Heliostar Metals (HSTR) Q2 2025 earnings summary

Executive summary

• Q2 2025 gold equivalent production reached 7,396 GEOs, with sales of 8,556 GEOs, primarily from La Colorada and San Agustin mines.

• Mine operating earnings were $14.3M, and net income was $1.9M ($0.01 per share), a turnaround from a net loss in Q2 2024.

• Strong liquidity with $29.7M in cash, $51.7M in working capital, and no debt at quarter-end.

• Operations benefited from higher gold prices and improved margins, with a 51% operating margin.

Financial highlights

• Revenues for Q2 2025 were $27.9M, with mine operating earnings of $14.3M.

• Consolidated cash costs were $1,413 per GEO sold; AISC was $1,541 per GEO sold, both ahead of annual guidance.

• Year-to-date mine operating earnings reached $26.1M.

• Net income improved to $1.9M from a $2.3M loss in Q2 2024.

Outlook and guidance

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

• Full-year cash cost guidance is $1,800–1,900 per GEO sold; AISC guidance is $1,950–2,100 per GEO sold.

• Anticipates cost increases in H2 2025 due to declining residual leaching and one-off capital costs for San Agustin restart.

• Production at San Agustin’s Corner area expected to start in Q4 2025 and continue into 2027.