Canada-based mining company Heliostar Metals expects to produce 50,000oz to 55,000oz of gold in 2026. The company expects its recently restarted San Agustin mine in Durango to be the primary contributor to this output, with production ranging from 30,000oz to 32,700oz.
According to Heliostar Metals’ guidance for 2026, the company expects to produce 50,000oz to 55,000oz over the year. For the upcoming fiscal year, the company expects by-product cash costs to range between US$1,850/oz and US$1,950/oz, while the consolidated All-In Sustaining Cost (AISC) is projected to sit between US$2,025/oz and US$2,125/oz.
The La Colorada mine in Sonora is projected to contribute between 20,000oz and 22,300oz of gold at an AISC of US$1,775/oz to US$1,875/oz. Production at this site will initially rely on processing existing stockpiles from the Junkyard and Truckshop areas alongside re-leaching opportunities. The company also aims to advance its Veta Madre open-pit expansion, where the company plans to commence pre-stripping of 11Mt of waste in 3Q26. This development is designed to provide access to 43,000oz of in-situ gold reserves by 1H27. Furthermore, Heliostar Metals has allocated US$5.8 million for resource development and exploration at the La Colorada mine, including a dedicated drill program to investigate underground potential beneath existing pits.
Operations at the San Agustin mine in Durango, which were restarted in December 2025, are expected to reach a steady state through 2026 and beyond. The mine is forecasted to produce between 30,000oz and 32,700oz of gold at a site-level AISC of US$2,150/oz to US$2,250/oz, becoming the most productive gold asset of the company. The company attributed the cost profile to general inflation and higher contractor mining expenses. To unlock the geological potential of the property, the company plans to invest US$9.7 million this year, which includes 18,000m of drilling aimed at expanding oxide reserves and testing polymetallic sulphide deposits.
Regarding the Ana Paula project in Guerrero, Heliostar Metals is advancing toward a Feasibility Study (FS) scheduled for completion in 1H27. This milestone will define the construction and operating plans for a mine capable of producing 100,000oz/y gold. The company has budgeted US$6.6 million for resource development and regional exploration at the site, alongside a US$15 million investment to extend the existing production-scale decline. This early work program is intended to de-risk the project for a production target in 2Q28. “Today’s PEA demonstrates Ana Paula can be a low CAPEX, high margin gold mine. Ana Paula is expected to drive the company’s transition to mid-tier status in 2028 by significantly expanding our production profile at one of the industry’s lowest cost bases,” said Charles Funk, CEO, Heliostar Metals.
The company intends to fund a US$27 million exploration and development program primarily through operating cash flow generated from its active mining portfolio. Across the remainder of the portfolio, the company is advancing permitting and community engagement at Cerro del Gallo, while Unga and San Antonio will undergo modest exploration and metallurgical programs. Total expenditure for these properties is set at US$4.9 million. As of December 2025, Heliostar Metals maintained a cash balance of US$41 million with no debt, positioning the company to execute its growth strategy using its internal financial resources.
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