Brightstar Resources (BTR) Q3 2026 TU earnings summary

Executive summary

• Released Goldfields DFS 2.0 in January 2026, targeting 75koz p.a. gold production with first gold in JunQ'CY27 and compelling project economics at various gold prices.

• Completed $193M equity raise and US$120M senior secured bond, fully funding Goldfields development and advancing Sandstone to FID.

• Sandstone Strategic Plan outlines a two-year pathway to a district-scale, long-life production centre, with key resource upgrades and PFS due 2H'CY26.

• Safety performance remained strong with no Lost Time Injuries during the quarter.

Financial highlights

• March 2026 quarter gold sales: 5,636oz at an average price of A$6,754/oz, generating $38.1M in sales proceeds.

• Cash operating costs for the quarter: $30.4M; sustaining capital: $5.1M; mine operating cash flow: $1.1M.

• Net mine cash flow for the quarter: $(2.1)M after growth capital.

• As of 31 March 2026, cash balance was $166.6M, with $12.7M available from working capital facilities.

• Total available funding exceeds $380M, supporting project execution and exploration.

Outlook and guidance

• Goldfields project targeting first gold in JunQ'CY27 and steady-state production of 75koz p.a.

• Sandstone PFS and maiden Ore Reserve on track for late CY26, with ongoing drilling and technical studies.

• Ongoing capital investment in operational readiness and infrastructure to support ramp-up.