USD $4,111.97
Goldman First Gold Pour Expected This Week
Brightstar Resources Limited (ASX:BTR) has commenced ore processing at Genesis Minerals Ltd’s (ASX:GMD) Laverton Mill as part of its CY25 gold production ramp-up, with the first gold pour scheduled for this week.
The company’s maiden processing campaign is proceeding under the previously announced Ore Purchase Agreement (OPA), with the first ore parcel comprising approximately 60,000 tonnes at a blended grade of 2.0g/t gold. Brightstar remains debt-free and hedge-free, allowing full exposure to record-high Australian gold prices.
Under the OPA, Brightstar will process up to 500,000 tonnes of ore through CY25 and Q1 CY26, sourced from:
- Second Fortune Underground Mine (Operating):
- Historic production averaging 10,000t per month at 3.6g/t Au (12-15koz per annum).
- Fish Underground Project (In Development):
- March 2024 Scoping Study indicates 188,000t at 4.4g/t Au for 26,000oz over 13 months.
- First ore mining targeted for June 2025.
- Laverton Open Pit Stockpiles:
- Existing stockpiles of approximately 200,000t at 1.0g/t Au for ~6,000oz.
The Fish underground mine development remains on track and within budget, with portal firing expected in April ahead of planned ore mining in June 2025. Meanwhile, Brightstar’s fully funded +100,000m drilling program continues, with active drilling at the Sandstone Gold Project and Cork Tree Well (Laverton Hub).
Brightstar’s Managing Director, Alex Rovira, commented
The commencement of production and cashflow in CY25 is a major milestone for Brightstar as we continue to ramp up gold production and mining operations. Second Fortune production will soon be complemented by Brightstar’s second underground mine, Fish, once in production from April 2025. The Fish development, which is currently on schedule and budget, represents Brightstar emerging as a multi-mine producer at a time of record AUD gold prices.
Along with our production and development activities at the Second Fortune and Fish mines, the Company continues to advance our definitive feasibility study for the restart of operations at our Menzies and Laverton assets, due for delivery early in the June quarter. In parallel, our geology team is focused on multi rig extensional and infill drilling programs at the Sandstone Gold Project and Cork Tree Well (Laverton Hub), striving to rapidly grow and improve the existing Mineral Resources and advance the portfolio through the development pathway towards production opportunities.
