Orla Mining, G Mining Ventures, and Heliostar Metals: Three Gold Mining Companies for Different Investors
Introduction: Why Invest in Gold Mining Companies?
Gold has always been one of the most reliable assets for capital preservation, especially during times of economic uncertainty. But instead of buying physical gold or ETFs, many investors choose gold mining company stocks — because they can deliver significantly higher returns if the company successfully develops its projects.
The problem is that the gold mining sector is extremely diverse. There are giant corporations, mid-tier producers, and small junior miners just starting production. Each category has its own level of risk and potential profitability.
As a reminder, I already have Orla Mining in my portfolio, as well as Agnico Eagle Mines. You can view my latest investment report at the link. In this article, we’ll examine three Canadian gold mining companies representing different approaches to gold investing:
- Orla Mining — diversified producer with dividends (conservative option)
- G Mining Ventures — construction-stage company with huge potential (aggressive option)
- Heliostar Metals — small producer with expansion opportunities (balanced option)
Let’s dive deep into who they are, what they do, and which company suits which investor.
Part 1: Who They Are and What Stage They’re At
Orla Mining — Stable Producer with Dividends
Orla Mining is already a full-fledged gold producer with diversified operations in North America. After acquiring the Musselwhite mine in Ontario from giant Newmont, the company significantly strengthened its position. The portfolio also includes Nevada projects, notably the South Carlin Complex.
Key 2025 event: Orla announced its first-ever quarterly dividend (inaugural dividend). This is an important signal for investors — the company has transitioned from aggressive growth phase to stable cash flow generation phase.
Who it’s for: If you’re looking for a more conservative option with lower risk and the ability to receive dividends, Orla Mining is your choice. It’s the closest to “blue-chip” among these three companies.
G Mining Ventures — Ambitious Construction-Stage Project
G Mining Ventures is a completely different story. The company focuses on large-scale projects in South America, notably Oko West in Guyana and Tocantinzinho in Brazil.
Key difference: G Mining is in the active construction phase. In October 2025, the company made the official construction decision for Oko West, received all necessary permits, and signed a $350 million credit facility. The first tranche has already been received, and money is actively being invested in construction.
Resource base is impressive: Oko West contains approximately 4.3 million ounces of gold (indicated) plus 1.6 million ounces (inferred). If everything goes according to plan, this will be a major producer.
Who it’s for: This is an option for aggressive investors ready for high volatility. If construction goes successfully and within budget — potential returns are enormous. But if something goes wrong (delays, budget overruns) — the stock price can fall significantly.
Heliostar Metals — Small Producer with Big Ambitions
Heliostar Metals is a small gold mining company with projects in Mexico: Cerro del Gallo and La Colorada. Unlike G Mining, Heliostar is already an operating producer, albeit small.
Recent achievements: In Q3 2025, Heliostar showed record production — approximately 9,165 gold equivalent ounces (GEO). The company also recently completed a positive Preliminary Feasibility Study (PFS) for Cerro del Gallo and filed for Veta Madre pit expansion.
Who it’s for: If you’re looking for a small company with growth potential but aren’t ready for the risks of a pure “developer” without production — Heliostar might be the golden mean. It’s already generating revenue but has room for expansion.
Part 2: What They Do and How They Make Money
Orla Mining: Production + Dividends + Exploration
Current operations:
- Musselwhite (Ontario, Canada) — acquired from Newmont, fully operating mine
- South Carlin Complex (Nevada, USA) — exploration and development pipeline
Q3 2025 Production: 79,645 ounces of gold
AISC (All-in Sustaining Cost): $1,641 per ounce
Q3 2025 Revenue: $275 million
Orla also actively invests in exploration (discovering new deposits), providing potential for future growth. Recent positive exploration results (December 2025) confirm this strategy.
Dividends: Beginning quarterly dividend payments in December 2025 is an important step. This means the company generates enough cash to return it to shareholders, and management is confident in business stability.
G Mining Ventures: From Exploration to Mass Production
Focus: Oko West in Guyana — this is the company’s main asset.
Oko West Resource Base:
- Indicated resources: ~4.3 million ounces of gold
- Inferred resources: ~1.6 million ounces of gold
What’s already done:
- ✅ Official construction decision made (October 2025)
- ✅ Mining license received (December 2025)
- ✅ $350M credit facility signed (first tranche received)
- ✅ All environmental permits obtained
Current Q3 2025 Production: 46,360 ounces
AISC: $1,046 per ounce (lowest among the three!)
Q3 2025 Revenue: $161.7 million
Important to understand: G Mining already has operating operations (where these numbers come from), but the main story is Oko West, which is just being built. It’s what can transform the company from mid-tier to major producer.
Heliostar Metals: Small But Growing
Operating operations:
- La Colorada (Mexico)
- Cerro del Gallo (Mexico)
Q3 2025 Production: 9,165 GEO (gold equivalent ounces)
Q3 2025 Sales: 7,709 GEO
AISC: $1,825 per GEO
Q3 2025 Operating Income: $14.2 million
Growth catalysts:
- ✅ Positive PFS for Cerro del Gallo (December 2025)
- ✅ Veta Madre pit expansion application
- 📊 Production increase plan
Heliostar has the highest cost among the three ($1,825 per ounce), but PFS shows there’s potential for optimization and cost reduction with production expansion.
Part 3: Financial Analysis — Who’s Making Money?
Now let’s get to specific numbers. For an investor, it’s important to understand not just the scale of operations, but the company’s financial health.
Comparative Financial Metrics Table (Q3 2025)
| Metric | Orla Mining | G Mining Ventures | Heliostar Metals |
|---|---|---|---|
| Production | 79,645 oz | 46,360 oz | 9,165 GEO |
| Revenue | $275M | $161.7M | ~$25M (estimate) |
| AISC (cost) | $1,641/oz | $1,046/oz | $1,825/GEO |
| Cash | $326.9M | $94.6M | $34.6M |
| Debt | $420M | Actively using credit | $0 (debt-free) |
| FCF (Free Cash Flow) Q3 | $93.1M | $95.8M | Small positive |
| Adjusted EBITDA Q3 | High | $122.6M | $14.2M (operating income) |
What This Means for Investors
1. All-in Sustaining Cost (AISC) — Key Indicator
The lower the cost, the more the company earns on each ounce of gold. At current gold price around $2,600-2,700 per ounce, let’s calculate margin:
- G Mining: $2,650 (price) – $1,046 (AISC) = $1,604 margin per ounce 🏆
- Orla Mining: $2,650 – $1,641 = $1,009 margin per ounce ✅
- Heliostar: $2,650 – $1,825 = $825 margin per ounce ⚠️
Conclusion: G Mining has the best operational efficiency and highest margins. This makes the company very profitable at current gold prices.
2. Liquidity and Debt
- Orla: Has the most cash ($326.9M), but also the most debt ($420M). Net debt = approximately $93M. This is acceptable for a company this size, especially given cash flow generation.
- G Mining: Cash $94.6M, but actively spending on Oko West construction (capex $93M in Q3 alone). Has a $350M credit facility being utilized. This is normal for construction phase, but need to watch the budget.
- Heliostar: Smallest cash ($34.6M), but debt-free. For a small company this is good — no pressure from creditors. However, large-scale expansion may require external financing.
3. Cash Flows
- Orla: Q3 FCF $93.1M (excellent), but YTD (year-to-date) FCF negative -$246.8M due to large capital expenditures on Musselwhite integration and South Railroad development. This is temporary.
- G Mining: Q3 FCF $95.8M with lower production — impressive! Efficiency indicator. But remember that active Oko West construction will “eat” cash for the next 1-2 years.
- Heliostar: Small but positive cash flows. Operating income $14.2M in Q3 allows financing small expansions, but larger projects need additional funds.
Part 4: Recent News and Catalysts
Stock prices often move not so much from current results as from future expectations. Here are key events from recent months:
Orla Mining
✅ December 3, 2025: Announcement of first quarterly dividend
✅ December 2, 2025: Positive exploration results (new gold discoveries)
What this means: Company is standing firmly and ready to share profits with shareholders. Exploration hits show potential for resource base expansion.
G Mining Ventures
✅ October 2025: Official Oko West construction decision
✅ December 8, 2025: Receiving mining license in Guyana
✅ November 10, 2025: First tranche of credit facility ($350M)
What this means: All lights are green. Company is rapidly moving from “developer” to “producer.” The next 12-24 months will be critical — if construction goes according to plan, stock could grow significantly.
Heliostar Metals
✅ December 11, 2025: Positive PFS for Cerro del Gallo
✅ Ongoing: Permitting process for Veta Madre expansion (La Colorada)
What this means: Company demonstrates it can scale. PFS confirms economic feasibility of expansion, and permitting procedure is progressing (mentioned “positiva ficta” — automatic approval absent objections).
Part 5: Risks — What Can Go Wrong?
No investment is risk-free, especially in the gold mining sector. Let’s honestly discuss each company’s risks.
Orla Mining Risks
1. Integration risks (M&A)
Acquiring Musselwhite from Newmont is a major deal. Integrating different corporate cultures, systems, personnel always carries risks. If something goes wrong, it can affect operational efficiency.
2. Geographic diversification = operational complexity
Operations in different jurisdictions (Canada, USA) mean different regulatory requirements, tax systems, labor laws. This creates additional management complexity.
3. Gold price (commodity risk)
Like all gold producers, Orla depends on gold price. If price falls below $2,000 per ounce, margins will decrease.
4. Higher AISC
At $1,641/oz cost, Orla is less profitable than G Mining ($1,046). If gold price falls, Orla will suffer more.
G Mining Ventures Risks
1. Execution risk (construction execution risk) 🚨
This is the biggest risk. Oko West is a huge capital project. Gold mining industry history is full of examples where construction was delayed, budget doubled, and companies went bankrupt. If G Mining can’t control capex — it will be catastrophic for shareholders.
2. Jurisdictional risks (Guyana)
Guyana is not Canada. Though the country shows progress in creating favorable investment climate, there are always risks of legislation changes, additional taxes, problems with local communities.
3. Equipment supply delays
In the post-COVID world, supply chains are still unstable. Delays in receiving critical equipment can derail construction schedule.
4. Financial pressure
Company is actively spending money ($93M capex in Q3 alone). If something goes wrong, additional financing may be needed (shareholder dilution through additional stock issuance or expensive loans).
Heliostar Metals Risks
1. Small size = high volatility
Small companies are more sensitive to operational problems. If one pit stops due to technical problems or strike, it can affect all financial indicators.
2. Permitting risks
Though “positiva ficta” procedure for Veta Madre looks positive, there’s always risk of delays or unexpected requirements from regulators.
3. Highest AISC
At $1,825/GEO cost, Heliostar is least efficient of the three. If gold price falls, company may find itself near profitability threshold.
4. Need for financing
Scaling requires money. With $34.6M cash and ambitious expansion plans, company may need external financing (debt or share dilution).
Part 6: Which Company for Whom? “Risk-Return” Matrix
Now the most important part: how to choose what suits you?
Profile 1: Conservative Investor
Who you are:
- Looking for stability and predictability
- Ready to sacrifice part of potential growth for lower risks
- Value dividends
- Investment horizon: 3-5+ years
Your choice: Orla Mining ✅
Why:
- Already full-fledged producer with diversified assets
- Started paying dividends (passive income)
- Lower execution risk compared to building from scratch
- Exploration support provides growth potential without extreme risks
Expected return: Moderate (15-30% annually under favorable conditions)
Risk level: Low-Medium
Profile 2: Aggressive Investor (Speculator)
Who you are:
- Ready for high volatility
- Looking for opportunity to double or triple investment
- Understand you could lose significant capital
- Investment horizon: 1-3 years
Your choice: G Mining Ventures 🚀
Why:
- Huge resource potential (Oko West)
- If construction successful — company becomes major producer
- Low AISC ($1,046) means high profitability during production
- All permits received, financing secured
Expected return: High (100-300% potential if successful)
Risk level: High
Important: This is NOT “buy and forget.” Need to regularly monitor construction news, capex, schedules. At first signs of problems — exit quickly.
Profile 3: Balanced Investor (Golden Mean)
Who you are:
- Looking for compromise between risk and profitability
- Ready for moderate volatility
- Interested in growth companies but with operating business
- Investment horizon: 2-4 years
Your choice: Heliostar Metals 💎
Why:
- Already operating producer (generating revenue)
- Positive PFS shows growth potential
- Debt-free (financially clean structure)
- Small size = greater % growth potential compared to large companies
Expected return: Medium-High (30-80% if successful)
Risk level: Medium
Important: Monitor permit progress for expansion and quarterly production reports.
Part 7: Practical Tips for Beginners
1. Don’t Put All Money in One Company
Even if confident in your choice, diversification always reduces risks. Can split capital, for example:
- 50% Orla (stability)
- 30% G Mining (growth)
- 20% Heliostar (speculation)
2. Monitor Gold Price
Gold price is the main driver for all gold mining companies. Use sites like Kitco.com or TradingView for monitoring.
Important levels:
- Above $2,500/oz = favorable environment for all
- $2,000-2,500/oz = neutral
- Below $2,000/oz = margin pressure
3. Read Quarterly Reports
Key metrics to monitor:
- Production: Is company achieving guidance?
- AISC: Is cost rising? (bad) Falling? (good)
- Cash flow: Is company generating cash or spending?
- Guidance: Does company maintain annual forecasts?
4. Set Stop-Losses
Especially for G Mining and Heliostar. For example:
- If stock falls 15-20% from your purchase price — review position
- If falls 30% — seriously consider exit
5. Think Long-Term
Gold mining companies aren’t crypto. Rarely see 100% jumps in a week. Instead it’s steady growth with volatility periods. Investment horizon minimum 12-24 months.
Conclusion: Three Paths in One Industry
The gold mining sector offers opportunities for investors with different risk profiles. The key is to honestly assess yourself and your volatility tolerance.
Orla Mining is the choice for those who want to sleep peacefully, receiving dividends and having exposure to gold through a stable producer.
G Mining Ventures is a bet on transformation. If Oko West works successfully, this could be a story of doubling or tripling capital. But be ready for a roller coaster.
Heliostar Metals is the golden mean for those who want growth but aren’t ready for extreme risks of a pure developer.
Most important: Invest only money you’re ready to risk. Gold mining companies aren’t bank deposits. This is an exciting but volatile sector.
Which company would you choose? Or perhaps create a portfolio of all three?
⚠️ Disclaimer: This article is educational material and is not financial advice or investment recommendation. The author is not a licensed financial advisor. Always conduct your own research (DYOR) and consult with a professional financial advisor before making investment decisions. Investing in gold mining company stocks carries risk of capital loss.
