Brightstar Resources (BTR) Diggers & Dealers Mining Forum 2026 summary

Project construction and expansion plans

• Construction of a 1.5Mtpa CIL plant in the Goldfields is ahead of schedule and on budget, with some components designed for 2.5Mtpa to allow future expansion.

• First gold pour is targeted within 12 months, with commissioning expected by June next year, and first gold targeted for June 2027.

• Expansion options are built in, enabling potential production growth from 75,000oz to over 100,000oz per annum through modest capital investment.

• Expansion could be funded from operational cash flows, with plans to add a ball mill and leach tanks to increase output.

• Fixed-price EPC contract with GR Engineering for Laverton plant construction de-risks project delivery and embeds expansion optionality.

Project economics and operational highlights

• Goldfields Project DFS2.0 shows pre-tax NPV of $606M, IRR of 74%, and LOM free cash flow of ~$1.0B over six years at A$6,000/oz.

• Average annual production is ~75koz with group AISC of $2,998/oz and payback period of ~15 months from first gold.

• Mining operations will commence at Lord Byron in late 2026, with staged open pit and underground mining across multiple deposits.

• Revenue protection via 60koz put options at A$5,809/oz and undrawn US$120M debt facility provide financial flexibility.

• Montague Project adds 664koz at 1.3g/t Au, with haulage to Sandstone mill and potential for early inclusion in mine schedule.

Portfolio strategy and risk profile

• The business has a history of M&A, consolidating assets to build a robust portfolio and de-risk operations.

• All current projects have been previously mined, providing strong operational knowledge and reducing development risk.

• The company operates as an owner-operator with 150 miners, not a typical single-asset developer.

• Cash flows from Goldfields are intended to fund further portfolio expansion and development.

• All major mine sources have prior mining history, reducing operational risk and supporting robust feasibility assumptions.