Brightstar Resources (BTR) Q4 2024 TU earnings summary

Executive summary

• Completed merger with Linden Gold Alliance, creating a gold producer with 1.45Moz resources and expanded board.

• Initiated aggressive 30,000m drilling campaign across enlarged portfolio targeting resource growth and upgrades.

• Achieved maiden 70koz Au resource at Aspacia, increasing Menzies Gold Project resources by ~20%.

• Second Fortune mine ramped up stoping and haulage, with 8,905t mined at 3.2g/t Au and 10,562t processed at 3.02g/t Au.

• Link Zone RC drilling returned multiple shallow high-grade intercepts, supporting potential for modest-scale open pit mining.

Financial highlights

• Cash at 30 June 2024 was $7.96 million; processed gold doré on hand valued at ~$2.3 million, total available funds ~$10 million.

• Quarterly receipts from customers were $1.44 million; $7.2 million received from Selkirk JV completion.

• Exploration and evaluation expenditure for the quarter was $2.25 million; mining production expenditure was $5.65 million.

• Completed $12 million capital raise, introducing new strategic shareholders.

Outlook and guidance

• Ongoing drilling at Menzies, Laverton, and Linden projects to support resource growth and mine planning.

• Updated Mineral Resource Estimate for Second Fortune expected after receipt of new assay results.

• Assessment and approvals for small-scale mining at Link Zone underway, with further metallurgical and geotechnical studies in progress.