Heliostar Metals (HSTR) Q4 2025 earnings summary

Executive summary

• Achieved producer status in 2025 with 34,098 GEOs produced, exceeding guidance, driven by successful restarts at La Colorada and San Agustin mines, and capturing rising gold prices.

• Operating cash flow was reinvested into exploration and development projects, with five technical reports published and $13.3 million spent on exploration.

• Mine operating earnings reached $47.4 million for the nine months ended December 31, 2025, and net income was $12.4 million after exploration costs.

• Strong liquidity position with $40.6 million in cash, $49.0 million in working capital, and no debt as of year-end.

• Fiscal year-end changed from March 31 to December 31, resulting in a nine-month reporting period for fiscal 2025.

Financial highlights

• Fiscal 2025 revenue reached $91.8 million for the nine months ended December 31, with $37.1 million generated in Q4 2025.

• Net income totaled $12.4 million ($0.04 per share), with free cash flow of $8.1 million.

• Cash balance at year-end was $40.6 million, with zero debt and working capital of $49.0 million.

• Mine operating earnings since acquisition were $65.9 million, with $47.4 million in 2025.

• Cash cost per GEO was $1,541, below guidance, and AISC was $2,028 per GEO, within guidance.

Outlook and guidance

• 2026 consolidated production guidance is 50,000–55,000 oz Au and 290,000–320,000 oz Ag at cash costs of $1,850–$1,950/oz and AISC of $2,025–$2,125/oz.

• La Colorada Mine 2026 guidance: 20,000–22,300 oz Au at $1,650–$1,750/oz cash cost.

• San Agustin Mine 2026 guidance: 30,000–32,700 oz Au at $2,000–$2,100/oz cash cost.

• Planned $27 million investment in exploration in 2026, including advancing Ana Paula underground decline and mine life extension at San Agustin.

• Ongoing exploration and feasibility studies at Ana Paula and Cerro del Gallo, with Ana Paula targeting production in 2H 2028.