Heliostar Metals (HSTR) Sidoti Micro-Cap Virtual Conference summary

Growth strategy and production outlook

• Targeting growth from 33,000 ounces of gold in 2023 to 300,000 ounces annually by 2030, leveraging internal cash flow and staged asset development without equity dilution.

• Stepwise production increases: 50,000–55,000 ounces in 2024, 100,000 ounces from Ana Paula in 2028, and 300,000 ounces with Cerro del Gallo by decade’s end.

• Bootstrapping approach funds expansion through cash flow from two recently restarted Mexican mines, La Colorada and San Agustin.

• Potential for further growth to 500,000 ounces annually through M&A, with equity issuance reserved only for accretive acquisitions.

• Positioned as a mid-tier producer, balancing acquisition target appeal and ability to acquire growth projects in various market cycles.

Asset portfolio and operational highlights

• Core assets include Ana Paula (flagship), La Colorada, San Agustin, Cerro del Gallo, and Goldstrike (Utah), with over 9 million ounces gold and 125 million ounces silver in resources.

• La Colorada and San Agustin mines restarted, generating significant cash flow; San Agustin expected to yield CAD 60 million net free cash flow over 14 months.

• Ana Paula re-scoped as a high-grade underground project, targeting 100,000 ounces/year at $1,000/oz AISC, with feasibility study due Q2 next year and construction decision by mid-2027.

• Cerro del Gallo pre-feasibility study shows potential for 100,000 ounces/year for 10+ years, with robust economics and expansion potential.

• Goldstrike acquisition in Utah adds 1 million ounces resource and antimony exploration upside, with staged payments aligning with cash flow.

Financial position and shareholder structure

• Market cap around CAD 625 million, 300 million shares fully diluted, zero debt, and $50 million cash as of early April.

• Top shareholders include Eric Sprott (15%), Steve Land/Franklin Templeton (just under 10%), and Adrian Day’s EuroPac Fund.

• Strong institutional ownership at 53%, with active trading on TSX Venture and OTCQX.

• Q1 2026 results: just under 12,000 ounces gold produced at AISC below $2,000/oz, $0.05 EPS, and ongoing investment in exploration and development.