Heliostar targets 10-fold gold output increase in Mexico by 2030
Heliostar is positioning itself to expand from a small gold producer into a mid-tier miner by lifting annual output to 300,000 to 500,000 ounces of gold by the end of the decade. The company already has two producing mines in Mexico generating cash flow, giving it a funding base that many junior miners lack as they pursue growth projects.
Highlights
- Heliostar projects gold production rising to 50,000–55,000 ounces in 2026 from 33,000 ounces in 2023, driven by La Colorada and San Agustin output gains.
- Ana Paula's preliminary assessment targets 101,000 ounces annual gold production for ten years at $1,011 all-in sustaining costs, with feasibility study completion slated for Q2 2027.
- Heliostar aims for 300,000–500,000 ounces annual output by 2030, contingent on feasibility, financing and permitting, leveraging current assets and a growing project pipeline.
Production growth plan centers on Mexican assets
As outlined by Weiss Ratings, Heliostar expects its operating mines at La Colorada in Sonora and San Agustin in Durango to produce a combined 50,000 to 55,000 ounces of gold in 2026, up from roughly 33,000 ounces last year.La Colorada is expected to produce 20,000 to 22,300 ounces in 2026. Mining has recently restarted at the Veta Madre pit, and an expansion could raise output to an average of about 46,000 ounces a year over a six-year mine life.
San Agustin is expected to produce 30,000 to 32,700 ounces this year, while exploration is underway to extend the mine's operating life. Together, the two operations imply about 60% growth at the midpoint of the company's 2026 guidance.
Ana Paula drives longer-term expansion outlook
Heliostar's main growth project is Ana Paula in Guerrero, which it plans to develop as an underground mine. A preliminary economic assessment outlines average annual production of about 101,000 ounces of gold over a roughly 10-year mine life, with all-in sustaining costs of $1,011 per ounce.The company expects to complete a feasibility study in the second quarter of 2027, make a construction decision around midyear and pour first gold before the end of 2028. Heliostar says it plans to use cash flow from existing operations, alongside project financing, to build Ana Paula, with future cash flow from that project potentially supporting additional mine development.
Beyond Ana Paula, the company also owns Cerro del Gallo and San Antonio in Mexico, as well as Goldstrike in Utah and Unga in Alaska. The production target of 300,000 to 500,000 ounces annually by 2030 remains dependent on a completed feasibility study, financing and permits, but the company enters that push with producing assets and an established project pipeline.
As we noted earlier, the Port Qasim smelter proposal in Pakistan is tied to a dedicated power-supply agreement structure.
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