{"id":4992,"date":"2025-11-06T06:30:00","date_gmt":"2025-11-06T11:30:00","guid":{"rendered":"https:\/\/www.inflation.us\/news\/?p=4992"},"modified":"2025-11-10T14:43:34","modified_gmt":"2025-11-10T19:43:34","slug":"heliostar-announces-pea-for-ana-paula","status":"publish","type":"post","link":"https:\/\/www.inflation.us\/news\/announcement\/heliostar-announces-pea-for-ana-paula\/","title":{"rendered":"Heliostar Announces PEA for Ana Paula Underground with Strong Economics and Sustainable Cash Generation"},"content":{"rendered":"\n<!-- Heliostar Metals \u2013 Custom HTML Post (mobile-friendly tables & responsive images) -->\n<article class=\"nia-post\" style=\"font-family:Tahoma,Geneva,sans-serif; font-size:15px; line-height:1.55; color:#111;\">\n  <style>\n    .nia-post h1, .nia-post h2, .nia-post h3 { margin:0.6em 0 0.35em; line-height:1.25; }\n    .nia-post h1 { font-size:24px; }\n    .nia-post h2 { font-size:19px; }\n    .nia-post h3 { font-size:16px; }\n    .nia-post p { margin:0.65em 0; }\n    .muted { color:#555; }\n    .small { font-size:13px; color:#333; }\n    .tiny { font-size:12px; color:#444; }\n    .note { background:#f6f8fa; padding:8px 10px; border-left:3px solid #d0d7de; border-radius:6px; }\n    .hr { height:1px; background:#e5e7eb; border:0; margin:16px 0; }\n\n    .fig { margin:14px 0; }\n    .fig img { display:block; width:100%; height:auto; border-radius:8px; }\n    .fig figcaption { font-size:13px; color:#333; margin-top:6px; }\n\n    .scroll-x { overflow-x:auto; -webkit-overflow-scrolling:touch; border:1px solid #e5e7eb; border-radius:10px; }\n    table.nia { border-collapse:separate; border-spacing:0; min-width:860px; width:100%; background:#fff; }\n    .nia th, .nia td { padding:10px 12px; border-bottom:1px solid #eff2f5; text-align:left; white-space:nowrap; }\n    .nia th { position:sticky; top:0; background:#fafafa; z-index:1; font-weight:bold; border-bottom:1px solid #e5e7eb; }\n    .nia tbody tr:nth-child(even){background:#fcfcfd;}\n    .right{text-align:right;}\n    .back-top{text-align:right;margin-top:8px;}\n    .back-top a{font-size:12px;color:#0a66c2;text-decoration:none;}\n    .back-top a:hover{text-decoration:underline;}\n  <\/style>\n\n  <header id=\"top\">\n    <h1>Heliostar Announces PEA for Ana Paula Underground with Strong Economics and Sustainable Cash Generation<\/h1>\n    <p class=\"small muted\">Heliostar Metals Ltd. (TSXV: HSTR) (OTCQX: HSTXF) (FSE: RGG1)<\/p>\n    <p class=\"small\"><strong>Date:<\/strong> November 6, 2025 \u2013 6:30 AM EST<\/p>\n    <div class=\"note small\">\n      <strong>Highlights:<\/strong>\n      <ul style=\"margin:6px 0 0 18px;\">\n        <li>Base Case: US$426M post-tax NPV\u2085, 28.1% IRR, 2.9-year payback at US$2,400\/oz Au<\/li>\n        <li>Upside Case: US$1.01B post-tax NPV\u2085, 51.3% IRR, 1.9-year payback at US$3,800\/oz Au<\/li>\n        <li>874,700 oz Au over 9-year mine life averaging 101 koz\/yr after ramp-up<\/li>\n        <li>Life-of-mine AISC: US$1,011\/oz (lowest 13% globally) with US$300M CAPEX<\/li>\n        <li>Average annual after-tax FCF: US$93.8M @ US$2,400\/oz Au (US$168M @ US$3,800\/oz)<\/li>\n        <li>Plan to bring Ana Paula into production in 2028 following Feasibility Study<\/li>\n      <\/ul>\n    <\/div>\n  <\/header>\n\n  <section>\n    <p>VANCOUVER, BC \u2014 Heliostar Metals Ltd. (\u201cHeliostar\u201d or the \u201cCompany\u201d) is pleased to announce the results of a Preliminary Economic Assessment (\u201cPEA\u201d) evaluating the potential for underground mine development at the Ana Paula Project in Guerrero, Mexico.<\/p>\n    <p>Heliostar CEO <strong>Charles Funk<\/strong> commented: <em>\u201cToday&#8217;s PEA demonstrates Ana Paula can be a low-CAPEX, high-margin gold mine\u2026 we are excited at the prospect of bringing Ana Paula into production as a robust free-cash-flow-generating mine that will underpin Heliostar\u2019s share price for the next decade.\u201d<\/em><\/p>\n  <\/section>\n\n  <div class=\"hr\"><\/div>\n\n  <!-- Figures -->\n  <figure class=\"fig\">\n    <img decoding=\"async\" src=\"https:\/\/www.inflation.us\/news\/wp-content\/uploads\/2025\/11\/hstrfig1.jpg\" alt=\"Figure 1 - Ana Paula Resource Distribution\">\n    <figcaption>Figure 1: Ana Paula Resource with Gold Ounce and Grade Distribution of Mill Feed by Level.<\/figcaption>\n  <\/figure>\n  <figure class=\"fig\">\n    <img decoding=\"async\" src=\"https:\/\/www.inflation.us\/news\/wp-content\/uploads\/2025\/11\/hstrfig2.jpg\" alt=\"Figure 2 - Underground Development Schedule\">\n    <figcaption>Figure 2: Ana Paula Underground Development Schedule and Stope Layout Over Life of Mine.<\/figcaption>\n  <\/figure>\n  <figure class=\"fig\">\n    <img decoding=\"async\" src=\"https:\/\/www.inflation.us\/news\/wp-content\/uploads\/2025\/11\/hstrfig3.jpg\" alt=\"Figure 3 - Planned Production Schedule\">\n    <figcaption>Figure 3: Planned Ana Paula Production Schedule.<\/figcaption>\n  <\/figure>\n  <figure class=\"fig\">\n    <img decoding=\"async\" src=\"https:\/\/www.inflation.us\/news\/wp-content\/uploads\/2025\/11\/hstrfig4.jpg\" alt=\"Figure 4 - Process Flow Sheet\">\n    <figcaption>Figure 4: Ana Paula Process Flow Sheet.<\/figcaption>\n  <\/figure>\n\n  <div class=\"back-top\"><a href=\"#top\">Back to top \u2191<\/a><\/div>\n\n  <div class=\"hr\"><\/div>\n\n  <!-- Resource Table -->\n  <h2>Ana Paula PEA Mineral Resource Estimate<\/h2>\n  <div class=\"scroll-x\">\n    <table class=\"nia\">\n      <thead>\n        <tr><th>Classification<\/th><th>Kilotonnes (kt)<\/th><th>Gold Grade (g\/t)<\/th><th>Contained Gold Ounces<\/th><\/tr>\n      <\/thead>\n      <tbody>\n        <tr><td>Measured<\/td><td class=\"right\">1,300<\/td><td class=\"right\">7.60<\/td><td class=\"right\">317,000<\/td><\/tr>\n        <tr><td>Indicated<\/td><td class=\"right\">2,970<\/td><td class=\"right\">4.44<\/td><td class=\"right\">424,000<\/td><\/tr>\n        <tr><td><strong>Measured &amp; Indicated<\/strong><\/td><td class=\"right\">4,270<\/td><td class=\"right\">5.40<\/td><td class=\"right\">742,000<\/td><\/tr>\n        <tr><td>Inferred<\/td><td class=\"right\">4,040<\/td><td class=\"right\">3.96<\/td><td class=\"right\">514,000<\/td><\/tr>\n      <\/tbody>\n    <\/table>\n  <\/div>\n  <p class=\"tiny\"><em>Reported insitu using 2014 CIM standards; effective date July 30, 2025; cutoff 2.10 g\/t Au. Not Mineral Reserves; economic viability not demonstrated.<\/em><\/p>\n\n  <!-- Mill Feed Table -->\n  <h2>Ana Paula PEA Mill Feed Inventory<\/h2>\n  <div class=\"scroll-x\">\n    <table class=\"nia\">\n      <thead>\n        <tr><th>Classification<\/th><th>Kilotonnes (kt)<\/th><th>Gold Grade (g\/t)<\/th><th>Contained Gold Ounces<\/th><th>Contained Gold Ounces (%)<\/th><\/tr>\n      <\/thead>\n      <tbody>\n        <tr><td>Measured<\/td><td class=\"right\">1,103<\/td><td class=\"right\">8.12<\/td><td class=\"right\">288,000<\/td><td class=\"right\">30%<\/td><\/tr>\n        <tr><td>Indicated<\/td><td class=\"right\">2,305<\/td><td class=\"right\">4.81<\/td><td class=\"right\">356,000<\/td><td class=\"right\">37%<\/td><\/tr>\n        <tr><td><strong>Measured &amp; Indicated<\/strong><\/td><td class=\"right\">3,408<\/td><td class=\"right\">5.88<\/td><td class=\"right\">644,000<\/td><td class=\"right\">66%<\/td><\/tr>\n        <tr><td>Inferred<\/td><td class=\"right\">2,024<\/td><td class=\"right\">5.04<\/td><td class=\"right\">327,000<\/td><td class=\"right\">34%<\/td><\/tr>\n        <tr><td>Dilution<\/td><td class=\"right\">193<\/td><td class=\"right\">\u2013<\/td><td class=\"right\">\u2013<\/td><td class=\"right\">0%<\/td><\/tr>\n        <tr><td><strong>Total<\/strong><\/td><td class=\"right\">5,625<\/td><td class=\"right\">5.37<\/td><td class=\"right\">972,000<\/td><td class=\"right\">100%<\/td><\/tr>\n      <\/tbody>\n    <\/table>\n  <\/div>\n\n  <!-- Key Highlights -->\n  <h2>Forecast Production Highlights<\/h2>\n  <div class=\"scroll-x\">\n    <table class=\"nia\">\n      <thead><tr><th>Parameter<\/th><th>Value<\/th><th>Units<\/th><\/tr><\/thead>\n      <tbody>\n        <tr><td>Mill Feed (LOM)<\/td><td class=\"right\">5,625<\/td><td>kt<\/td><\/tr>\n        <tr><td>Gold Grade (LOM)<\/td><td class=\"right\">5.37<\/td><td>g\/t Au<\/td><\/tr>\n        <tr><td>Gold Produced (LOM)<\/td><td class=\"right\">875<\/td><td>koz<\/td><\/tr>\n        <tr><td>Process Recovery<\/td><td class=\"right\">90<\/td><td>%<\/td><\/tr>\n        <tr><td>Life of Mine<\/td><td class=\"right\">9<\/td><td>years<\/td><\/tr>\n        <tr><td>Average Annual Production<\/td><td class=\"right\">101<\/td><td>koz\/yr<\/td><\/tr>\n      <\/tbody>\n    <\/table>\n  <\/div>\n\n  <h2>Forecast Financial Highlights<\/h2>\n  <div class=\"scroll-x\">\n    <table class=\"nia\">\n      <thead><tr><th>Metric<\/th><th>Value<\/th><th>Units<\/th><\/tr><\/thead>\n      <tbody>\n        <tr><td>Average Cash Cost<\/td><td class=\"right\">923<\/td><td>US$\/oz<\/td><\/tr>\n        <tr><td>AISC<\/td><td class=\"right\">1,011<\/td><td>US$\/oz<\/td><\/tr>\n        <tr><td>Initial Capital Cost<\/td><td class=\"right\">300.1<\/td><td>M<\/td><\/tr>\n        <tr><td>Total Sustaining Capital<\/td><td class=\"right\">73.2<\/td><td>M<\/td><\/tr>\n        <tr><td>Total LOM Capital<\/td><td class=\"right\">376.3<\/td><td>M<\/td><\/tr>\n      <\/tbody>\n    <\/table>\n  <\/div>\n\n  <h2>Forecast Return Estimates (by Gold Price)<\/h2>\n  <div class=\"scroll-x\">\n    <table class=\"nia\">\n      <thead><tr><th>Gold Price (US$\/oz)<\/th><th>IRR<\/th><th>NPV\u2085 (US$M)<\/th><th>Payback (yrs)<\/th><\/tr><\/thead>\n      <tbody>\n        <tr><td>2,400<\/td><td class=\"right\">28.1%<\/td><td class=\"right\">426<\/td><td class=\"right\">2.9<\/td><\/tr>\n        <tr><td>3,800<\/td><td class=\"right\">51.3%<\/td><td class=\"right\">1,012<\/td><td class=\"right\">1.9<\/td><\/tr>\n      <\/tbody>\n    <\/table>\n  <\/div>\n\n  <div class=\"hr\"><\/div>\n\n  <h2>Total Operating Cost Summary<\/h2>\n  <div class=\"scroll-x\">\n    <table class=\"nia\">\n      <thead>\n        <tr><th>Operating Costs<\/th><th>US$\/oz Au<\/th><th>US$\/t feed<\/th><\/tr>\n      <\/thead>\n      <tbody>\n        <tr><td>Total Mining<\/td><td class=\"right\">421<\/td><td class=\"right\">64.85<\/td><\/tr>\n        <tr><td>Total Processing<\/td><td class=\"right\">227<\/td><td class=\"right\">34.94<\/td><\/tr>\n        <tr><td>BIOX Processing<\/td><td class=\"right\">87<\/td><td class=\"right\">12.59<\/td><\/tr>\n        <tr><td>G&amp;A<\/td><td class=\"right\">50<\/td><td class=\"right\">7.75<\/td><\/tr>\n        <tr><td>Refinery &amp; Transport<\/td><td class=\"right\">11<\/td><td class=\"right\">1.63<\/td><\/tr>\n        <tr><td>Cash Operating Costs<\/td><td class=\"right\">709<\/td><td class=\"right\">109.17<\/td><\/tr>\n        <tr><td>Production Taxes<\/td><td class=\"right\">166<\/td><td class=\"right\">25.53<\/td><\/tr>\n        <tr><td>Royalties<\/td><td class=\"right\">48<\/td><td class=\"right\">7.36<\/td><\/tr>\n        <tr><td><strong>Total Cash Costs<\/strong><\/td><td class=\"right\">922<\/td><td class=\"right\">142.06<\/td><\/tr>\n        <tr><td>Sustaining Capital<\/td><td class=\"right\">84<\/td><td class=\"right\">13.01<\/td><\/tr>\n        <tr><td><strong>Total AISC<\/strong><\/td><td class=\"right\">1,011<\/td><td class=\"right\">155.07<\/td><\/tr>\n      <\/tbody>\n    <\/table>\n  <\/div>\n\n  <h2>Forecast Capital Cost Summary<\/h2>\n  <div class=\"scroll-x\">\n    <table class=\"nia\">\n      <thead>\n        <tr><th>Capital Costs<\/th><th>Initial (US$M)<\/th><th>Sustaining (US$M)<\/th><th>Total LOM (US$M)<\/th><\/tr>\n      <\/thead>\n      <tbody>\n        <tr><td>Underground Mining<\/td><td class=\"right\">43.4<\/td><td class=\"right\">70.1<\/td><td class=\"right\">113.5<\/td><\/tr>\n        <tr><td>Process Plant<\/td><td class=\"right\">61.6<\/td><td class=\"right\">\u2013<\/td><td class=\"right\">61.6<\/td><\/tr>\n        <tr><td>BIOX Plant<\/td><td class=\"right\">45.8<\/td><td class=\"right\">\u2013<\/td><td class=\"right\">45.8<\/td><\/tr>\n        <tr><td>Tailings Management<\/td><td class=\"right\">26.9<\/td><td class=\"right\">3.1<\/td><td class=\"right\">30.0<\/td><\/tr>\n        <tr><td>Infrastructure<\/td><td class=\"right\">20.2<\/td><td class=\"right\">\u2013<\/td><td class=\"right\">20.2<\/td><\/tr>\n        <tr><td>Power\/Substation<\/td><td class=\"right\">6.2<\/td><td class=\"right\">\u2013<\/td><td class=\"right\">6.2<\/td><\/tr>\n        <tr><td>Camp Expansion<\/td><td class=\"right\">6.8<\/td><td class=\"right\">\u2013<\/td><td class=\"right\">6.8<\/td><\/tr>\n        <tr><td>Total Direct Costs<\/td><td class=\"right\">210.9<\/td><td class=\"right\">73.2<\/td><td class=\"right\">284.1<\/td><\/tr>\n        <tr><td>Indirects + EPCM + Contingency<\/td><td class=\"right\">89.2<\/td><td class=\"right\">3.0<\/td><td class=\"right\">92.2<\/td><\/tr>\n        <tr><td><strong>Total<\/strong><\/td><td class=\"right\">300.1<\/td><td class=\"right\">76.2<\/td><td class=\"right\">376.3<\/td><\/tr>\n      <\/tbody>\n    <\/table>\n  <\/div>\n\n  <h2>Summary Economic Results<\/h2>\n  <div class=\"scroll-x\">\n    <table class=\"nia\">\n      <thead>\n        <tr><th>Metric<\/th><th>Units<\/th><th>After Tax<\/th><th>Before Tax<\/th><\/tr>\n      <\/thead>\n      <tbody>\n        <tr><td>Total Cashflow<\/td><td>US$ M<\/td><td class=\"right\">631.3<\/td><td class=\"right\">903.1<\/td><\/tr>\n        <tr><td>Average Annual Cashflow<\/td><td>US$ M<\/td><td class=\"right\">70.1<\/td><td class=\"right\">100.3<\/td><\/tr>\n        <tr><td>NPV\u2085 (Base Case)<\/td><td>US$ M<\/td><td class=\"right\">426.0<\/td><td class=\"right\">642.7<\/td><\/tr>\n        <tr><td>IRR<\/td><td>%<\/td><td class=\"right\">28.1<\/td><td class=\"right\">38.0<\/td><\/tr>\n        <tr><td>Payback<\/td><td>Years<\/td><td class=\"right\">2.9<\/td><td class=\"right\">2.4<\/td><\/tr>\n      <\/tbody>\n    <\/table>\n  <\/div>\n\n  <h2>Gold Price Sensitivity Analysis<\/h2>\n  <div class=\"scroll-x\">\n    <table class=\"nia\">\n      <thead>\n        <tr><th>Gold Price (US$\/oz)<\/th><th>Net Cash Flow (US$M)<\/th><th>NPV\u2085 (US$M)<\/th><th>IRR (%)<\/th><th>Payback (yrs)<\/th><\/tr>\n      <\/thead>\n      <tbody>\n        <tr><td>1,600<\/td><td class=\"right\">197<\/td><td class=\"right\">88<\/td><td class=\"right\">10.6<\/td><td class=\"right\">4.9<\/td><\/tr>\n        <tr><td>2,000<\/td><td class=\"right\">417<\/td><td class=\"right\">259<\/td><td class=\"right\">20.0<\/td><td class=\"right\">3.5<\/td><\/tr>\n        <tr><td>2,400<\/td><td class=\"right\">631<\/td><td class=\"right\">426<\/td><td class=\"right\">28.1<\/td><td class=\"right\">2.9<\/td><\/tr>\n        <tr><td>3,000<\/td><td class=\"right\">954<\/td><td class=\"right\">677<\/td><td class=\"right\">38.7<\/td><td class=\"right\">2.4<\/td><\/tr>\n        <tr><td>3,800<\/td><td class=\"right\">1,383<\/td><td class=\"right\">1,012<\/td><td class=\"right\">51.3<\/td><td class=\"right\">1.9<\/td><\/tr>\n        <tr><td>4,000<\/td><td class=\"right\">1,490<\/td><td class=\"right\">1,096<\/td><td class=\"right\">54.2<\/td><td class=\"right\">1.8<\/td><\/tr>\n      <\/tbody>\n    <\/table>\n  <\/div>\n\n  <div class=\"hr\"><\/div>\n\n  <h2>Next Steps<\/h2>\n  <p>Heliostar has completed 10,909 m of its 15,000 m drill program with assays expected every 4\u20136 weeks. Objectives include converting Inferred ounces to higher confidence categories, supporting the Feasibility Study, and exploring targets north of the High Grade Panel. A permit amendment will be submitted in Q1 2026 to transition from open-pit to underground operations.<\/p>\n  <p>The Company plans to extend its existing 400 m decline by 1.2 km as part of an early works program (~US$15M), funded through free cash flow from its La Colorada and San Agustin mines. This will provide early access, facilitate a bulk sample, and establish underground drill platforms to test extensions down plunge.<\/p>\n\n  <h2>About Heliostar Metals Ltd.<\/h2>\n  <p>Heliostar is a gold mining company operating the La Colorada Mine (Sonora) and San Agustin Mine (Durango), Mexico, with development-stage assets including Ana Paula (Guerrero), Cerro del Gallo (Guanajuato), San Antonio (Baja Sur), and the Unga Project (Alaska, USA).<\/p>\n\n  <p><strong>Contact:<\/strong><br>\n  Charles Funk, CEO \u2014 <a href=\"mailto:charles.funk@heliostarmetals.com\">charles.funk@heliostarmetals.com<\/a> \u2014 +1 844-753-0045<br>\n  Rob Grey, IR Manager \u2014 <a href=\"mailto:rob.grey@heliostarmetals.com\">rob.grey@heliostarmetals.com<\/a> \u2014 +1 844-753-0045<\/p>\n\n  <div class=\"hr\"><\/div>\n\n  <p class=\"tiny\"><strong>Disclaimer:<\/strong> Past performance is not an indicator of future returns. NIA is not an investment advisor and does not provide investment advice. Always do your own research. NIA has received compensation from HSTR of US$30,000 cash for three months of coverage and could receive up to US$100,000 cash for twelve months. This content is for informational and educational purposes only and does not provide investment advice.<\/p>\n\n  <div class=\"back-top\"><a href=\"#top\">Back to top \u2191<\/a><\/div>\n<\/article>\n\n","protected":false},"excerpt":{"rendered":"<p>Heliostar Announces PEA for Ana Paula Underground with Strong Economics and Sustainable Cash Generation Heliostar Metals Ltd. (TSXV: HSTR) (OTCQX: HSTXF) (FSE: RGG1) Date: November 6, 2025 \u2013 6:30 AM EST Highlights: Base Case: US$426M post-tax NPV\u2085, 28.1% IRR, 2.9-year payback at US$2,400\/oz Au Upside Case: US$1.01B post-tax NPV\u2085, 51.3% IRR, 1.9-year payback at US$3,800\/oz [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4993,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[9,140],"class_list":["post-4992","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-announcement","tag-gold","tag-hstr"],"_links":{"self":[{"href":"https:\/\/www.inflation.us\/news\/wp-json\/wp\/v2\/posts\/4992","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.inflation.us\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.inflation.us\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.inflation.us\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.inflation.us\/news\/wp-json\/wp\/v2\/comments?post=4992"}],"version-history":[{"count":1,"href":"https:\/\/www.inflation.us\/news\/wp-json\/wp\/v2\/posts\/4992\/revisions"}],"predecessor-version":[{"id":4997,"href":"https:\/\/www.inflation.us\/news\/wp-json\/wp\/v2\/posts\/4992\/revisions\/4997"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.inflation.us\/news\/wp-json\/wp\/v2\/media\/4993"}],"wp:attachment":[{"href":"https:\/\/www.inflation.us\/news\/wp-json\/wp\/v2\/media?parent=4992"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.inflation.us\/news\/wp-json\/wp\/v2\/categories?post=4992"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.inflation.us\/news\/wp-json\/wp\/v2\/tags?post=4992"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}