Morning Briefing: Heliostar Metals Publish PEA for Ana Paula
Good morning and welcome back to the Mining Stock Daily morning briefing.
It's Thursday, November 6th.
Gold gained $32 yesterday on its front month contract and is back above the $4000/oz mark this morning as the range-based consolidation continues. Silver remains range-bound as it consolidates within the $48/oz mark. The dollar is retreating slightly this morning, but well within its continued upward trend. Yesterday, the US Supreme Court heard arguments in the case against President Trump’s tariff policies. Polymarket, the online betting platform, has the odds of Trump winning the case in support of his policies at 25%. The US government shutdown continues to loom, now the longest shutdown in US history. What are Polymarket odds of the government reopening? Well, according to the betting markets, there is less than a 50% chance it reopens after November 16th. The odds are less favourable before then.
We’ll get to the news from the miners and explorers here in a moment, but first a quick word about today’s sponsor.
This episode of Mining Stock Daily is brought to you by… Revival Gold
Revival Gold is one of the largest pure gold mine developer operating in the United States. The Company is advancing the Mercur Gold Project in Utah and mine permitting preparations and ongoing exploration at the Beartrack-Arnett Gold Project located in Idaho. Revival Gold is listed on the TSX Venture Exchange under the ticker symbol “RVG” and trades on the OTCQX Market under the ticker symbol “RVLGF”. Learn more about the company at revival-gold.com
And here’s what you need to know this morning…..
Heliostar Metals published results of its preliminary economic assessment for the underground mine development of the Ana Paula Project in Mexico. The PEA is based on a resource update of the November 27, 2023 resource with 742,000 ounces of Measured and Indicated and 514,000 ounces of Inferred resources. The study outlines a nine year mine life producing 101.1koz/yr on average after ramp-up, at a cash cost of US$923/oz and an all-in sustaining cost (AISC) of US$1,011/oz, costing US$300M in initial capex to bring into production. At the base case gold price of US$2,400/oz, this results in an after-tax NPV of US$426M at a 5% discount rate, an IRR of 28%, and a payback period of three years. As of the date of this release, the Company has completed 10,909 metres of a 15,000m drilling program with assay results expected to be released every 4-6 weeks. The program aims to convert Inferred ounces to higher classifications to support technical aspects of an ongoing Feasibility Study and to test exploration targets north of the High Grade Panel. Work is ongoing on a permit amendment to alter the previously granted open pit permits to include the lower-impact underground extraction plan. The Company expects to submit this amendment in Q1, 2026. Heliostar expects to generate enough free cash flow from its two operating mines over the next two years to fund the construction of Ana Paula with the support of a project financing facility. (TSXV: HSTR) (OTCQX: HSTXF) News Release
Solaris Resources announced results for the prefeasibility study with an updated mineral resource estimate for the Warintza Project in Ecuador. The economics of Warintza come in at a post-tax NPV of $4.6B and an IRR of 26%. Initial capital costs is estimates to be $3.7B. The new mineral resources estimate which is incorporated into the study shows a 312% increase in Measured plus Indicated Mineral Resources, at a cut-off grade of 0.1% Cu and a net smelter return (“NSR”) cut-off value of US$6.30/t, compared with the published 2024 MRE. We are also seeing the project’s maiden mineral reserve estimate in this report, which comes in with an estimate of 1.3 billion tonnes of proven and probable at a .41% CuEq. This provides the project with a 22 year mine life. The company noted there is a possibility of extending the mine life by a timeframe in the order of 25 to 30 years beyond the Mineral Reserves. (TSX: SLS; NYSE: SLSR) News Release
Minera Alamos published an update on the development plans underway for its 100% owned Copperstone Mine gold project in Arizona. With final amendments to the existing Mine Plan of Operations ("MPO") submitted in final form in July 2025 and with approvals expected before year end, the Company is concurrently preparing an updated technical study that would allow for a positive Board decision for a full restart of the Copperstone project. Engineering activities have been ramped up to optimize plans for the mine restart and process plant installation. An updated technical study is planned for release in the first half of 2026 to demonstrate the positive impact of these efforts which, when combined with the current elevated gold prices, will allow the Board of Directors to make a production decision soon after. The current NI 43-101 compliant technical report - Preliminary Economic Assessment*1 ("PEA") demonstrates robust project economics, with an after-tax Net Present Value (NPV) of US$66 million at a gold price of US$1,800/oz and over US$200 million at US$2,800/oz. The after-tax Internal Rate of Return (IRR) ranges from 53.6% to 152.7% across these pricing scenarios. (TSXV: MAI) (OTCQX: MAIFF) News Release
Awalé Resources announced results from step-back diamond drilling at the Charger discovery within the Odienné Project in Côte d'Ivoire. The intercept of 17.9 g/t gold over 6 metres within a 40-metre mineralized breccia zone in OEDD-149 demonstrates strong continuity with scale at depth. Combined with OEDD-148's 52 metres at 16.4 g/t gold (including 11 metres at 70.3 g/t gold), these results define a steeply dipping, high-grade gold shoot now extending to 600 metres below surface and open in all directions. (TSXV: ARIC) (OTCQX: AWLRF) News Release
Idaho Strategic Resources announced drill results from its 2025 summer drill program designed to expand on known resources within the Paymaster shoot at the Company’s Golden Chest Mine. Results included 2.3m of 8.93 g/t Au, 4.3m of 15.5 g/t Au and 1m of 27.7 g/t. The Paymaster remains open down-dip and along strike following this summer’s drilling program and will continue to be the target of additional infill and resource expansion drilling throughout the winter. The current resource outlined in the Paymaster is located approximately 168 meters south of the Company’s existing underground development, placing the Paymaster near the top of the list as the next area for mine development and eventual production. (NYSE American: IDR) News Release
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That’s it for today everyone. Have a great day. Stay safe.
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