Brightstar Resources (ASX:BTR) Advances Laverton Mill Construction With A$82 Million Placement

Aditi Sarkar

29 October 2026 01:31 PM AEDT

Brightstar Resources (ASX:BTR) Advances Laverton Mill Construction With A$82 Million Placement

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Highlights

The Laverton 1.5 million tonne per annum mill is on schedule and within budget, targeting first gold by June 2027.
Sandstone drilling returned standout results, including 305.4 metres at 1.82 grams per tonne gold at Two Mile Hill.
The group resource reached 5.2 million attributable ounces, with Sandstone holding 3.6 million ounces at 1.4 grams per tonne.
After quarter-end, Brightstar secured A$82 million through a placement at A$0.50 per share, with Genesis Minerals contributing A$30 million.

Steel, concrete and the first mechanical equipment have arrived at Laverton — and the funding behind the next phase has now followed. Brightstar Resources (ASX:BTR) used its September 2026 quarterly to show that the Laverton processing plant is progressing on plan while an A$82 million capital raise positions the company to accelerate drilling at Sandstone, the project sitting at the heart of its growing resource base. The raise also brought Genesis Minerals onto the register as a significant strategic investor.

Laverton Mill on Track for Mid-2027

The 1.5 million tonne per annum Laverton plant is on schedule and within budget. During the quarter, Brightstar completed bulk earthworks, water ponds and carbon-in-leach concrete, and took delivery of its first mechanical equipment. Power arrangements are in place through a power purchase agreement and a liquefied natural gas supply agreement both signed in July 2026.

The company targets commissioning in mid-2027 and first gold by June 2027. Once operating, Brightstar aims for approximately 75,000 ounces a year over an initial six-year mine life, starting from the 2028 financial year. The plant has not yet been commissioned, and actual timing will depend on execution.

At Second Fortune, underground mining concluded in August after producing 17,500 tonnes at 3.41 grams per tonne for the quarter. About 62,000 tonnes of stockpile at 3.1 grams per tonne are planned for the plant. The Fish mine remains in care and maintenance, with a restart targeted for the first half of 2027, while site establishment has started at the Lord Byron open pit.

Sandstone Resource and Drilling Results

Brightstar reports a Sandstone resource of 79.4 million tonnes at 1.4 grams per tonne for 3.6 million ounces. The group's total attributable resource stands at 5.2 million ounces. At Two Mile Hill, drilling returned 305.4 metres at 1.82 grams per tonne gold from one hole, with a post-quarter result adding 305 metres at 1.33 grams per tonne from 584 metres depth, below the current resource shell — indicating the deposit remains open at depth.

At Bull Oak, final assays included 1 metre at 751 grams per tonne gold, which Brightstar describes as the highest single assay reported at Sandstone. Assays from three further Shirvington holes are still pending. The updated Two Mile Hill-Shillington estimate stands at 1.45 million ounces and Bull Oak at 322,000 ounces. Metallurgical testing across nine deposits averaged 94% gold recovery using gravity and carbon-in-leach methods, supporting the process design.

A pre-feasibility study incorporating a maiden ore reserve is on track for publication in the December 2026 quarter.

A$82 Million Placement and Strategic Investor

After the quarter ended, Brightstar received binding commitments for an A$82 million placement at A$0.50 per share through 164 million new shares. Genesis Minerals (ASX:GMD) is subscribing for A$30 million of that total, making it a significant shareholder.

The proceeds are designated for expanded Sandstone drilling, an underground study at Two Mile Hill, a Sandstone camp and exploration decline, and general working capital.

Cash at 30 September 2026 was $58.7 million, plus $161.4 million of undrawn senior secured bond proceeds held in escrow, giving stated liquidity of $220.1 million at quarter-end before the placement was closed.

Acquisitions and Upcoming Milestones

Brightstar signed a binding agreement on 15 September 2026 to acquire the Mikado tenements from Panther Metals (ASX:PNT) for $350,000, though transfer was not registered at quarter-end. A separate heads of agreement with Panther on the Burtville East project is non-binding and remains subject to further negotiation.

Key milestones ahead include the pre-feasibility study and maiden ore reserve at Sandstone in the December 2026 quarter, Laverton exploration results in the same quarter, Lord Byron mining mobilisation in early 2027, and first gold at Laverton by June 2027. Brightstar has set out a clear sequence of deliverables, and market attention will centre on whether the Sandstone study meets those expectations.

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