Heliostar Metals at Mining Forum Americas 2026: growth plan advances

On September 29, 2026, Heliostar Metals (HSTR) addressed investors at Mining Forum Americas 2026, outlining its growth strategy in the mining sector while acknowledging the inherent risks associated with mine development and financing projects. The company's current mines are already generating cash, and its flagship Ana Paula project, currently in the feasibility stage, could propel the business into the multi-billion-dollar valuation range by the end of the decade.

Heliostar is on track to increase its annual gold production from approximately 30,000 ounces to over 50,000 ounces by 2026, with all-in sustaining costs expected to be just above $2,100 per ounce. La Colorada, San Agustin, Cerro de Gallo, and Goldstrike projects are also progressing, aimed at building a pipeline of mines that could collectively produce half a million ounces per year by the end of the decade.

The company's shares currently trade at around 2 times forward cash flow, which Heliostar believes is below peer valuations for first-quartile producers. Management emphasized that Heliostar's existing operations could generate around $150 million in cash flow before the Ana Paula project is built, enabling a project-finance approach rather than an immediate equity raise. The company's market capitalization is approximately $500 million, trading at about 2 times forward cash flow.

During the call, Heliostar highlighted advancements at its existing mines, with Ana Paula being the main growth driver, expected to begin production in late 2028. The Ana Paula project has a feasibility study about one-third complete, but management remains optimistic about its potential to add over 20,000 ounces of gold to the company's reserves.