Heliostar Presents Fiscal 2025 Financial Results Full year 2025 Highlights
TSX.V: HSTR
OTCQX: HSTXF
Heliostar Presents Fiscal 2025 Financial Results
Full year 2025 Highlights
• Achieved full-year production guidance with 34,098 gold-equivalent ounces (“GEOs”) produced
in calendar 2025
• Outperformed calendar 2025 cash cost guidance with consolidated cash costs of $1,541/GEO with
all-in sustaining costs (“AISC”) of $2,028/GEO within the guidance range
• $65.9 million in mine operating earnings from ounces not in reserves at the time of acqu isition
(stockpiles, re-leaching, etc) in November 2024
• Changed fiscal year end from March 31 to December 31
• Mine operating earnings of $47.4 million; net income of $12.4 million after $13.3 million of
exploration costs in the nine-month period ended December 31, 2025
• $40.6 million in cash, working capital of $49.0 million and no debt as of December 31, 2025
• Exercise of the majority of the remaining 23.4 million warrants issued in March 2023 for net
proceeds of $2.7 million subsequent to period end
Vancouver, Canada, March 19, 2026 – Heliostar Metals Ltd. (TSX.V: HSTR, OTCQX: HSTXF, FRA: RGG1)
(“Heliostar” or the “Company”) today reported audited financial results for the nine months ended
December 31, 2025 (“Fiscal 2025”). The fiscal 2025 results are presented for the nine -months period as
the Company adjusted its reporting year end to December 31.
Heliostar CEO, Charles Funk, commented, “2025 was truly a transformational year for Heliostar that has
established an excellent platform to grow from . We moved from two assets in residual leaching to
restarting production from stockpiles at La Colorada and closed out the year by bringing San Agustin back
online. The creativity of our team to move on opportunities quickly allowed us to fully capture the impact
of the rising gold price in 2025 by achieving gold-producer status. Heliostar has generated $ 65.9 million
in mine operating earnings from production of ounces not in reserves when we purchased the portfolio in
November 2024 for $5 million.”
“The cash from operations has, and will continue to , support further growth in the business. We plan to
invest $27.0 million in exploration across the portfolio in 2026 to unlock the near-mine geologic potential
at our operations. We also plan to invest in growing production. Planned stripping at the Veta Madre pit
cutback, advancing the underground decline at Ana Paula and defining mine life extension opportunities
at San Agustin will all allow Heliostar to continue to grow production into 2027 and beyond.”
2025 Results Conference Call
Heliostar will host a conference call on Monday, March 23, 2026, at 2 :00 PM Eastern Time/ 11:00 AM
Pacific Time. The call will provide a corporate update following the release of our financial and operating
results for fiscal 2025.
Please use the link here to register for the call or visit the Company website at www.heliostarmetals.com.
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2025 Operational and Financial Highlights
Total gold production of 34,098 GEOs (32,990 gold ounces) in calendar 2025, including 8,447 GEOs (8,022
gold ounces) in the three months ended December 31 . Gold production through the year was realized
from mining the Junkyard Stockpile at the La Colorada mine, as well as re-leaching the previously stacked
ore at the La Colorada and the San Agustin mines. This was in line with the calendar 2025 guidance issued
by the Company on February 4, 2025, of 31,000-41,000 GEOs.
Total Cash Cost of $1,541 per GEO sold in calendar 2025. Consolidated total cash costs for the three
months ended December 31, 2025 (see “Non-IFRS Measures”) were $1,911 per GEO sold.
Total AISC of $2,028 per GEO sold in calendar 2025. Consolidated AISC for the three months ended
December 31, 2025, was $2,658 per GEO sold. As expected, the increase from the previous quarter reflects
the $3.4M in sustaining capital invested at San Agustin to bring the mine back into production.
Total Cash Costs and AISC were within the 2025 guidance range of $1,800-$1,950/GEO and $1,950 -
$2,100/GEO, respectively. This is despite the change in AISC calculation methodology in the three months
ended September 3 0, 2025, to include corporate g eneral and administrative (“G&A”) and stock-based
compensation costs, expensed exploration incurred in the period, and the removal of previously included
by-product credits.
Mine operating earnings of $47.4 million in the nine months of fiscal 2025. The Company continued to
report strong results in the final quarter of 2025 with mine operating earnings of $18.8 million, the
strongest quarter in the Company’s history. Operating margin in the quarter benefited from a rising gold
market, more than offsetting the increased operating costs associated with restarting San Agustin and the
leach pad inventory build at La Colorada.
Net income attributable to shareholders of $12.4 million, or $0.04 per share on a fully diluted basis, for
fiscal 2025. Net income of $9.3 million ($0.04 per share) for the three months ended December 31, 2025,
compared to $1.3 million ($0.01 per share ) for the previous qua rter. This was due to stronger mine
operating earnings from a rising gold price, positive moves in foreign exchange rates and income tax
recovery.
Strengthened financial position and liquidity : On December 31, 2025, the Company had cash of $40.6
million and working capital (defined as current assets less current liabilities) of $49.0 million. The increase
compared to September 30, 2025, was due to the sale of unsold ounces at the end of the previous quarter
and a rising gold price . These factors more than compensated for the capital invested to bring new
production online at San Agustin, spending on exploration drilling and outlay for technical study work.
Maintained stable production at La Colorada mine. The mining of new ore restarted at the Junkyard
Stockpile in January 2025. Production from the Junkyard Stockpile was steady through the year , with
operating costs as expected, grade in line with the reserve model and ore tonnes slightly higher than
expected. Crusher feed from the stockpiles has continued into 2026, and early results from injection
leaching technology have shown promising results. This should allow the operation to recover additional
ounces from material previously stacked on the leach pad. T he Company intends to expand the Veta
Madre pit to exploit 43k ounces of gold reserves with waste stripping for the pit pushback slated to start
in Q3 2026 . In addition, Heliostar has completed a drill campaign at Veta Madre Plus with the aim of
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adding additional indicated material into a near-term mine plan in short order. Results are expected to be
released in the coming weeks.
Restarted mining at San Agustin. Through the three months ended December 31, 2025, the Company
focused on restarting primary mining, crushing and stacking activities at San Agustin . The first blast
occurred on December 18 , 2025 with the first gold poured in January 2026. The operation has since
successfully ramped up to steady-state production, and gold production from the San Agustin mine will
be a major cash flow driver for Heliostar through 2026 and beyond. Recoverable reserves at the Corner
are estimated at 44.5k ounces of gold.
Strong economics and continued drilling success at Ana Paula drive additional investment . On
November 6, 2025, the Company announced the results of a Preliminary Economic Study (PEA) for Ana
Paula. These showed attractive economics at a conservative gold price, driven by production of 101 koz/yr
after ramp-up, at an average all-in sustaining cost of $1,011/oz. On the back of this positive outcome, the
Company has announced its intention to complete the production-scale underground decline access to
the deposit in 2026. This work is expected to start in Q3 2026 and reach the deposit in early 2027.
Technical and regulatory programs are being advanced in parallel and will continue through 2026 to
complete a bankable feasibility study in the first half of 2027. Based on the successful drilling step-out and
step-down extensions of the Ana Paula deposit, the Company has committed to an additional 10,000m of
drilling in 2026. Additional assay results from the expanded 20,000m drill program started in 2025 are
pending, including additional holes targeting extensions at depth.
Preparation of updated technical reports. In addition to the Ana Paula PEA, t he Company announced
the results of an updated technical report for the La Colorada Mine on October 17, 2025, and the results
of the Cerro del Gallo project Pre-Feasibility Study on December 11, 2025.
Operational and Financial Results
Results are reported for the three months ended December 31, 2025, which correspond to the third and
final quarter of Heliostar’s fiscal reporting period with the change of year-end from March 31 to
December 31. The three months ended December 31, 2025 , are noted as “Q4 2025 .” Unless otherwise
noted, “2025” refers to the calendar period of 12 months ended December 31, 2025.
A summary of the Company’s consolidated operational and financial results for the reporting period is
presented below:
Key Performance Metrics Q4 2025 2025
Operational
Gold produced (ounces) 8,022 32,990
Gold equivalent ounces produced 8,447 34,098
Gold sold (ounces) 8,785 32,479
Gold equivalent ounces sold 8,904 33,134
Cash cost1 per GEO sold $1,911 $1,541
All-in sustaining costs1 (“AISC”) per GEO sold $2,658 $2,028
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Financial (in ‘000s) Q4 2025 Fiscal 2025
Revenues $37,133 $91,824
Mine operating earnings $18,849 $47,348
Exploration expenses $4,929 $13,256
Net income (loss) before tax $6,575 $17,908
Cash $40,623 $40,623
Total assets $145,429 $145,429
Working Capital $48,966 $48,966
1. Non-IFRS measure. Refer to the “Non-IFRS Measures” section of this news release.
Operational Review
Consolidated Production and Costs
Production of 8,459 GEOs (8,022 gold ounces) in Q4 2025 was reported from the La Colorada mine and
the San Agustin mine. In late Q2, the El Castillo mine ceased production, and reclamation commenced at
the start of Q3 . The combined full calendar year 2025 production of 34,098 GEOs (32,990 gold ounces)
achieved the 2025 production guidance issued by the Company of 31,000-41,000 GEOs. On January 13,
2026, Heliostar provided 2026 production guidance of 50,000-55,000 ounces of gold and 290,000-320,000
ounces of silver.
The combined c ash costs for the produ cing operations for Q4 were $1,911 per GEO sold , and the
consolidated AISC was $2,658 per GEO sold. The AISC in Q4 was higher, as forecast, due to the restart of
mining operations at San Agustin and is guided to revert to 2,025-2,125 in 2026.
For the full calendar year 2025, combined cash costs were $ 1,541 per GEO sold, and consolidated AISC
was $2,028 per GEO sold. The combined cash costs were below the guidance range of $1,800-$1,950 per
GEO due to lower operating unit costs. All-in sustaining costs were in line with guidance of $1,950-$2,100
per GEO for AISC due to the inclusion of allocated corporate G&A, stock -based compensation and
expensed exploration.
La Colorada Mine
Operating results for Q4 2025 were as follows:
La Colorada Q4 2025 2025
Gold produced oz 4,910 17,793
Gold equivalent ounces produced GEO 5,139 18,467
Gold sold oz 5,281 16,146
Gold equivalent ounces sold GEO 5,377 16,582
Cash cost1 $/GEO sold $1,829 $1,508
All-in sustaining costs1 $/GEO sold $1,883 $1,583
In January 2025, mining of new ore restarted at the Junkyard Stockpile by the Company , alongside re-
leach activities of ore stacked by previous operators.
During Q4 2025, the La Colorada mine produced 5,139 GEOs (4,910 gold ounces). Total revenues of $22.6
million were reported from sales of 5,377 GEOs. The decrease in production compared to the previous
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quarter was driven by lower gold grades stacked during the quarter, partially offset by higher silver
contribution from re-leach activities.
For the quarterly reporting period, cash costs were $1,829 per GEO, and AISC was $1,883 per GEO. For
the full 2025 calendar year, cash costs were $1,508 per GEO, and AISC was $1,5 83 per GEO, below the
site-level guidance for 2025 of $1,800-1,950 per GEO for cash costs and $1,850-$1,975 per GEO for AISC.
The higher cash costs and AISC compared to Q3 were driven by costs incurred to start up the injection
leaching operation, and more waste was moved from the stockpiles than in the previous quarter.
Mining of the surface stockpiles was completed in Q1 2026. Production in 2026 is expected to be driven
by continued residual leaching activities from the surface of the pad , as well as utilizing drilling and
pressure injection technology to access partially leached material at the lower levels of the pad. The
Company has been evaluating the effectiveness of this technology (more commonly found at copper
mines) and has seen very encouraging early results.
The Company intends to start capitalized waste stripping activities to expand the Veta Madre pit in the
second half of 2026. This will enable Heliostar to exploit the 43k ounces of gold reserve, which will drive
2027 production. Drilling to define the mineralization at Veta Madre Plus has recently concluded, with the
aim of bringing it into production starting in 2027 and continuing through into 2028. Assays are pending
for this drill campaign and are expected to be released in Q2 2026.
The inclusion of any material from Veta Madre Plus into a mine plan would be incremental to that shown
in the October 17, 2025 , technical report for La Colorada. This study , which included Veta Madre and
subsequent exploitation of ore within an expanded El Creston pit, showed a six-year life producing 286k
gold ounces at an AISC of $1,626 per GEO with upside case economics of an NPV5% of $243.3M and an
IRR of 168.4% at a $3,500/oz gold price.
San Agustin Mine
Operating results for Q4 2025 were as follows:
San Agustin Q4 2025 2025
Gold produced oz 3,270 14,883
Gold equivalent ounces produced GEO 3,320 15,139
Gold sold oz 3,414 15,597
Gold equivalent ounces sold GEO 3,437 15,810
Cash cost1 $/GEO sold $ 2,070 $1,575
All-in sustaining costs1 $/GEO sold $ 3,298 $1,927
Through 2025, production at San Agustin was derived from residual leaching of ore placed on the pad by
previous operators. In July 2025, Heliostar received approval to restart mining at the operation, with the
first blast in December 2025 and the pouring of first gold from the restart in January 2026.
In the last quarter of 2025, San Agustin produced 3,320 GEOs (3,270 gold ounces). Total revenues of $14.4
million were reported from sales of 3,437 GEOs. R e-leaching perfor mance continued well above
expectations in the quarter as a result of enhanced recovery initiatives conducted earlier in the year.
For Q4, cash costs were $2,070 per GEO, and AISC was $3,298 per GEO. For the full 2025 calendar year,
cash costs were $1,575 per GEO, and AISC was $1,927 per GEO.
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During the quarter , the mine restarted primary production from mining the Coner area reserve. Site
preparation activities, contractor mobilization and the re -commissioning of the crusher cir cuit were all
completed on time and on budget. The existing infrastructure and high level of preparedness on site
allowed for a rapid ramp -up. In January 2026, the first gold was pour ed from new material stacked on
lower levels of the leach pad, and the operation has achieved its steady state operating run rate. Mining
of the Corner area reserve will be done through 2026 and continue into 2027. Recoverable reserves at the
Corner are estimated at 44.5k ounces of gold.
A 15,000-18,000m drill campaign at San Agustin is ongoing, focused on defining additional oxide resources
at the margins of the existing open pit. The intent is that, once defined, this material could be rapidly
added into the mine plan to extend mine life and continue to generate additional cashflow beyond the
current 14-month mine life. Initial results from this program included 35.1m grading 0.4 g/t AuEq from
1.5m and 19.8m trading 0.6 g/t AuEq, with additional assays expected to be released in Q2 2026.
Ana Paula Project
Development and exploration expenditures at the flagship Ana Paula Project were $5.3 million in Q4 and
$11.6 million in the full 2025 calendar year.
During Q4 2025, the Company progressed its expanded 20,000 metre drilling program at Ana Paula with
the objective of delivering mineral reserves that will support a 10-year life-of-mine in the Feasibility Study
planned to be released in the first half of 2027. Subsequent to the reporting period, on February 23, 2026,
the Company announced the first set of new drill results from the Expansion Zone, including 25.45m of
8.26 g/t. Results from additional holes are pending from this area and expected to be released in the
coming months.
On December 15, 2025, Heliostar released the results of a Preliminary Economic Study (PEA) for Ana Paula
showing strong economics at a conservative gold price. This showed a mine with a nine -year life ,
producing 101 koz/yr after ramp-up, at an AISC of $1,011/oz. This resulted in upside case economics of
an NPV5% of $1,012M, an IRR of 51.3% and an average annual after- tax free cash flow of $168M at a
$3,800/oz gold price.
Given the robust PEA economics and strong cashflow generated from operations, the Company has
committed to restarting the advance of the decline in the second half of 2026. A total of $15 million has
been budgeted for this work, which will: (1) establish early access to the Ana Paula underground deposit
and (2) provide an underground drilling platform to continue exploration drilling down dip.
In parallel, work on the Feasibility Study is ongoing. This includes advanced metallurgical testing, updating
the resource to include the recent drilling, detailed process plant design and mine plan optimization.
Heliostar is also rapidly advancing permitting and is on track to submit the permit modification for the
underground mine and associated surface infrastructure in mid-2026.
Cerro del Gallo Project
During Q4 2025, the Company released the results of a Prefeasibility Study for the Cerro del Gallo project
based on information collected by previous owners. This work include d updated mineral resources and
mineral reserves based on an updated gold price, as well as better definition of transition material and an
optimized mining and stacking plan. The study showed a mine with a 15 -year life producing 86k GEO/yr
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at an AISC of $1, 390 per GEO. This resulted in upside case economics of an NPV5% of $ 972M, an IRR of
59.3% and a 1.4-year payback period at a $3,900/oz gold price. The work program for the project for 2026
is focused on social engagement with the local stakeholders, collecting additional metallurgical samples
through a small drill program and unlocking the full potential of the land-package-constrained reserve. All
major environmental and other permits will need to be obtained before an investment decision can be
considered by the Company.
Funding Overview
In the three months ended December 31, 2025, 11.6 million warrants and 0.9 million stock options were
exercised for total proceeds of $ 4.0 million and 200,000 RSUs were converted. Subsequent to quarter
end, 11.4 million warrants and 0.5 million stock options were exercised for total proceeds of $2.8 million.
As of December 31, 2025, the Company had no debt.
Non-IFRS Measures. This news release refers to certain financial measures, such as all-in-sustaining costs,
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
understanding 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 fiscal 2025, available on SEDAR+.
Cash costs. The Company uses cash costs per gold equivalent ounce sold to monitor its operating
performance internally. The most directly comparable measure prepared in accordance with IFRS is 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-GAAP financial measures is 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 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. Production costs
include mining, crushing, processing, and direct overhead at the operation sites.
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 further 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 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
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expenses were not included in the AISC calculations. AISC per GEO includes mining, processing, direct
overhead, reclamation and sustaining capital.
Statement of Qualified Persons
Gregg Bush, P.Eng., and Mike Gingles, P. Geo., 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: the Company’s goal of becoming a mid-tier producer, the mine
performance, production plans and the free cashflow generation from our operating mines, all profits
generated from operations to be reinvested directly into our Companies growth and this reinvestment will
focus on expanding production and growing resources across our portfolio.
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