Heliostar Metals' Production Growth Plan and Cash Flow to Ana Paula Build Decision - Crux Investor

AI desk brief

Heliostar Metals says it plans to fund about $150 million of Ana Paula construction from cash flow at La Colorada and San Agustin over the next two years, reducing reliance on equity. The Ana Paula feasibility study is 34% complete and due in Q2 2027, with a build decision targeted around June/July 2027 and first gold before end-2028; initial capex is now expected to be about $330 million versus $300 million in the PEA.

Operationally, Heliostar produced 14,803 oz of gold in Q2 2026, with YTD AISC of $2,155/oz. Management is leaning on La Colorada injection leaching and waste stripping at Veta Madre Plus to bridge toward Ana Paula, while also citing near-term catalysts including BIOX test results, permit submission, long-lead equipment orders in Q4 2026 and pending Goldstrike antimony drill results. The company argues it remains cheap at about 0.2x P/NAV and 2x estimated 2029 cash flow versus junior producer peers.