Brightstar Targets 338,528oz Gold with A$461m Cash Flow in New Feasibility Study

Definitive Feasibility Study Highlights

Brightstar Resources Limited (ASX – BTR) has unveiled a comprehensive Definitive Feasibility Study (DFS) for its Laverton and Menzies Gold Projects, outlining a production target of approximately 338,528 ounces of gold over five years. The study projects robust financial metrics, including an undiscounted pre-tax cash flow of A$461 million, a net present value (NPV8) of A$316 million, and an internal rate of return (IRR) of 73% based on a spot gold price of A$5,000 per ounce.

The DFS encompasses both open pit and underground mining operations, with key deposits such as Lady Shenton, Lord Byron, and Yunndaga forming the backbone of the production profile. Brightstar anticipates average annual recovered ounces of around 70,000, with potential to extend mine life through ongoing exploration.

Operational Progress and Production Ramp-Up

Operationally, Brightstar is advancing well with its underground mines. The Second Fortune mine achieved a 25% increase in production over the quarter, mining 34,660 tonnes at 3.29 g/t gold for 3,667 ounces. Development work continues to expand access and flexibility, including the discovery of the new FTV Lode, which adds valuable ounces per vertical metre.

Meanwhile, the Fish underground mine has commenced formal mining and development ahead of schedule and under budget. Surface infrastructure, including a 48-room camp, is operational, and the first ore was intersected in late June, aligning with budgeted grades. Ore haulage to the Genesis Minerals Laverton Mill began in early July, supporting the next processing campaign slated for August.

Strategic Partnerships and Project Funding

Brightstar has executed a Memorandum of Understanding with Paddington Gold Pty Ltd to facilitate ore processing for up to 2 million tonnes from the Menzies Gold Project starting in the first half of 2026. This agreement is a key step toward a binding ore sale contract, subject to board approval.

To support project development, Brightstar completed a $50 million capital raising at $0.48 per share and secured a US$11.5 million revolving stockpile finance facility with Ocean Partners Australia Pty Ltd. The company has drawn down US$10 million of this facility, providing strong liquidity alongside a cash balance of A$11.7 million as of June 30, 2025.

Exploration Success and Resource Growth

Exploration drilling across Brightstar’s portfolio continues to deliver high-grade results, notably at the Sandstone Project’s Vanguard and Indomitable camps, with assays including intervals of up to 356 g/t gold. These results underpin updated Mineral Resource Estimates, with the group’s Measured and Indicated resources now exceeding one million ounces of gold.

Recent resource upgrades at key deposits such as Lord Byron (+34% M&I ounces), Lady Shenton (+25% grade increase), and Fish (+22% MRE increase) provide a solid foundation for near-term mining and future growth.

Outlook and Next Steps

Brightstar is targeting a final investment decision (FID) for the Laverton and Menzies projects in the coming months, following the completion of permitting and financing arrangements. The company reaffirms its aspiration to become a +200,000 ounce per annum gold producer by 2029, with the Sandstone project’s final investment decision targeted for 2027.

With strong operational momentum, robust financial metrics, and a clear growth pathway, Brightstar is positioning itself as a significant mid-tier gold producer in Western Australia’s Tier-1 mining jurisdiction.