Heliostar Calls $36.5 Million in Q3 Mine Operating Earnings a Record

Heliostar Metals generated $36.5 million in mine operating earnings during the third quarter, which the company called a record, alongside $66.3 million in revenue and $10.2 million in net income.

Heliostar announced unaudited results Friday, Nov. 13, for the three months ended Sept. 30. Net income attributable to shareholders was $10.2 million, equal to 4 cents per share, or 3 cents on a fully diluted basis. Mine operating earnings are separate from net income, and Heliostar called both revenue and mine operating earnings quarterly records.

Heliostar operates the La Colorada and San Agustin mines in Mexico and is developing the Ana Paula project. The company produced 14,481 ounces of gold and 83,067 ounces of silver during the quarter, then sold 14,603 ounces of gold and 79,192 ounces of silver.

Gold sold at an average price of $4,243 per ounce. Cash cost was $1,588 per gold ounce sold, while all-in sustaining cost was $1,948 per gold ounce sold. Both are non-IFRS measures and declined from the previous quarter, when cash cost was $1,654 and all-in sustaining cost was $2,287 per gold ounce sold.

At Sept. 30, Heliostar had $53.6 million in cash and $52.9 million in working capital, with no debt. Cash rose $10.6 million during the quarter after $12.4 million in portfolio investments.

The company spent $6.2 million at Ana Paula during the quarter. The feasibility study remained on track for completion in the second quarter of 2027, and underground permit applications had been submitted.

Heliostar’s 2026 production guidance remained 50,000 to 55,000 ounces of gold. CEO Charles Funk said of Ana Paula, “Our goal remains bringing the mine into production without additional equity dilution.” The feasibility study is the next milestone, with completion targeted for the second quarter of 2027.