Heliostar - Q2 Financial Highlights, Record Gold Production, Growth Pipeline
Summary
San Agustin gold output jumped 49% quarter-on-quarter at an AISC (All-In Sustaining Cost — what it really costs per ounce) near $2,287, signaling peer-relative cost discipline.
Cash hit a record $43M by quarter-end with no debt, even after a $10M outlay for the Gold Strike deposit acquisition.
Silver output nearly doubled to 80,000 ounces on a leaching mix shift and San Agustin ramp-up; smelter payment-term changes pushed most silver revenue into later quarters.
The 25,000-metre Ana Paula drill program anchors a mid-2027 feasibility study targeting 100,000-ounce annual output and first gold by late 2028.
Operating cash is being recycled into a multi-mine pipeline including Ana Paula and Gold Strike, lining up the next 1-3 projects beyond current production.
Key points on B2Gold
- B2Gold's Q2 AISC was $2,356/oz, cited by Heliostar's CEO as a peer benchmark that Heliostar matched closely.
Key points on IAMGOLD
- IAMGOLD's Q2 AISC was 'nearly identical' to Heliostar's $2,287/oz, according to CEO Charles Funk.
Key points on Torex Gold Resources
- Torex Gold's Q2 AISC was $2,459/oz for the quarter, cited by Heliostar's CEO as a peer benchmark.
Charles Funk's takeaways
- Top takeaway The guest argues Heliostar's $2,287/oz Q2 AISC puts it among the lowest-cost producers in its peer group, citing Torex at $2,459, B2 Gold at $2,356, and IAMGOLD as 'nearly identical'.
- He attributes most of the Q1-to-Q2 AISC increase to a one-off options grant and silver sales timing, and expects AISC to moderate back toward the top end of guidance.
- He is targeting first gold at Anna Paula in late 2028 and steady-state by early 2029, with the feasibility study due mid-2027.
- The guest expects Heliostar to mine more gold from the San Agustin corner reserve than the current technical report implies, noting 10,000 ounces stacked ahead of plan across the first four benches.
- He frames Heliostar as a growth company reinvesting proceeds into a multi-asset pipeline of Anna Paula, 'Sarah DeGio' (as transcribed), and Gold Strike.