Brightstar Advances Goldfields Construction and Sandstone Resources with $283M Liquidity

Final Investment Decision Unlocks Goldfields Construction

Brightstar Resources (ASX:BTR) has taken a decisive step forward, approving the Final Investment Decision (FID) for its 100% owned Goldfields Project in Western Australia. With all critical regulatory approvals secured, including the Mining Development and Closure Proposal and environmental works approval, the company has transitioned from early works to full-scale construction of a 1.5Mtpa Laverton processing plant.

The Engineering, Procurement and Construction contract with GR Engineering Services Limited (GRES) is now executed, and Brightstar has partnered with Aquirian Limited (ASX:AQN) for drill and blast services, signalling a ramp-up in operational activity. The company also recently inked a Power Purchase Agreement and LNG Supply Agreement to fuel the Laverton mill power station, aiming to reduce energy costs and emissions through a contractor-owned LNG gas-fired power solution.

The Goldfields Project is on track to commence gold production in June 2027, targeting approximately 75,000 ounces annually over an initial six-year mine life. This development aligns with Brightstar’s TARGET200 strategy, focused on near-term major production growth and establishing the company as a substantial mid-tier gold producer in Western Australia.

Mining and Processing Progress

Operationally, the June quarter saw mining at the Second Fortune underground mine yield 28.3kt at 3.07g/t Au for 2,794 ounces, with mining scheduled to wind down in the September quarter as the site transitions to care and maintenance. The Fish mine remains on care and maintenance, preparing for a restart of underground operations in the first half of 2027.

Brightstar completed the fifth and final ore processing campaign under the Ore Purchase Agreement with Genesis Minerals (ASX:GMD), processing a record parcel of ~140kt at 2.0g/t Au and recovering ~7,900 ounces at an 89.1% recovery rate. Total ore processed under this agreement since March 2025 reached ~400kt at 2.2g/t Au, recovering ~24,000 ounces and generating $138 million in gross sales proceeds. These cash flows have been reinvested to build operational readiness and support the wider Goldfields Project development.

Sandstone Resource Growth and Exploration Momentum

Brightstar’s aggressive drilling campaign at the Sandstone Gold Project delivered significant results, contributing to an upgraded Mineral Resource Estimate (MRE) of 2.9 million ounces at 1.3g/t Au. The recent drilling included 154 holes totaling over 30,000 meters, with highlights such as 214.75m at 0.97g/t Au at Bull Oak and 10.3m at 6.8g/t Au at Vanguard.

Visible gold was intersected in multiple deep diamond drillholes at the Two Mile Hill deposit, supporting plans for underground mining potential and inclusion in the upcoming pre-feasibility study (PFS) due in the second half of 2026. The PFS is progressing on schedule, with design and engineering of a scalable processing plant underway alongside ongoing metallurgical, geotechnical, and environmental studies.

Financial Position and Capital Deployment

Brightstar closed the quarter with $122 million in cash and $161 million of undrawn net bond proceeds held in escrow, providing a total liquidity buffer of $283 million to fund ongoing development. The company fully repaid its working capital facility with Ocean Partners following the final Genesis processing campaign.

Expenditure during the quarter included $18.3 million on Laverton Mill construction, $8.7 million on mining operations at Second Fortune, $11.7 million on exploration and studies, and $4.1 million on corporate costs. The senior secured bond facility raised US$120 million in March 2026 remains undrawn, subject to customary drawdown conditions.

This strong financial footing supports Brightstar’s staged development approach, leveraging cash flows from existing operations and external financing to advance both the Goldfields and Sandstone projects toward production and resource growth.