Brightstar Resources (BTR) H1 2026 earnings summary

Executive summary

• Achieved record H1 FY26 production: 157.5Kt ore mined at 2.93g/t for 14,848oz gold from Second Fortune and Fish mines.

• Completed strategic acquisition of Aurumin Limited, consolidating Sandstone region and increasing pro-forma Mineral Resource to 2.4Moz @ 1.5g/t.

• Raised $50 million in July 2025 and announced a further $175 million capital raising post-period to fund exploration and development.

• Released updated Goldfields DFS 2.0 post-period, showing improved economics: $1.0bn pre-tax free cash flow, NPV8 $606m, IRR 74% at A$6,000/oz.

• Maintained strong safety record with no Lost Time Injuries for over 2,099 days.

Financial highlights

• Revenue rose to $38.7 million for H1 FY26 (vs $2.2 million H1 FY25), driven by increased gold sales.

• Net loss after tax widened to $36.7 million (vs $20.9 million prior year), impacted by higher exploration, feasibility, and inventory write-downs.

• Cash gross margin improved to $10.1 million (vs loss of $0.3 million prior year), but below expectations due to lower recoveries in one processing campaign.

• Cash balance increased to $23.0 million at 31 Dec 2025 (vs $11.7 million at 30 Jun 2025), supported by equity raisings.

• Total assets grew to $326.0 million (vs $220.2 million at 30 Jun 2025), reflecting acquisitions and capital investment.

Outlook and guidance

• Goldfields DFS 2.0 targets initial mine production of 9.4Mt @ 1.7g/t Au for 457,000oz over six years, with AISC of $2,998/oz.

• Sandstone Pre-Feasibility Study underway, targeting completion in 2H CY26 and a 4.0–5.0Mtpa processing plant.

• Additional funding required for final investment decision on Goldfields Project; $175 million capital raising in progress.