Heliostar Metals (HSTR) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose to $66.3M from $26.8M YoY and net income to $10.2M from $1.3M; 9M revenue was $177.2M and net income $32.3M, versus a $30.6M loss in 2025.

• La Colorada and San Agustin generated 9M mine operating earnings of $54.5M and $43.0M; total mine operating earnings were $98.4M versus $40.0M.

• Production restarted at San Agustin; focus remained on optimizing both producing mines and advancing Ana Paula toward a mid-2027 construction decision.

Financial highlights

• Q3/9M gold sold was 14,603/36,543 oz versus 7,552/23,637 oz; realized prices were $4,243/$4,463 per oz versus $3,486/$3,124.

• Q3 operating income was $25.8M versus $4.6M YoY; 9M operating income was $67.7M versus $16.9M. Q3/9M cost of sales was $29.9M/$78.8M.

• EBITDA was $27.3M in Q3 and $73.3M in 9M; 9M free cash flow was $10.4M.

• Q3/9M AISC was $1,948/$2,072 per oz sold; cash cost was $1,588/$1,613 per oz.

• 9M operating cash flow was $42.8M; cash was $53.6M at September 30, 2026, versus $40.6M at year-end 2025.

Outlook and guidance

• 2026 guidance remains 50,000–55,000 oz gold production, by-product cash costs of $1,850–$1,950/oz and AISC of $2,025–$2,125/oz.

• Ana Paula feasibility study is targeted for Q2 2027, with a construction decision in mid-2027 and first gold before end-2028; timing depends on studies, permits and financing.

• La Colorada’s revised mine-plan guidance impact is expected in 2027; higher-grade Veta Madre ore is expected to contribute production from 2027.

• Ana Paula’s proposed plant targets 2,000 tpd, up from 1,800 tpd in the PEA, with potential expansion to 2,500 tpd.