Heliostar Metals announces the restart of mining operations at San Agustin, located in the state of Durango. Heliostar presently produces gold from residual leaching at the San Agustin Mine. The Company will increase production by mining the mineral reserve, principally in an area the Company describes as the Corner Area. This is a key milestone to unlock increased value from San Agustin.
“Heliostar have met its forecast timelines to recommence mining at San Agustin.” commented Heliostar CEO, Charles Funk. “Mining the Corner Area will produce 45,000 ounces of gold from the current reserve. It will generate US$40M in cash flow at a US$3,000 gold price. Heliostar has made this restart commitment, having complied with all the requirements to start mining and having approximately US$30M in cash on our balance sheet to fund the necessary capital.”
“As the largest local employer, this milestone provides job stability and provides for expanded economic opportunities for our nearby communities and throughout the state of Durango. For Heliostar, it marks a shift from residual leaching to active mining, increasing production and improving cash flow through 2026.
It also provides the confidence to begin new investment in growth at San Agustin. This will include drilling aimed at converting oxide resources to reserves and testing sulphide targets that share characteristics with deposits such as Peñasquito and Camino Rojo.”
In July 2025, Heliostar complied with all required applications and received the required approval to undertake this open pit expansion. The relevant application was submitted in Q4, 2024. Further, the Company has also received a variance to its environmental impact assessment (MIA) to increase the height of the San Agustin leachpad from 77 to 88 metres in height.
Heliostar’s restart plan will include selecting civil, drilling and mining contractors, moving of a power transmission line, establishing additional access roads on site and removing and stockpiling the vegetation and topsoil present over the Corner Area. This work is anticipated to be undertaken in Q3 and Q4, allowing for the first stacking of new ore and subsequent new gold production from the Corner Area in Q4, 2025.
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