{"id":5669,"date":"2025-12-11T06:30:00","date_gmt":"2025-12-11T11:30:00","guid":{"rendered":"https:\/\/www.inflation.us\/news\/?p=5669"},"modified":"2025-12-15T05:40:27","modified_gmt":"2025-12-15T10:40:27","slug":"heliostar-positive-prefeasibility-study-for-cerro-del-gallo","status":"publish","type":"post","link":"https:\/\/www.inflation.us\/news\/announcement\/heliostar-positive-prefeasibility-study-for-cerro-del-gallo\/","title":{"rendered":"Heliostar Prefeasibility Study for Cerro del Gallo"},"content":{"rendered":"\n<!-- WordPress-ready HTML (mobile-safe scrollable tables + responsive images) -->\n<style>\n\/* Keep styles scoped to this block *\/\n.nia-wrap{font-family:Tahoma,Geneva,sans-serif;font-size:14px;line-height:1.55;color:#111;}\n.nia-wrap h1,.nia-wrap h2,.nia-wrap h3{margin:0 0 10px 0;line-height:1.25;}\n.nia-wrap h1{font-size:22px;}\n.nia-wrap h2{font-size:18px;margin-top:18px;}\n.nia-wrap h3{font-size:16px;margin-top:16px;}\n.nia-wrap p{margin:0 0 12px 0;}\n.nia-wrap .meta{color:#555;font-size:13px;margin-bottom:14px;}\n.nia-wrap .bullets{margin:0 0 14px 18px;padding:0;}\n.nia-wrap .bullets li{margin:0 0 8px 0;}\n.nia-wrap .callout{border:1px solid #e5e5e5;background:#fafafa;border-radius:10px;padding:12px 14px;margin:14px 0;}\n.nia-wrap .hr{height:1px;background:#e6e6e6;margin:18px 0;}\n\/* Mobile-friendly tables: fixed header + horizontal scroll *\/\n.nia-table-wrap{overflow-x:auto;-webkit-overflow-scrolling:touch;border:1px solid #e6e6e6;border-radius:10px;background:#fff;margin:10px 0 16px 0;}\n.nia-table{border-collapse:collapse;min-width:780px;width:100%;}\n.nia-table th,.nia-table td{border-bottom:1px solid #efefef;padding:10px 10px;vertical-align:top;text-align:left;white-space:nowrap;}\n.nia-table th{position:sticky;top:0;background:#f7f7f7;z-index:1;font-weight:700;}\n.nia-table td.note{white-space:normal;}\n.nia-small{font-size:12.5px;color:#555;}\n\/* Responsive images *\/\n.nia-img{max-width:100%;height:auto;display:block;border-radius:10px;border:1px solid #e6e6e6;}\n.nia-imgcap{font-size:12.5px;color:#555;margin-top:6px;}\n\/* Simple link styling *\/\n.nia-wrap a{color:#1a73e8;text-decoration:none;}\n.nia-wrap a:hover{text-decoration:underline;}\n<\/style>\n\n<div class=\"nia-wrap\">\n\n  <h1>Heliostar Announces Positive Prefeasibility Study for Cerro del Gallo with Significant Expansion Potential<\/h1>\n  <div class=\"meta\"><strong>Dec 11, 2025<\/strong> &nbsp;|&nbsp; <span>06:30 GMT<\/span><\/div>\n\n  <div class=\"callout\">\n    <h2 style=\"margin-top:0;\">Company Highlights<\/h2>\n    <ul class=\"bullets\">\n      <li><strong>Base Case:<\/strong> US$424M post-tax NPV<sub>5<\/sub>, <strong>33.1% IRR<\/strong>, <strong>2.3-year<\/strong> payback at <strong>US$2,300\/oz<\/strong> gold.<\/li>\n      <li><strong>Upside Case:<\/strong> US$972M post-tax NPV<sub>5<\/sub>, <strong>59.3% IRR<\/strong>, <strong>1.4-year<\/strong> payback at <strong>US$3,900\/oz<\/strong> gold.<\/li>\n      <li><strong>Production:<\/strong> <strong>1.31M GEOs<\/strong> over <strong>15.3 years<\/strong> (~85,700 GEOs\/yr; ~94,000 GEOs\/yr in Years 1\u20135) at co-product <strong>AISC: US$1,390\/GEO<\/strong>.<\/li>\n      <li><strong>Initial CAPEX:<\/strong> <strong>US$195.3M<\/strong> for an open-pit heap-leach mine + SART plant (incl. owner\u2019s costs, contingency, working capital).<\/li>\n      <li><strong>FCF:<\/strong> Avg annual free cash flow <strong>US$47.6M<\/strong> (@$2,300\/oz) \/ <strong>US$104.5M<\/strong> (@$3,900\/oz).<\/li>\n      <li><strong>Resources:<\/strong> Indicated <strong>240 Mt @ 0.63 g\/t AuEq<\/strong> for <strong>4.9M GEOs<\/strong>; Inferred <strong>24 Mt @ 0.52 g\/t AuEq<\/strong> for <strong>0.4M GEOs<\/strong>.<\/li>\n    <\/ul>\n  <\/div>\n\n  <p><strong>Vancouver, British Columbia<\/strong> \u2014 Heliostar Metals Ltd. <strong>(OTCQX: HSTXF | FSE: RGG1)<\/strong> (\u201cHeliostar\u201d or the \u201cCompany\u201d) announced updated Prefeasibility Study (\u201cPFS\u201d) results for its <strong>100% owned<\/strong> Cerro del Gallo project in Guanajuato, Mexico.<\/p>\n\n  <p><strong>Heliostar CEO Charles Funk<\/strong> commented that the PFS demonstrates a low-CAPEX project with strong cash flow at conservative gold prices and significant resource upside, and that the Company plans to continue technical work, permitting, and community engagement to advance the project toward feasibility.<\/p>\n\n  <p class=\"nia-small\"><strong>Note:<\/strong> The supporting technical report is expected to be filed on SEDAR+ and posted to the Company website within ~45 days. All amounts are in <strong>US dollars<\/strong> unless noted.<\/p>\n\n  <div class=\"hr\"><\/div>\n\n  <h2>Cerro del Gallo Prefeasibility Study Overview<\/h2>\n  <p>The PFS is based on <strong>2.27M GEOs<\/strong> of Probable Mineral Reserves (effective <strong>July 31, 2025<\/strong>). The mine plan contemplates a <strong>15.3-year<\/strong> life, producing ~<strong>85.7 koz GEOs\/year<\/strong> (LOM) at average total cash costs of <strong>$1,252\/GEO<\/strong> and <strong>AISC of $1,390\/GEO<\/strong>, with initial CAPEX of <strong>$195.3M<\/strong>.<\/p>\n\n  <p>The project is envisioned as a <strong>6 Mtpa<\/strong> open-pit operation with conventional drill\/blast\/load\/haul (contractor fleet). Ore will be crushed (including HPGR), stacked on a lined heap-leach pad, processed via ADR for gold dor\u00e9, and copper\/silver recovered via a <strong>SART<\/strong> circuit for shipment to smelters.<\/p>\n\n  <div class=\"hr\"><\/div>\n\n  <h2>Key Highlights<\/h2>\n\n  <h3>Forecast Production Highlights<\/h3>\n  <div class=\"nia-table-wrap\">\n    <table class=\"nia-table\" role=\"table\" aria-label=\"Forecast Production Highlights\">\n      <thead>\n        <tr>\n          <th>Metric<\/th>\n          <th>Value<\/th>\n          <th>Units \/ Notes<\/th>\n        <\/tr>\n      <\/thead>\n      <tbody>\n        <tr><td>Ore Feed<\/td><td>6,000<\/td><td>Ktpa<\/td><\/tr>\n        <tr><td>Strip Ratio<\/td><td>0.32:1<\/td><td>W:O<\/td><\/tr>\n        <tr><td>Grade (LOM)<\/td><td>0.73<\/td><td>g\/t AuEq<\/td><\/tr>\n        <tr><td>Grade (Years 1\u20135)<\/td><td>0.80<\/td><td>g\/t AuEq<\/td><\/tr>\n        <tr><td>Life of Mine Produced<\/td><td>1,310<\/td><td>Koz GEO<\/td><\/tr>\n        <tr><td>Processing Rate<\/td><td>16,438<\/td><td>Tpd<\/td><\/tr>\n        <tr><td>Process Recovery (Au \/ Ag \/ Cu)<\/td><td>59.4 \/ 49.3 \/ 61.8<\/td><td>%<\/td><\/tr>\n        <tr><td>Life of Mine<\/td><td>15.3<\/td><td>Years<\/td><\/tr>\n        <tr><td>Annual Production (LOM)<\/td><td>85.7<\/td><td>Koz GEO<\/td><\/tr>\n        <tr><td>Annual Production (Years 1\u20135)<\/td><td>94.2<\/td><td>Koz GEO<\/td><\/tr>\n      <\/tbody>\n    <\/table>\n  <\/div>\n\n  <h3>Forecast Financial Highlights<\/h3>\n  <div class=\"nia-table-wrap\">\n    <table class=\"nia-table\" role=\"table\" aria-label=\"Forecast Financial Highlights\">\n      <thead>\n        <tr>\n          <th>Metric<\/th>\n          <th>Value<\/th>\n          <th>Units<\/th>\n        <\/tr>\n      <\/thead>\n      <tbody>\n        <tr><td>Average Cash Costs (per GEO)<\/td><td>$1,252<\/td><td>US$\/oz<\/td><\/tr>\n        <tr><td>Average AISC (per GEO)<\/td><td>$1,390<\/td><td>US$\/oz<\/td><\/tr>\n        <tr><td>Total Initial Capital Cost<\/td><td>$195.3<\/td><td>US$M<\/td><\/tr>\n        <tr><td>Total Sustaining Capital Cost<\/td><td>$160.3<\/td><td>US$M<\/td><\/tr>\n        <tr><td>Total LOM Capital Cost<\/td><td>$355.6<\/td><td>US$M<\/td><\/tr>\n      <\/tbody>\n    <\/table>\n  <\/div>\n  <p class=\"nia-small\">\n    <strong>Notes:<\/strong> AISC is a non-IFRS measure (World Gold Council guidance). LOM capital includes <strong>US$132.0M<\/strong> reclamation at end of mine life.\n  <\/p>\n\n  <h3>Forecast Return Estimates (Gold Price Sensitivity Snapshot)<\/h3>\n  <div class=\"nia-table-wrap\">\n    <table class=\"nia-table\" role=\"table\" aria-label=\"Return Estimates\">\n      <thead>\n        <tr>\n          <th>Return Metric<\/th>\n          <th>US$2,300\/oz (Base)<\/th>\n          <th>US$3,900\/oz (Comparison)<\/th>\n        <\/tr>\n      <\/thead>\n      <tbody>\n        <tr><td>IRR<\/td><td>33.1%<\/td><td>59.3%<\/td><\/tr>\n        <tr><td>NPV @ 5% discount<\/td><td>$423.9M<\/td><td>$972.4M<\/td><\/tr>\n        <tr><td>Payback<\/td><td>2.3 years<\/td><td>1.4 years<\/td><\/tr>\n      <\/tbody>\n    <\/table>\n  <\/div>\n  <p class=\"nia-small\">All other key parameters set at base assumptions (including 5% discount rate). Returns are after tax.<\/p>\n\n  <div class=\"hr\"><\/div>\n\n  <h2>Figures<\/h2>\n\n  <p><strong>Figure 1:<\/strong> Isometric View of Cerro del Gallo Resource with Reserve Pit Shell<\/p>\n  <img decoding=\"async\" class=\"nia-img\" src=\"https:\/\/www.inflation.us\/news\/wp-content\/uploads\/2025\/12\/hstrimage1.jpg\" alt=\"Figure 1 - Isometric View of Cerro del Gallo Resource with Reserve Pit Shell\" loading=\"lazy\" \/>\n  <div class=\"nia-imgcap\">Source: Newsfile image link<\/div>\n\n  <p style=\"margin-top:14px;\"><strong>Figure 2:<\/strong> Cross Section through Cerro del Gallo Resource with Reserve Pit Shell<\/p>\n  <img decoding=\"async\" class=\"nia-img\" src=\"https:\/\/www.inflation.us\/news\/wp-content\/uploads\/2025\/12\/hstrimage2.jpg\" alt=\"Figure 2 - Cross Section through Cerro del Gallo Resource with Reserve Pit Shell\" loading=\"lazy\" \/>\n  <div class=\"nia-imgcap\">Source: Newsfile image link<\/div>\n\n  <p style=\"margin-top:14px;\"><strong>Figure 3:<\/strong> Planned Cerro del Gallo Site Layout<\/p>\n  <img decoding=\"async\" class=\"nia-img\" src=\"https:\/\/www.inflation.us\/news\/wp-content\/uploads\/2025\/12\/hstrimage3.jpg\" alt=\"Figure 3 - Planned Cerro del Gallo Site Layout\" loading=\"lazy\" \/>\n  <div class=\"nia-imgcap\">Source: Newsfile image link<\/div>\n\n  <p style=\"margin-top:14px;\"><strong>Figure 4:<\/strong> Cerro del Gallo Process Flow Sheet<\/p>\n  <img decoding=\"async\" class=\"nia-img\" src=\"https:\/\/www.inflation.us\/news\/wp-content\/uploads\/2025\/12\/hstrimage4.jpg\" alt=\"Figure 4 - Cerro del Gallo Process Flow Sheet\" loading=\"lazy\" \/>\n  <div class=\"nia-imgcap\">Source: Newsfile image link<\/div>\n\n  <p style=\"margin-top:14px;\"><strong>Figure 5:<\/strong> Cerro del Gallo Planned Production Schedule<\/p>\n  <img decoding=\"async\" class=\"nia-img\" src=\"https:\/\/www.inflation.us\/news\/wp-content\/uploads\/2025\/12\/hstrimage5.jpg\" alt=\"Figure 5 - Planned Production Schedule\" loading=\"lazy\" \/>\n  <div class=\"nia-imgcap\">Source: Newsfile image link<\/div>\n\n  <div class=\"hr\"><\/div>\n\n  <h2>Total Operating Cost Summary<\/h2>\n  <div class=\"nia-table-wrap\">\n    <table class=\"nia-table\" role=\"table\" aria-label=\"Total Operating Cost Summary\">\n      <thead>\n        <tr>\n          <th>Operating Costs<\/th>\n          <th>Operating Cost (US$\/GEO)<\/th>\n          <th>Operating Cost (US$\/t ore)<\/th>\n        <\/tr>\n      <\/thead>\n      <tbody>\n        <tr><td>Total mining<\/td><td>$274.02<\/td><td>$3.79<\/td><\/tr>\n        <tr><td>Total processing<\/td><td>$658.44<\/td><td>$9.12<\/td><\/tr>\n        <tr><td>Total site G&amp;A<\/td><td>$65.61<\/td><td>$0.91<\/td><\/tr>\n        <tr><td>Smelter, refinery &amp; transport<\/td><td>$68.55<\/td><td>$0.95<\/td><\/tr>\n        <tr><td>Cash operating costs<\/td><td>$1,066.62<\/td><td>$14.77<\/td><\/tr>\n        <tr><td>Production taxes<\/td><td>$80.29<\/td><td>$1.11<\/td><\/tr>\n        <tr><td>Royalties<\/td><td>$105.12<\/td><td>$1.46<\/td><\/tr>\n        <tr><td><strong>Total cash costs<\/strong><\/td><td><strong>$1,252.03<\/strong><\/td><td><strong>$17.33<\/strong><\/td><\/tr>\n        <tr><td>Sustaining capital costs<\/td><td>$138.2<\/td><td>$1.91<\/td><\/tr>\n        <tr><td><strong>Total AISC<\/strong><\/td><td><strong>$1,390.23<\/strong><\/td><td><strong>$19.25<\/strong><\/td><\/tr>\n      <\/tbody>\n    <\/table>\n  <\/div>\n\n  <div class=\"hr\"><\/div>\n\n  <h2>Forecast Capital Cost Summary<\/h2>\n  <div class=\"nia-table-wrap\">\n    <table class=\"nia-table\" role=\"table\" aria-label=\"Forecast Capital Cost Summary\">\n      <thead>\n        <tr>\n          <th>Capital Costs<\/th>\n          <th>Initial (US$M)<\/th>\n          <th>Sustaining (US$M)<\/th>\n          <th>Total LOM (US$M)<\/th>\n        <\/tr>\n      <\/thead>\n      <tbody>\n        <tr><td>Mining Costs<\/td><td>$1.4<\/td><td>&#8211;<\/td><td>$1.4<\/td><\/tr>\n        <tr><td>Mobile Equipment<\/td><td>$3.9<\/td><td>&#8211;<\/td><td>$3.9<\/td><\/tr>\n        <tr><td>Site &amp; Utilities General<\/td><td>$10.2<\/td><td>&#8211;<\/td><td>$10.2<\/td><\/tr>\n        <tr><td>Power Generation &amp; Site Distribution<\/td><td>$11.0<\/td><td>&#8211;<\/td><td>$11.0<\/td><\/tr>\n        <tr><td>Crushing Circuit<\/td><td>$28.8<\/td><td>&#8211;<\/td><td>$28.8<\/td><\/tr>\n        <tr><td>Agglomeration<\/td><td>$4.9<\/td><td>&#8211;<\/td><td>$4.9<\/td><\/tr>\n        <tr><td>Stacking System<\/td><td>$6.8<\/td><td>&#8211;<\/td><td>$6.8<\/td><\/tr>\n        <tr><td>Heap Leach Solution<\/td><td>$21.1<\/td><td>&#8211;<\/td><td>$21.1<\/td><\/tr>\n        <tr><td>SART Plant<\/td><td>$20.3<\/td><td>&#8211;<\/td><td>$20.3<\/td><\/tr>\n        <tr><td>Recovery Plant<\/td><td>$13.3<\/td><td>$35.1<\/td><td>$48.4<\/td><\/tr>\n        <tr><td>Reagents<\/td><td>$2.5<\/td><td>&#8211;<\/td><td>$2.5<\/td><\/tr>\n        <tr><td>Laboratory<\/td><td>$2.9<\/td><td>&#8211;<\/td><td>$2.9<\/td><\/tr>\n        <tr><td><strong>Total direct costs<\/strong><\/td><td><strong>$127.2<\/strong><\/td><td><strong>$35.1<\/strong><\/td><td><strong>$162.3<\/strong><\/td><\/tr>\n        <tr><td>Spare Parts<\/td><td>$5.7<\/td><td>&#8211;<\/td><td>$5.7<\/td><\/tr>\n        <tr><td>Initial Fills<\/td><td>$0.9<\/td><td>&#8211;<\/td><td>$0.9<\/td><\/tr>\n        <tr><td>Contingency<\/td><td>$22.1<\/td><td>$8.8<\/td><td>$30.9<\/td><\/tr>\n        <tr><td>Indirect Costs<\/td><td>$6.5<\/td><td>&#8211;<\/td><td>$6.5<\/td><\/tr>\n        <tr><td>Other Owner&#8217;s Costs<\/td><td>$3.6<\/td><td>&#8211;<\/td><td>$3.6<\/td><\/tr>\n        <tr><td>EPCM<\/td><td>$13.8<\/td><td>&#8211;<\/td><td>$13.8<\/td><\/tr>\n        <tr><td>Working Capital (60 days)<\/td><td>$15.6<\/td><td>-$15.6<\/td><td>&#8211;<\/td><\/tr>\n        <tr><td>Closure and reclamation<\/td><td>&#8211;<\/td><td>$132.0<\/td><td>$132.0<\/td><\/tr>\n        <tr><td><strong>Total indirect costs<\/strong><\/td><td><strong>$68.2<\/strong><\/td><td><strong>$125.2<\/strong><\/td><td><strong>$193.4<\/strong><\/td><\/tr>\n        <tr><td><strong>Total Costs (excluding IVA)<\/strong><\/td><td><strong>$195.3<\/strong><\/td><td><strong>$160.3<\/strong><\/td><td><strong>$355.6<\/strong><\/td><\/tr>\n      <\/tbody>\n    <\/table>\n  <\/div>\n\n  <div class=\"hr\"><\/div>\n\n  <h2>Summary Economic Results<\/h2>\n  <div class=\"nia-table-wrap\">\n    <table class=\"nia-table\" role=\"table\" aria-label=\"Summary Economic Results\">\n      <thead>\n        <tr>\n          <th>Project Valuation Overview<\/th>\n          <th>Units<\/th>\n          <th>After Tax<\/th>\n          <th>Before Tax<\/th>\n        <\/tr>\n      <\/thead>\n      <tbody>\n        <tr><td>Total cash flow<\/td><td>US$ M<\/td><td>$724.1<\/td><td>$1,166.9<\/td><\/tr>\n        <tr><td>Average annual cash flow<\/td><td>US$ M<\/td><td>$47.6<\/td><td>$76.3<\/td><\/tr>\n        <tr><td>Average annual cash flow (Years 1\u20135)<\/td><td>US$ M<\/td><td>$77.6<\/td><td>$104.7<\/td><\/tr>\n        <tr><td>NPV @ 5.0% (base case)<\/td><td>US$ M<\/td><td>$423.9<\/td><td>$699.4<\/td><\/tr>\n        <tr><td>Internal rate of return<\/td><td>%<\/td><td>33.1%<\/td><td>44.9%<\/td><\/tr>\n        <tr><td>Payback period<\/td><td>Years<\/td><td>2.3<\/td><td>1.8<\/td><\/tr>\n        <tr><td>Payback multiple<\/td><td>x<\/td><td>4.4<\/td><td>6.5<\/td><\/tr>\n      <\/tbody>\n    <\/table>\n  <\/div>\n\n  <div class=\"hr\"><\/div>\n\n  <h2>Gold Price Sensitivity Analysis<\/h2>\n  <div class=\"nia-table-wrap\">\n    <table class=\"nia-table\" role=\"table\" aria-label=\"Gold Price Sensitivity Analysis\">\n      <thead>\n        <tr>\n          <th>Gold Price (US$\/oz)<\/th>\n          <th>Net Cash Flow (US$M)<\/th>\n          <th>After-Tax NPV @ 5% (US$M)<\/th>\n          <th>IRR (%)<\/th>\n          <th>Payback (years)<\/th>\n          <th>Payback Multiple<\/th>\n        <\/tr>\n      <\/thead>\n      <tbody>\n        <tr><td>900<\/td><td>-$43.38<\/td><td>-$60.62<\/td><td>&#8211;<\/td><td>9.5<\/td><td>0.8<\/td><\/tr>\n        <tr><td>1,100<\/td><td>$66.08<\/td><td>$9.89<\/td><td>6.1%<\/td><td>5.6<\/td><td>1.3<\/td><\/tr>\n        <tr><td>1,300<\/td><td>$176.64<\/td><td>$79.94<\/td><td>12.4%<\/td><td>3.9<\/td><td>1.8<\/td><\/tr>\n        <tr><td>1,500<\/td><td>$286.0<\/td><td>$148.8<\/td><td>17.3%<\/td><td>3.1<\/td><td>2.3<\/td><\/tr>\n        <tr><td>1,700<\/td><td>$395.4<\/td><td>$217.6<\/td><td>21.6%<\/td><td>3.5<\/td><td>2.8<\/td><\/tr>\n        <tr><td>1,900<\/td><td>$505.3<\/td><td>$286.8<\/td><td>25.7%<\/td><td>2.9<\/td><td>3.4<\/td><\/tr>\n        <tr><td>2,100<\/td><td>$614.7<\/td><td>$355.4<\/td><td>29.5%<\/td><td>2.6<\/td><td>3.9<\/td><\/tr>\n        <tr><td>2,300<\/td><td>$724.1<\/td><td>$423.9<\/td><td>33.1%<\/td><td>2.3<\/td><td>4.4<\/td><\/tr>\n        <tr><td>2,500<\/td><td>$833.5<\/td><td>$492.5<\/td><td>36.7%<\/td><td>2.0<\/td><td>4.9<\/td><\/tr>\n        <tr><td>2,700<\/td><td>$942.8<\/td><td>$561.0<\/td><td>40.1%<\/td><td>1.9<\/td><td>5.4<\/td><\/tr>\n        <tr><td>2,900<\/td><td>$1,052.2<\/td><td>$629.6<\/td><td>43.5%<\/td><td>1.8<\/td><td>5.9<\/td><\/tr>\n        <tr><td>3,100<\/td><td>$1,161.6<\/td><td>$698.2<\/td><td>46.8%<\/td><td>1.7<\/td><td>6.4<\/td><\/tr>\n        <tr><td>3,300<\/td><td>$1,270.9<\/td><td>$766.7<\/td><td>50.0%<\/td><td>1.6<\/td><td>6.9<\/td><\/tr>\n        <tr><td>3,500<\/td><td>$1,380.3<\/td><td>$835.3<\/td><td>53.2%<\/td><td>1.5<\/td><td>7.4<\/td><\/tr>\n        <tr><td>3,700<\/td><td>$1,489.66<\/td><td>$903.85<\/td><td>56.3%<\/td><td>1.4<\/td><td>7.9<\/td><\/tr>\n        <tr><td>3,900<\/td><td>$1,599.03<\/td><td>$972.41<\/td><td>59.3%<\/td><td>1.4<\/td><td>8.5<\/td><\/tr>\n        <tr><td>4,100<\/td><td>$1,708.40<\/td><td>$1,040.97<\/td><td>62.3%<\/td><td>1.3<\/td><td>9.0<\/td><\/tr>\n      <\/tbody>\n    <\/table>\n  <\/div>\n\n  <div class=\"hr\"><\/div>\n\n  <h2>Mineral Resources Statement (Effective July 31, 2025)<\/h2>\n  <div class=\"nia-table-wrap\">\n    <table class=\"nia-table\" role=\"table\" aria-label=\"Mineral Resources Statement\">\n      <thead>\n        <tr>\n          <th>Classification<\/th>\n          <th>Material Type<\/th>\n          <th>NSR Cutoff<\/th>\n          <th>Tonnes (kt)<\/th>\n          <th>Au (g\/t)<\/th>\n          <th>Ag (g\/t)<\/th>\n          <th>Cu (%)<\/th>\n          <th>AuEq (g\/t)<\/th>\n          <th>Gold (koz)<\/th>\n          <th>Silver (koz)<\/th>\n          <th>Copper (t)<\/th>\n          <th>AuEq (koz)<\/th>\n        <\/tr>\n      <\/thead>\n      <tbody>\n        <tr><td>Indicated<\/td><td>Oxide<\/td><td>$11.81<\/td><td>10,733<\/td><td>0.41<\/td><td>17.92<\/td><td>0.09<\/td><td>0.60<\/td><td>141<\/td><td>6,184<\/td><td>9,659<\/td><td>207<\/td><\/tr>\n        <tr><td>Indicated<\/td><td>Mix Oxide<\/td><td>$10.66<\/td><td>13,613<\/td><td>0.28<\/td><td>11.12<\/td><td>0.08<\/td><td>0.50<\/td><td>123<\/td><td>4,867<\/td><td>10,890<\/td><td>219<\/td><\/tr>\n        <tr><td>Indicated<\/td><td>Mix Sulfide<\/td><td>$11.81<\/td><td>70,066<\/td><td>0.40<\/td><td>13.70<\/td><td>0.09<\/td><td>0.68<\/td><td>901<\/td><td>30,862<\/td><td>63,060<\/td><td>1,532<\/td><\/tr>\n        <tr><td>Indicated<\/td><td>Sulfide<\/td><td>$11.23<\/td><td>145,572<\/td><td>0.38<\/td><td>13.77<\/td><td>0.11<\/td><td>0.62<\/td><td>1,778<\/td><td>64,447<\/td><td>160,129<\/td><td>2,902<\/td><\/tr>\n        <tr><td><strong>Total<\/strong><\/td><td><\/td><td><\/td><td><strong>239,984<\/strong><\/td><td><strong>0.38<\/strong><\/td><td><strong>13.78<\/strong><\/td><td><strong>0.10<\/strong><\/td><td><strong>0.63<\/strong><\/td><td><strong>2,944<\/strong><\/td><td><strong>106,359<\/strong><\/td><td><strong>243,739<\/strong><\/td><td><strong>4,859<\/strong><\/td><\/tr>\n\n        <tr><td>Inferred<\/td><td>Oxide<\/td><td>$11.81<\/td><td>2,042<\/td><td>0.19<\/td><td>21.08<\/td><td>0.09<\/td><td>0.40<\/td><td>12<\/td><td>1,384<\/td><td>1,838<\/td><td>26<\/td><\/tr>\n        <tr><td>Inferred<\/td><td>Mix Oxide<\/td><td>$10.66<\/td><td>1,604<\/td><td>0.14<\/td><td>16.12<\/td><td>0.07<\/td><td>0.40<\/td><td>7<\/td><td>831<\/td><td>1,123<\/td><td>21<\/td><\/tr>\n        <tr><td>Inferred<\/td><td>Mix Sulfide<\/td><td>$11.81<\/td><td>10,501<\/td><td>0.28<\/td><td>13.75<\/td><td>0.11<\/td><td>0.57<\/td><td>95<\/td><td>4,642<\/td><td>11,552<\/td><td>192<\/td><\/tr>\n        <tr><td>Inferred<\/td><td>Sulfide<\/td><td>$11.23<\/td><td>10,300<\/td><td>0.33<\/td><td>11.74<\/td><td>0.07<\/td><td>0.51<\/td><td>109<\/td><td>3,888<\/td><td>7,210<\/td><td>169<\/td><\/tr>\n        <tr><td><strong>Total<\/strong><\/td><td><\/td><td><\/td><td><strong>24,448<\/strong><\/td><td><strong>0.28<\/strong><\/td><td><strong>13.67<\/strong><\/td><td><strong>0.09<\/strong><\/td><td><strong>0.52<\/strong><\/td><td><strong>224<\/strong><\/td><td><strong>10,746<\/strong><\/td><td><strong>21,722<\/strong><\/td><td><strong>408<\/strong><\/td><\/tr>\n      <\/tbody>\n    <\/table>\n  <\/div>\n\n  <div class=\"hr\"><\/div>\n\n  <h2>Mineral Reserves Statement (Effective July 31, 2025)<\/h2>\n  <div class=\"nia-table-wrap\">\n    <table class=\"nia-table\" role=\"table\" aria-label=\"Mineral Reserves Statement\">\n      <thead>\n        <tr>\n          <th>Classification<\/th>\n          <th>Material Type<\/th>\n          <th>Tonnes (kt)<\/th>\n          <th>Au (g\/t)<\/th>\n          <th>Ag (g\/t)<\/th>\n          <th>Cu (%)<\/th>\n          <th>AuEq (g\/t)<\/th>\n          <th>Gold (koz)<\/th>\n          <th>Silver (koz)<\/th>\n          <th>Copper (t)<\/th>\n          <th>AuEq (koz)<\/th>\n        <\/tr>\n      <\/thead>\n      <tbody>\n        <tr><td>Probable<\/td><td>Oxide<\/td><td>9,198<\/td><td>0.46<\/td><td>18.46<\/td><td>0.08<\/td><td>0.65<\/td><td>137<\/td><td>5,459<\/td><td>7,714<\/td><td>193<\/td><\/tr>\n        <tr><td>Probable<\/td><td>Mix Oxide<\/td><td>4,411<\/td><td>0.42<\/td><td>10.74<\/td><td>0.09<\/td><td>0.64<\/td><td>59<\/td><td>1,524<\/td><td>4,115<\/td><td>91<\/td><\/tr>\n        <tr><td>Probable<\/td><td>Mix Sulfide<\/td><td>38,761<\/td><td>0.50<\/td><td>15.26<\/td><td>0.10<\/td><td>0.80<\/td><td>629<\/td><td>19,020<\/td><td>37,354<\/td><td>995<\/td><\/tr>\n        <tr><td>Probable<\/td><td>Sulfide<\/td><td>39,524<\/td><td>0.53<\/td><td>15.00<\/td><td>0.12<\/td><td>0.78<\/td><td>670<\/td><td>19,064<\/td><td>45,557<\/td><td>997<\/td><\/tr>\n        <tr><td><strong>Total<\/strong><\/td><td><\/td><td><strong>91,893<\/strong><\/td><td><strong>0.51<\/strong><\/td><td><strong>15.25<\/strong><\/td><td><strong>0.10<\/strong><\/td><td><strong>0.77<\/strong><\/td><td><strong>1,495<\/strong><\/td><td><strong>45,066<\/strong><\/td><td><strong>94,740<\/strong><\/td><td><strong>2,275<\/strong><\/td><\/tr>\n      <\/tbody>\n    <\/table>\n  <\/div>\n\n  <div class=\"hr\"><\/div>\n\n  <h2>Important Disclosures<\/h2>\n  <p class=\"nia-small\"><strong>Past performance is not an indicator of future returns.<\/strong> NIA is not an investment advisor and does not provide investment advice. Always do your own research and make your own investment decisions.<\/p>\n  <p class=\"nia-small\"><strong>Compensation disclosure:<\/strong> NIA has received compensation from HSTR of <strong>US$30,000 cash<\/strong> for a three-month marketing contract and previously received <strong>US$30,000 cash<\/strong> for a three-month marketing contract which has since expired.<\/p>\n  <p class=\"nia-small\">This message is meant for informational and educational purposes only and does not provide investment advice.<\/p>\n\n<\/div>\n\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Heliostar Announces Positive Prefeasibility Study for Cerro del Gallo with Significant Expansion Potential Dec 11, 2025 &nbsp;|&nbsp; 06:30 GMT Company Highlights Base Case: US$424M post-tax NPV5, 33.1% IRR, 2.3-year payback at US$2,300\/oz gold. Upside Case: US$972M post-tax NPV5, 59.3% IRR, 1.4-year payback at US$3,900\/oz gold. Production: 1.31M GEOs over 15.3 years (~85,700 GEOs\/yr; ~94,000 GEOs\/yr [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5678,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[9,140],"class_list":["post-5669","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\/5669","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=5669"}],"version-history":[{"count":2,"href":"https:\/\/www.inflation.us\/news\/wp-json\/wp\/v2\/posts\/5669\/revisions"}],"predecessor-version":[{"id":5679,"href":"https:\/\/www.inflation.us\/news\/wp-json\/wp\/v2\/posts\/5669\/revisions\/5679"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.inflation.us\/news\/wp-json\/wp\/v2\/media\/5678"}],"wp:attachment":[{"href":"https:\/\/www.inflation.us\/news\/wp-json\/wp\/v2\/media?parent=5669"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.inflation.us\/news\/wp-json\/wp\/v2\/categories?post=5669"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.inflation.us\/news\/wp-json\/wp\/v2\/tags?post=5669"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}