Brightstar racks up $24.7M in revenue from | Australian Markets

Brightstar Resources has come out swinging from its March quarter, racking up 5207 ounces in gold gross sales at an average of $4744 per ounce, firing up a second underground mine and launching a full-tilt drilling blitz throughout its Western Australian Goldfields portfolio.

In a jam-packed three months, the company racked up a healthy $24.7 million in revenue, with a sturdy $4.72M of working cashflow in the bank earlier than $2.66M in company 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, in addition to 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 steel at an spectacular 94 per cent restoration charge.

The company will kick off its subsequent processing run at Genesis Minerals’ Laverton mill in May.

Brightstar’s Second Fortune underground money cow has roared into full manufacturing, with 4200t at 3.6g/t gold stockpiled and able to roll. Over at Lord Byron, a additional 164,000t of low-grade stockpiles are stacked up, pushing the company’s haulage-ready tally to a juicy 5200 ounces.

The company hit one other main 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 more likely to increase Brightstar’s present 20,000 ounces-a-year manufacturing run charge, management says.

We count on cashflow to proceed to grow as manufacturing output will increase month-on-month from the March quarter in direction of our focused run-rate.

On the development entrance, the company says it’s making good headway on its Laverton and Menzies definitive feasibility research, which is forecast to ship a additional bump in gold manufacturing from 2026. The research contains plans to refurbish and develop Brightstar’s own Laverton mill – a transfer that might rework the company into a stand-alone producer.

Brightstar has additionally accomplished a huge 23,500m of drilling throughout its Laverton, Sandstone and Menzies hubs. Standout hits included a string of cracking assays at Second Fortune and Lord Byron, together with 1.16m at 30.36g/t gold and 20.39m at 3.03g/t gold.

Brightstar holds a 1.5M-ounce useful resource at Sandstone, the place a drilling program at its Lord Nelson prospect returned a helpful 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 12 months. Management says the hassle to unlock a larger useful resource may underpin the project’s potential as a future tier-one open pit development.

At the top of the quarter, the company was sitting fairly with $7M money in the kitty. It can also be finalising a US$11.5 million debt facility with United States-based Ocean Partners, which shall 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 seems properly and really locked on the right track to develop into an rising mid-tier gold producer.

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