cost4
(US$ per
GEO)
AISC4,5
(US$ per
GEO)
La Colorada Mine 17,000-23,300 42,500-51,500 17,500-23,800 1,800-1,950 1,850-1,975
San Agustin Mine1 8,500-11,000 - 8,500-11,000 1,500-1,650 1,700-1,850
San Agustin Restart2 4,500-5,700 34,000-43,000 5,000-6,200 2,350-2,500 2,900-3,035
Consolidated 30,000-40,000 76,500-94,500 31,000-41,000 1,800-1,950 1,950-2,100
Notes:
1. San Agustin Mine Production from January to October, 2025
2. San Agustin Restart from October to December, 2025. The Restart will require a change of
use of soils permit prior to commencing which the company expects to receive in 2025. High
AISCs reflect US$4.2M of capital and two months of waste stripping costs. The San Agustin
Operations, Durango, Mexico, NI 43-101 Technical Report supports AISCs of US$1,790 for life
of mine (excluding mine closure costs).
3. Metal prices estimated at US$2,400 per ounce gold and $28 per ounce gold price.
4. Cash costs and AISC are non -GAAP measures. Please refer to the “Non -GAAP Financial
Measures” section of this news release for further information on this measure.
5. AISC is based on World Gold Council definition.
6. Annual average exchange rate from all costs based on Mexican peso to US dollar (nineteen
pesos per one dollar).
At La Colorada, exploration work during the second half of 2024 confirmed the potential to exploit metals from
previously stockpiled material known as the Junkyard Stockpile. Mining operations were restarted at La
Colorada from the Junkyard Stockpile in January 2025 and it is planned that production will continue through
the year.
At San Agustin, residual production is continuing into 2025. The Company has submitted a permit application
to expand the open pit that would allow mining operations at San Agustin to recommence in 2025. Initial
capital requirements result in an elevated Cash Cost and AISC for the San Agustin Restart in 2025. This is
expected to materially reduce in 2026 with the San Agustin Operations, Durango, Mexico, NI 43-101 Technical
Report supporting an AISC of US$1,790 for life of mine (excluding mine closure costs).
Drilling and technical trade -off studies will continue at Ana Paula. The Company is completing a Feasibility
Study on Ana Paula during 2025 to allow for a construction decision shortly thereafter.
Statement of Qualified Persons
Gregg Bush, P.Eng., Qualified Person, as such term is defined by National Instrument 43 -101 – Standards of
Disclosure for Mineral Projects, has reviewed the scientific and technical information that forms the basis for
this news release and has approved the disclosure herein. Mr. Bush is employed as Chief Operating Officer of
the Company.
Non-GAAP Financial Measures
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Management believes that the reported non-GAAP financial measures will enable certain investors to better
evaluate the Company's performance, liquidity, and ability to generate cash flow. These measures do not have
any standardized definition under IFRS, and should not be considered in isolation or as a substitute for
measures of performance prepared in accordance with IFRS. Other companies may calculate these measures
differently.
About Heliostar Metals Ltd.
Heliostar is a gold producer with production from operating mines in Mexico. This includes the La
Colorada Mine in Sonora and San Agustin Mine in Durango. The Company also has a strong portfolio of
development projects in Mexico and the USA. These include the Ana Paula project in Guerrero, the Cerro
del Gallo project in Guanajuato, the San Antonio project in Baja Sur and the Unga project in Alaska, USA.
FOR ADDITIONAL INFORMATION PLEASE CONTACT:
Charles Funk
President and Chief Executive Officer
Heliostar Metals Limited
Email: [email protected]
Phone: +1 844-753-0045
Rob Grey
Investor Relations Manager
Heliostar Metals Limited
Email: [email protected]
Phone: +1 844-753-0045
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of
the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain "Forward–Looking Statements" within the meaning of the United States
Private Securities Litigation Reform Act of 1995 and "forward –looking information" under applicable
Canadian securities laws. When used in this news rel ease, the words "anticipate", "believe", "estimate",
"expect", "target", "plan", "forecast", "may", "would", "could", "schedule" and similar words or
expressions, identify forward –looking statements or information. These forward –looking statements or
information relate to, among other things, the Company’s plans, prospects and business strategies; the
Company’s guidance on the timing and amount of future production and its expectations regarding the
results of operations; the completion of additional studies, including at La Colorada and Ana Paula ; the
completion of a Pre-Feasibility Study on the La Colorada Mine in 2025; ; the potential approval of a permit
application to expand the pit and restart mining at the San Agustin Mine; the completion of Feasibil ity
Study on Ana Paula; and expectations for other economic, business, and/or competitive factors.
Forward-looking statements and forward–looking information relating to the terms and completion of the
Facility, any future mineral production, liquidity, and future exploration plans are based on management’s
reasonable assumptions, estimates, expectation s, analyses and opinions, which are based on
management’s experience and perception of trends, current conditions and expected developments, and
other factors that management believes are relevant and reasonable in the circumstances, but which may
prove to be incorrect. Assumptions have been made regarding, among other things, the receipt of
necessary approvals, price of metals; no escalation in the severity of public health crises or ongoing military
conflicts; costs of exploration and development; the est imated costs of development of exploration
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projects; and the Company’s ability to operate in a safe and effective manner and its ability to obtain
financing on reasonable terms.
These statements reflect the Company’s respective current views with respect to future events and are
necessarily based upon a number of other assumptions and estimates that, while considered reasonable
by management, are inherently subject to significant business, economic, competitive, political, and social
uncertainties and contingencies. Many factors, both known and unknown, could cause actual results,
performance, or achievements to be materially different from the results, performance or achievements
that are or may be expressed or implied by such forward –looking statements or forward -looking
information and the Company has made assumptions and estimates based on or related to many of these
factors. Such factors include, without limitation: precious metals price volatility; risks associated with the
conduct of the Company’s mining activities in foreign jurisdictions; regulatory, consent or permitting
delays; risks relating to reliance on the Company’s management team and outside contractors; risks
regarding exploration and mining activities; the Company’s inability to obtain insurance to cover all risks,
on a commercially reasonable basis or at all; currency fluctuations; risks regarding the failure to generate
sufficient cash flow from operations; risks relating to project financing and equity issuances; risks and
unknowns inherent in all mining projects, including the inaccuracy of reserves and resources, metallurgical
recoveries and capital and operating costs of such projects; contests over title to p roperties, particularly
title to undeveloped properties; laws and regulations governing the environment, health and safety; the
ability of the communities in which the Company operates to manage and cope with the implications of
public health crises; the e conomic and financial implications of public health crises, ongoing military
conflicts and general economic factors to the Company; operating or technical difficulties in connection
with mining or development activities; employee relations, labour unrest or unavailability; the Company’s
interactions with surrounding communities; the Company’s ability to successfully integrate acquired
assets; the speculative nature of exploration and development, including the risks of diminishing quantities
or grades of reserves; stock market volatility; conflicts of interest among certain directors and officers; lack
of liquidity for shareholders of the Company; litigation risk; and the factors identified under the caption
“Risk Factors” in the Company’s public disclosure documents. Readers are cautioned against attributing
undue certainty to forward –looking statements or forward -looking information. Although the Company
has attempted to identify important factors that could cause actual results to differ materially, there may
be other factors that cause results not to be anticipated, estimated or intended. The Company does not
intend, and does not assume any obligation, to update these forward –looking statements or forward -
looking information to reflect changes in assumptio ns or changes in circumstances or any other events
affecting such statements or information, other than as required by applicable law.