BRIGHTSTAR GOLD SEES SUCCESSFUL CONCLUSION OF GOLD POURS AT MENZIES

Revenue from Selkirk Material Processing Exceeds Expectations

Brightstar Resources Limited (ASX: BTR) has announced the successful completion of gold pours from the Selkirk material at the Menzies Gold Project, marking a significant achievement with revenue poised to surpass initial projections.

Key Achievements:

  • The processing campaign concluded with a remarkable 430.7kg of gold doré poured, translating to preliminary unreconciled ounces of 8,049.6oz, thereby outperforming the modelled joint venture budget.
  • Initial assessments of ore mined, head grade, and metallurgical recoveries have all exceeded Brightstar’s initial forecasts, pointing to the Menzies Gold Project’s exceptional quality.
  • Joint venture costs, expected to be in the range of $12 to $13 million, are in the final stages of reconciliation.

Revenue and Sales:

  • The refining process at the Perth Mint is currently underway, with sales of the refined gold to contribute to the joint venture’s revenue, based on a 50/50 profit-sharing agreement.
  • Already, 5,546 ounces have been sold at an average price of A$3,306/oz, generating $18M in revenue, significantly above the anticipated figures based on a conservative gold price model of A$2,850/oz.

Looking Ahead:

  • Final reconciliations of the gold-in-circuit are pending, with expectations high for the revenue generated from the Selkirk mining campaign to notably exceed initial estimates.
  • Brightstar, in collaboration with its joint venture partner BML Ventures Pty Ltd, is nearing the completion of final account settlements and is taking steps to ensure best practice environmental outcomes.

Management’s Perspective:

Alex Rovira, Managing Director of Brightstar, shared,

We are pleased to announce that gold processing of our Selkirk Mining JV material has safely and successfully concluded by the team at Genesis Minerals Ltd’s Gwalia operation. Their assistance, along with JT Metallurgists acting on behalf of the joint venture, has seen the successful processing of ore from the Menzies Gold project into doré bars poured at record high AUD gold prices.

In parallel with the finalisation of gold-in-circuit calculations, which is expected to occur shortly, we are also finalising the joint venture accounts and making provisions for rehabilitation and waste dump seeding to achieve best practice environmental outcomes.

With the Selkirk Mining JV all but concluded, we continue our focus on building Brightstar into a meaningful gold producer and look forward to updating the market with finalised accounts and announcing the reconciled 50% Profit Share value attributable to Brightstar.

Read the full announcement

Goldman

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