Brightstar Resources approves Goldfields Project

Australian gold developer Brightstar Resources (ASX:BTR) declared a positive final investment decision for its 100% owned Goldfields Project in Western Australia.

The decision follows the receipt of critical regulatory approvals, including the Mining Development and Closure Proposal from the Department of Mines, Petroleum and Exploration, alongside vital environmental clearances.

With the project greenlit, construction has commenced on the new 1.5Mtpa Laverton Processing Plant under an executed Engineering, Procurement, and Construction contract with GR Engineering Services.

Early works, site remediation, and contractor mobilisation are already well advanced.

Open-pit mining at the Lord Byron deposit is scheduled to kick off later in 2026 to establish necessary ore stockpiles ahead of mill commissioning, with first gold production on track for the June quarter of 2027.

The Goldfields Project is fully funded through to first gold, backed by a $193 million equity raising and US$120 million bond debt financing completed earlier this year.

The operation is projected to produce approximately 75,000 ounces of gold per annum over an initial six-year mine life.

Driven by a forecast gold price of $6,000 per ounce, the project boasts robust economic metrics, including an estimated $1 billion in free cash flow, a pre-tax net present value of $606 million, and a highly compelling internal rate of return of 74%.

The development marks a major step forward in Brightstar’s TARGET200 strategy for near-term production growth.

At the time of reporting, Brightstar Resources’ share price was $0.36.