Two producing mines, US$43 million in cash, zero debt and a construction decision on a high grade underground gold mine targeted for mid 2027
In late 2023, while Artemis Gold was still building its Blackwater mine in British Columbia, one of its directors was adding shares at about C$5.89.
The mine was not producing yet. The market was still treating Artemis as a developer, with all the risks that come with building something big in the ground.
Then the mine was built. When Artemis declared commercial production in May 2025, its shares traded around C$20.42, a record at the time. By September 21, 2026, they traded at about C$39.50, for a market value of roughly C$9.6 billion.
This is the back half of the Lassonde Curve in action and Artemis is not an isolated case. Measured against the GDXJ junior gold miners fund from investment decision to commercial production, G Mining Ventures outperformed by 106%, West African Resources by 73%, Orezone by 66% and Lundin Gold by about 50%.
Most companies entering that stage are single asset developers with no revenue, betting everything on one mine and selling shares to pay for it.
The company that compiled those numbers is different. It already produces gold from two mines, it has cash in the bank and no debt, and its next mine is lining up for a construction decision in 2027.
Meet the Producer Building Its Next Mine
That company is Heliostar Metals Ltd. (TSX:HSTR) (OTCQX:HSTXF).
Heliostar is advancing its high grade Ana Paula gold project in Mexico’s Guerrero Gold Belt, with a construction decision targeted for mid 2027 and first gold targeted for the second half of 2028.
Its chief executive has framed the opportunity in exactly these terms.
“Delivering these milestones takes Heliostar through the backend, production-growth portion of the Lassonde curve, a position which historically has proven to be one of the most valuable share price drivers within the mining industry.” – Charles Funk, CEO, Heliostar Metals, September 21, 2026
In plain English, the company believes it is entering the part of a mine’s life where the market has historically rewarded investors the most.
A Project NPV Above the Whole Company’s Value
Ana Paula’s November 2025 preliminary economic assessment outlined about 101,000 ounces of gold a year after ramp up, at an all-in sustaining cost of US$1,011 per ounce, which places it in the lowest 13% of the global cost curve.
At a base case gold price of US$2,400, the study showed an after tax NPV of US$426 million and a 28.1% IRR. At US$3,800, the after tax NPV climbed to US$1.012 billion, with a 51.3% IRR. On the higher price case, that one project’s after tax NPV is almost double the entire company’s market value.
The reason is the rock. Heliostar has drilled intercepts like 83.2 metres grading 17.35 g/t gold and 99.8 metres at 10.90 g/t, and deeper drilling hit 101.0 metres at 5.34 g/t in a zone that remains open.
“Ana Paula is wide, high-grade, and shallow, with good underground mining conditions.”explained Charles Funk, CEO, Heliostar Metals.
The feasibility study is aiming even higher. The Company has added 25,072 metres of infill drilling since the PEA and is targeting a ten year mine averaging 100,000 ounces a year, with throughput lifted to 2,000 tonnes a day and the grinding circuit sized for up to 2,500. Heliostar intends to report progress on how it’s is moving along every quarter until the study is complete.
Wide, high grade mineralization means Heliostar can use efficient bulk underground mining and only has to build a relatively small mill to produce a meaningful number of ounces. That is what keeps the capital cost to about US$300 million and the operating costs so low.
Paid For by Two Mines That Are Already Producing
Here is what separates Heliostar from a typical developer. In 2024, it acquired La Colorada, San Agustin and two development projects for just US$5 million. It then restarted both mines – La Colorada in January 2025 and San Agustin that December.
The turnaround has been fast. The Company closed the acquisition in November 2024, restarted mining at La Colorada in January 2025 and produced 34,098 gold equivalent ounces in its first full year. The company restarted San Agustin in December 2025 and poured first gold there in January 2026, and both mines are now guided to produce 50,000 to 55,000 ounces in 2026.
In the second quarter of 2026, Heliostar produced a record 14,803 ounces of gold, with record revenue of US$56.5 million, and ended June with a record US$43.0 million in cash and zero debt on the balance sheet. The Companyforecasts about US$150 million of after tax operating cash flow over two years to help fund Ana Paula, alongside project debt.
That matters enormously for shareholders. Developers that must sell large blocks of new shares to build a mine often see much of the re rate diluted away on a per share basis, because every new share takes away a slice of the value the mine creates. Heliostar aims to keep more of that value for the shares that exist today.
On October 13, 2026, the Company submitted its environmental permit applications for the Ana Paula underground mine, a design with about 65% less surface disturbance than the open pit previously approved on the site.
The feasibility study was 34% complete in September and is on track to be delivered in the second quarter of 2027, with a construction decision targeted for mid 2027.
Behind Ana Paula sits Cerro del Gallo, whose December 2025 prefeasibility study showed a US$972 million after tax NPV at US$3,900 gold, and Goldstrike in Utah, which adds critical mineral antimony to the story. Heliostar has set a goal of producing 500,000 ounces a year by the end of the decade.
The team has done this before. Heliostar CEO Charles Funk led the Panuco discovery for Vizsla Silver, and chief operating officer Gregg Bush was COO of Capstone Mining for nine years and SVP of Mexico for Equinox Gold.
The market is starting to pay attention. Heliostar joined the GDXJ in September and graduated to the Toronto Stock Exchange in October.
Investors include Eric Sprott at about 15%, Franklin Templeton at about 9.3% and Adrian Day at about 5.6% among its top shareholders.
The Bottom Line
The biggest gains in a mine’s life often come between the construction decision and first gold.
Heliostar Metals Ltd. (TSX:HSTR) (OTCQX:HSTXF) is heading into that stage with something most developers lack, two producing mines that are paying the bills. With a permit filed, a feasibility study under way and a construction decision targeted for mid 2027, this is a story worth getting to know before the crowd catches on.
Two producing mines, a clean balance sheet and a high grade project heading toward construction make a rare combination in today’s gold market.
Disclosure: Sponsored advertorial provided on behalf of Heliostar Metals. This is promotional material, not independent investment research or a recommendation to buy securities. All projections and forward-looking targets are subject to risks and uncertainty. Review the company’s current filings and risk disclosures before making an investment decision.
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