Heliostar Metals (HSTR) Q1 2025 earnings summary

Executive summary

• Achieved gold equivalent ounce (GEO) production of 9,082 and sales of 8,034 GEOs in Q1 2025, marking a strong first full quarter of production.

• Restarted production at La Colorada, fully paid off acquisition debt, and reported lower costs than budgeted.

• Ended the quarter with $27M in cash and no debt, supporting expanded drilling and project development.

Financial highlights

• Preliminary consolidated cash costs were $1,175–1,275 per GEO sold and AISC was $1,375–1,475 per GEO for Q1 2025.

• Average sale price was $2,875 per ounce of gold.

• Cash and cash equivalents at quarter-end totaled $26.9M.

Outlook and guidance

• On track to achieve annual sales guidance of 31,000–41,000 GEOs for 2025.

• Annual cash cost guidance is $1,800–1,900 per GEO sold and AISC of $1,950–2,100 per GEO sold.

• Q2 production expected to decrease due to inventory drawdown at San Agustin before mining restarts later in 2025.

• Focused on delivering an updated technical report and completing permitting for San Agustin restart.