Mining Company Secures High-Grade Gold Breakthrough in Utah

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Heliostar Metals Ltd. (HSTR:TSX.V; HSTXF:OTC; RGG1:FRA) announced a new agreement with Liberty Gold Corp. (LGD:TSX; LGDTF:OTCQX) to acquire 100% interest in the Goldstrike Project in Utah at a price of CA$72.5 million.

"Heliostar, through its whole owned subsidiary, Helio Five Resources Ltd., has entered into an agreement dated March 20, 2026, to purchase Specialty American Metals Inc., a wholly owned British Columbia subsidiary of Liberty, which is the sole owner of Pilot Goldstrike Inc., a Nevada company that holds the Goldstrike project," reported Charles Funk, Heliostar's CEO,  on March 23, 2026.

The purchase is expected to be finalized within 30 days, subject to standard regulatory and exchange approvals. To comply with securities laws, all shares in connection with the acquisition will be held for four months and one day from the closing date.

Heliostar is a Canadian gold mining company with two producing mines and four assets in development. Its flagship asset is the Ana Paula Project, which the company hopes to have producing in 2028.

According to the company website, Heliostar considers itself an emerging mid-tier gold producer that is leveraging near-term cash flow into dilution-free expansion.  

Gold Sector on a Slow Rebound

Fears of inflation and the uncertain future of the U.S.-Iran War have thrown the gold sector into a tailspin this week, with the metal hitting its lowest price in four months. Some investors have tried to sell their shares, but analysts caution against moving too quickly.

"In gold, the first upside Fibonacci retracement level near ~US$4,600/oz was reached overnight. The market is likely to spend some time consolidating its recent ~US$500/oz rebound, before making an attempt to push up to test US$4,700/oz by Friday's close," wrote Robert Sinn of Goldfinger Capital on March 25. "Should gold fail to sustain above US$4,500/oz over the next couple of trading sessions, it would likely mean a retest of Monday morning's washout low near US$4,100 is in order."

Daan Struyven, Co-Head of Global Commodities research at Goldman Sachs, addressed the lowered gold prices and argued that the price of gold is simply stabilizing after its strong rally. He also points to the war as a cause of investor concern: "Episodes of extreme market stress can . . . pressure bullion, as investors facing margin calls tend to sell gold alongside other assets."

With the suggestion of peace talks between the U.S. and Iran, though, ". . . Spot gold prices added nearly 2% an ounce to US$4.588.81. Gold futures for April delivery rose more than 3% to US$4.558.60 per ounce," on March 24, 2026, according to Lee Yin Shan for CNBC.

Analysts Claim Excitement Over Heliostar's Future

Jeff Clark and Jeff Valks of The Gold Advisor noted on March 24, 2026, that Heliostar had released an indicated mineral resource for the Goldstrike Project of 975,000 ounces grading 0.46 g/t gold, plus an inferred resource of 90,000 ounces grading 0.31g/t gold.

Valk goes on to call the measurement a meaningful scale for a staged acquisition, as this. . . is a former producer with infrastructure nearby and a known Carlin-style system already drilled from multiple angles.

After giving the company a "Buy" rating, Valks wrote about his and Clark's standings in regard to Heliostar: "I hold a long position, Jeff Clark maintains an overweight position and is not taking profits despite sitting on a large gain."

Analysts Guy, Bell, Norris, Fitzpatrick, and Ashfield of Hannam and Partners declared a target valuation of CA$7.41 per share, writing that they were particularly excited by Heliostar's Corner Expansion zone, which, "demonstrate[es] a mineralisation corridor extending 200m beyond the pit boundary and indicating that some material currently classed as waste in the mine plan could now be economically added to the leach pad."

Catalysts

CEO Charles Funk is quoted on the company website, saying, "Heliostar aims to be a premier precious metals growth company; producing more than 500,000 ounces of gold per year by 2030. Building mines in the 100-250kozpa production space has been abdicated by the major mining companies. Gold deposits regularly grow larger, and this space is a proven pathway to building a multi-billion-dollar business."

The company is currently developing three projects in Mexico. Its primary development project, Ana Paula, has commenced 20,000 meters of drilling and has another feasibility study planned for the first half of 2027. The Cerro del Gallo Project is currently undergoing permitting, while its San Antonio Project is under study.

Ownership & Share Structure¹

Heliostar Metals Ltd. has a market cap of CA$574.18 million. The company has 276.05 million shares outstanding, and its 52-week range is CA$0.80-CA$3.47.

Management and Insiders own 2.1% of shares, while Strategic Investors own 14.14%. Institutions own 23.51% of shares, and the remaining 60.25% of shares are retail.