Heliostar Metals' Rapid Path to High-Grade Gold Production in Mexico
CEO.CA Sep 30, 2026 5:15
Summary
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.
Key points on Vizsla Silver
- Charles Funk says he was VPX at Vizsla Silver and describes being part of its discovery as transformational.
Key points on Triple Flag Precious Metals Corp
- Charles Funk was involved in a prospect generator that Triple Flag acquired for nearly $500 million, according to his account in the video.
Charles Funk's takeaways
- 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.