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Heliostar Metals Ltd

www: www.heliostarmetals.com   email: info@heliostarmetals.com
Category: Junior: Emerging Mid-tier Producer
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Symbol Data

Symbol Currency
CVE:HSTR CAD
OTCMKTS:HSTXF USD

Description

Heliostar Metals Ltd are a gold focused junior, emerging mid-tier producer with two mines in development in Mexico and four exploration properties. They have approximately 7Moz. of gold in the reserves and resources category of which 6Moz. are in the measured and indicated category. They have a market capitalisation of ~C$645.11M which is a rise of roughly 65% over the last two months. As of 10/24/2025 they have no debt and ~C$26.11M cash. They have 262M shares outstanding and trade on the Canadian Venture Exchange and the over-the-counter markets.

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General Details

Financial 10/24/2025
Last
Analysis
Data
Current Data
Item Value Value Updated
MCap (FD): $390.81M $645.11M 12/18/2025
MCap (OS): $327.19M $544.14M 12/18/2025
Total Assets: $37.10M $37.71M 10/24/2025
Total Liabilities: $17.12M $17.41M 10/24/2025
Current Assets: $25.68M $26.11M 10/24/2025
Current Liabilities: $1.07M $1.09M 10/24/2025
Total Debt: $0.00M $0.00M 10/24/2025
Cash: $25.68M $26.11M 10/24/2025
Debt (Net): $-25.68M $-26.11M
Enterprise Value: $365.13M $619.00M 08/13/1989
Cash Flow: $90.86M $173.29M never
Cash Flow Multiple: 4.30 3.72 never
Net Debt to
Cash Flow Ratio:		 n/a n/a never
Finance within 1 year: 10/24/2025
Misc 10/24/2025
Last
Analysis
Data
Current Data
Item Value Value Updated
Shares Outstanding: 252,000,000 262,325,467 12/18/2025
Shares (FD): 301,000,000 311,000,000 12/18/2025
Insider Ownership: 30% 30% 12/18/2025
Dividend (Annual): n/a n/a 12/18/2025
Company Type: Mostly Gold Mostly Gold never
Group: Producer Producer never
Production ETA: n/a 01/01/2027 10/24/2025
Production (Gold Eq Oz.): (guess) 
55,000		 (guess) 
100,000		 12/18/2025
Production (Silver Eq Oz.): (guess) 
4,686,459		 (guess) 
6,467,906		 12/18/2025
Development Phase: Producer (Single Mine) Producer (Single Mine) 10/24/2025
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 20
Producer: Growth Potential
 20
Producer: Growth Potential
 10/24/2025
Cash Flow Multiple: 12 12 10/24/2025

Resource Data

GOLD 10/24/2025
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 2.00M 2.00M 10/24/2025
Measured & Indicated: 6.00M 6.00M 10/24/2025
Inferred: 1.00M 1.00M 10/24/2025
Reserves & Resources: 7.00M 7.00M never
P
L
A
U
S
I
B
L
E		 Proven & Probable: 1.60M 1.60M 10/24/2025
Measured & Indicated: 4.16M 4.16M 10/24/2025
Inferred: 0.40M 0.40M 10/24/2025
Reserves & Resources: 4.56M 4.56M never
C
U
R
R
E
N
T		 Annual Production: (guess) 
55,000oz.		 (guess) 
100,000oz.		 12/18/2025
Cash Cost: $1,800 $1,900 12/18/2025
Extra Operating Cost: $650 $700 12/18/2025
Total: $2,450 $2,600 12/18/2025
Margin (Free Cash Flow): $1,652 (40%) $1,733 (40%)
MCap / Production (AuEq): $7,105.68 $6,451.09
EV / Production (AuEq): $6,638.73 $6,189.98
G
R
A
D
E		 Underground (Avg): 6.00 g/t 6.00 g/t 10/24/2025
Open Pit (Avg): n/a 0.70 g/t 10/24/2025
Recovery Rate: (CG)  80.00% (CG)  80.00% 12/18/2025
F
U
T
U
R
E		 Proven & Probable: 6.00M 6.00M 10/24/2025
Annual Production: 250,000oz. 250,000oz. 10/24/2025
Cash Cost: $1,700 $1,800 12/18/2025
Extra Operating Cost: $700 $700 10/24/2025
SILVER 10/24/2025
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 10/24/2025
Measured & Indicated: n/a n/a 10/24/2025
Inferred: n/a n/a 10/24/2025
Reserves & Resources: n/a n/a never
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 10/24/2025
Measured & Indicated: n/a n/a 10/24/2025
Inferred: n/a n/a 10/24/2025
Reserves & Resources: n/a n/a never
C
U
R
R
E
N
T		 Annual Production: n/a n/a
Cash Cost: n/a n/a 10/24/2025
Extra Operating Cost: n/a n/a 10/24/2025
Total: n/a n/a 10/24/2025
Margin (Free Cash Flow): n/a
MCap / Production (AgEq): $83.39 $99.74
EV / Production (AgEq): $77.91 $95.70
G
R
A
D
E		 Underground (Avg): n/a n/a 10/24/2025
Open Pit (Avg): n/a n/a 10/24/2025
Recovery Rate: n/a n/a 10/24/2025
F
U
T
U
R
E		 Proven & Probable: n/a n/a 10/24/2025
Annual Production: n/a n/a 10/24/2025
Cash Cost: n/a n/a 10/24/2025
Extra Operating Cost: n/a n/a 10/24/2025

Property

Last Analysis Data  (10/24/2025)
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Dev Ana Paula
100 279.00 31.00 250.00 show
Acquired from Argonaut in 2023 for $30M

1.47 Moz M&I gold at 2.16 g/t

2023 PFS: $278.6M NPV 30.5% IRR at $1600 gold

Size: 60,000 ha
Dev San Antonio
100 show
Acquired from Argonaut in 2023

Pending environmental permit

1.735 Moz M&I 67 Koz Inferred gold

Size: 46,000 ha
Exp Cerro del Gallo
100 show
Gold development project
Exp La Colorada
100 show
Permitted gold mine. Currently on C&M.
Exp San Agustin
100 show
Producing gold mine.
Exp Unga
100 show
District size property. Early exploration. Large potential.

Size: 24,000 ha
Current Data
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Dev Ana Paula
100 279.00 31.00 250.00 show
Acquired from Argonaut in 2023 for $30M

1.47 Moz M&I gold at 2.16 g/t

2023 PFS: $278.6M NPV 30.5% IRR at $1600 gold

Size: 60,000 ha
Dev San Antonio
100 show
Acquired from Argonaut in 2023

Pending environmental permit

1.735 Moz M&I 67 Koz Inferred gold

Size: 46,000 ha
Exp Cerro del Gallo
100 show
Gold development project
Exp La Colorada
100 show
Permitted gold mine. Currently on C&M.
Exp San Agustin
100 show
Producing gold mine.
Exp Unga
100 show
District size property. Early exploration. Large potential.

Size: 24,000 ha

Profitability (by resource)

Proven &
Probable		 10/24/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 2.00M 2.00M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 1.60M 1.60M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $2,643.09M $2,772.56M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $2,643.09M $2,772.56M n/a
Max Profit / Current MCap: 6.763 4.298 n/a
Max Profit Per Share (Gold): $8.78 $8.91 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $8.78 $8.91 n/a
Total Free Profit Per Share: $6.96 $6.05 n/a
FD MCap / Gold Eq.: $244.26 $403.19 n/a
FD MCap / Silver Eq.: $2.87 $6.23 n/a
FD MCap / Per Metal
as % Spot Price:		 5.95% 9.31% n/a
EV / Gold Eq.: $228.21 $386.87 n/a
EV / Silver Eq.: $2.68 $5.98 n/a
EV / Per Metal
as % Spot Price:		 5.56% 8.93% n/a
Measured &
Indicated		 10/24/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 6.00M 6.00M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 4.16M 4.16M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $6,872.03M $7,208.66M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $6,872.03M $7,208.66M n/a
Max Profit / Current MCap: 17.584 11.174 n/a
Max Profit Per Share (Gold): $22.83 $23.18 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $22.83 $23.18 n/a
Total Free Profit Per Share: $21.01 $20.32 n/a
FD MCap / Gold Eq.: $93.95 $155.07 n/a
FD MCap / Silver Eq.: $1.10 $2.40 n/a
FD MCap / Per Metal
as % Spot Price:		 2.29% 3.58% n/a
EV / Gold Eq.: $87.77 $148.80 n/a
EV / Silver Eq.: $1.03 $2.30 n/a
EV / Per Metal
as % Spot Price:		 2.14% 3.43% n/a

Reserves &
Resources		 10/24/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 7.00M 7.00M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 4.56M 4.56M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $7,532.80M $7,901.80M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $7,532.80M $7,901.80M n/a
Max Profit / Current MCap: 19.275 12.249 n/a
Max Profit Per Share (Gold): $25.03 $25.41 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $25.03 $25.41 n/a
Total Free Profit Per Share: $23.21 $22.55 n/a
FD MCap / Gold Eq.: $85.70 $141.47 n/a
FD MCap / Silver Eq.: $1.01 $2.19 n/a
FD MCap / Per Metal
as % Spot Price:		 2.09% 3.27% n/a
EV / Gold Eq.: $80.07 $135.75 n/a
EV / Silver Eq.: $0.94 $2.10 n/a
EV / Per Metal
as % Spot Price:		 1.95% 3.13% n/a

Future Valuation (Cash Flow & Totals)

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