Heliostar Metals (HSTR) Q2 2026 earnings summary

Executive summary

• Achieved record gold production of 14,803 oz and silver production of 79,710–80,000 oz in Q2 2026, supporting the goal of becoming a 500,000 oz/year gold producer by decade's end.

• Generated $56.5 million in revenue, $31.1 million in mine operating earnings, and $8.0 million net income ($0.03/share) for the quarter.

• Maintained a strong cash position at $43.0–$43.1 million and working capital of $45.9 million after a $10 million payment for the Goldstrike acquisition; no debt.

• Closed the Goldstrike acquisition, expanding the development pipeline and diversifying into the US.

• Both operating mines maintained low-cost production, supporting significant operating cash flow and ongoing investment in growth projects.

Financial highlights

• Q2 2026 revenue was $56.5 million, with mine operating earnings of $31.1 million and net income of $8.0 million ($0.03/share).

• Year-to-date cash costs at $1,630/oz and AISC at $2,155/oz, with Q2 AISC at $2,287/oz due to one-off items and higher input costs.

• Cash balance at quarter-end was $43.0–$43.1 million; working capital $45.9 million; no debt.

• Invested $2.0 million in exploration and $5.6–$5.7 million in Ana Paula development during Q2.

• Mine operating earnings margin was 55%.

Outlook and guidance

• 2026 consolidated gold production guidance is 50,000–55,000 oz at cash costs of $1,850–$1,950/oz and AISC of $2,025–$2,125/oz.

• On track to meet or slightly exceed production guidance, with costs expected at the upper end of the range.

• Ana Paula feasibility study scheduled for Q2 2027, with first gold targeted before end of 2028.

• No external equity needed for Ana Paula construction; project financing and internal cash flow to be used.

• La Colorada and San Agustin mines expected to maintain or improve production profiles.