Brightstar Resources (BTR) Q1 2027 TU earnings summary

Executive summary

• Laverton’s 1.5Mtpa plant build remained on schedule and within budget, with first gold targeted for June 2027; Goldfields production is forecast at ~75koz p.a. over an initial six-year mine life.

• Sandstone resources reached 3.6Moz, lifting attributable resources to 5.174Moz; deep drilling at Two Mile Hill intersected mineralisation beneath the current resource.

• Second Fortune underground mining concluded in August; the Fish mine remained in care and maintenance, with high-grade stockpiles positioned to feed Laverton during ramp-up.

Financial highlights

• September-quarter cash on hand was $58.7M, with $161.4M of undrawn net bond proceeds and total liquidity of $220.1M.

• Net cash used in operating activities was $23.153M; investing activities used $40.307M, while financing activities provided $0.093M.

• Quarterly expenditure included $35.4M for Laverton construction, $12.5M for exploration and studies, $5.3M at Second Fortune, $3.0M corporate costs and $1.8M on non-process infrastructure.

• $2.1M was received from option exercises; $374,000 was paid to related parties for directors’ fees, salaries and superannuation.

Outlook and guidance

• Laverton first gold remains targeted for June 2027; Goldfields is forecast to average ~75koz p.a. from FY28 over an initial six-year mine life.

• Sandstone PFS, next resource update and maiden Ore Reserve remain targeted for December 2026; an immediate transition to a DFS is planned.

• Fish underground restart is targeted for 1H CY27; Lord Byron mining mobilisation is targeted for early March 2027.

• A multi-rig ~6,500m Two Mile Hill follow-up drilling program began in October, targeting extensions to the Shirvington Zone and tonalite contact.