Stonegate Capital Partners has updated its coverage on Heliostar Metals Ltd., highlighting continued advancement of the company's flagship Ana Paula project in Guerrero. The project, now positioned as a high-grade underground development asset, was detailed in a positive preliminary economic assessment released in early fourth quarter 2025. The study outlines 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 preliminary economic assessment 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, providing significant upside potential in favorable market conditions. Management is currently progressing engineering work, metallurgical studies, and a 15,000-meter drill program designed to upgrade inferred resources, extend both the High-Grade and Parallel panels, and support a feasibility study targeted for mid-2026. First underground production remains on track for 2028, maintaining the project's development timeline.
The advancement of the Ana Paula project represents a significant step for Heliostar Metals as it transitions toward becoming a mid-tier gold producer. The project's strong economics and development progress come at a time when the gold mining sector faces increasing pressure to deliver projects with favorable returns and manageable capital requirements. With gold prices remaining elevated compared to historical averages, projects like Ana Paula that demonstrate robust economics at current price assumptions are particularly valuable in the current market environment. The company's multi-asset strategy, combining the advanced Ana Paula project with producing assets like San Agustin and development projects like Cerro del Gallo, provides diversification and multiple pathways to growth.
The company has also restarted mining operations at its San Agustin property, adding 45,000 ounces to its production profile. Additionally, a pre-feasibility study for the Cerro del Gallo project shows a base case net present value of $424.0 million, while an oxide targets drilling program is underway with 37 holes completed and submitted for analysis. The 2026 feasibility study target represents the next major milestone for the Ana Paula project, with results expected to further refine the economic parameters and development plan for what could become a significant gold producer in Mexico's mining sector. To view the full announcement, including downloadable images and additional details, visit https://www.stonegateinc.com.
