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 is targeted for June 2027.

• Expansion options include increasing production from 75,000 oz to over 100,000 oz per annum, funded by project cash flows.

• Additional infrastructure, such as a ball mill and leach tanks, could enable production above 100,000 oz per annum with modest capital.

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

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

Operational strengths and risk profile

• All current projects have been previously mined, providing a de-risked profile with known production records.

• The business operates as an owner-operator with 150 miners and extensive in-house expertise across all mining functions.

• Leadership team has deep experience in WA gold mining, project delivery, and capital markets, underpinning execution capability.

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

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

Financial performance and economics

• 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.

• Project free cash flow is estimated at AUD 160–180 million per year at spot prices, supporting further expansion and portfolio growth.

• Funding secured with A$193M equity and US$120M debt, supporting both Goldfields execution and Sandstone advancement.

• Enterprise value/resource multiple of $61/oz is significantly below peer median, indicating potential for re-rating as production ramps up.