Heliostar Metals Ltd (HSTXF) Q3 2025 Earnings Call Highlights: Strong Production and Strategic ...

Heliostar's talking about 2026 production ramps while we're already deep into a supply crunch. These junior miners love to project big numbers when metals are hot, but here's what matters: current physical delivery. COMEX registered gold inventories are still tight, and every ounce these guys pull from the ground in two years won't help today's supply deficit. The real story is that miners are finally profitable at these price levels, which means they'll expand operations. But that takes time. Meanwhile, central banks keep buying and physical premiums stay elevated. Stack now while the discount to future production costs is still there.