Highlights

• Brightstar Resources Brightstar said its Laverton processing plant remains on schedule and within budget for first gold in.

• Brightstar Resources Limited , a gold company with projects in Western Australia, said it secured binding commitments after.

• A pre-feasibility study with a maiden ore reserve is due in the December 2026 quarter, followed by a.

• Mining at Second Fortune ended in August 2026 and the mine is in care and maintenance.

Brightstar Resources (ASX:BTR) — Brightstar said its Laverton processing plant remains on schedule and within budget for first gold in the June 2027 quarter, and that it has lined up an A$82 million placement after the quarter ended.

Brightstar Resources Limited , a gold company with projects in Western Australia, said it secured binding commitments after the September 2026 quarter for an A$82 million placement of 164 million ordinary shares at A$0.50 each. Genesis Minerals subscribed A$30 million of the raise and will hold about 5.4 per cent, 's quarterly report.

Laverton plant and funding

Brightstar described its 1.5 million tonne a year Laverton processing plant as on schedule and within budget, with first gold targeted for the June 2027 quarter. The company expects average production of about 75,000 ounces a year over an initial six-year mine life. Construction spend in the quarter was A$35.4 million, and power purchase and LNG supply agreements for the plant's power station were executed in July 2026.

Cash on hand at quarter end was A$58.7 million. In addition, A$161.4 million of undrawn bond proceeds are restricted, giving total liquidity of A$220.1 million. The company said the bond funds are held in escrow until conditions precedent are met, so they are not freely available cash. The new placement was agreed after quarter end and is not part of the quarter-end balance. Quarterly spending included A$12.5 million on exploration and studies, A$3.0 million on corporate costs and A$5.3 million at Second Fortune, and option exercises brought in A$2.1 million.

Sandstone resource and studies

At the Sandstone project, Brightstar reported a total mineral resource of 79.4 million tonnes at 1.4 grams per tonne gold for 3.6 million ounces, including 1.5 million ounces in the Indicated category. The Two Mile Hill-Shillington resource is 1.45 million ounces, which the company said is roughly double the July estimate. Metallurgical testwork indicated average gold recovery of 94 per cent using gravity and carbon-in-leach processing.

A pre-feasibility study with a maiden ore reserve is due in the December 2026 quarter, followed by a definitive feasibility study. Deep drilling at the Shirvington zone intersected 305 metres at 1.33 grams per tonne gold from 584 metres. Assays for three further holes are pending, and a follow-up programme of about 6,500 metres has begun. Across the group, attributable mineral resources total 5.2 million ounces (109.9 million tonnes at 1.5 grams per tonne), including Menzies at 718,000 ounces and Montague-Evermore at 241,000 ounces. Some of these resources are Inferred, which carries no certainty of conversion to higher categories or ore reserves.

Operations

Mining at Second Fortune ended in August 2026 and the mine is in care and maintenance. The quarter produced 17,500 tonnes at 3.41 grams per tonne, or 1,923 ounces. About 62,000 tonnes at 3.1 grams per tonne, roughly 6,200 ounces, are held in high-grade stockpiles for the plant ramp-up. The Fish operation remains in care and maintenance with a restart targeted for the first half of calendar 2027, and mobilisation at the Lord Byron open pit is targeted for the early March quarter of 2027. No lost time injuries were recorded.

Corporate transactions

Brightstar agreed to acquire the Mikado tenements from Panther Metals for A$350,000 in cash under a binding agreement, although the transfer had not been registered at quarter end. Separately, a Burtville East partnership with Panther is only a non-binding heads of agreement under which net proceeds would be split equally. It depends on definitive agreements and regulatory approvals, and the scoping study figures cited there are Panther's and have not been independently verified by Brightstar.

Risks and milestones

The company said plant commissioning, ramp-up and the feasibility study timelines are forward-looking and subject to execution risk. Confirmed milestones include assay results from the remaining Shirvington holes, the Sandstone pre-feasibility study in the December 2026 quarter, the Lord Byron mobilisation in early 2027 and first gold from Laverton in the June 2027 quarter. Completion of the placement is the next step in the funding picture.