Brightstar Resources (BTR) H2 2025 earnings summary

Executive summary

• Achieved transformative growth with strategic acquisitions, expanded resource base to over 3Moz Au, and advanced key projects including Laverton, Menzies, and Sandstone Hubs.

• Recommenced production at Second Fortune and Fish underground mines, selling 8.15kt of ore for 7,826oz gold.

• Delivered DFS for Laverton and Menzies with robust economics: NPV8 $316M, IRR 73%, pre-tax cash flow $461M at A$5,000/oz.

• Secured Ore Purchase Agreements and MoUs to monetize ore and support production growth.

• Maintained a strong safety record with over 1,700 days LTI free.

Financial highlights

• Revenue increased to $33.5M (FY24: $1.05M), driven by gold sales from Laverton operations.

• Net loss after tax widened to $46.07M (FY24: $16.29M), impacted by higher operating costs, exploration expense, and inventory write-downs.

• Cash balance at year-end was $11.7M (FY24: $8.0M), with $3.3M undrawn debt facility available.

• Raised $54M in equity during the year and $50M post year-end; executed US$11.5M revolving debt facility.

• Inventory write-downs totaled $7.4M due to elevated unit costs and acquisition adjustments.

Outlook and guidance

• Targeting 200,000oz annual gold production by 2029, with sequential ramp-up from Laverton, Menzies, and Sandstone Hubs.

• FID for Laverton and Menzies projects expected in FY26, pending final permits and funding.

• Sandstone Pre-Feasibility Study underway; further resource growth and production expansion anticipated.

• Post year-end, $50M equity raised and Aurumin acquisition to further consolidate Sandstone region.