Brightstar Resources (BTR) Q1 2026 TU earnings summary

Executive summary

• Completed strategic acquisition of Aurumin Limited, consolidating Sandstone region and increasing pro-forma Mineral Resource to 2.4Moz @ 1.5g/t Au; $50m capital raised to fund exploration and Sandstone PFS due mid-2026.

• Aurumin divested non-core assets for ~$6m cash, aligning with Sandstone growth strategy.

• Laverton and Menzies Gold Projects advanced to Final Investment Decision after DFS release, outlining 5-year mine plan and strong project economics.

• Record group production in September quarter, with 69.2kt @ 3.2g/t Au for 7,002oz, a 91% increase quarter-on-quarter.

• Total cash and working capital at 30 September 2025 was $41.8 million.

Financial highlights

• Gold sales for the quarter were 5,216oz at an average price of A$5,275/oz, generating $27.5m in sales proceeds.

• Cash operating costs for the quarter were $21.3m; mine operating cash flow was $2.7m.

• Net mine cash flow was $2.3m after growth capital; total non-cash, growth, and corporate costs were $10.4m.

• $50m equity raised and $17.4m loan facility in place, with $0.2m undrawn at quarter end.

• Cash and cash equivalents at quarter end were $41.6m.

Outlook and guidance

• Sandstone PFS targeted for mid-2026; aggressive exploration and feasibility studies underway.

• Laverton and Menzies projects targeting FID in late CY25, with project financing requirements of $120m.

• Fourth processing campaign scheduled for November, anticipated to be a record in ore processed and gold recovered.

• Production profile aims for +200koz p.a. by 2029, subject to further feasibility work.