Brightstar Resources (BTR) Q4 2025 TU earnings summary

Executive summary

• Delivered Definitive Feasibility Study for Laverton and Menzies Gold Projects, targeting 6.4Mt @ 1.81g/t Au for 338,528oz over five years.

• Achieved pre-tax NPV of $316m and IRR of 73% at A$5,000/oz gold price; payback expected in one year post-commissioning.

• Ongoing ramp-up at Second Fortune and Fish underground mines, with strong safety record and no LTI/MTI for 2,007 days.

• Entered Scheme Implementation Deed with Aurumin Ltd for Central Sandstone consolidation and completed $50M capital raising.

Financial highlights

• Gold sales for the quarter: 4,110oz at an average price of A$5,151/oz, generating $21.2M in sales proceeds.

• Cash operating costs: $17.7M; mine operating cash flow was a deficit of $0.5M, impacted by low-grade stockpile processing.

• Net mine cash flow: $(1.1)M; total non-cash, growth, and corporate costs: $(20.5)M.

• Cash and working capital at 30 June 2025: $15M, including $11.7M cash and $3.3M undrawn facility.

• $11.5M working capital facility with Ocean Partners, $10M drawn as of quarter end.

Outlook and guidance

• Targeting +200koz annual gold production by 2029, with Sandstone FID aimed for 2027.

• Cash flows from Menzies and Laverton to fund Sandstone development; peak funding requirement of ~$120M in March 2027.

• Mining at Menzies expected to commence 1H CY26, subject to binding ore sale agreement and board approval.

• Fish Mine ramp-up to full production expected from September quarter onwards.