Charles Funk

Heliostar Metals' Rapid Path to High-Grade Gold Production in Mexico

• Top takeaway Argues Heliostar differentiated itself by buying production-potential assets when they were unloved, citing two mines and 6 million ounces of gold acquired for $15 million.
• Frames Annapola's wide, shallow ore body (about 60 metres at 5 g/t gold) as the basis for profitability, with roughly $1,000/oz all-in sustaining costs in the late-2025 PEA.
• Contends Heliostar can grow toward 500,000 ounces per year by 2030 without new equity, funding Annapola's roughly $300 million capex with debt against about $150 million of expected cash generation across 2026 and 2027.
• Argues Mexico has turned a corner as an investment jurisdiction, pointing to Heliostar receiving the first open-pit expansion permit for a Canadian company after the change from the former anti-mining president.
• Expects a first gold pour at Annapola in late 2028 and sees the company on the cusp of the share-price outperformance he says builders of new production typically see.

Charles Funk says Heliostar built its pipeline by being 'unpopular' — acquiring two mines and 6 million ounces of gold for $15 million. Annapola's shallow, 60-metre-wide ore averaging 5 grams per tonne gold gives mining geometries that Funk ties directly to profitability. The Annapola PEA (an early-stage mine study) targets 100,000 annual ounces at $1,000 AISC (All-In Sustaining Cost — what it costs to produce an ounce). Producing 50,000–55,000 ounces this year, Heliostar plans cash flow and debt — not equity — to fund Annapola's $300 million build, targeting first gold in late 2028. Funk says Mexico's permitting regime has turned a corner — Heliostar won the first Canadian open-pit expansion permit after the anti-mining president.

Heliostar - Inside the Ana Paula Feasibility Study: Mill Scalability, Cost Optimization, Permitting

• Top takeaway He argues the feasibility study is the recipe for building and operating Ana Paula rather than a document to attract a buyer or lift the share price, and says construction will start as soon as it is delivered, with the back end of the Lassonde curve being the re-rating he expects to follow.
• He stresses the timeline has not slipped: feasibility study in Q2 2027, construction decision mid-2027, first gold pour at the end of 2028, and commercial production in early 2029.
• He defends keeping very high-grade ore in the first five or so years of the mine plan to hold all-in sustaining costs attractive, while sizing the mill so lower-grade material can be fed later in the mine life in a high gold price environment.
• He argues Heliostar can fund the Ana Paula build from operating cash flow plus project financing, and says showing the project finance package in the coming months will be a key confidence step for shareholders.
• He positions the pipeline, with Serra de Gaia moving to feasibility and Gold Strike to pre-feasibility behind Ana Paula, as what grows production and lowers AISC versus peers buying older mines.

Heliostar's Ana Paula feasibility study (the detailed plan for building a mine) is 34% complete and tracking to Q2 2027, targeting 100,000 gold ounces yearly. CEO Charles Funk says upsizing the mill to 2,000 tonnes per day (expandable to 2,500) keeps high-grade feed early and adds low-grade optionality later. Underground crushing, conveyors replacing ore trucks, and an NSR cut-off (value-based, not fixed gold price) target lower costs and better economics. Converting the 2017 open-pit permit to underground cuts surface disturbance 65%, with approval expected around the feasibility study's completion and a mid-2027 construction decision. Funk says operating cash flow plus project financing should fund the build, while La Colorada expands and a project pipeline advances.

Heliostar - Operations, Development & Exploration Update: La Colorada Open-Pit Expansion

• Top takeaway Argues the GDXJ inclusion is a milestone earned through years of growth that will force index-tracking investors to pay attention to Heliostar and support the share price.
• Frames La Colorada as a staged turnaround — a care-and-maintenance purchase, then stockpile cash flow, then injection leaching — now replaced by a permitted open pit anchoring six years of production.
• Contends antimony's importance to US geopolitical interests gives Goldstrike standalone critical-minerals potential that could improve the gold deposit's economics and permitting pathway.
• Argues companies entering construction — the back end of the Lassonde curve — have historically outperformed the GDXJ by 50 to 100 percent, which is why Ana Paula commands the company's attention.
• Sequences the development pipeline as Ana Paula, then Serra de Gaya, then Goldstrike on a best-opportunity-wins basis, advancing toward a 500,000-ounce-per-year company gold target.

Heliostar Metals joined the GDXJ (the junior gold miners' benchmark index), a milestone management expects to broaden institutional ownership and liquidity. Open-pit mining has begun at La Colorada's Veta Madre pit, shifting production from residual leach-pad recovery to higher-grade stacked ore. La Colorada now supports a roughly six-year mine life near $1,800/oz AISC (All-In Sustaining Cost — the full cost to produce an ounce). Drilling at the Goldstrike project in Utah targets high-grade antimony alongside gold, with a critical-mineral angle that could aid economics and permitting. Ana Paula is the biggest value driver: a feasibility update is due shortly and first gold pour is targeted for 2028.

Heliostar - Q2 Financial Highlights, Record Gold Production, Growth Pipeline

• Top takeaway The guest argues Heliostar's $2,287/oz Q2 AISC puts it among the lowest-cost producers in its peer group, citing Torex at $2,459, B2 Gold at $2,356, and IAMGOLD as 'nearly identical'.
• He attributes most of the Q1-to-Q2 AISC increase to a one-off options grant and silver sales timing, and expects AISC to moderate back toward the top end of guidance.
• He is targeting first gold at Anna Paula in late 2028 and steady-state by early 2029, with the feasibility study due mid-2027.
• The guest expects Heliostar to mine more gold from the San Agustin corner reserve than the current technical report implies, noting 10,000 ounces stacked ahead of plan across the first four benches.
• He frames Heliostar as a growth company reinvesting proceeds into a multi-asset pipeline of Anna Paula, 'Sarah DeGio' (as transcribed), and Gold Strike.

San Agustin gold output jumped 49% quarter-on-quarter at an AISC (All-In Sustaining Cost — what it really costs per ounce) near $2,287, signaling peer-relative cost discipline. Cash hit a record $43M by quarter-end with no debt, even after a $10M outlay for the Gold Strike deposit acquisition. Silver output nearly doubled to 80,000 ounces on a leaching mix shift and San Agustin ramp-up; smelter payment-term changes pushed most silver revenue into later quarters. The 25,000-metre Ana Paula drill program anchors a mid-2027 feasibility study targeting 100,000-ounce annual output and first gold by late 2028. Operating cash is being recycled into a multi-mine pipeline including Ana Paula and Gold Strike, lining up the next 1-3 projects beyond current production.

Heliostar Metals - Ana Paula and La Colorada Drill Results, Including 99.8 Metres of 10.9 g/t Gold

• Top takeaway The guest's central call is that Heliostar can self-fund the Ana Paula build with about $150 million of cash generation plus a project financing facility, reaching 150,000-200,000 ounces per year at all-in sustaining costs well below $2,000 without issuing equity, which he believes should make the share price worth multiples of its current level.
• He argues the Ana Paula expansion zone could ultimately be bigger than the high-grade panel, citing neighbouring deposits with 15-20 million ounce endowments in the same geological setting, and says step-out drilling will test that upside without slowing the build schedule.
• He frames the June 2026 sector pullback as a buying opportunity, citing nearly $1 million of insider buying in recent months and noting the year's budget was built on $3,800 gold, so lower prices do not change the plan.
• On the high-grade panel, he argues that consistently drilling about 100 metres at over 10 g/t gold implies low mining costs and significant margins, and he expects Ana Paula to be among the industry's most profitable gold mines.
• He argues the permitted Veta Madre Plus pit expansion adds about 20,000 ounces beyond La Colorada's technical report of roughly six years at just under 50,000 ounces per year, with stripping starting in July 2026 and pit production expected from Q2 2027.

Ana Paula infill drilling delivered about 100 metres at roughly 11 g/t gold, confirming a million-ounce high-grade panel that keeps mining costs low. Step-out holes below the panel show the expansion zone is open, and management sees potential to rival neighbouring 15-20 million ounce deposits. A newly identified North Zone linkage is forming gold pods, with 21 metres at 10 g/t hinting at satellite ore for the underground mine. Permits for La Colorada's Veta Madre Plus pit expansion are secured, targeting about 20,000 extra ounces from mid-2027 beyond its six-year mine life. Gold near $4,000 against all-in sustaining costs (AISC, the real cost to produce an ounce) near $2,000 lets management self-fund growth without new equity.

Heliostar Metals - Q1 Earnings Recap: Record Gold Production and Mine Operating Earnings

Heliostar Metals achieved record Q1 gold production and mine operating earnings, driven by strong performance at its San Agustin and La Colorada operations. The company is actively advancing its high-grade Ana Paula project with new drilling and a management reorganization aimed at fast-tracking development. Heliostar maintains a robust financial position, balancing aggressive exploration with cash preservation following the strategic acquisition of Goldstrike.

Heliostar - Ana Paula Drill Results: 101m @ 5.34g/t Gold In The Expansion Zone

Heliostar Metals reports exceptional 101m @ 5.34g/t gold intercept at Ana Paula, indicating significant high-grade resource expansion potential at depth. Company plans aggressive 30,000+ meter 2026 drill program targeting infill and step-out zones to unlock multi-million ounce growth. Self-funded growth strategy utilizing internal cash flow from production to finance exploration and underground decline development.

Charles Funk of Heliostar Metals talks to Brien Lundin | Metals Investor Forum | January 2026

Heliostar Metals CEO Charles Funk outlines the company's strategic vision to build mid-tier gold production assets for future growth. The Metals Investor Forum provides investors direct access to vetted junior mining management teams with proven financials and properties. Newsletter writers emphasize that excellent management is the most critical factor for success when evaluating junior mining investments.

Charles Funk of Heliostar Metals Ltd. presents at Metals Investor Forum in Vancouver | January 2026

Charles Funk, CEO of Heliostar Metals, presents company updates at the Metals Investor Forum in Vancouver, highlighting operational milestones and growth potential. The forum emphasizes the importance of evaluating management teams in-person, offering investors direct access to vetted junior mining companies with strong fundamentals. Heliostar Metals, traded on OTCQX and TSX-V, represents a promising opportunity in the metals sector with experienced leadership and strategic property assets.