Brightstar Targets 3Moz Resource and 100koz Production in 2025

Brightstar’s Growth Blueprint

Brightstar Resources Limited has laid out a clear and confident roadmap to transform itself into a growing West Australian gold producer. The company’s February 2025 investor presentation details a multi-pronged growth strategy centered on ramping up production in calendar year 2025 (CY25), leveraging its substantial mineral resource base and strategic partnerships.

At the heart of Brightstar’s plan is the Laverton Hub, which boasts a JORC-compliant mineral resource of 862,000 ounces at 1.8 grams per tonne (g/t) gold. Production is already accelerating at the Second Fortune underground mine, with capital development completed in the second half of 2024 and ore haulage to Genesis Minerals’ Laverton mill underway since January 2025. This Ore Purchase Agreement (OPA) with Genesis provides Brightstar with a near-term processing solution and cash flow generation, allowing the company to monetize existing stockpiles and newly mined ore efficiently.

Expanding Production and Development

Beyond Second Fortune, Brightstar is advancing the Fish underground mine, targeting first production in the second quarter of 2025. The Fish development not only adds a second high-grade underground operation but also supports the future open pit development of Lord Byron, located just 7 kilometers west. Both Lord Byron and Cork Tree Well open pits, with combined mineral resources exceeding 500,000 ounces, are poised to provide ‘base load’ feed for Brightstar’s own processing infrastructure following a planned refurbishment of the BTR mill.

The company expects to deliver definitive feasibility studies (DFS) for Laverton and Menzies hubs in the first half of 2025, which will quantify the economics of the open pit opportunities and the mill refurbishment. This staged approach de-risks development and positions Brightstar to transition from toll milling under the OPA to owning and operating its own processing plant, enhancing margins and operational control.

District-Scale Resource Growth

Brightstar’s portfolio extends beyond Laverton, with the Sandstone Hub holding 1.5 million ounces at 1.5 g/t Au and the Menzies Hub containing 595,000 ounces at 1.3 g/t Au. The company has embarked on extensive drilling campaigns across these hubs, including an 80-kilometer program at Sandstone aimed at upgrading resources to the Indicated category and supporting upcoming scoping studies.

Recent acquisitions, such as the Montague Gold Project, have bolstered Brightstar’s resource base to approximately 3 million ounces, placing it among the top-tier ASX-listed West Australian gold developers. This scale provides a platform for organic growth and potential further consolidation in the region.

Financial and Market Position

Brightstar’s market capitalization stands around AUD 250 million, with a cash balance of AUD 21 million as of December 2024, supporting ongoing exploration and development activities. The company’s enterprise value per resource ounce remains attractive at AUD 76/oz, well below recent M&A transaction averages in the region, suggesting significant upside potential as production scales and feasibility studies advance.

Institutional interest has grown, with 40% of shares held by institutions and notable shareholders including St Barbara and Genesis Minerals. The management team combines technical mining expertise with corporate finance experience, positioning Brightstar to execute its growth ambitions effectively.

Looking Ahead

Brightstar Resources is poised to deliver first gold from its Laverton Hub processing campaign in March 2025, marking a critical milestone in its evolution from explorer to producer. The upcoming DFS results and ongoing drilling programs will be key catalysts, potentially unlocking further resource upgrades and development options. As the company transitions to owning its processing infrastructure, investors will be watching closely to see if Brightstar can realize its vision of becoming a significant mid-tier gold producer in Western Australia.