Brightstar Unveils Record Gold Parcel and High-Grade FTV Lode Extension at Second Fortune

Record Processing Campaign Highlights Operational Strength

Brightstar Resources Limited (ASX, BTR) has marked a significant milestone with the completion of its largest-ever ore processing campaign from its Laverton underground mines. The November 2025 campaign processed approximately 83,000 tonnes of ore at an average grade of 2.84 grams per tonne gold, resulting in an estimated recovery of around 6,300 ounces of gold. This achievement not only represents the highest tonnage and gold content processed under the Ore Purchase Agreement with Genesis Minerals Limited but also underscores the operational momentum Brightstar is building in its underground operations.

Discovery of the FTV Lode, A Game-Changer for Second Fortune

Adding to the positive operational news, Brightstar announced the discovery of the FTV Lode at its Second Fortune mine. This high-grade extension has increased the known strike length of the orebody by more than 30%, with vein grades reaching up to an impressive 67.4 grams per tonne gold. Notably, the FTV Lode lies entirely outside the current Mineral Resource and mine plan, presenting a fresh opportunity for near-term, low-capital, high-margin ounces that could materially enhance the mine’s economics.

Strategic Drilling Program to Unlock Further Value

To capitalize on this discovery, Brightstar has mobilized an underground diamond drilling rig to systematically define and extend the FTV Lode. The approximately 2,000-metre drilling program aims to increase mineral resources and extend the mine life beyond the current plan, which runs through June 2026. The drilling will target both up-dip and down-dip extensions of the lode, as well as depth extensions beneath the existing mine plan, potentially unlocking additional high-grade ounces with relatively low capital expenditure.

Operational and Financial Momentum

Brightstar’s operational performance continues to strengthen, with record monthly ore sales reported in October 2025 of 36,000 tonnes at 2.8 grams per tonne gold, equating to approximately 3,200 ounces. This annualizes to around 38,000 ounces per annum, reflecting a solid production base. The company remains fully exposed to the current spot gold price, which bodes well for cash flow generation as volumes and grades increase. Preparations are underway for a fifth processing parcel anticipated in the first quarter of 2026, signaling ongoing production growth.

Implications for Future Growth and Valuation

Brightstar’s Managing Director, Alex Rovira, highlighted the transformative potential of the FTV Lode, noting it could fundamentally redefine the Second Fortune operation by increasing ounces per vertical metre and extending mine life. Importantly, these additional ounces were not factored into the company’s recent Definitive Feasibility Study metrics, suggesting upside to future production forecasts and financial outcomes. As drilling results come in and resource upgrades are finalized, investors will be keen to see how this discovery reshapes Brightstar’s growth trajectory and valuation.