The KE Report Heliostar Metals - A Self Funded Developer In Mexico, Building a Cash-Flowing Growth Story
Nov 5, 2025
Stephen Soock, VP of Investor Relations and Development at Heliostar Metals, brings a wealth of knowledge from his background as a mining engineer and Bay Street analyst. In this conversation, he reveals the company's strategy for transitioning to cash flow in Mexico, focusing on the Ana Paula Gold Project. Soock discusses the valuation of Heliostar as an organically funded developer and shares insights on gold pricing and discount rates. He also emphasizes growth plans aiming for 500k oz/year by the decade's end and explores the opportunity for mid-tier producers amid industry consolidation.
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From Yukon Camp To IR At Heliostar
- Stephen Soock began in mining at 17 in a Yukon bush camp and later studied mining engineering at Queen's University.
- He spent years underground and on Bay Street as a mining analyst before joining Heliostar in April to work with CEO Charles Funk.
Anapala Is A Full-Cycle Asset
- Stephen calls Anapala a "full cycle asset" combining bulk tonnage and high grade, uncommon in one deposit.
- He expects ~100,000 oz/year at ~$1,000 ASIC by 2028, which will generate substantial cash to fund growth.
Value Heliostar As An Organically Funded Developer
- He frames Heliostar as an organically funded developer using current cash flow to de-risk growth rather than a typical junior producer.
- Valuation should anchor on NAV and then track how cash flow and de-risking convert NAV into realized value.