Heliostar Presents Q2 2026 Financial and Operating Results with Record Gold P...

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# Heliostar Presents Q2 2026 Financial and Operating Results with Record Gold P...

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# Heliostar Presents Q2 2026 Financial and Operating Results with Record Gold P...
TSX.V: HSTR
OTCQX: HSTXF
Heliostar Presents Q2 2026 Financial and Operating Results
with Record Gold Production and Cash Balance
Q2 2026 Highlights:
• Produced a record 14,803 gold ounces and 79,710 silver ounces
• Increased quarterly gold production from San Agustin by 49%
• Continued low-cost production with cash cost of $1,654 per ounce of gold sold and a corporate
all-in sustaining costs (”AISC”) of $2,287 per ounce of gold sold
• Average gold sale price of $4,406 per ounce
• Record cash position of $43.0 million at end of Q2 with no debt
• Record revenues of $56.5 million driving record mine operating earnings of $31.1 million; net
income of $8.0 million ($0.03/share)
• Completed acquisition of Goldstrike during Q2 and made a $10.0 million initial cash contribution
Vancouver, Canada, August 7, 2026 – Heliostar Metals Ltd. (TSX.V: HSTR, OTCQX: HSTXF, FRA: RGG1)
(“Heliostar” or the “Company”) reported unaudited financial results for the three months ended June 30,
2026 (“Q2”). Results are presented in US dollars, unless otherwise stated.
Heliostar CEO, Charles Funk, commented, “Q2 was Heliostar’s strongest production quarter yet. Both our
operating mines are in stable operations and producing gold at low costs. This allows us to continue to
generate significant operating cash flow despite fluctuations in the gold price. We have built cash on our
balance sheet to support the construction of Ana Paula next year while still investing in growth across
multiple avenues. This includes investing in our producing mines with mine-life extension focused drilling
and studies, such as Veta Madre Plus at La Colorada and the Corner Extension at San Agustin. It also
includes growth outside of our Mexican portfolio with the closing of the Goldstrike acquisition.”
“The quarterly results demonstrate our strategy is on track – generate cash flow, build on successes at our
operating assets and rapidly advance our growth pipeline to benefit shareholders on a per-share-basis.
We continue a clear strategy of production growth and are building towards our corporate goal of being
a 500,000-ounce-per-year producer by the end of the decade.”
Q2 Results Conference Call
Heliostar will host a conference call on Monday, August 10, 2026, at 1:00 PM Eastern Time/10:00 AM
Pacific Time. The call will provide a corporate update following the release of the financial and operating
results for Q2 2026.
Please use the link here to register for the call or visit the Company website at www.heliostarmetals.com.
Q2 Operational and Financial Highlights
Record total gold production of 14,803 gold ounces and 79,710 silver ounces. A total of 11,960 gold
ounces and 52,997 silver ounces were sold in Q2. A total of 21,940 gold ounces and 63,607 silver ounces
2
have been sold year to date (“YTD”). The Company is on track to achieve production guidance of 50,000-
55,000 gold ounces as announced on January 13, 2026.
Consolidated cash cost of $1,654 and corporate AISC of $2,287 per ounce of gold sold in Q2 2026
(see “Non-IFRS Measures”). Per ounce costs remained steady despite an increase in profit sharing
attributable to strong 2025 performance and elevated diesel prices. Year to date cash costs of $1,630 per
gold ounce are on track to come within the guidance range of $1,850-$1,950 per gold ounce and year to
date corporate AISC of $2,155 per gold ounce is tracking to come in at or near the top end of the guidance
range of $2,025-$2,125 per gold ounce for AISC as announced on January 13, 2026.
Mine operating earnings of $31.1 million for $21.0 million after taxes. Operating margin remained steady
compared to the previous quarter, with cessation of mining, crushing and stacking activities at the
Junkyard at La Colorada offset by the quarterly increase in operating activities at San Agustin operating
the full quarter at steady state.
Net income attributable to shareholders of $8.0 million, or $0.03 per share or $0.03 per share on a fully
diluted basis. This compares to net income of $14.1 million ($0.05 per share) for the previous quarter. The
decrease was due to the annual grant of stock options during the quarter increasing stock-based
compensation expense booked in the quarter, higher tax expenses and a stronger Mexican peso,
somewhat offset by lower exploration expenses.
Increased cash position: As of June 30, 2026, the Company had $43.0 million in cash and $45.9 million in
working capital. Working capital decreased from the previous quarter, primarily due to the $10.0 million
cash payment to Liberty Gold on closing the Goldstrike acquisition and the related short-term deferred
payments.
Maintained production at La Colorada mine. Production at the mine transitioned to production from
injection and residual leaching. A second injection leaching unit was brought online during the quarter,
and wells have been drilled to support injection leach through the balance of the year. The Company
continues to excel in its production performance from re-leaching. The restart of operations at the Veta
Madre is planned in Q3 2026. The Company has mobilized the contractor to start waste stripping to exploit
the 48k ounces of contained gold reserves at Veta Madre. Results of the recently concluded drill program
at Veta Madre Plus are in the process of being incorporated into a modified resource and pit design,
targeting additional gold ounces beyond the current mineral reserve.
Steady-state production drives cash flow at San Agustin. The mine maintained steady-state production
from the Corner Reserve Area through Q2. Grade control drilling has resulted in positive ore tonnes
reconciliation above the reserve model. The San Agustin mine was a major cash flow contributor in Q2,
and is anticipated to be a key cash flow driver for Heliostar through 2026 and beyond. Reserves at the
Corner are estimated at 68k ounces of gold. The drill results stepping out 200 metres from the current pit
edge are being incorporated into an updated mine plan to support permitting and further extraction
activities. It is expected that these additions will extend the mine life.
Continued drilling success at Ana Paula as Feasibility Study progresses. The infill drill program continued
to encounter wide zones of high-grade mineralization in areas currently classified as inferred resources at
the Ana Paula deposit, including 99.8 metres of 10.9 grams per tonne (“g/t”) gold as per the June 25, 2026,
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3
press release “Heliostar Expands Expansion Zone and Drills 99.8 Metres Grading 10.9 g/t Gold at Ana
Paula.” These results are being incorporated into an updated resource that will support the upcoming
Feasibility Study. In addition, the Company reported additional results from step-down drilling into the
Expansion Zone, with results of up to 49.6 metres of 2.88 g/t gold including 9.05 metres of 9.49 g/t gold
(as reported in the same press release above). Technical and regulatory programs are being advanced in
parallel - feasibility study work will continue through 2026 with the bankable feasibility study scheduled
to be completed in Q2 2027. The Company anticipates submitting the permit for the underground mine
and providing an update on the progress of the Feasibility Study in Q3.
Goldstrike project in Utah acquired. Heliostar closed the acquisition of the Goldstrike project in Utah,
USA, in Q2. The project is located in the Great Basin, and hosts indicated resources of 975k ounces at 0.46
g/t gold in 65.8 million tonnes (“Mt”) in a Carlin-style system as reported in “NI 43-101 Technical Report
Goldstrike Project, Utah, USA” with an effective date of March 26, 2026, filed on SEDAR+. The Company
sees significant exploration potential with most of the drilling only extending to 200 metres below surface.
In addition, the property has critical mineral potential at the Antimony Ridge prospect, where a past-
producing antimony mine is located and where high-grade grab samples up to 5.7% antimony have been
reported. The ongoing work is focused on a technical review of all available historic information for the
Goldstrike gold deposit and systematic surface sampling of the Antimony Ridge area. Future development
work will focus on delivering a Pre-Feasibility Study, investigating the full potential of Antimony Ridge,
and confirming the processing and infrastructure plans.
Operational and Financial Results
Results are reported for the three months ended June 30, 2026 (noted as Q2), March 31, 2026 and for the
three months ended June 30, 2025, unless otherwise specified.1
A summary of the Company’s consolidated operational and financial results for the reporting period is
presented below:
Key Performance Metrics Q2 2026 Q1 2026 Q2 2025
Operational
Gold produced (ounces) 14,803 11,743 7,262
Silver produced (ounces) 79,710 43,798 12,765
Gold sold (ounces) 11,960 9,980 8,375
Silver sold (ounces) 52,997 10,610 17,132
Cash cost2 per gold ounce sold (by-product) $1,654 $1,602 $1,413
AISC2 per gold ounce sold (by-product) $2,287 $1,996 $1,541
1
During the prior fiscal period, the Company changed its financial year‑end from March 31 to December 31. As a result, the Company’s most
recent consolidated financial statements were prepared for the nine‑month period ended December 31, 2025. The condensed consolidated
interim financial statements for the three and six months ended June 30, 2026, represent the first 6-month interim reporting period under
the Company’s new December 31 fiscal year end. Accordingly, this is the first time the Company is presenting comparative financial
information for the six-month period ended June 30, 2025, and the comparative information differs from that presented in prior interim
financial statements and may not be directly comparable to previously reported quarterly results.
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TSX.V: HSTR, OTCQX: HSTXF, FRA: RGG1
4
Financial (in ‘000s)
Revenues $56,485 $54,398 $27,926
Mine operating earnings $31,094 $30,886 $14,256
Exploration expenses $1,990 $4,596 $1,916
Net income (loss) before tax $18,084 $23,119 $1,892
Cash $43,047 $38,741 $29,703
Total assets $231,862 $165,425 $122,943
Working Capital $45,943 $70,032 $51,687
1.
2. Non-IFRS measure. Refer to the “Non-IFRS Measures” section of this news release.
Consolidated Production and Costs
Production of 14,803 gold ounces in Q2 was reported from the La Colorada and the San Agustin mines.
The Company is on track to achieve its unchanged full year production guidance of 50,000-55,000 gold
ounces and 290,000-320,000 silver ounces.
The consolidated cash costs for the producing operations for Q2 were $1,654 per gold ounce sold, and
the corporate consolidated AISC was $2,287 per gold ounce sold. Cash costs in Q2 were below the full
year guidance range but expected to increase in the second half of the year to come within guidance for
2026. All-in sustaining costs were above the full year guidance range but expected to decrease to come
at or near the top end of the guidance range.
La Colorada Mine
Operating results for Q2 2026 were as follows:
La Colorada Q2 2026 Q1 2026 Q2 2025
Gold produced oz 7,587 6,890 3,464
Silver produced oz 58,288 33,480 7,002
Gold sold oz 6,982 5,562 3,631
Silver sold oz 45,751 8,413 11,137
Cash cost (by-product)1 $/oz gold sold $1,531 $1,601 $1,296
AISC (by-product)1 $/oz gold sold $1,641 $1,703 $1,425
During Q2, the La Colorada mine produced 7,587 gold ounces and 58,288 silver ounces with sales of 6,98

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