Brightstar’s $50M Raise Fuels 7,000oz Quarterly Gold Production Surge

Strategic Acquisition and Capital Raise Bolster Sandstone Position

Brightstar Resources Limited has taken a significant step in consolidating its footprint in Western Australia's Sandstone gold district with the strategic acquisition of Aurumin Limited. This move brings the combined Mineral Resource to an impressive 2.4 million ounces at 1.5 grams per tonne, positioning Brightstar as a dominant player in the region. The acquisition is complemented by a successful $50 million capital raise, aimed at accelerating exploration efforts and advancing a Sandstone Pre-Feasibility Study (PFS) scheduled for mid-2026.

Robust Operational Performance and Project Advancements

The September quarter saw Brightstar achieve a record group production of 7,002 ounces of gold, marking a 91% increase from the previous quarter. This surge was driven primarily by the ramp-up at the Fish underground mine, which reached name-plate production in September, and strong output from the Second Fortune mine. Mining approvals for the Lord Byron Open Pit have been secured, making the project mine-ready for development and production in the second half of 2026.

Meanwhile, the Laverton and Menzies Gold Projects are advancing towards a Final Investment Decision (FID) following the release of a Definitive Feasibility Study (DFS) earlier in the year. The DFS outlined a five-year mine plan with robust economics, including pre-tax cash flows of $461 million and an internal rate of return of 73% at a gold price of A$5,000 per ounce.

Exploration Successes Support Resource Growth

Brightstar's exploration programs across its Sandstone, Laverton, and Menzies hubs continue to deliver encouraging results. Drilling campaigns have intersected multiple high-grade gold zones, including standout intercepts such as 32 meters at 7.16 g/t gold at Lord Byron and 8 meters at 6.67 g/t gold at Yunndaga. These results underpin ongoing efforts to upgrade Mineral Resource Estimates and support future Ore Reserve declarations ahead of feasibility studies.

Financial Position and Funding Strategy

As of 30 September 2025, Brightstar reported $41.8 million in cash and working capital, supported by a revolving stockpile finance facility with Ocean Partners Australia. The company is actively progressing a competitive debt financing process to fund the Laverton-Menzies projects, with peak funding requirements estimated at approximately $120 million. Additionally, Brightstar has implemented gold price protection measures through put options to safeguard near-term production revenue.

Looking Ahead

Brightstar’s strategic consolidation, operational momentum, and strong financial footing set the stage for a transformative period. The upcoming Sandstone PFS and the Final Investment Decision on Laverton-Menzies will be critical milestones. Investors and industry watchers will be keen to see how these developments translate into production growth and value creation in the coming years.