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Heliostar MetalsTSXV:HSTR

Gold producer.

producer gold
Nov 2025 → May 2026Covered
9 of 10Topics on record
6Figures tracked over time
1 executiveNamed on the record
Generate Claims & Checks What management and commentators said, and what still needs independent verification 4 interviews with the company · 6 independent recordings
Stage
Producer
Primary commodity
Gold
Deposit
bulk tonnage high-grade underground
Latest appearance
26 May 2026
On record
4 interviews · 64 statements · 1 executive

At a glance

What the record holds today. Every card names where it came from — a management representation is not an established fact, and the page never blurs the two.

What is in the ground
14 months of mine life at St. Augustine
Management-stated Stephen Soock May 2026
Grade
0.2 grams a ton stacked through 2025 at La Colorada
Management-stated Stephen Soock May 2026
Money on hand
38 million cash on the balance sheet plus 12 million in receivables
Stated capital need: La Colorada stockpile phase had basically zero capex
Management-stated Stephen Soock May 2026
What happens next
production from Veta Madre at 7 g a ton expected first half of 2027
Management-stated Stephen Soock May 2026
The main open question
The company faces a capital ladder of $60M+ across Gold Strike ($10M up front, escalating to $25M on construction decision over 5 years), while St.
Weighed from the statements below, not our opinion of the company.
Our reading
How outsiders read it
5 independent voices on record — 6 constructive
Rick Rule, Steve Barton, Charles Funk, Joe Mazumdar…
Outside voices

How the stated figures have moved

The same figure, as management put it on the earliest and the latest recording we hold. A difference may be a genuine update, a different measure of the same thing (total against indicated), or a mis-heard number — both quotes are here, and both recordings are one click away.

First production ● Moved earlier 2028 → 2027 as stated 3 statements on record
31 Dec 2025
second half of 2028 for Anapola
“you know if uh we'll be able to produce gold um you know in the second half of 2028”
26 May 2026
production from Veta Madre at 7 g a ton expected first half of 2027
“that's going to start in in late July this year. It take about 6 months of stripping and that'll unlock about 6 to 8 months of production from Beta Madre at 7 g a ton versus the 0.2 grams a ton we wer…”
AISC over $1,000$1,000 ● Broadly unchanged 2 statements on record
31 Dec 2025
just a hair over $1,000 all in sustaining cost at Anapola
“at a $1,000 just a hair over $1,000 all in sustaining cost”
04 Mar 2026
$1,000 all in sustaining cost
“shows 100,000 ounces a year over a 9-year mine life at a $1,000 all in sustaining cost”
Capex 300 million$4.6 million ≠ Different basis One statement qualifies the figure and the other does not (capex, exploration) 3 statements on record
31 Dec 2025
300 million capex for Anapola
“we're looking at 300 million capex uh for a mine”
26 May 2026
$4.6 million exploration spending in Q1 and $4.8 million advancing Apollo that capitalizing
“Uh we did uh $4.6 million uh in exploration uh expense exploration spending in the quarter and then another $4.8 million advancing in Apollo that we're capitalizing”
Reserves ≠ Different measure Stated in ounces, then in time — not the same quantity 2 statements on record
31 Dec 2025
68,000 ounces of gold in reserve at St. Augustine
“we're about 68,000 ounces of gold in reserve”
26 May 2026
14 months of mine life at St. Augustine
“Uh we we have 14 months of mine life on the books from St. Augustine.”
Grade ? Stated at several levels 5 statements on record — these are the earliest and the latest, not a trend 5 statements on record
31 Dec 2025
6 to 1 strip ratio at La Colorado, low grade operation
“you're 6 to1 strip ratio. So that's kind of what makes it makes it tick. Uh but when you're a low, you know, low grade operation”
26 May 2026
Veta Madre at 7 g a ton
“that'll unlock about 6 to 8 months of production from Beta Madre at 7 g a ton versus the 0.2 grams a ton we were stacking through 2025”
Resource size ? Wording changed One statement carries no figure to compare 8 statements on record
31 Dec 2025
2 million ounce deposit at Anapola, with 1 million ounces in PEA underground project
“recall the million ounces round number that we're targeting in the in the uh pea is a subset of a 2 million ounce deposit”
26 May 2026
million ounces in M&I category at Gold Strike
“you you just completed that kind of gold strike um acquisition. It has like you know million ounces into M&A category which and some antimony exposure as well.”

Management view vs outside view

Management interviews are promotional by nature; the outside view is the counterweight. Both are quoted from the recordings, not added by us.

What management spends its time on

Counted from Heliostar Metals's own claims across 4 interviews — most-covered theme first.

What outside voices pick up on

5 independent voices — people who do not speak for the company — across 7 mentions.

6 constructive
  • Rick Rule “He says the deposit is still too small for him, though it appears to be growing.”
  • Charles Funk “Presented as a growing gold producer with cash flow, a development pipeline, and a path to mid-tier status.”
  • Joe Mazumdar “He cites Heliostar as another example of a strong performer in Mexico despite jurisdiction concerns.”
  • Sultan Ameerali “Receiving a Mexican permit created a 'permitting halo' that lifted other Mexican miners including MAI.”

Bull · Bear · Watch next

Weighed from the statements on this page — management's pitch and the outside view. Not financial advice, and not our opinion of the company.

▲ Bull case

Management says Heliostar is one of the lowest-cost producers in its peer group, with all-sustaining costs just under $2,000/oz against ~$2,100 gold prices, generating strong cash flow ($50M on hand, working capital up to ~$70M by Q1).

What it rests on
▶
▶
Evidence: 2 moments from 2 interviews
Read the full case

Management says Heliostar is one of the lowest-cost producers in its peer group, with all-sustaining costs just under $2,000/oz against ~$2,100 gold prices, generating strong cash flow ($50M on hand, working capital up to ~$70M by Q1). The company is transitioning from low-capex stockpile mining (La Colorada, which made ~$25M) to higher-grade production: St. Augustine will yield 50–55,000 oz this year, while Veta Madre's 7 g/ton ore unlocks 6–8 months of production starting H1 2027, funded by cash flow without equity dilution. Multiple bullish observers note Heliostar as a strong performer in Mexico with near-term cash generation and a path to 300,000 oz/year by decade's end.

▼ Bear case

The company faces a capital ladder of $60M+ across Gold Strike ($10M up front, escalating to $25M on construction decision over 5 years), while St.

What it rests on
▶
▶
Evidence: 2 moments from 1 interview
Read the full case

The company faces a capital ladder of $60M+ across Gold Strike ($10M up front, escalating to $25M on construction decision over 5 years), while St. Augustine carries only 14 months of reserve life on the books—requiring exploration success or external funding to extend mine life. Ana Paula's feasibility is not due until H1 2027, and full FID is roughly 12 months away, delaying major growth catalysts. Two bullish investors (Rick Rule, Steve Barton) note the deposits still appear too small for their mandate, suggesting scale ambitions may face execution or market headwinds. Guidance assumes ~$2,100/oz gold prices; costs creep higher post-2026 as one-time byproduct credits fade.

◆ Watch next

Veta Madre waste-stripping begins late July 2026, unlocking 6–8 months of 7 g/ton production in H1 2027.

What it rests on
▶
▶
Evidence: 2 moments from 2 interviews
Read the full case

Veta Madre waste-stripping begins late July 2026, unlocking 6–8 months of 7 g/ton production in H1 2027. Ana Paula feasibility study is expected H1 2027 (Charles Funk cites mid-2026 for Ana Paula; management says full FID in ~12 months). St. Augustine permit expected late 2025. Drilling acceleration this year will test high-grade continuity at depth and underground potential at Creston (9m at 25 g/ton, 5m at 18 g/ton). Gold Strike payment milestones ($10M initial, $15M on water permits, $25M on construction decision) signal permitting and development pace.

Each moment links to the exact point in the source recording. The cases are drawn from the transcripts, weighed as written — they are not a rating, a target or a recommendation.

Project 26 statements

The deposit 22

Key takeaway. Management describes its projects as a "bulk tonnage high-grade underground" deposit (March 2026).

Read the full summary

At St. Augustine, the company reports reserves supporting a 14-month mine life producing about 45,000 ounces of gold, with 68,000 ounces of gold in reserve (December 2025), and says there is potential for 12 to 18 months of mine life extension beyond reserves (May 2026). At La Colorada, management notes grade stacked through 2025 at 0.2 grams a ton, describes it as a low-grade operation with a 6-to-1 strip ratio (December 2025), and reports another deposit, Veta Madre, at 7 grams a ton (May 2026). The company also points to exploration upside, including underground potential at Creston with intervals such as 9 meters at 25 grams a ton, 8.5 meters at 5.5 grams a ton, and 5 meters at 18 grams a ton (May 2026), and says the high-grade continues at depth with a potentially much larger ore body (March 2026).

What was actually said
exploration upside
underground potential at Creston with grades like 9 m at 25 g a ton, 8 1/2 m at 5.5 g a ton, 5 m at 18 g a ton
“uh we just after we acquired the asset um at at Creston did show underground potential. Um so you know just to kind of go back and recap that we got grades like 9 m at 25 g a ton uh 8 1/2 m at 5.5 g a ton 5 m at 18 g a ton.”
Stephen Soock· 26 May 2026·
exploration upside
12 to 18 months of mine life extension beyond reserves at St. Augustine
“You know, call it a month, two months already within our our pit shell design. Beyond that though, now we've released our first batch of drill results showing uh a stepout drilling from that corner reserve area showing the exact same style of mineralization. You know, broad widths starting near surface and about.3 g a ton up to 200 m away from the current edge of the open pit. So, we think, you know, we're on track to show probably another let's let's call it 12 to 18 months of my life extension beyond what's in reserves.”
Stephen Soock· 26 May 2026·
grade
0.2 grams a ton stacked through 2025 at La Colorada
“that'll unlock about 6 to 8 months of production from Beta Madre at 7 g a ton versus the 0.2 grams a ton we were stacking through 2025 and through Q1 this year.”
Stephen Soock· 26 May 2026·
Show the other 19 statements
grade
Veta Madre at 7 g a ton
“that'll unlock about 6 to 8 months of production from Beta Madre at 7 g a ton versus the 0.2 grams a ton we were stacking through 2025”
Stephen Soock· 26 May 2026·
reserve size
14 months of mine life at St. Augustine
“Uh we we have 14 months of mine life on the books from St. Augustine.”
Stephen Soock· 26 May 2026·
resource size
million ounces in M&I category at Gold Strike
“you you just completed that kind of gold strike um acquisition. It has like you know million ounces into M&A category which and some antimony exposure as well.”
Stephen Soock· 26 May 2026·
deposit type
bulk tonnage high-grade underground
“It's the rare combination of uh bulk tonnage high-grade underground uh that really makes the economics just just really sing for that project”
Stephen Soock· 04 Mar 2026·
exploration upside
added 300,000 ounces to the high-rade resource base
“with a new geological model and with 3,000 meters of drilling added 300,000 ounces to the the high-rade resource base”
Stephen Soock· 04 Mar 2026·
exploration upside
potentially much larger or body
“that will help us vector towards potentially much larger uh or body”
Stephen Soock· 04 Mar 2026·
exploration upside
the high-grade does continue at depth
“we've just put out some drilling that shows that the the high-grade does continue at depth”
Stephen Soock· 04 Mar 2026·
grade
5,000 ounces of vertical meter
“in the high-grade zone it's 5,000 ounces of vertical meter uh which is one of the the highest by that metric”
Stephen Soock· 04 Mar 2026·
resource size
about 50,000 ounces a year from Lac Colorado
“Veta Madre will fund the stripping of the larger Creston open pit and that gives us another four years of mine life at uh you know about 50,000 ounces a year”
Stephen Soock· 04 Mar 2026·
resource size
another round number 100,000 ounces a year from Saro Deayo
“That'll add again another round number 100,000 ounces a year um that we'd be able to to bring online before the end of the decade”
Stephen Soock· 04 Mar 2026·
resource size
100,000 ounces a year over a 9-year mine life
“Anapala I think is top of the list. So that's our uh flagship development asset. Uh we put out a PEA in early December that shows 100,000 ounces a year over a 9-year mine life”
Stephen Soock· 04 Mar 2026·
exploration upside
Anapola sits on one of the largest land packages in the Guerrero gold belt which is largely unexplored
“Anna Paulala sits on uh you know one of the the largest land packages in the Guerrero gold belt uh which is largely unexplored”
Stephen Soock· 31 Dec 2025·
grade
6 to 1 strip ratio at La Colorado, low grade operation
“you're 6 to1 strip ratio. So that's kind of what makes it makes it tick. Uh but when you're a low, you know, low grade operation”
Stephen Soock· 31 Dec 2025·
grade
about 5.5 g per ton headgrade at Anapola
“because of the rare combination of both high-grade, about 5.5 g per ton headgrade”
Stephen Soock· 31 Dec 2025·
reserve size
68,000 ounces of gold in reserve at St. Augustine
“we're about 68,000 ounces of gold in reserve”
Stephen Soock· 31 Dec 2025·
resource size
2 million ounce deposit at Anapola, with 1 million ounces in PEA underground project
“recall the million ounces round number that we're targeting in the in the uh pea is a subset of a 2 million ounce deposit”
Stephen Soock· 31 Dec 2025·
resource size
80% conventional recovery for majority of ore body at Anapola without bioxidation
“without that you know the the majority of the or body has about uh, you know, 80% conventional recovery”
Stephen Soock· 31 Dec 2025·
resource size
45,000 ounces of gold to be produced over 14 month mine life at St. Augustine
“We'll produce about 45,000 ounces of gold over at 14 uh 14month mine life”
Stephen Soock· 31 Dec 2025·
resource size
100,000 ounces a year at Anapola
“for a mine that'll produce 100,000 ounces a year”
Stephen Soock· 31 Dec 2025·

Jurisdiction 2

Key takeaway. Management stresses that Heliostar operates in "very very stable areas near major cities" and says the company is "largely unaffected by recent events in Sinaloa and Jalisco" (both statements from March 2026).

Read the full summary

The company presents its projects as located in secure jurisdictions despite broader regional unrest.

What was actually said
political risk
operate in very very stable areas near major cities
“we're fortunate to operate in very very stable areas near major cities”
Stephen Soock· 04 Mar 2026·
political risk
we're largely unaffected by recent events in Sinaloa and Jalisco
“the recent events in Mexico uh both in in Sinaloa and the turmoil in in Haliscoco over the last couple of uh couple of weeks um where we operate, we're largely unaffected”
Stephen Soock· 04 Mar 2026·

Technical risk 2

Key takeaway. Management states a key assumption of approximately $50 million in initial capital expenditure for a bio-oxidation plant to achieve a 90% recovery rate at Anapola.

Read the full summary

The company is targeting this 90% recovery, which they have described as a technical assumption underlying their project plans.

What was actually said
key assumption
50 million of initial capex for bioxidation plant to achieve 90% recovery at Anapola
“part of that 300 million in initial capex does include 50 million for a bioxidation plant, a bio plant”
Stephen Soock· 31 Dec 2025·
recovery rate
90% recovery target at Anapola
“our our 90% recovery target is is realistic”
Stephen Soock· 31 Dec 2025·

Economics 16 statements

Economics 10

Key takeaway. Regarding Heliostar Metals' project economics, management reported in May 2026 that the company made about $25 million from the La Colorada stockpile phase, which had basically zero capex.

Read the full summary

The company also stated that an extra year of St. Augustine production would be worth an extra $50 million in cash flow. Operating costs were given as just under $2,000 an ounce, with full-year 2026 all-in sustaining cost guidance at just around $2,100 an ounce, based on a price assumption of just around $2,100 an ounce. Separately, in December 2025, management cited an all-in sustaining cost of just a hair over $1,000 at Anapola, with a $300 million capex for that project; by March 2026, the company was reporting a $1,000 all-in sustaining cost.

What was actually said
capex
La Colorada stockpile phase had basically zero capex
“Something we could action with a basically a zero capex build to become a producer in 2025.”
Stephen Soock· 26 May 2026·
capex
$4.6 million exploration spending in Q1 and $4.8 million advancing Apollo that capitalizing
“Uh we did uh $4.6 million uh in exploration uh expense exploration spending in the quarter and then another $4.8 million advancing in Apollo that we're capitalizing”
Stephen Soock· 26 May 2026·
npv
made about $25 million from La Colorada stockpile phase
“made about $25 million doing it.”
Stephen Soock· 26 May 2026·
Show the other 7 statements
npv
extra year of St. Augustine production worth an extra 50 million in cash flow
“So if we have an extra year's worth of production, that's an extra 50 million beyond our kind of baseline uh you know internal assumptions in cash flow generation.”
Stephen Soock· 26 May 2026·
operating cost
full year 2026 guidance just around $2,100 an ounce for all in sustaining cost
“Um so, again, we're we expect to see those creep up a little bit once once we're through this this one-time byproduct credit from carbon fines. uh as but still very comfortable with our uh with our guidance range of uh you know just around uh $2,100 an ounce. It's all in sustaining cost for full year 2026.”
Stephen Soock· 26 May 2026·
operating cost
just under $2,000 an ounce
“Uh which is really great for us at an all sustaining cost of uh just under $2,000 an ounce.”
Stephen Soock· 26 May 2026·
price assumption
just around $2,100 an ounce
“Um so, again, we're we expect to see those creep up a little bit once once we're through this this one-time byproduct credit from carbon fines. uh as but still very comfortable with our uh with our guidance range of uh you know just around uh $2,100 an ounce.”
Stephen Soock· 26 May 2026·
aisc
$1,000 all in sustaining cost
“shows 100,000 ounces a year over a 9-year mine life at a $1,000 all in sustaining cost”
Stephen Soock· 04 Mar 2026·
aisc
just a hair over $1,000 all in sustaining cost at Anapola
“at a $1,000 just a hair over $1,000 all in sustaining cost”
Stephen Soock· 31 Dec 2025·
capex
300 million capex for Anapola
“we're looking at 300 million capex uh for a mine”
Stephen Soock· 31 Dec 2025·

Financing 6

Key takeaway. On financing, management says the company increased its working capital from about $40 million on December 31st to roughly $70 million by the end of March 2026, with about $50 million cash in the bank — or alternatively $38 million cash…

Read the full summary

plus $12 million in receivables. The CEO reported in March 2026 the ability to grow without issuing any additional equity, and had stated in December 2025 that the company could internally finance a step-wise progression without diluting shareholders. The required capital includes $10 million upfront plus $2.5 million in cash, another $10 million in 12 months, $10 million in 18 months, $15 million on receipt of water permits, and $25 million upon a construction decision or five years for Gold Strike.

What was actually said
capital needed
$10 million up front plus 2.5 million in cash, 10 million in 12 months, 10 million in 18 months, 15 million on receipt of water permits, $25 million on construction decision or 5 years for Gold Strike
“for gold strike our payment structure pay $10 million up front plus 2.5 million in cash it's uh 10 million in 12 months 10 million in 18 months 15 million on the receipt of water permits and $25 million on either a construction decision or 5 years.”
Stephen Soock· 26 May 2026·
cash position
38 million cash on the balance sheet plus 12 million in receivables
“Uh 38 million cash on the balance sheet plus 12 million in receivables.”
Stephen Soock· 26 May 2026·
cash position
about $50 million cash in the bank
“Uh we're sitting on about $50 million cash in the bank. us as of the end of the quarter.”
Stephen Soock· 26 May 2026·
Show the other 3 statements
working capital
increased working capital position from 40 million on December 31st to about 70 million end of March 31st
“we did net income of just over $14 million uh about 5 cents of EPS. So generating uh you know some some pretty good profitability because of that combination of strong gold price and increasing production. Um adding to the treasury uh we we increased our working capital position from 40 million on December 31st uh to about 70 million uh end of March 31st.”
Stephen Soock· 26 May 2026·
dilution
ability to do that growth without issuing any additional equity
“funded with our uh cash flow and uh the ability to do that growth without issuing any additional equity”
Stephen Soock· 04 Mar 2026·
financing status
internally finance step-wise progression without diluting shareholders
“our ability to internally finance uh a step-wise progression without having to uh dilute shareholders along that growth path”
Stephen Soock· 31 Dec 2025·

Timeline 18 statements

Timeline 17

Key takeaway. Management has outlined a multi-stage timeline.

Read the full summary

In the near term, the company reports that St. Augustine was brought back online with its first blast in December and gold poured in late January, and they guided to 50,000–55,000 ounces of production from that mine this year. At La Colorada, the stockpile is expected to be exhausted by May 2026, shifting to an injection leaching phase that should yield about 10,000 to 12,000 ounces this year. Veta Madre waste stripping is slated to begin in late July 2026, with first production at 7 g/t expected in the first half of 2027. For Anapola, management gave different timelines depending on the date: in December 2025 they cited first production in the second half of 2028, while in March 2026 they mentioned the same second-half-2028 start. Longer term, the company aims to grow to 300,000 ounces by the end of the decade, with a full feasibility study due in the first half of next year and a final investment decision expected in about a year.

What was actually said
first production
production from Veta Madre at 7 g a ton expected first half of 2027
“that's going to start in in late July this year. It take about 6 months of stripping and that'll unlock about 6 to 8 months of production from Beta Madre at 7 g a ton versus the 0.2 grams a ton we were stacking through 2025 and through Q1 this year.”
Stephen Soock· 26 May 2026·
milestone
La Colorada stockpile exhausted, moved to injection leeching phase
“as you mentioned uh we're through all the stockpile material. Um that was a great cash flow generator. Something we could action with a basically a zero capex build to become a producer in 2025.”
Stephen Soock· 26 May 2026·
milestone
St. Augustine mine brought back online, took first blast in December, poured gold late January
“Uh we did see a notable step up in production quarter of the quarter uh having recently brought our St. Augustine mine back on back online. We took the first blast in December. Uh poured gold late January.”
Stephen Soock· 26 May 2026·
Show the other 14 statements
milestone
Veta Madre waste stripping starts late July 2026
“that's going to start in in late July this year. It take about 6 months of stripping”
Stephen Soock· 26 May 2026·
production
about 10 to 12,000 ounces this year from injection leeching
“Um and we expect to generate about 10 to 12,000 ounces this year. Uh included in our guidance from that injection leeching that bridges the gap in production while we do the waste stripping at Veta Madre”
Stephen Soock· 26 May 2026·
production
50 to 55,000 ounces guidance from St. Augustine
“Um so, we are on track to hit that uh 50 to 55,000 ounces of of production. That that is our guidance.”
Stephen Soock· 26 May 2026·
first production
second half of 2028
“aim to bring it online in the second half of 2028, ramping up to that 100,000 ounce a year uh, mark”
Stephen Soock· 04 Mar 2026·
milestone
drilling more this year than in the entire rest of the company's history
“We're drilling you know more this year than I think we did in the entire rest of the company's history”
Stephen Soock· 04 Mar 2026·
milestone
50,000 ounces of production this year
“we're a growth and development company uh with 50,000 ounces of production this year”
Stephen Soock· 04 Mar 2026·
milestone
full uh FID uh in a in a year or so
“we'll kind of roll that right into a full uh FID uh in a in a year or so”
Stephen Soock· 04 Mar 2026·
milestone
growing to 300,000 by the end of the decade
“growing to 300,000 by the end of the decade”
Stephen Soock· 04 Mar 2026·
milestone
restart decline work in the second half of this year
“we're going to restart that work in the second half of this year”
Stephen Soock· 04 Mar 2026·
study due
full feasibility study out in the first half of next year
“pushing to uh get the PEA out, do the technical work, uh, put a mine plan together, and now we're moving uh directly from there to a full feasibility study that'll be out in the first half of of next year”
Stephen Soock· 04 Mar 2026·
first production
second half of 2028 for Anapola
“you know if uh we'll be able to produce gold um you know in the second half of 2028”
Stephen Soock· 31 Dec 2025·
milestone
St. Augustine producing about $65 million through 2026 at spot gold prices
“we should be at spot gold prices on track to make in the range of about $65 million uh just from St. Augustine alone uh through through 2026”
Stephen Soock· 31 Dec 2025·
milestone
20,000 meter drill program at Anapola extending into January and February 2026
“we extended that from 15 to 20,000 meters uh based on the success we'd have. So that'll extend kind of into January and February this year”
Stephen Soock· 31 Dec 2025·
milestone
about a 9-year mine life at Anapola
“for about a about a 9-year mine life that's showing the pea”
Stephen Soock· 31 Dec 2025·

Catalysts 1

What was actually said
upcoming result
30 to 40,000 ounces in 2025 to 300,000 ounces by the end of the decade
“a plan to go from 30 to 40,000 ounces in 2025 to 300,000 ounces by the end of the decade”
Stephen Soock· 31 Dec 2025·

Corporate 4 statements

Share structure 1

What was actually said
insider stake
just over 50% of our register is institutional
“We're about 50/50 uh with just over 50% of our register is is institutional uh institutional money”
Stephen Soock· 04 Mar 2026·

Market 3

Key takeaway. Management says it is one of the lowest cost producers among sub-100,000-ounce-a-year producers (May 2026) and, in a separate interview, described itself as having the lowest cash cost and sitting in the lowest 10th percentile of the…

Read the full summary

global cost curve (March 2026). The company is targeting 300,000 ounces by the end of the decade (May 2026).

What was actually said
cost curve position
one of the lowest cost producers in sub 100,000 ounce a year producer peer group
“of that subund,000 ounce a year producer um uh peer group, we we are one of the lowest uh lowest cost producers there.”
Stephen Soock· 26 May 2026·
strategic interest
targeting 300,000 ounces by the end of the decade
“going from 30,000 ounces a year to 300,000 ounces by the end of the decade.”
Stephen Soock· 26 May 2026·
cost curve position
lowest uh cash cost and the lowest 10 percentile of the the global cost curve
“Anapala with the lowest uh cash cost and the lowest 10 percentile of the the global cost curve will will survive any cycle”
Stephen Soock· 04 Mar 2026·

Outside views 7 mentions

7 mentions by people who do not speak for the company — 6 constructive, 0 cautious, 0 neutral. These are their views, not the company's.

Rick Rule
bullish
He says the deposit is still too small for him, though it appears to be growing.
Rule Investment Media· 16 Jul 2026·
Steve Barton
bullish
He says the deposit is still too small for him, though it appears to be growing.
Rule Investment Media· 16 Jul 2026·
Charles Funk
bullish
Presented as a growing gold producer with cash flow, a development pipeline, and a path to mid-tier status.
ITM TRADING, INC.· 19 Jun 2026·
Rick Rule
mixed
He is skeptical of the business model generally but says the operator has credibility.
Rule Investment Media· 10 Apr 2026·
Show the other 3 mentions
Joe Mazumdar
bullish
He cites Heliostar as another example of a strong performer in Mexico despite jurisdiction concerns.
Natural Resource Stocks· 03 Feb 2026·
Sultan Ameerali
bullish
Receiving a Mexican permit created a 'permitting halo' that lifted other Mexican miners including MAI.
MiningStockEducation.com· 14 Aug 2025·
Charles Funk
bullish
CEO describes multiple growth catalysts: Ana Paula feasibility mid-2026, production by 2028, La Colorado generating ~$2M/month cash flow, San Agustin permit expected late 2025
Investing News· 11 Mar 2025·

Sources 4 interviews

Every interview 4

DateChannelInterviewStatements
26 May 2026 Crux Investor Heliostar Metals (TSXV:HSTR) - Emerging Gold Producer Targets 300K oz by 2030 With Strong Cash Flow 25
04 Mar 2026 Crux Investor Heliostar Metals (TSXV:HSTR) - Self-Funded Growth Fuels Push To 300,000 Gold Ounces Per Annum 21
31 Dec 2025 Crux Investor Heliostar Metals (TSXV:HSTR) - Self-Funding Path From 40K to 300K Ounces by 2030 18
05 Nov 2025 Investing News Heliostar on track to produce 300,000 oz of gold by end of decade, exec says No claims identified

What else those interviews covered

Every other asset named in the same recordings, by how many of them named it — the company's coverage context, not its holdings. Where the name is another company we hold a record for, it links to it.

veta madre 2
gold 2
argonaut gold 1
copper 1
creston 1
ana paula 1
gold strike 1
anapola 1

Questions people ask

What is Heliostar Metals's project and where is it?

Heliostar Metals is a producer gold company. Everything here is drawn from its executives' own interviews.

Which interviews mention Heliostar Metals?

We track 4 interviews mentioning Heliostar Metals, across 2 channels (Crux Investor, Investing News).

What are investors saying about Heliostar Metals?

7 independent voices — people who do not speak for the company — are on record discussing it (6 bullish). Their reasoning is quoted in the outside-view section above.

What do recent interviews with Heliostar Metals cover?

The most-discussed topics on record are the deposit, timeline, economics, financing — each claim quoted and dated in the sections above.

How to read this page

What is here

Statements made by company representatives in the interviews listed above — each one carrying the words that made it, the date, and the recording. Nothing is added from any other source: if it was not said on a recording, it is not on this page. The one exception lives in the Claims & Checks record, which cites a metal price from our own feed so a stated cost can be set against it — and labels it as ours wherever it appears.

What is not verified

All of it. Resource figures, economics, timelines and promotional framing are management's own representations, checked against no filing and no technical report. Transcripts are automatic; we repair a clearly mis-heard word but never a number, a date, a unit or a speaker's hedge — “about 8.6 million ounces” keeps its “about”.

How to use it

Treat it as a map of what has been said, not as a source of fact. Where a figure matters to you, open the recording and read the company's filings. Nothing here is financial advice, a recommendation, or an offer to buy or sell any security — these are interested parties discussing their own company.

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