Verdict
Undervalued
What is Heliostar Metals Ltd. (HSTR.V) worth?
Currently $1.72 — 64% discount to Dolphy’s fair value · ● live
● live · as of 2026-07-21 21:13 · Market cap $586.6M
As of 2026-07-07, Heliostar Metals Ltd. (HSTR.V) looks undervalued. Dolphy estimates a fair value of $4.82 versus a current price of $1.72 — a 64% discount to fair value.
Executive summary
Heliostar is a multi-asset Mexico/US gold company: two producing Mexican heap-leach mines (La Colorada, San Agustin), a high-grade underground development flagship (Ana Paula, PEA), a large PFS-stage heap-leach project (Cerro del Gallo), a PEA-stage project (San Antonio), and a resource-stage US asset (Goldstrike) plus exploration (Unga). Management's stated ambition is >500koz/yr by 2030.
A cross-reference of the July-2026 corporate deck against v3 confirms the pivotal currency point — all technical-report NPVs and financials are USD, while the C$567M market cap and C$2.03 price are CAD — so USD values are converted at 1.37 before per-share division on 310M fully-diluted shares.
On a risked-NPV SOTP with the actual technical-report figures: producing ops ~C$0.95/sh (US$240M NPV, 90%), Ana Paula ~C$1.77 (US$800M PEA NPV, 50%), Cerro del Gallo ~C$1.33 (US$750M PFS NPV, 40%), San Antonio ~C$0.66 (US$750M PEA NPV, 20%), Goldstrike ~C$0.18 (40%), exploration ~C$0.05 (30%), net cash +C$0.17, less corporate G&A -C$0.29 — netting to C$4.82/share. A producing-multiple comps cross-check yields ~C$2.75 and a strict producing-only NPV is ~C$0.8/share — the floors if the development pipeline is never funded.
Against C$2.10, that is a meaningful discount and sits below the C$6.16 street mean (which appears to credit fully-funded, fully-built development at record gold). Blended fair value: C$4.82.
How we value it
Probability-weighted risked-NPV sum-of-the-parts using published NI 43-101 technical-report NPVs (USD) converted to CAD at 1.37, on 310M fully-diluted shares; producing-multiple comps as the downside floor
Every figure is computed from SEC filings by the analyst’s calculator tools and fact-checked by a second, independent model.
Investment thesis
About Heliostar Metals Ltd.
Heliostar Metals Ltd., together with its subsidiaries, engages in gold and silver exploration and mining activities in the United States and Mexico. Its flagship property is the 100%-owned Ana Paula gold project, which covers an area of 56,334 hectares located in the state of Guerrero, Mexico. The company was formerly known as Redstar Gold Corp. and changed its name to Heliostar Metals Ltd. in October 2020. Heliostar Metals Ltd. was incorporated in 1983 and is headquartered in Vancouver, Canada.
Frequently asked questions
Is HSTR.V a buy?
As of 2026-07-07, Heliostar Metals Ltd. (HSTR.V) looks undervalued. Dolphy estimates a fair value of $4.82 versus a current price of $1.72 — a 64% discount to fair value.
What is HSTR.V's fair value?
Dolphy's estimated fair value for Heliostar Metals Ltd. (HSTR.V) is $4.82, versus a current market price of $1.72.
Is HSTR.V overvalued or undervalued?
Heliostar Metals Ltd. (HSTR.V) currently looks undervalued — trading at a 64% discount to Dolphy's estimated fair value of $4.82.
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AI-generated research by Dolphy for educational and informational purposes only — not investment advice. Figures are computed from public sources and may contain errors.