Permitting and Resource Upgrades Key Risks for Brightstar’s Sandstone Development

Project Momentum and Strategic Consolidation

Brightstar Resources Limited (ASX: BTR) is rapidly advancing its Sandstone Gold Project in Western Australia’s prolific goldfields, marking a significant step toward establishing a new mid-tier gold production centre. Following the late 2024 acquisitions of Alto Metals Limited and the Montague East Gold Project from Gateway Mining, Brightstar has consolidated a 3.0 million ounce (Moz) gold resource base, positioning Sandstone as a cornerstone asset in its multi-hub growth strategy.

The company has launched an aggressive exploration program with a fully funded 80,000-metre drilling campaign planned for 2025, part of a broader 134,000-metre portfolio-wide effort. This represents a substantial increase compared to historical drilling activity, reflecting Brightstar’s commitment to unlocking the project’s underexplored potential.

Resource Growth and Study Progress

Currently, Sandstone holds a Mineral Resource Estimate (MRE) of 1.5Moz at an average grade of 1.5 grams per tonne (g/t) gold. Brightstar targets an upgrade of this resource in the second half of 2025, incorporating new drilling results to underpin the maiden Ore Reserves expected in 2026. These milestones are critical to supporting the Pre-Feasibility Study (PFS), which is on track for delivery in the first half of 2026.

Preliminary assessments suggest an optimal processing plant capacity between 2.5 and 3.5 million tonnes per annum (Mtpa), to be located near the town of Sandstone. This location benefits from existing infrastructure, including sealed highways, facilitating efficient logistics and ore haulage from satellite deposits such as Montague, approximately 70 kilometres northeast.

Exploration Highlights and Upside Potential

Brightstar’s exploration team has already completed 23,500 metres of drilling in 2025, with assays pending from key deposits including Bull Oak, Havilah, Lord Nelson, and the Indomitable Camp. Early results have confirmed continuity of high-grade mineralisation, with notable intercepts such as 40 metres at 1.89 g/t Au from 178 metres at Lord Nelson and multiple high-grade hits exceeding 20 g/t Au at Vanguard North.

Beyond resource infill, the company is targeting several high-priority greenfield exploration targets across the Sandstone greenstone belt, including Hacks West, Bulchina South, Sandstone North, and Lord’s Corridor. These targets offer potential for new discoveries that could materially enhance the project’s scale and longevity.

Development Timeline and Production Aspirations

Brightstar’s aspirational timeline envisages construction commencing in the second half of 2027, with first gold production targeted for the second half of 2028. This schedule aligns with peak operations at Brightstar’s Laverton and Menzies hubs, supporting the company’s goal of becoming a +200,000 ounce per annum gold producer by 2029.

Managing Director Alex Rovira emphasised the value unlocked by the project’s consolidation and renewed exploration focus, noting the dramatic shift in gold prices since the last operational phase. With gold prices now over ten times higher than during the 1995–2010 period, Brightstar’s systematic drilling and study efforts are poised to transform Sandstone into a robust, long-life production centre.

Technical and Permitting Workstreams

Alongside drilling, Brightstar is advancing metallurgical and geotechnical studies to optimise gold recovery and mine design, including open pit stability and strip ratio considerations. Permitting and approvals processes are also underway to support redevelopment plans, aiming to de-risk the project ahead of construction decisions.

Capital expenditure estimates for the processing plant are being informed by recent Western Australian gold project studies, with Brightstar benchmarking costs and capacity to ensure competitive project economics.

Looking Ahead

Brightstar plans to release updated assay results and an upgraded Mineral Resource Estimate in the second half of 2025, followed by the PFS in early 2026. These deliverables will be pivotal in confirming the project’s economic viability and guiding the declaration of Ore Reserves.

With a clear development pathway and substantial exploration upside, the Sandstone Gold Project is shaping up as a key growth driver for Brightstar’s portfolio and a potential new production hub in Western Australia’s goldfields.