Heliostar Metals (HSTR) Lytham Partners Fall 2026 Investor Conference summary

Strategic vision and growth targets

• Aims to become a mid-tier gold producer, targeting 300,000 oz annual production by 2030, funded through internal cash flow for equity dilution-free growth.

• Plans to leverage current production to fund the Ana Paula project, which will add 100,000 oz/year starting in 2028, and further growth from Cerro del Gallo and Goldstrike projects.

• Sees value in the mid-tier space, positioning for both acquisition potential and resilience in market downturns.

• Current production from two Mexican mines expected to generate $150 million in cash flow to fund Ana Paula.

Project pipeline and operational highlights

• Two producing mines, La Colorada and San Agustin, recently restarted and now at steady-state, are key cash flow drivers.

• Ana Paula project is the portfolio's core, with construction decision planned for mid-2027 and first gold by end of 2028.

• Cerro del Gallo and Goldstrike projects to follow Ana Paula, each potentially adding 100,000 oz/year.

• Total resources include 9 million oz gold and 125 million oz silver, with 2026 production guidance of 50,000–55,000 oz gold and 300,000 oz silver.

Financial position and shareholder structure

• Maintains a strong balance sheet with CAD 650 million market cap, $43 million cash, and no debt as of June 30.

• Focused on limiting equity dilution and growing per-share value; 310 million shares outstanding fully diluted.

• Major shareholders include Eric Sprott (15%) and long-only gold funds; recently added to the VanEck Junior Gold Miners ETF.