Brightstar Completes Record Laverton Campaign, Secures $138M Revenue Boost for Growth

Record-Breaking Final Processing Parcel Under Genesis OPA

Brightstar Resources (ASX:BTR) has closed out its Ore Purchase Agreement (OPA) with Genesis Minerals (ASX:GMD) on a high note, processing a record parcel of approximately 140,000 tonnes of ore at 2.0 grams per tonne gold. The campaign yielded about 7,900 ounces of recovered gold with an 89.1% metallurgical recovery rate, marking the largest parcel both in tonnage and gold output since the OPA commenced in March 2025.

This final campaign generated a gross revenue of $53 million, contributing to a total $138 million in gross sales proceeds over the life of the OPA. Brightstar’s Managing Director Alex Rovira highlighted that the strong cash flow from the agreement has underpinned significant development work, including advancing the Fish mine to a state of mine readiness and funding infrastructure like a 170-person camp and haul roads.

Strategic Transition to Owner-Operator Model and Mine Care

With the OPA now complete, Brightstar is shifting its focus to operating its own processing plant, backed by an undrawn US$120 million bond secured for construction. The company plans to restart mining operations at the Fish underground mine in early 2027, following its current low-cost care and maintenance status aligned with the Definitive Feasibility Study 2.0 (DFS2.0) schedule. Meanwhile, the Second Fortune mine continues limited stoping before also moving into care and maintenance in the second half of 2026.

This transition phase is critical as Brightstar prepares for first gold production through its own mill targeted for mid-2027. The company has also benefited operationally from reduced diesel consumption, reflecting the end of ore haulage activities under the Genesis OPA and mine care status.

Financial Strength Fuels Growth and Infrastructure Development

Brightstar’s cash position is notably robust, with no drawn debt following the full amortisation of a working capital facility with Ocean Partners. The company’s financial muscle is further supported by a recent $313 million funding package that fully finances the Goldfields Project through to production, as well as advances at the Sandstone Project. This funding was detailed in a March announcement where Brightstar secured equity and bond financing to accelerate its growth plans.

Brightstar’s ability to generate free cash flow under the Genesis OPA has enabled it to fast-track infrastructure and exploration activities, including underground drilling targeting mine life extensions at Fish. The company’s recent strategic agreement with Aquirian Limited for drill and blast services at the Goldfields Hub also complements these operational advancements, enhancing efficiency and safety ahead of planned expansions.

Looking Ahead to Processing Plant Construction and Production Restart

Site works at the Laverton processing plant are progressing, with construction expected to commence imminently pending final approvals from the Department of Mines, Industry Regulation and Safety. Brightstar’s management views the completion of the Genesis OPA as a pivotal milestone that de-risks the next growth phase, positioning the company to become a mid-tier gold producer through its staged growth strategy.

As the company transitions to owner-operator status, the focus will be on executing the construction of its processing plant and ramping up mining at Lord Byron in the second half of 2027. The extensive Mineral Resource base across Laverton, Menzies, and Sandstone regions provides a substantial platform for this growth trajectory.