# Heliostar Presents Record Q1 2026 Financial and Operating Results Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/heliostar-presents-record-q1-2026-financial-and-operating-results--961a9c8a-4106-4136-92b1-981e48e3b0e1 Original source: https://money.tmx.com/en/quote/HSTR/news/5879948587708308/heliostar-presents-record-q1-2026-financial-and-operating-results Publisher: tmx Original announcement: 2026-05-12T10:30:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Heliostar Metals Ltd. - Ticker: HSTR - Exchange: TSX - Region: Mexico, USA - Primary commodity: Gold - Secondary commodities: Silver, Antimony - Document categories: Production, Drill results, Resource update - Extracted: 2026-09-12 06:56:12 UTC Narrative sentiment: 0.90 · Bullish ## Minestarters Atlas summary Heliostar Metals Ltd. announced record Q1 2026 financial and operating results, including 11,743 ounces of gold produced and $54.4 million in revenues. The company achieved record mine operating earnings of $30.9 million and increased working capital to $70.0 million, with costs below full-year guidance. Production ramped up at San Agustin, and the company continues to advance its Ana Paula project and recently acquired the Goldstrike project. Reasoning: Heliostar reported record Q1 2026 financial and operating results, including record gold production, revenue, and mine operating earnings, with costs below guidance and significant working capital growth, alongside strategic project advancements. - Positive factor: Record gold production - Positive factor: Record revenue - Positive factor: Record mine operating earnings - Positive factor: Record working capital - Positive factor: Costs below guidance - Positive factor: Successful ramp-up of San Agustin - Positive factor: Progress on Ana Paula development - Positive factor: Strategic acquisition of Goldstrike project - Negative factor: AISC increased compared to Q1 2025 Facts used in scoring: 35 ## Classification and evidence **QP/CP Signed** Polarity: positive Story-specific tag Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: Gregg Bush, P.Eng., and Mike Gingles, P. Geo., Qualified Persons, have reviewed and approved the scientific and technical information in this news release. Evidence · text > Gregg Bush, P.Eng., and Mike Gingles, P. Geo., Qualified Persons, as such term is defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects, have reviewed the scientific and technical information that forms the basis for this news release and have approved the disclosure herein. **Record Production** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company produced a record 11,743 ounces of gold in Q1 2026. Evidence · text > Produced a record 11,743 ounces of gold **Cost Below Guidance** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: Cash cost of $1,602 per ounce of gold sold and AISC of $1,996 per ounce of gold sold were ahead of full year guidance range. Evidence · text > Cash cost of $1,602 per ounce of gold sold and all-in sustaining costs \("AISC"\) of $1,996 per ounce of gold sold, ahead of full year guidance range **Stale Data Re-release** Polarity: negative Story-specific tag Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: The drill results for Ana Paula are explicitly referenced as being from previous press releases dated April 23, 2026, and April 9, 2026. Evidence · text > 69 metres of 10.1 grams per tonne \("g/t"\) gold as per the April 23, 2026, press release **Stale Data Re-release** Polarity: negative Story-specific tag Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: The drill results for San Agustin are explicitly referenced as being from a previous press release dated March 17, 2026. Evidence · text > 35.1 metre grading 0.40 g/t AuEq \(0.39 g/t Au + 7.0 g/t Ag\) and 19.8 metre grading 0.60 g/t AuEq \(0.52 g/t Au + 46 g/t Ag\) both starting from 1.5m deep as per the March 17, 2026 press release **Historical Estimate Only** Polarity: negative Story-specific tag Definition: Estimate pre-dates or does not comply with current JORC/NI 43-101 standards — requires verification drilling. Why it applies: The Goldstrike resource estimate is explicitly referenced as being reported by the company on March 24, 2026, making it a re-release of historical data in this document. Evidence · text > as reported by the Company on March 24, 2026 ## Extracted facts Stored fact records: 10. Some facts used in scoring do not have a stored record. ## Drill Results (6) ### Fact 1 [Link to this fact](https://atlas-extractions.minestarters.com/news/heliostar-presents-record-q1-2026-financial-and-operating-results--961a9c8a-4106-4136-92b1-981e48e3b0e1#fact-drill-facts-25) Ana Paula · gold Historical result Needs review: drill\_no\_hole\_id #### Identity - Project: Ana Paula - Commodity: gold - Region: mexico - Reported Region: mexico - Ticker: HSTR #### Geometry - Grade: 10.1 - Grade Unit: g/t - Intercept: 69 m #### Classification - Sample Type: drill #### QA/QC - QP Signed: Yes #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: Yes - Historical Source Date: 2026-04-23T00:00:00.000Z #### Dates - Event date: 2026-05-12T00:00:00.000Z Reasoning: Historical drill results from Ana Paula show a wide, high-grade gold intercept, supporting the project's potential, though this is a re-release of previously announced data. - Positive factor: High-grade mineralization - Positive factor: Wide intercept - Negative factor: Stale data re-release Evidence · text > 69 metres of 10.1 grams per tonne \("g/t"\) gold as per the April 23, 2026, press release #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### Fact 2 [Link to this fact](https://atlas-extractions.minestarters.com/news/heliostar-presents-record-q1-2026-financial-and-operating-results--961a9c8a-4106-4136-92b1-981e48e3b0e1#fact-drill-facts-26) Ana Paula · gold Historical result Needs review: drill\_no\_hole\_id #### Identity - Project: Ana Paula - Commodity: gold - Region: mexico - Reported Region: mexico - Ticker: HSTR #### Geometry - Grade: 5.34 - Grade Unit: g/t - Intercept: 101 m #### Classification - Sample Type: drill #### QA/QC - QP Signed: Yes #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: Yes - Historical Source Date: 2026-04-09T00:00:00.000Z #### Dates - Event date: 2026-05-12T00:00:00.000Z Reasoning: Historical drill results from the Ana Paula Expansion Zone indicate significant high-grade gold mineralization over a very wide interval, though this is a re-release of previously announced data. - Positive factor: High-grade mineralization - Positive factor: Very wide intercept - Negative factor: Stale data re-release Evidence · text > 101 metres of 5.34 g/t gold as per the April 9, 2026, press release #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### Fact 3 [Link to this fact](https://atlas-extractions.minestarters.com/news/heliostar-presents-record-q1-2026-financial-and-operating-results--961a9c8a-4106-4136-92b1-981e48e3b0e1#fact-drill-facts-27) San Agustin · gold Historical result Needs review: drill\_no\_hole\_id #### Identity - Project: San Agustin - Commodity: gold - Region: mexico - Reported Region: mexico - Ticker: HSTR #### Geometry - Grade: 0.39 - Grade Unit: g/t - Intercept: 35.1 m - From: 1.5 m - To: 36.6 m - Intercept Depth: 1.5 m #### Classification - Sample Type: drill - Group ID: San\_Agustin:1.5-36.6 #### QA/QC - QP Signed: Yes #### Metal Equivalent - Metal Eq. Grade: 0.4 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: No #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: Yes - Historical Source Date: 2026-03-17T00:00:00.000Z #### Dates - Event date: 2026-05-12T00:00:00.000Z Reasoning: Historical drill results from San Agustin show shallow gold mineralization consistent with current mining, but metal equivalent assumptions are not disclosed and it's a re-release. - Positive factor: Shallow intercept - Positive factor: Consistent mineralization - Negative factor: Stale data re-release - Negative factor: Metal equivalent assumptions not disclosed Evidence · text > 35.1 metre grading 0.40 g/t AuEq \(0.39 g/t Au + 7.0 g/t Ag\) both starting from 1.5m deep as per the March 17, 2026 press release #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Requires an actual metal equivalent grade; a combined elemental basket such as PGE is not a metal equivalent. Why it applies: an equivalent grade is reported without its assumptions **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### Fact 4 [Link to this fact](https://atlas-extractions.minestarters.com/news/heliostar-presents-record-q1-2026-financial-and-operating-results--961a9c8a-4106-4136-92b1-981e48e3b0e1#fact-drill-facts-28) San Agustin · silver Historical result Needs review: drill\_no\_hole\_id #### Identity - Project: San Agustin - Commodity: silver - Region: mexico - Reported Region: mexico - Ticker: HSTR #### Geometry - Grade: 7 - Grade Unit: g/t - Intercept: 35.1 m - From: 1.5 m - To: 36.6 m - Intercept Depth: 1.5 m #### Classification - Sample Type: drill - Group ID: San\_Agustin:1.5-36.6 #### QA/QC - QP Signed: Yes #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: Yes - Historical Source Date: 2026-03-17T00:00:00.000Z #### Dates - Event date: 2026-05-12T00:00:00.000Z Reasoning: Historical drill results from San Agustin include silver mineralization, but it's a re-release of previously announced data. - Positive factor: Shallow intercept - Negative factor: Stale data re-release Evidence · text > 35.1 metre grading 0.40 g/t AuEq \(0.39 g/t Au + 7.0 g/t Ag\) both starting from 1.5m deep as per the March 17, 2026 press release #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### Fact 5 [Link to this fact](https://atlas-extractions.minestarters.com/news/heliostar-presents-record-q1-2026-financial-and-operating-results--961a9c8a-4106-4136-92b1-981e48e3b0e1#fact-drill-facts-29) San Agustin · gold Historical result Needs review: drill\_no\_hole\_id #### Identity - Project: San Agustin - Commodity: gold - Region: mexico - Reported Region: mexico - Ticker: HSTR #### Geometry - Grade: 0.52 - Grade Unit: g/t - Intercept: 19.8 m - From: 1.5 m - To: 21.3 m - Intercept Depth: 1.5 m #### Classification - Sample Type: drill - Group ID: San\_Agustin:1.5-21.3 #### QA/QC - QP Signed: Yes #### Metal Equivalent - Metal Eq. Grade: 0.6 - Metal Eq. Unit: g/t AuEq - Assumptions Disclosed: No #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: Yes - Historical Source Date: 2026-03-17T00:00:00.000Z #### Dates - Event date: 2026-05-12T00:00:00.000Z Reasoning: Historical drill results from San Agustin show shallow gold mineralization consistent with current mining, but metal equivalent assumptions are not disclosed and it's a re-release. - Positive factor: Shallow intercept - Positive factor: Consistent mineralization - Negative factor: Stale data re-release - Negative factor: Metal equivalent assumptions not disclosed Evidence · text > 19.8 metre grading 0.60 g/t AuEq \(0.52 g/t Au + 46 g/t Ag\) both starting from 1.5m deep as per the March 17, 2026 press release #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Requires an actual metal equivalent grade; a combined elemental basket such as PGE is not a metal equivalent. Why it applies: an equivalent grade is reported without its assumptions **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### Fact 6 [Link to this fact](https://atlas-extractions.minestarters.com/news/heliostar-presents-record-q1-2026-financial-and-operating-results--961a9c8a-4106-4136-92b1-981e48e3b0e1#fact-drill-facts-30) San Agustin · silver Historical result Needs review: drill\_no\_hole\_id #### Identity - Project: San Agustin - Commodity: silver - Region: mexico - Reported Region: mexico - Ticker: HSTR #### Geometry - Grade: 46 - Grade Unit: g/t - Intercept: 19.8 m - From: 1.5 m - To: 21.3 m - Intercept Depth: 1.5 m #### Classification - Sample Type: drill - Group ID: San\_Agustin:1.5-21.3 #### QA/QC - QP Signed: Yes #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: Yes - Historical Source Date: 2026-03-17T00:00:00.000Z #### Dates - Event date: 2026-05-12T00:00:00.000Z Reasoning: Historical drill results from San Agustin include silver mineralization, but it's a re-release of previously announced data. - Positive factor: Shallow intercept - Negative factor: Stale data re-release Evidence · text > 19.8 metre grading 0.60 g/t AuEq \(0.52 g/t Au + 46 g/t Ag\) both starting from 1.5m deep as per the March 17, 2026 press release #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ## Resource Estimates (4) ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/heliostar-presents-record-q1-2026-financial-and-operating-results--961a9c8a-4106-4136-92b1-981e48e3b0e1#fact-resource-facts-31) Goldstrike · gold Historical result Needs review: historical\_restatement #### Identity - Project: Goldstrike - Commodity: gold - Region: usa - Reported Region: USA - Ticker: HSTR #### Resource scope - Estimate type: resource - QP Signed: Yes - Qualified person names: Gregg Bush, Mike Gingles - Resource group id: resource:1596046a96988d824749 #### Resource Data - Category: indicated - Tonnes: 65800000 - Grade: 0.48 - Grade Unit: g/t - Contained Metal: 975 - Contained Unit: koz #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-03-24T00:00:00.000Z #### Dates - Event date: 2026-05-12T00:00:00.000Z Reasoning: The Goldstrike project hosts a significant indicated gold resource in a Carlin-style system, though this is a re-release of previously announced data. - Positive factor: Significant indicated resource - Positive factor: Carlin-style deposit - Negative factor: Stale estimate - Negative factor: Historical estimate only Evidence · text > indicated resources of 975koz at 0.48 g/t gold in 65.8 million tonnes \("Mt"\) in a Carlin-style system as per the March 24, 2026, press release #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/heliostar-presents-record-q1-2026-financial-and-operating-results--961a9c8a-4106-4136-92b1-981e48e3b0e1#fact-resource-facts-32) Goldstrike · gold Historical result Needs review: historical\_restatement #### Identity - Project: Goldstrike - Commodity: gold - Region: usa - Reported Region: USA - Ticker: HSTR #### Resource scope - Estimate type: resource - QP Signed: Yes - Qualified person names: Gregg Bush, Mike Gingles - Resource group id: resource:fde5799a08929786fad6 #### Resource Data - Category: inferred - Tonnes: 8900000 - Grade: 0.36 - Grade Unit: g/t - Contained Metal: 90 - Contained Unit: koz #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-03-24T00:00:00.000Z #### Dates - Event date: 2026-05-12T00:00:00.000Z Reasoning: The Goldstrike project also includes an inferred gold resource, providing additional potential, but it is a re-release of historical data and in the lowest confidence category. - Positive factor: Additional resource potential - Negative factor: Stale estimate - Negative factor: Historical estimate only - Negative factor: Inferred resource Evidence · text > inferred resources of 90koz at 0.36 g/t in 8.9Mt, as reported by the Company on March 24, 2026 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true ### Fact 3 [Link to this fact](https://atlas-extractions.minestarters.com/news/heliostar-presents-record-q1-2026-financial-and-operating-results--961a9c8a-4106-4136-92b1-981e48e3b0e1#fact-resource-facts-33) Veta Madre · gold #### Identity - Project: Veta Madre - Commodity: gold - Region: mexico - Reported Region: Mexico - Ticker: HSTR #### Resource scope - Estimate type: reserve - QP Signed: Yes - Qualified person names: Gregg Bush, Mike Gingles - Resource group id: resource:d988a019ad047aa94790 #### Resource Data - Contained Metal: 48 - Contained Unit: koz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-12T00:00:00.000Z Reasoning: Veta Madre has 48k ounces of contained gold reserves planned for exploitation, representing future production potential. - Positive factor: Stated gold reserves - Positive factor: Planned exploitation - Negative factor: Category not specified Evidence · text > exploit 48k ounces of contained gold reserves #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true ### Fact 4 [Link to this fact](https://atlas-extractions.minestarters.com/news/heliostar-presents-record-q1-2026-financial-and-operating-results--961a9c8a-4106-4136-92b1-981e48e3b0e1#fact-resource-facts-34) San Agustin · gold #### Identity - Project: San Agustin - Commodity: gold - Region: mexico - Reported Region: Mexico - Ticker: HSTR #### Resource scope - Estimate type: reserve - QP Signed: Yes - Qualified person names: Gregg Bush, Mike Gingles - Resource group id: resource:27e695f1a2c2800bae05 #### Resource Data - Contained Metal: 68 - Contained Unit: koz #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-12T00:00:00.000Z Reasoning: The Corner area at San Agustin has estimated reserves of 68k ounces of gold, supporting ongoing mining operations. - Positive factor: Stated gold reserves - Positive factor: Supports ongoing mining - Negative factor: Category not specified Evidence · text > Reserves at the Corner are estimated at 68k ounces of gold. #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.