Brightstar racks up $24.7M in revenue from Laverton gold production
Brightstar Resources has come out swinging from its March quarter, racking up 5207 ounces in gold sales at an average of $4744 per ounce, firing up a second underground mine and launching a full-tilt drilling blitz across its Western Australian Goldfields portfolio.
In a jam-packed three months, the company racked up a healthy $24.7 million in revenue, with a strong $4.72M of operating cashflow in the bank before $2.66M in corporate overheads.
The company shifted 28,000 tonnes grading 3.31 grams per tonne (g/t) gold from the company's Second Fortune underground mine for 3000 ounces, as well as 30,900t of ore from low-grade stockpiles at its Lord Bryon open pit at 0.9g/t for 895 ounces, spitting out the yellow metal at an impressive 94 per cent recovery rate.
The company will kick off its next processing run at Genesis Minerals' Laverton mill in May.
Brightstar's Second Fortune underground cash cow has roared into full production, with 4200t at 3.6g/t gold stockpiled and ready to roll. Over at Lord Byron, a further 164,000t of low-grade stockpiles are stacked up, pushing the company's haulage-ready tally to a juicy 5200 ounces.
The company hit another major milestone by firing the starter's gun on portal development at its second underground operation, Fish mine. The first ore from Fish has been locked in for the June quarter.
The new mine is likely to boost Brightstar's current 20,000 ounces-a-year production run rate, management says.
On the development front, the company says it is making good headway on its Laverton and Menzies definitive feasibility study, which is forecast to deliver a further bump in gold production from 2026. The study includes plans to refurbish and expand Brightstar's own Laverton mill - a move that could transform the company into a stand-alone producer.
Brightstar has also completed a massive 23,500m of drilling across its Laverton, Sandstone and Menzies hubs. Standout hits included a string of cracking assays at Second Fortune and Lord Byron, including 1.16m at 30.36g/t gold and 20.39m at 3.03g/t gold.
Brightstar holds a 1.5M-ounce resource at Sandstone, where a drilling program at its Lord Nelson prospect returned a handy 40m at 1.89g/t. The company is doubling down on the district by earmarking it for a whopping 66 per cent of its beefed-up 134,000m drilling blitz this year. Management says the effort to unlock a bigger resource could underpin the project's potential as a future tier-one open pit development.
At the end of the quarter, the company was sitting pretty with $7M cash in the kitty. It is also finalising a US$11.5 million debt facility with United States-based Ocean Partners, which will be used to fast-track the aggressive growth agenda.
With no hedging, growing cashflows, a swelling gold price and a trio of near-term developments in play, Brightstar appears well and truly locked on target to become an emerging mid-tier gold producer.
Is your ASX-listed company doing something interesting? Contact:
matt.birney@wanews.com.au
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