Brightstar Resources just put a much clearer roadmap to production on the table. Fresh assay results, including a standout 4m @ 26.7 g/t Au from Sandstone, accompany a substantially upgraded development plan and a fixed‑price EPC contract for the processing plant. Those moves together materially reduce execution uncertainty and make the timing and costs toward first gold much easier to picture.
Why this matters – A meaningful resource uplift plus a fixed‑price engineering, procurement and construction agreement are exactly the sort of building blocks investors want to see before committing capital. Brightstar has moved away from a toll‑milling approach and is now planning to own a 1.5 Mtpa Carbon‑in‑Leach (CIL) plant at Laverton, fed by multiple mines. Contractors with regional experience back that technical choice, which helps credibility.
What DFS 2.0 changes – The updated feasibility (DFS 2.0) replaces the previous tolling model with the 1.5 Mtpa CIL at Laverton, lifting projected output to about 457 koz over six years and increasing ore reserves to roughly 351 koz at 1.6 g/t Au. – On a conservative $6,000/oz gold price, DFS 2.0 reports a pre‑tax NPV8 of $606m and a pre‑tax IRR of 74%. Life‑of‑mine free cash flow is pegged at $977m, with average annual free cash flow near $163m and a quoted capital payback of around 17 months. – Those headline metrics reshape capital needs, operating complexity and the project’s financing profile.
De‑risking through plant ownership and contract structure – Owning the plant reduces reliance on third‑party mills and the counterparty risk that comes with tolling agreements. That keeps margin in house and gives management more control over scheduling. – The fixed‑price EPC agreement with GR Engineering Services (GRES) is central to the execution story: it bundles construction and major equipment supply into a single contract to cap cost and schedule exposure. FEED work is complete and long‑lead items have been ordered, with commissioning and first gold targeted for June Q’27. – A fixed‑price contract shifts many cost and timing risks to the contractor, but it doesn’t eliminate all challenges. Integration issues, unexpected site conditions and supplier delays can still cause overruns. Investors should examine change‑order terms, performance guarantees and commissioning contingencies in the EPC agreement.
Processing route, performance assumptions and upside – The chosen CIL route is a conventional, well‑understood method for large deposits. The DFS models a 91% recovery across material types, an average processing cost of $31/t, a C1 cash cost of $2,581/oz and an AISC of $2,998/oz. If those assumptions hold, the margins look reasonable at today’s prices. – The plant is sized at 1.5 Mtpa with built‑in expansion capacity to 2.5 Mtpa, giving the project optionality to scale if feed tonnages or grades improve. That optionality could meaningfully boost returns. – Key operational risks remain: ore variability, reagent consumption (cyanide handling), metallurgical performance during ramp‑up, and the complexity of commissioning. Early indicators to watch are final metallurgical validation, commissioning performance versus pilot figures, reagent burn rates and steady‑state throughput.
Mining sequence and asset mix – Brightstar plans to operate four assets across Laverton and Menzies: Lord Byron and Cork Tree Well (open pits) at Laverton, and Yunndaga (underground) and Lady Shenton (open pit) at Menzies. The DFS leans on Measured & Indicated resources for roughly 73% of planned production, improving confidence in early years’ schedules and cash flows. – Reported reserves include Lord Byron at about 1.8 Mt @ 1.4 g/t for 83 koz and Yunndaga at about 0.5 Mt @ 2.7 g/t for 47 koz. The sequencing of mine starts and ramp‑ups is central to meeting production targets.
Sandstone drilling and development runway – Recent Sandstone drilling, including the 4m @ 26.7 g/t intercept, reinforces upside potential within the portfolio. Sandstone’s tenure holds a sizeable resource base (~2.4 Moz @ 1.5 g/t Au) and much of it is near surface and inside granted mining leases, which helps the permitting pathway. – Management plans a Sandstone PFS targeted for mid‑to test a 4–5 Mtpa central plant. The envisioned sequencing uses early cash flow from the Goldfields hub to de‑risk and help fund Sandstone development.
Balance sheet, funding and milestones – Pro forma cash after recent raising sits at about $198m. The DFS shows a pre‑tax NPV to capital ratio of roughly 3.2x and identifies peak funding of about $188m. Management reiterates a target final investment decision (FID) in March Q’26 and aims to start construction mid‑subject to debt funding. – These numbers materially strengthen the financing picture, but investors should still weigh dilution risk from past equity issuance and the usual uncertainties faced by development miners. – Watch the key near‑term milestones: debt syndication progress, the March Q’26 FID, delivery of long‑lead equipment, and GRES mobilization and commissioning milestones. Those are the clearest signals that the plan is actually moving from design into construction and production.
0, the fixed‑price EPC and the Sandstone drilling together convert a lot of uncertainty into a more tangible plan. The project now shows a clearer funding path, meaningful upside optionality and a concentrated set of execution risks to monitor. – Execution—not geology—will decide whether the attractive paper metrics translate into steady cash flow. Pay attention to contractor performance, commissioning outcomes, financing execution and the next technical milestones (Sandstone PFS and metallurgical validation). – For new investors, the staged approach and optionality reduce some downside, but operational and market risks remain. For existing holders, the coming quarters should reveal whether this becomes a smooth build and ramp, or another cycle where assumptions are tested in the field.
Keep an eye on quarterly updates for financing progress and construction milestones—those will tell you whether this plan stays on track.