Heliostar Metals (HSTR) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 2026 results with 11,743 oz gold and 43,798 oz silver produced, generating $54.4M in revenue and $14.1M net income, with mine operating earnings of $30.9M.

• San Agustin mine successfully ramped up, with first gold pour in late January, contributing to strong consolidated performance and cash flow.

• Maintained a debt-free balance sheet with $38.7M cash and $70M working capital, up $21M quarter-over-quarter.

• Acquired Goldstrike project in Utah, adding 975 koz indicated gold resources and critical minerals exposure.

• Continued investment in exploration and development, notably at Ana Paula and San Agustin.

Financial highlights

• Revenue for Q1 2026 was $54.4M, with mine operating earnings of $30.9M and net income of $14.1M ($0.05/share).

• Cash balance stood at $38.7M, working capital at $70M, and no debt.

• 11.4M warrants and 0.5M stock options exercised, raising $2.6M.

• Cash cost for Q1 was $1,602/oz Au, AISC was $1,996/oz Au, both below guidance.

• Exploration expenses totaled $4.6M, with $4.8M spent advancing Ana Paula.

Outlook and guidance

• 2026 consolidated production guidance: 50,000–55,000 oz gold, 290,000–320,000 oz silver.

• Consolidated cash cost guidance: $1,850–1,950/oz Au; AISC: $2,025–2,125/oz Au.

• La Colorada and San Agustin mines expected to deliver steady production and cash flow.

• Ana Paula project targeting commercial production in 2028, with Feasibility Study in H1 2027 and ongoing drilling.

• Targeting 500,000 oz annual gold production by decade's end.