What Heliostar Metals does

Heliostar Metals Ltd. (TSX-V: HSTR; OTCQX: HSTXF) is a Vancouver-based junior gold producer that operates a portfolio of open-pit heap leach gold mines and development-stage assets in Mexico and the United States, targeting more than 500,000 ounces of annual gold production by 2030. The company's product portfolio comprises two producing mines — La Colorada in Sonora and San Agustin in Durango — which together generated 34,098 gold-equivalent ounces in fiscal 2025 with mine operating earnings of US$47.4 million. The development pipeline is anchored by the flagship Ana Paula underground project in Guerrero (acquired from Argonaut Gold in 2023 for US$10M, with prior investment of US$100M+ already sunk), supplemented by Cerro del Gallo in Guanajuato, the recently acquired Goldstrike project in Utah (US$72.5M from Liberty Gold, April 2026, adding 975 koz indicated and 90 koz inferred gold ounces), San Antonio in Baja Sur, and the Unga exploration project in Alaska. Probable reserves stand at 445 koz with M&I resources of 3.2 Moz.

The company makes money by producing gold doré bars and selling them to refiners and bullion buyers at prevailing spot market prices, supplemented by a 2% NSR royalty retained on four non-core Mexican properties optioned to Zacatecas Silver. Heliostar's central cost-advantage thesis is that Ana Paula is engineered to operate at a life-of-mine AISC of US$1,011/oz — placing it in the lowest 13% of the global cost curve — through the planned integration of a 250 tpd BIOX bio-oxidation circuit targeting 90% gold recovery from refractory ore, combined with transverse and longitudinal long hole open stoping and cemented paste backfill. Operating mines La Colorada and San Agustin employ proven open-pit heap leach methods for oxide ore, with 2026 consolidated guidance of 50,000–55,000 oz at AISC of US$2,025–US$2,125/oz.

Heliostar's capital strategy is to use cash flow from existing operations to fund development of the growth pipeline without equity dilution. The company ended fiscal 2025 with US$40.6M in cash and no debt, supported by a series of equity financings including a US$6M lead investment by Eric Sprott (October 2024) and a US$19.5M bought deal led by Cormark Securities and Velocity Trade Capital (March 2025). Customer concentration is structurally low: revenue is derived from spot-priced gold sales to refiners and bullion dealers with no disclosed offtake agreements. Recent strategic emphasis has been on transitioning from a junior explorer (founded as Heliodor Metals and rebranded from Redstar Gold in October 2020) into a mid-tier producer, supported by leadership changes including Chairman James Perry (December 2025) and Audit Chair Tara Gilfillan (March 2026).

Name

Heliostar Metals

Legal name

Heliostar Metals Ltd.

Website

https://heliostarmetals.com

Company type

Public

Founded year

2020

Operating status

Operating

Headcount range

11–50 employees

Short description

Heliostar Metals is a Vancouver-based junior gold producer operating open-pit heap leach mines in Mexico and developing the flagship high-grade Ana Paula project, targeting 500,000 oz/year annual production by 2030.

Ownership category

akta.pro rank

Product category

Gold Mining

NAICS

Gold Ore and Silver Ore Mining (21222)

SIC

Gold And Silver Ores (1040)

akta.pro primary industry

Gold Mining (IMAKAEAA)

akta.pro secondary industries

Precious Metals Exploration & Project Development (IMAKAEAI), Precious Metals Ore Processing & Beneficiation (IMAKAEAD)

Keywords

• Gold mining operations
• Precious metals exploration
• Open-pit mining
• Heap leach processing
• Gold doré production

Headquarters

HQ city

Vancouver

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Supply Chain, Marketing or Sales

Revenue model

1. Gold Production and Sales: Heliostar generates revenue through the production and sale of gold dore bars from its operating mines (La Colorada and San Agustin). Gold is sold at market prices to gold buyers and refineries. The company targets production of 500,000 ounces per year by 2030.
2. NSR Royalties from Divested Properties: Heliostar retains a 2% net smelter return (NSR) royalty on properties divested to Zacatecas Silver (Cumaro, La Lola, Oso Negro, Ejutla), with 1% buyable for $2,000,000 prior to commercial production.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Heliostar Metals is a gold mining company that operates two open-pit heap leach gold mines (La Colorada in Sonora, Mexico and San Agustin in Durango, Mexico) producing gold doré bars for sale to refineries at prevailing market prices. The company also holds a portfolio of four development-stage gold projects (Ana Paula as flagship in Guerrero, Cerro del Gallo in Guanajuato, Goldstrike in Utah, and San Antonio in Baja Sur) and one exploration-stage project (Unga in Alaska), with the strategic goal of scaling annual gold production to 500,000 ounces by 2030.

Product overview

Heliostar Metals is a gold mining and development company operating a portfolio of producing mines and development-stage projects across Mexico and the USA. The company's product portfolio consists of two operating open-pit heap leach mines (La Colorada in Sonora and San Agustin in Durango) generating near-term cash flow, four development-stage projects (Ana Paula as flagship in Guerrero, Cerro del Gallo in Guanajuato, Goldstrike in Utah, and San Antonio in Baja Sur) representing near-term production growth, and one exploration project (Unga in Alaska) for long-term pipeline expansion. The company targets 500,000 ounces of annual gold production by 2030, with Ana Paula expected to be the largest contributor at 101,000 oz/year starting in 2028.

Differentiator

Problem solved

Functional benefit

Products and services

• La Colorada Mine Open-pit heap leach gold operation located 45 km southeast of Hermosillo, Sonora, Mexico. The mine plan outlines production from three sequentially staged deposits (Junkyard Stockpile, Veta Madre pit expansion, El Crestón pit expansion) targeting 286,000 ounces of gold over a 6-year mine life across a 10,085-hectare land package.
• San Agustin Mine Open-pit heap leach gold operation located 100 km north of Durango City, Durango, Mexico. Heliostar recently restarted open pit mining in the Corner area, providing 14 months of mine life producing 44,500 GEO with exploration potential to extend production. Expected 2026 production of 30,000-32,700 ounces of gold at approximately $2,000 AISC.
• Ana Paula Project Flagship development project in Guerrero, Mexico targeting 101,000 oz annual gold production starting 2028 at AISC of $1,011/oz. Acquired in 2023 from Argonaut Gold for US$10 million with over US$100 million prior investment. Underground mining will use transverse and longitudinal long hole open stopping with cemented paste backfill, with a planned 250 tpd BIOX bio-oxidation circuit to increase gold recovery to 90%. Feasibility Study underway to support 1H 2027 construction decision on the 56,334-hectare land package.
• Cerro del Gallo Project Gold development project in Guanajuato, Mexico with positive pre-feasibility study showing 15.3-year mine life, 33.1% IRR, and after-tax NPV of $424M at $2,300/oz gold price. Represents a growth-stage asset in Heliostar's Mexican development pipeline.
• Goldstrike Project Gold development project in southwestern Utah, USA acquired from Liberty Gold Corp. in April 2026 for US$72.5 million. Contains indicated mineral resource of 975,000 oz grading 0.46 g/t and inferred resource of 90,000 oz grading 0.31 g/t, providing a significant United States-based development asset.
• San Antonio Project Development-stage gold project located in Baja Sur, Mexico, part of the company's pipeline of growth projects in Mexican mining districts.
• Unga Project Exploration-stage gold project in Alaska, USA covering approximately 240 km² with multiple high-grade gold zones including the SH-1 Zone (395,825 oz AuEq inferred resource at 14.2 g/t), the historic Apollo-Sitka mine area, and porphyry gold-copper targets representing long-term pipeline potential.

Quantifiable outcome

• 500,000 oz/year gold production target by 2030
• +4 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered minor and core.

• Zacatecas Silver Corp.minorStrategic or Co-development Partner · 8 June 2026Heliostar granted Zacatecas Silver an option to acquire 100% interest in four non-core early-stage exploration properties (Cumaro, La Lola, Oso Negro, Ejutla) in Mexico. Deal structure: $129,000 cash + 4,217,845 shares at closing, plus $450,000 cash and $750,000 in shares over three years. Heliostar retains a 2% NSR royalty with 1% buyable for $2,000,000 prior to commercial production.
• Liberty Gold Corp.coreStrategic or Co-development Partner · 27 April 2026Heliostar acquired 100% interest in the Goldstrike gold project in Utah from Liberty Gold for total consideration of US$72.5 million. Structure: US$10M cash + 1,593,213 shares at closing, plus US$60M in staged milestone payments over five years. Goldstrike contains 975,000 indicated oz at 0.46 g/t plus 90,000 inferred oz at 0.31 g/t.
• GRA Enterprises LLC (National Inflation Association)minorGTM or Marketing Partner · 1 December 2025Three-month marketing agreement for investor relations and communication services. Also includes a previously entered similar agreement that was not previously announced.

Scale indicators12 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Argonaut Gold: Mid-tier gold producer with operations in Mexico and North America; sold Ana Paula to Heliostar in 2023 and operates comparable open-pit heap leach gold mines in similar jurisdictions.
• Torex Gold Resources: Intermediate gold producer with Mexico-focused operations (Media Luna project), serving as a model for North American-focused mid-tier gold producers targeting 400-500 koz/year production.
• Gatos Silver: Mexico-focused precious metals producer with Cerro Los Gatos mine, providing a comparable mid-tier operating model in the same country and jurisdiction as Heliostar's assets.
• MAG Silver: Mexico-focused precious metals developer/producer with Juanicipio mine (in partnership with Fresnillo), offering comparable jurisdictional exposure and mid-tier growth profile.
• Liberty Gold: Gold developer focused on the Goldstrike (Utah) project that was divested to Heliostar in April 2026 for US$72.5M; operates in comparable jurisdictions (US and Turkey) with similar development-stage profile.
• Florida Canyon Gold: Gold producer that sold its Mexico business unit (La Colorada and San Agustin) to Heliostar in 2024 for US$5M, providing direct comparability on the operating assets now in Heliostar's portfolio.

Broad incumbents

• Alamos Gold: Established intermediate gold producer with significant Mexico operations (Mulatos, Island Gold) that competes for the same investor base and serves as a comparable for Heliostar's growth trajectory.
• Equinox Gold: Multi-asset gold producer operating across the Americas (Mexico, Brazil, US, Canada) with comparable portfolio approach to building a mid-tier gold business and similar scale ambitions.
• Centerra Gold: Intermediate gold producer with Mount Milligan and other North American operations; holds a 9.9% equity interest in Liberty Gold and represents a benchmark for mid-tier North American-focused gold companies.

Emerging players

• Gold Royalty Corp. Precious metals royalty and streaming company focused on North American gold assets, providing a comparable North American-focused precious metals investment vehicle with overlapping investor base.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/@heliostarmetalsltd5817/videos
• Xx.com/HeliostarMetals
• Facebookfacebook.com/HeliostarMetals

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries2 records

Funding overview

Funding rounds8 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Heliostar Metals