Brightstar’s Laverton build advances as Sandstone gold potential grows

Laverton construction holds its June 2027 schedule

Brightstar Resources Limited (ASX:BTR) is building its production platform while its exploration story grows louder. Construction of the 1.5Mtpa Laverton processing plant advanced through the September quarter, with bulk earthworks complete, CIL circuit concrete finished and the first mechanical equipment delivered. Brightstar says the Goldfields Project remains within its approved budget and on track for first gold in the June 2027 quarter.

“Construction activities underway (August 2026)<br><br>Top: Primary crusher (L); grinding and classification area with major concrete foundations complete (R)<br><br>Bottom: CIL…”

Caption and image © Brightstar Resources Limited. From “Quarterly Activities/Appendix 5B Cash Flow Report”, 29 Oct 2026.

Post-quarter construction activity moved from foundations towards installation: structural steel erection began at the surge bin, CIL tank platework and strake welding commenced, and civil works started at the LNG power station. The company has also secured long-lead equipment under the power purchase and LNG supply arrangements signed in July. Brightstar is targeting average production of about 75,000 ounces a year from FY28 over an initial six-year mine life.

Sandstone expands beyond the existing resource envelope

The more consequential exploration development sits at Sandstone, where the Mineral Resource reached 3.6Moz at 1.4g/t gold. Two Mile Hill-Shillington now accounts for 1.45Moz, nearly double its July estimate, with the Indicated component rising to 526,000 ounces. The broader Group Mineral Resource stood at approximately 5.2Moz at quarter-end, although the company cautions that Mineral Resources include Inferred material that may not convert into Ore Reserves.

“3D Oblique view of the block model for the September 2026 Two Mile Hill-Shillington MRE update.”

“Cross section A-A’ at the Two Mile Hill deposit, showing drillhole TMHDD26003 in relation to the existing MRE.”

Caption and image © Brightstar Resources Limited. From “Quarterly Activities/Appendix 5B Cash Flow Report”, 29 Oct 2026.

That estimate did not include the latest deep-drilling assays. The first reported hole from the Shirvington Zone returned 305 metres at 1.33g/t gold from 584 metres, including 173 metres at 1.42g/t below the current Two Mile Hill resource. The mineralised tonalite remains open at depth, with assays pending from three further holes and a follow-up programme of about 6,500 metres already under way. The result builds on the Two Mile Hill resource doubling, which had already lifted Sandstone to 3.6Moz.

“Cross section A-A’ at the Bull Oak deposit, displaying recent drilling in relation to the existing data and MRE.”

Other drilling has added breadth rather than a single headline asset. Final Bull Oak results included 167 metres at 2.07g/t gold, with a 0.5-metre interval grading 265g/t, while the Bull Oak resource had previously risen to 322,000 ounces. The company plans to incorporate those results into a further resource update ahead of the Sandstone pre-feasibility study. Metallurgical work across deposits representing about 80% of the Sandstone resource delivered average recoveries of 94% through a conventional gravity and carbon-in-leach flowsheet, supporting the study’s processing assumptions.

New capital targets a larger Sandstone work programme

Brightstar’s post-quarter A$82 million placement gives the Sandstone programme a separate source of momentum. The issue of 164 million shares at A$0.50 included a A$30 million subscription from Genesis Minerals, which is due to become a 5.4% strategic shareholder. The proceeds are earmarked for further Two Mile Hill infill and extensional drilling, underground studies, infrastructure establishment and an accelerated transition from the PFS to a definitive feasibility study. Genesis strategic placement had already been disclosed before the quarterly report.

“The Company hosts a portfolio of highquality assets hosted in the Tier-1 jurisdiction of Western Australia, with 5.2Moz of Mineral Resources across the Goldfields and Sandstone…”

At Laverton, Brightstar finished Second Fortune underground mining in August and moved the operation into care and maintenance after six years without a lost-time injury. The quarter produced 1,923 ounces from 17.5kt at 3.41g/t, while combined Second Fortune and Fish stockpiles stood at about 62kt at 3.1g/t for roughly 6,200 ounces of planned ramp-up feed. Fish remains in care and maintenance ahead of a targeted restart in the first half of calendar 2027, and Lord Byron site establishment is under way ahead of mining mobilisation targeted for early March 2027.

Liquidity supports development, but milestones are approaching

Brightstar ended September with A$58.7 million in cash. It also reported A$161.4 million of undrawn net bond proceeds and total liquidity of A$220.1 million, while the Appendix 5B presents the unused bond facility at A$172.0 million before the relevant accounting adjustments. September expenditure included A$35.4 million on the Laverton mill, A$12.5 million on exploration and studies, and A$3.0 million in corporate costs.

“Laverton processing plant site (September 2026)”

The next test is execution rather than another resource headline. Brightstar is targeting the Sandstone PFS and maiden Ore Reserve in the December 2026 quarter while commissioning preparation continues at Laverton. Remaining Two Mile Hill assays, the expanded deep-drilling programme and the conversion of exploration ounces into mineable reserves will determine how much of the current growth can move from geological promise into a financeable development plan.