Brightstar Resources Advances Goldfields Project with Early Concrete Pour and Gold Price Hedging, First Gold Expected by June 2027

Early Concrete Pour Completed for CIL Tank Foundations at Laverton Plant

In its 2 July 2026 update, Brightstar Resources confirmed the first concrete pour for the CIL (carbon-in-leach) tank foundations at its Goldfields Project processing plant, located south of Laverton, Western Australia, was completed ahead of schedule. This milestone marks a significant construction kickoff and confirms that civil works for the 1.5 million tonne per annum processing plant are well underway. Bulk earthworks for the SAG mill and CIL plant pads have also been finished as of the update.

July 2026 construction efforts will focus on completing the remaining CIL tank foundations and starting concrete foundations for the SAG mill and crusher circuit, while bulk earthworks for the power station, non-process infrastructure, and water services continue simultaneously. Steel fabrication for the primary crushing area has started, and fabrication of long-lead equipment such as the SAG mill shell and trunnion is progressing on schedule. Photographs from 24 and 28 June 2026 show earthworks progress across the ROM pad, crushing circuit, SAG mill, leaching circuit, power station, and process water ponds.

Detailed Engineering 60% Complete, Aiming for 90% by August 2026

Brightstar reported that detailed engineering for the Goldfields Project has reached 60% completion, including key HAZOP (Hazard and Operability) review milestones. The company expects to achieve 90% completion by August 2026, a critical step in reducing project delivery risks. This engineering work is being conducted alongside EPC (Engineering, Procurement and Construction) partner GR Engineering.

The company highlighted that strategic pre-FID (Final Investment Decision) early works agreements with GR Engineering enabled early ordering of long lead-time items. This proactive approach has reduced schedule and budget risks and positioned Brightstar advantageously amid rising industry-wide demand for gold processing plant EPC services in Western Australia. This early procurement and design advantage may have helped shield the project from contractor capacity constraints affecting other regional operators.

Second Fortune Underground Mine Aiming for ~50kt ROM Stockpile at 3.0g/t Au Before Care and Maintenance

Mining of high-grade ore at the Second Fortune underground mine continues with stoping operations ongoing and all mine development complete. Current ROM (run-of-mine) stocks total about 30,000 tonnes at 3.0 grams per tonne gold, with a target of approximately 50,000 tonnes at 3.0g/t gold—equivalent to roughly 5,000 ounces of contained gold—by the end of August 2026. Operations will conclude in August 2026, after which the mine will be placed on care and maintenance as planned.

Brightstar noted that Second Fortune was excluded from the Goldfields Project DFS2.0 (Definitive Feasibility Study version 2.0) production schedule. Consequently, the stockpiled high-grade ore will provide production upside relative to DFS2.0 projections during the first year of processing. This ore will be transported to Brightstar’s Laverton processing plant once commissioned, offering a meaningful boost to early cash flow during ramp-up, although specific financial impacts were not detailed.

Over 100,000 Tonnes of Ore Stockpiled at Jasper Hills Including Fish Underground and Lord Byron Material

Beyond Second Fortune, Brightstar confirmed it holds over 100,000 tonnes of ore stockpiled at its Jasper Hills site. This includes approximately 13,000 tonnes of high-grade ore at about 3.0g/t gold from the Fish underground mine and roughly 90,000 tonnes of lower-grade ore at approximately 1.0g/t gold from prior Lord Byron mine operations. These stockpiles are expected to provide feed flexibility during the processing plant’s early months.

The combined stockpiles from Second Fortune, Fish, and Lord Byron provide Brightstar with a substantial ore inventory ahead of plant commissioning. Management appears to have deliberately built feed stockpiles in advance to mitigate early production ramp-up risks and support initial cash flow generation once the facility is operational.

Lord Byron Open Pit Restart Planned for September 2026 Quarter Ahead of Late 2026 Mining Start

Brightstar confirmed final mine designs for the Lord Byron open pit are complete, with site preparation plans underway ahead of mobilisation in the September 2026 quarter. Open pit mining is scheduled to start in late 2026 to build ore stockpiles ahead of mill commissioning in June 2027. Grade control drilling at Lord Byron will also begin in the September 2026 quarter.

Underground diamond drilling at the Fish mine is set to commence in the September 2026 quarter to support upcoming operations. Both Lord Byron and Fish are part of the broader Goldfields portfolio at Jasper Hills, with their ramp-up planned to coincide with the final stages of processing plant construction. The September 2026 quarter will be a critical period for investors monitoring Brightstar’s operational readiness.

Goldfields Project Targets 75,000 Ounces Annually Over Six-Year Initial Mine Life Starting July 2027

Brightstar reaffirmed its production guidance of approximately 75,000 ounces of gold per annum from July 2027, over an initial six-year mine life. Concurrently, the company is pursuing mine-life extension opportunities through exploration and optimisation work, alongside a potential 2.5 million tonne per annum throughput expansion. This indicates the initial 1.5Mtpa, six-year plan is a foundation with potential to scale depending on resource growth.

The 100% owned Goldfields Project includes multiple deposits and mining areas within Western Australia’s established Goldfields region. Brightstar aims to become a substantial mid-tier Western Australian gold producer. Feasibility studies at the Sandstone project are also ongoing alongside construction, demonstrating a multi-asset development pipeline beyond Goldfields.

Put Options Purchased for 60,000 Ounces at AUD$5,809/oz to Hedge Early Production Revenues

In the same update, Brightstar confirmed it purchased gold put options covering 60,000 ounces of production over the first 24 months from FY27 onwards. These options are exercisable at AUD$5,809 per ounce (approximately US$4,000 per ounce). Importantly, the company retains full exposure to gold price upside, meaning the puts act as a price floor rather than a ceiling, allowing benefits from higher gold prices.

The deferred-premium structure aligns option premium payments with production cash flows instead of requiring upfront capital, preserving liquidity during construction and ramp-up. This hedging strategy reduces risk during the initial production phase, reflecting management’s priority to protect revenues given the capital-intensive construction period.

Deferred-Premium Structure Maintains Strong Balance Sheet Through Construction and Sandstone Feasibility

Managing Director Alex Rovira emphasized the deferred-premium nature of the put option structure, describing it as key to maintaining Brightstar’s "strong balance sheet position" while advancing construction and ramp-up at Goldfields alongside exploration and feasibility work at Sandstone. Option premiums will be paid from production cash flows once revenue generation begins, preserving current cash reserves.

This approach aligns with Brightstar’s broader capital management strategy to maintain liquidity across multiple projects and activities, including Goldfields construction, Second Fortune mining, Lord Byron preparations, and Sandstone exploration. Careful cash management appears central to both the early EPC works strategy and the hedging program. The immediate share price impact of these announcements was not evident from public data.

GR Engineering EPC Partnership Key to Mitigating Schedule and Budget Risks

Brightstar credited EPC partner GR Engineering with a pivotal role in keeping the project on schedule and budget. Pre-FID early works agreements with GR Engineering allowed early ordering of long lead-time items and advanced project development, mitigating risks from supply chain and contractor availability challenges increasingly common in Western Australia’s gold sector.

The SAG mill, a critical long-lead item, is progressing on schedule in fabrication, with images of the shell and trunnion included in the June 2026 update. Early procurement of such essential equipment is widely regarded as a vital risk mitigation measure amid growing demand for EPC services across Western Australian gold projects. This progress is a positive indicator for the overall construction timeline.

Upcoming Milestones: Lord Byron Mobilisation, Engineering Completion, and First Gold Pour

Brightstar outlined key near-term milestones for investors. The September 2026 quarter will see site mobilisation at Lord Byron, commencement of grade control drilling there, and start of underground diamond drilling at Fish. August 2026 targets include concluding Second Fortune operations and placing it on care and maintenance, as well as reaching 90% detailed engineering completion for the processing plant.

Following these, open pit mining at Lord Byron is planned to begin in late 2026, building ore stockpiles through early 2027. Mill commissioning is scheduled for the June 2027 quarter, with first gold pour and production of approximately 75,000 ounces annually expected from July 2027. Brightstar confirmed the project remains on schedule and within budget as of July 2026 and will continue providing regular construction progress updates.