Brightstar’s Laverton Ore Reserves Confirmed Amid Exploration and Permit Uncertainties

Brightstar’s Maiden Ore Reserves – A New Chapter

Brightstar Resources Limited (ASX – BTR) has taken a significant step forward in its development journey by declaring maiden Ore Reserves for its Second Fortune and Fish underground mines, located within the Laverton Gold Project in Western Australia. These reserves, totalling 227,000 tonnes at an average grade of 3.24 grams per tonne gold, translate to approximately 24,000 ounces of gold and provide a solid foundation for the company’s FY26 production plans under its Ore Purchase Agreement (OPA) with Genesis Minerals.

The announcement marks a milestone for Brightstar, underpinning near-term production with proven economic viability. The Ore Reserves are based on a conservative gold price assumption of A$3,500 per ounce, well below current market prices, which adds a margin of safety to the project’s economics. Detailed technical and geotechnical studies, including mining dilution and recovery factors, have been incorporated to ensure the robustness of the reserve estimates.

Operational Momentum and Exploration Upside

Mining activities continue at both Second Fortune and Fish, with the latter expected to deliver its first ore within the coming week. Notably, all capital expenditure at Fish has been sunk, positioning the mine to contribute significant revenue in the September quarter. Brightstar anticipates that the processed head-grade will increase as ore feed transitions entirely to higher-grade underground material from the September quarter onwards.

Beyond the immediate production horizon, Brightstar is mobilising surface and underground diamond drilling rigs to both mines. This exploration push aims to convert known mineralised intercepts into additional Mineral Resources and Ore Reserves, targeting extensions to mine life and reserve growth. The company’s Managing Director, Alex Rovira, emphasised the open-ended nature of these deposits, highlighting their continuity at depth and along strike, which have yet to be fully tested by deeper drilling.

Looking Ahead – The Definitive Feasibility Study

Brightstar’s maiden Ore Reserves are a precursor to the imminent release of a Definitive Feasibility Study (DFS) that will outline the development and expansion of production across the Laverton and Menzies hubs. This DFS is expected to deliver a material increase in group Ore Reserves and provide a comprehensive blueprint for the company’s growth trajectory.

The DFS will integrate open pit Ore Reserves and proposed mine plans alongside the underground operations, offering investors a clearer picture of Brightstar’s production profile and strategic direction. The company’s approach to derisking assets through multiple production centres and mining operations aims to underpin a growing and sustainable production base.

Technical and Economic Foundations

The Ore Reserves at Second Fortune and Fish have been estimated using industry-standard longhole open stoping mining methods, supported by detailed geotechnical assessments. Processing will continue via the Laverton Mill owned by Genesis Minerals, leveraging a conventional carbon-in-leach (CIL) flowsheet with expected recoveries of 94% or higher.

Mining designs incorporate realistic dilution and ore loss factors, with Second Fortune applying a 55% dilution skin and Fish a 29% dilution skin, reflecting the differing orebody geometries. Both mines demonstrate positive net cash flows and acceptable returns at the assumed gold price, reinforcing the economic viability of the operations.

Strategic Positioning in the WA Goldfields

Brightstar’s portfolio extends beyond Laverton, with assets in the Menzies and Sandstone districts, including recent consolidations that have increased its total JORC Mineral Resource to approximately 3 million ounces of gold. The company’s strategic positioning near key infrastructure and processing facilities enhances its operational flexibility and potential for staged development.

With the maiden Ore Reserves now declared and exploration drilling ramping up, Brightstar is poised to translate its resource base into a meaningful production profile, supported by a clear pathway to growth outlined in the forthcoming DFS.