- Last 2026-11-06
- A$0.615
- 1D
- —
- 1M
- —
- YTD
- —
- 1Y
- —
- Fair value
- Locked: sign in to view
- 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
- Notification regarding unquoted securities - BTRPost Cash Checkpoint Security Event
- Application for quotation of securities - BTRPost Cash Checkpoint Security Event
Investment view
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Sign in or enter a guest codeAnnouncements
Latest 12 of 4All sources ▸Event calendar · next 12 months
6 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| Late CY26 | Lord Byron open pit mining starts (late CY26) | Production | Company Guided | Medium | Starts ore stockpiling ahead of mill commissioning in June 2027. |
| December 2026 quarter | Sandstone Mineral Resource update (growth-focused, December 2026 quarter) | Resource Or Reserve | Company Guided | High | Next Sandstone resource update after the Two Mile Hill deep drilling and the 1.45Moz Two Mile Hill-Shillington resource; drives the PFS inputs. |
| December 2026 quarter | Sandstone PFS and maiden Ore Reserve (December 2026 quarter) | Study | Company Guided | High | First economic study and maiden Ore Reserve for Sandstone; sets the basis for the late-CY27 FID and the Sandstone funding case. |
| 22 Dec 2026 | Option expiry: 8.63m options at A$0.24 expire 22 December 2026 | Financing | Confirmed | Medium | Expiry of 8.6m A$0.24 options; in the money at A$0.555, so exercise adds about A$2.1m and shares. |
| Early CY27 | Fish underground stoping restarts (early CY27) | Production | Company Guided | Medium | Restarts high-grade feed for the Laverton plant at commissioning. |
| Mid CY27 to June quarter 2027 | Laverton 1.5Mtpa plant commissioning and first gold (June quarter CY27) | Construction Or Commissioning | Company Guided | High | First gold and the start of the DFS 2.0 cash flows; cost and schedule risk is concentrated in the commissioning window. |
Executive roster
As of 2026-11-04Background checks ▸Executives named in the FY2026 annual report and the local management assessment (current team; Dean Vallve departed September 2025 and is excluded). Not exhaustive: senior managers below the named team are not disclosed in the documents read.
| Executive | Title | Normalized role | Appointed | Sources |
|---|---|---|---|---|
| Alex Rovira | Managing Director | Executive Director · Chief Executive | — | Annual Report to shareholders_15128bf1ddb0c7bd · Local management assessment and background checks for the current executive team |
| Andrew Rich | Executive Director - Operations | Executive Director · Operations | — | Annual Report to shareholders_15128bf1ddb0c7bd · Local management assessment and background checks for the current executive team |
| Nicky Martin | Chief Financial Officer | Finance | — | Local management assessment and background checks for the current executive team |
| Benjamin Smith | Company Secretary | Company Secretary | — | Annual Report to shareholders_15128bf1ddb0c7bd · Local management assessment and background checks for the current executive team |
| Daniel Jolley | Project Director | Operations · Senior Management | 2025-11-03 | Local management assessment and background checks for the current executive team |
| John Croall | General Manager Mining | Operations · Senior Management | 2025-11-03 | Local management assessment and background checks for the current executive team |
| Jonathan Gough | General Manager Geology | Technical · Senior Management | — | Local management assessment and background checks for the current executive team |
| Katherine Hughes | Chief Human Resources Officer | Senior Management | — | Local management assessment and background checks for the current executive team |
| Brendan Bow | Environment & Approvals Manager | Senior Management | — | Local management assessment and background checks for the current executive team |
| Samuel Main | Corporate Development Officer | Commercial | — | Local management assessment and background checks for the current executive team |
devCoverage status: Partial
Portfolio detail
Assets
Core asset
Goldfields Hub (Laverton and Menzies)
AU
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
- 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
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Pre-tax, ungeared, A$6,000/oz base case; NPV8 is the study value, not the restated post-tax value.
Resources & reserves3
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | total | 15.8K kt | 1.7 g/t Au (873 koz) | Gold | 2026-07-15 |
| Mineral Resource | total | 14.8K kt | 1.5 g/t Au (718 koz) | Gold | 2026-07-15 |
| Ore Reserve | proved_and_probable | 6.9K kt | 1.6 g/t Au (351 koz) | Gold | 2026-06-30 |
Milestones2
- Lord Byron open pit mining starts (late CY26)
Pending · Medium materiality
- First gold from the Laverton plant
Pending · High materiality
Permits & approvals1
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Mining Development and Closure Proposal and Part V Works Approval (Laverton plant) | WA (DMPE and DWER) | Granted | — | No |
Economic studies1
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| Updated Goldfields feasibility study (DFS 2.0) | Updated Feasibility | Current | 2026-01-29 | 457koz 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 stage: PFS and maiden Ore Reserve due December 2026 quarter; FID targeted from CY27 (annual report outlook);
- 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
© 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
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | total | 69.3K kt | 1.3 g/t Au (2,868 koz; 24,652kt Indicated, 44,684kt Inferred) | Gold | 2026-07-15 |
Milestones2
- Sandstone PFS and maiden Ore Reserve
Pending · High materiality
- Sandstone FID (targeted from CY27)
Pending · High materiality
Permits & approvals1
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Sandstone mining approvals (environmental and mining proposals) | WA | Required | — | 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
- 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)
- 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
- —
- 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
Funding, performance and ownership
Financials & Capital
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
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| Ordinary fully paid shares | Ordinary Share | 1.3B | — | — |
| Performance rights (BTRAH 12,657,941 and BTRAS 8,176,028) | Performance Right | 20.8M | — | — |
| Options expiring 22 Dec 2026, exercise A$0.24 (BTRAN) | Option | 8.6M | A$0.24 | 2026-12-22 |
| Options expiring 31 Jul 2027, exercise A$0.24 (BTRAL) | Option | 2.3M | A$0.24 | 2027-07-31 |
| Options expiring 31 Jul 2028, exercise A$0.24 (BTRAO) | Option | 1.6M | A$0.24 | 2028-07-31 |
| 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) | Option | 3.6M | — | — |
Actuals and forecasts
Financial statements
| AUD | Unit | Trend | FY2025 (actual)A | FY2026 (actual)A |
|---|---|---|---|---|
| Operations | ||||
| Gold production (recovered) | oz | — | 14,419 | |
| Profit and loss | ||||
| Revenue (gross sales plus put settlements) | AUDm | 33.5 | 64.1 | |
| Royalties (forecast; within operating costs for actuals) | AUDm | 0.0 | 0.0 | |
| Operating costs (actuals: balancing to statutory EBITDA; forecast: C1 plus deferred put premium) | AUDm | (73.4) | (137.7) | |
| EBITDA | AUDm | (39.9) | (73.6) | |
| Net profit after tax (forecast not modelled: interest and D&A excluded) | AUDm | (46.1) | (76.9) | |
| Cash flow | ||||
| Cash tax paid | AUDm | 0.0 | 0.0 | |
| Operating cash flow (forecast: EBITDA less cash tax, no working capital) | AUDm | (30.9) | (33.9) | |
| Capex (sustaining and growth; FY2027 remaining Oct-Jun) | AUDm | (28.9) | (53.0) | |
| Free cash flow (operating cash flow less capex) | AUDm | (59.8) | (86.9) | |
| Balance sheet | ||||
| Cash (unrestricted) | AUDm | 11.7 | 122.0 | |
| Borrowings (bond and other) | AUDm | 17.5 | 160.1 | |
| Net debt (borrowings less cash) | AUDm | 5.8 | 38.2 | |
| Total equity | AUDm | 146.2 | 372.9 | |
| Per share | ||||
| Ordinary shares on issue (balance date) | m shares | 472.6 | 1,097.9 | |
| Dividends per share declared | AUD/share | 0.00 | 0.00 | |
| Multiples and ratios | ||||
| EV / EBITDA (x, current EV) | x | (20.5) | (11.1) | |
| P / E (x, current market cap) | x | (15.3) | (9.2) | |
| FCF yield (current market cap) | % | -8.5% | -12.3% | |
| EBITDA margin | % | -119.1% | -114.7% | |
| Net debt / EBITDA (x) | x | (0.1) | (0.5) | |
KPI history
Operating metrics
Operating metric source table3
| Metric | Project | Period | Period type | Value | Status |
|---|---|---|---|---|---|
| Gold recovered from Genesis OPA ore processing (FY2026) | Goldfields Hub | FY2026 | Year | 14,419 oz | Reported |
| Gold revenue FY2026 | Company | FY2026 | Year | 64,139,000 AUD | Reported |
| Cash and cash equivalents at quarter end | Company | Sep 2026 quarter | Point In Time | 58,665,000 AUD | Reported |
Company guidance2
| Metric | Project | Period | Low | High | Status |
|---|---|---|---|---|---|
| First Gold Production From The Laverton Plant | goldfields-hub | June 2027 (JunQ CY27) | — | — text | Current |
| Average Life Of Mine Gold Production (DFS 2.0) | goldfields-hub | Six-year mine life from 2027 | 75 | 75 koz/yr | Current |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2026-11-03Ann. 2026-10-27 | Raising | A$82M | 164M | — | Completed | — |
| 2026-03-18Ann. 2026-03-17 | Raising | A$121.7M | 243.4M | — | Completed | — |
| 2026-03-18Ann. 2026-03-17 | Debt | US$120M | — | — | Completed | — |
| 2026-03-06Ann. 2026-03-03 | Raising | A$18M | 36M | — | Completed | — |
| 2026-02-10Ann. 2026-02-02 | Raising | A$52.8M | 105.6M | — | 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.
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
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
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
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
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
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
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
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
No valuation treatment is available for this arrangement.
Intrinsic value
Valuation
Bear, base and bull values, investment cases, project valuations and the equity bridge are available to subscribers.
Sign in or enter a guest codeResource-price transmission
Sensitivity lab
How our fair value responds to commodity prices and other drivers is available to subscribers.
Sign in or enter a guest codePeople, delivery and responsibility
Management background checks
Dated issuer sources establish relevant mining, finance, geology, project-delivery, approvals and company-secretarial experience for the 11 rostered/reconciled people, with improved tenure chronology and a material correction that Dean Vallve had departed in September 2025. Brightstar reports FY26 production, project financing and construction progress alongside a zero-LTI outcome; these are company-level results and do not establish personal causation. Name-specific adverse web searches are documented but limited and do not imply clearance.
Decision-relevant facts
Material summary
Alex Rovira
Managing Director
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 4
- Career chronology, prior positions, dates, qualifications and memberships are substantially incomplete unless specifically noted in cited evidence.
- No company-outcome attribution or benchmark-adjusted shareholder-return analysis was performed for this executive.
- Person-specific fraud, litigation, sanctions, safety, environmental and governance searches were not performed; no clearance or negative finding is implied.
- Searches of criminal, court, regulator and professional registers were not exhaustive or, for this pass, generally performed.
Andrew Rich
Executive Director, Operations
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 4
- Career chronology, prior positions, dates, qualifications and memberships are substantially incomplete unless specifically noted in cited evidence.
- No company-outcome attribution or benchmark-adjusted shareholder-return analysis was performed for this executive.
- Person-specific fraud, litigation, sanctions, safety, environmental and governance searches were not performed; no clearance or negative finding is implied.
- Searches of criminal, court, regulator and professional registers were not exhaustive or, for this pass, generally performed.
Nicky Martin
Chief Financial Officer
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 4
- Career chronology, prior positions, dates, qualifications and memberships are substantially incomplete unless specifically noted in cited evidence.
- No company-outcome attribution or benchmark-adjusted shareholder-return analysis was performed for this executive.
- Person-specific fraud, litigation, sanctions, safety, environmental and governance searches were not performed; no clearance or negative finding is implied.
- Searches of criminal, court, regulator and professional registers were not exhaustive or, for this pass, generally performed.
Benjamin Smith
Company Secretary
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 4
- Career chronology, prior positions, dates, qualifications and memberships are substantially incomplete unless specifically noted in cited evidence.
- No company-outcome attribution or benchmark-adjusted shareholder-return analysis was performed for this executive.
- Person-specific fraud, litigation, sanctions, safety, environmental and governance searches were not performed; no clearance or negative finding is implied.
- Searches of criminal, court, regulator and professional registers were not exhaustive or, for this pass, generally performed.
Daniel Jolley
Project Director
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 4
- Career chronology, prior positions, dates, qualifications and memberships are substantially incomplete unless specifically noted in cited evidence.
- No company-outcome attribution or benchmark-adjusted shareholder-return analysis was performed for this executive.
- Person-specific fraud, litigation, sanctions, safety, environmental and governance searches were not performed; no clearance or negative finding is implied.
- Searches of criminal, court, regulator and professional registers were not exhaustive or, for this pass, generally performed.
Dean Vallve
Chief Development Officer (departed)
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 5
- Career chronology, prior positions, dates, qualifications and memberships are substantially incomplete unless specifically noted in cited evidence.
- No company-outcome attribution or benchmark-adjusted shareholder-return analysis was performed for this executive.
- Person-specific fraud, litigation, sanctions, safety, environmental and governance searches were not performed; no clearance or negative finding is implied.
- Searches of criminal, court, regulator and professional registers were not exhaustive or, for this pass, generally performed.
- The selected roster still includes Dean Vallve, but the annual report records his resignation on 12 September 2025; Brightstar’s post-resignation successor for Chief Development Officer is not identified in the reviewed sources. His reasons for leaving are not disclosed.
Samuel Main
Corporate Development Officer
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 4
- Career chronology, prior positions, dates, qualifications and memberships are substantially incomplete unless specifically noted in cited evidence.
- No company-outcome attribution or benchmark-adjusted shareholder-return analysis was performed for this executive.
- Person-specific fraud, litigation, sanctions, safety, environmental and governance searches were not performed; no clearance or negative finding is implied.
- Searches of criminal, court, regulator and professional registers were not exhaustive or, for this pass, generally performed.
John Croall
General Manager Mining
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 4
- Career chronology, prior positions, dates, qualifications and memberships are substantially incomplete unless specifically noted in cited evidence.
- No company-outcome attribution or benchmark-adjusted shareholder-return analysis was performed for this executive.
- Person-specific fraud, litigation, sanctions, safety, environmental and governance searches were not performed; no clearance or negative finding is implied.
- Searches of criminal, court, regulator and professional registers were not exhaustive or, for this pass, generally performed.
Katherine Hughes
Chief Human Resources Officer
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 4
- Career chronology, prior positions, dates, qualifications and memberships are unverified.
- No company-outcome attribution or benchmark-adjusted shareholder-return analysis was performed.
- Person-specific fraud, litigation, sanctions, safety, environmental and governance searches were not performed; no clearance or negative finding is implied.
- Searches of criminal, court, regulator and professional registers were not exhaustive or, for this pass, generally performed.
Jonathan Gough
General Manager Geology
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 4
- Career chronology, prior positions, dates, qualifications and memberships are unverified.
- No company-outcome attribution or benchmark-adjusted shareholder-return analysis was performed.
- Person-specific fraud, litigation, sanctions, safety, environmental and governance searches were not performed; no clearance or negative finding is implied.
- Searches of criminal, court, regulator and professional registers were not exhaustive or, for this pass, generally performed.
Brendan Bow
Environment & Approvals Manager
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 4
- Career chronology, prior positions, dates, qualifications and memberships are unverified.
- No company-outcome attribution or benchmark-adjusted shareholder-return analysis was performed.
- Person-specific fraud, litigation, sanctions, safety, environmental and governance searches were not performed; no clearance or negative finding is implied.
- Searches of criminal, court, regulator and professional registers were not exhaustive or, for this pass, generally performed.
Company ownership
Investors & shareholders
Top registered shareholders
Register at 2026-09-01 · 1,103,667,198 issued shares
| # | Investor / registered holder | % issued shares | Shares held |
|---|---|---|---|
| 1 | 13.74% | 151,616,777 | |
| 2 | 6.93% | 76,462,576 | |
| 3 | 4.74% | 52,313,105 | |
| 4 | 4.38% | 48,300,000 | |
| 5 | 3.07% | 33,881,162 | |
| 6 | 2.48% | 27,388,311 | |
| 7 | 2.26% | 24,966,310 | |
| 8 | 2.07% | 22,891,778 | |
| 9 | 1.93% | 21,307,332 | |
| 10 | 1.32% | 14,556,114 | |
| 11 | 1.27% | 14,000,000 | |
| 12 | 1.22% | 13,490,025 | |
| 13 | 1.00% | 10,991,106 | |
| 14 | 0.77% | 8,500,000 | |
| 15 | 0.76% | 8,391,074 | |
| 16 | 0.73% | 8,016,821 | |
| 17 | 0.65% | 7,201,893 | |
| 18 | 0.57% | 6,288,489 | |
| 19 | 0.50% | 5,536,221 | |
| 20 | 0.50% | 5,500,000 |
Sources & review notesEvidence checked through 2026-10-09
Coverage and limitations
- The ranked register lists legal registered accounts, not all beneficial holders behind custodian and nominee accounts.
- The issuer reported no substantial shareholders with relevant interests of 5% or more as at 1 September 2026; this is a dated disclosure, not a live ownership statement.
Sources
- Annual Report to shareholders
Brightstar Resources Limited / ASX · Published 2026-09-04 · Accessed 2026-10-09
Complete 20-account register with quantities and denominator at 1 September 2026; the issuer reports no substantial shareholders at or above 5% on that date.
PDF page 111 (printed page 109), ASX Additional Information
Disclosed activity
Insider transactions
No transactions were identified in this reviewed view.
The closest covered peers
Peer comparison
Peer comparison pending
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Narrative and provenance
Research & Sources
The full analyst report, its figures and the broker-style PDF are available to subscribers and invited guests.
Sign in or enter a guest codeChronological evidenceSource-document inventory11 documents
Latest eligible ASX close for BTR on 4 Nov 2026 (reference price)Market Data · HighExtracted
Latest eligible ASX close for BTR on 4 Nov 2026 (reference price), from the local market database (market data provider source).
- Document ID
- market-close-btr-2026-11-04
- Published UTC
- 2026-11-04T03:00:00Z
- Projects
- —
- Commodities
- gold
Local top-20 register and substantial holders review (latest complete register 1 Sep 2026Governance · MediumExtracted
Local top-20 register and substantial holders review (latest complete register 1 Sep 2026, 1,103,667,198 shares), from ownership/BTR/investors.json.
- Document ID
- local-ownership-register-btr
- Published UTC
- 2026-11-04T03:00:00Z
- Projects
- —
- Commodities
- gold
Local management assessment and background checks for the current executive teamGovernance · MediumExtracted
Local management assessment and background checks for the current executive team, from management/BTR/summary.md and background-check.json.
- Document ID
- local-management-assessment-btr
- Published UTC
- 2026-11-04T03:00:00Z
- Projects
- —
- Commodities
- gold
Insider dealings for BTR from the local insider-transactions database (python -m miners.insider_transactions show BTR; sOther · MediumExtracted
Insider dealings for BTR from the local insider-transactions database (python -m miners.insider_transactions show BTR; status partial, nine director events).
- Document ID
- local-insider-dealings-btr
- Published UTC
- 2026-11-04T03:00:00Z
- Projects
- —
- Commodities
- gold
Application for quotation of securities - BTRFinancing · HighExtracted
Appendix 2A for 164,000,000 placement shares at A$0.50 issued 3 Nov 2026; Part 4 gives total quoted ordinary shares and unquoted rights and options after quotation.
- Document ID
- btr-appendix-2a-placement-nov-2026
- Published UTC
- 2026-11-02T22:46:06Z
- Projects
- goldfields-hub
- Commodities
- gold
Gold spot (USD/ozCommodity Data · HighExtracted
Gold spot (USD/oz, futures series GC) on 3 Nov 2026 with AUD/USD 1.4236, and trailing 1-, 3- and 5-year averages, from the local market database (market snapshot).
- Document ID
- market-gold-spot-2026-11-03
- Published UTC
- 2026-11-03T03:00:00Z
- Projects
- —
- Commodities
- gold
Quarterly Activities/Appendix 5B Cash Flow ReportResults · HighExtracted
September 2026 quarterly activities and Appendix 5B: cash of A$58.7m at 30 Sep 2026, A$161.4m undrawn escrowed bond proceeds, quarterly operating and investing outflows, and the A$82m placement announced after quarter end.
- Document ID
- btr-quarterly-sep-2026
- Published UTC
- 2026-10-28T21:17:00Z
- Projects
- goldfields-hub
- Commodities
- gold
Annual Report to shareholders_15128bf1ddb0c7bdResults · HighExtracted
Annual report FY2026 (year to 30 June 2026): statutory accounts, reserve and resource tables at 30 June 2026, borrowings and US$120m bond terms, put options, royalties, share capital and the FY2026 review.
- Document ID
- btr-annual-report-fy26
- Published UTC
- 2026-09-03T23:00:00Z
- Projects
- goldfields-hub · laverton-mines · menzies-mines · laverton-plant · sandstone
- Commodities
- gold
Sandstone Mineral Resource Grows to 2.9MozResource Update · HighExtracted
Consolidated JORC Mineral Resources of the Laverton, Menzies and Sandstone hubs at 15 July 2026 (Table 4): 99.9Mt at 1.4 g/t Au for 4.46Moz attributable, including Sandstone 69.3Mt at 1.3 g/t Au for 2.87Moz.
- Document ID
- btr-consolidated-resource-jul-2026
- Published UTC
- 2026-07-14T22:23:54Z
- Projects
- goldfields-hub · sandstone
- Commodities
- gold
EPC Contract - Laverton Processing PlantOperations · HighExtracted
GR Engineering Services ASX release of 26 May 2026 on the EPC contract for the Laverton processing plant, contract sum A$110 million.
- Document ID
- gres-epc-contract-may-2026
- Published UTC
- 2026-05-24T23:00:00Z
- Projects
- laverton-plant · goldfields-hub
- Commodities
- gold
Updated Goldfields Feasibility StudyStudy · HighExtracted
Updated Goldfields feasibility study (DFS 2.0), 29 Jan 2026: 457koz 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 and AISC A$2,998/oz, Laverton 1.5Mtpa plant.
- Document ID
- btr-dfs2-feasibility-study-jan-2026
- Published UTC
- 2026-01-29T02:45:27Z
- Projects
- goldfields-hub · laverton-mines · menzies-mines · laverton-plant
- Commodities
- gold
Evidence facts111
64139000 AUD
2026-06-30-76930000 AUD
2026-06-30-73599000 AUD
2026-06-30-33898000 AUD
2026-06-3053023000 AUD
2026-06-30121983000 AUD
2026-06-30160149000 AUD
2026-06-3011830000 AUD
2026-06-30372918000 AUD
2026-06-301097936000 shares
2026-06-30472577000 shares
2025-06-300 AUD/share
2026-06-303975000 t
2026-06-30187000 oz
2026-06-301.46 g/t
2026-06-302934000 t
2026-06-30164000 oz
2026-06-301.74 g/t
2026-06-30100 pct
2026-06-30All key regulatory approvals secured; FID May 2026 text
2026-06-30June 2027 text
2026-06-302026-01-29 date
2026-01-29DFS 2.0 updated definitive feasibility study text
2026-01-296 years
2026-01-291500000 t/yr
2026-06-30captive: Brightstar-owned Laverton and Menzies ore plus the Second Fortune ROM stockpile text
2026-06-30Second Fortune ROM stockpile text
2026-06-30Open pit (Lord Byron, Cork Tree Well) and underground (Fish, Second Fortune, Alpha) text
2026-06-30Lord Byron open pit mining from late CY26 text
2026-06-3060000 oz
2026-06-3012.5 pct
2026-03-18101931000 AUD
2026-06-30160927000 AUD
2026-06-30100 pct
2026-06-30gold text
2026-06-30AU text
2026-06-30100 pct
2026-06-30gold text
2026-06-30AU text
2026-06-30100 pct
2026-06-30gold text
2026-06-30AU text
2026-06-30100 pct
2026-06-30gold text
2026-06-30AU text
2026-06-30100 pct
2026-06-30gold text
2026-06-30AU text
2026-06-30construction text
2026-06-30June 2027 text
2026-06-30Sandstone PFS and maiden Ore Reserve due December 2026 quarter; no mining approvals yet text
2026-06-3060000 oz
2026-06-3058665000 AUD
2026-09-30161400000 AUD
2026-09-3082000000 AUD
2026-11-0363460000 AUD
2026-09-301272095843 shares
2026-11-031305432119 shares
2026-11-0374 pct
2026-01-298 pct
2026-01-2975000 oz/yr
2026-01-29188000000 AUD
2026-01-296000 AUD/oz
2026-01-292998 AUD/oz
2026-01-292581 AUD/oz
2026-01-2961 AUD/t
2026-01-29118000000 AUD
2026-01-29479000000 AUD
2026-01-2991 pct
2026-01-29Yunndaga – Underground; Lady Shenton - Open Pit; Aspacia open pit text
2026-01-29Lord Byron – Open Pit text
2026-01-292026-07-15 date
2026-07-15705000 t
2026-07-152.3 g/t
2026-07-1552000 oz
2026-07-156563000 t
2026-07-151.7 g/t
2026-07-15367000 oz
2026-07-158501000 t
2026-07-151.7 g/t
2026-07-15452000 oz
2026-07-1515768000 t
2026-07-151.7 g/t
2026-07-15873000 oz
2026-07-150.5 g/t
2026-07-156744000 t
2026-07-151.7 g/t
2026-07-15362000 oz
2026-07-158080000 t
2026-07-151.4 g/t
2026-07-15355000 oz
2026-07-1514814000 t
2026-07-151.5 g/t
2026-07-15718000 oz
2026-07-150.5 g/t
2026-07-1524652000 t
2026-07-151.4 g/t
2026-07-151144000 oz
2026-07-1544684000 t
2026-07-151.2 g/t
2026-07-151725000 oz
2026-07-1569337000 t
2026-07-151.3 g/t
2026-07-152868000 oz
2026-07-150.4 g/t
2026-07-15110000000 AUD
2026-05-260.555 AUD/share
2026-11-048507344 shares
2026-11-043940.3999 USD/oz
2026-11-031.4236 AUD/USD
2026-11-034451.5135 USD/oz
2026-11-03Conflicts requiring judgment1
- sandstone contained gold (oz)
The 15 July 2026 consolidated resource (2,868koz, Sandstone total) post-dates the 30 June 2026 annual report table (2,439koz); the later statement is used and the annual report figure is superseded.