The KE Report Heliostar Metals - Cerro del Gallo PFS, Building Toward 300,000 oz/year
Dec 12, 2025
Stephen Soock, the Vice President of Investor Relations & Development at Heliostar Metals, shares insights on the Cerro del Gallo Project's promising Pre-Feasibility Study. The project boasts a profitable base case at $2,300 gold, with room for resource expansion through drilling. Silver contributes meaningfully to the economics, accounting for 15–20% of the project's value. Soock discusses the near-term cash flow from other operations, paving the way for Heliostar's ambitious goal of reaching 300,000 oz/year in production.
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High Leverage To Gold Price
- The PFS shows the asset is profitable at the base case $2,300/oz gold and scales dramatically at $3,900/oz gold.
- Post-tax NPV and IRR jump materially in the higher-price sensitivity, showing strong leverage to gold.
Cerro del Gallo Production Profile
- Cerro del Gallo is planned as an open-pit heap-leach averaging ~100,000 oz/year over ~15–16 years.
- The project shows strong economics at a conservative $2,300/oz gold base case and much higher upside at higher gold prices.
Reserve vs Resource Upside
- The PFS used only proven and probable reserves, capturing ~2.27M gold-equivalent ounces while the total resource exceeds 5M oz indicated+inferred.
- Additional drilling, metallurgical work, and moving surface infrastructure could bring more ounces into a mine plan.