Investor Insight
Brightstar is a cash-flowing gold producer with a 4.0Moz Mineral Resource base and two major development hubs advancing toward investment decisions. Mining from two high-grade underground mines in Laverton, continuous high-grade drilling success and near-term production expansion positions the company for significant value creation in a record gold price environment.
Overview
Gold continues to demonstrate its strength as a store of value, reaching record highs above US$4,000 per ounce in 2025 amid persistent global uncertainty, inflationary pressures and heightened geopolitical risk. In this environment, investors are increasingly turning to high-quality Australian gold producers with scale, growth visibility and near-term catalysts.
Brightstar Resources (ASX:BTR) is strategically positioned to benefit from this macro setting as a cash-flowing, multi-asset gold producer and developer with operations and growth projects across the Goldfields (Laverton–Menzies) and Sandstone regions of Western Australia. The company now controls 3.9 Moz of mineral resources across these assets, providing a diversified and scalable platform for sustained growth.
Brightstar’s unique value proposition is centered on its existing production from two underground mines, which Brightstar operates directly rather than relying on external mining contractors. The Second Fortune and Fish underground mines are delivering consistent production under an ore purchase agreement with Genesis Minerals, generating cashflow that supports ongoing drilling and development studies.
The company’s growth is anchored by a dual-hub development strategy. In the Goldfields region, the company has completed a definitive feasibility study outlining ~70,000 ounces per annum of production over an initial five-year period, with a final investment decision targeted for early 2026. Ongoing underground and near-mine drilling continues to confirm mine life extensions and additional high-grade potential.
At Sandstone, Brightstar has consolidated a 2.4 Moz district-scale gold system following the Alto and Aurumin transactions and is now progressing a major PFS evaluating a new 4 to 5 Mtpa processing facility. More than 70,000 metres of drilling has already been completed toward a material mineral resource upgrade planned for mid-2026.
Together, these hubs underpin a pipeline of near-term and long-term catalysts supported by extensive infrastructure, a strengthened technical team, and a well-funded balance sheet. As Brightstar advances feasibility work, executes its multi-rig drilling programs, and expands its production profile, the company is well placed to deliver meaningful shareholder value in a rising gold price environment.
Company Highlights
- ASX-listed gold producer and developer with a consolidated 3.9 Moz mineral resource base at 1.5 g/t gold, spanning the Goldfields portfolio (Laverton + Menzies projects) and the Sandstone Hub in Western Australia.
- Established Goldfields production base, with Brightstar operating two underground mines – Second Fortune and Fish – within the Laverton area, supplying continuous gold production under an ore purchase agreement with Genesis Minerals.
- Goldfields feasibility study (June 2025) completed, outlining ~70,000 oz of annual gold production over the first five years, with a final investment decision targeted for March 2026.
- High-grade mine life growth targeted from the Goldfields underground mines, including depth and strike extensions at Fish and strong regional hits near Second Fortune.
- Menzies Hub is positioned for future production, with Yunndaga advancing toward underground development following significant 2025 drill results, informing upcoming mineral resource and development updates.
- Sandstone Hub expanded to 2.4 Moz at 1.5 g/t gold, with a major pre-feasibility study (PFS) underway for a 4 to 5 Mtpa processing facility and more than 70,000 m of drilling completed toward a material mineral resource upgrade in mid-2026.
- Strong exploration momentum, with active drilling programs at Laverton and Sandstone and exceptional 2025 results, including 10 m @ 43.8 g/t gold at the Musketeer prospect.
- Well-funded balance sheet, with ~$41 million in cash and liquidity (as of September 2025) and a revolving stockpile finance facility supporting continuous drilling and development activities.
Key Projects
Goldfields Assets (Laverton + Menzies)
Brightstar’s Goldfields portfolio combines the Laverton and Menzies hubs into a single, development-ready production centre. Together, these assets host a significant portion of Brightstar’s consolidated resource base and provide both near-term production and long-term growth opportunities.
Laverton Hub
Brightstar’s Laverton Hub comprises two operating underground mines – Second Fortune and Fish– and a series of advanced open pit deposits, including the material Cork Tree Well and Lord Byron Deposits. These deposits sit on granted mining leases and benefit from established haul roads, existing mine infrastructure, and proximity to Brightstar’s planned processing facility.
Highlights:
- Two operating underground mines: Second Fortune and Fish continue to deliver steady production into Genesis Minerals’ Laverton mill under the ore purchase agreement. Recent underground and surface drilling has confirmed strong continuity of mineralisation at depth, particularly at Fish where multiple lodes have been intersected, including 7.0m @ 3.31 g/t gold, 9.9m @ 2.90 g/t gold, and 1.1m @ 17.6 g/t gold.
- High-grade near-mine discoveries: At Second Fortune, drilling at nearby prospects such as Linden Giant and Alawa has returned strong results (10m @ 9.83 g/t gold; 1m @ 53.8 g/t gold), demonstrating the potential for new satellite ore sources within 3 km of existing mine workings.
- Large-scale open pit opportunity: Cork Tree Well and Lord Byron remain central to Brightstar’s long-term development plan. The planning scenarios outlined in the June 2025 feasibility study support multi-year open pit mining with robust production profiles and strong economic potential.
Growth Drivers:
- Ongoing underground drilling campaigns at Second Fortune and Fish targeting mine life extensions
- DFS optimisation underway to refine the design and throughput of Brightstar’s proposed 1 Mtpa to 1.5 Mtpa processing plant
- Continued evaluation of near-mine targets leveraging existing infrastructure and haulage routes
- Integration of new high-grade drilling into updated open pit and underground mine plans
Menzies Hub
The Menzies Hub comprises a district-scale mineralised corridor extending more than 20 km along the Menzies Shear Zone. These deposits lie directly adjacent to the Goldfields Highway and sit on granted mining leases, supporting near-term development readiness.
Highlights
- Substantial resource base: The Menzies Hub hosts 0.7Moz @ 1.5g/t Au of mineral resources across multiple deposits including Lady Shenton, Yunndaga, Aspacia and the Lady Harriet system.
- Advancing underground development: Yunndaga is emerging as Brightstar’s next underground mining front, with drilling completed in 2025 returning high-grade intercepts such as 16m @ 8.03 g/t gold and 8m @ 6.67 g/t gold. These results will underpin updated mineral resource and ore reserve estimates planned for late 2025.
- Open pit opportunities: Lady Shenton and surrounding deposits are expected to support a multi-year open pit mining schedule, forming part of the production base in the Goldfields feasibility study. Permitting and approvals work is progressing, with first production targeted post-FID.
Growth Drivers:
- Updated mineral resource for Yunndaga to support underground mine planning
- Feasibility study optimisation to refine timing and sequencing of Menzies open pits
- Ongoing engagement with regional mills to evaluate toll-milling options where appropriate
- Progression toward a mining decision following completion of study phases
Sandstone Hub
Brightstar’s Sandstone Hub has been transformed into a major district-scale opportunity following the consolidation of Alto Metals and Aurumin’s Sandstone assets. The combined project now contains 2.4 Moz at 1.5 g/t gold, spread across multiple open pit camps including Lords, Vanguard, Indomitable, Havilah and Montague.
Highlights:
- Significant resource growth platform: The ambition at Sandstone is to convert this extensive mineralised system into a long-life standalone operation. Brightstar has already completed more than 70,000 m of drilling since acquisition, with a major mineral resource update targeted for mid-2026.
- High-grade exploration success: Recent drilling has delivered standout results such as 10 m @ 43.8 g/t gold at the Musketeer prospect, highlighting the potential for new high-grade zones within the broader system.
- Processing pathway defined: A PFS is underway examining a new 4 to 5 Mtpa processing hub located at the historic Sandstone mill site, aiming to establish Sandstone as a cornerstone asset in Brightstar’s future growth.
Growth Drivers:
- 120,000 m drilling program planned through June 2026 to upgrade key deposits to indicated category
- PFS delivery targeted for mid-2026
- Long-term development scenario supported by strong infrastructure and granted mining tenure
Management Team
Alex Rovira – Managing Director
Alex Rovira is a qualified geologist and an experienced investment banker having focused on the metals and mining sector since 2013. Rovira has experience in ASX equity capital markets activities, including capital raisings, IPOs and merger and acquisitions.
Richard Crookes – Non-executive Chairman
Richard Crookes has over 35 years’ experience in the resources and investments industries. He is a geologist by training having previously worked as the chief geologist and mining manager of Ernest Henry Mining in Australia. Crookes is managing partner of Lionhead Resources, a critical minerals investment fund and formerly an investment director at EMR Capital. Prior to that he was an executive director in Macquarie Bank’s Metals Energy Capital (MEC) division where he managed all aspects of the bank’s principal investments in mining and metals companies.
Andrew Rich – Executive Director
Andrew Rich is a degree qualified mining engineer from the WA School of Mines and has obtained a WA First Class Mine Managers Certificate. Rich has a strong background in underground gold mining with experience predominantly in the development of underground mines at Ramelius Resources (ASX:RMS) and Westgold Resources (ASX:WGX).
Jonathan Downes – Non-executive Director
Jonathan Downes has over 30 years’ experience in the minerals industry and has worked in various geological and corporate capacities. Experienced with gold and base metals, he has been intimately involved with the exploration process through to production. Downes is currently the managing director of Kaiser Reef, a high grade gold producer, and non-executive director of Cazaly Resources.
Nicky Martin – Chief Financial Officer
Nicky Martin is an experienced finance and accounting professional holding tertiary qualifications in accounting and finance and is a qualified CPA. Martin was previously the Head of Finance at Pilbara Minerals Ltd (ASX:PLS) where she oversaw and was actively involved in a rapidly growing mining success story.
