Heliostar Delivers Strong First Quarter 2025 Results Q1 2025 Operational and Financial Highlights
TSX.V: HSTR
OTCQX: HSTXF
Heliostar Delivers Strong First Quarter 2025 Results
Q1 2025 Operational and Financial Highlights
• Gold equivalent ounce ("GEO") production of 9,082 GEOs and sales of 8, 034 GEOs for Q1 2025.
The Company is on track to achieve annual sales guidance of 31,000 to 41,000 GEOs for 2025
• Preliminary interim consolidated cash costs of US$ 1,175-1,275 per GEOs sold and consolidated
all-in sustaining costs (“AISC”) of US$1,375-1,475 for Q1 2025. The Company is on track to achieve
its annual cash cost guidance range of US$1,800-1,900 per GEOs sold and AISC of US$1,950-2,100
per GEOs sold
• Average sale price of US$2,875 per ounce of gold for Q1 2025
• Closing of the quarter with US$27M in cash and no debt
Vancouver, Canada, April 28, 202 5 – Heliostar Metals Ltd. (TSX.V: HSTR, OTCQX: HSTXF, FRA: RGG1)
(“Heliostar” or the “Company”) is pleased to report preliminary interim results for the three months ended
March 31, 2025 (“Q1 2025”), which corresponds to the fourth quarter of Heliostar’s fiscal reporting year
2024-25.
The Company plans to host a c orporate update webinar on May 13 th, 2025 , at 8:00AM Pacific
Time/11:00AM Eastern Time. Full fiscal year-end reporting is anticipated in late July 2025.
Heliostar CEO, Charles Funk, commented, “The first quarter of 2025 was a very strong, first full quarter of
production for the Company. We restarted production at La Colorada, fully paid off the acquisition debt
and returned lower costs than budgeted.
In Q2, production is expected to decrease due to drawdown of inventory on the leach pad at San Agustin
prior to a planned restart of primary mining activities later in 2025. We remain well on track to meet our
production and cost guidance for 2025.
Heliostar exited the quarter with a strong cash balance of US$27M. This allows us to expand the drilling
program at La Colorada and commence the Company’s largest drilling campaign at our flagship Ana Paula
project, where we see potential to increase the high-grade underground resource.
Looking forward, in Q2, we are focused on delivering an updated technical report to support a planned
increase in production at La Colorada and completing the permitting to allow for the restart of mining at
San Agustin. The Company intends to utilize the cash flow from operations to increase annual gold
production from both producing mines, as well as build Ana Paula with minimal equity dilution.”
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TSX.V: HSTR, OTCQX: HSTXF, FRA: RGG1
Operational and Financial Results1
Key Performance Metrics La Colorada San Agustin El Castillo Total
Ore processed 2 t ore 959,365 ------- ------ 959,365
Gold production 3 oz Au 4,109 4,412 257 8,777
Silver production 3 oz Ag 18,279 8,595 546 27,421
GEO production 4 oz GEO 4,312 4,507 263 9,082
Gold sold oz Au 3,112 4,172 497 7,781
Silver sold oz Ag 12,468 9,936 523 22,927
GEO sold 4 oz GEO 3,250 4,282 502 8,034
Cash Cost 5 US$/GEO sold 1,175-1,275
All-In Sustaining Cost (AISC) 5 US$/GEO sold 1,375-1,475
Cash and cash equivalents US$ 26,900,000
Notes:
1. Results are preliminary in nature and subject to final reconciliation.
2. Production from San Agustin and El Castillo from re-leaching.
3. Metals production before payable deductions.
4. GEO production and GEO sold are based on weighted average sale prices for Q1 2025 of
US$2,875/oz Au and US$31.95/oz Ag.
5. These measures are non-IFRS financial measures.
Non-IFRS Measures. This news release refers to certain financial measures, such as all-in sustaining cost, which
are not measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS. These
measures may differ from those made by other companies and accordingly may not be comparable to such
measures as reported by other companies. These measures have been derived from the Company’s financial
statements because the Company believes that they are of assistance in the understanding of the results of
operations and its financial position. Certain additional disclosures for these specified financial measures have
been incorporated by reference and can be found in the Company's MD&A for Q4 2024 available on SEDAR+.
Cash costs. The Company uses cash costs per ounce of metals sold to monitor its operating performance
internally. The most directly comparable measure prepared in accordance with IFRS is the cost of sales. The
Company believes this measure provides investors and analysts with useful information about its underlying
cash costs of operations. The Company also believes it is a relevant metric used to understand its operating
profitability and ability to generate cash flow. Cash costs are measures developed by metals companies in an
effort to provide a comparable standard; however, there can be no assurance that the Company’s reporting of
these non-IFRS financial measures are similar to those reported by other mining companies. They are widely
reported in the metals mining industry as a benchmark for performance, but do not have a standardized
meaning and are disclosed in addition to IFRS financial measures. Cash costs include production costs, refinery
and transportation costs and extraordinary mining duty. Cash costs exclude non- cash depreciation and
depletion and site share-based compensation.
AISC. AISC more fully defines the total costs associated with producing precious metals. The AISC is calculated
based on guidelines published by the World Gold Council (WGC), which were first issued in 2013. In light of new
accounting standards and to support furthe r consistency of application, the WGC published an updated
Guidance Note in 2018. Other companies may calculate this measure differently because of differences in
underlying principles and policies applied. Differences may also arise due to a different definition of sustaining
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595 Burrard Street, Suite 1723, Vancouver BC, V7X 1J1, Canada -- Tel +1 844 753 0045
TSX.V: HSTR, OTCQX: HSTXF, FRA: RGG1
versus growth capital. Note that in respect of AISC metrics within the technical reports, because such economics
are disclosed at the project level, corporate general and administrative expenses were not included in the AISC
calculations.
Statement of Qualified Persons
Gregg Bush, P.Eng., and Mike Gingles, Qualified Persons, as such term is defined by National Instrument
43-101 – Standards of Disclosure for Mineral Projects, have reviewed the scientific and technical
information that forms the basis for this news release and have approved the disclosure herein. Mr. Bush
is employed as Chief Operating Officer of the Company, and Mr. Gingles is employed as Vice President of
Corporate Development.
About Heliostar Metals Ltd.
Heliostar aims to grow to become a mid -tier gold producer. The Company is focused on increasing
production and developing new resources at the La Colorada and San Agustin mines in Mexico, and on
developing the 100% owned Ana Paula Project in Guerrero, Mexico.
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: In Q2, production is expected to decrease due to drawdown of
inventory on the leach pad at San Agustin prior to a planned restart of primary mining activities later in
2025. We remain well on track to meet our production and cost guidance for 2025. This allows us to
expand the drilling program at La Colorada and commence the Company’s largest drilling campaign at our
flagship Ana Paula project, where we see potential to increase the high-grade underground resource.
Looking forward, in Q2 we are focused on delivering an updated technical report to support a planned
increase in production at La Colorada and completing the permitting to allow for the restart of mining at
San Agustin. The Company intends to utilize the cash flow from operations to increase annual gold
production from both producing mines as well as build Ana Paula with minimal equity dilution.
4
595 Burrard Street, Suite 1723, Vancouver BC, V7X 1J1, Canada -- Tel +1 844 753 0045
TSX.V: HSTR, OTCQX: HSTXF, FRA: RGG1
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
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 res1rves and resources, metallurgical
recoveries and capital and operating costs of such projects; contests over title to pr operties, 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 economic 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 assumption s or changes in circumstances or any other events
affecting such statements or information, other than as required by applicable law.