Heliostar Pours First Gold From San Agustin Mine
•February 6, 2026
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Why It Matters
The added output strengthens Heliostar’s growth trajectory and positions it to capitalize on a bullish gold market, while the low cost base enhances profitability for investors.
Key Takeaways
- •First gold pour confirms San Agustin restart on schedule
- •Production guidance raised 60% with low $2,000/oz cost
- •San Agustin expected to yield ~45,000 ounces through 2026
- •10,000‑15,000 m drill program aims to extend mine life
- •Heliostar market cap around C$747 million after share rise
Pulse Analysis
The timing of Heliostar’s first gold pour could not be more advantageous. Global gold prices have rallied amid inflation concerns and geopolitical uncertainty, creating a favorable backdrop for new supply. Junior producers that can bring projects online quickly are poised to capture premium pricing, and Heliostar’s ability to restart San Agustin on schedule demonstrates operational discipline that many peers lack. This momentum not only boosts the company’s revenue outlook but also reinforces investor confidence in its execution capabilities.
San Agustin’s geology offers a modest yet economically attractive resource profile. With a probable reserve of 7.36 million tonnes grading 0.29 g/t, the mine is slated to produce roughly 44,500‑45,000 ounces at an all‑in sustaining cost of $2,000 per ounce—well below the industry average for open‑pit gold operations. The ongoing 10,000‑15,000 metre drilling program targets peripheral oxide zones that could add ounces and lengthen the mine’s life beyond the current 14‑month estimate. Extending the pit’s productive horizon would improve the project’s net present value and provide a buffer against short‑term price volatility.
For the broader market, Heliostar’s developments signal a resurgence of interest in Mexico’s prolific gold districts. The company’s market capitalization of roughly C$747 million reflects a premium valuation for its dual‑asset portfolio and low‑cost structure. While the stock remains sensitive to macro‑level metal price swings, the recent share uptick suggests that investors are rewarding tangible production milestones. Looking ahead, sustained drilling success and disciplined cost management could position Heliostar as a mid‑tier gold producer capable of scaling its output without diluting shareholder value.
Heliostar pours first gold from San Agustin mine
Mexico-focused miner Heliostar Metals (TSXV: HSTR) says it has poured first gold from the recently restarted San Agustin mine in Durango state.
The open-pit mine officially becomes Heliostar’s second producing asset, after its La Colorada mine in Sonora. The company expects San Agustin to deliver around 45,000 ounces of gold production from its remaining reserves.
The San Agustin mine, situated 100 km from the city of Durango, has a long history of activity dating back to Spanish colonial times, with records indicating total gold output of 3 million oz. spanning over four decades.
Modern exploration took place at San Agustin in the 1990s, led by Canada’s Eldorado Gold (TSX: ELD). The project was later passed onto Argonaut Gold (now Florida Canyon Gold), which brought the mine online in 2012 before halting operations in 2024.
Heliostar subsequently took on the project, with plans to mine the Corner area that Argonaut previously did not have access to.
Increased guidance
In a statement this week, the company announced that San Agustin officially made its first pour in late January, after restarting operations on time and on budget.
So far, the operation has exceeded internal targets for ore mining rates and recoverable ounces stacked on the pad to date, the Canadian miner said, adding that the mine is on track to meet its 2026 production guidance.
“It is an extraordinary time in the gold market to bring new production online,” Heliostar CEO Charles Funk said. He added that the milestone allows the company to increase its year-on-year consolidated production guidance by over 60% while maintaining a low all-in sustaining cost of $2,000 per ounce in 2026.
In January, the company issued a 2026 production guidance of 50,000-55,000 ounces of gold, including 30,000-32,700 ounces from San Agustin and 20,000-22,300 ounces from La Colorada.
Ongoing drilling
Meanwhile, Heliostar is also in the process of completing a 10,000-15,000-metre drill program at San Agustin, with the aim of defining additional oxide gold mineralization around the open pit that could extend the current mine life. According to a 2025 technical study, the mine is expected to only have a 14-month life, producing a total of 44,500 gold ounces.
The estimate is based on a probable reserve of 7.36 million tonnes grading 0.29 g/t gold, containing 68,000 ounces.
Shares of Heliostar rose by nearly 3% on Friday. The stock plunged from a 52-week high last week amid a historic selloff in precious metals, which also impacted miners’ performances. The company has a market capitalization of C$747.3 million ($540.4 million).
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