Heliostar Achieves First Pour at San Agustin

Heliostar Metals announced the successful completion of its first official gold pour following the restart of operations at the San Agustin mine. The company previously reported on Dec. 18, 2025, that mining activities had resumed in the 4Q25, including ore extraction, crushing, and stacking on the leach pad. The restart was completed on schedule and within budget. Since then, operations have continued to ramp up efficiently, surpassing internal targets for mining rates and the number of recoverable ounces placed on the pad. San Agustin remains on course to achieve its 2026 production guidance of between 30,000oz and 32,700oz of gold.

President and CEO Charles Funk highlighted the significance of the timing, noting that new production is coming online during a particularly strong gold market. He said that bringing San Agustin back into operation has lifted Heliostar’s consolidated production outlook by more than 60% year over year, while maintaining a competitive all-in sustaining cost of approximately US$2,000/oz in 2026. Based on the company’s budgeted gold price of US$3,800/oz for 2026, cash flow from San Agustin is expected to fund exploration and capital programs across the portfolio, including a pit expansion at La Colorada and decline development at Ana Paula.

Funk added that at current spot prices, the company can also accelerate cash generation to support the Ana Paula capital expenditures planned for 2027 and 2028. At San Agustin, the next major milestone will be the results from the ongoing drilling campaign aimed at extending the mine’s life, with updates anticipated in mid-to-late 1Q26.

Alongside the restart, Heliostar continues to advance a 10,000m to 15,000m drilling program at San Agustin. The primary objective is to define additional oxide gold mineralization near the existing open pit that could support future production growth and extend operations beyond the current mine plan. Initial assay results from this drilling program are expected to be released in the near term.

Outlook for 2026

Heliostar enters 2026 positioned for higher production, disciplined cost control, and portfolio-wide growth driven by operating cash flow. The company expects consolidated gold output of 50,000oz to 55,000oz, supported by by-product cash costs of US$1,850/oz to US$1,950/oz and all-in sustaining costs (AISC) of US$2,025/oz to US$2,125/oz. This cost structure reflects Heliostar’s focus on efficient operations while funding expansion and exploration internally.

Beyond San Agustin, Heliostar’s growth in 2026 will be anchored by continued development at La Colorada and Ana Paula. At La Colorada, the company expects to produce between 20,000oz and 22,300oz of gold at an AISC ranging from US$1,775/oz to US$1,875/oz, primarily through the processing of existing stockpiles and re-leaching initiatives. A key strategic priority for the year is the advancement of the Veta Madre open pit expansion. Exploration and technical work at La Colorada will continue alongside development. Heliostar has allocated up to US$5.8 million in 2026 to resource development and exploration activities at La Colorada to strengthen the mine’s long-term production profile.

At Ana Paula, the company is advancing its flagship project toward construction readiness. Work on the Feasibility Study is underway, with completion targeted for the 1H27, supported by continued infill and expansion drilling to upgrade resources and improve mine planning. A major milestone for 2026 is the start of development of the main access decline, scheduled for 3Q26 as part of an early works and de-risking program that supports first production in the 2H28.