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FAQ: Stonegate Capital Partners Coverage Update on Heliostar Metals Ltd (HSTR)
TL;DR
Heliostar Metals' Ana Paula project offers strong leverage to gold prices with a 28% IRR and 2.9-year payback, creating significant competitive advantage for investors.
Heliostar's PEA outlines a 1,800 tpd underground operation producing 101 koz annually over nine years with detailed cost structures and phased development timelines.
Heliostar's expansion creates sustainable mining operations that generate economic growth and employment while responsibly developing natural resources for long-term community benefit.
Heliostar's Ana Paula project contains gold grades averaging 5.37 g/t and aims to produce 875,000 ounces over nine years across multiple international locations.
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The update focuses on Heliostar's progress with its flagship Ana Paula project, including a positive PEA, production and cost metrics, and the company's broader portfolio of producing assets and exploration projects.
The PEA outlines total recovered production of ~875,000 ounces over a nine-year mine life, with mill feed averaging 5.37 g/t gold, annual production of ~101 koz, cash costs of ~US$923/oz, AISC of ~US$1,011/oz, a post-tax NPV5 of US$426M, a 28% IRR, and a 2.9-year payback at US$2,400/oz gold.
Near-term priorities include completing a 15,000m drill program, filing an underground permit amendment in 1Q26, advancing decline extension/early works, targeting a construction decision in 1H27, and achieving first underground production in 2028.
Funding is expected to come from internal cash flow from producing assets (La Colorada and San Agustin), a future project finance facility, and minimal equity dilution, supporting the planned ~US$300 million initial capex and ~US$15 million early-works program.
Management maintains 2025 guidance of 31–41 thousand GEOs at cash costs of US$1,800–1,900/oz and AISC of US$1,950–2,100/oz, with production expected to rise to 150 thousand ounces by 2028 and 300–500 thousand ounces by 2030.
Stonegate applies an EV/NAV range of 0.4x to 0.7x (midpoint 0.6x), resulting in a valuation of $2.71 to $4.57 (midpoint $3.64), and an EV/Reserves multiple range of 50.0x to 80.0x (midpoint 65.0x), resulting in a valuation of $2.36 to $3.64 (midpoint $3.00).
Beyond Ana Paula, key projects include Cerro del Gallo (pre-feasibility study planned for 4Q25), San Antonio (under strategic review post-January 2025 PEA), and Unga in Alaska (follow-up drilling expected in medium-term exploration).
La Colorada and San Agustin are cash-flowing assets that provide low-capex ounces to support corporate overhead, early-works spending at Ana Paula, and the broader project pipeline, with both mines optimizing recoveries and advancing mine planning for higher-grade phases.
Curated from Reportable
