Brightstar Resources Limited (ASX: BTR), Part 3 of 3
Updated: 6 hours ago
Updated 6 October 2026. This workup was first released in three parts on 24 September, 29 September and 1 October 2026, and it has been updated since that first release. The update takes in Brightstar's Mineral Resource statement of 28 September 2026, its Sandstone metallurgy results of 24 September 2026 and its drilling announcements to 5 October 2026. Share prices, the peer table and the gold price are now as at 5 October 2026. Brightstar is now labelled a near-term producer. Samso uses that label for a company with a published feasibility study and a stated date for first gold.
Contents
11 The Disclosure Record
On 14 April 2026 Brightstar released a Clarification Statement covering its investor presentation of 18 March 2026. The company's own words are the clearest summary. "It has come to the Company's attention that certain statements made in the Presentation may constitute production targets."
Four things were withdrawn or retracted. The first was the Sandstone processing plant throughput range of 4 to 5 million tonnes a year. The second was Sandstone production shown in the group production growth chart. The third was an illustrative table of mill throughput against head grade. The fourth was a set of three growth targets. The first of those was a long-term Mineral Resource growth target of 3.0 to 4.0 million ounces. The second was a maiden Ore Reserve target of more than 1.0 million ounces supporting a 6 to 8 year mine life at the Pre-Feasibility Study. The third was an Ore Reserve of 1.5 to 2.5 million ounces supporting a mine life beyond 10 years at the Definitive Feasibility Study.
The company's reasoning is set out in the announcement.
"It has come to the Company's attention that given the amount of work undertaken on the Sandstone project, in particular, the anticipated completion of the PFS this year and the sizeable existing Mineral Resource estimate of 2.4Moz @ 1.5g/t Au, the statements in relation to targeted Mineral Resource and Ore Reserves growth are too specific and potentially constitute predictions or potential targets from Brightstar about probable future outcomes, as opposed to purely aspirational statements. Accordingly, Brightstar withdraws its disclosure of its targeted growth in Mineral Resources and Ore Reserves until such time as it has completed the relevant studies and has sufficient reasonable grounds to support forecast information in relation to production from Sandstone, and shareholders must not rely on this information." Brightstar Resources, "Clarification of production targets and aspirational statements", ASX announcement, 14 April 2026[R29]
