Exploration Co. Drills 101m High-Grade Gold in Ana Paula Resource in Mexico

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Heliostar Metals Ltd. (HSTR:TSX.V; HSTXF:OTC; RGG1:FRA)announced drill results from testing the down-dip extension of its Ana Paula gold resource estimate in Guerrero, Mexico. On April 9, 2026, Newsfile Corp. reported the Expansion Zone results of:

• 101.0 m grading 5.34 g/t gold from 512.5m
• 8.75 m grading 9.11 g/t gold from 484.65m
• 27.2 m grading 2.26 g/t gold from 647.0m
• 7.15 m grading 6.98 g/t gold from 464.3m

Heliostar CEO, Charles Funk, said in the announcement, "The results reported today continue to increase our confidence that the high-grade deposit at Ana Paula continues at depth. The success of the program so far has been twofold — continuing to hit impressive broad intervals of high grade and providing additional data allowing our team to refine the targeting model in the Expansion Zone. With two bodies of gold mineralization beginning to be defined, the 101 m of 5.34 g/t gold in hole AP-25-374 builds on the previously reported result of 25.45 m of 8.26 g/t gold also in the west pod. Today's headline hit is open to the north and south with assays pending for step-out drill holes."

Funk went on to say, "We interpret Ana Paula to be higher in the same geological setting as its large neighbors in the Guerrero Gold Belt. As such, we are keen to restart work on the mine decline in the second half of this year to provide improved access for further potential resource extensions. We anticipate releasing additional results from five holes drilled in the Expansion Zone within the quarter as assays are received."

Drill program results show that mineralization is open and at-depth to the north and south along an east-west-trending structure.

In the western pod of mineralization, holes AP-25-374 and AP-25-377 were drilled. Hole AP-25-374 tested the nearby stope area laid out in the Preliminary Economic Assessment (PEA) and found mineralization that continued 80 meters deeper than expected. AP-26-385 sits 25 meters to the north and is awaiting assays. Newsfile Corp reported, "The 101.0 m grading 5.34 grams per tonne ("g/t") gold is a 36 m step out to the east of AP-13-215, which returned 52.9 m at 5.21 g/t gold. Hole AP-25-377 was designed to infill a portion of inferred mineralization currently in the PEA mine plan."

Heliostar says it is "rapidly emerging as the next mid-tier gold producer, driven by a clear strategy and the core tenets of speed, grade, and growth." Two of the company's mines are in production, while four — including Ana Paula — are in development.

War Affects the Gold Sector

Recent concerns over the drop in the U.S. dollar value and uncertainty surrounding the U.S.-Iran War have caused gold's market rush to slow and almost stagnate. While gold is on track to be up 2% this week, continuous gold futures were down 0.7% at US$4,786 an ounce. An April 9 article for MSN by Adam Clark said, "Investors appear to be trimming their positions in the precious metals as they look ahead to U.S.-Iran talks this weekend."

Chief Investment Officer of Zaye Capital Markets, Naeem Aslam, discussed oil price inflation and its consequences with Kitco on April 10, saying, "The Fed is now staring down a nightmare scenario where headline pressures reaccelerate while growth slows. Expect 'higher for longer' to get a fresh lease on life unless oil collapses sustainably, which looks highly unlikely anytime soon. Traders celebrating today may be in for a rude awakening in May." Aslam expects this environment to remain positive for gold.

Some investors are jittery due to potentially high inflation stemming from the war and related oil prices, but Bloomberg gave its opinion late in the evening on April 9: "While the course of the Middle East war remains unknowable, it's probably fair to make the case that the conflict stands to place greater strain on governments' fiscal positions and overall debt burdens, including in the U.S. And that trend stands to bolster the precious metal's appeal as an asset that operates as a time-tested, highly liquid and independent store of value."

Drill Results are 'Very Good' According to Expert

Jeff Clark of The GoldAdvisor wrote that, "100 gram-meters is considered a strong hit, so [these results are] obviously very good," on April 9, 2026. Clark went on to say that the assay's 'high-grade panel' will make Anal Paula a "cash cow".

In regard to Heliostar's stock, Clark said, "The share price is up on the news, along with gold. As we've said multiple times, this is a core gold holding for the bull market when you consider the production coming online between now and 2030. The rich Ana Paula mine will be a big part of that growth." Clark noted the price, like gold, is now rebounding from its previous low, and he remains overweight on the stock.

FactSet reported that, on April 9, 2026, National Bank Financial analyst Alex Terentiew also gave the company a 'Buy' rating with a target price of CA$4.50. The same day, ATB Cormark Capital Markets analyst Richard Gray gave Heliostar a 'Buy' rating and a target price of CA$7.50. 

Ron Struthers offered his opinion on Heliostar to Streetwise Reports in an April 10 opinion piece, writing, "We first bought HSTR in February after the correction, but as you know, the gold stocks corrected further. If you missed buying in our update around CA$2.10, it is still a good buy here. It looked like the stock was going to break above resistance around CA$2.50, but fell back down. I think that the breakout is not far away."

Forward Momentum

Results pending from an additional five holes in the Expansion Zone at Ana Paula are expected in late April 2026. 

A Feasibility Study for Ana Paul is planned for 2027.

According to Heliostar's latest investor presentation, 2026 catalysts will include a technical report on its Goldstrike property, Veta Madre Stripping of its La Colorada property, and a Preliminary Economic Assessment (PEA) on its Goldstrike property late in the year.

Ownership & Share Information¹

Heliostar Metals Ltd. has a market cap of CA$715.64 million, with 277.38 million shares outstanding. The company's 52-week range is CA$0.91-CA$3.47.

Management and Insiders own 2.1% of shares, while Strategic Investors own 14.14%. Institutions hold 25.31% of shares, and the remaining 60.25% of shares are held by Retail.