All right. Hello everyone, and thank you all for continuing to join us throughout the day here at the Lytham Partners Fall 2026 Investor Conference. Again, my name is Robert Blum, Managing Partner here at Lytham, and up next, Stephen Soock, Vice President, Investor Relations and Development at Heliostar Metals, will be taking us through the company's slide presentation. Stephen, thanks so much for your participation today. The floor is all yours.
Great. Thanks, Robert, for having us. Yes, welcome everyone, and thanks for taking the time to learn about Heliostar Metals. We want to build the next mid-tier gold producer, is our goal, with the tenets of speed, grade, and growth building the company. We have a clear path to go from the 30,000 oz we produced last year to 300,000 oz of annual production by the end of the decade. We can do that entirely within our organic growth pipeline of development projects, and really what sets us apart is our ability to do that by using internally generated cash flow. So you get equity dilution-free growth, which is a rare thing in the mining industry.
We are using that cash from our current production to fund our major Ana Paula project that will add 100,000 oz a year starting in 2028, and then using the cash flows from that to continue to grow the company to that mid-tier status, which is really a space that has been abdicated by the majors in the gold-producing space and is an area of the industry we think we can create a lot of value in. I will, of course, be making forward-looking statements, and this recaps that. Why a mid-tier gold producer? We think it creates a full-cycle company. You are both predator and prey at that 300,000 oz- 500,000 oz a year range. Maybe not the likes of Barrick and Newmont, but the tier below that are forced to look at you as a potential growth acquisition target.
If the cycle remains robust and they are paying elevated multiples for growth, that is the sort of exit we could expect in a couple of years when we reach that status. Conversely, if the cycle contracts, it is a large enough base that we can continue to survive the downturn in the cycle, be able to pick up additional projects for pennies on the dollar when things get tough, and it is a small enough production base you can grow by adding that 100,000 oz- 200,000 oz a year mines that allows you to continue to have a growth profile. So we think it lets you get both sides of the coin. This is our pipeline of projects and producing assets.
We have two producing mines in Mexico, La Colorada mine and San Agustin, both of which we purchased about two years ago, that were in care and maintenance, and we brought back online. La Colorada, we've got a series of staged profitable projects that continue to grow our production profile from that asset alone. San Agustin mine was in care and maintenance and going into shutdown until we found an opportunity to bring it back online by getting the permits last year. We brought that mine back online early in 2026 and have reached steady- state production. That's going to be a real major cash flow driver for us over the next couple of years. The idea is that those two assets will generate about $150 million of internally generated cash flow to fund the equity portion of our Ana Paula project.
This really is the crown jewel of our portfolio. It's really something unique that'll have significant cash flows that we are progressing quickly, as our recent Feasibility Study progress update showed, and we'll be able to make a construction decision in mid- next year and start pouring gold from it before the end of 2028. Following Ana Paula, we then have a robust pipeline of additional development projects. Our Cerro del Gallo open- pit heap leach project in Mexico and our recently acquired Goldstrike project in Utah, either of which would add about 100,000 oz a year following Ana Paula, bringing us to that 300,000 oz a year mark by the end of the decade. This is the location of our mines and projects. We are Mexico-focused right now. Both of our producing mines in Sonora and Durango are about an hour outside their respective state capitals.
Sonora and Durango is like saying you're in Nevada and New Mexico. These are blue blood mining states with lots of mining in the area. All told, we've got just about 9 million ounces of gold and 125 million ounces of silver, most of which is at our Cerro del Gallo project. Yeah, very robust project pipeline. This really shows that ramp up and that re-rate potential as we go from an organically funded developer, which is really how we're viewed by the market right now, to the sort of elevated multiples that are applied to a steady- state producer as we continue to grow into the next couple of years. We're on track to produce about 50,000 oz- 55,000 oz this year from our two producing mines.
Want to maintain or increase that over the next few years, with really the step change being when we bring Ana Paula online, starting at the end of 2028, and then followed by our Cerro del Gallo project before the end of 2030. Our Q2 results show that our system is working. We produced just shy of 15,000 oz of gold at a very robust all-in sustaining cost of just around $2,200 an ounce year- to- date, so some very strong margins in today's gold price environment. Of the sub- 100,000 oz a year producers, we are one of the lowest cost producers. We are harvesting cash flow while reinvesting in some of the low-hanging fruit growth opportunities that are right in front of us, with the goal, like I said, of building the balance sheet to really support Ana Paula coming up next year.
This is our formal production guidance for 2026. 50,000 oz-55,000 oz of gold, about 300,000 oz of silver that we take as a byproduct against our costs to give us an all-in sustaining cost of just around $2,100 an ounce, which we are on track to meet this year. From a market cap perspective, we are sitting at about CAD 650 million market cap. We have $ 43 million cash in the bank as of June 30, and no debt. So very well-positioned from a balance sheet perspective, again, to bring this new mine online next year. Just around 310 million shares outstanding on a fully diluted basis. We want to really limit that equity dilution. We want to grow on a per- share basis is really our goal. Some of our top shareholders, Eric Sprott, the billionaire gold bug, is our biggest shareholder at 15%.
We have about half of our shares are held by long-only traditional gold funds. We do trade about 1.2 million shares a day on our OTCQX listing and our TSX Venture Exchange listing. We recently got added to the VanEck Junior Gold Miners ETF, the GDXJ, so that is recently elevated our profile in the market as well. I will not go through everybody here, but we are a very technically oriented team. That is the lens by which we look at these opportunities. Our CEO, Charles Funk, has a background as an exploration geologist. His big commercial success when he moved to Canada about 15 years ago was the VPX for Vizsla Silver, made the Panuco discovery there that launched that into a multi-billion dollar company, and has since had a great trajectory. But overall, big company experience across the board.
Everything we say we are going to do as Heliostar, we have done individually as members of the team, and now we just have to do it as Heliostar. We, of course, try and have a good ESG profile as well now that we are growing continually with real focus on some of our social and water initiatives in the local communities. I will leave you to peruse this at your leisure. Ana Paula is really the core of our company. It is really something special, a rare combination of high- grade over bulk- tonnage widths. So our recent PEA showed we are on track to bring a mine online at 100,000 oz a year at a $1,000 per ounce all-in sustaining cost. It is really the fact that it is a 60 m wide ore body at about 5.5 g/ton .
So we get to use bulk mining methods, but some very high margin material coming out of those low-cost mining methods, which drives that bottom 10th percentile AISC cost. Our recent Feasibility Study progress update showed we are working through this. We are about 35% done the Feasibility Study. That will be published in Q2 next year and form the basis of our investment decision, and we are finding some optimization opportunities as we work through that technical work. The PEA showed a billion-dollar NPV at a $3,800 per ounce gold price, which is a long way south of where we are currently trading right now on spot gold and some really spectacular IRR numbers. So we are really motivated to capture these economics for the company, for shareholders, and bring these cash flows online in short order. So you can see in here, it is a brief overview of how we approach the Ana Paula project.
It's a bulk- tonnage, high-grade underground project, and that's a rare combination to be able to say in this industry. Some really spectacular grade thicknesses through the core of the ore body that drive those economics. This gives you a brief layout of the mine design and some of those optimization opportunities, the ability to scale up production through the life of the mine, potential to drop the cutoff grade to capture even more material, and then looking at some of these operational efficiencies that we think we'll be able to capture compared to the PEA as we move into the Feasibility Study. Our timeline is progressing as planned. Like I said, we just released our Feasibility Study progress update. We'll submit the permit to the Mexican government shortly to go from what was previously a permitted open-pit project to now our underground approach to this mine.
Make the investment decision mid-next year, build the mine through 2027 and 2028, and pour first gold before the end of 2028. Beyond the development project, there's some really exciting exploration results at depth as well. 25 m at 8 g/ ton, 100 m at 5 g/ ton. All those are below what's currently in the economics of the development project as we show in the PEA. Our focus is bringing this mine online, but as we do that, we're going to continue to drill down dip and see if we've got a potential multimillion-ounce monster lurking at depth, just like our neighbors Los Filos and Torex do within 20 mi of the Ana Paula project. We also have a large land package that we're going to start exploring, but we'll leave that upside as we get to it.
Building a mine really does drive share price outperformance. This is a proven method to drive somewhere between 40% and 150% re-rate on the stock price above the index. This is really where you capture that value creation in the back end of the Lassonde curve and something that we think will drive us from a CAD 650 million market cap company, probably closer to CAD 2 billion-CAD 3 billion if you look at future peers. What supports the cash flow to be able to do this? Our La Colorada mine is something we brought online within weeks of closing the acquisition about two years ago. Really let us flip into a cash flowing position and get that flywheel turning for that internally funded growth. Series of stage growth projects within the mine to drive the economics you see on this slide here.
Right now, we're working on the Veta Madre open pit cutback that'll drive production through 2027. Right now, we're doing the waste stripping, which was the investment not done by the previous owner to really capture this high-grade 0.7 g/ ton heap leach material. Then we'll move on to the larger Creston open pit, which gives us another four years of mine life. Again, another large land package, lightly explored. As we continue to produce gold here, we're going to spend some dollars seeing where the next, call it 5- 10 years of production beyond what we've shown in our recent Feasibility Study for La Colorada could come from. So stay tuned as we get the drills turning on the broader land package here. Our second mine is San Agustin. This is the one we got the new mining permit from the Mexican government last year.
Really, this is a short-term cash flow ATM for us. It has a 14-month mine life generating some very significant cash flows. We see some very good opportunity to extend that mine life. This corner reserve area is what gives us that 14 months of reserve life, but we have already stepped out up to 200 m beyond the edge of the planned open pit here, and we think we are on track to add somewhere between 6- 12 months of mine life from what we have already drilled, let alone the drill is still turning and capturing some of these other opportunities around the existing open pit. Really a strong cash flow driver despite the short mine life. Our Cerro del Gallo project will come on after Ana Paula. This keeps showing our pipeline is full.
We put out a Pre-Feasibility Study showing 85,000 oz a year over a 15-year mine life for a mere $200 million in CapEx to bring it online. We think there is potential to upscale this. We think this is easily a 150,000 oz a year mine, and we are going through some of the technical work in the background to be able to show where that comes from. Probably will not hear much news flow-wise on this until we start to really get Ana Paula up and running from a construction standpoint. Nevertheless, Cerro del Gallo is progressing a little bit more quietly in the background. Again, very strong economics that we want to be able to capture in short order before the end of the decade to continue to drive value for shareholders from this project. Our Goldstrike project we bought earlier this year from an outfit called Liberty Gold.
It was sitting on a shelf for them. They are a single-asset developer who were not able to advance this. We picked it up for what we thought was a very good price, 1 million ounces of gold in a Carlin-style system in Utah, so it diversifies us into the U.S. through our development pipeline here. We bought it for the gold project, but it came with an antimony kicker as well. We recently put out systematic channel sampling results showing some very strong antimony grades, multi-percent antimony alongside up to 0.6 g/ ton from channel samples. Our drill program here has just wrapped up, so expect to see drill results from that before the year is out.
We are a gold company, but certainly antimony is another good card for us to play in our hand, whether it is through permitting or as a financing vehicle one way or the other to help advance the Goldstrike gold project. We have lots on the go. We have a little bit of something for everyone. We have got the quarter-on-quarter results showing cash flow, showing production. We have got our development catalysts. We have got the Ana Paula Feasibility Study progressing at pace, and we will give investors updates on that. We have got production coming online from La Colorada, from the Veta Madre cutback starting next year. Then really the major catalyst is the Ana Paula Feasibility Study and construction decision next year.
And then on top of that, we've got about 50,000 m of drilling that we're most of the way through this year, so expect to see continued drill results from across the portfolio beyond what's shown in the economic studies that we've put out to the market. So a very strong combination to be able to drive a growth company. We think as we progress through this over the next few years, we can re-rate from a developer multiple that we capture now up to that steady- state junior producer and then eventual mid-tier status and create a multibillion-dollar gold company within the next couple of years. We think we have all the pieces in place. We've got the balance sheet, we've got the team, we've got the projects, and now it's on us to execute. We intend to do just that. That's the brief overview of Heliostar.
Thank you so much for your time today to listen to our story. Robert, back over to you.
Fantastic. Stephen, thanks so much for your participation in the conference here. Thank you, everyone, of course, for watching. If you'd like to schedule a meeting with Heliostar, either here at the conference or there afterwards, shoot me an email. That's blum@lythampartners.com. To learn more about Lytham, make sure you visit our website, follow us on LinkedIn, and subscribe to us on YouTube to make sure you can stay connected to future events such as Stephen's presentation here. We hope you all enjoy the rest of the conference. Have a great day. Stephen, again, thanks so much for participation.
Thank you.