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2026-11-06
◂ Monitor BTR ASX

Brightstar Resources Limited

Construction · Gold · AU Rating locked: sign in to view v8.1 · btr-20261104t223121-full
Last 2026-11-06
A$0.615
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$782.3M
EV
A$895.7M
Cash
A$58.7M
Debt
A$160.1M
2 newer ASX announcements not yet reflected in this valuation

Portfolio detail

Assets

2 assets

Core asset

Goldfields Hub (Laverton and Menzies)

AU

Construction100% ownedGold

FID May 2026; EPC with GR Engineering (A$110m) executed; Laverton 1.5Mtpa plant in construction; first gold targeted June 2027; Fish underground in readiness; Second Fortune on care and maintenance from August 2026

Developer · Construction
Study
DFS 2.0 updated definitive feasibility study
Post-tax NPV (study prices, attributable)
—
NPV restated at our deck (attributable)
Locked
IRR
7,400.0%
Initial capex (100%)
A$188.0ms
Capital intensity
A$2,507/(oz/yr)d
LoM AISC
A$2,998/ozs
Mine life
6.0 yrss

Project location

Approximate location

Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Published study economicsIssuer or study metrics
NPVA$606M8% discount
IRR74%Published return
Initial capexA$188MPublished capital estimate
Operating cost2,581AUD/oz

Pre-tax, ungeared, A$6,000/oz base case; NPV8 is the study value, not the restated post-tax value.

Resources & reserves3
TypeCategoryQuantityGradeContained mineralsDate
Mineral Resourcetotal15.8K kt1.7 g/t Au (873 koz)Gold2026-07-15
Mineral Resourcetotal14.8K kt1.5 g/t Au (718 koz)Gold2026-07-15
Ore Reserveproved_and_probable6.9K kt1.6 g/t Au (351 koz)Gold2026-06-30
Milestones2
  1. Lord Byron open pit mining starts (late CY26)

    Pending · Medium materiality

  2. First gold from the Laverton plant

    Pending · High materiality

Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
Mining Development and Closure Proposal and Part V Works Approval (Laverton plant)WA (DMPE and DWER)Granted—No
Economic studies1
StudyStageStatusDateSummary
Updated Goldfields feasibility study (DFS 2.0)Updated FeasibilityCurrent2026-01-29457koz recovered over six years at A$6,000/oz: pre-tax NPV8 A$606m, IRR 74%, peak funding A$188m, C1 A$2,581/oz, AISC A$2,998/oz; 1.5Mtpa Laverton plant.

Core asset

Sandstone Gold Project

AU

Resource Stage100% ownedGold

Resource stage: PFS and maiden Ore Reserve due December 2026 quarter; FID targeted from CY27 (annual report outlook);

Resource / scoping · Resource stage
Contained metal (attributable)
2.9m ozd
Resource grade
1.30 g/t
% Measured + Indicated
39.9%d
Resource tonnes
69.34 Mt
Our value per attrib. contained unit
Locked
Mining method
—

Project location

Approximate location

Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Resources & reserves1
TypeCategoryQuantityGradeContained mineralsDate
Mineral Resourcetotal69.3K kt1.3 g/t Au (2,868 koz; 24,652kt Indicated, 44,684kt Inferred)Gold2026-07-15
Milestones2
  1. Sandstone PFS and maiden Ore Reserve

    Pending · High materiality

  2. Sandstone FID (targeted from CY27)

    Pending · High materiality

Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
Sandstone mining approvals (environmental and mining proposals)WARequired—Yes

d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)

Stock database

Other assets

Plants, holdings and assets valued inside a project
Laverton mines: Lord Byron, Cork Tree Well, Fish, Second Fortune, Alpha · Resource / scoping · Scoping study developer
Contained metal (attributable)
873.0k ozd
Resource grade
2.30 g/t
% Measured + Indicated
48%d
Resource tonnes
15.77 Mt
Our value per attrib. contained unit
Locked
Mining method
Open pit (Lord Byron, Cork Tree Well) and underground (Fish, Second Fortune, Alpha)
Laverton 1.5Mtpa processing plant · Processing plant / refinery · Construction
Product and spec
—
Nameplate capacity
1.5m t/yr
Throughput (12M)
—
Utilisation
—
Capital intensity (capex / tpa)
A$78.67/(t/yr)d
Feed source
captive: Brightstar-owned Laverton and Menzies ore plus the Second Fortune ROM stockpile
Offtake contracted
—
Menzies mines: Lady Shenton, Yunndaga, Aspacia · Resource / scoping · Scoping study developer
Contained metal (attributable)
718.0k ozd
Resource grade
1.50 g/t
% Measured + Indicated
50.4%d
Resource tonnes
14.81 Mt
Our value per attrib. contained unit
Locked
Mining method
Yunndaga – Underground; Lady Shenton - Open Pit; Aspacia open pit