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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
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1M
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YTD
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1Y
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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

Narrative and provenance

Research & Sources

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Chronological 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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
Evidence facts111
btr-annual-rep-revenueRevenue FY2026 (gold sales under the Genesis OPA)

64139000 AUD

2026-06-30
btr-annual-rep-npatStatutory loss after tax FY2026

-76930000 AUD

2026-06-30
btr-annual-rep-ebitdaEBITDA derived as operating loss plus D&A (FY2026)

-73599000 AUD

2026-06-30
btr-annual-rep-operating-cash-flowNet operating cash flow FY2026

-33898000 AUD

2026-06-30
btr-annual-rep-capexCapex FY2026: PP&E payments 48,555 plus payments for exploration assets 4,468

53023000 AUD

2026-06-30
btr-annual-rep-cashCash and cash equivalents at 30 June 2026 (unrestricted)

121983000 AUD

2026-06-30
btr-annual-rep-debtBorrowings at 30 June 2026: current 1,966 plus non-current 158,183 (US$120m secured bond carrying amount 157,709)

160149000 AUD

2026-06-30
btr-annual-rep-lease-liabilitiesLease liabilities at 30 June 2026: current 4,830 plus non-current 7,000

11830000 AUD

2026-06-30
btr-annual-rep-book-equityTotal equity at 30 June 2026

372918000 AUD

2026-06-30
btr-annual-rep-shares-basicFully paid ordinary shares at 30 June 2026 (1,097,936k)

1097936000 shares

2026-06-30
btr-annual-rep-shares-basic-2Prior year-end comparative: ordinary shares at 30 June 2025 (472,577k, after the 25:1 consolidation of April 2025)

472577000 shares

2025-06-30
btr-annual-rep-dividends-per-share-ttmNo dividends declared in the 12 months to 30 June 2026

0 AUD/share

2026-06-30
btr-annual-rep-reserve-tonnes-laverton-minesLaverton ore reserves (Lord Byron 1,838kt plus Cork Tree Well 2,137kt; Proved 308kt, Probable 3,667kt) at 30 June 2026

3975000 t

2026-06-30
btr-annual-rep-reserve-contained-laverton-minesLaverton reserve contained gold: Lord Byron 83koz plus Cork Tree Well 104koz (page 24)

187000 oz

2026-06-30
btr-annual-rep-reserve-grade-laverton-minesLaverton reserve grade (contained-weighted average of Lord Byron 1.4 g/t and Cork Tree Well 1.5 g/t)

1.46 g/t

2026-06-30
btr-annual-rep-reserve-tonnes-menzies-minesMenzies ore reserves: Lady Shenton 2,395kt plus Yunndaga 539kt at 30 June 2026

2934000 t

2026-06-30
btr-annual-rep-reserve-contained-menzies-minesMenzies reserve contained gold: Lady Shenton 117koz plus Yunndaga 47koz

164000 oz

2026-06-30
btr-annual-rep-reserve-grade-menzies-minesMenzies reserve grade, contained-weighted

1.74 g/t

2026-06-30
btr-annual-rep-funding-status-pct-goldfields-hubGoldfields Project funded to first gold (equity and bond completed March 2026)

100 pct

2026-06-30
btr-annual-rep-permitting-status-goldfields-hubPermitting: key regulatory approvals secured before FID (May 2026)

All key regulatory approvals secured; FID May 2026 text

2026-06-30
btr-annual-rep-first-production-target-goldfields-hubFirst gold targeted in June 2027 (Laverton plant commissioning mid-CY27)

June 2027 text

2026-06-30
btr-annual-rep-study-date-goldfields-hubUpdated Goldfields DFS released January 2026 (DFS 2.0)

2026-01-29 date

2026-01-29
btr-annual-rep-study-type-goldfields-hubUpdated definitive feasibility study (DFS 2.0), six-year initial mine life

DFS 2.0 updated definitive feasibility study text

2026-01-29
btr-annual-rep-mine-life-goldfields-hubInitial mine life six years (DFS 2.0)

6 years

2026-01-29
btr-annual-rep-nameplate-capacity-laverton-plantLaverton processing plant nameplate 1.5Mtpa (up from 1.0Mtpa in the June 2025 DFS)

1500000 t/yr

2026-06-30
btr-annual-rep-feed-source-laverton-plantCaptive feed: Laverton and Menzies mines and ROM stockpiles at Second Fortune and Fish

captive: Brightstar-owned Laverton and Menzies ore plus the Second Fortune ROM stockpile text

2026-06-30
btr-annual-rep-feed-source-laverton-plant-2Second Fortune ROM stockpile (30.1kt at 3.09 g/t) held for the Laverton plant

Second Fortune ROM stockpile text

2026-06-30
btr-annual-rep-mining-method-laverton-minesLaverton mines: open pit and underground (Fish, Second Fortune)

Open pit (Lord Byron, Cork Tree Well) and underground (Fish, Second Fortune, Alpha) text

2026-06-30
btr-annual-rep-first-production-target-laverton-plantLord Byron open pit mining from late CY26; ore stockpiled before mill commissioning

Lord Byron open pit mining from late CY26 text

2026-06-30
btr-annual-rep-commodity-hedge-put-oz-goldfields-hubGold put options over 60,000 oz at A$5,809/oz, settled over FY2028 and FY2029

60000 oz

2026-06-30
btr-annual-rep-debt-coupon-goldfields-hubUS$120m senior secured bond: fixed 12.5% coupon, four-year term, issued 18 March 2026 at 94% of par

12.5 pct

2026-03-18
btr-annual-rep-capex-commitments-laverton-plantCapital expenditure commitments at 30 June 2026 for the Laverton processing plant

101931000 AUD

2026-06-30
btr-annual-rep-undrawn-facilitiesRestricted cash at 30 June 2026 (bond proceeds in escrow; released against cost-to-complete tests)

160927000 AUD

2026-06-30
btr-annual-rep-ownership-pct-goldfields-hubGoldfields Project 100% owned by Brightstar (Menzies and Laverton)

100 pct

2026-06-30
btr-annual-rep-commodity-goldfields-hubGold (commodity of the Goldfields Project)

gold text

2026-06-30
btr-annual-rep-country-goldfields-hubWestern Australia, Australia (ISO AU)

AU text

2026-06-30
btr-annual-rep-ownership-pct-laverton-minesGoldfields Project 100% owned by Brightstar (Menzies and Laverton)

100 pct

2026-06-30
btr-annual-rep-commodity-laverton-minesGold (commodity of the Goldfields Project)

gold text

2026-06-30
btr-annual-rep-country-laverton-minesWestern Australia, Australia (ISO AU)

AU text

2026-06-30
btr-annual-rep-ownership-pct-menzies-minesGoldfields Project 100% owned by Brightstar (Menzies and Laverton)

100 pct

2026-06-30
btr-annual-rep-commodity-menzies-minesGold (commodity of the Goldfields Project)

gold text

2026-06-30
btr-annual-rep-country-menzies-minesWestern Australia, Australia (ISO AU)

AU text

2026-06-30
btr-annual-rep-ownership-pct-laverton-plantGoldfields Project 100% owned by Brightstar (Menzies and Laverton)

100 pct

2026-06-30
btr-annual-rep-commodity-laverton-plantGold (commodity of the Goldfields Project)

gold text

2026-06-30
btr-annual-rep-country-laverton-plantWestern Australia, Australia (ISO AU)

AU text

2026-06-30
btr-annual-rep-ownership-pct-sandstoneSandstone subsidiaries 100% owned (Julias tenement is 75% owned and included at attributable 75%)

100 pct

2026-06-30
btr-annual-rep-commodity-sandstoneGold (Sandstone Gold Project)

gold text

2026-06-30
btr-annual-rep-country-sandstoneWestern Australia, Australia (ISO AU)

AU text

2026-06-30
btr-annual-rep-plant-stage-laverton-plantLaverton processing plant in full-scale construction after FID (May 2026)

construction text

2026-06-30
btr-annual-rep-first-production-target-laverton-plant-2First gold from the Laverton processing plant targeted June 2027

June 2027 text

2026-06-30
btr-annual-rep-permitting-status-sandstoneSandstone PFS and maiden Ore Reserve on track for the December 2026 quarter

Sandstone PFS and maiden Ore Reserve due December 2026 quarter; no mining approvals yet text

2026-06-30
btr-annual-rep-commodity-hedge-put-oz-goldfields-hub-2Gold put options over 60koz at A$5,809/oz (deferred premium), settled FY2028-FY2029

60000 oz

2026-06-30
btr-quarterly--cashCash and cash equivalents at 30 September 2026

58665000 AUD

2026-09-30
btr-quarterly--undrawn-facilitiesUndrawn net bond proceeds at 30 Sep 2026 (restricted, escrowed)

161400000 AUD

2026-09-30
btr-quarterly--committed-fundingPlacement of 164m shares at A$0.50 (A$82m before costs) committed after quarter end and issued 3 Nov 2026

82000000 AUD

2026-11-03
btr-quarterly--quarterly-net-burnQuarterly net cash used: operating 23,153 plus investing 40,307 (Sep 2026 quarter)

63460000 AUD

2026-09-30
btr-appendix-2-shares-basicOrdinary shares quoted after the 3 Nov 2026 placement and option issue (latest issued capital)

1272095843 shares

2026-11-03
btr-appendix-2-shares-fully-dilutedFully diluted: ordinary shares 1,272,095,843 plus performance rights 20,833,969 plus in-the-money 0.24 options 12,502,307 (page 6)

1305432119 shares

2026-11-03
btr-dfs2-feasi-study-irr-goldfields-hubPre-tax IRR at A$6,000/oz (pre-tax, ungeared)

74 pct

2026-01-29
btr-dfs2-feasi-study-discount-rate-goldfields-hubNPV discount rate used in the study

8 pct

2026-01-29
btr-dfs2-feasi-annual-production-lom-goldfields-hubAverage life-of-mine annual production 75koz (457koz over six years)

75000 oz/yr

2026-01-29
btr-dfs2-feasi-initial-capex-goldfields-hubPeak funding requirement A$188m (pre-production capital incl. pre-strip, G&A and working capital)

188000000 AUD

2026-01-29
btr-dfs2-feasi-study-price-assumption-goldfields-hubStudy base case gold price A$6,000/oz

6000 AUD/oz

2026-01-29
btr-dfs2-feasi-aisc-lom-goldfields-hubLife-of-mine AISC A$2,998/oz

2998 AUD/oz

2026-01-29
btr-dfs2-feasi-c1-cost-goldfields-hubLife-of-mine C1 cash operating cost A$2,581/oz

2581 AUD/oz

2026-01-29
btr-dfs2-feasi-processing-cost-per-t-laverton-plantHaulage and ore processing cost A$61/t milled (life of mine)

61 AUD/t

2026-01-29
btr-dfs2-feasi-plant-capex-laverton-plantLaverton processing infrastructure capex A$118m (lump sum EPC plus earthworks, +/-15%)

118000000 AUD

2026-01-29
btr-dfs2-feasi-capex-lom-goldfields-hubTotal life-of-mine capital costs A$479m (infrastructure A$133m plus capitalised mining A$346m)

479000000 AUD

2026-01-29
btr-dfs2-feasi-recovery-pct-laverton-plantPlant recovery 91% on 9.42Mt at 1.7 g/t

91 pct

2026-01-29
btr-dfs2-feasi-mining-method-menzies-minesMenzies mines: Lady Shenton and Aspacia open pits and Yunndaga underground

Yunndaga – Underground; Lady Shenton - Open Pit; Aspacia open pit text

2026-01-29
btr-dfs2-feasi-mining-method-laverton-minesLaverton mines: Lord Byron and Cork Tree Well open pits; Fish and Alpha underground

Lord Byron – Open Pit text

2026-01-29
btr-consolidat-resource-date-laverton-minesLaverton resource statement date (15 July 2026)

2026-07-15 date

2026-07-15
btr-consolidat-resource-tonnes-laverton-minesLaverton measured resource

705000 t

2026-07-15
btr-consolidat-resource-grade-laverton-minesLaverton measured grade

2.3 g/t

2026-07-15
btr-consolidat-resource-contained-laverton-minesLaverton measured contained gold

52000 oz

2026-07-15
btr-consolidat-resource-tonnes-laverton-mines-2Laverton indicated resource

6563000 t

2026-07-15
btr-consolidat-resource-grade-laverton-mines-2Laverton indicated grade

1.7 g/t

2026-07-15
btr-consolidat-resource-contained-laverton-mines-2Laverton indicated contained gold

367000 oz

2026-07-15
btr-consolidat-resource-tonnes-laverton-mines-3Laverton inferred resource

8501000 t

2026-07-15
btr-consolidat-resource-grade-laverton-mines-3Laverton inferred grade

1.7 g/t

2026-07-15
btr-consolidat-resource-contained-laverton-mines-3Laverton inferred contained gold

452000 oz

2026-07-15
btr-consolidat-resource-tonnes-laverton-mines-4Laverton total resource (all categories)

15768000 t

2026-07-15
btr-consolidat-resource-grade-laverton-mines-4Laverton total grade

1.7 g/t

2026-07-15
btr-consolidat-resource-contained-laverton-mines-4Laverton total contained gold

873000 oz

2026-07-15
btr-consolidat-cutoff-grade-laverton-minesLaverton open pit resource cut-off 0.5 g/t Au (Lord Byron, Cork Tree Well); Fish 1.6 g/t and Second Fortune 2.5 g/t

0.5 g/t

2026-07-15
btr-consolidat-resource-tonnes-menzies-minesMenzies indicated resource

6744000 t

2026-07-15
btr-consolidat-resource-grade-menzies-minesMenzies indicated grade

1.7 g/t

2026-07-15
btr-consolidat-resource-contained-menzies-minesMenzies indicated contained gold

362000 oz

2026-07-15
btr-consolidat-resource-tonnes-menzies-mines-2Menzies inferred resource

8080000 t

2026-07-15
btr-consolidat-resource-grade-menzies-mines-2Menzies inferred grade

1.4 g/t

2026-07-15
btr-consolidat-resource-contained-menzies-mines-2Menzies inferred contained gold

355000 oz

2026-07-15
btr-consolidat-resource-tonnes-menzies-mines-3Menzies total resource

14814000 t

2026-07-15
btr-consolidat-resource-grade-menzies-mines-3Menzies total grade

1.5 g/t

2026-07-15
btr-consolidat-resource-contained-menzies-mines-3Menzies total contained gold

718000 oz

2026-07-15
btr-consolidat-cutoff-grade-menzies-minesMenzies cut-off 0.5 g/t (open pit) and 1.2 g/t (underground) at Lady Shenton and Yunndaga

0.5 g/t

2026-07-15
btr-consolidat-resource-tonnes-sandstoneSandstone indicated resource

24652000 t

2026-07-15
btr-consolidat-resource-grade-sandstoneSandstone indicated grade

1.4 g/t

2026-07-15
btr-consolidat-resource-contained-sandstoneSandstone indicated contained gold

1144000 oz

2026-07-15
btr-consolidat-resource-tonnes-sandstone-2Sandstone inferred resource

44684000 t

2026-07-15
btr-consolidat-resource-grade-sandstone-2Sandstone inferred grade

1.2 g/t

2026-07-15
btr-consolidat-resource-contained-sandstone-2Sandstone inferred contained gold

1725000 oz

2026-07-15
btr-consolidat-resource-tonnes-sandstone-3Sandstone total resource

69337000 t

2026-07-15
btr-consolidat-resource-grade-sandstone-3Sandstone total grade

1.3 g/t

2026-07-15
btr-consolidat-resource-contained-sandstone-3Sandstone total contained gold (Julias included at 75% attributable)

2868000 oz

2026-07-15
btr-consolidat-cutoff-grade-sandstoneSandstone cut-off 0.4 g/t for open-pit models (Two Mile Hill and Bull Oak underground cut-offs 0.73 to 0.8 g/t)

0.4 g/t

2026-07-15
gres-epc-contr-plant-contract-sum-laverton-plantGR Engineering EPC contract sum A$110m for the Laverton processing plant (executed 26 May 2026)

110000000 AUD

2026-05-26
market-btr-close-2026-11-04BTR close on 4 Nov 2026 (reference price, fresh)

0.555 AUD/share

2026-11-04
market-btr-volume-2026-11-04BTR volume on 4 Nov 2026

8507344 shares

2026-11-04
market-gold-spot-usd-2026-11-03Gold spot USD/oz on 3 Nov 2026 (futures GC)

3940.3999 USD/oz

2026-11-03
market-gold-aud-usd-2026-11-03AUD per USD on 3 Nov 2026

1.4236 AUD/USD

2026-11-03
market-gold-1y-avg-usdGold 1-year average USD/oz to 3 Nov 2026

4451.5135 USD/oz

2026-11-03
Conflicts 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.