Key facts
| Company | Heliostar Metals (TSX: HSTR) |
|---|---|
| Commodity | Gold |
| Location | Guerrero, Mexico |
| Stage | PEA |
About Ana Paula Project
Ana Paula Project is Heliostar’s flagship development asset. The November 2025 PEA showed a nine year mine life producing 101,000 oz/yr at an AISC of $1,011/oz over a nine year mine life. At a $3,800/oz gold price, the project has an after-tax NPV5 of $1,012M and a 51.3% IRR with a 1.9 year payback. A Feasibility Study is underway, with plans to start extending the underground decline through 2026 ahead of targeted commercial production in 2028.
Mineral resource estimates
3 reported estimates, newest first. Categories are as disclosed by Heliostar Metals; inferred material carries the lowest confidence and cannot support a reserve.
| Category | Tonnes | Au g/t | Au oz | Effective |
|---|---|---|---|---|
| MeasuredNI 43-101 | 1.3 Mt | 7.60 g/t | 317 koz | Jul 30, 2025 |
| IndicatedNI 43-101 | 3.0 Mt | 4.44 g/t | 424 koz | Jul 30, 2025 |
| InferredNI 43-101 | 4.0 Mt | 3.96 g/t | 514 koz | Jul 30, 2025 |
How the categories differ: Inferred vs Indicated vs Measured. Compare reports over time with the Resource Growth Tracker.
Economic studies
Preliminary economic assessment
Nov 6, 2025- NPV (5%)
- US$426M
- IRR
- 28.1%
- Payback
- 2.9 years
- Mine life
- 9 years
- Gold price assumed
- US$2,400/oz
Figures as extracted from each study, in US dollars as the studies report them. Open the report before relying on one.
News releases8 on file
Heliostar Submits Environmental Permit Applications for Ana Paula
Environmental permit applications for the Ana Paula underground project in Guerrero, Mexico — an Environmental Impact Statement (MIA-R) and an Environmental Risk Study (ERA) — have been submitted to SEMARNAT. The underground mine plan reduces proposed surface disturbance by approximately 65% versus the previously approved open pit plan, through a smaller waste rock dump, a smaller and relocated pr
CorporateHeliostar Provides Progress Update on Ana Paula Feasibility Study
The Ana Paula feasibility study in Guerrero, Mexico is 34% complete and on track for completion in Q2 2027, targeting a mid-2027 construction decision and first gold before the end of 2028. Since the November 6, 2025 PEA, 74 holes totalling 25,072 metres have been added to a pending updated resource estimate; planned throughput is now 2,000 tpd versus 1,800 tpd, with comminution sized for up to 2,
Study resultsHeliostar Expands Expansion Zone and Drills 99.8 Metres Grading 10.9 g/t Gold...
Drill results from the Ana Paula project in Guerrero, Mexico included 99.8 metres grading 10.90 g/t gold from 50.5 metres (including 77.5 m at 12.94 g/t) in the High Grade Panel, 49.6 metres at 2.88 g/t from 539.4 metres in the Expansion Zone, and 21.6 metres at 10.38 g/t from 127.0 metres north of the panel. Heliostar has completed 95 holes and 32,678 metres of its 35,000 metre 2025-26 program, w
Drill resultsHeliostar Announces Addition to Management Team and Ana Paula Focused Reorgan...
Dennis Wilson has been appointed Vice President, Health, Safety, Environment and Sustainability, and Hernan Dorado has moved from Vice President Sustainability and Special Projects to Vice President of Operations. General managers at the operating San Agustin and La Colorada mines will now report through the VP Operations role rather than directly to COO Gregg Bush, freeing Bush to focus on the Fe
ManagementHeliostar Drills 101 Metres Grading 5.34 g/t Gold in the Ana Paula Expansion ...
Drilling in the Expansion Zone at the 100%-owned Ana Paula project in Guerrero, Mexico returned 101.0 m grading 5.34 g/t gold from 512.5 m, along with 8.75 m at 9.11 g/t from 484.65 m, 27.2 m at 2.26 g/t from 647.0 m and 7.15 m at 6.98 g/t from 464.3 m. The results cover six holes, with assays pending from five more. Heliostar has completed 84 holes and 28,318 metres in its 2025-26 program, with f
Drill resultsHeliostar Hits 25.45m Grading 8.26 g/t Gold in First Down Dip Drilling into A...
Drilling at the 100%-owned Ana Paula project in Guerrero, Mexico returned 25.45 m grading 8.26 g/t gold from 493.8 m, including 8.30 m at 19.99 g/t, in hole AP-25-313A, a 70 m step-out into the Expansion Zone beneath the High Grade Panel. High Grade Panel results included 55.35 m at 9.71 g/t gold from 116.65 m and 40.85 m at 4.73 g/t from 196.0 m. The program has completed 72 holes and 23,979 metr
Drill resultsHeliostar Files Preliminary Economic Assessment Technical Report for the Ana...
An NI 43-101 Preliminary Economic Assessment Technical Report for the Ana Paula Project in Guerrero, Mexico has been filed, following the November 6, 2025 news release. The report, titled NI 43-101 Technical Report Preliminary Economic Assessment of the Ana Paula Project, Guerrero, Mexico, has an effective date of November 6, 2025, with M3 Engineering & Technology Corp. as lead author and JDS Ener
Study resultsHeliostar Files Preliminary Economic Assessment Technical Report for the Ana Paula Project
A NI 43-101 Preliminary Economic Assessment technical report for the Ana Paula Project in Guerrero, Mexico has been filed, following the November 6, 2025 news release. The report has an effective date of November 6, 2025, with M3 Engineering & Technology Corp. as lead author and consultant and JDS Energy & Mining as subcontractor. It has been filed on SEDAR+ and posted on the company's website. He
Study results