Heliostar Metals Advances Ana Paula Project with Positive PEA, Targets 2028 Production

Stonegate Capital Partners has updated its coverage on Heliostar Metals Ltd, highlighting continued advancement of the company's flagship Ana Paula project in Guerrero, Mexico. The project is being developed as a high-grade underground asset, with a positive Preliminary Economic Assessment released in early fourth quarter 2025 outlining substantial economic potential. The study projects total recovered production of approximately 875,000 ounces over a nine-year mine life, with mill feed averaging 5.37 grams per tonne gold.

The proposed 1,800 tonne-per-day underground operation would produce roughly 101,000 ounces annually at cash costs of approximately US$923 per ounce and all-in sustaining costs of about US$1,011 per ounce. At a gold price of US$2,400 per ounce, the PEA delivers a post-tax net present value at a 5% discount rate of US$426 million, a 28% internal rate of return, and a 2.9-year payback period. The project demonstrates strong leverage to higher gold prices, which is particularly significant given current market conditions and gold price trends.

Management is progressing engineering and metallurgical work while conducting a 15,000-meter drill program designed to upgrade Inferred resources, extend the High-Grade and Parallel panels, and support a Feasibility Study targeted for mid-2026. First underground production remains on schedule for 2028, maintaining the project's development timeline despite the extensive work required for the feasibility phase. The company has also restarted mining operations at San Agustin, adding 45,000 ounces to its production profile, while the Cerro del Gallo Pre-Feasibility Study shows a base case net present value of $424.0 million.

An oxide targets drilling program is underway with 37 holes completed and submitted for analysis, indicating ongoing exploration activity across the company's portfolio. The combination of advanced project development at Ana Paula with supplemental production from San Agustin creates a diversified operational strategy for Heliostar Metals. The company's progress comes during a period of increased focus on high-grade gold deposits in mining-friendly jurisdictions, with Mexico's Guerrero state representing an established mining district with existing infrastructure.

The economic metrics presented in the Ana Paula PEA compare favorably with similar-stage gold development projects globally, particularly the 28% internal rate of return which exceeds many industry benchmarks. The relatively low all-in sustaining costs position the project competitively within the gold mining sector, where cost control has become increasingly important for project viability. The 2.9-year payback period provides additional confidence in the project's financial robustness, especially important for attracting development financing.

For additional details about Heliostar Metals' developments, including downloadable images and comprehensive project information, visit https://www.stonegateinc.com. The continued advancement of the Ana Paula project represents a significant step toward bringing a new high-grade gold mine into production, contributing to gold supply from a stable jurisdiction while creating substantial value for shareholders through systematic project development.