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2026-11-06
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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

Funding, performance and ownership

Financials & Capital

As of 2026-09-30
Cash A$58.7MFY2025 (actual): 11,664,000FY2026 (actual): 121,983,000 Construction Funded
Debt A$160.1MFY2025 (actual): 17,505,000FY2026 (actual): 160,149,000 Net cash A$-101.5M
Basic shares 1.3BFY2025 (actual): 472,577,000FY2026 (actual): 1,097,936,000 2026-11-03
Runway Construction Funded Cash A$58.7m at 30 Sep 2026 plus A$161.4m escrowed bond proceeds, plus A$82m placement issued 3 Nov 2026; Sep-quarter net burn A$63.5m; remaining construction and Sandstone program funded to first gold; runway not computed as a quarter count because the construction schedule is capex-led.

Liquidity

Financial position

Goldfields Project funded to first gold (FID May 2026) per the company; bond covenants require minimum liquidity of A$15m and equity ratio of at least 35% at half-year dates. Sandstone pre-FID spend is not funded beyond the placement.

Inventory composition3

Ore stockpiles total 130.2kt at 1.74 g/t (7,261 oz) at 30 June 2026; non-current ore stockpiles carried at A$17.4m (AR note 14). Carrying values are not split by stockpile.

Second Fortune ROM ore stockpile (held on site for the Laverton plant)
— carrying · 30,100 t
Fish underground ROM ore stockpile
— carrying · 13,300 t
Lord Byron ore stockpile (1.00 g/t Au)
— carrying · 86,800 t

Capital structure

Ownership and dilution

Ordinary shares
1.3B
Fully diluted
1.3B

Ordinary shares: 1,097,936,000 at 30 Jun 2026 (AR note 22) plus option exercises and the 164,000,000-share placement issued 3 Nov 2026 (Appendix 2A, Part 4 total 1,272,095,843). Prior year-end 472,577,000 at 30 Jun 2025 (after 25:1 consolidation). Fully diluted adds performance rights and in-the-money options only; no on-market buy-back (AR note 22). Total shares include 128,002,115 issued to Aurumin holders on 2 Dec 2025.

Security classes6
ClassTypeQuantityStrikeExpiry
Ordinary fully paid sharesOrdinary Share1.3B——
Performance rights (BTRAH 12,657,941 and BTRAS 8,176,028)Performance Right20.8M——
Options expiring 22 Dec 2026, exercise A$0.24 (BTRAN)Option8.6MA$0.242026-12-22
Options expiring 31 Jul 2027, exercise A$0.24 (BTRAL)Option2.3MA$0.242027-07-31
Options expiring 31 Jul 2028, exercise A$0.24 (BTRAO)Option1.6MA$0.242028-07-31
Options out of the money at A$0.555 (BTRAAL A$0.625, BTRAAM A$0.875, BTRAAN A$0.75 expiring 2027; BTRAAO A$1.00 expiring 2028)Option3.6M——

Actuals and forecasts

Financial statements

Reported years only; our forecasts are available to subscribers
AUDUnitTrendFY2025 (actual)AFY2026 (actual)A
Operations
Gold production (recovered)oz—14,419
Profit and loss
Revenue (gross sales plus put settlements)AUDmFY2025 (actual): 33,510,000 AUDFY2026 (actual): 64,139,000 AUD33.564.1
Royalties (forecast; within operating costs for actuals)AUDm0.00.0
Operating costs (actuals: balancing to statutory EBITDA; forecast: C1 plus deferred put premium)AUDmFY2025 (actual): -73,410,000 AUDFY2026 (actual): -137,738,000 AUD(73.4)(137.7)
EBITDAAUDmFY2025 (actual): -39,900,000 AUDFY2026 (actual): -73,599,000 AUD(39.9)(73.6)
Net profit after tax (forecast not modelled: interest and D&A excluded)AUDmFY2025 (actual): -46,068,000 AUDFY2026 (actual): -76,930,000 AUD(46.1)(76.9)
Cash flow
Cash tax paidAUDm0.00.0
Operating cash flow (forecast: EBITDA less cash tax, no working capital)AUDmFY2025 (actual): -30,933,000 AUDFY2026 (actual): -33,898,000 AUD(30.9)(33.9)
Capex (sustaining and growth; FY2027 remaining Oct-Jun)AUDmFY2025 (actual): -28,916,000 AUDFY2026 (actual): -53,023,000 AUD(28.9)(53.0)
Free cash flow (operating cash flow less capex)AUDmFY2025 (actual): -59,849,000 AUDFY2026 (actual): -86,921,000 AUD(59.8)(86.9)
Balance sheet
Cash (unrestricted)AUDmFY2025 (actual): 11,664,000 AUDFY2026 (actual): 121,983,000 AUD11.7122.0
Borrowings (bond and other)AUDmFY2025 (actual): 17,505,000 AUDFY2026 (actual): 160,149,000 AUD17.5160.1
Net debt (borrowings less cash)AUDmFY2025 (actual): 5,841,000 AUDFY2026 (actual): 38,166,000 AUD5.838.2
Total equityAUDmFY2025 (actual): 146,172,000 AUDFY2026 (actual): 372,918,000 AUD146.2372.9
Per share
Ordinary shares on issue (balance date)m sharesFY2025 (actual): 472,577,000 sharesFY2026 (actual): 1,097,936,000 shares472.61,097.9
Dividends per share declaredAUD/share0.000.00
Multiples and ratios
EV / EBITDA (x, current EV)xFY2025 (actual): -20.53 xFY2026 (actual): -11.13 x(20.5)(11.1)
P / E (x, current market cap)xFY2025 (actual): -15.33 xFY2026 (actual): -9.18 x(15.3)(9.2)
FCF yield (current market cap)%FY2025 (actual): -0.08 fractionFY2026 (actual): -0.12 fraction-8.5%-12.3%
EBITDA margin%FY2025 (actual): -1.19 fractionFY2026 (actual): -1.15 fraction-119.1%-114.7%
Net debt / EBITDA (x)xFY2025 (actual): -0.15 xFY2026 (actual): -0.52 x(0.1)(0.5)

KPI history

Operating metrics

Source values by period
Operating metric source table3
MetricProjectPeriodPeriod typeValueStatus
Gold recovered from Genesis OPA ore processing (FY2026)Goldfields HubFY2026Year14,419 ozReported
Gold revenue FY2026CompanyFY2026Year64,139,000 AUDReported
Cash and cash equivalents at quarter endCompanySep 2026 quarterPoint In Time58,665,000 AUDReported
Company guidance2
MetricProjectPeriodLowHighStatus
First Gold Production From The Laverton Plantgoldfields-hubJune 2027 (JunQ CY27)—— textCurrent
Average Life Of Mine Gold Production (DFS 2.0)goldfields-hubSix-year mine life from 20277575 koz/yrCurrent

Capital history

Capital events

5 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-11-03Ann. 2026-10-27RaisingA$82M164M—Completed—
2026-03-18Ann. 2026-03-17RaisingA$121.7M243.4M—Completed—
2026-03-18Ann. 2026-03-17DebtUS$120M——Completed—
2026-03-06Ann. 2026-03-03RaisingA$18M36M—Completed—
2026-02-10Ann. 2026-02-02RaisingA$52.8M105.6M—Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-11-04

Arrangements from the FY2026 annual report (notes 14, 26, 27), the Q1 FY27 report and the 2025-26 releases read. Not recorded: the Panther Metals Burtville East strategic partnership (non-binding heads of agreement, 15 Sep 2026; document not read in this run) and the Mikado tenement sale (A$0.35m cash). Historical royalties with unknown status are noted in the AR contingencies.

Deferred-premium gold put options over 60,000 oz at A$5,809/oz, bought June 2026; the company keeps upside above the strike.

Commodity Hedge · Active
Counterparties
Not disclosed in the annual report
Applies to
Goldfields Hub (Laverton and Menzies) · Gold
Economic direction
Benefit
Period
2026-06-30 to 2029-06-30
Key terms
Put strike: 5,809 AUD/oz
Hedged volume: 60,000 oz
Deferred premium payable: 29,958,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

2% of sale proceeds from Lord Byron tenements, assumed with the Linden acquisition.

Royalty · Active
Counterparties
Indago Resources Ltd
Applies to
Goldfields Hub (Laverton and Menzies) · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Royalty rate: 2 pct
How it affects our valuation

No valuation treatment is available for this arrangement.

Second Fortune net smelter royalty, not payable until 75koz cumulative production; not yet triggered.

Royalty · Active
Counterparties
Anova Royalties and Investments Pty Ltd
Applies to
Goldfields Hub (Laverton and Menzies) · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
NSR rate: 1.5 pct
How it affects our valuation

No valuation treatment is available for this arrangement.

2% gross revenue royalty over Alto-acquired Sandstone tenements, assigned to Red Hill Minerals in June 2025.

Royalty · Active
Counterparties
Red Hill Minerals Limited
Applies to
Sandstone Gold Project · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Gross revenue royalty: 2 pct
How it affects our valuation

No valuation treatment is available for this arrangement.

Montague East royalties, conditional on Element 25 relinquishing its 20% interest.

Royalty · Conditional
Counterparties
Element 25 Limited · Mining Equities Pty Ltd
Applies to
Sandstone Gold Project · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Royalty on E57/1060 if Element 25 relinquishes 20%: 1.7 pct
How it affects our valuation

No valuation treatment is available for this arrangement.

75% Brightstar / 25% Estuary joint interest in the Julias tenement; attributable ounces already reflected in the Sandstone resource.

Joint Venture · Active
Counterparties
Estuary Resources Pty Ltd
Applies to
Sandstone Gold Project · Gold
Economic direction
Mixed
Period
Dates not stated
Key terms
Brightstar interest in Julias (M57/427): 75 pct
How it affects our valuation

No valuation treatment is available for this arrangement.

Cazaly earn-in on the Goongarrie gold project; not valued separately and immaterial to the hub or Sandstone.

Earn In · Active
Counterparties
Cazaly Resources
Applies to
Company-wide · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Cazaly earn-in on Goongarrie: 51 pct
How it affects our valuation

No valuation treatment is available for this arrangement.

Ore Purchase Agreement with Genesis at Mt Morgans, completed in FY2026; no further ore sales under it.

Tolling Or Processing · Expired
Counterparties
Genesis Minerals Limited
Applies to
Goldfields Hub (Laverton and Menzies) · Gold
Economic direction
Benefit
Period
Dates not stated
Key terms
Ore processed under OPA: 400 kt
How it affects our valuation

No valuation treatment is available for this arrangement.