Heliostar Metals Ltd. (TSX: HSTR | OTCQX: HSTXF | FSE: RGG1 | FNEWS), a growing gold producer operating in Mexico, reported record financial results for the three months ended 30 September 2026, including revenues of $66.3 million and mine operating earnings of $36.5 million. The company produced 14,481 gold ounces and 83,067 silver ounces across its La Colorada and San Agustin mines during the quarter. With a debt-free balance sheet and a record cash position of $53.6 million, the results signal continued operational momentum as Heliostar advances its Ana Paula development project towards a Feasibility Study targeted for completion in Q2 2027.

Key Points

  • Heliostar Metals Ltd. (TSX: HSTR | OTCQX: HSTXF | FSE: RGG1 | FNEWS)
  • Record Q3 2026 revenues of $66.3 million and mine operating earnings of $36.5 million reported, with net income of $10.2 million ($0.04 per share)
  • Consolidated AISC of $1,948 per gold ounce sold; cash balance of $53.6 million at quarter-end with no debt; full-year production guidance of 50,000–55,000 gold ounces maintained
  • Investors may be watching progress on the Ana Paula Feasibility Study, Veta Madre first ore timing in late Q2 2027, and advancement of debt financing discussions

Record Revenue and Net Income Driven by $4,243 Average Gold Sale Price at La Colorada and San Agustin

Heliostar's Q3 2026 results were underpinned by an average gold sale price of $4,243 per ounce, with 14,603 gold ounces and 79,192 silver ounces sold during the quarter. Net income attributable to shareholders reached $10.2 million, or $0.04 per share, compared with $8.0 million, or $0.03 per share, in Q2 2026. The announcement states that the modest quarter-on-quarter increase was driven by higher revenues, partially offset by increased exploration expenditure. Before-tax earnings stood at $23.3 million, and the operating margin remained consistent with the prior quarter, according to the disclosure.

Consolidated AISC Falls Below $2,000 Per Ounce as San Agustin Reaches Leaching Steady-State

The consolidated cash cost for Q3 was $1,588 per gold ounce sold, while the consolidated AISC came in at $1,948 per ounce — below the full-year guidance range of $2,025–$2,125. The announcement attributes the quarter-over-quarter cost reduction to increased production at San Agustin as leaching operations reached steady-state, reduced injection leaching costs at La Colorada, and higher by-product silver sales. At San Agustin, cash costs were $1,707 per ounce sold, while La Colorada reported lower cash costs of $1,376 per ounce sold. The company noted that year-to-date cash costs are tracking near the bottom of the annual guidance range.

Ana Paula Feasibility Study 34% Complete as Underground Permits Submitted and Debt Financing Advances

Heliostar invested $6.2 million at its flagship Ana Paula project in Guerrero, Mexico, during Q3, covering infill drilling, metallurgical testing, and engineering work. The Feasibility Study was reported as 34% complete as of 21 September 2026 and remains on track for completion in Q2 2027, with a target of supporting production of 100,000 gold ounces per year over a 10-year mine life. The MIA-R environmental permit for the underground mine plan was submitted on 13 October 2026. The company stated that debt financing discussions are advancing and that it intends to bring Ana Paula into production without additional equity dilution.

Veta Madre Waste Stripping Underway at La Colorada as San Agustin Drill Campaign Upsized to 30,000 Metres

Waste stripping at the Veta Madre Plus pit at La Colorada commenced in August 2026, with first ore production targeted for late Q2 2027 from 48,000 ounces of contained gold reserves. The company is also pursuing an additional 20,000-ounce exploration target within the pit stripping plan. At San Agustin in Durango, a drill campaign has been upsized from 15,000–18,000 metres to 25,000–30,000 metres, targeting oxide mineralisation at the pit margins. Mineral reserves at the Corner Reserve area are estimated at 68,000 ounces of gold, with drill results stepping out 200 metres from the current pit edge now being advanced through mine planning and permitting processes.