Highlights

  • Aquirian secured a Mining services agreement valued at approximately A$48 million with Brightstar Resources.
  • The three-year contract covers drilling, blasting, energetics supply, logistics and technical services at Lord Byron open pit.
  • The company is expanding its contracted Revenue base through multi-year mining services agreements.
  • Aquirian reported H1'FY26 revenue of A$16.9 million and EBITDA of A$2.5 million.

Aquirian (ASX:AQN) is expanding its integrated mining services model through a combination of drilling, blasting, energetics Supply and mining technology solutions. The company is progressing a multi-year contract pipeline, with the Brightstar Resources agreement representing a key addition to its contracted work base.

At the time of writing on 14 August 2026, Aquirian (ASX:AQN) was trading at AUD 0.44, down 2.25% on the day.

The company is focused on converting its growing contract pipeline into operational revenue while continuing to expand its technology-enabled mining services offering across Western Australia.

What Just Happened?

In April 2026, Aquirian announced that its Subsidiary Drillforce WA secured a mining services agreement valued at approximately A$48 million with Brightstar Resources. The three-year contract covers the Lord Byron open pit mine near Laverton, Western Australia, and includes drilling, blasting, energetics supply, logistics and technical services.

Work under the agreement is scheduled to commence on 1 September 2026. The contract forms part of a broader five-year strategic framework agreement covering Brightstar’s Goldfields Hub operations, with additional extension Options structured across further two-year and one-year periods subject to agreement.

Aquirian expects to deploy approximately A$6 million of Assets to support the contract, with around 75% of the required assets already owned by the company. The remaining requirement is expected to be funded through existing cash and Debt facilities.

Why It Matters

The Brightstar agreement provides Aquirian with increased revenue visibility through a multi-year contract structure. For a mining services provider, longer-duration agreements can provide more predictable workloads compared with shorter-term project-based activities.

The contract also highlights Aquirian’s integrated service approach, combining drilling, blasting, energetics and technical capabilities under a single agreement. The company’s existing ownership of most required equipment reduces the level of additional Capital Investment required to commence operations.

The agreement follows previous contract wins, including a multi-year agreement with Mt Ida Gold valued at approximately A$20 million. Together, these contracts contribute to the company’s expanding contracted revenue base and support its strategy of developing recurring mining services relationships.

The Bigger Picture

Aquirian operates as a technology-led integrated mining services group across workforce solutions, energetics storage and manufacturing, and specialist drilling services.

Its Western Energetics division focuses on explosives storage and manufacturing, while Drillforce provides specialist drilling technology and mining services. The company has also commissioned its Wubin Facility in Western Australia to expand its energetics storage and Manufacturing capacity.

Financially, Aquirian reported revenue growth from A$23.2 million in FY24 to A$26.1 million in FY25. In H1'FY26, for the six months ended 31 December 2025, the company generated revenue of A$16.9 million and EBITDA of A$2.5 million.

At the half-year period, Aquirian reported net assets of approximately A$16.1 million and maintained a funding position supporting its operational expansion. The company’s strategy is focused on combining mining services with technology and infrastructure capabilities to increase value generated from each customer site.

What Could Drive the Shares Next?

The commencement of the Brightstar contract from September 2026 will be an important operational milestone, with investors monitoring the contribution of the agreement to future revenue and earnings.

The FY26 full-year results will provide further detail on financial performance, including revenue progression, margins and operational execution during the period.

Additional contract wins under the Brightstar framework or from other mining customers could further expand Aquirian’s order book. Progress at the Wubin energetics facility and utilisation levels across its manufacturing operations will also remain important factors.

Risks Investors Should Watch

Aquirian is exposed to mining activity levels, particularly within the Western Australian resources sector. Changes in Commodity prices, mining investment cycles or customer activity could affect Demand for drilling, blasting and energetics services. Contract execution risks include labour costs, equipment requirements and operational delivery. The company also faces safety and regulatory obligations associated with explosives handling and manufacturing. Additional risks include customer concentration, funding requirements, competition within mining services and lower Liquidity associated with smaller ASX-listed companies.

Bottom Line

Aquirian (ASX:AQN) is progressing its technology-led mining services strategy through a growing portfolio of multi-year contracts, with the approximately A$48 million Brightstar Resources agreement representing a key development.

The company is combining drilling, blasting, energetics and technical services to build a broader operational platform, supported by existing infrastructure and equipment ownership. Future performance will depend on successful contract execution, Margin management and further expansion of its customer base.

The upcoming FY26 results and commencement of Brightstar operations will provide further insight into the company’s ability to convert its contract pipeline into sustainable financial outcomes.