Hannam & Partners visited Heliostar Metals’ (“Heliostar”) La Colorada mine in Sonora state, following an earlier site visit to the Company’s Ana Paula project in Guerrero State, Mexico. The open-pit, heap-leach operation at La Colorada restarted in Jan’25 and has a reserve of 376koz. The mine should run until at least 2031; however, based on recent exploration success, we believe this could be extended into the mid-2030s, which would increase our project NAV by 76%. We value La Colorada at US$22 ....
