ABN: 44 100 727 491
Annual Report
30 June 2025
Contents
Corporate Directory
1
Chairman’s Letter to Shareholders
2
Directors’ Report
4
Remuneration Report
28
Auditor’s Independence Declaration
46
Consolidated Statement of Profit or Loss and Other Comprehensive Income
47
Consolidated Statement of Financial Position
48
Consolidated Statement of Changes in Equity
49
Consolidated Statement of Cash Flows
50
Notes to the Consolidated Financial Statements
51
Consolidated Entity Disclosure Statement
104
Directors' Declaration
105
Independent Auditor’s Report
106
Corporate Governance Statement
114
ASX Additional Information
115
- 1 -
CORPORATE DIRECTORY
Brightstar Resources Limited
ABN 44 100 727 491
Incorporated in Australia
DIRECTORS
Mr Richard Crookes
Non-Executive Chairman
Mr Alexander Rovira
Managing Director
Mr Andrew Rich
Executive Director - Operations
Mr Jonathan Downes
Non-Executive Director
Mr Ashley Fraser
Non-Executive Director
COMPANY SECRETARY
Mr Benjamin Smith
Company Secretary
PRINCIPAL REGISTERED OFFICE IN AUSTRALIA
Level 2, 36 Rowland Street
Subiaco WA 6008
Tel: +61 8 9481 0389
Fax: +61 8 9463 6103
Email: info@brightstarresources.com.au
Website: www.brightstarresources.com.au
SHARE REGISTER
Computershare Investor Services Pty Limited
Level 17, 221 St Georges Terrace
Perth WA 6000
Telephone: +61 8 9323 2000
Facsimile: +61 8 9323 2033
AUDITORS
Pitcher Partners BA&A Pty Ltd
Level 11, 12-14 The Esplanade
Perth WA 6000
ASX CODE
BTR
- 2 -
CHAIRMAN’S LETTER TO SHAREHOLDERS
Dear Shareholders,
I am pleased to present to you the Annual Report for the financial year ending June 30, 2025. This year has been a
transformative period for Brightstar Resources Limited, building on corporate and operational initiatives we commenced
in 2024, and marked by significant achievements and strategic advancements across our key projects.
Operational Highlights
Brightstar has made substantial progress in its operations, particularly within the Laverton Gold Project. The execution of
the Ore Purchase Agreement with Genesis Minerals Limited has enabled Brightstar to sell up to 500,000 tonnes of ore
from the Laverton Hub, driving production growth, generating significant revenue and enhancing our financial stability.
The recommencement of production activities at the Second Fortune underground mine and the completion of two
processing campaigns through Genesis’ Laverton Mill have resulted in the sale of 8.15kt of ore, yielding 7,826 ounces of
recovered gold.
The safe delivery of the Fish mine development and the commencement of haulage to Genesis’ Laverton Mill on schedule
and budget further underscore our commitment to growth and increased gold production, as we advance towards our
200,000 oz per annum production target. Additionally, the delivery of the Laverton and Menzies Gold Projects Definitive
Feasibility Study has demonstrated robust financial metrics, with an NPV8 of $316 million and an IRR of 73% at the spot
gold price scenario. The execution of a Memorandum of Understanding with Paddington Gold Pty Ltd to advance towards
a binding ore sale agreement for up to 2.0Mt of ore from the Menzies Gold Project is another significant milestone that
seeks to unlock the value within the Menzies Hub.
The Board is particularly proud of Brightstar’s excellent operating safety record. With a strong focus on producing gold
without harming our employees or the environment, we have achieved a commendable record of over 1,700 days LTI free
across the Group.
Strategic Acquisitions and Partnerships
Two strategic acquisitions completed during the year, the Montague East Gold Project from Gateway Mining Limited and
Alto Metals Limited, have consolidated our position in high-grade goldfields with substantial potential for organic growth.
The JORC Mineral Resource base grew to over 3Moz Au @ 1.5g/t Au on granted mining leases, as a result of these
deals.
After the end of the financial year, Brightstar announced an important transaction that truly consolidates our strategic
intent for the Sandstone Hub. The Company entered into a Scheme Implementation Deed with Aurumin Limited, under
which Brightstar aims to acquire 100% of Aurumin’s issued capital by way of a Scheme of Arrangement. At the time of
announcing the transaction, the Scheme Consideration implies an undiluted equity value for Aurumin of $60 million and
an enterprise value per Mineral Resource of $62/oz based on Aurumin’s 0.95Moz @ 1.5g/t Au Mineral Resource. This
transaction remains subject to shareholder approval, but once completed, will consolidate one of the most attractive
districts in the WA Goldfields for a potential substantial new, standalone production facility.
- 3 -
Financial Strength
Brightstar has strengthened its financial position through the execution of a US$11.5 million revolving debt facility with
Ocean Partners Australia Pty Ltd. This facility will support our production growth in the Laverton Hub. Additionally, equity
capital raisings totalling $54 million have been completed during the year and a further $50 million post year-end, providing
the necessary funds to drive our exploration programs and production growth.
Exploration and Resource Development
Our significant year-round drilling program has yielded impressive results, with a total of 595 surface holes and 39
underground diamond holes drilled. The establishment of Maiden Ore Reserves for the Second Fortune and Fish
underground mines underpins our current production for FY26. Our exploration efforts are a combination of resource
growth and infill definition to improve the size and confidence of our published mineral resources. I commend our very
bright and ever-growing, exploration team for their continued efforts. Our team is well equipped to make new discoveries,
which are the lifeblood of our industry.
Corporate Governance
The Board strives for continuous improvement in all areas of corporate governance to ensure we deliver better
transparency, accountability, and value creation for shareholders. Our efforts are well endorsed by the management team,
as reflected in our solid strategic decisions and operational transparency over the past year.
In conclusion, I would like to extend my gratitude to our dedicated management team, directors, and shareholders for
their unwavering support. We acknowledge recent share price weakness as painful to stakeholders but aim to reassure
you that we are all working extremely hard to address this and unlock the true value of our assets. We have a wonderful
opportunity to grow an exciting mid-tier gold mining company and to deliver long-term shareholder value.
Sincerely,
Richard Crookes
Chairman
Brightstar Resources Limited
12 September 2025
- 4 -
DIRECTORS’ REPORT
The Directors present their report together with the financial report of the consolidated entity consisting of Brightstar
Resources Limited (“BTR”, “Brightstar” or “Company”) and its controlled entities (the Group) for the financial year ended
30 June 2025, and independent audit report thereon.
DIRECTORS
The names of directors who held office during or since the end of the year and until the date of this report are as follows.
Directors were in office for this entire period unless otherwise stated. The following information is current at the date of
this report:
Name, qualifications and
independence status
Experience, special responsibilities and other directorships
Mr Richard Crookes
BSc (Geology), Grad Dip Applied
Finance, MAusIMM, FFINSIA and
MAICD
Non-Executive Chairman
Appointed 31 May 2024
Mr Crookes has over 35 years’ experience in the resources and
investments industries. He is a geologist by training having previously
worked as the Chief Geologist and Mining Manager of Ernest Henry Mining
in Australia.
Mr Crookes is Managing Partner of Lionhead Resources (a Critical
Minerals Investment Fund) and formerly an Investment Director at EMR
Capital. Prior to that he was an Executive Director in Macquarie Bank’s
Metals Energy Capital (MEC) division where he managed all aspects of the
bank’s principal investments in mining and metals companies.
Other current ASX directorships:
Black Rock Mining Ltd (since October 2017); and
Vital Metals Ltd (since August 2022)
Former ASX directorships in the last three years:
Lithium Power International Ltd (November 2018 - March 2024)
Special Responsibilities:
Member of Remuneration and Nomination Committee
Member of Audit and Risk Committee
Mr Alexander Rovira
BSc (Geology), BCom (CorpFin)
GradDipAppFin
Managing Director
Appointed 12 January 2023
Mr Rovira is an experienced corporate finance and geology professional.
Prior to joining the Company Mr Rovira worked as an investment banker for
nine years, focusing on the metals and mining sector.
Other current ASX directorships: None
Former ASX directorships in the last three years: None
Mr Andrew Rich
B. Eng (Mining)
Executive Director - Operations
Appointed 31 May 2024
Mr Rich was the Managing Director of Linden Gold Alliance Limited
(Linden) leading Linden’s business across mining and corporate functions.
He has over 15 years’ experience as a mining engineer and underground
manager across gold and nickel. He successfully led the delivery of three
underground mining projects through construction into production at
Westgold Resources Ltd, Ramelius Resources Ltd and Linden.
Other current ASX directorships: Javelin Minerals Limited (since 6
August 2024)
Former ASX directorships in the last three years: None
- 5 -
DIRECTORS’ REPORT
Mr Jonathan Downes
BSc (Geology), MAIG
Non-Executive Director
Appointed 26 May 2023
Mr Downes has over 25 years’ experience in the minerals industry and has
worked in various geological and corporate capacities. Experienced with
nickel, gold and base metals, he has also been intimately involved with the
exploration process, development through to production.
Other current ASX directorships:
Kaiser Reef Limited (since September 2019); and
Cazaly Resources Ltd (since November 2021)
Former ASX directorships in the last three years:
Corazon Mining Limited (April 2006 - September 2023)
Special Responsibilities:
Chair of Remuneration and Nomination Committee
Chair of Audit and Risk Committee
Mr Ashley Fraser
B. Eng (Mining)
Non-Executive Director
Appointed 31 May 2024
Mr Fraser is an experienced mining and heavy industries executive with
over 30 years of mining engineering, operational and executive experience
in gold, copper, manganese and coal. He was the Executive Chairman of
Linden and founder of Orionstone Holdings Limited (now Emeco Holdings
Limited) and Blue Cap Mining (mining services and development company)
and Blue Capital Equities Pty Ltd as trustee for Blue Capital Trust No.2
(resources and private equity fund).
Other current ASX directorships: None
Former ASX directorships in the last three years: None
Special Responsibilities:
Member of Remuneration and Nomination Committee
Member of Audit and Risk Committee
- 6 -
DIRECTORS’ REPORT
COMPANY SECRETARY
Benjamin Smith
Company Secretary
Mr Smith is a Chartered Accountant and has over ten years’ experience in finance, accounting and corporate advisory. His
experience includes three years at BHP’s Nickel West, and five years auditing ASX listed companies prior to that. More
recently he is serving as Company Secretary for ASX listed company Rubix Resources Limited and Estrella Resources
Limited.
DIRECTORS’ MEETINGS
On 27 June 2025 the Company formed two sub-committees – the Audit and Risk Committee and the Remuneration and
Nomination Committee (Committees). Both Committees consist of solely Non-Executive Directors. All Directors (including
the Managing Director and Executive Director – Operations), whether a member or not, have a standing invitation to all
Board Committee meetings. The first meeting of the Audit and Risk Committee took place during the financial year ending
30 June 2026.
The number of Board and Committee meetings attended by each Director of the Company during the financial year are:
Board
Remuneration and Nomination
Committee (RNC)
Director
Meetings attended
Eligible to attend
Meetings attended
Eligible to attend
Richard Crookes
15
15
1
1
Alex Rovira
15
15
-
-
Andrew Rich
15
15
-
-
Jonathan Downes
13
15
1
1
Ashley Fraser
15
15
1
1
Matthew Bowles
1
1
-
-
PRINCIPAL ACTIVITIES
The principal activities of the Group during the financial year were mineral exploration, mining operations, mine
development and the sale of gold in Western Australia.
- 7 -
DIRECTORS’ REPORT
REVIEW OF OPERATIONS
Brightstar is the 100% owner of the Laverton Gold Project (Laverton Hub), and the Menzies Gold Project (Menzies Hub)
and the Sandstone Project (Sandstone Hub) which cover several mining and exploration projects within the Hubs.
KEY HIGHLIGHTS
•
Execution of Ore Purchase Agreement (OPA) with Genesis Minerals Limited1 (Genesis) enabling Brightstar to
sell up to 500,000 tonnes of ore sourced from its Laverton Hub over the course of CY25 and Q1 CY26 to Genesis’
processing plant in Laverton (Laverton Mill).
•
Sale of 8.15kt of ore at 3.15g/t Au for 7,826 ounces of recovered gold following re-commencement of production
activities at the Second Fortune underground mine during December 2024 and completion of two processing
campaigns through the Laverton Mill.
•
Completion of the Fish mine development during H2FY25 with haulage to Genesis’ Laverton Mill commencing in
early July 2026.
•
Delivery of the Laverton and Menzies Gold Projects Definitive Feasibility Study2, which comprises an initial mine
6.4Mt @ 1.81g/t Au for 338,528oz recovered over approximately five years with undiscounted pre-tax cash flows
of $461 million, a NPV8 of $316 million and IRR of 73% at the spot gold price scenario (A$5,000/oz).
•
Execution of a Memorandum of Understanding3 with Paddington Gold Pty Ltd to advance towards a binding ore
sale agreement for up to 2.0Mt of ore to be delivered from the Menzies Gold Project from 1HCY26 for a period of
up to 2.5 years.
•
Successful completion of the acquisition of the Montague East Gold Project from Gateway Mining Limited and
the acquisition of Alto Metals Limited by way of a Scheme of Arrangement (together, the Sandstone
Transactions),4,5,6 consolidating a high-grade goldfield with substantial potential for organic growth and resulting
in the Company’s resource base growing to over 3Moz at 1.5g/t Au on granted mining leases.
•
Significant progression of merger discussions7 with Aurumin Limited to further consolidate the Sandstone Hub.
•
Execution of a US$11.5 million revolving debt facility8 with Ocean Partners Australia Pty Ltd to strengthen the
balance sheet and support production growth in the Laverton Hub.
•
Capital raisings totalling $54 million (before costs)1,9 completed during the reporting period to sophisticated and
institutional investors to fund production growth and comprehensive exploration programs.
•
Completion of an aggressive drilling program across the Company’s portfolio in support of exploration and study
workstreams, with a total of 595 surface holes for 80,225m drilled along with a further 39 underground diamond
holes drilled at the Second Fortune mine for 4,507m.
•
Establishment of Maiden Ore Reserves10 for the Second Fortune and Fish underground mines (Second Fortune:
52kt @ 3.36g/t Au for 6koz Au and Fish: 175kt @ 3.23g/t Au for 18koz) underpinning production for FY26 under
the Ore Purchase Agreement with Genesis and upgrades to Mineral Resource Estimates11.
- 8 -
DIRECTORS’ REPORT
OPERATIONS
During FY25, Brightstar delivered first production from multiple ore sources in the Laverton Hub, highlighted by steady
output from the Second Fortune underground mine and development ore from Brightstar’s second underground mine, Fish.
Safety
Brightstar has maintained an excellent safety record with no Lost Time Injuries (LTIs) in 1,733 days to 30 June 2025. This
record has been achieved across the business, including the construction of the new Fish underground mine. Significant
work has been achieved in areas of setting the business up to function as an owner-operator, with Brightstar having its
own safety systems and procedures.
Second Fortune Gold Mine
Following completion of the merger with Linden Gold Alliance Limited (Linden) in July 2025, the Company undertook
activities to integrate Linden operations into the wider Brightstar Group.
In H1FY25, Second Fortune temporarily ceased production activities and undertook a ‘development’ only approach to the
mine, in order to establish an advanced development front with the aim of recommencing sustainable production later in
the year as well as the completion of surface and underground drilling campaigns to improve ore body confidence and
assist mine planning activities.
In December 2024, Brightstar signed an OPA with Genesis for the provision of up to 500kt of ore from the Second Fortune
and Fish mines to be processed through Genesis’ restarted Laverton Mill. This new agreement facilitated the
recommencement of production activities in December 2024 at Second Fortune, with the mine ramping up to steady state
production in March 2025. Brightstar made capital investments into mobile plant and infrastructure to position the mine for
sustained production, maintaining its commitment to an owner-operator mine.
Brightstar completed surface and underground diamond drilling programs during FY25 which enabled a Mineral Resource
update and the declaration of a Maiden Ore Reserve for Second Fortune released in June 2025.
Run-of-mine (ROM) stockpiles at 30 June 2025 totalled 1.5kt @ 3.40g/t Au for 153 ounces.
Jasper Hills – Fish Underground Mine (Development Project)
The Fish Mine, part of the Laverton Hub, was acquired by Brightstar as part of the Linden acquisition. On completion of
the transaction in July 2024, Brightstar advanced the project rapidly, from the resource development stage through to
declaration of an Ore Reserve, mine approvals and subsequently the commencement of mining activities in 2HFY25.
The ore from this project is delivered into the OPA with Genesis, alongside the production from Second Fortune.
Construction of the project began in February 2025, with development of the camp and surface infrastructure to support
the underground mining operation. The underground portal was excavated in April 2025, followed by first ore intersection
in June 2025. Development has advanced rapidly, ahead of schedule and below budget. Two underground diamond drill
platforms were developed ahead of planned underground diamond drilling to commence in FY26, with the aim of improving
the mine life, Mineral Resources and potential increases to the Ore Reserve.
The mine operates on an owner-operator basis, with equipment and personnel supplied by Brightstar.
- 9 -
DIRECTORS’ REPORT
STUDIES
Menzies and Laverton Definitive Feasibility Study
During the reporting period, Brightstar delivered the Laverton and Menzies Gold Projects Definitive Feasibility Study (DFS),
which comprises an initial mine production target of approximately 6.4Mt @ 1.81g/t Au for 338,528oz recovered over
approximately five years.
Key metrics include undiscounted pre-tax cash flows of $461 million, NPV8 of $316 million and IRR of 73% at spot
gold price scenario (A$5,000/oz) with an average production profile of ~70koz per annum over five years and strong
potential to increase mine life with continued exploration of existing Mineral Resources.
As part of the DFS, Maiden Open Pit Ore Reserves were declared at the Lady Shenton (Menzies), Lord Byron and Cork
Tree Well (Laverton) deposits which set a strong platform for growth and complemented the released underground Ore
Reserves for Second Fortune and Fish.
In parallel with the DFS, a Memorandum of Understanding (MoU) was executed with Paddington Gold Pty Ltd
(Paddington), owner of the Paddington Processing Plant located north of Kalgoorlie and ~100km south of the Menzies
Gold Project. The MoU provides a framework for Brightstar and Paddington to advance towards a binding ore sale
agreement for up to 2.0Mt of ore to be delivered from the Menzies Gold Project from H1CY26 for a period of up to 2.5
years. Subject to the completion of a binding Ore Sale Agreement and Board approval, Brightstar is targeting
commencement of mining operations at Menzies in H1CY26.
The Study provides justification that the development of the Menzies and Laverton Gold Projects is a commercially viable
stand-alone mining operation and accordingly the Board of Brightstar Resources Limited has approved progression of the
Projects through final permitting and financing towards final investment decision (FID).
FID is targeted to be formally declared in FY26 following finalisation of funding and final operational permits.
The Study considers the sequential mining of a number of deposits across the Menzies and Laverton Gold Projects
summarised below.
Open Pit Mining:
o
Lady Shenton (Menzies)
o
Together with ancillary deposits proximal to Lady Shenton which includes Link Zone, Lady Harriet and
Aspacia deposits to support a +5 year open pit mining production profile at Menzies
o
Lord Byron and Cork Tree Well (Laverton)
Underground Mining:
o
Yunndaga (Menzies)
o
Alpha (Laverton)
The total estimated net revenue for the project is estimated as A$1.7 billion using a gold price of A$5,000/oz fixed for the
life of the project. C1 costs for the project were estimated as $808 million with total operating unit C1 cash costs of
A$2,388/oz produced. All-in Sustaining Costs were estimated as $1,012 million with unit AISC of A$2,991/oz.
The estimated net free cash flow produced is approximately $461 million over a five-year production period.
The mining material included within the life of mine plan contemplated in the Study are comprised of 70% in the Measured
or Indicated Mineral Resources category, and 30% classified as Inferred Mineral Resources.
Processing of Menzies open pit mined material is proposed to be via third party processing facilities in the Kalgoorlie-
Leonora region, with all other mining operations, including the Yunndaga underground in Menzies, proposed to be
processed through a new 1Mtpa CIL Brightstar Processing Plant in Laverton. Optionality remains for select deposits to be
treated through regional third-party mills in the Goldfields district which presents as a monetisation option for Brightstar.
- 10 -
DIRECTORS’ REPORT
Table 1: DFS Summary Physicals
Project Year
Unit
FY26
FY27
FY28
FY29
FY30
Total
Open Pit
Lady Shenton (Menzies)
kt
39
827
750
- -
1,615
g/t Au
1.4
1.7
1.7
- -
1.7
koz
2
45
41
- -
88
Ancillary Menzies Pits
(Menzies)
kt
- -
106
427
-
533
g/t Au
- -
1.2
1.8
-
1.7
koz
- -
4
25
-
29
Lord Byron (Laverton)
kt
-
314
1,045
216
-
1,575
g/t Au
-
1.1
1.4
1.7
-
1.4
koz
-
11
48
12
-
71
Cork Tree Well (Laverton)
kt
- - -
427
1,000
1,427
g/t Au
- - -
1.7
1.7
1.7
koz
- - -
23
55
78
Total Open Pits
kt
39
1,141
1,900
1,070
1,000
5,150
g/t Au
1.4
1.5
1.5
1.8
1.7
1.6
koz
2
57
93
61
55
267
Underground
Yunndaga (Menzies)
kt
-
130
333
152
-
615
g/t Au
-
2.5
2.7
2.5
-
2.6
koz
-
10
29
12
-
51
Alpha (Laverton)
kt
- - -
236
340
576
g/t Au
- - -
2.1
2.9
2.6
koz
- - -
16
32
48
Total Underground
kt
-
130
333
388
340
1,191
g/t Au
-
2.5
2.7
2.2
2.9
2.6
koz
-
10
29
28
32
99
Consolidated
Consolidated Total
kt
39
1,271
2,233
1,458
1,340
6,341
g/t Au
1.4
1.6
1.7
1.9
2.0
1.8
koz
2
67
122
88
87
366
Note 1: some rounding discrepancies may occur
Production Target
Total payable metal produced over the life of the Project is forecast to be approximately 339koz. Of the Mineral Resources
scheduled for extraction in the Study, approximately 70% are classified as Measured or Indicated and 30% as Inferred
over the five year life of mine. Of the production target plan outlined in the Study, approximately 62% of the gold produced
will come from currently defined Ore Reserves.
Payback of all pre-production capital costs is expected to occur one year after commissioning of the Brightstar processing
plant.
- 11 -
DIRECTORS’ REPORT
The Menzies and Laverton Gold Projects have been mined successfully over multiple mining campaigns across the two
project areas. Recent examples include current mining at the Fish and Second Fortune underground mines, along with
the successful Selkirk mining campaign at Menzies in 2023/2416. As such, the Company therefore considers the Menzies
and Laverton Gold Projects to be mature projects with a proven history which increases the confidence of converting
additional Mineral Resources into Ore Reserves.
Figure 1: Annual Production by Project Area
Figure 2: Annual DFS Mined Production by Resource Category
-
20
40
60
80
100
2026
2027
2028
2029
2030
2031
Gold (koz)
Financial Year
Group Production
Menzies DFS
Laverton DFS
Existing Laverton Ops (SF & Fish UG Ore Reserves Only)
82%
74%
53%
72%
0%
20%
40%
60%
80%
100%
-
500
1,000
1,500
2,000
2,500
2026
2027
2028
2029
2030
Ore (kt)
Financial Year
Consolidated Mining by Resource Category
Measured
Indicated
Inferred
M&I %
- 12 -
DIRECTORS’ REPORT
Figure 3: Production Outlook Inclusive of Aspirational Target for Sandstone Gold Project
Sandstone Pre-Feasibility Study
In parallel with the Menzies and Laverton DFS, Brightstar commenced preparatory works for the Sandstone Pre-Feasibility
Study, which included early engagement with a range of suppliers and consultants together with collection of material for
metallurgical testwork.
EXPLORATION
During the year, Brightstar drilled a total of 595 surface holes for 80,225m comprised of 574 RC holes for 77,316m and 21
diamond holes for 2,909m drilled. In addition, a further 39 underground diamond holes were drilled at Second Fortune from
dedicated drill platforms for 4,507m targeting grade control and extensional targets at depth below the current mining fronts
at Second Fortune.
A summary of each project area is provided below with additional information available from quarterly reports and
Brightstar’s ASX releases as applicable. Best intercepts at each deposit include the following:
Menzies Hub
▪
Lady Shenton System – Pericles Deposit (Surface RC)12
▪
LSRC24014: 4m @ 22.4g/t Au from 74m, including 1m @ 80.4g/t Au from 75m
▪
Yunndaga (Surface RC)14
▪
YNRC25022: 16m @ 8.03g/t Au from 220m, including 1m @ 33.6g/t Au from 222m, and 4m @
13.5g/t Au from 228m
- 13 -
DIRECTORS’ REPORT
Figure 4: Yunndaga long section showing YNRC25022 (16m @ 8.03g/t Au from 22m)
Figure 5: Pericles Chip Tray (LSRC24014) highlighting gold mineralisation including 4m @ 22.40g/t Au from 74m
Laverton Hub
▪
Cork Tree Well (Surface Diamond)13
▪
CTWGT004: 4.0m @ 17.32g/t Au from 78.0m, including 1.0m @ 40.15 g/t Au from 78.0m,
0.59m at 37.4 g/t Au from 81.0m and 0.41m at 11.62 g/t Au from 81.59m
▪
Jasper Hills – Lord Byron (Surface RC)13
▪
LBRC24049: 26m @ 2.69 g/t Au from 120m
▪
Jasper Hills – Fish (Surface RC)13
▪
FHRCD2403: 7m @ 9.50 g/t Au from 176m, including 1m @ 45.3 g/t Au from 177m and 2m @
6.74 g/t Au from 195m
▪
Second Fortune UG Mine (Underground Diamond)15
▪
SFUDD0136: 1.16m @ 30.36g/t Au from 101.6m
- 14 -
DIRECTORS’ REPORT
Figure 6: Lord Byron Long Section showing LBRC24049
Figure 7: Cross section through the Fish Deposit looking NNE showing FHRCD2403
- 15 -
DIRECTORS’ REPORT
Figure 8: Second Fortune Long Section with drill traces from underground platforms
Sandstone Hub
Note all holes listed are Reverse Circulation (RC)
▪
Lord Nelson14
▪
LNRC25012: 32m @ 3.44g/t Au from 200m, including 17m @ 5.44g/t Au from 215m
▪
Whistler12
▪
WHRC24011: 11m @ 6.74g/t Au from 114m
▪
Vanguard14
▪
VNRC25057: 5m @ 12.5g/t Au from 154m, including 1m @ 51.2g/t Au from 156m
▪
Vanguard North14
▪
VNRC25014: 3m @ 26.3g/t Au from 26m, including 1m @ 76.5g/t Au from 27m
▪
Indomitable East14
▪
INRC25012: 14m @ 2.46g/t Au from 34m, including 2m @ 9.29g/t Au from 34m
▪
Musketeer14
▪
INRC25073: 10m @ 43.8g/t Au from 36m, including 1m @ 356g/t Au from 37m
▪
Havilah15
▪
HVRC25001: 3m @ 11.4g/t Au from 129m, including 1m @ 29.5g/t Au from 131m
▪
Bull Oak15
▪
BORC25005: 178m @ 0.70g/t Au from 16m, including 1m @ 20.4g/t Au from 165m and 1m
@ 8.94g/t Au
▪
Sandstone North15
▪
SNRC25004: 2m @ 7.54g/t Au from 27m including 1m @ 13.3g/t Au from 28m and 5m @
3.17g/t Au from 33m
- 16 -
DIRECTORS’ REPORT
Figure 9: Visible Gold recovered from panning the bulk 1m sample for the interval 37-38m in Musketeer drill hole INRC25073, which
reported 1m at 356g/t Au. Coin for scale is approximately 20mm in diameter14.
Figure 10: Lord Nelson cross-section
- 17 -
DIRECTORS’ REPORT
Mineral Resource Estimate Update
Extensive drilling conducted across Brightstar’s Goldfields asset portfolio in 2024 has resulted in Mineral Resource
Estimate (MRE) updates at key deposits ahead of near-term mining across the Menzies and Laverton Projects, significantly
improving the quality of the Resources. This MRE estimation process is the first time many of these deposits have been
estimated by Brightstar, with a focus on delivering robust, mineable Resources with technical rigour applied to underwrite
successful future mining operations. The drilling programs were completed ahead of the DFS, which was published in late
June 2025, and aimed to underpin future mining operations and focused on de-risking mine areas for upcoming production.
CORPORATE
Operating Result
The following table provides additional information on the Company’s result for the year and specifically reconciles the
cash gross loss1 to the statutory net loss for the year. The cash gross loss1 includes a cash gross margin1 from the Second
Fortune mine of $3.4 million and a cash gross loss1 associated with the haulage and processing of low-grade Laverton
stockpiles of $4.0 million. Haulage and processing of these low-grade stockpiles was necessary to deliver sufficient ore
tonnes for minimal processing campaign size. Haulage and processing of these low-grade stockpiles ceased early in the
FY26 financial reporting period following the successful ramp up of the Fish mine.
1 The cash gross margin/(loss) is a non-IFRS measure that in the opinion of the Company’s directors provides useful information to assess
the financial performance of the Company over the reporting period. This non-IFRS measure is unaudited.
2 Operating cost of sales includes mining, inventory movements, haulage, royalties and site based general and administration costs.
3 The FY24 Financial Statements are restated following a voluntary change in accounting policy (see Note 14 to the Financial Statements)
and a provisional accounting adjustment relating to the acquisition of Linden Gold Alliance Limited (Note 18 to the Financial Statements).
During 1HFY25, the Company carried out capital (decline) and operating (ore drive) development activities at the Second
Fortune Mine. During this period, the Group has allocated costs between those directly attributable to capital development
which are capitalised on the balance sheet in the form of properties plant and equipment and mine properties and those
associated with producing inventory which are allocated to inventory and recognised via a non-cash adjustment in the
Restated3
FY25
FY24
$000
$000
Revenue from contracts with customers
33,510
1,054
Operating cost of sales2
(34,087)
(2,595)
Cash gross margin/(loss)1
(577)
(1,541)
Depreciation and amortisation
(6,091)
(2,258)
Gross margin/(loss)
(6,668)
(3,799)
Administration and other expense
(7,802)
(3,191)
Exploration and feasibility costs expense
(19,123)
(10,469)
Depreciation and amortisation expense
(278)
(128)
Inventory write down
(7,378)
-
Share based payment expense
(1,148)
(2,311)
Business acquisition income/(expense)
261
(2,750)
Other income
1,958
6,732
Operating margin/(loss) before finance costs
(40,178)
(15,916)
Finance income
473
58
Finance costs
(2,112)
(433)
Revaluation of Financial Assets to Fair Value
(4,251)
-
(Loss) after tax
(46,068)
(16,291)
- 18 -
DIRECTORS’ REPORT
Statement of Profit and Loss as sales occur. During 1HFY25, the Company experienced elevated unit costs due to
moderated production levels, resulting in a write down of inventory to net realisable value of $3.6 million.
During 2HFY25, the Company finalised the valuation associated with the Linden Gold Alliance Merger (see Note 18 to the
Financial Statements). The adjustment of preliminary to final values associated with the carrying value of inventory resulted
in a “one-off” write down of inventory values of $3.8 million.
Cash and Liquidity
During the year the Company increased its cash balance by $3.7 million to $11.7 million (30 June 2024: $8.0 million).
Contributing to the movement in cash and cash equivalents during the period were cash inflows from financing activities
of $62.8 million, partly reduced by cash outflows from operating activities of $30.9 million and cash outflows from investing
activities of $28.2 million. Significant cash flows are shown in the graph below:
Revolving Debt Facility
During the year, the Company executed a new debt facility with Ocean Partners Australia Pty Ltd (Ocean Partners). The
Facility, structured as an advance payment agreement, allows Brightstar to draw down up to US$11.5 million to fund
production expansion and general working capital requirements. Each drawdown is to be repaid within 6 months via
deductions from payments received under the OPA. Ocean Partners holds security over Brightstar’s Run-of-Mine ore
stockpiles until the ore is sold to Genesis under the OPA. Key terms of the Facility are outlined at Note 21 to the Financial
Statements.
As at 30 June 2025 the Company has drawn US$9.31 million (A$14.22 million) or 81% (based on the exchange rate at 30
June 2025). The Company has total cash and available debt of $15 million of loan facilities at the end of the reporting
period (30 June 2024: $7.96 million).
The Company has no hedging in place as at 30 June 2025 (30 June 2024: nil).
Linden Gold Alliance Merger
On 25 March 2024, Brightstar announced an off-market scrip takeover offer to acquire all the fully paid ordinary shares
and options in Linden Gold Alliance Limited (Linden) (Offers). The conditions of the Offers were satisfied during the Offer
Period and the contracts resulting from acceptances were declared unconditional by notice given on 22 May 2024. On 31
May 2024, Brightstar completed the acquisition of Linden, acquiring a relevant interest in 96.75% Linden shares and
96.81% Linden options. On 10 July 2024, following completion of the compulsory acquisition processes, Brightstar
completed the acquisition of 100% of the shares and options of Linden.
- 19 -
DIRECTORS’ REPORT
On 10 July 2024, the final shares in relation to the acquisition were issued. Total shares of 152.24 million included 42.02
million at $0.016 per share to Linden shareholders and 110.22 million at $0.023 per share to St Barbara Limited (pre-share
consolidation basis) as consideration for settlement of Linden and St Barbara debt.
As part of the Brightstar’s acquisition of Linden, Brightstar assumed contingent liabilities payable to the vendors of Lord
Byron Mining Pty Ltd (LBM) which become payable upon certain milestones being met. The deferred consideration shares
comprise of three tranches. On 17 April 2025, Brightstar received shareholder approval for the issuance of 312.5 million
shares (pre-consolidation) in recognition of achievement of the commercial production milestone at the Jasper Hills Project,
following commencement of haulage of open pit stockpiles acquired via the Linder merger.
Sandstone Acquisitions
On 2 October 2024 the Company completed the acquisition of Montague East Gold Project (MEGP) from Gateway Mining
Limited. The total consideration payable of $14 million comprised of $5 million paid in cash, the issue of $7 million of
Brightstar shares (466.67 million (pre-consolidation) shares at $0.015 per share issued on 23 September 2024) and $2
million of deferred consideration subject to project milestones including:
-
Upon the commencement of commercial mining operations in respect of the gold mineral rights at MEGP, or
-
The delineation of a JORC Mineral Resource Estimate on the tenements exceeding 1.0 Moz Au.
On 9 December 2024 the Company completed the acquisition of Alto Metals Limited (Alto) via a Scheme of Arrangement
(Scheme). The Company issued 2,959.09 million pre-consolidation shares to Alto shareholders, being four Brightstar
shares for every one Alto share held as at the record date.
The successful completion of the MEGP and Alto transactions consolidates highly prospective exploration ground in the
Sandstone region, complementing the Company’s existing asset portfolio.
On 30 June 2025 the Company announced discussions were underway with non-binding indicative terms for a scheme of
arrangement with Aurumin Limited (Aurumin). Subsequently, on 21 July 2025, Brightstar and Aurumin entered into a
Scheme Implementation Deed whereby Aurumin agrees to propose Share and Option Schemes of Arrangement (together,
the Schemes) for Brightstar to acquire 100% of Aurumin’s issued capital. Under the Scheme, Aurumin shareholders will
receive 1 Brightstar share for every 4 Aurumin shares held.
Successful completion of the Aurumin transaction would result in Brightstar’s pro forma Mineral Resource in the Sandstone
region increased to 2.4Moz @ 1.5g/t Au, with the total group pro-forma Mineral Resource increasing to 3.9Moz @ 1.5g/t
Au.
Board Changes
Following successful completion of the Alto transaction, Mr Matthew Bowles joined the Board on 9 December 2024 as a
Non-Executive Director and resigned on 17 February 2025.
Earn-In Arrangements
In February 2025, Brightstar signed a binding Term Sheet with Cazaly Resources Limited (Cazaly) under which Cazaly is
granted an option to elect to earn up to an 80% interest in the Goongarrie Gold Project by sole funding exploration
expenditure of up to $3 million.
In March 2025, Cazaly exercised this option, with the staged earn-in structure being:
•
Upon exercising the option, Cazaly to spend $1 million on expenditure over an initial 12-month period to earn
a 25% interest;
•
Cazaly to spend an additional $1 million on expenditure over a further 18-month period to earn an additional
26% interest (aggregate 51% interest); and
•
Cazaly to spend an additional $1 million on expenditure over a further 18-month period to earn an additional
29% interest (aggregate 80% interest).
Upon Cazaly earning an interest in the Goongarrie Gold Project, Brightstar and Cazaly shall form a Joint Venture. The
earn-in allows Brightstar to focus on its other projects at Sandstone, Laverton and Menzies.
- 20 -
DIRECTORS’ REPORT
Execution of Ore Purchase Agreement (OPA)
In December 2024, the Company executed an OPA with Genesis Minerals Limited which enables Brightstar to deliver, sell
and process up to 500,000 tonnes of ore sourced from its Laverton Hub over the course of CY25 and Q1 CY26 to Genesis’
Laverton Mill for processing.
The OPA provides the Company with a definitive processing solution to expand production from the Laverton assets,
driving cash flow to the business to deliver benefits to Brightstar’s wider development plans in the Laverton-Menzies region.
Capital Raising and Consolidation Activities
The Company completed two successful share placements during the year, raising $54 million (before costs) from
institutional and sophisticated investors to fund production growth and aggressive exploration. The capital raisings were
well supported by new and existing institutional investors, as well as ASX-listed gold mining companies St Barbara Limited
and Genesis.
The first placement raised $24 million (before costs) via a two tranche placement for a total of 1,600 million pre-
consolidation shares at $0.015 per share. Tranche 1 shares were issued on 8 August 2024 (1,166.67 million shares) and
tranche 2 shares were issued on 23 September 2024 (433.33 million shares) following shareholder approval.
The second placement raised $30 million (before costs) via the issue of 1,304.35 million pre-consolidation shares at $0.023
per share on 9 December 2024.
On 23 September 2024 the Company issued 323.84 million pre-consolidation shares at $0.015 per share as consideration
for various mining and exploration services, including to Topdrill Pty Ltd for drilling services ($1.0 million, 66.67 million pre-
consolidation shares at $0.015 per share), settlement of an processing fee owing to Genesis from a previous campaign
($2.66 million, 177.17 million pre-consolidation shares at $0.015 per share) and other trade creditors ($1.2 million, 80
million pre-consolidation shares at $0.015 per share).
On 17 April 2025 the Company issued 75 million pre-consolidation shares at $0.02 per share to Topdrill Pty Ltd for drilling
services (total consideration: $1.5 million) and 10.73 million pre-consolidation shares at $0.026 per share to pay for
corporate advisory fees relating to the Alto Metals Scheme of Arrangement in lieu of a cash fee (total consideration: $0.28
million).
On 17 April 2025 the Company completed a consolidation of share capital on a 25:1 basis. The number of shares,
performance rights and options on issue pre and post consolidation are shown in the table below:
Security
Pre-Consolidation
Post-Consolidation
Shares
11,406,165,570
456,246,623
Options
344,446,953
13,777,878
Performance Rights
127,625,000
5,105,000
The number of securities and price per security is quoted on a pre-consolidation basis in the Directors’ Report, unless
stated otherwise.
During the year, Brightstar was added to the S&P/ASX All Ordinaries Index, the benchmark that tracks the performance of
the 500 largest companies listed on the ASX by market capitalisation. The Company’s market capitalisation increased by
170% from $77.69 million at 30 June 2024 to $210.30 million at 30 June 2025.
- 21 -
DIRECTORS’ REPORT
References
1.
Refer Brightstar Resources announcement dated 9 December 2024 “Successful $30m placement supports production growth
in 2025”
2.
Refer Brightstar Resources announcement dated 30 June2025 Menzies and Laverton Gold Projects Feasibility Study
3.
Refer Brightstar Resources announcement dated 25 June 2025 “Menzies Processing Solution delivered with Executed MoU for
Ore Purchase Agreement with Paddington Gold”
4.
Refer Brightstar Resources announcement dated 1 August 2024 “Brightstar to Drive Consolidation of Sandstone District”
5.
Refer Brightstar Resources announcement dated 2 October 2024 “Brightstar Completes Montague East Acquisition with BTR
Group Mineral Resources now 2.0Moz Au”
6.
Refer Brightstar Resources announcement dated 9 December 2024 “Implementation of Scheme and Board Update”
7.
Refer Brightstar Resources announcement dated 30 June 2025 Merger Discussions Between Brightstar and Aurumin
8.
Refer Brightstar Resources announcement dated 6 May 2025 US11.5M Working Capital Finance Facility Executed with Ocean
Partners
9.
Refer Brightstar Resources announcement dated 2 August 2024 “Successful completion of $24m placement to fund growth”
10. Refer Brightstar Resources announcement dated 26 June 2025 “Maiden Ore Reserves at Laverton Underground Operations
Underpin FY26 Production with Significant Exploration Upside
11. Refer Brightstar Resources announcement dated 19 May 2025 “Robust Mineral Resource Upgrades at Laverton and Menzies
ahead of DFS delivery underpins future mining operations”
12. Refer Brightstar Resources announcement dated 31 January 2025 “December 2024 Quarterly Activities Report”
13. Refer Brightstar Resources announcement dated 31 October 2024 “September 2024 Quarterly Activities Report”
14. Refer Brightstar Resources announcement dated 31 July 2025 “June 2025 Quarterly Activities Report”
15. Refer Brightstar Resources announcement dated 29 April 2025 “March 2025 Quarterly Activities Report”
16. Refer Brightstar Resources announcement dated 21 March 2024 “Cashflow from Selkirk gold pours to materially exceed
budget”
BRIGHTSTAR GLOBAL ORE RESERVE AT 30 JUNE 2025
Table 2: Brightstar Ore Reserve Summary (June 2025)
Ore Reserve Category
Proved
Probable
Total
kt
Au (g/t)
koz
kt
Au (g/t)
koz
kt
Au (g/t)
koz
Underground
Fish – Laverton
-
-
-
175
3.2
18
175
3.2
18
Second Fortune – Laverton
52
3.4
6
52
3.4
6
Underground Sub-total
-
-
-
227
3.2
24
227
3.2
24
Open Pit
Lord Byron – Laverton
296
1.6
15
964
1.4
44
1,261
1.4
59
Cork Tree Well – Laverton
-
-
-
1,374
1.7
76
1,374
1.7
76
Lady Shenton – Menzies
-
-
-
1,371
1.7
76
1,371
1.7
76
Open Pit Sub-total
296
1.6
15
3,709
1.6
196
4,005
1.6
211
TOTAL: ORE RESERVES
296
1.6
15
3,936
1.7
220
4,230
1.7
235
Note 1: some rounding discrepancies may occur
- 22 -
DIRECTORS’ REPORT
BRIGHTSTAR GLOBAL MINERAL RESOURCE ESTIMATE AT 30 JUNE 2025
Table 3: Brightstar Mineral Resource Estimate Summary (June 2025)
Location
Cut-off
Measured
Indicated
Inferred
Total
g/t
kt
g/t
koz
kt
g/t
koz
kt
g/t
koz
kt
g/t
koz
Au
Au
Au
Au
Au
Alpha
0.5
623
1.6
33
374
2.1
25
455
3.3
48
1,452
2.3
106
Beta
0.5
345
1.7
19
576
1.6
29
961
1.7
54
1,882
1.7
102
Cork Tree Well
0.5
-
-
-
3,264
1.6
166
3,198
1.2
126
6,462
1.4
292
Lord Byron
0.5
311
1.7
17
1,975
1.5
96
2,937
1.5
138
5,223
1.5
251
Fish
1.6
25
5.4
4
199
4.5
29
153
3.2
16
376
4.0
49
Gilt Key
0.5
-
-
-
15
2.2
1
153
1.3
6
168
1.3
8
Second Fortune (UG)
2.5
24
15.3
12
34
13.7
15
34
11.7
13
92
13.4
40
Total – Laverton
1,328
2.0
85
6,437
1.7
361
7,891
1.6
401
15,655
1.7
848
Lady Shenton System
0.5
-
-
-
2,590
1.5
123
2,990
1.6
150
5,580
1.5
273
(Pericles, Lady Shenton,
Stirling)
Yunndaga
0.5
-
-
-
1,270
1.3
53
2,050
1.4
90
3,320
1.3
144
Yunndaga (UG)
2
-
-
-
-
-
-
110
3.3
12
110
3.3
12
Aspacia
0.5
-
-
-
137
1.7
7
1,238
1.6
62
1,375
1.6
70
Lady Harriet System
0.5
-
-
-
520
1.3
22
590
1.1
21
1,110
1.2
43
(Warrior, Lady Harriet,
Bellenger)
Link Zone
0.5
-
-
-
160
1.3
7
740
1.0
23
890
1.0
29
Selkirk
0.5
-
-
-
30
6.3
6
140
1.2
5
170
2.1
12
Lady Irene
0.5
-
-
-
-
-
-
100
1.7
6
100
1.7
6
Total – Menzies
-
-
-
4,707
1.4
218
7,958
1.4
369
12,655
1.4
589
Montague-Boulder
0.6
-
-
-
522
4.0
67
2,556
1.2
96
3,078
1.7
163
Whistler (OP) /
0.5/
-
-
-
-
-
-
1,700
2.2
120
1,700
2.2
120
Whistler (UG)
2.0
Evermore
0.6
-
-
-
-
-
-
1,319
1.6
67
1,319
1.6
67
Achilles Nth / Airport
0.6
-
-
-
221
2.0
14
1,847
1.4
85
2,068
1.5
99
Julias1
0.6
-
-
-
1,405
1.4
61
503
1.0
16
1,908
1.3
77
(Resource)
Julias2 (Attributable)
0.6
-
-
-
1,431
1.3
58
Total – Montague (Global)
-
-
-
2,148
2.1
142
7,925
1.5
384
10,073
1.6
526
Total – Montague (BTR)1,2
1,797
2.1
127
7,799
1.5
380
9,596
1.6
507
Lord Nelson
0.5
-
-
-
1,500
2.1
100
4,100
1.4
191
5,600
1.6
291
Lord Henry
0.5
-
-
-
1,600
1.5
78
600
1.1
20
2,200
1.4
98
Vanguard Camp
0.5
-
-
-
400
2.0
26
3,400
1.4
191
3,800
1.5
217
Havilah Camp
0.5
-
-
-
-
-
-
1,200
1.3
54
1,200
1.3
54
Indomitable Camp
0.5
-
-
-
800
0.9
23
7,300
0.9
265
8,100
0.9
288
Bull Oak
0.5
-
-
-
-
-
-
2,500
1.1
90
2,500
1.1
90
Ladybird
0.5
-
-
-
100
1.9
8
100
1.9
8
Total – Sandstone
-
-
-
4,300
1.6
227
19,200
1.3
819
23,500
1.4
1,046
Total – BTR (Attributable)
1,328
2.0
85
17,592
1.7
948
42,974
1.4
1,973
61,406
1.5
2,990
Refer to Competent Person Statement – Mineral Resource Estimates Note below. Note some rounding discrepancies may occur.
Pericles, Lady Shenton & Stirling consolidated into Lady Shenton System.
Warrior, Lady Harriet & Bellenger consolidated into Lady Harriet System.
Note 1: Julias is located on M57/427, which is owned 75% by Brightstar and 25% by Estuary Resources Pty Ltd
Note 2: Attributable gold ounces to Brightstar include 75% of resources of Julias as referenced in Note 1
- 23 -
DIRECTORS’ REPORT
FORWARD LOOKING STATEMENTS
This announcement includes forward-looking statements. Forward-looking statements include, but are not limited to,
statements concerning Brightstar’s planned exploration, development and production program and other statements that
are not historical facts. When used in this document, the words such as "could," "plan," "expect," "intend," "may”, "potential,"
"should," and similar expressions are forward-looking statements.
Subject to the Aspirational Statements disclaimer below, the forward-looking statements are based on an assessment of
present economic and operating conditions, and assumptions regarding future events and actions that, as at the date of
this announcement, are considered reasonable by the Company. Such forward-looking statements are not guarantees of
future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many
of which are beyond the control of the Company and its Directors and management. The Company cannot and does not
give any assurance that the results, performance or achievements expressed or implied by the forward-looking statements
will actually occur and investors are cautioned not to place undue reliance on these forward-looking statements. The
Company has no intention to update or revise forward-looking statements, except where required by law.
ASPIRATIONAL STATEMENTS
The statements which may appear in this report regarding the aspirations for Brightstar to target Group production profile
of +200koz p.a. by 2029, are aspirational statements. These statements are not production targets as Brightstar does not
yet have sufficient objective reasonable grounds to believe that the statements can be achieved. Importantly, the
statements are considered aspirational because, as detailed in Brightstar’s announcement of 30 April 2025, Brightstar has
not yet completed a pre-feasibility study for Sandstone, noting that Sandstone has a long operating history with detailed
information available on historical performance across the majority of deposits, ore mineralisation styles and operating
parameters (i.e. open pit mining and conventional carbon-in-leach processing conducted in the recent past). While
preliminary assessments have been undertaken, substantial further work is required before Brightstar will be in a position
to have sufficient objective reasonable grounds to publish production targets or forecast financial information relating to
the Sandstone Project. The study will need to consider a number of variables and focus areas which are expected to
include, but are not limited to items within the following feasibility study workstreams: preparing robust update Mineral
Resource Estimates for each deposit based on geological models generated by existing and new geological information
informed by Brightstar’s current drilling programs; applying current (CY2025) mining cost and operational parameters to
delineate economic mining optimisations, open pit mine designs and schedules that encapsulates geotechnical and
metallurgical recovery information from third party test work; assessments into approvals and permitting processes, along
with detailed engineering design work, optimal processing flowsheets and requisite infrastructure that delivers the best
outcome of recovered metal, operating costs and capital costs which supports these aspirations.
COMPETENT PERSON STATEMENT
Competent Person Statement – Exploration Results
The information presented in this report relating to the Exploration Results of the Menzies, Laverton and Sandstone Gold
Project areas is based on and fairly represents information compiled by Mr Michael Kammermann, MAIG. Mr Kammermann
is a Member of the Australasian Institute of Geoscientists (AIG) and has sufficient experience relevant to the style of
mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a “Competent
Person” as that term is defined in the 2012 Edition of the “Australasian Code of Reporting of Exploration Results, Mineral
Resources and Ore Reserves (JORC Code 2012)”. Mr Kammermann is a full-time employee of the Company in the position
of Exploration Manager and has provided written consent approving the inclusion of the Exploration Results in the form
and context in which they appear.
The information presented here relating to exploration for the Second Fortune Gold Mine areas is based on and fairly
represents information compiled by Mr Jamie Brown, MAIG. Mr Brown is a Member of the Australasian Institute of
Geoscientists (AIG) and has sufficient experience relevant to the style of mineralisation and type of deposit under
consideration and to the activity he is undertaking to qualify as a “Competent Person” as that term is defined in the 2012
Edition of the “Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code
2012)”. Mr Brown is a full-time employee of the Company in the position of Chief Mine Geologist and has provided written
consent approving the inclusion of the Exploration Results in the form and context in which they appear.
- 24 -
DIRECTORS’ REPORT
Competent Person Statement – Mineral Resource Estimates
The information in this report that relates to Mineral Resources at the Laverton Gold Project (specifically Alpha, Fish, Lord
Byron, and Second Fortune Deposits) is based on information compiled by Mr Graham de la Mare, a Competent Person
who is a Fellow of the Australian Institute of Geoscientists. Mr de la Mare is a Principal Resource Geologist and is a full-
time employee of the company. Mr de la Mare has sufficient experience that is relevant to the style of mineralisation and
type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in
the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr
de la Mare consents to the inclusion in this report of the matters based on his information in the form and context in which
it appears.
The information in this report that relates to Mineral Resources at the Menzies Gold Project (specifically Aspacia, Link
Zone, and Lady Shenton System Deposits), and the Cork Tree Well deposit at the Laverton Gold Project, is based on
information compiled by Mr K Crossling, a Competent Person who is a professional registered member with South African
Council for Natural Scientific Professionals (SACNASP), and a member of the Australian Institute of Mining and Metallurgy
(MAusIMM). Mr Crossling is a Principal Geologist with ABGM Pty Ltd. Mr Crossling has sufficient experience that is relevant
to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a
Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves’. Mr Crossling consents to the inclusion in this report of the matters based on his information
in the form and context in which they appear.
This report contains references to Brightstar’s JORC Mineral Resource estimates, extracted from the ASX announcements
titled "Aspacia deposit records maiden Mineral Resource at the Menzies Gold Project” dated 17 April 2024, “Brightstar
Makes Recommended Bid for Linden Gold”, dated 25 March 2024, “Brightstar to drive consolidation of Sandstone Gold
District” dated 1 August 2024 and “Scheme Booklet Registered by ASIC” dated 14 October 2024.
Brightstar confirms that it is not aware of any new information or data that materially affects the information included in the
original market announcements and that all material assumptions and technical parameters underpinning the Mineral
Resource estimates in the relevant market announcements continue to apply and have not materially changed. The
Company confirms that the form and context in which the Competent Person’s findings are presented have not been
materially modified from the original market announcements.
Competent Person Statement – Ore Reserve Estimates
The information in this report that relates to Ore Reserves for Second Fortune Underground is based on, and reasonably
represents, information and supporting documentation compiled by Mr Andrew Rich, who is an Executive Director and
shareholder of Brightstar Resources Limited, and has sufficient relevant experience on matters relating to mine design,
mine scheduling, mining methodology and mining costs. Mr Rich is a member of the Australian Institute of Mining and
Metallurgy. Mr Rich is satisfied that the information provided in this announcement has been determined to a reserve level
of accuracy. Mr Rich consents to the inclusion in the report of the matters based on his information in the form and context
in which it appears.
The information in this report that relates to Ore Reserves for the Open Pits (Lady Shenton, Lord Byron and Cork Tree
Well), along with Fish Underground is based on, and reasonably represents, information and supporting documentation
compiled by Mr Anton von Wielligh, who is employed by ABGM Pty Ltd, and has sufficient relevant experience to advise
Brightstar Resources on matters relating to mine design, mine scheduling, mining methodology and mining costs. Mr von
Wielligh is a fellow of the Australian Institute of Mining and Metallurgy. Mr von Wielligh is satisfied that the information
provided in this report has been determined to a feasibility level of accuracy or better. Mr von Wielligh consents to the
inclusion in the report of the matters based on his information in the form and context in which it appears.
COMPLIANCE STATEMENT
With reference to previously reported Exploration Results and Mineral Resources, the Company confirms that it is not
aware of any new information or data that materially affects the information included in the original market announcement
and, in the case of estimates of Mineral Resources that all material assumptions and technical parameters underpinning
the estimates in the relevant market announcement continue to apply and have not materially changed. The company
confirms that the form and context in which the Competent Person’s findings are presented have not been materially
modified from the original market announcement.
- 25 -
DIRECTORS’ REPORT
DIVIDENDS
No dividends have been paid or declared since the start of the financial year and the directors do not recommend the
payment of a dividend in respect of the financial year.
SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS
There were no significant changes in the state of affairs of the Group during the year not otherwise disclosed in the FY25
financial statements.
EVENTS AFTER THE BALANCE DATE
On 21 July 2025 the Company announced an equity raise of $50 million (before costs) at an issue price of $0.48 per share.
Placement shares were issued on 25 July 2025 with gross proceeds of $50 million (before costs) received and 104.17
million shares issued to shareholders.
On 21 July 2025 Brightstar Resources Limited and Aurumin Limited entered into a Scheme Implementation Deed (SID)
under which Aurumin agrees to propose Share and Option Scheme of Arrangements for Brightstar to acquire 100% of
Aurumin’s issued capital. Under the Scheme, Aurumin shareholders will receive 1 Brightstar share for every 4 Aurumin
shares held. The Scheme meeting is scheduled for mid-October 2025, targeting completion in late October 2025.
On 28 July 2025 the Company announced key security holder support for the Aurumin transaction with security holders
representing approximately 22.01% of Aurumin shares, and 48.67% of Aurumin options confirming to Aurumin their
intention to vote in favour of the Share Scheme and Option Scheme respectively.
LIKELY DEVELOPMENTS
The Directors are not aware of any likely developments of which could be expected to significantly affect the results of the
Group’s operations in future financial years not otherwise disclosed in the Principal Activities, Review of Operations or
Events After Balance Date sections of the Directors’ Report.
RESULTS
The consolidated loss after income tax attributable to the members of the Group in was $46.07 million (2024: $16.29
million).
- 26 -
DIRECTORS’ REPORT
ENVIRONMENTAL LEGISLATION
The Group’s operations are subject to significant environmental regulation under the law of the Commonwealth and State.
The Directors of the Group monitor compliance with environmental regulations. The Directors are not aware of any
significant breaches during the period covered by this Report.
MATERIAL BUSINESS RISKS
The Board and Management have identified the following specific risks relevant to the Company’s current/ongoing business
and operations:
Fluctuations in commodity prices and outlook
The Group is by its nature exposed to fluctuations in the gold price and the Australian dollar exchange rate. Volatility in the
gold price and Australian dollar effects the perceived value of the Group and its business performance. Declining gold
prices can also impact operations by requiring a reassessment of the feasibility of a particular exploration or development
project. Even if a project is ultimately determined to be economically viable, the need to conduct such a reassessment
could cause delays and/or may interrupt operations, which may have a material adverse effect on our results of operations
and financial condition.
Risk of exploration failure
Exploration activities are inherently risky, and the directors are unable to provide certainty that any or all of these objectives,
as outlined as business strategies above, will be able to be achieved. In the opinion of the directors, any further disclosure
of information regarding likely developments in the operations of the Group and the expected results of these operations
in subsequent financial years may prejudice the interests of the Company and accordingly, further information has not
been disclosed.
Additional requirement for capital
The Company’s current capital is sufficient, at the issue date of this report, to meet its current planned exploration activities.
Activities beyond the scope of current plans including funding corporate and mining activities will require additional funding
to be obtained. Funding via additional equity will dilute existing shareholdings and debt financing if viable, would likely be
subject to covenants and restrictions. There is a risk that the Company may need to reduce the scope of its future
exploration and mining activities to ensure sufficient capital is maintained. There is no guarantee that suitable, additional
funding will be able to be secured by the Company either via equity or debt.
Mineral resource and reserve estimates and exploration
The Group’s mineral resource and reserve estimates are estimates, based on interpretations of geological data obtained
from drillholes and other sampling techniques. Actual mineralisation or geological conditions may be different from those
predicted. Market price fluctuations of gold as well as increased production and capital costs may render the Group’s
resources unprofitable to develop at a particular site or sites for periods of time or may render estimates containing relatively
lower grade mineralisation uneconomic. Estimated resources may have to be re-estimated based on actual production
experience. Any of these factors may require the Group to reduce its estimates, which could have a negative impact on
the Group’s financial results.
The Group’s exploration projects involve many risks and are frequently unsuccessful. Once a site with mineralisation is
discovered (or acquired), it may take several years from the initial phases of drilling until production is possible. There is
no assurance that current or future exploration programs will be successful. There is a risk that depletion of resources and
reserves will not be offset by discoveries or acquisitions.
- 27 -
DIRECTORS’ REPORT
Mining, exploration and insurance
The mining industry is subject to significant risks and hazards, including environmental hazards, industrial accidents,
unusual or unexpected geological conditions, unavailability of materials and equipment, pit wall failures, rock bursts,
seismic events, cave-ins and weather conditions (including flooding and bush fires), most of which are beyond the Group’s
control. These risks and hazards could result in significant costs or delays that could have a material adverse effect on the
Group’s financial performance, liquidity and results of operation. There is a risk that unforeseen geological and geotechnical
difficulties may be encountered when developing and mining, such as unusual or unexpected geological conditions,
underground access, ambient rock temperature, rock bursts, seismicity and cave ins.
Unforeseen geological and geotechnical difficulties could impact operations and/or require additional operating or capital
expenditure to rectify problems and thereby have an adverse effect on the Company's financial and operational
performance.
The Group maintains insurance to cover the most common of these risks and hazards. The insurance is maintained in
amounts that are considered reasonable depending on the circumstances surrounding each identified risk. However,
property, liability and other insurance may not provide sufficient coverage for losses related to these or other risks or
hazards.
Environmental, health, safety and permitting
The Group’s activities are subject to laws and regulations governing the protection and management of the environment,
water management, waste disposal, worker health and safety, mine development and rehabilitation and the protection of
endangered and other special status species. The Group’s ability to obtain permits and approvals and to successfully
operate may be adversely impacted by real or perceived detrimental events associated with the Group’s activities or those
of other mining companies affecting the environment, human health and safety of the surrounding communities. Delays in
obtaining or failure to obtain government permits and approvals may adversely affect the Group’s operations, including its
ability to continue operations.
With the Group’s tenure located within Western Australia, the Group is subject to state and federal laws and regulations
concerning the environment in Western Australia. Mechanised exploration will impact the local environment along with any
advanced development and production activities. In undertaking exploration and mining activities, the Group intends to
comply with all environmental laws. Inherent risks when completing exploration and mining activities include, but are not
limited to, land disturbance and the disposal of waste products. An incident involving incorrect disposal of waste products
could result in delays to exploration and mining, additional costs to remediate the location and any legislative penalties.
The Group has procedures in place to minimise the occurrence of environmental impacts and any subsequent penalties;
however, the nature of exploration, development and mining will always involve environmental risks.
The Group has implemented health, safety and community initiatives at its sites to manage the health and safety of its
employees, contractors and members of the community. While these control measures are in place there is no guarantee
that these will eliminate the occurrence of incidents which may result in personal injury or damage to property. In certain
instances, such occurrences could give rise to regulatory fines and/or civil liability.
Heritage
The Group is subject to state and federal laws and regulations concerning Native Title and Heritage rights and interests.
The Company is required to ensure that tenure has been adequately surveyed and considered before commencing any
activity that would disturb the natural environment and its surroundings. The Group complies with required legislation
regarding Native Title and Heritage requirements and, where appropriate, engages a third party to ensure that all
requirements are met. While all care is taken to ensure rights and interests are maintained, there is a level of risk inherent
in exploration and mining activities that is unable to be fully mitigated.
- 28 -
DIRECTORS’ REPORT
REMUNERATION REPORT (AUDITED)
The Directors of Brightstar Resources Limited present the Remuneration Report for the Company and its controlled entities
(collectively, the Group) for the year ended 30 June 2025. This Remuneration Report (Report) forms part of the Directors’
Report and has been audited in accordance with section 300A of the Corporations Act 2001 (Cth).
This Report contains the following sections:
A. Key Management Personnel Covered by this Report
B. Summary of FY25 Remuneration Outcomes and Planned Changes for FY26
C. Remuneration Principles
D. Remuneration Governance
E. FY25 Executive Remuneration Arrangements
F. FY25 Executive Remuneration Outcomes
G. Contractual arrangements with Executive KMPs
H. Statutory Remuneration of Executive KMP
I. Non-Executive Director Fees
J: Planned FY26 Executive Remuneration Changes
K. Additional Disclosures
A: Key Management Personnel Covered by this Report
This Remuneration Report details the remuneration arrangements for the Company’s Key Management Personnel (KMP).
KMP are defined as those persons who, directly or indirectly, have authority and responsibility for planning, directing and
controlling the activities of the Group including:
• Non-Executive Directors (NEDs); and
• Executive Directors and senior executives (collectively the Executives or Executive KMPs).
The following details the KMP for FY25. Each was a KMP for the entire period, unless otherwise stated.
Name
Role
Term
Non-Executive Directors
Richard Crookes
Non-Executive Chair
Full year
Jonathan Downes
Non-Executive Director
Full year
Ashley Fraser
Non-Executive Director
Full year
Matthew Bowles
Non-Executive Director
Appointed 9 December 2024, resigned 17
February 2025
Executive Directors
Alex Rovira
Managing Director
Full year
Andrew Rich
Executive Director - Operations
Full year
Other Senior Executives
Dean Vallve
Chief Development Officer
Full year – Resigned 12 September 2025
Nicky Martin
Chief Financial Officer
Full year - Appointed 1 July 2024
Former KMP
Luke Wang
Financial Controller
Resigned 31 October 2024
- 29 -
DIRECTORS’ REPORT
REMUNERATION REPORT (AUDITED)
B: Summary of FY25 Remuneration Outcomes and Planned Changes for FY26
The following section summarises FY25 remuneration outcomes and outlines the planned remuneration initiatives for
FY26.
FY25 Highlights for KMP Remuneration
Executive
Remuneration
structures and
outcomes
During FY25, executive remuneration consisted of fixed remuneration and discretionary
incentive awards as determined by the Board. No formal short-term incentive (STI) or long-
term incentive (LTI) arrangements were in place for the year.
Fixed remuneration for all Executive KMPs remained unchanged however, the Board approved
one-off incentive awards to recognise executive contributions to the achievement of key project
milestones and to support engagement and retention during the period. The Chief
Development Officer and Chief Financial Officer each received a cash award of $10,000 and
an equity award valued at $50,000. The remaining Executive KMP each received a cash award
of $10,000.
In addition, a one-off sign on grant of 40,000,000 options (on a pre–share consolidation
basis) was awarded to Nicky Martin in recognition of her appointment as Chief Financial
Officer in July 2024. No options were granted to other KMPs during the year.
See Section E - Executive Remuneration Arrangements and Section F - FY25 Executive
Remuneration Outcomes for more details.
Non-Executive
Directors (NEDs)
Remuneration
During the year, there was no change to the NED Fees. NEDs do not participate in any
incentive plans during the year.
See Section I - Non-Executive Director Remuneration for more details.
FY26 Remuneration approach
Planned
Remuneration
Changes
As the Company advances through project development, strengthening remuneration
programs for KMP has been a key priority in FY25. To support future growth and ensure
alignment with shareholder expectations, a remuneration advisor was engaged to review
current structures and design a formal incentive framework for FY26. The following
summarises the planned changes for FY26:
•
Fixed Remuneration: Adjustments in line with FY25 benchmarking outcomes and the
recommendations of the external consultant
•
Incentive Framework: Transition from discretionary to formal Short-Term Incentive
(STI) and Long-Term Incentive (LTI) arrangements to strengthen executive engagement
and reinforce alignment with shareholder interests:
o
STI: Executives will be eligible for STIs comprising 75% to business and 25% to
individual performance, delivered in a mix of cash and Performance Rights
o
LTI: Executives will be granted with Performance Rights with a three-year
performance period, vesting on achievement of shareholder value or / and
strategic project milestones depending on role
•
Disclosure Enhancements: Improved transparency and reporting, with enhancements
made in the FY25 Remuneration Report and further refinements planned for FY26 to
align with best practice governance standards.
See Section J - Planned FY26 Executive Remuneration Changes for more details.
- 30 -
DIRECTORS’ REPORT
REMUNERATION REPORT (AUDITED)
C: Remuneration Principles
KMP remuneration is guided by the following principles:
• competitive and reasonable, enabling the Company to attract and retain key talent;
• aligned to the Company’s strategic and business objectives and the creation of shareholder value;
• transparent and easily understood; and
• acceptable to shareholders.
D: Remuneration Governance
KMP remuneration decision making is guided by the following remuneration governance framework as follows.
Board of Directors
(Board)
The Board:
▪
approves the remuneration arrangements of Executive KMP including fixed and variable
pay elements
▪
proposes the aggregate remuneration of NEDs for shareholder approval and sets
remuneration for individual NEDs
▪
engage external remuneration consultants for market insights and advice where necessary
▪
other matters as required
Remuneration and
Nomination
Committee (RNC)
Formed 27 June 2025, the RNC:
•
reviews and determines remuneration policy and structure annually to ensure it remains
aligned to business needs and meets the Company’s remuneration principles
External
Remuneration
Consultants
To ensure the Board is fully informed when making remuneration decisions, it may seek
external, independent remuneration advice on remuneration related issues.
In July 2024, the Board engaged Remsmart Consulting Services (Remsmart) to review its existing
remuneration policies and to provide recommendations on all elements of executive remuneration.
The objective of this review was to align the Company’s remuneration practices with market
standards, ensure competitiveness and support the Company’s growth and transition from
explorer/developer to multi-mine producer. This engagement with Remsmart was renewed in
February 2025 because of Brightstar’s growth in staff numbers, scale of operations and market
capitalisation as a result of the completion of the Sandstone Transactions. The recommendations
provided by Remsmart resulted in remuneration increases for KMP and staff from 1 July 2025 to
align with industry peers of a similar size, payment of an FY25 bonus and introduction of an FY26
STI and LTI programme.
The total fees of $60,000 (excluding GST) were paid to Remsmart for these services. Remsmart
has confirmed that any remuneration recommendations have been made free from undue
influence by members of the Group’s KMP.
- 31 -
DIRECTORS’ REPORT
REMUNERATION REPORT (AUDITED)
E: FY25 Executive Remuneration Arrangements
During FY25, remuneration packages for executives comprise fixed remuneration and one-off short and long-term
performance-based awards.
Fixed Remuneration
One-off variable Performance-based Remuneration
Short-term (ST) awards
Long-term (LT) awards
Description
Comprises base salary and superannuation
as a guaranteed fixed element of
remuneration. Fixed remuneration is paid in
cash. Non-monetary benefits may be paid
including health insurances and car
allowances.
Paid as cash or equity
Subject to achievement of
shorter term (12 month
period) Company
performance targets.
May comprise cash
bonuses and/or
participation in equity-
based schemes, subject to
the achievement of
corporate objectives linked
to the long-term growth of
the Company.
Purpose
To meet the basic expectation of the role
and deliver satisfactory outcomes and to
attract and retain talent by providing market
competitive remuneration, with
benchmarking based on:
- company size and industry
- business complexity
- individual role responsibility
- skills and experience
To reward and engage
shorter term performance
and conduct in relation to
business performance.
To reward performance
and re-position effort
annually to shorter-term
initiatives.
To reward longer term
performance that drives
long-term strategic growth
of the Company and aligns
to long-term shareholder
value.
To retain talent over the
longer term.
Fixed Remuneration
Fixed remuneration is reviewed annually by the Board. The nature and amount of fixed remuneration for KMP depends
on the role and market rates for the position, which are determined with the assistance of external advisors (where
necessary), surveys and reports, taking into account the experience and qualifications of each individual. The Board
ensures that the remuneration paid to executive KMP is consistent with market conditions and practices and demonstrates
a correlation to performance and creation of value for shareholders.
Executive KMP fixed remuneration for FY25 is outlined in the table below:
Name
Position
Total Fixed Remuneration (TFR) per
annum inclusive of superannuation (*)
Alex Rovira
Managing Director
$418,125
Andrew Rich
Executive Director – Operations
$340,500
Dean Vallve
Chief Development Officer
$312,200
Nicky Martin
Chief Financial Officer
$334,500
* This amount excludes any non-monetary benefits such as health insurance and car allowances as these benefits do not
form part of contractual arrangements.
- 32 -
DIRECTORS’ REPORT
REMUNERATION REPORT (AUDITED)
One-off performance-based awards for FY25
During FY25, in the absence of a formal incentive framework, the Board approved one-off cash and equity award to KMP
and staff for recognition of key deliverables in FY25. These arrangements include:
•
an award of $10,000 cash was granted to all Executive KMP and a one-off equity award of $50,000 for the Chief
Development Officer and Chief Financial Officer in recognition of the following key achievements during the year:
-
Execution of OPA with Genesis and commencement of ore sales following recommencement of production
activities at the Second Fortune mine during the year;
-
Start-up and completion of the Fish mine development operations within planned timeframes and budget;
-
Delivery of the Laverton and Menzies DFS which comprises an initial mine 6.4Mt @ 1.81g/t Au for 338,528oz
recovered over approximately five years with undiscounted pre-tax cash flows of $461 million, a NPV8 of $316
million and IRR of 73% at the spot gold price scenario (A$5,000/oz);
-
Safe and successful completion of +80,000m of drilling across the Company’s assets which supported Mineral
Resource upgrades and the maiden declaration of Ore Reserves upon completion of the Laverton and Menzies
DFS;
-
Successful completion of the Sandstone Transactions which consolidated a high-grade goldfield with substantial
potential for organic growth and resulting in the Company’s resource base growing to over 3Moz at 1.5g/t Au
across the Group; and
-
Execution of a US$11.5 million revolving debt facility with Ocean Partners to strengthen the balance sheet and
support production growth in the Laverton Hub.
•
a one-off sign on grant of 40,000,000 options (pre share consolidation basis) to Nicky Martin in recognition of her
joining the Company as Chief Financial Officer in July 2024. No options were granted to other KMP during the year.
F. FY25 Executive Remuneration Outcomes
Statutory Performance Indicators
The Company aims to align executive remuneration to the Company’s strategic and business objectives and the creation
of shareholder wealth. The table below shows measures of the Group’s financial performance over the last five years as
required by the Corporations Act 2001. However, these measures are not necessarily consistent with the measures used
in determining the variable amounts of remuneration to be awarded to KMPs. As a consequence, there may not always be
a direct correlation between the statutory key performance measures and the variable remuneration awarded.
2025
2024*
2023
2022
2021
Net (loss) / profit after tax ($’000)
(46,068)
(16,291)
1,944
(3,950)
60,552
Basic (loss) / profit (cents per share)
(12.5)
(16.9)
0.2
(0.7)
10.3
Dividends paid (cents per share)
-
-
-
-
-
Share price at end of year (cents)
45.6
42.5
1.1
1.8
3.1
* Net (loss) after tax is restated for the voluntary change in accounting policy (see Notes 14 and 18 of the Financial
Statements).
The table above quotes loss/profit per share and share price on a post share consolidation basis for FY25 and FY24
only, all other years are presented on a pre-share consolidation basis.
- 33 -
DIRECTORS’ REPORT
REMUNERATION REPORT (AUDITED)
G. Contractual arrangements with executive KMPs
Remuneration and other terms of employment are formalised in service agreements for Executive Directors and
employment contracts for other KMP. These service agreements and contracts specify the components of remuneration,
benefits and notice periods. Participation in short term and long-term incentives are at the discretion of the Board. Other
key provisions of the service agreements and employment contracts are set out below.
Name and Position
Term of Agreement
Resignation Notice
Termination
Notice for cause
Notice without
cause
Alex Rovira
Managing Director
Ongoing
(commenced 12
January 2023)
6 months
None
6 months
Andrew Rich
Executive Director –
Operations
Ongoing
(commenced 31 May
2024)
6 months
None
6 months
Dean Vallve
Chief Development
Officer
Ongoing
(commenced 27 May
2023)
4 weeks
None
4 weeks
Nicky Martin
Chief Financial
Officer
Ongoing
(commenced 1 July
2024)
4 weeks
None
4 weeks
- 34 -
DIRECTORS’ REPORT
REMUNERATION REPORT (AUDITED)
H. Statutory Remuneration of Executive KMP
The following table shows details of the remuneration expense recognised for the Group’s Executive KMP for the current and previous financial year measured in accordance with the requirements of
the accounting standards.
Fixed remuneration
Variable remuneration
Name
Year
Salary
Non-
monetary
benefits
Superannuation
ST Awards
Other bonuses4
LT Awards
(Performance
Rights)
LT
Awards
(Options)
Total
Performance
related
$
$
$
$
$
$
$
$
$
%
Executive Directors
Alex Rovira
2025
375,000
-
43,125
10,000
-
106,665
-
534,790
22%
2024
250,000
-
27,500
-
-
573,333
-
850,833
67%
Andrew Rich1
2025
323,500
18,091
17,125
10,000
-
261,121
-
629,837
43%
2024
25,000
1,336
3,375
-
-
12,982
-
42,693
30%
Other KMP
Dean Vallve
2025
280,000
32,200
60,000
112,500
-
484,700
36%
2024
229,583
25,254
-
-
-
208,701
463,538
45%
Nicky Martin2
2025
304,500
30,000
60,000
-
-
402,283
796,783
8%
2024
-
-
-
-
-
-
-
-
-
Former KMP
Luke Wang3
2025
-
-
-
-
-
-
-
-
-
2024
78,333
-
8,617
-
-
-
-
86,950
0%
Total
2025
1,283,000
18,091
122,450
140,000
112,500
367,786
402,283
2,446,110
25%
2024
582,916
1,336
64,746
-
-
586,315
208,701
1,444,014
41%
1 Andrew Rich was appointed on 31 May 2024
2 Nicky Martin was appointed on 1 July 2024 and was awarded a one-off, sign on grant of out-of-the money options on commencement
3 Luke Wang ceased to be a KMP on 30 June 2024
4 Other bonuses include payment of a sign-on incentive to Dean Vallve following declaration of commercial production at the Company’s Jasper Hills Project
-35 -
DIRECTORS’ REPORT
REMUNERATION REPORT (AUDITED)
I. Non-Executive Director Fees
Non-Executive Directors receive an annual fee, there are no fees for chairing or participating on sub-committees of the
Board. Fees for Non-Executive Directors are not linked to performance of the Group. However, to align directors’ interests
with shareholder interests, the directors are encouraged to hold shares in the group and are able to participate in the option
plan.
Fees are reviewed annually by the Board taking into account comparable roles and market data provided by the Board’s
independent remuneration adviser where required.
The maximum annual aggregate directors’ fee pool limit is $400,000 and was approved by shareholders at the Annual
General Meeting on 29 March 2023.
All Non-Executive Directors enter into a service agreement with the Company in the form of a letter of appointment. Non-
Executive Director fees are set out in the table below:
Annual base fees (excluding superannuation)
Non-Executive Chairman
$75,000
Other Non-Executive Directors
$48,000
- 36 -
DIRECTORS’ REPORT
REMUNERATION REPORT (AUDITED)
I. Non-Executive Director Fees (continued)
Short-tern
benefits
Post-employment
Name
Year
Fees
Superannuation
Options
Total
$
$
$
$
$
Non-Executive
Directors
Richard Crookes1
2025
75,000
8,625
-
83,625
2024
6,250
688
475,263
482,201
Jonathan Dowes
2025
48,000
5,520
-
53,520
2024
48,000
5,280
-
53,280
Ashley Fraser2
2025
48,000
5,520
-
53,520
2024
4,000
460
-
4,460
Matthew Bowles3
2025
8,985
1,033
-
10,018
2024
-
-
-
-
Former Non-
Executive
Directors
Gregory Bittar
2025
-
-
-
-
2024
68,750
7,563
-
76,313
Josh Hunt
2025
-
-
-
-
2024
44,000
-
-
44,000
Tony Lau
2025
-
-
-
-
2024
44,000
-
-
44,000
Total
2025
179,985
20,698
-
200,683
2024
215,000
13,991
475,263
704,254
1 Richard Crookes was appointed on 31 May 2024 and issued with out-of-the money options as a one-off sign-on bonus
on commencement
2 Ashley Fraser was appointed on 31 May 2024
3 Matthew Bowles was appointed on 9 December 2024 and resigned on 17 February 2025
- 37 -
DIRECTORS’ REPORT
REMUNERATION REPORT (AUDITED)
J: Planned FY26 Executive Remuneration Changes
As the Company advances through project development, the maturation of remuneration programs for KMP has been a
key priority in FY25. To support future growth and ensure alignment with shareholder expectations, the Company has
engaged a remuneration advisor to review existing remuneration structures and design a formal incentive framework for
FY26. The following provides a high-level outline of planned changes for FY26, with further details to be provided in the
FY26 Remuneration Report.
Fixed
remuneration
Executive remuneration was reviewed against benchmarks by an external remuneration consultant during
FY25. The Board has carefully considered Company performance and progression of strategic objectives,
individual achievements and contribution, the remuneration recommendations from the external consultant
and alignment with stakeholder expectations, the following fixed remuneration changes were proposed
and approved: 20% increase for the Executive Directors (Managing Director and Executive Director –
Operations) and 3% increase for the Chief Development Officer and Chief Finance Officer, effective 1 July
2025. Executive remuneration for FY26 is outlined in the table below.
Short-term
incentive
(STI)
For FY26, each executive will be eligible for a STI, payable in a mix of cash and Performance Rights.
The STI comprises 75% business performance measures and 25% individual performance measures.
Business performance will be assessed against the achievement of key targets in the areas of Total
Shareholder Return, safety, gold production, costs, environmental impact. Individual performance
measures will be tailored to each executive’s role and will include the delivery of key performance
indicators across functional areas, together with an assessment of personal leadership and management
effectiveness.
Long term
incentive
(LTI)
In addition to the STI program, the Company will introduce a one-off LTI in FY26 to further align executive
performance with the delivery of sustainable growth.
The LTI will be granted as Performance Rights with a three-year performance period, vesting upon
achievement of specific targets, which may occur earlier if milestones are met. Any unvested Rights will
lapse after testing.
Vesting hurdles for the LTI are in relation to the following areas:
-
Total shareholder return (TSR) – Total shareholder return above the medium return compared to
benchmark of ASX-listed Western Australian gold developers and emerging producers;
-
Production growth – Growth of production profile and declared Ore Reserves;
-
Safety and environment – No serious injuries or death, no major environmental incident or heritage
breach;
-
Project growth – commercial production declared through a Company-owned mill (Laverton); and
-
Long-term growth – declaration of a Financial Investment Decision (FID) and commencement of
construction of a second Company-owned mill (Sandstone).
Executive KMP fixed remuneration for FY26:
Name
Position
Total Fixed Remuneration (TFR) per
annum inclusive of superannuation (*)
Alex Rovira
Managing Director
$505,000
Andrew Rich
Executive Director – Operations
$410,000
Dean Vallve
Chief Development Officer
$321,795
Nicky Martin
Chief Financial Officer
$344,853
* This amount excludes any non-monetary benefits such as health insurance and car allowances as these benefits do not
form part of contractual arrangements.
- 38 -
DIRECTORS’ REPORT
REMUNERATION REPORT (AUDITED)
Other Statutory Information
i.
Terms and conditions of the share-based payments arrangements
Options
The terms and conditions of each grant of options affecting remuneration in the current or a future reporting period are as
follows:
Grant date
Volume1
Share price at
grant date
Risk free
rate
Volatility Exercise
price
Expiry
date
Option
value4
Executive
17 Jul 2024
20,000,000
$0.017
3.96%
112.8%
$0.0252
1 Jul 2027
$0.0106
Nicky Martin
17 Jul 2024
20,000,000
$0.017
3.96%
112.8%
$0.0353
1 Jul 2027
$0.0095
Nicky Martin
1 The volume is pre-share capital consolidation. On 17 April 2025 every 25 shares, options and performance rights were
consolidated to 1 share, option and performance right, respectively.
2 Exercise price post the 25:1 share capital consolidation is $0.63
3 Exercise price post the 25:1 share capital consolidation is $0.88
4 Option value is the option value at grant date, pre-share capital consolidation.
The total share-based payment expense in relation to these options is $402,283.
Performance Rights
The fair of the Performance Rights (PRs) is determined based on the market price of the Company’s shares at the grant
date. The terms and conditions of each grant of Performance Rights affecting remuneration in the current or a future
reporting period are as follows:
Grant date
Volume1
Share price at grant
date
Expiry date
PR value
Executive
29 Mar 2023
20,000,000
$0.016
31 Mar 2026
$0.016
Alex Rovira
29 Mar 2023
10,000,000
$0.016
31 Mar 2026
$0.016
Alex Rovira
29 Mar 2023
20,000,000
$0.016
31 Mar 2026
$0.016
Alex Rovira
29 Mar 2023
10,000,000
$0.016
31 Mar 2026
$0.016
Alex Rovira
29 Mar 2023
10,000,000
$0.016
31 Mar 2026
$0.016
Alex Rovira
29 Mar 2023
10,000,000
$0.016
31 Mar 2026
$0.016
Alex Rovira
31 May 2024
12,937,500
$0.015
3 Jun 2029
$0.015
Andrew Rich
31 May 2024
12,937,500
$0.015
3 Jun 2029
$0.015
Andrew Rich
31 May 2024
12,937,500
$0.015
3 Jun 2029
$0.015
Andrew Rich
31 May 2024
12,937,500
$0.015
3 Jun 2029
$0.015
Andrew Rich
1 The volume is pre-share capital consolidation. On 17 April 2025 every 25 shares, options and performance rights were
consolidated to 1 share, option and performance right, respectively.
- 39 -
DIRECTORS’ REPORT
REMUNERATION REPORT (AUDITED)
Other Statutory Information (continued)
ii.
Reconciliation of Options, Performance Rights and Ordinary Shares held by KMP
Options
The table below shows a reconciliation of Options held by each KMP during the current reporting period. All Options vest
immediately at grant date.
Name
Balance at
the start of
the year
Granted as
compensation
Expired
Capital
consolidation
adjustment
Other
changes
Balance at
the end of
the year
Number
Number
Number
Number
Number
Number
Executive Directors
Alex Rovira
-
-
-
-
-
Andrew Rich
1,078,125
-
(1,078,125)
-
-
-
Other Executive KMP
Dean Vallve
37,236,842
-
-
(35,747,368)
-
1,489,474
Nicky Martin
-
40,000,000
-
(38,400,000)
-
1,600,000
Non - Executive directors
Richard
Crookes
50,000,000
-
-
(48,000,000)
-
2,000,000
Jonathan
Downes
1,973,684
-
(1,973,684)
-
-
-
Ashley Fraser
-
-
-
-
-
-
Matthew
Bowles
-
-
-
-
-
-
Total
90,288,651
40,000,000
(3,051,809)
(122,147,368)
-
5,089,474
Reconciliation of Options, performance rights and ordinary shares held by KMP
Performance Rights
The table shows how many Performance Rights were granted and vested during the year. No Performance Rights were
forfeited or expired. Non- Executive Directors did not hold any Performance Rights during the year.
Name
Balance at
the start of
the year
Granted as
compensation
Exercised
Capital
consolidation
adjustment
Balance at
the end of
the year
Exercisable
Number
Number
Number
Number
Number
Number
Executive Directors
Alex Rovira
80,000,000
-
(30,000,000)
(48,000,000)
2,000,000
800,000
Andrew Rich
51,750,000
-
-
(49,680,000)
2,070,000
515,500
Other Executive KMP
Dean Vallve
-
-
-
-
-
-
Nicky Martin
-
-
-
-
-
-
Total
131,750,000
-
(30,000,000)
(97,680,000)
4,070,000
1,315,500
- 40 -
DIRECTORS’ REPORT
REMUNERATION REPORT (AUDITED)
Other Statutory Information (continued)
Shareholdings
Name
Balance at
the start of
the year
Granted as
compensation
Performance
rights
exercised
Capital
consolidation
adjustment
Other
changes
Balance at
the end of
the year
Number
Number
Number
Number
Number
Number
Executive Directors
Alex Rovira
41,759,500
-
30,000,000
(68,889,120)
-
2,870,380
Andrew Rich
23,797,749
-
-
(22,845,839)
-
951,910
Other Executive KMP
Dean Vallve
508,200
-
-
(487,871)
-
20,329
Nicky Martin
-
-
-
-
-
-
Non - Executive directors
Richard
Crookes
-
-
-
-
-
-
Jonathan
Downes
10,831,813
-
-
(10,398,540)
-
433,273
Ashley Fraser1
142,423,998
-
-
(328,727,038)
200,000,000
13,696,960
Matthew
Bowles2
-
-
-
-
-
-
Total
219,321,260
-
30,000,000
(431,348,408)
200,000,000
17,972,852
1 Ashley Fraser received 200,000,000 shares as part of the LBM deferred consideration payment (Note 18 to the Financial
Statements).
2 Matthew Bowles was appointed on 9 December 2024 and resigned on 17 February 2025. At the date of resignation, he
held 60,000,000 shares and no other securities.
Loans Provided to KMP
No loans were made to the directors of Brightstar and other KMP of the Group, including their close family members and
entities related to them (2024: Nil).
- 41 -
DIRECTORS’ REPORT
REMUNERATION REPORT (AUDITED)
Other Statutory Information (continued)
Other Transactions with related parties
Purchases from, and sales to, related parties are made on terms equivalent to those that prevail in arm’s length
transactions.
During the year, Blue Cap Mining Pty Ltd (BCM), an entity controlled by Mr Ashley Fraser (non-executive director), provided
services to Brightstar including earthworks, mobile equipment hire, personnel and production. Expenses incurred by the
Company and payable to BCM totalled $1,651,812 for the financial year ending 30 June 2025 (30 June 2024 $224,129).
These rates were entered into on an arms length basis and tested in the market as fair and reasonable rates.
As part of the Brightstar’s acquisition of Linden, in the prior year, Brightstar assumed contingent liabilities payable to the
vendors of Lord Byron Mining Pty Ltd (LBM) which become payable upon certain milestones being met. The deferred
consideration shares comprise of three tranches. On 17 April 2025, Brightstar received shareholder approval for the
issuance of 312.5 million shares (pre share consolidation) in recognition of achievement of the commercial production
milestone at the Jasper Hills Project, following commencement of haulage of open pit stockpiles acquired via the Linder
merger. Of the 312.5 million shares issued, 200 million were issued to Blue Capital Equities Pty Ltd as trustee for Blue
Capital Trust No. 2, an entity controlled by Mr Ashley Fraser.
On 18 November 2024 the Company entered into a loan Agreement with Rovira Pty Ltd (Lender), a related party to the
Managing Director Mr Alex Rovira. The Lender advanced a $3,000,000 Loan to the Company on an unsecured basis. The
Loan, interest and associated costs, of $3,055,315 was repaid on 17 December 2024.
On 2 December 2024 the Company acquired 100% of the issued share capital of Alto (Note 19). Pursuant to the Scheme
of Arrangement, the Managing Director of Alto Mr Matthew Bowles received a redundancy payment of $357,915 in
connection with loss of office. Mr Bowles joined the Board of the Company as a non-executive director on 9 December
2024 and resigned on 17 February 2025.
Other than as outlined above, the Group did not enter into any further related party transactions with the Director, key
management personnel or their related entities.
END OF REMUNERATION REPORT (AUDITED)
- 42 -
DIRECTORS’ REPORT
Shares Under Option
Unissued ordinary shares of Brightstar Resources Limited under option at the date of this Report are as follows:
ASX Code
Grant date
Number of shares
under option1
Exercise price of
Option1
Expiry date
7 OP
26 May 2023
131,579
$0.58
16 Jan 2026
8 OP
26 May 2023
157,895
$0.95
16 Jan 2026
O 11
4 Sep 2023
600,000
$0.50
7 Jul 2026
O 12
4 Sep 2023
600,000
$0.75
7 Jul 2026
O 14
31 May 2024
552,000
$0.58
30 Jun 2026
O 15
31 May 2024
168,878
$0.90
30 Jun 2026
O 16
22 May 2025
1,000,000
$0.75
19 Jul 2027
O 17
22 May 2025
1,000,000
$1.00
19 Jul 2028
O 18
5 Jul 2025
600,000
$0.63
7 Jul 2026
O 19
5 Jul 2025
600,000
$0.88
7 Jul 2026
O 20
17 Jul 2025
800,000
$0.63
1 Jul 2027
O 21
17 Jul 2025
800,000
$0.88
1 Jul 2028
Total
7,010,352
1 Volume and exercise price are post-share consolidation. On 17 April 2025 every 25 Options were consolidated into 1
Option.
Interests in shares, performance rights and options of the Company
At the date of this report, the interests of the Directors in the shares, performance rights and options of the Company were
as follows:
Director
Shares
Performance rights
Options
Richard Crookes
-
-
2,000,000
Alex Rovira
3,895,190
1,200,000
-
Andrew Rich
1,569,410
1,522,500
-
Jonathan Downes
433,273
-
-
Ashley Fraser
13,696,960
-
-
- 43 -
DIRECTORS’ REPORT
Performance Rights on Issue
At the date of this Report the following Performance Rights are on issue, none of which have an exercise price:
ASX Code
Grant date
Number of
Performance Rights
Expiry date
PRA
31 May 2024
776,250
3 June 2029
PRB
31 May 2024
776,250
3 June 2029
PRD
31 May 2024
776,250
3 June 2029
PR3
29 Mar 2023
800,000
31 Mar 2026
PE4
29 Mar 2023
400,000
31 Mar 2026
Total
3,528,750
No Option or Performance Right holder has any right under the Options or Performance Rights to participate in any other
share issue of the Company.
Shares Issued on the Exercise of Performance Rights
The following ordinary shares of Brightstar Resources Limited were issued during the year ended 30 June 2025 on the
exercise of the Performance Rights.
ASX Code
Grant date of performance
rights
Exercise date
Number of shares issued1
PR 2
29 Mar 2023
9 Aug 2024
10,000,000
PR 5
29 Mar 2023
9 Aug 2024
10,000,000
PR 6
29 Mar 2023
9 Jan 2025
10,000,000
Total
30,000,000
Since the year end the following shares were issued on the exercise of Performance Rights
ASX Code
Grant date of performance
rights
Exercise date
Number of shares issued2
PR C
31 May 2024
28 Jul 2025
776,250
PR 1
29 Mar 2023
28 Jul 2025
800,000
Total
1,576,250
1 Performance Rights were exercised prior to capital consolidation on 17 April 2025
2 Performance Rights were exercised post capital consolidation on 17 April 2025
- 44 -
DIRECTORS’ REPORT
INDEMINIFICATION AND INSURANCE OF DIRECTORS AND OFFICERS
Indemnification
The Company has agreed to indemnify current and past directors and officers of the Company and its controlled entities
against all liabilities to another person (other than the Company or a related body corporate) that may arise from their
position as Directors or Officer of the Company and its controlled entities, except where the liability arises out of conduct
involving a lack of good faith. The agreement stipulates that the Company will meet the full amount of any such liabilities,
including costs and expenses.
Insurance
During the year, the Company has paid insurance premiums in respect of directors’ and officers’ liability for current and
former directors, officers, and senior executives of the Company and its controlled entities. The contract of insurance
prohibits disclosure of the nature of the liability and the amount of the premium.
Voting of Shareholders at the last year’s annual general meeting
Brightstar Resources Limited received more than 99% of “yes” votes on its remuneration report for the 2025 financial year.
The company did not receive any specific feedback at the AGM or throughout the year on its remuneration practices.
PROCEEDINGS ON BEHALF OF THE COMPANY
No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on
behalf of the Group, or to intervene in any proceedings to which the Group is a party, for the purpose of taking responsibility
on behalf of the Group for all or part of those proceedings.
No proceedings have been brought or intervened in on behalf of the Company with leave of the Court under section 237
of the Corporations Act 2001.
AUDITOR INDEPENDENCE
Section 307C of the Corporations Act 2001 requires our auditors to provide the Directors of the Company with an
Independence Declaration in relation to the audit of the annual report. This Independence Declaration is set out on page
46 and forms part of this Directors’ Report for the year ended 30 June 2025.
NON-AUDIT SERVICES
Details of the amounts paid or payable to the auditor for non-audit services provided during the financial year by the auditor
are outlined in Note 34 to the Financial Statements.
The Directors are satisfied that the provision of non-audit services during the financial year, by the auditor (or by another
person or firm on the auditor’s behalf), is compatible with the general standard of independence for auditors imposed by
the Corporations Act 2001.
ROUNDING OF AMOUNTS
In accordance with ASIC Corporations (Rounding in Financial/Director’s Reports) Instrument 2016/191, the amounts in the
Directors’ report and in the financial report have been rounded to the nearest thousand dollars, unless otherwise stated.
- 45 -
DIRECTORS’ REPORT
Signed in accordance with a resolution of the Directors made pursuant to s.298 (2) of the Corporations Act 2001.
Richard Crookes
Chairman
12 September 2025
AUDITOR’S INDEPENDENCE DECLARATION TO THE DIRECTORS OF
BRIGHTSTAR RESOURCES LIMITED AND ITS CONTROLLED ENTITIES
46
In accordance with section 307C of the Corporations Act 2001, I declare to the best of my knowledge
and belief in relation to the audit of the financial report of Brightstar Resources Limited for the year
ended 30 June 2025, there have been:
•
no contraventions of the auditor independence requirements of the Corporations Act 2001 in
relation to the audit; and
•
no contraventions of the ethical requirements of the Accounting Professional and Ethical
Standards Board’s APES 110 Code of Ethics for Professional Accountants (including
Independence Standards) in relation to the audit.
This declaration is in respect of Brightstar Resources Limited and the entities it controlled during the
period.
PAUL MULLIGAN
Executive Director
12 September 2025
Adelaide | Brisbane | Melbourne | Newcastle | Perth | Sydney
Pitcher Partners is an association of independent firms.
Pitcher Partners is a member of the global network of Baker Tilly International Limited, the members
of which are separate and independent legal entities.
pitcher.com.au .
Pitcher Partners BA&A Pty Ltd
An independent Western Australian Company ABN 76 601 361 095.
Level 11, 12-14 The Esplanade, Perth WA 6000
Registered Audit Company Number 467435.
Liability limited by a scheme under Professional Standards Legislation.
*see Note 14 for details regarding the restatement as a result of a voluntary change in accounting policy and Note 18 for
details of the provisional accounting adjustment relating to the acquisition of Linden Gold Alliance Limited
-47 -
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE
INCOME
For the year ended 30 June 2025
Note
June 2025
June 2024
(Restated*)
$’000
$’000
Revenue from continuing operations
5
33,510
1,054
Cost of sales
6
(40,178)
(4,853)
Gross (loss)
(6,668)
(3,799)
Other income
7(a)
1,958
6,732
Administration and other expenses
7(c)
(7,802)
(3,191)
Exploration expenditure
14
(19,123)
(10,469)
Depreciation and amortisation expense
(278)
(128)
Share-based payments expense
26
(1,148)
(2,311)
Business acquisition income/(expense)
261
(2,750)
Inventory write-down to net realisable value
(7,378)
-
Operating (loss)
(40,178)
(15,916)
Finance income
7(b)
473
58
Finance costs
7(b)
(2,112)
(433)
Net financing (loss)
(1,639)
(375)
Loss on revaluation of financial instruments at fair value through
profit and loss
27
(4,251)
-
(Loss) before income tax expense
(46,068)
(16,291)
Income tax benefit
8
-
-
(Loss) after income tax for the year
(46,068)
(16,291)
Other comprehensive income
Other comprehensive income for the year, net of tax
-
-
Total comprehensive (loss) for the year (net of tax)
(46,068)
(16,291)
Total comprehensive (loss) for the year attributable to the
members of the parent
(46,068)
(16,291)
(Loss) per share for the year attributable to the members of the
parent:
Basic/diluted (loss) per share ($)
9
(0.12)
(0.17)
The Consolidated Statement of Profit or Loss and Other Comprehensive Income should be
read in conjunction with the notes to the financial statements
*see Note 14 for details regarding the restatement as a result of a voluntary change in accounting policy and Note 18 for
details of the provisional accounting adjustment relating to the acquisition of Linden Gold Alliance Limited
-48 -
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 June 2025
Note
June 2025
June 24 (Restated*)
1 July 23
(Restated*)
$’000
$’000
$’000
Current Assets
Cash and cash equivalents
10
11,664
7,961
426
Trade and other receivables
12
12,307
1,994
300
Inventories
13
1,186
7,488
-
Total Current Assets
25,157
17,443
726
Non-Current Assets
Property, plant and
equipment
15
65,825
28,975
599
Deferred exploration and
evaluation expenditure
16
129,238
36,227
23,765
Trade and other receivables
12
-
3,392
-
Total Non-Current Assets
195,063
68,594
24,364
Total Assets
220,220
86,037
25,090
Current Liabilities
Trade and other payables
20
31,286
19,636
1,614
Lease liabilities
17
5,336
104
46
Borrowings
21
16,880
109
-
Provisions
22
899
3,125
197
Other financial liabilities
23
-
3,733
-
Total Current Liabilities
54,401
26,707
1,857
Non-Current Liabilities
Trade and other payables
20
-
934
849
Lease liabilities
17
8,132
213
276
Borrowings
21
625
2,207
-
Provisions
22
10,890
10,596
2,927
Other financial liabilities
23
-
438
-
Total Non-Current Liabilities
19,647
14,388
4,052
Total Liabilities
74,048
41,095
5,909
Net Assets
146,172
44,942
19,181
Equity
Issued capital
24
255,011
108,861
68,981
Accumulated losses
(119,528)
(73,460)
(57,169)
Reserves
25
10,689
9,541
7,369
Total Equity
146,172
44,942
19,181
The Consolidated Statement of Financial Position should be read in conjunction with the notes to the financial statements.
-49-
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
As at 30 June 2025
Note
Issued Capital
Accumulated Losses
Reserves
Total
(Restated*)
$’000
$’000
$’000
$’000
At 1 July 2023
68,981
(42,927)
7,369
33,423
Net effect of change in accounting policy
18
-
(14,242)
-
(14,242)
Restated* balance at 1 July 2023
68,981
(57,169)
7,369
19,181
Restated* loss for the period
-
(16,291)
-
(16,291)
Total comprehensive loss for the period after tax
-
(16,291)
-
(16,291)
Issue of share capital
40,897
-
-
40,897
Share issue costs
(1,017)
-
-
(1,017)
Share-based payments
26
-
-
2,172
2,172
At 30 June 2024
108,861
(73,460)
9,541
44,942
At 1 July 2024
108,861
(49,318)
9,541
69,084
Net effect of change in accounting policy
14
-
(24,142)
-
(24,142)
Restated* balance at 1 July 2024
108,861
(73,460)
9,541
44,942
Loss for the period
-
(46,068)
-
(46,068)
Total comprehensive loss for the period after tax
-
(46,068)
-
(46,068)
Issue of share capital
24
148,901
-
-
148,901
Share issue costs
24
(2,751)
-
-
(2,751)
Share-based payments
26
-
-
1,148
1,148
Balance at 30 June 2025
255,011
(119,528)
10,689
146,172
The Consolidated Statement of Changes in Equity should be read in conjunction with the notes to the financial statements.
*see Note 14 for details regarding the restatement as a result of a voluntary change in accounting policy and Note 18 for
details of the provisional accounting adjustment relating to the acquisition of Linden Gold Alliance Limited
50
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 30 June 2025
Note
June 2025
June 2024
(Restated*)
$’000
$’000
Cash flows from operating activities
Receipts from customers
28,842
1,054
Payments to suppliers and employees
(44,147)
(7,386)
Payments for exploration expenditure
(15,942)
(6,070)
Other income
58
6,600
Interest received
256
57
Net cash used in operating activities
11
(30,933)
(5,745)
Cash flows from investing activities
Proceeds from disposals of property, plant and equipment
840
-
Payments for property, plant and equipment
(23,916)
(2,675)
Payments for acquisition of exploration assets
(5,000)
-
Payments to acquire subsidiaries, net of cash acquired
(125)
(2,426)
Receipts from disposal of financial assets
34
-
Net cash used in investing activities
(28,167)
(5,101)
Cash flow from financing activities
Proceeds from issue of shares
54,000
20,500
Share issue costs
(2,711)
(1,017)
Proceeds from borrowings
19,557
-
Repayment of borrowings
(4,352)
(841)
Payments for borrowing costs
(288)
-
Interest paid on debt and leases
(836)
(196)
Principal element of lease payments
(2,800)
(65)
Effect of exchange rate movement on loan balance
233
-
Net cash inflow from financing activities
62,803
18,381
Net increase in cash held
3,703
7,535
Cash and cash equivalents at beginning of the year
7,961
426
Cash and cash equivalents at end of the year
10
11,664
7,961
The Consolidated Statement of Cash Flows should be
read in conjunction with the notes to the financial statements.
51
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 June 2025
NOTE 1: CORPORATE INFORMATION
Brightstar Resources Limited is a company limited by shares, incorporated and domiciled in Australia. The Company is a
for-profit entity. Its registered office and principal place of business is Level 2, 36 Rowland Street, Subiaco, WA 6008.
The financial report covers Brightstar Resources Limited (“the Company”) and its controlled entities as a group (together
referred to as the “Group”).
The consolidated financial statements for the year ended 30 June 2025 (including comparatives) were approved and
authorised for issue by the Board of Directors on 12 September 2025.
NOTE 2: BASIS OF PREPARATION
These general-purpose financial statements have been prepared in accordance with Australian Accounting Standards, other
authoritative pronouncements of the Australian Accounting Standards Board (AASB), including Australian Interpretations,
the Corporations Act 2001 and comply with International Financial Reporting Standards (IFRS), as issued by the
International Accounting Standards Board.
Historical cost convention
The financial report has been prepared under the historical cost convention, as modified by revaluations to fair value for
certain classes of assets and liabilities as described in the accounting policies.
Functional and presentation currency
Items included in the financial statements of each of the consolidated entities are measured using the currency of the
primary economic environment in which the entity operates (“functional currency”). The consolidated financial statements
are presented in Australian Dollars, which is Brightstar Resources Limited’s presentation currency.
Rounding of amounts
The Company is of a kind referred to in Corporations Instrument 2016/191, issued by the Australian Securities and
Investments Commission, relating to ‘rounding-off’. Amounts in this report have been rounded off in accordance with that
Corporations Instrument to the nearest thousand dollars, unless otherwise stated.
-52-
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 June 2025
NOTE 2: BASIS OF PREPARATION (CONTINUED)
Going Concern
The financial report has been prepared on a going concern basis, which assumes that the Group will continue in operation
for the foreseeable future.
The Group has recorded a net loss of $46.1 million (2024: net loss of $16.3 million*), reported cash used in operating
activities $30.9 million (2024: $5.7 million*) and as of 30 June 2025 cash and cash equivalents of $11.7 million (2024: $8.0
million*) and an available working capital facility of $3.3 million (30 June 2024: nil). The net assets of the Group as at 30
June 2025 were $146.2 million (2024: $44.9 million*).
The directors have prepared a cash flow forecast for the period ending 30 September 2026. It is recognised that additional
funding is required either through the issue of further shares, or convertible notes, or the sale of assets, or through debt
funding or a combination of these activities for the Group to continue to actively explore and develop its mineral properties
and continue mining operations.
The directors have reviewed the business outlook and the assets and liabilities of the Group and are of the opinion that the
use of the going concern basis of accounting is appropriate. The following factors have been taken into consideration by
the directors:
•
Subsequent to the year end, the Company has successfully completed a Share Placement raising gross proceeds
of $50 million (before costs) at an issue price of $0.48 per share (refer to Note 33).
•
At 30 June 2025, the Company’s available working capital facility balance is US$2.2 million (A$3.3 million at 30
June 2025 exchange rate). Subsequent to year end, following completion of the third processing campaign through
the Laverton Mill during August 2025, funds available to draw down on the working capital facility increased to
US$11.4 million.
•
On 30 June 2025 the Company released the Menzies and Definitive Feasibility Study (DFS) with compelling project
economics (pre-tax cash flow of $461 million, NPV8 of $316 million and IRR of 73% at the spot gold price scenario
(A$5,000). This DFS is subject to a Financial Investment Decision (FID) and final operational permits. A peak
funding requirement of $120 million is estimated to be required and the Company has appointed a project debt
advisor to realise the best funding solution for the project.
However, the Group acknowledge that the status of going concern relies on the development of the Group’s projects and
subsequent capital or debt raising to support the development. Should the Group be unable to raise further debt or capital,
there exists a material uncertainty that the Group may in the future not be able to continue as a going concern.
The financial report does not include adjustments relating to the recoverability and classification of recorded asset amounts
nor to the amounts and classification of liabilities that might be necessary should the Group not continue as a going concern.
*see Note 14 for details regarding the restatement as a result of a voluntary change in accounting policy and (for the period
ending 30 June 2024) and Note 18 for details of the provisional accounting adjustment relating to the acquisition of Linden
Gold Alliance Limited
53
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 June 2025
NOTE 2: BASIS OF PREPARATION (CONTINUED)
New and revised accounting standards effective for the current reporting period
The Group has adopted all of the new and amended Standards and Interpretations issued by the Australian Accounting
Standards Board (the AASB) that are relevant to the Group and effective for the current reporting period.
Accounting standards issued but not yet effective
The Group has considered all Standards and Interpretations issued but not yet effective for the current reporting period and
has determined that none of the new or amended standards will significantly affect the Group’s accounting policies, financial
position or performance, other than with respect to the below:
Presentation and Disclosure in Financial Statements – AASB 18
The AASB has issued AASB 18 Presentation and Disclosure in Financial Statements to replace AASB 101 Presentation of
Financial Statements. AASB 18 introduces the following changes to the presentation of financial statements and is effective
for reporting periods beginning on or after 1 January 2027:
• Income and expenses must be classified in the statement of profit or loss into one of five categories – investing, financing,
income taxes, discontinued operations and operating;
• Two new mandatory subtotals – operating profit or loss, and profit or loss before financing and income taxes;
• Strict rules for labelling, aggregation and disaggregation of items in the financial statements;
• New disclosures about management defined performance measures; and
• Amendments to the presentation requirements for interest income and expenses, and dividend income in the statement
of cash flows.
The Group does not intend to early adopt this amendment. The impact of the amendment to the Group’s Financial
Statements is yet to be determined.
-54-
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 June 2025
NOTE 3: CRITICAL ACCOUNTING ESTIMATES, JUDGEMENTS AND ASSUMPTIONS
The preparation of the financial statements requires management to make judgements, estimates and assumptions that
affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in
relation to assets, liabilities, contingent liabilities, revenue and expenses.
Management bases its judgements, estimates and assumptions on historical experience and on other various factors,
including expectations of future events, management believes to be reasonable under the circumstances. The resulting
accounting judgements and estimates will seldom equal the related actual results. The judgements, estimates and
assumptions in these financial statements that have a significant risk of causing a material adjustment to the carrying
amounts of assets and liabilities within the next financial period are disclosed below.
Net realisable value and classification of inventory
Ore stockpiles are measured at the lower of cost and net realisable value. The assessment of the net realisable value
involves significant judgements and estimates in relation to timing and cost of processing, commodity prices, recoveries
and the likely timing of sale of the ore processed. A change in any of these assumptions will alter the estimated net realisable
value and may therefore impact the carrying amount of inventory.
Income Tax and Deferred Tax Assets
The consolidated entity is subject to income taxes in the jurisdictions in which it operates. Significant judgement is required
in determining the provision for income tax. There are many transactions and calculations undertaken during the ordinary
course of business for which the ultimate tax determination is uncertain. The consolidated entity recognises liabilities for
anticipated tax audit issues based on the consolidated entity’s current understanding of the tax law. Where the final tax
outcome of these matters is different from the carrying amounts, such differences will impact the current and deferred tax
provisions in the period in which such determination is made.
Judgement is applied in determining whether a deferred tax asset be recognised for deductible temporary differences and
unused tax losses. Deferred tax assets are recognised only if it is probable that future forecast taxable profits are available
to utilise those temporary differences and losses, and the tax losses continue to be available having regard to relevant tax
legislation associated with their recoupment. The Group has not recognised a deferred tax asset relating to carry forward
tax losses at 30 June 2025 (30 June 2024: Nil).
Proved and probable ore reserves
The Group estimates its Mineral Resources and Ore Reserves in accordance with the Australasian Code of Reporting for
Mineral Resources and Ore Reserves 2012 (the “JORC Code”). The information on mineral resources and ore reserves
was prepared by or under the supervision of Competent Persons as defined under the JORC Code. The estimate of these
Resources and ore Reserves, by their nature, require judgements, estimates and assumptions. There are numerous
uncertainties inherent in estimating mineral resources and ore reserves, and assumptions that are valid at the time of
estimation that may change significantly when new information becomes available. Changes in forecast prices or
commodities, exchange rates, production costs or recovery rates may change the economic status of reserves and may
ultimately result in reserves being restated. Such changes in the ore reserve or mineral resource estimate may impact on
the value of exploration and evaluation assets, mine properties, property plant and equipment, provision for rehabilitation
and depreciation and amortisation charges.
55
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 June 2025
NOTE 3: CRITICAL ACCOUNTING ESTIMATES, JUDGEMENTS AND ASSUMPTIONS (CONTINUED)
Exploration and evaluation costs
The application of the accounting policy for exploration and evaluation costs requires management to make certain
estimates and assumptions as to future events and circumstances, in particular, the assessment of whether economic
quantities of reserves will be found. Any such estimates and assumptions may change as new information becomes
available, which may require adjustments to the carrying value of assets. Capitalised exploration and evaluation expenditure
is assessed for impairment when an indicator of impairment exists, and capitalised assets are written off where required.
Recoverability of Mine Properties
Development expenditure incurred once a Mine Property is in commercial production is carried forward as part of the Mine
Properties asset (sub-category of property, plant and equipment asset) only when future economic benefits are expected
to flow to the Group, otherwise such expenditure is classified as part of the cost of production. A regular review is undertaken
to determine the appropriateness of continuing to carry forward costs in relation to that area of interest. An impairment
exists when the carrying value of mine properties exceeds its estimated recoverable amount. The recoverable amount of
Mine Properties is the higher of fair value less costs of disposal and value in use. The Group uses estimates and
assumptions to assess the recoverability of Mine Properties including expected future cash flows.
Provision for restoration and rehabilitation obligations
The estimated costs of future site rehabilitation and restoration, including heritage preservation where required, associated
with previous mining and/or exploration activity are provided for as and when an obligation arises and are included in the
costs of the related area of interest. These costs include the dismantling and removal of any plant, equipment and building
structures and rehabilitation, where such work is deemed appropriate by the relevant government authorities and the cost
of making safe any remaining aspects of the previous mining operation. The costs are based on estimates of future costs,
current legal requirements and existing technology.
The provision is based on the best available information of costs expected to be incurred at the expiry of the respective
license agreements. Such costs have been provided for in full at present value as a non-current liability. On an ongoing
basis the closure liability is remeasured at each reporting period and accreted periodically as the discounting of the provision
unwinds. The unwinding of the discount is recognised as a finance cost. Any changes in the estimates for the costs or
timing of cash flows are accounted for on a prospective basis.
In determining the costs of site restoration there is uncertainty regarding the nature and extent of restoration due to
community expectations, future legislation and changes in technology that could impact the ultimate liability payable to
rehabilitate the mine site.
Share-based payments
The Group measures the cost of equity-settled transactions with suppliers and employees by reference to the fair value of
the goods or services received provided this can be estimated reliably. If a reliable estimate cannot be made the value of
the goods or services is determined indirectly by reference to the fair value of the equity instrument granted. The fair value
of the equity instruments granted is determined using an appropriate option pricing model taking into account the terms and
conditions upon which they instruments were granted. Volatility for these calculations is determined with reference to the
Group’s historical volatility for a comparable or appropriate period. The accounting estimates and assumptions relating to
equity-settled share-based payments would have no impact on the carrying amounts of assets and liabilities within the next
annual reporting period but may impact profit or loss and equity. Please refer to Note 26 for further details.
56
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 June 2025
NOTE 4: SEGMENT REPORTING
Segment Reporting
The Group’s operating segment has been determined with reference to the information and reports the chief operating
decision makers use to make strategic decisions regarding Company resources.
The chief operating decision makers include the Managing Director, Executive Director – Operations and the Board of
Directors. Financial information is reported to the chief operating decision makers as a single segment and all significant
operating decisions are based upon analysis of the Group as one segment. The financial results of this segment are
equivalent to the financial statements of the Group as a whole.
The Group has one reportable segment which is exploration, development and mining of minerals in Australia.
NOTE 5: REVENUE
Revenue recognised at a point in time:
June 2025
$’000
June 2024
$’000
Gold revenue
33,510
1,054
33,510
1,054
Material accounting policy
Sale of goods
The Group primarily generates revenue from the sale of gold ore. The Group delivers ore to the customer’s processing
plant (Laverton Mill), who convert the ore into refined gold.
Revenue from the sale of these goods is recognised when control over the inventory has transferred to the customer.
Revenue is recognised net of any processing charges charged by the customer to convert the ore into refined gold.
Control is generally considered to have passed when:
• physical possession and inventory risk is transferred to the customer;
• payment terms for the sale of goods can be clearly identified through the sale of metal credits received or receivable
for the transfer of control of the asset;
• the Group can determine with sufficient accuracy the metal content of the goods delivered; and
• the customer has no practical ability to reject the product where it is within contractually specified limits.
57
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 June 2025
NOTE 6: COST OF SALES
June 2025
$’000
June 2024
$’000
Cost of production
32,966
2,455
Depreciation and amortisation
6,091
2,130
Royalties
1,121
-
Care & maintenance costs
-
268
40,178
4,853
Material accounting policy
Cost of sales – recognition and measurement
Cost of sales includes the normal costs of producing and selling gold ore. These costs include the mining, haulage and
selling costs involved in producing and selling inventories, plus depreciation and amortisation arising from the use of
property, plant and equipment associated with producing inventory for sale. Note 13 contains the accounting policy for
the recognition and measurement of inventories.
NOTE 7: OTHER INCOME AND EXPENSE ITEMS
(a) Other income
June 2025
$’000
June 2024
$’000
Selkirk JV distribution
-
6,500
Camp hire arrangement
1,449
-
Other
509
232
1,958
6,732
Material accounting policy
Other income
Other revenue is recognised when it is received or when the right to receive payment is established.
58
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 June 2025
NOTE 7: OTHER INCOME AND EXPENSE ITEMS (CONTINUED)
(b) Finance income and costs
Finance income
June 2025
$’000
June 2024
$’000
Interest income
256
58
Foreign exchange gain
217
-
473
58
Finance costs
Interest on borrowings
(893)
(162)
Interest on lease liabilities
(101)
(34)
Provisions: unwinding of discount
(644)
(237)
Costs relating to borrowings
(474)
-
(2,112)
(433)
Material accounting policy
Finance income
Interest
Interest revenue is recognised on an accruals basis based on the interest rate, deposited amount and the time which
lapses before the reporting period ends.
Finance costs
Provisions: unwinding of discount
The Group records the present value of the estimated costs of legal and constructive obligations to rehabilitate operating
locations and decommission assets in the period in which the obligation is incurred. The unwinding of the effect of
discounting the provision is recorded as a finance charge in the Statement of Profit or Loss.
Interest on lease liabilities
Lease payments are allocated between principal and finance costs. To the extent that they are not directly attributable to
the acquisition, construction or production of a qualifying asset, the finance costs are charged to the profit or loss over
the lease period to produce a constant periodic rate of interest on the remaining balance of the liability for each period.
The Group’s finance income and finance costs includes foreign exchange gains and losses.
(c) Administration and other expenses
June 2025
$’000
June 2024
$’000
Employee benefits expense
3,560
746
Legal and compliance
1,219
922
Other expenses
3,023
1,523
7,802
3,191
59
NOTES TO THE FINANCIAL STATEMEMENTS
FOR THE YEAR ENDED 30 June 2025
NOTE 8: INCOME TAX
(a) The components of tax (expense)/benefit comprise:
June 2025
June 2024
$’000
$’000
Current tax
-
-
Deferred tax
-
-
Income tax (expense)/benefit reported in the profit or loss and other
comprehensive income
-
-
(b) The prima facie tax payable on loss from ordinary activities before income tax is reconciled to the
income tax expense as follows
June 2025
June 2024
$’000
$’000
Accounting (loss) before tax from continuing operations
(46,068)
(16,291)
Income tax (benefit)/expense calculated at an income tax rate of 30%
(2024:25%)
(13,820)
(4,072)
Add/(Less) tax effect of:
Non-deductible expenses
2,723
608
Capital gain on acquisitions
-
2,048
Deferred tax position not recognised
11,097
1,416
Income tax (expense)/benefit reported in the profit or loss and other
comprehensive income
-
-
(c) Deferred tax assets not brought to account
June 2025
June 2024
$’000
$’000
Temporary differences
(12,939)
(1,587)
Operating tax losses
48,227
26,948
Capital tax losses
13,931
158
49,219
25,519
(d) Tax receivable/ (payable)
As at 30 June 2025, the consolidated entity has income tax receivable of nil (2024: $2,320).
Potential deferred tax assets attributable to tax losses and other temporary differences have not been brought to account
at 30 June 2025 because the directors do not believe it is appropriate to regard realisation of the deferred tax assets as
probable at this point in time. These benefits will only be obtained if:
-
the consolidated entity derives future assessable income of a nature and of an amount sufficient to enable the
benefit from the deductions for the expenditure to be realised; and
-
no changes in tax legislation adversely affect the consolidated entity in realising the benefit from the deductions
for the expenditure.
(e) Prior period restatement
In accordance with Note 14, the June 2024 position has been restated to account for the voluntary change in accounting
policy. The change in accounting policy does not impact the Group's tax loss position, the Group's deferred tax position and
unrecognised temporary differences have been updated to account for a reduced unrecognised deferred tax liability on
exploration expenditure.
60
NOTES TO THE FINANCIAL STATEMEMENTS
FOR THE YEAR ENDED 30 June 2025
NOTE 8: INCOME TAX (CONTINUED)
Material accounting policy
The income tax expense (revenue) for the year comprises current income tax expense (income) and deferred tax
expense (income).
Deferred Tax
Deferred tax expense reflects movements in deferred tax asset and deferred tax liability balances during the year as well
as unused tax losses.
Current and deferred income tax expense (income) is charged or credited directly to equity instead of the profit or loss
when the tax relates to items that are credited or charged directly to equity.
Deferred tax assets and liabilities are ascertained based on temporary differences arising between the tax bases of
assets and liabilities and their carrying amounts in the financial statements. Deferred tax assets also result where
amounts have been fully expensed but future tax deductions are available. No deferred income tax will be recognised
from the initial recognition of an asset or liability, excluding a business combination, where there is no effect on accounting
or taxable profit or loss.
Deferred tax assets and liabilities are calculated at the tax rates that are expected to apply to the period when the asset
is realised or the liability is settled, based on tax rates enacted or substantively enacted at the end of the reporting period.
Their measurement also reflects the manner in which management expects to recover or settle the carrying amount of
the related asset or liability.
Deferred tax assets relating to temporary differences and unused tax losses are recognised only to the extent that it is
probable that future taxable profit will be available against which the benefits of the deferred tax asset can be utilised.
Where temporary differences exist in relation to investments in subsidiaries, branches, associates, and joint ventures,
deferred tax assets and liabilities are not recognised where the timing of the reversal of the temporary difference can be
controlled, and it is not probable that the reversal will occur in the foreseeable future.
Current tax assets and liabilities are offset where a legally enforceable right of set-off exists and it is intended that net
settlement or simultaneous realisation, and settlement of the respective asset and liability will occur. Deferred tax assets
and liabilities are offset where a legally enforceable right of set-off exists, the deferred tax assets and liabilities relate to
income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where it
is intended that net settlement or simultaneous realisation and settlement of the respective asset and liability will occur
in future periods in which significant amounts of deferred tax assets or liabilities are expected to be recovered or settled.
61
NOTES TO THE FINANCIAL STATEMEMENTS
FOR THE YEAR ENDED 30 June 2025
NOTE 9: LOSS PER SHARE
June 2025
June 2024
Net loss for the year in $’000
46,068
16,291
Weighted average number of ordinary shares for the purposes of basic loss
per share in ‘000 *
369,990
96,270
Adjusted weighted average number of ordinary shares for the purposes of
diluted loss per share
n/a
n/a
Total basic/diluted loss per share ($) (i)
0.12
0.17
* On 17 April 2025, the Company undertook a share consolidation of 1 share for every 25 shares held.
(i)
The weighted average number of ordinary shares outstanding (denominator of the loss per share calculation) for
the years ended 30 June 2025 and 30 June 2024 has been adjusted to reflect the consolidation of shares which occurred
on 17 April 2025. Consequently, the comparative loss per share number has been adjusted. The calculation of diluted loss
per share does not take into consideration any outstanding share options as they are considered anti-dilutive.
Material accounting policy
Basic Loss Per Share
Basic loss per share is determined by dividing net profit or loss after income tax attributable to members of the Company,
excluding any costs of servicing equity other than ordinary shares, by the weighted average number of ordinary shares
outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the year.
Diluted Loss Per Share
Diluted loss per share adjusts the figures used in the determination of basic earnings per share to take into account the
after-income tax effect of interest and other financing costs associated with dilutive potential ordinary shares and the
weighted average number of shares assumed to have been issued for no consideration in relation to dilutive potential
ordinary shares.
NOTE 10: CASH AND CASH EQUIVALENTS
June 2025
June 2024
$’000
$’000
Cash at bank and in hand
11,487
7,961
Term Deposits
177
-
11,664
7,961
Material accounting policy
Cash and cash equivalents
Cash at bank earns interest at floating rates based on daily deposit rates. Short-term deposits are made in varying periods
between one day and three months, depending on the immediate cash requirements of the Group and earn interest at
the respective short-term deposit rates.
Cash flows are presented in the Statement of Cash Flows on a gross basis, except for the GST component of investing
and financing activities, which are disclosed as operating cash flows.
62
NOTES TO THE FINANCIAL STATEMEMENTS
FOR THE YEAR ENDED 30 June 2025
NOTE 11: CASHFLOW INFORMATION
(i) Reconciliation to Cash Flow Statement
Cash and cash equivalents as shown in the Statement of Cash Flows is reconciled to the related items in the Statement of
Financial Position as follows:
June 2025
June 2024
$’000
$’000
Cash and cash equivalents
11,664
7,961
(ii) Reconciliation of loss for the year to net cash flows used in operating activities
June 2025
June 2024
$’000
$’000
Loss for the year
(46,068)
(16,291)
Depreciation and amortisation
6,369
2,257
Exploration write off (Note 14)
-
6,070
Adjustment to inventory (Note 18)
3,822
-
Share-based payment expense (Note 26)
1,148
2,311
Net loss on revaluation of financial instruments at fair value through profit and
loss (Note 27)
4,251
-
Camp hire agreement repayment (Note 7a)
(1,449)
-
Gain from sale of non-current asset (Note 15)
(420)
-
Shares issued as payment to suppliers (Note 24)
2,500
-
Other net non-cash items
(435)
635
Finance costs
2,112
433
Changes in assets and liabilities
Change in trade and other receivables
(6,008)
(869)
Change in inventories
2,521
(2,143)
Change in provisions
296
222
Change in trade payables and other liabilities
428
1,630
Net cash used in operating activities
(30,933)
(5,745)
63
NOTES TO THE FINANCIAL STATEMEMENTS
FOR THE YEAR ENDED 30 June 2025
NOTE 11: CASHFLOW INFORMATION (CONTINUED)
(iii) Non-cash investing and financing activities
June 2025
June 2024
$’000
$’000
Additions to the right of use asset (Note 15)
16,195
-
Options and Shares issued as consideration in business combination (Note
18)
2,284
20,057
Shares issued as consideration in subsidiary acquisition (Note 19)
73,977
-
Shares issued as payment to suppliers (Note 24)
2,500
-
Options and performance rights issued to employees for no consideration
(Note 26)
1,148
2,172
(iv) Changes in liabilities arising from financing activities
Lease
Liabilities
Borrowings
Total
$’000
$’000
$’000
Balance at 1 July 2023
322
-
322
Net cash used in financing activities
(65)
(841)
(906)
Additions to leases/borrowings
60
3,157
3,217
Other changes
-
-
-
Balance at 30 June 2024
317
2,316
2,633
Net cash used in financing activities
(2,800)
(4,352)
(7,152)
Additions to leases/borrowings
15,951
19,557
35,508
Other changes
-
(16)
(16)
Balance at 30 June 2025
13,468
17,505
30,973
64
NOTES TO THE FINANCIAL STATEMEMENTS
FOR THE YEAR ENDED 30 June 2025
NOTE 12: TRADE AND OTHER RECEIVABLES
June 2025
June 2024
Current
$’000
$’000
Trade and other receivables
7,050
986
ATO receivable
931
768
Prepayments
610
179
Bank guarantees and deposits
75
61
Other financial assets*
3,641
-
12,307
1,994
Non – Current
Other financial assets*
-
3,392
-
3,392
* On 8 December 2023, prior to its acquisition, Linden Gold Alliance Limited (Linden) terminated a joint venture arrangement
with Matsa Gold Pty Ltd (Matsa) in relation to the Devon Gold Mine. Pursuant to the Deed of Settlement (Deed), Linden
has the right to receive future consideration equal to 50% of the net profit from the mining operations of Devon Gold Mine
up to a maximum of $4,000,000. Net profit is defined as gross proceeds after recovery of all pre-development, development,
exploration mining, financing and other costs. The Company has estimated the fair value of the consideration using a
discounted cashflow model with estimates and judgements around the future profitability of the operation and timing of
cashflows.
During the year the financial asset corresponding to this arrangement has been reclassified from non-current to current due
to the expected timing of receipt.
Fair value of other financial assets at amortised cost
The fair values were calculated based on cash flows discounted using a current lending rate. They are classified as level
3 fair values in the fair value hierarchy due to the inclusion of unobservable inputs including counterparty credit risk (see
Note 28).
Material accounting policy
Trade and other receivables
Trade and other receivables include amounts due from customers for goods sold and services performed in the ordinary
course of business. Trade and other receivables are initially recognised at fair value and subsequently measured at
amortised cost using effective interest method less any allowance for expected credit loss. Receivables expected to be
collected within 12 months of the end of the reporting period are classified as current assets.
Impairment of financial assets
The consolidated entity recognises a loss allowance for expected credit losses on financial assets which are measured
at amortised cost. The measurement of the loss allowance depends upon the consolidated entity’s assessment at the
end of each reporting period as to whether the financial instrument’s credit risk has increased significantly since initial
recognition, based on reasonable and supportable information that is available, without undue cost or effort to obtain.
Where there has not been a significant increase in exposure to credit risk since initial recognition, a 12-month expected
credit loss allowance is estimated. This represents a portion of the asset’s lifetime expected credit losses that is
attributable to a default event that is possible within the next 12 months. Where a financial asset has become credit
impaired or where it is determined that credit risk has increased significantly, the loss allowance is based on the asset’s
lifetime expected credit losses. The amount of expected credit loss recognised is measured on the basis of the probability
weighted present value of anticipated cash shortfalls over the life of the instrument discounted at the original effective
interest rate.
65
NOTES TO THE FINANCIAL STATEMEMENTS
FOR THE YEAR ENDED 30 June 2025
NOTE 12: TRADE AND OTHER RECEIVABLES (CONTINUED)
Material accounting policy
Investments and other financial assets
Classification
The Group classifies its financial assets in the following measurement categories:
• those to be measured subsequently at fair value (either through other comprehensive income (OCI) or through profit or
loss), and
• those to be measured at amortised cost.
The classification depends on the entity’s business model for managing the financial assets and the contractual terms of
the cash flows.
For assets measured at fair value, gains and losses will either be recorded OCI. For investments in equity instruments
that are not held for trading, this will depend on whether the group has made an irrevocable election at the time of initial
recognition to account for the equity investment at fair value through other comprehensive income (FVOCI).
The Group reclassifies debt investments when and only when its business model for managing those assets changes.
Recognition and derecognition
Regular way purchases and sales of financial assets are recognised on trade date, being the date on which the Group
commits to purchase or sell the asset. Financial assets are derecognised when the rights to receive cash flows from the
financial assets have expired or have been transferred and the group has transferred substantially all the risks and
rewards of ownership.
Measurement
At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair
value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial asset.
Transaction costs of financial assets carried at FVPL are expensed in profit or loss.
Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows
are solely payment of principal and interest.
NOTE 13: INVENTORY
June 2025
June 2024
$’000
$’000
Ore stockpiles*
963
5,033
Finished goods
-
2,284
Consumable supplies
223
171
1,186
7,488
During H1FY25, the Group recognised an inventory write down to net realisable value of $3.6 million relating to ore
stockpiles following elevated unit costs associated with operating in a moderated production environment with stoping
activities at the Second Fortune underground mine recommencing in late December 2024.
During H2FY25, the Company finalised the valuation associated with the Linden Gold Alliance Limited merger (Note 18).
The adjustment of preliminary to final values associated with the carrying value of inventory resulted in a “one-off” write
down of inventory values of $3.8 million. The total inventory write down expense for FY25 is $7.4 million (30 June 2024:
Nil).
*Comparative balance for ore stockpiles has been restated by an adjustment of $3.8 million, due to the finalisation of
purchase price allocation for the Linden acquisition. See Note 18 for further details
Material accounting policy
Recognition and measurement
Ore stockpiles and finished goods are physically measured and valued at the lower of cost and net realisable value. Cost
represents the weighted average cost and includes direct mining and processing costs and an appropriate portion of
fixed and variable production overhead expenditure including underground mining capital costs.
66
NOTES TO THE FINANCIAL STATEMEMENTS
FOR THE YEAR ENDED 30 June 2025
NOTE 14: VOLUNTARY CHANGE IN ACCOUNTING POLICY
The consolidated financial statements have been prepared incorporating retrospective application of a voluntary change in
accounting policy relating to exploration expenditure. The new accounting policy was adopted on 1 July 2024 and has been
applied retrospectively. The Directors believe that the change in accounting policy will provide more relevant information to
users of the consolidated financial statements. Both the previous and the new accounting policy are compliant with AASB
6 Exploration for and Evaluation of Mineral Resources. The impact of the change in accounting policy on the Consolidated
Statement of Profit or Loss, Consolidated Statement of Financial Position and Consolidated Statement of Cash Flow is
included below.
Material accounting policy
Exploration expenditure
The Group previously accounted for exploration and evaluation expenditure relating to an area of interest by carrying
forward that expenditure where no impairment trigger exists.
The Group now accounts for exploration and evaluation activities by applying the following policy.
Exploration for and evaluation of mineral resources is the search for mineral resources after the entity has obtained legal
rights to explore in a specific area, as well as the determination of the technical feasibility and commercial viability of
extracting the mineral resource. Accordingly, exploration and evaluation expenditures are those expenditures incurred in
connection with the exploration for and evaluation of mineral resources before the technical feasibility and commercial
viability of extracting a mineral resource are demonstrable.
Accounting for exploration and evaluation expenditures is assessed separately for each “area of interest”. Each “area of
interest” is an individual geological area which is considered to constitute a favourable environment for the presence of
a mineral deposit or has been proved to contain such a deposit.
Exploration and evaluation costs are written off in the year they are incurred, apart from acquisition costs which are
carried forward where right of tenure of the area of interest is current, and they are expected to be recouped through sale
or successful development and exploitation of the area of interest, or where exploration and evaluation activities in the
area of interest have not reached a stage that permits reasonable assessment of the existence of economically
recoverable reserves.
Where an area of interest is abandoned, or the Directors decide that it is not commercially viable, any accumulated
acquisition costs in respect of that area are written off in the financial period the decision is made. Each area of interest
is also reviewed at the end of each accounting period and accumulated costs are written off to the extent that they will
not be recoverable in the future.
June 2025
June 2024
Restated
$’000
$’000
Costs expensed in relation to areas of interest in the exploration and
evaluation phase
19,123
10,469
19,123
10,469
67
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 June 2025
NOTE 14: VOLUNTARY CHANGE IN ACCOUNTING POLICY (CONTINUED)
30 June 2024
1 July 2023
Previous policy
Increase/(decrease)
Restated
Previous policy
Increase/(decrease)
Restated
$’000
$’000
$’000
$’000
$’000
$’000
Consolidated statement of financial position (extract)
Deferred exploration and evaluation expenditure
53,655
(24,142)
29,513
38,007
(14,242)
23,765
Net assets
69,084
(24,142)
44,942
33,423
(14,242)
19,181
Accumulated losses
(49,318)
(24,142)
(73,460)
(42,927)
(14,242)
(57,169)
Total equity
69,084
(24,142)
44,942
33,423
(14,242)
19,181
Consolidated statements of profit and loss and comprehensive income for the year ended 30 June 2024 (extract)
Impairment expense
152
(152)
-
Exploration expenditure
417
6,597
7,014
Remeasurement of rehabilitation provision
-
3,455
3,455
Total comprehensive loss for the year attributable to the
members of the parent
6,391
9,900
16,291
Loss per share for the period ended 30 June 2024
Basic and diluted loss per share (‘$)
(0.13)
(0.04)
(0.17)
Consolidated statement of cash flows for the period ended 30 June 2024 (extract)
Payments for exploration expenditure
-
(6,070)
(6,070)
Net cash inflow/(used) in operating activities
325
(6,070)
(5,745)
Payments for exploration and evaluation expenditure
(6,070)
6,070
-
Net cash used in investing activities
(11,171)
6,070
(5,101)
68
NOTES TO THE FINANCIAL STATEMEMENTS
FOR THE YEAR ENDED 30 June 2025
NOTE 15: PROPERTY, PLANT AND EQUIPMENT
Office furniture
and equipment
Plant and
equipment
Motor vehicles
Mine properties
Land and
building
Right-of-use
asset
Total
$’000
$’000
$’000
$’000
$’000
$’000
$’000
At 1 July 2023, net of accumulated depreciation and
impairment
29
28
111
31
98
302
599
Additions
16
83
133
2,270
105
-
2,607
Additions through acquisition of subsidiary (Note 18)
-
-
-
27,976
-
55
28,031
Depreciation charge for the year
(15)
(86)
(38)
(2,042)
(6)
(75)
(2,262)
At 30 June 2024, net of accumulated depreciation
and impairment
30
25
206
28,235
197
282
28,975
Cost
149
3,893
478
71,347
211
349
76,427
Accumulated depreciation
(119)
(3,868)
(272)
(43,112)
(14)
(67)
(47,452)
At 1 July 2024, net of accumulated depreciation and
impairment
30
25
206
28,235
197
282
28,975
Additions
64
6,787
64
19,913
34
16,195
43,057
Additions through acquisition of subsidiary
-
9
2
-
140
110
261
Capitalised Right-of-use asset depreciation and interest
on leased assets
-
-
-
2,213
-
-
2,213
Disposal (written down value)
-
-
-
(420)
-
-
(420)
Depreciation charge for the year
(26)
(246)
(23)
(5,440)
(2)
(2,524)
(8,261)
Balance at 30 June 2025, net of accumulated
depreciation and impairment
68
6,575
249
44,501
369
14,063
65,825
Cost
213
10,689
544
93,053
385
16,654
121,538
Accumulated depreciation
(145)
(4,114)
(295)
(48,552)
(16)
(2,591)
(55,713)
69
NOTES TO THE FINANCIAL STATEMEMENTS
FOR THE YEAR ENDED 30 June 2025
NOTE 15: PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
Material accounting policy
Property, plant and equipment
Plant and equipment is stated at cost less accumulated depreciation and any accumulated impairment losses. Such cost
includes the cost of replacing parts that are eligible for capitalisation when the cost of replacing the parts is incurred.
Similarly, when each major inspection is performed, its cost is recognised in the carrying amount of the plant and
equipment as a replacement only if it is eligible for capitalisation.
Depreciation is calculated on a straight-line basis over the estimated useful life of the assets as follows:
Office furniture and equipment
5 - 8 years
Plant and equipment
3 - 5 years
Motor vehicles
4 - 5 years
The assets' residual values, useful lives and amortisation methods are reviewed, and adjusted if appropriate, at each
financial year end.
(i) Impairment
The carrying values of plant and equipment are reviewed for impairment at each balance date, with recoverable amount
being estimated when events or changes in circumstances indicate that the carrying value may be impaired.
The recoverable amount of plant and equipment is based on the fair value less costs of disposal.
An impairment exists when the carrying value of an asset or cash-generating units exceeds its estimated recoverable
amount. The asset or cash-generating unit is then written down to its recoverable amount.
For plant and equipment, impairment losses are recognised in the statement of profit or loss as impairment expenses.
(ii) Derecognition and disposal
An item of property, plant and equipment is derecognised upon disposal or when no further future economic benefits are
expected from its use or disposal.
Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds
and the carrying amount of the asset) is included in profit or loss in the year the asset is derecognised.
Mine properties
All expenditure incurred prior to the commencement of commercial production is carried forward to the extent to which
recoupment out of future revenue from the sale of production, or from the sale of the property is reasonably assured.
When further development expenditure is incurred in respect of mine properties after the commencement of production,
such expenditure is carried forward as part of mine development expenditure only when substantial future economic
benefits are thereby established, otherwise such expenditure is classified as part of the cost of production.
Mine properties are recognised at cost, less accumulated depreciation and accumulated losses.
Where mine properties are in production, amortisation of mine properties is provided on a unit of production basis, which
results in a write off of the cost proportional to the depletion of the proven and probable mineral reserves. In accordance
with its policy, the Group reviews the estimated useful lives of its mine properties on an ongoing basis.
Where the Group’s mine properties are in care and maintenance, the Group has impaired assets to its fair value less
cost of disposal and the Group amortises over a straight-line basis to account for the physical wear and tear while the
asset remains idle, over an estimated remaining useful life of 5 years.
The net carrying value of each area of interest is reviewed regularly and to the extent to which this value exceeds its
recoverable amount, the excess is fully provided against or written off in the financial year in which this is determined.
70
NOTES TO THE FINANCIAL STATEMEMENTS
FOR THE YEAR ENDED 30 June 2025
NOTE 16: DEFERRED EXPLORATION AND EVALUATION EXPENDITURE
Costs carried forward in respect of Exploration and Evaluation expenditure:
30 June 2025
30 June 2024
$’000
$’000
Opening balance
36,227
23,765
Acquisition of subsidiary (Note 19)
80,162
-
Acquisition of tenements *
12,849
10
Adjustment to acquisition of subsidiary (Note 18)
-
12,452
Closing balance
129,238
36,227
* On 2 October 2024, prior to the share consolidation, the Company completed the asset acquisition of Montague East Gold
Project (MEGP) from Gateway Mining Limited
The total consideration payable by the Company in respect of the MEGP acquisition is $14 million comprising:
-
an upfront cash payment of $5 million;
-
466,666,667 Brightstar shares at $0.015 per share; for $7 million Brightstar shares; and
-
$2 million payable in Brightstar shares (subject to Brightstar’s shareholder approval and payable in cash if shareholder
approval is not received), upon commencement of commercial mining operations in respect of the gold mineral rights, or
the delineation of a JORC Mineral Resource on the tenements exceeding 1.0 Moz. (Note 19).
The total amount included in the acquisition of tenements includes transaction costs.
Material accounting policy
Exploration and evaluation
Exploration for and evaluation of mineral resources is the search for mineral resources after the entity has obtained legal
rights to explore in a specific area, as well as the determination of the technical feasibility and commercial viability of
extracting the mineral resource. Accordingly, exploration and evaluation expenditures are those expenditures incurred in
connection with the exploration for and evaluation of mineral resources before the technical feasibility and commercial
viability of extracting a mineral resource are demonstrable. Exploration and evaluation assets are initially measured at
cost.
Accounting for exploration and evaluation expenditures is assessed separately for each “area of interest”. Each “area of
interest” is an individual geological area which is considered to constitute a favourable environment for the presence of
a mineral deposit or has been proved to contain such a deposit.
Exploration and evaluation costs are written off in the year they are incurred, apart from acquisition costs which are
carried forward where right of tenure of the area of interest is current, and they are expected to be recouped through sale
or successful development and exploitation of the area of interest, or where exploration and evaluation activities in the
area of interest have not reached a stage that permits reasonable assessment of the existence of economically
recoverable reserves.
Where an area of interest is abandoned, or the Directors decide that it is not commercially viable, any accumulated
acquisition costs in respect of that area are written off in the financial period the decision is made. Each area of interest
is also reviewed at the end of each accounting period and accumulated costs are written off to the extent that they will
not be recoverable in the future.
Exploration and evaluation assets are assessed for impairment when facts and circumstances suggest that the carrying
amount of an exploration and evaluation asset may exceed its recoverable amount. The recoverable amount of the
exploration and evaluation asset (for the cash generating unit(s) to which it has been allocated being no larger than the
relevant area of interest) is estimated to determine the extent of the impairment loss (if any). Where an impairment loss
subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount,
but only to the extent that the increased carrying amount does not exceed the carrying amount that would have been
determined had no impairment loss been recognised for the asset in previous years.
Where a decision has been made to proceed with development in respect of a particular area of interest, the relevant
exploration and evaluation asset is tested for impairment and the balance is then reclassified to Mine Properties.
71
NOTES TO THE FINANCIAL STATEMEMENTS
FOR THE YEAR ENDED 30 June 2025
NOTE 17: LEASE LIABILITIES
June 2025
June 2024
$’000
$’000
Leases
Current
5,336
104
Non-Current
8,132
213
13,468
317
Amounts recognised in the statement of profit and loss
June 2025
June 2024
$’000
$’000
Depreciation charge of rights-of-use assets
311
75
Interest expense (included in finance costs)
101
34
Expense relating to short-term leases (included in cost of sales)
1,550
-
The amounts in the table above are recognised in the statement of profit and loss. Depreciation on right-of-use assets used in
construction has been capitalised as assets under construction in accordance with AASB 16 Leases. Pursuant to AASB 16 the
cost of an item of property, plant and equipment may include costs incurred relating to the leasing of assets that are used to
construct property, plant and equipment.
Extension options
Extension and termination options are included in a number of leases across the Group. These are used to maximise operational
flexibility in terms of managing the assets used in the Group’s operations. The majority of extension and termination options held
are exercisable only by the Group and not by the respective lessor.
The Group’s leasing activities and lease accounting
The Group leases offices, camps and various equipment. Rental contracts are typically made for fixed periods of six months to
four years and they may include extension options as described above.
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is
generally the case for leases in the Group, the lessee’s incremental borrowing rate is used, being the rate that the individual
lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar
economic environment with similar terms, security and conditions.
72
NOTES TO THE FINANCIAL STATEMEMENTS
FOR THE YEAR ENDED 30 June 2025
NOTE 17: LEASE LIABILITIES (CONTINUED)
Material accounting policy
Leases
At the commencement date of a lease (other than leases of 12-months or less and leases of low value assets), the Group
recognises a lease asset representing its right to use the underlying asset and a lease liability representing its obligation
to make lease payments.
Lease assets
Lease assets are initially recognised at cost, comprising the amount of the initial measurement of the lease liability, any
lease payments made at or before the commencement date of the lease, less any lease incentives received, any initial
direct costs incurred by the Group, and an estimate of costs to be incurred by the Group in dismantling and removing the
underlying asset, restoring the site on which it is located or restoring the underlying asset to the condition required by the
terms and conditions of the lease, unless those costs are incurred to produce inventories.
Subsequent to initial recognition, lease assets are measured at cost (adjusted for any remeasurement of the associated
lease liability), less accumulated depreciation and any accumulated impairment loss.
Lease assets are depreciated over the shorter of the lease term and the estimated useful life of the underlying asset,
consistent with the estimated consumption of the economic benefits embodied in the underlying asset.
Lease liabilities
Lease liabilities are initially recognised at the present value of the future lease payments (i.e., the lease payments that
are unpaid at the commencement date of the lease). These lease payments are discounted using the interest rate implicit
in the lease, if that rate can be readily determined, or otherwise using the Group’s incremental borrowing rate.
Subsequent to initial recognition, lease liabilities are measured at the present value of the remaining lease payments
(i.e., the lease payments that are unpaid at the reporting date). Interest expense on lease liabilities is recognised in profit
or loss (presented as a component of finance costs). Lease liabilities are remeasured to reflect changes to lease terms,
changes to lease payments and any lease modifications not accounted for as separate leases.
Variable lease payments not included in the measurement of lease liabilities are recognised as an expense when
incurred.
Leases of 12-months or less and leases of low value assets
Lease payments made in relation to leases of 12-months or less and leases of low value assets (for which a lease asset
and a lease liability has not been recognised) are recognised as an expense on a straight-line basis over the lease term.
73
NOTES TO THE FINANCIAL STATEMEMENTS
FOR THE YEAR ENDED 30 June 2025
NOTE 18: BUSINESS COMBINATIONS
Material accounting policy
A business combination is a transaction or other event in which an acquirer obtains control of one or more businesses
and results in the consolidation of the assets and liabilities acquired. Business combinations are accounted for by
applying the acquisition method.
The consideration transferred is the sum of the acquisition date fair values of the assets transferred, equity instruments
issued, or liabilities incurred by the acquirer to former owners of the acquiree. Deferred consideration payable is
measured at its acquisition date fair value. Contingent consideration to be transferred by the acquirer is recognised at
the acquisition date fair value. At each reporting date subsequent to the acquisition, contingent consideration payable is
measured at its fair value with any changes in the fair value recognised in profit or loss unless the contingent consideration
is classified as equity, in which case the contingent consideration is measured at its acquisition date fair value.
If the net fair value of the acquirer's interest in the identifiable assets acquired and liabilities assumed is greater than the
aggregate of the consideration transferred, the amount of any non controlling interest, and the acquisition date fair value
of the acquirer’s previously held equity interest, the difference is immediately recognised as a gain in profit or loss.
Acquisition related costs are expensed as incurred.
Acquisition of Linden
On 25 March 2024, Brightstar announced an off-market scrip takeover offer to acquire all the fully paid ordinary shares and options
in Linden Gold Alliance Limited (Linden) (Offers). The conditions of the Offers were satisfied during the Offer Period and the
contracts resulting from acceptances were declared unconditional by notice given on 22 May 2024. On 31 May 2024, Brightstar
completed the acquisition of Linden, acquiring a relevant interest in 96.75% Linden shares and 96.81% Linden options. On 10
July 2024, following completion of the compulsory acquisition processes, Brightstar completed the acquisition of 100% of the
shares and options of Linden. As Linden was deemed to have substantive business processes in place with the ability to convert
inputs to outputs, the acquisition has been treated as a business combination under Australian Accounting Standards.
The total consideration comprised the issue of;
•
6.9 fully paid ordinary shares in Brightstar for every one Linden share held (1,479,701,855 Brightstar shares pre-
consolidation); and
•
6.9 new Brightstar unlisted options for every one Linden unlisted option held on comparable terms (88,509,757
Brightstar options pre-consolidation).
The fair value of shares issued was based upon the Company’s closing share price on 31 May 2024 of $0.015. The fair value of
the options was determined using Hoadley’s employee stock option model. Key valuation inputs include:
•
Share price: $0.015
•
Exercise price: $0.036
•
Vesting period: vest immediately
•
Expiry date: 25 February 2025
•
Volatility: 100%
•
Risk free rate: 4.11%
•
Dividend yield: nil
The combination of Linden and Brightstar creates a gold producer and development company with a material resource base that
supports the Company’s strategy of becoming a mid-tier gold producer.
74
NOTES TO THE FINANCIAL STATEMEMENTS
FOR THE YEAR ENDED 30 June 2025
NOTE 18: BUSINESS COMBINATIONS (CONTINUED)
Acquisition of Linden (continued)
Assets acquired and liabilities assumed
During the year the purchase price allocation has been adjusted to the final fair value. The adjustment has been processed against
the comparative financial period (30 June 2024). The fair value of the identifiable assets and liabilities as at the date of the
acquisition are as follows:
Preliminary
Fair Value
Adjustment
Final Fair
Value
$’000
$’000
$’000
Cash and cash equivalents
2,017
-
2,017
Trade receivables and other financial assets
825
-
825
Inventories
1,523
3,822
5,345
Property, plant and equipment
15,262
(15,262)
-
Right-of-use asset
55
-
55
Mine properties
23,250
4,726
27,976
Deferred exploration and evaluation expenditure
5,738
6,714
12,452
Trade and other receivables
3,392
-
3,392
Trade and other payables
(13,387)
-
(13,387)
Lease liabilities
(61)
-
(61)
Performance shares payable (Note 27)
(438)
-
(438)
Employee entitlements
(291)
-
(291)
Rehabilitation provision
(4,062)
-
(4,062)
Processing reconciliation payable
(2,568)
-
(2,568)
Borrowings1
(7,332)
-
(7,332)
Other liabilities
(1,582)
-
(1,582)
Acquisition date fair value of the total consideration transferred
22,341
-
22,341
Representing:
Shares issued to vendor (Note 24)
19,912
-
19,912
Shares to be issued to the vendor (Note 23)
2,284
-
2,284
Options issued to vendor
145
-
145
22,341
-
22,341
The net cash inflow from the above transaction was as follows:
Net cash acquired ($000)
2,017
1 Includes as part of the acquisition, the loan from the Company to Linden of $4.4 million. The payment to acquire the subsidiary
is presented in the cash flow net of the loan repayment.
Acquisition related costs
Acquisition related costs totalling $2.8 million that were not directly attributable to the issue of shares are recognised within
transaction costs in the Consolidated Statement of Profit and Loss during FY24.
75
NOTES TO THE FINANCIAL STATEMEMENTS
FOR THE YEAR ENDED 30 June 2025
NOTE 18: BUSINESS COMBINATIONS (CONTINUED)
Contribution to the Group’s results
From the date of acquisition, Linden has contributed $31.5 million (2024: $1.1 million) in revenue and increased the Group’s loss
after tax by $16.6 million (2024: $4.4 million) for the year ended 30 June 2025. Had the acquisition occurred on 1 July 2023, it is
estimated that the Group revenues and loss after tax would have increased by $11.3m and $13.0m respectively for the full financial
year ended 30 June 2024.
The values identified in relation to the acquisition of Linden are final as at 30 June 2025.
NOTE 19: ACQUISITION OF SUBSIDIARY
On 1 August 2024 the Company announced it has entered a Scheme Implementation Deed to acquire 100% of the shares in Alto
Metals Limited (Alto) via a Scheme of Arrangement (Scheme). Following approval of the Scheme on 29 November 2024 the
Company issued 2,959,092,688 fully paid ordinary shares to Alto shareholders, being four Brightstar shares for one Alto share
held. The Company’s closing share price at closing date was $0.025. The fair value of the consideration paid is $73.98 million.
The fair value of the identifiable assets and liabilities of Alto at the date of acquisition have been provisionally
determined as follows ($’000)
Cash and cash equivalents
733
Trade receivables and other financial assets
58
Property, plant and equipment
261
Deferred exploration and evaluation expenditure
80,162
Trade and other payables
(2,168)
Lease liabilities
(129)
Employee entitlements
(159)
Acquisition date fair value of the total consideration transferred
78,758
Representing:
Shares issued to vendor (Note 24)
73,977
Transaction costs
4,781
78,758
The transaction is accounted for as an asset acquisition as management has assessed it does not meet the definition of a
business pursuant to AASB 3 Business Combinations. Alto is an entity which holds exploration licences within the Sandstone
region.
Material accounting policy
Asset Acquisition not constituting a Business
When an asset acquisition does not constitute a business combination, the assets and liabilities are assigned a carrying
amount based on their relative fair values in an asset purchase transaction and no deferred tax will arise in relation to
the acquired assets and assumed liabilities as the initial recognition exemption for deferred tax under AASB 112 applies.
No goodwill will arise on the acquisition and transaction costs of the acquisition will be included in the capitalised cost of
the asset.
76
NOTES TO THE FINANCIAL STATEMEMENTS
FOR THE YEAR ENDED 30 June 2025
NOTE 20: TRADE AND OTHER PAYABLES
June 2025
June 2024
$’000
$’000
Current
Trade payables
10,210
15,780
Other payables and accruals
21,076
3,856
31,286
19,636
Non-Current
Other payables and accruals
-
934
-
934
Material accounting policy
Trade and other payables
Trade payables and other payables represent liabilities for goods and services provided to the Group prior to the end of
the financial year which are unpaid. Trade and other payables are presented as current liabilities unless payment is not
due within 12 months from the reporting date. They are recognised initially at their fair value and subsequently measured
at amortised cost. The amounts are unsecured and the majority of suppliers are usually payable within 30-60 days of
recognition.
NOTE 21: BORROWINGS
June 2025
June 2024
$’000
$’000
Current
Ocean Partners Loan
14,216
-
Camp Financing Arrangement
2,182
-
Other Loans
482
109
16,880
109
Non-Current
Camp Financing Arrangement
-
2,182
Other loans
625
25
625
2,207
77
NOTES TO THE FINANCIAL STATEMEMENTS
FOR THE YEAR ENDED 30 June 2025
NOTE 21: BORROWINGS (CONTINUED)
Ocean Partners Loan
During the year, the Group executed a US$11.5 million revolving debt facility (Loan Facility) with Ocean Partners Australia Pty
Ltd (Ocean Partners). Debt of US$10 million was drawn down during May 2025 and debt of US$0.7 million was repaid through
deductions from payments under the Ore Purchase Agreement (OPA) during the year. The undrawn facility balance at 30 June
2025 is US$2.2 million, A$3.3 million at the 30 June 2025 exchange rate (30 June 2024: Nil).
Facility Overview:
The Loan Facility, structured as an advance payment agreement, allows the Group to draw down up to US$11.5 million to fund
production expansion and general working capital requirements. Key terms include:
-
Advance Payment Limit: US$11.5 million, drawable in one or multiple tranches.
-
Repayment Term: Each drawdown to be repaid within 6 months via deductions from provisional payments under the
OPA.
-
Interest Rate: 3-month CME Term SOFR +11%, pa accruing monthly
-
Security: Ocean Partners holds security over Brightstar’s ore stockpiles until sold to Genesis under the OPA.
Camp Financing Arrangement
In the previous financial year the Group entered agreement with Quay Wholesale Fund Service for the sale and repurchase of
the Camp. The agreement includes a substantive repurchase obligation/right at the same value as the purchase price. As a result,
the initial transaction, being the receipt of the purchase price proceeds does not meet the definition of sale under AASB 15
Revenue from Contracts with Customers. This is a financial arrangement which has been accounted for under AASB 9 Financial
Instruments as a financial liability.
Material accounting policy
Borrowings
Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured
at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is
recognised in profit or loss over the expected period of the borrowings (if shorter than the contractual loan term) using
the effective interest method.
78
NOTES TO THE FINANCIAL STATEMEMENTS
FOR THE YEAR ENDED 30 June 2025
NOTE 22: PROVISIONS
June 2025
June 2024
$’000
$’000
Current
Employee benefits
899
557
Other
-
2,568
899
3,125
Non-Current
Rehabilitation
10,890
10,596
10,890
10,596
The provision for rehabilitation represents the present value of estimated costs of site rehabilitation based upon costs of
rehabilitation expected to be incurred at the date the rehabilitation is required and the area of currently disturbed ground subject
to rehabilitation as at the reporting date.
(i)
Reconciliation of movement in provision for rehabilitation:
June 2025
June 2024
$’000
$’000
Opening balance
10,596
2,927
Additions recognised through business combinations
-
4,062
Reassessment
(82)
3,455
Unwinding of discount
376
152
Closing balance
10,890
10,596
(ii)
Leave obligations
The leave obligations cover the Group’s liabilities for annual leave which are classified as short-term benefits.
The current portion of this liability includes all accrued annual leave. The entire amount of the provision of $0.9m (2024: $0.6m)
is presented as current, since the Group does not have a right, at the end of the reporting period, to defer settlement for any of
these obligations beyond 12 months. However, based on past experience, the Group does not expect all employees to take the
full amount of accrued leave or require payment within the next 12 months. The following amounts reflect leave that is not expected
to be taken or paid within the next 12 months.
June 2025
June 2024
$’000
$’000
Current leave obligations expected to be settled after 12 months
234
150
79
NOTES TO THE FINANCIAL STATEMEMENTS
FOR THE YEAR ENDED 30 June 2025
NOTE 22: PROVISIONS (CONTINUED)
Material accounting policy
Provisions – Employee benefits
Wages, Salaries and Annual Leave
Liabilities for wages and salaries, including non-monetary benefits and annual leave are recognised in respect of
employees’ services up to the reporting date. They are measured at their nominal values using the remuneration rate
expected to apply at the time of settlement. Liabilities for non-accumulating sick leave are recognised when the leave is
taken and are measured at the rates paid or payable.
Long Service Leave
The liability for long service leave is recognised and measured at the present value of expected future payments to be
made in respect of services provided by employees up to the reporting date. Consideration is given to expected future
wage and salary levels, experience of employee of departures, and period of service.
Provision for restoration and rehabilitation
A provision for restoration and rehabilitation is recognised when there is a present obligation as a result of development
activities undertaken, it is probable that an outflow of economic benefits will be required to settle the obligation, and the
amount of the provision can be measured reliably. The estimated future obligations include the costs of abandoning sites,
removing facilities and restoring the affected areas.
The provision for future restoration costs is the best estimate of the present value of the expenditure required to settle
the restoration obligation at the balance date. Future restoration costs are reviewed annually and any changes in the
estimate are reflected in the present value of the restoration provision at each reporting date.
The initial estimate of the restoration and rehabilitation provision is capitalised into the cost of the related asset and
amortised on the same basis as the related asset, unless the present obligation arises from the production of inventory
in the period, in which case the amount is included in the cost of production for the period. Changes in the estimate of
the provision for restoration and rehabilitation are treated in the same manner unless they are not expected to be
recovered over the course of the Groups operation where they are recognised in the Statement of Profit or Loss. The
unwinding of the effect of discounting on the provision is recognised as a finance cost rather than being capitalised into
the cost of the related asset.
NOTE 23: OTHER FINANCIAL LIABILITIES
Set out below are the carrying amounts of other liabilities recognised and the movements during the year:
June 2025
June 2024
$’000
$’000
Opening balance
4,171
-
Additions
-
4,171
Share issue on acquisition of Linden Gold (Note 18)
(2,284)
-
Legacy Camp Agreement maturity (Note 7a)
(1,449)
-
Fair value remeasurement of deferred consideration (Note 27)
4,500
-
Discount unwinding (Note 27)
62
-
Issue of LBM deferred consideration shares (Note 24)
(5,000)
-
Closing Balance
-
4,171
Current
-
3,733
Non-Current
-
438
-
4,171
80
NOTES TO THE FINANCIAL STATEMEMENTS
FOR THE YEAR ENDED 30 June 2025
NOTE 23: OTHER FINANCIAL LIABILITIES (CONTINUED)
Recognition and measurement
As part of Brightstar Resources Limited's (Brightstar) acquisition of Linden Gold Alliance Limited (Linden), Brightstar assumed
contingent liabilities payable to the vendors of Lord Byron Mining Pty Ltd (LBM) which become payable upon certain milestones
being met (LBM Deferred Consideration).
In accordance with the LBM Share Sale and Subscription (SSSA) Variation Agreement, Brightstar granted the LBM sellers (in
their respective proportions) the rights to deferred shares in consideration for the forfeiture of their respective LGA performance
rights (LBM Deferred Consideration Shares). The deferred shares comprise of three tranches with each tranche valued at $5
million.
The issues of the LBM Deferred Consideration Shares are subject to shareholder approval and if such approval is not obtained,
the LBM Sellers may elect to receive a cash payment in lieu of the issue of the LBM Deferred Consideration Shares in respect of
that tranche or defer the issue of the LBM Deferred Consideration Shares.
The relevant milestones of each tranche of the LBM Deferred Consideration are set out below:
(i)
Tranche A: A JORC 2012-compliant Mineral Resource Estimate for the Jasper Hills Project exceeding a total of
400,000oz gold at a grade of no less than 1.4g/t gold, utilising a cut-off grade of 0.5g/t gold.
(ii)
Tranche B: An Ore Reserve Estimate for the Jasper Hills Project exceeding a total of 120,000oz gold at a grade of no
less than 1.4g/t gold, utilising a cut-off grade of 0.5g/t gold as determined with the then JORC 2012-compliant Mineral
Resource Estimate.
(iii)
Tranche C: The first commercial production derived from the Jasper Hills Project.
As part of management's purchase price allocation analysis pursuant to AASB 3 Business Combinations, Brightstar determined
the present value of Tranche C to be $0.4 million and nil value attributable to Tranches A and B.
During the year Brightstar settled Tranche C valued at $5 million through the issue of shares to the sellers. This resulted in a fair
value revaluation through the Statement of Profit and Loss of $4.5 million. As at 30 June 2025, nil value is attributed to Tranches
A and B (30 June 2024: Nil).
81
NOTES TO THE FINANCIAL STATEMEMENTS
FOR THE YEAR ENDED 30 June 2025
NOTE 24: ISSUED CAPITAL
June 2025
June 2025
June 2024
June 2024
No.’000
$’000
No.’000
$’000
Fully paid ordinary shares
472,577
255,011
4,569,985
108,861
Date
No.’000
$’000
Movement in ordinary share capital
At 1 July 2023
1,574,015
68,981
Consultant Shares
4 August 2023
5,456
60
Placement
4 August 2023
304,545
3,350
Placement - Director Shares
12 October 2023
13,636
150
Drilling Service Consideration Shares
12 October 2023
18,182
200
Placement
1 December 2023
454,545
5,000
Placement
4 April 2024
857,143
12,000
Acquisition of Linden Gold Alliance Ltd (Note
18)
3 June 2024
1,327,463
19,912
Advisor shares
3 June 2024
15,000
225
Less capital raising costs
-
(1,017)
At 30 June 2024
4,569,985
108,861
Acquisition of Linden Gold Alliance Ltd (Note
18)
10 July 2024
152,239
2,284
Placement
8 August 2024
1,166,667
17,500
Exercise of performance rights
8 August 2024
20,000
-
Placement
23 September 2024
433,333
6,500
Acquisition of MEGP (Note 16)
23 September 2024
466,666
7,000
Shares issued as consideration for services
23 September 2024
323,835
4,857
Acquisition of Alto Metals Ltd (Note 19)
2 December 2024
2,959,093
73,977
Placement
4 December 2024
1,304,348
30,000
Exercise of ZEPO options
15 April 2025
10,000
-
Exercise of performance rights
12 January 2025
10,000
-
Consultant Shares
17 April 2025
10,729
283
Drilling Service Consideration Shares
17 April 2025
75,000
1,500
LBM Deferred Consideration shares (Note 23)
17 April 2025
312,500
5,000
Capital consolidation 25:1
17 April 2025
(11,341,818)
-
Less capital raising costs
-
(2,751)
At 30 June 2025
472,577
255,011
82
NOTES TO THE FINANCIAL STATEMEMENTS
FOR THE YEAR ENDED 30 June 2025
NOTE 24: ISSUED CAPITAL (CONTINUED)
Ordinary shares
Ordinary shares entitle the holder to participate in the dividends and the proceeds on winding up in proportion to the number of
and amounts paid on the shares held.
Share buy-back
There is no current on-market share buy-back.
Material accounting policy
Ordinary share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are
shown in equity as a deduction, net of tax, from the proceeds. Incremental costs directly attributable to the issue of new
shares or options for the acquisition of a business are not included in the cost of the acquisition as part of the purchase
consideration.
NOTE 25: RESERVES
June 2025
June 2024
$’000
$’000
Share-based payment reserve
5,778
4,630
Equity reserve
4,911
4,911
10,689
9,541
Movement in share-based payment reserve
June 2025
June 2024
$’000
$’000
Opening balance
4,630
2,458
Share based payments (Note 26)
1,148
2,172
Closing balance
5,778
4,630
Nature and Purpose of Reserves
Share-based payments reserve
This reserve is used to record the value of equity benefits provided to employees and unrelated parties for services or acquisition
of goods.
Equity reserve
This reserve was created to record the difference between the fair value of the buy-back consideration and the historical issue
value of the buy-back shares upon completion of a company restructuring completed in November 2020.
83
NOTES TO THE FINANCIAL STATEMEMENTS
FOR THE YEAR ENDED 30 June 2025
NOTE 26: SHARE-BASED PAYMENTS
June 2025
June 2024
$’000
$’000
Options issued in current year (i)
643
-
Options issued in prior years
-
1,513
Zero Exercise Price Options – granted 30 Nov 2022 (ii)
6
67
Performance Rights – granted 29 March 2023 (iii)
107
573
Performance Rights – granted 31 May 2024 (iv)
392
19
Total movement in reserves
1,148
2,172
Represented by
Share-based payment expense
1,148
2,027
Acquisition of subsidiary (Note 18)
-
145
1,148
2,172
Reconciliation of share-based payment expense to the expense recorded in profit and loss
June 2025
June 2024
$’000
$’000
Share-based payment expense
1,148
2,027
Acquisition of Subsidiary (Note 18)
-
145
1,148
2,172
(i)
Securities issued this financial year
During the year the Company issued 90,000,000 options to the staff to align their interests to that of the Company's shareholders
and assist as an effective means of retention. The options vested immediately, and the value was determined as follows:
Grant date
Volume
Share price at
grant date
Risk free
rate
Volatility Exercise
price
Expiry
date
Option
value
FY25 Share
based
payment
expense
($’000)
17 July 2024
20,000,000
$0.017
3.96%
112.8%
$0.0251
1 July 2027
$0.0106
211
17 July 2024
20,000,000
$0.017
3.96%
112.8%
$0.0352
1 July 2027
$0.0095
191
5 July 2024
10,000,000
$0.018
4.22%
113.3%
$0.0251
7 July 2026
$0.0095
-
5 July 2024
10,000,000
$0.018
4.22%
113.3%
$0.0352
7 July 2026
$0.0081
-
21 June 2024
15,000,000
$0.017
3.99%
111.7%
$0.0251
7 July 2026
$0.0087
130
21 June 2024
15,000,000
$0.017
3.99%
111.7%
$0.0352
7 July 2026
$0.0074
111
Total
643
1 Following the 25:1 capital consolidation on 17 April 2025 the exercise price increased to $0.63
2 Following the 25:1 capital consolidation on 17 April 2025 the exercise price increased to $0.88
The expected volatility is based on the historic volatility over a period comparable to the remaining life of the options.
84
NOTES TO THE FINANCIAL STATEMEMENTS
FOR THE YEAR ENDED 30 June 2025
NOTE 26: SHARE-BASED PAYMENTS (CONTINUED)
(i)
Securities issued this financial year (continued)
During the year, before the share consolidation, the Company granted and issued 519,062,633 shares to its suppliers. The issue
of 433,333,334 shares was approved at the Extraordinary meeting on 17 September 2024. The issue of 85,729,299 shares was
approved at the General meeting on 17 April 2025. The details are included below:
Issue date
Volume
Deemed shares price
Total value ($’000)
23 September 2024
433,333,334
$0.015
6,500
17 April 2025
75,000,000
$0.020
1,500
17 April 2025
10,729,299
n/a3
283
3 The shares were issued to settle invoice of $0.283m with the fixed amount of shares of 10,729,299 (pre-share consolidation)
$7.5m was offset against trade payables existing at 30 June 2024. $0.283m is a consultancy expense.
(ii)
Zero Exercise Price Options
On 30 November 2022, 10,000,000 zero exercise price options (ZEPOs) exercisable on or before 30 November 2026 were issued
to the Company’s former Managing Director William Hobba as a performance linked incentive component in the remuneration
package for Mr Hobba.
The vesting was subject to the following conditions:
Tranche
Vesting condition
Percentage
1
Remaining continuously employed or otherwise engaged by the Company (or any other
Group member) for a period of 12 months from grant date
80%
2
Remaining continuously employed or otherwise engaged by the Company (or any other
Group member) for a period of 24 months from grant date
20%
The fair value of these options granted was calculated by using the Black Scholes Option Pricing Model by applying the following
inputs:
Grant date
Volume
Share price at
grant date
Exercise
price
Expiry date
Option
value
FY25 Share
based payment
expense ($’000)
29 Nov 2022
10,000,000
$0.016
-
30 Nov 2026
$0.016
6
85
NOTES TO THE FINANCIAL STATEMEMENTS
FOR THE YEAR ENDED 30 June 2025
NOTE 26: SHARE-BASED PAYMENTS (CONTINUED)
(iii)
Performance Rights granted on 29 March 2023
On 29 March 2023, pre-share consolidation, 80,000,000 Performance Rights (PRs) expiring 29 March 2026 (in 6 tranches) were
issued to the Company’s Managing Director Alex Rovira upon shareholders’ approval obtained at the General Meeting held on
29 March 2023.
Tranche
Vesting condition
Volume
1
Remaining continuously employed or otherwise engaged by the Company (or any other
Group member) for a period of 24 months from commencement date
20,000,000
2
Announcement by the Company of the delineation of a Mineral Resource Estimate of at
least 1.25Moz Au above 1.3g/t Au
10,000,000
3
Announcement by the Company of the commencement of commercial production at the
Company’s Brightstar Gold processing plant of at least 10,000oz
20,000,000
4
Announcement by the Company of gold production of 100koz or greater of contained gold
metal
10,000,000
5
The Company achiever either:
(i)
a market capitalisation of greater than $50 million or;
(ii)
A 20-Day VWAP of greater than $0.04 (post share consolidation $1)
10,000,000
6
The Company achiever either:
(i)
a market capitalisation of greater than $75 million or;
(ii)
A 20-Day VWAP of greater than $0.06 (post share consolidation: $1.5)
10,000,000
86
NOTES TO THE FINANCIAL STATEMEMENTS
FOR THE YEAR ENDED 30 June 2025
NOTE 26: SHARE-BASED PAYMENTS (CONTINUED)
The details of the grant as follows:
Tranche
Grant date
Volume
Share price at
grant date
Exercise
price
Expiry date
PR value
FY 25 Share
based
payment
expense
($’000)
Tranche 1
29 March 2023
20,000,000
$0.016
-
31 March 2026
$0.016
120
Tranche 2
29 March 2023
10,000,000
$0.016
-
31 March 2026
$0.016
-
Tranche 3
29 March 2023
20,000,000
$0.016
-
31 March 2026
$0.016
(133)
Tranche 4
29 March 2023
10,000,000
$0.016
-
31 March 2026
$0.016
(66)
Tranche 5
29 March 2023
10,000,000
$0.016
-
31 March 2026
$0.016
93
Tranche 6
29 March 2023
10,000,000
$0.016
-
31 March 2026
$0.016
93
Total
107
(iv)
Performance Rights granted on 31 May 2024
On 3 June 2024, pre-share consolidation, 77,625,000 Performance Rights expiring 3 June 2029 (in 4 tranches) were issued to
two employees of Linden who joined the Company following completion of the acquisition of Linden, as replacement of their lapsed
performance rights in Linden. Shareholders’ approval was obtained at the General Meeting held on 22 May 2024.
Tranche
Vesting condition
Percentage
1
The Company’s processing plant declares commercial production within 24 months of the
Takeover Offer becoming (or being declared) unconditional
25%
2
The Second Fortune Gold Project produces 50,000oz in cumulative production on a
cashflow positive basis within 36 months of the Takeover Offer becoming (or being
declared) unconditional
25%
3
The Company announcing the first gold production from the Jasper Hills Project within 24
months of the Takeover Offer becoming (or being declared) unconditional
25%
4
Cumulative production from the Company of 100,000oz within 36 months of the Takeover
Offer becoming (or being declared) unconditional
25%
Tranche
Grant date
Volume
Share price at
grant date
Exercise
price
Expiry date
PR value
FY 25 Share
based
payment
expense
($’000)
Tranche 1
31 May 2024
19,406,250
$0.015
-
3 June 2029
$0.015
(7)
Tranche 2
31 May 2024
19,406,250
$0.015
-
3 June 2029
$0.015
49
Tranche 3
31 May 2024
19,406,250
$0.015
-
3 June 2029
$0.015
280
Tranche 4
31 May 2024
19,406,250
$0.015
-
3 June 2029
$0.015
70
Total
392
87
NOTES TO THE FINANCIAL STATEMEMENTS
FOR THE YEAR ENDED 30 June 2025
NOTE 26: SHARE-BASED PAYMENTS (CONTINUED)
Set out below are summaries of options movement during the year and the comparative year:
Year Ending 30 June 2025
ASX Code
Grant date
Expiry date
Exercise price ($)
post
consolidation
Balance at 1 July
2024
Granted during
the year
Exercised
during the year
Capital
consolidation
movement
Lapsed/forfeited
during the year
Balance at 30
June 2025
Exercisable at 30
June 2025
OP8
1-Dec-21
1-Dec-24
0.05
2,200,000
-
-
-
(2,200,000)
-
-
OP7
1-Dec-21
31-Dec-24
0.05
20,000,000
-
-
-
(20,000,000)
-
-
OP9
30-Nov-22
30-Nov-26
-
10,000,000
-
(10,000,000)
-
-
-
-
2OP
26-May-23
15-Sep-24
0.07
16,447,368
-
-
-
(16,447,368)
-
-
1OP
26-May-23
21-Oct-24
0.08
21,052,631
-
-
-
(21,052,631)
-
-
2SR
26-May-23
7-Oct-24
0.11
7,815,789
-
-
-
(7,815,789)
-
-
3OP
26-May-23
15-Feb-25
0.11
4,473,685
-
-
-
(4,473,685)
-
-
5OP
26-May-23
28-Apr-25
0.10
3,289,474
-
-
-
(3,289,474)
-
-
7OP
26-May-23
16-Jan-26
0.58
3,289,474
-
-
(3,157,895)
-
131,579
131,579
8OP
26-May-23
16-Jan-26
0.95
3,947,368
-
-
(3,789,473)
-
157,895
157,895
O10
4-Sep-23
4-Aug-25
0.50
40,000,000
-
-
(38,400,000)
-
1,600,000
1,600,000
O11
4-Sep-23
7-Jul-26
0.50
15,000,000
-
-
(14,400,000)
-
600,000
600,000
O12
4-Sep-23
7-Jul-26
0.75
15,000,000
-
-
(14,400,000)
-
600,000
600,000
O14
31-May-24
30-Jun-26
-
13,800,000
-
-
(13,248,000)
-
552,000
552,000
O15
31-May-24
30-Jun-26
0.58
4,221,944
-
-
(4,053,066)
-
168,878
168,878
O13
31-May-24
25-Feb-25
0.90
88,509,757
-
-
-
(88,509,757)
-
-
O16
22-May-25
19-Jul-27
0.75
25,000,000
-
-
(24,000,000)
-
1,000,000
1,000,000
O17
22-May-25
19-Jul-28
1.00
25,000,000
-
-
(24,000,000)
-
1,000,000
1,000,000
O18
5-Jul-25
7-Jul-26
0.63
-
25,000,000
-
(14,400,000)
(10,000,000)
600,000
600,000
O19
5-Jul-25
7-Jul-26
0.88
-
25,000,000
-
(14,400,000)
(10,000,000)
600,000
600,000
O20
17-Jul-25
1-Jul-27
0.63
-
20,000,000
-
(19,200,000)
-
800,000
800,000
O21
17-Jul-25
1-Jul-28
0.88
-
20,000,000
-
(19,200,000)
-
800,000
800,000
Total
319,047,490
90,000,000
(10,000,000)
(206,648,434)
(183,788,704)
8,610,352
8,610,352
88
NOTES TO THE FINANCIAL STATEMEMENTS
FOR THE YEAR ENDED 30 June 2025
NOTE 26: SHARE-BASED PAYMENTS (CONTINUED)
Year Ending 30 June 2024
ASX Code
Grant date
Expiry date
Exercise price pre
consolidation($)
Balance at 1 July
2023
Granted during the
year
Exercised during
the year
Lapsed/forfeited
during the year
Balance at 30 June
2024
Exercisable at 30
June 2024
OP2
31-Dec-20
31-Dec-23
0.06
4,000,000
-
-
(4,000,000)
-
-
OP3
31-Dec-20
31-Dec-23
0.08
4,000,000
-
-
(4,000,000)
-
-
OP4
31-Dec-20
31-Dec-23
0.10
4,000,000
-
-
(4,000,000)
-
-
OP5
12-Feb-21
12-Feb-24
0.10
1,000,000
-
-
(1,000,000)
-
-
OP6
22-Jun-21
22-Jun-24
0.05
5,000,000
-
-
(5,000,000)
-
-
OP8
1-Dec-21
1-Dec-24
0.05
2,200,000
-
-
-
2,200,000
2,200,000
OP7
1-Dec-21
31-Dec-24
0.05
20,000,000
-
-
-
20,000,000
20,000,000
OP9
30-Nov-22
30-Nov-26
-
10,000,000
-
-
-
10,000,000
8,000,000
3SR
26-May-23
15-Sep-23
0.07
2,960,526
-
-
(2,960,526)
-
-
2SR
26-May-23
30-Dec-23
0.06
59,243,413
-
-
(59,243,413)
-
-
6OP
26-May-23
29-Feb-24
0.04
50,991,656
-
-
(50,991,656)
-
-
2OP
26-May-23
15-Sep-24
0.07
16,447,368
-
-
-
16,447,368
16,447,368
1OP
26-May-23
21-Oct-24
0.08
21,052,631
-
-
-
21,052,631
21,052,631
2SR
26-May-23
7-Oct-24
0.11
7,815,789
-
-
-
7,815,789
7,815,789
3OP
26-May-23
15-Feb-25
0.11
4,473,685
-
-
-
4,473,685
4,473,685
5OP
26-May-23
28-Apr-25
0.10
3,289,474
-
-
-
3,289,474
3,289,474
7OP
26-May-23
16-Jan-26
0.02
3,289,474
-
-
-
3,289,474
3,289,474
8OP
26-May-23
16-Jan-26
0.04
3,947,368
-
-
-
3,947,368
3,947,368
O10
4-Sep-23
4-Aug-25
0.02
-
40,000,000
-
-
40,000,000
40,000,000
O11
4-Sep-23
7-Jul-26
0.02
-
30,000,000
-
(15,000,000)
15,000,000
15,000,000
O12
4-Sep-23
7-Jul-26
0.03
-
30,000,000
-
(15,000,000)
15,000,000
15,000,000
O14
31-May-24
30-Jun-26
-
-
13,800,000
-
-
13,800,000
13,800,000
O15
31-May-24
30-Jun-26
0.02
-
4,221,944
-
-
4,221,944
4,221,944
O13
31-May-24
25-Feb-25
0.04
-
88,509,757
-
-
88,509,757
88,509,757
O16
22-May-25
19-Jul-27
0.03
-
25,000,000
-
-
25,000,000
25,000,000
O17
22-May-25
19-Jul-28
0.04
-
25,000,000
-
-
25,000,000
25,000,000
Total
223,711,384
256,531,701
-
(161,195,595)
319,047,490
317,047,490
89
NOTES TO THE FINANCIAL STATEMEMENTS
FOR THE YEAR ENDED 30 June 2025
NOTE 26: SHARE-BASED PAYMENTS (CONTINUED)
Set out below are summaries of performance rights movement during the year and the comparative year:
Year Ending 30 June 2025
ASX Code
Grant date
Expiry date
Balance at 1
July 2024
Granted during the
year
Exercised during
the year
Capital
consolidation
movement
Lapsed during the
year
Balance at 30 June
2025
Exercisable at 30
June 2025
PR 1
29-Mar-23
31-Mar-26
20,000,000
-
-
(19,200,000)
-
800,000
800,000
PR 2
29-Mar-23
31-Mar-26
10,000,000
-
(10,000,000)
-
-
-
-
PR 3
29-Mar-23
31-Mar-26
20,000,000
-
-
(19,200,000)
-
800,000
-
PR 4
29-Mar-23
31-Mar-26
10,000,000
-
-
(9,600,000)
-
400,000
-
PR 5
29-Mar-23
31-Mar-26
10,000,000
-
(10,000,000)
-
-
-
-
PR 6
29-Mar-23
31-Mar-26
10,000,000
-
(10,000,000)
-
-
-
-
PR A
31-May-24
3-Jun-29
19,406,250
-
-
(18,630,000)
-
776,250
-
PR B
31-May-24
3-Jun-29
19,406,250
-
-
(18,630,000)
-
776,250
-
PR C
31-May-24
3-Jun-29
19,406,250
-
-
(18,630,000)
-
776,250
776,250
PR D
31-May-24
3-Jun-29
19,406,250
-
-
(18,630,000)
-
776,250
-
Total
157,625,000
-
(30,000,000)
(122,520,000)
-
5,105,000
1,576,250
90
NOTES TO THE FINANCIAL STATEMEMENTS
FOR THE YEAR ENDED 30 June 2025
NOTE 26: SHARE-BASED PAYMENTS (CONTINUED)
Year Ending 30 June 2024
ASX Code
Grant date
Expiry date
Balance at 1
July 2023
Granted during the
year
Exercised during
the year
Capital
consolidation
movement
Lapsed during the
year
Balance at 30 June
2024
Exercisable at 30
June 2024
PR 1
29-Mar-23
31-Mar-26
-
20,000,000
-
-
-
20,000,000
-
PR 2
29-Mar-23
31-Mar-26
-
10,000,000
-
-
-
10,000,000
10,000,000
PR 3
29-Mar-23
31-Mar-26
-
20,000,000
-
-
-
20,000,000
-
PR 4
29-Mar-23
31-Mar-26
-
10,000,000
-
-
-
10,000,000
-
PR 5
29-Mar-23
31-Mar-26
-
10,000,000
-
-
-
10,000,000
-
PR 6
29-Mar-23
31-Mar-26
-
10,000,000
-
-
-
10,000,000
-
PR A
31-May-24
3-Jun-29
-
19,406,250
-
-
-
19,406,250
-
PR B
31-May-24
3-Jun-29
-
19,406,250
-
-
-
19,406,250
-
PR C
31-May-24
3-Jun-29
-
19,406,250
-
-
-
19,406,250
-
PR D
31-May-24
3-Jun-29
-
19,406,250
-
-
-
19,406,250
-
Total
-
157,625,000
-
-
-
157,625,000
10,000,000
91
NOTES TO THE FINANCIAL STATEMEMENTS
FOR THE YEAR ENDED 30 June 2025
NOTE 26: SHARE-BASED PAYMENTS (CONTINUED)
Weighted average remaining contractual life
June 2025
June 2024
Options
1.46 years
1.38 years
Performance rights
2.68 years
3.32 years
Material accounting policy
Share-based payments
Share-based compensation benefits are provided to Key Management Personnel and employees.
Options
The fair value of options granted is recognised a share-based payment expense with a corresponding increase in
equity. The total amount to be expensed is determined by reference to the fair value of the options granted:
• including any market performance conditions (such as the entity’s share price)
• excluding the impact of any service and non-market performance vesting conditions (such as profitability, sales growth
targets and remaining an employee of the entity over a specified time period), and
• including the impact of any non-vesting conditions (such as the requirement for employees to save or hold shares for
a specific period of time).
The total expense is recognised over the vesting period, which is the period over which all of the specified vesting
conditions are to be satisfied. At the end of each period, the entity revises its estimates of the number of options that
are expected to vest based on the non-market vesting and service conditions. The entity recognises the impact of the
revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity.
The fair value at grant date is independently determined using the Black-Scholes Model that takes into account the
exercise price, the term of the options, the impact of dilution (where material), the share price at grant date and expected
price volatility of the underlying share, the expected dividend yield ,the risk-free interest rate for the term of the options
and the correlations and volatilities of the peer group companies.
Performance rights
The fair value of performance rights granted to employees for nil consideration is recognised as an expense over the
relevant service period. The fair value is measured at the grant date of the shares and is recognised in equity in the
share-based payment reserve. The number of shares expected to vest is estimated based on the non-market vesting
conditions. The estimates are revised at the end of each reporting period and adjustments are recognised in profit or
loss and the share-based payment reserve.
Where shares are forfeited due to a failure by the employee to satisfy the service conditions, any expenses previously
recognised in relation to such shares are reversed with effect from the date of the forfeiture
92
NOTES TO THE FINANCIAL STATEMEMENTS
FOR THE YEAR ENDED 30 June 2025
NOTE 27: FAIR VALUE MEASUREMENTS
Fair value hierarchy
This section explains the judgements and estimates made in determining the fair values of the financial instruments that
are recognised and measured at fair value in the financial statements. To provide an indication about the reliability of the
inputs used in determining fair value, the Group has classified its financial instruments into the three levels prescribed
under the accounting standards. An explanation of each level follows underneath the table.
June 2025
June 2024
$’000
$’000
Level 3
Financial assets
Other financial assets (Note 12)
3,641
3,392
Financial liabilities
Contingent consideration payable to vendors of Lord Byron Mining Pty Ltd
(Note 23, Note 18)
-
438
There were no transfers between levels for recurring fair value measurements during the year. The Group’s policy is to
recognise transfers into and out of fair value hierarchy levels as at the end of the reporting period.
Level 1: The fair value of financial instruments traded in active markets (such as publicly traded derivatives and equity
securities) is based on quoted market prices at the end of the reporting period. The quoted market price used for financial
assets held by the group is the current bid price. The quoted market price incorporates the market's assumptions with
respect to changes in economic climate such as rising interest rates and inflation, as well as changes due to ESG risk.
These instruments are included in level 1.
Level 2: The fair value of financial instruments that are not traded in an active market (e.g. over-the counter derivatives) is
determined using valuation techniques that maximise the use of observable market data and rely as little as possible on
entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is
included in level 2.
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level
3. This is the case for unlisted equity securities and for instruments where environmental, social and governance risk gives
rise to a significant unobservable adjustment.
Valuation techniques used to determine fair values
Specific valuation techniques used to value financial instruments include:
•
discounted cash flow projections based on reliable estimates of future cash flows
Fair value measurements using significant unobservable inputs
Contingent
consideration
payable
Receivable
Total
$’000
$’000
$’000
Opening balance
(438)
3,392
2,954
(Losses)/Gains recognised in Net loss on revaluation of financial
instruments at fair value through profit and loss
(4,500)
249
(4,251)
Unwinding of the discount
(62)
-
(62)
Issue of shares
5,000
5,000
Closing balance
-
3,641
3,641
93
NOTES TO THE FINANCIAL STATEMEMENTS
FOR THE YEAR ENDED 30 June 2025
NOTE 27: FAIR VALUE MEASUREMENTS (CONTINUED)
Material accounting policy
When an asset or liability, financial or non-financial, is measured at fair value for recognition or disclosure purposes, the
fair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date; and assumes that the transaction will take place either: in the
principal market; or in the absence of a principal market, in the most advantageous market.
Fair value is measured using the assumptions that market participants would use when pricing the asset or liability,
assuming they act in their economic best interests. For non-financial assets, the fair value measurement is based on its
highest and best use. Valuation techniques that are appropriate in the circumstances and for which sufficient data are
available to measure fair value, are used, maximising the use of relevant observable inputs and minimising the use of
unobservable inputs.
Assets and liabilities measured at fair value are classified into three levels, using a fair value hierarchy that reflects the
significance of the inputs used in making the measurements. Classifications are reviewed at each reporting date and
transfers between levels are determined based on a reassessment of the lowest level of input that is significant to the
fair value measurement.
For recurring and non-recurring fair value measurements, external valuers may be used when internal expertise is either
not available or when the valuation is deemed to be significant. External valuers are selected based on market
knowledge and reputation. Where there is a significant change in fair value of an asset or liability from one period to
another, an analysis is undertaken, which includes a verification of the major inputs applied in the latest valuation and
a comparison, where applicable, with external sources of data.
94
NOTES TO THE FINANCIAL STATEMEMENTS
FOR THE YEAR ENDED 30 June 2025
NOTE 28: FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The Group’s overall risk management programme focuses on the unpredictability of the financial markets and seeks to
minimise potential adverse effects on the financial performance of the Group. The Group uses different methods to
measure and manage different types of risks to which it is exposed.
The carrying values of the Group’s financial instruments are as follows:
June 2025
June 2024
$’000
$’000
Financial assets
Financial assets at amortised cost
Cash and cash equivalents
11,664
7,961
Trade and other receivables
8,666
1,994
Financial assets at fair value through profit and loss
3,641
3,392
23,971
13,347
Financial liabilities
Financial liabilities at amortised cost
Trade and other payables
31,286
20,131
Borrowings
17,505
2,316
Other liabilities
-
3,733
Financial liabilities at fair value through profit and loss
-
438
Lease liabilities
13,468
317
62,259
26,935
a)
Market risk
(i)
Foreign exchange risk
Foreign exchange risk arises from future commercial transactions and recognised financial assets and financial liabilities
denominated in a currency that is not the entity's functional currency. The risk is measured using sensitivity analysis and
cash flow forecasting.
The Group has access to the Loan Facility which has been partially utilised during the financial year ending 30 June 2025.
The carrying amount of the Group’s foreign currency denominated financial assets and liabilities at the reporting date were
as follows:
Assets
Liabilities
30 June 2025
$’000
30 June 2024
$’000
30 June 2025
$’000
30 June 2024
$’000
US dollars
-
-
14,216
-
The aggregate net foreign exchange gains recognised in the profit and loss were $217,340 for financial year ending 30
June 2025 (2024: Nil).
95
NOTES TO THE FINANCIAL STATEMEMENTS
FOR THE YEAR ENDED 30 June 2025
NOTE 28: FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED)
a)
Market risk (continued)
(i)
Foreign exchange risk (continued)
As shown in the table above, the Group is primarily exposed to changes in AUD/USD exchange rates. The sensitivity of
profit and loss to changes in the exchange rate is as follows:
June 2025
June 2024
$’000
$’000
AUD/USD exchange rate – increase by 5%
712
-
AUD/USD exchange rate – decrease by 5%
(712)
-
(ii)
Price risk
The Group is exposed to commodity price risk arising from gold ore held for sales. The Group sells gold ore at the spot
price with the price determined at the time of processing at the Laverton Mill. The Group's revenues are exposed to
fluctuations in the price of gold.
If the average selling price of gold of $4,938/oz (2024: $3,011) for the financial year had increased/decreased by 10%, the
change in the loss before income tax for the Group would be as follows:
June 2025
June 2024
$’000
$’000
Gold price per ounce – increase by 10%
4,127
105
Gold price per ounce – decrease by 10%
(4,127)
(105)
(iii)
Interest rate risk
The Group is exposed to interest rate risk through its short-term borrowings being its $US11.5 million Loan Facility with
Ocean Partners.
If the rate of interest on the borrowings of the Group had increased/decreased by 1%, the change in the loss before income
tax for the Consolidated Entity would be as follows:
June 2025
June 2024
$’000
$’000
Rate of interest – increase by 1%
(142)
-
Rate on interest – decrease by 1%
142
-
96
NOTES TO THE FINANCIAL STATEMEMENTS
FOR THE YEAR ENDED 30 June 2025
NOTE 28: FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED)
Credit risk
Credit risk is the risk of financial loss if a customer or counterparty to a financial instrument fails to meet its contractual
obligations and arises principally from the Group’s cash at bank, term deposits as well as credit exposure to trade
customers including outstanding receivables and committed transactions. Credit risk represents the potential financial loss
if a customer or counterparty fail to perform as contracted.
The carrying amount of financial assets represents the maximum credit exposure.
The Group limits its exposure to credit risk by only transacting with high quality financial institutions.
Credit risk arising from the sale of gold ore is predominantly mitigated by the Ore Purchase Agreement (OPA) which
requires a partial provisional payment based on the provisional value of the sale which is payable at the time of delivery
following the end of the month in which the material is delivered. Following the customer’s processing of the ore the final
sale value is determined, with any additional amounts subject to credit risk invoiced to the customer.
At 30 June 2025 and 2024, all trade receivables have been settled within the normal credit terms and conditions agreed
with the customers. The Group assesses expected credit losses by considering the risk of default. The expected credit
loss on trade and other receivables held are immaterial and no provision has been recognised at 30 June 2025 or 2024.
Capital risk management
The Group’s objectives when managing capital are to:
• Safeguard their ability to continue as a going concern, so that it can continue to provide returns for shareholders
and benefits for other stakeholders; and
•
Maintain an optimal capital structure to reduce the cost of capital.
In order to maintain or adjust the capital structure, the Group may adjust the number of dividends paid to shareholders,
return capital to shareholders, issue new shares or sell assets to reduce debt.
Given the stage of the Company’s development there are no formal targets set for return on capital. The Company is not
subject to externally imposed capital requirements. The net equity of the Company is equivalent to capital. Net capital is
obtained through capital raisings on the Australian Securities Exchange (“ASX”).
Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group’s
approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities
when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to its
reputation.
The Group manages liquidity risk by maintaining adequate cash reserves from funds raised in the market and by
continuously monitoring forecast and actual cash flows.
:
97
NOTES TO THE FINANCIAL STATEMEMENTS
FOR THE YEAR ENDED 30 June 2025
NOTE 28: FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED)
The tables below analyse the group’s financial liabilities into relevant maturity groupings based on their contractual
maturities The amounts disclosed in the table are the contractual undiscounted cash flow.
1 year or less
$’000
1-5 years
$’000
>5 years
$’000
Total
$’000
30 June 2025
Trade and other
payables
31,114
172
-
31,286
Borrowings
19,463
688
-
20,151
Lease Liabilities
5,870
10,165
-
16,035
30 June 2024
Trade and other
payables
19,636
934
-
20,570
Borrowings
115
2,718
-
2,833
Lease liabilities
110
227
-
337
Other liabilities
1,449
-
-
1,449
98
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 June 2025
NOTE 29: COMMITMENTS AND CONTINGENCIES
Exploration commitments
The Group has an expenditure commitment of $4,091,620 for the 2024-2025 year ($2,043,580 for the 2023-2024 year) to
sustain current tenements under lease from the Department of Mines, Industry Regulation and Safety (DMIRS). The
expenditure commitment includes annual tenement rentals of $570,016 (2024: $445,008).
Capital expenditure commitments
The Directors are not aware of any other commitments from the Group’s operations as at 30 June 2025.
Contingencies
The Company will pay Stone Resources (HK) Limited (SRHKL) a 3% net smelter return (“NSR”) royalty on gold produced
from most of the tenements listed in the Tenement Schedule in the Company’s 2020 Annual Report.
In exchange for extinguishing $5,400,000 debt owed to SRHKL, the Company granted a 1.5% NSR royalty over six
tenements (i.e. E38/3279, E38/3434, E38/3438, E38/3500, E38/3504 and P38/4508) to SRHKL on 18 October 2022. This
arrangement was approved by shareholders on 17 October 2022.
As part consideration for acquisition of exploration licences E38/3438, the Company agreed to pay Mining Equities Pty Ltd
1% NSR on gold produced from the above the tenement.
Exploration licence E38/3279 is subject to 1% NSR on gold produced from it which is payable to Mr Peter Gianni.
As announced on 25 October 2021, the Group acquired two prospective exploration licences within Western Australia,
E38/3500 and E38/3504, from Milford Resources Pty Ltd. Pursuant to the acquisition agreement, Milford Resources Pty
Ltd is entitled to a 1% net smelter royalty with respect of the tenements.
On 17 July 2023 the Company announced a tenement swap arrangement under which a 2% NSR was granted to Ardea
Resources Limited on lithium extracted and sold from E29/981.
As part of the acquisition of Linden Gold Alliance Limited, the Company has assumed certain royalty obligations including:
-
Lord Byron Mining Pty Ltd is obliged to pay Indago Resources Ltd a royalty on all minerals derived from tenements
M39/138, M39/139, M39/185 and M39/262. The royalty is equal to 2% of sale proceeds of each mineral product
sold.
-
Second Fortune Gold Project Pty Ltd (SFGP) is obliged to pay a NSR to Anova Royalties and Investments Pty
Ltd from material mined on tenements M39/794, M39/255, M39/649, M39/650, P39/5599, E39/2081, E39/1977
and E39/1539. The royalty is not payable unless and until 75,000 cumulative ounces of gold have been mined
and produced by SFGP from the relevant tenements. The royalty rate is 1.5% of the net smelter return from the
tenements until $1 million of royalty payments have been paid then the rate reduces to 1%.
On 2 October 2024 the Company completed the acquisition of Montague East Gold Project from Gateway Mining Limited.
The Company assumed certain royalty obligations as part of this acquisition including:
-
In the event Element 25 Limited relinquish their 20% interest in the tenement E57/1060, a 1.7% royalty payable
to Element 25 Limited in relation to production from tenement E57/1060 (inclusive of a 0.7% gross revenue royalty
and a 1% net smelter royalty) on production up to 100,000 ounces of gold or 25,000 tonnes of copper. In the
event that the Company elects to continue to contribute to the Joint Venture in accordance with the Joint Venture
Agreement, a 0.7% gross revenue royalty on up to 100,000 ounces of gold or 25,000 tonnes of copper. As at 30
June 2025, Element 25 Limited had not made any election in relation to its 20% remnant interest nor is there any
material expenditure planned for tenement E57/1060 in the short-term; and
-
1% gross revenue royalty payable to Mining Equities Pty Ltd relating to the minerals produced on tenements
E53/2098 and E53/2093.
On 9 December 2024 the Company completed the acquisition of Alto Metals Limited via a Scheme of Arrangement. The
Company assumed a 2% gross revenue royalty payable to Mr Stone and Mr Legendre in equal proportion relating to
production from the tenements E57/1029, E57/1030, E57/1031, E57/1033, E57/1044, P57/1377, P57/1378 and any other
tenement applied for or granted in renewal, substitution, variation or extension (in whole or in part) of those tenements.
Additional historical royalties may also exist over certain tenements of the Company. Whether the obligations to pay those
royalties remains is to be determined.
There were no other contingencies as at 30 June 2025 other than already disclosed.
99
NOTES TO THE FINANCIAL STATEMEMENTS
FOR THE YEAR ENDED 30 June 2025
NOTE 30: INTEREST IN SUBSIDIARIES
Subsidiaries
Brightstar Resources Limited is the ultimate Australian parent entity and ultimate parent of the Group.
The consolidated financial statements include the financial statements of Brightstar Resources Limited and the subsidiaries
listed in the following table.
Country of
% Equity Interest
Name
Incorporation
2025
2024
Desert Exploration Pty Ltd
Australia
100%
100%
Kingwest Resources Pty Ltd
Australia
100%
100%
Menzies Operational and Mining Pty Ltd
Australia
100%
100%
Goongarrie Operational and Mining Pty Ltd
Australia
100%
100%
Roman Kings Pty Ltd
Australia
100%
100%
Golden Gladiator Pty Ltd
Australia
100%
100%
Pax Romana Resources Pty Ltd
Australia
100%
100%
Linden Gold Alliance Pty Ltd
Australia
100%
100%
Second Fortune Gold Project Pty Ltd
Australia
100%
100%
Second Fortune Gold Pty Ltd
Australia
100%
100%
Lord Byron Mining Pty Ltd
Australia
100%
100%
Devon Gold Project Pty Ltd
Australia
100%
100%
Red October Gold Project Pty Ltd
Australia
100%
100%
Montague Gold Project Pty Ltd(i)
Australia
100%
-
Alto Metals Pty Ltd(ii)
Australia
100%
-
Sandstone Exploration Pty Ltd(ii)
Australia
100%
-
i.
During the year, the Company acquired Montague East Gold Project Pty Ltd
ii.
During the year the Company acquired Alto Group (Note 19)
Principles of consolidation
Subsidiaries are all entities over which the Group has control. The Group controls an entity where the Group has power
over the investee, is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to
affect those returns through its power to direct the activities of the entity. Subsidiaries are consolidated from the date on
which control is transferred to the Group. They are deconsolidated from the date that control ceases.
Intercompany transactions, balance and unrealised gains and losses on transactions between Group companies are
eliminated.
The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Brightstar Resource Limited
(‘Company’ or ‘parent entity’) as at 30 June 2025 and the results of all subsidiaries for the year then ended. Brightstar
Resources Limited and its subsidiaries together are referred to in this financial report as the Group or the consolidated
entity. Changes in Brightstar’s interest in a subsidiary that do not result in a loss of control are accounted for as equity
transactions.
100
NOTES TO THE FINANCIAL STATEMEMENTS
FOR THE YEAR ENDED 30 June 2025
NOTE 31: RELATED PARTY DISCLOSURE
Compensation
The aggregate compensation made to directors and other members of key management personnel of the consolidated
entity is set out below
June 2025
June 2024
$’000
$’000
Short-term benefits
1,621
799
Share-based payments
883
1,270
Other long-term benefits
-
-
Post employment benefits
143
79
Total key management personnel compensation
2,647
2,148
101
NOTES TO THE FINANCIAL STATEMEMENTS
FOR THE YEAR ENDED 30 June 2025
NOTE 31: RELATED PARTY DISCLOSURE (CONTINUED)
Transactions with related parties
Purchases from and sales to related parties are made on terms equivalent to those that prevail in arm’s length transactions.
During the year, Blue Cap Mining Pty Ltd (BCM), an entity controlled by Mr Ashley Fraser (non-executive director), provided
services to Brightstar including earthworks, mobile equipment hire, personnel and production. Expenses incurred by the
Company and payable to BCM totalled $1,651,812 for the financial year ending 30 June 2025 (30 June 2024 $224,129).
These rates were entered into on an arms length basis and tested in the market as fair and reasonable rates.
As part of the Brightstar’s acquisition of Linden in the prior year, Brightstar assumed contingent liabilities payable to the
vendors of Lord Byron Mining Pty Ltd (LBM) which become payable upon certain milestones being met. The deferred
consideration shares comprise of three tranches. On 17 April 2025, Brightstar received shareholder approval for the
issuance of 312.5 million shares (pre share consolidation) in recognition of achievement of the commercial production
milestone at the Jasper Hills Project, following commencement of haulage of open pit stockpiles acquired via the Linder
merger. Of the 312.5 million shares issued, 200 million were issued to Blue Capital Equities Pty Ltd as trustee for Blue
Capital Trust No. 2, an entity controlled by Mr Ashley Fraser.
On 18 November 2024 the Company entered into a loan Agreement with Rovira Pty Ltd (Lender), a related party to the
Managing Director Mr Alex Rovira. The Lender advanced a $3,000,000 Loan to the Company on an unsecured basis. The
Loan, interest and associated costs of $3,055,315 was repaid on 17 December 2024.
On 2 December 2024 the Company acquired 100% of the issued share capital of Alto (Note 19). Pursuant to the Scheme
of Arrangement, the Managing Director of Alto Mr Matthew Bowles received a redundancy payment of $357,915 in
connection with loss of office. Mr Bowles joined the Board of the Company as a non-executive director on 9 December
2024 and resigned on 17 February 2025.
Other than as outlined above, the Group did not enter into any further related party transactions with the Director, key
management personnel or their related entities.
102
NOTES TO THE FINANCIAL STATEMEMENTS
FOR THE YEAR ENDED 30 June 2025
NOTE 32: PARENT ENTITY DISCLOSURES
Set out below is the summarised financial information of Brightstar Resources Limited, the parent entity of the Group. The
Group’s accounting policies are applied consistently across all entities within the Group, unless otherwise stated.
June 2025
June 2024
$’000
$’000
Assets
Current assets
7,231
10,366
Non-current assets
170,314
74,378
Total assets
177,545
84,744
Liabilities
Current liabilities
23,102
7,885
Non-current liabilities
8,270
7,775
Total liabilities
31,372
15,660
Equity
Issued capital
255,012
108,861
Accumulated losses
(119,528)
(49,430)
Reserves
10,688
9,653
Total equity
146,172
69,084
Total profit and other comprehensive (loss) for the year (after tax)
(70,098)
(6,304)
Commitments and Contingencies of the parent entity
Commitments and contingencies of the parent entity are the same as those of the Group (Note 29).
103
NOTES TO THE FINANCIAL STATEMEMENTS
FOR THE YEAR ENDED 30 June 2025
NOTE 33: EVENTS AFTER THE BALANCE DATE
On 21 July 2025 the Company announced an equity raise of $50 million (before costs) at an issue price of $0.48 per share.
Placement shares were issued on 25 July 2025 with gross proceeds of $50 million (before costs) received and 104.17
million shares issued to shareholders.
On 21 July 2025 Brightstar Resources Limited and Aurumin Limited entered into a Scheme Implementation Deed (SID)
under which Aurumin agrees to propose Share and Option Scheme of Arrangements for Brightstar to acquire 100% of
Aurumin’s issued capital. Under the Scheme, Aurumin shareholders will receive 1 Brightstar share for every 4 Aurumin
shares held. The Scheme meeting is scheduled for mid-October 2025, targeting completion in late October 2025.
On 28 July 2025 the Company announced key security holder support for the Aurumin transaction with security holders
representing approximately 22.01% of Aurumin shares, and 48.67% of Aurumin options confirming to Aurumin their
intention to vote in favour of the Share Scheme and Option Scheme respectively.
NOTE 34: AUDITORS’ REMUNERATION
During the financial year the following fees were paid or payable for services provided by Pitcher Partners BA&A Pty Ltd,
the auditors of the company, and its subsidiaries.
June 2025
June 2024
$’000
$’000
Audit services - Pitcher Partners BA&A Pty Ltd
Audit or review of the financial statements
130
77
Engagement related to business combination
-
10
Other Services - Pitcher Partners BA&A Pty Ltd or related entities
Taxation compliance services
53
38
Engagement related to business combination
-
11
Audit and other services to the subsidiary - Moore Australia
Audit or review of the financial statements
-
93
Taxation compliance
-
39
183
268
104
CONSOLIDATED ENTITY DISCLOSURE STATEMENT
The following table provides a list of all entities in the Group’s financial statements, prepared in accordance with the
requirements of Section 295(3) of the Corporations Act. The ownership interest is only disclosed for those entities which
are a body corporate, representing the direct and indirect percentage share capital owned by the Company.
Company name
Type of entity
% of share
capital as at
30 June 2025
Country of
incorporation
Country of
tax
residency
Brightstar Resources Limited (Holding
company)
Body corporate
-
Australia
Australia
Desert Exploration Pty Ltd
Body corporate
100%
Australia
Australia
Kingwest Resources Pty Ltd
Body corporate
100%
Australia
Australia
Roman Kings Pty Ltd
Body corporate
100%
Australia
Australia
Golden Gladiator Pty Ltd
Body corporate
100%
Australia
Australia
Pax Romana Resources Pty Ltd
Body corporate
100%
Australia
Australia
Menzies Operational and Mining Pty Ltd
Body corporate
100%
Australia
Australia
Goongarrie Operational and Mining Pty
Ltd
Body corporate
100%
Australia
Australia
Linden Gold Alliance Pty Ltd
Body corporate
100%
Australia
Australia
Second Fortune Gold Pty Ltd
Body corporate
100%
Australia
Australia
Second Fortune Gold Project Pty Ltd
Body corporate
100%
Australia
Australia
Lord Byron Mining Pty Ltd
Body corporate
100%
Australia
Australia
Devon Gold Project Pty Ltd
Body corporate
100%
Australia
Australia
Red October Gold Project Pty Ltd
Body corporate
100%
Australia
Australia
Montague Gold project Pty Ltd
Body corporate
100%
Australia
Australia
Alto Metals Pty Ltd
Body corporate
100%
Australia
Australia
Sandstone Exploration Pty Ltd
Body corporate
100%
Australia
Australia
At the end of the financial year, no entity within the Group was a trustee of a trust within the Group, a partner in a partnership
within the Group, or a participant in a joint venture within the Group.
105
DIRECTORS’ DECLARATION
1.
In the opinion of the directors of Brightstar Resources Limited (the ‘Company’):
a.
the accompanying financial statements, notes and the additional disclosures of the Group are in
accordance with the Corporations Act 2001 including:
i.
giving a true and fair view of the Group’s financial position as at 30 June 2025 and of its performance for
the year then ended; and
ii.
complying with Australian Accounting Standards (including the Australian Accounting Interpretations) and
the Corporations Regulations 2001; and
b.
there are reasonable grounds to believe that the Group will be able to pay its debts as and when they
become due and payable.
c. the financial statements and notes thereto are in accordance with International Financial Reporting Standards
issued by the International Accounting Standards Board.
d. the consolidated entity disclosure statement required by 295(3A) of the Corporations Act 2001, included on page
104, is true and correct.
2.
This declaration has been made after receiving the declarations required to be made to the directors in accordance
with Section 295A of the Corporations Act 2001 for the financial year ended 30 June 2025.
This declaration is signed in accordance with a resolution of the Board of Directors pursuant to S.295 (5) of the Corporations
Act 2001.
Richard Crookes
Chairman
Dated this 12th day of September, 2025
BRIGHTSTAR RESOURCES LIMITED
ABN 44 100 727 491
INDEPENDENT AUDITOR’S REPOR TO THE MEMBERS OF
BRIGHTSTAR RESOURCES LIMITED
106
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of Brightstar Resources Limited (“the Company”) and its controlled
entities (“the Group”), which comprises the consolidated statement of financial position as at 30 June
2025, the consolidated statement of profit or loss and other comprehensive income, the consolidated
statement of changes in equity and the consolidated statement of cash flows for the year then ended,
and notes to the financial statements including material accounting policy information, the consolidated
entity disclosure statement and the directors’ declaration.
In our opinion, the accompanying financial report of the Group is in accordance with the Corporations
Act 2001, including:
(a)
giving a true and fair view of the Group’s financial position as at 30 June 2025 and of its
financial performance for the year then ended; and
(b)
complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for Opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under
those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial
Report section of our report. We are independent of the Group in accordance with the auditor
independence requirements of the Corporations Act 2001 and the ethical requirements of the
Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional
Accountants (including Independence Standards) (“the Code”) that are relevant to our audit of the
financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with
the Code.
We confirm that the independence declaration required by the Corporations Act 2001, which has been
given to the directors of the Company, would be in the same terms if given to the directors as at the
time of this auditor’s report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.
Material Uncertainty Related to Going Concern
We draw attention to Note 2 in the financial report for the year ended 30 June 2025 which indicates that
the Group recorded a net loss of $46,068,000 (2024: net loss of $16,291,000), reported net cash used
in operating activities of $30,933,000 (2024: $5,745,000) and as at that date had cash and cash
equivalents of $11,664,000 (2024: $7,961,000). These conditions, along with other matters as set forth
in Note 2, indicate the existence of a material uncertainty that may cast significant doubt about the
Group’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in
our audit of the financial report of the current period. These matters were addressed in the context of
our audit of the financial report as a whole, and in forming our opinion thereon, and we do not provide
a separate opinion on these matters.
Adelaide | Brisbane | Melbourne | Newcastle | Perth | Sydney
Pitcher Partners is an association of independent firms.
Pitcher Partners is a member of the global network of Baker Tilly International Limited, the members
of which are separate and independent legal entities.
pitcher.com.au .
Pitcher Partners BA&A Pty Ltd
An independent Western Australian Company ABN 76 601 361 095.
Level 11, 12-14 The Esplanade, Perth WA 6000
Registered Audit Company Number 467435.
Liability limited by a scheme under Professional Standards Legislation.
BRIGHTSTAR RESOURCES LIMITED
ABN 44 100 727 491
INDEPENDENT AUDITOR’S REPOR TO THE MEMBERS OF
BRIGHTSTAR RESOURCES LIMITED
107
Key Audit Matter
How our audit addressed the key audit matter
Acquisition of Alto Metals Limited (Asset
Acquisition)
Refer to Note 16 and 19 to the financial report.
On 1 August 2024, the Company entered into a
Scheme Implementation Deed to acquire 100% of
the shares in Alto Metals Limited (“Alto”) via a
Scheme of Arrangement (the “Scheme”).
Following approval of the Scheme on 29
November 2024, the Company issued
2,959,092,688 fully paid ordinary shares to Alto
shareholders.
The fair value of the consideration transferred by
the Group was $73,977,000, with total transaction
costs of $4,781,000, resulting in a total
consideration of $78,758,000.
The identifiable assets and liabilities acquired
have been provisionally measured at fair value,
including exploration, evaluation and development
expenditure of $80,162,000.
Accounting for the acquisition under AASB 3
Business Combinations as a business
combination, or under alternative Australian
Accounting Standards as an asset acquisition,
required significant judgement in determining key
assumptions and estimates. These include, but
are not limited to:
•
Whether the acquisition met the definition of a
business under AASB 3
•
Determining the fair value of the consideration
transferred; and
•
Determining the fair value of assets acquired
and any liabilities assumed as part of the
acquisition
Management has determined that the acquisition
does not meet the definition of a business under
AASB 3 and has therefore treated the acquisition
as an acquisition of assets.
Due to the significance to the Group’s financial
report and the level of judgement involved in the
accounting for the acquisition, we consider this to
be a key audit matter.
Our audit procedures included, amongst
others:
Obtaining an understanding of the design
and implementation of the relevant controls
associated with the accounting for the asset
Acquisition.
Understanding and evaluating the key terms
and conditions of the Scheme
Implementation Deed for the acquisition.
Critically evaluating and challenging the
accounting treatment and key judgements
made by management in determining the fair
value of the consideration transferred via the
issue of shares to ensure it is consistent with
the Group’s accounting policy.
Reviewing whether the acquisition date and
the fair value of the purchase consideration
have been determined correctly.
Critically evaluating the Group’s
determination of the provisional fair value of
the assets and liabilities acquired, including
exploration, evaluation and development
expenditure.
Checking the mathematical accuracy of the
calculations performed for the acquisition
accounting.
Assessing the Group’s disclosures across the
financial statement, including Note 19, and
evaluating their consistency with the
assumptions and judgements made by
management.
BRIGHTSTAR RESOURCES LIMITED
ABN 44 100 727 491
INDEPENDENT AUDITOR’S REPOR TO THE MEMBERS OF
BRIGHTSTAR RESOURCES LIMITED
108
Key Audit Matter
How our audit addressed the key audit matter
Exploration and Evaluation – Carrying Value
and Policy Transition
Refer to Note 3,14 and 16 to the financial report.
As at 30 June 2025, the Group held capitalised
exploration and evaluation expenditure of
$129,238,000.
The carrying value of deferred exploration and
evaluation expenditure is assessed for impairment
by the Group when facts and circumstances
indicate that the capitalised exploration and
evaluation expenditure may exceed its
recoverable amount.
The determination as to whether there are any
indicators to require the deferred exploration and
evaluation expenditure to be assessed for
impairment involves a number of judgements
including but not limited to:
•
Whether the Group has tenure of the relevant
area of interest;
•
Whether the Group has sufficient funds to
meet the relevant area of interest minimum
expenditure requirements; and
•
Whether there is sufficient information for a
decision to be made that the relevant area of
interest is not commercially viable.
During the year, the Group also changed its
accounting policy for exploration and evaluation
expenditure. Under the revised policy, exploration
and evaluation costs (other than acquisition costs)
are expensed as incurred.
The change in policy required significant
judgement by management to ensure compliance
with AASB 108 Accounting Policies, Changes in
Accounting Estimates and Errors and AASB 6
Exploration for and Evaluation of Mineral
Resources, particularly in determining whether the
revised policy provides more reliable and relevant
information, whether it had been appropriately
applied (including retrospective adjustments and
related disclosures), and in evaluating impairment
indicators under the revised policy.
Given the size of the balance, the judgemental
nature of the impairment assessments, and the
significance of the accounting policy change, we
consider this a key audit matter.
Our procedures included, amongst others:
Obtaining an understating of and evaluating
the design and implementation of the
relevant processes and controls associated
with the capitalisation of exploration and
evaluation expenditure, and those associated
with the assessment of impairment
indicators.
Examining the Group’s right to explore in the
relevant area of interest, which included
obtaining and assessing supporting
documentation. We also considered the
status of the exploration licences as it related
to tenure.
Considering the Group’s intention and ability
to carry out significant exploration and
evaluation activity in the relevant areas of
interest, including assessing cash flow
forecasts and holding discussions with senior
management and directors regarding
strategy.
Testing a sample of transactions by sighting
evidence of signed contracts, related invoices
and comparing the amount recognised as
deferred exploration and evaluation assets is
in accordance with AASB 6.
Reviewing management’s evaluation and
judgement as to whether the exploration
activities within each relevant area of interest
have reached a stage where the commercial
viability of extracting the resource could be
determined.
Assessing the appropriateness of the Group’s
change in accounting policy for compliance
with AASB 108 and AASB 6, including
evaluating whether the revised policy had
been applied consistently, whether any
retrospective adjustments were required, and
whether
the
related
disclosures
were
adequate.
Assessing the adequacy of the disclosures
included within the financial report.
BRIGHTSTAR RESOURCES LIMITED
ABN 44 100 727 491
INDEPENDENT AUDITOR’S REPOR TO THE MEMBERS OF
BRIGHTSTAR RESOURCES LIMITED
109
Key Audit Matter
How our audit addressed the key audit matter
Share-based payments
Refer to Note 3, 25 and 26 to the financial report.
During the year ended 30 June 2025, share-
based payments represent $1,148,000 of the
Group’s expenditure. Share-based payments
must be recorded at fair value of the service
provided, or in the absence of such, at the fair
value of the underlying equity instrument granted.
Under Australian Accounting Standards, equity
settled awards are measured at fair value on the
measurement date taking into consideration the
probability of the vesting conditions (if any)
attached. This amount is recognised as an
expense either immediately if there are no vesting
conditions, or over the vesting period if there are
vesting conditions.
In calculating the fair value of the underlying
equity instrument there are key judgements that
management must make, including but not limited
to:
•
Estimating the likelihood that the equity
instrument will vest;
•
Estimating expected future share price
volatility;
•
Estimating expected dividend yield; and
•
Risk-free rate of interest.
Due to the significance to the Group’s financial
report and the level of judgement involved in
determining the fair value of the underlying equity
instrument granted, we consider the Group’s
calculation of the share-based payments expense
to be a key audit matter.
Our procedures included, amongst others:
Obtaining an understanding of and evaluating
the design and implementation of the
processes and controls associated with the
preparation of the valuation model used to
assess the fair value of the underlying equity
instrument granted.
Assessing the key judgements used in the
Group’s calculation including the share price
of the underlying equity instrument including
but not limited to:
•
Estimating the likelihood that the equity
instruments will vest;
•
Estimating expected future share price
volatility;
•
Estimating expected dividend yield; and
•
Risk-free rate of interest.
Assessing the Group’s accounting policy as
set out within Note 3, 25 and 26 for consistent
with the requirements of AASB 2 Share-based
Payments.
Assessing the adequacy of the disclosures
included within the financial report.
BRIGHTSTAR RESOURCES LIMITED
ABN 44 100 727 491
INDEPENDENT AUDITOR’S REPOR TO THE MEMBERS OF
BRIGHTSTAR RESOURCES LIMITED
110
Key Audit Matter
How our audit addressed the key audit matter
Rehabilitation provision
Refer to Note 3 and 22 to the financial report.
The Group is liable to rehabilitate the environment
disturbed by the historical operations.
Rehabilitation activities are governed by a
combination of legislative and licence
requirements.
At 30 June 2025, the consolidated statement of
financial position included a provision for such
obligations of $10,890,000.
This was a key audit matter given the
determination of this provision requires evaluating
the key assumptions used by management and
judgement in the assessment of the nature and
extent of future works to be performed, the future
cost of performing the works, the timing of when
the rehabilitation will take place and the economic
assumptions such as the discount and inflation
rates applied to future cash outflows associated
with rehabilitation activities to bring them to their
present value.
Our procedures included, amongst others:
Obtaining an understanding and evaluating
the design and implementation of the
relevant controls associated with the
estimation of costs and other inputs utilised
within the rehabilitation estimate model.
Obtaining the Group’s assessment of its
obligations to rehabilitate disturbed areas and
the estimated future cost of that work, which
forms the basis for the rehabilitation provision
calculations.
Evaluating and testing key assumptions
including economic assumptions through the
performance of the following procedures:
•
considering the appropriateness of the
qualifications and experience of the
management consultant appointed as the
preparer and an expert in his field
•
examining supporting information for
significant changes in future costs
estimates from the prior year
•
considering the appropriateness of the
discount rate and inflation rates applied
to future cash outflows used in
calculating the provision
Assessing the adequacy of the disclosures
included in the financial report.
BRIGHTSTAR RESOURCES LIMITED
ABN 44 100 727 491
INDEPENDENT AUDITOR’S REPOR TO THE MEMBERS OF
BRIGHTSTAR RESOURCES LIMITED
111
The directors are responsible for the other information. The other information comprises the information
included in the Group’s annual report for the year ended 30 June 2025 but does not include the financial
report and our auditor’s report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not
express any form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the financial
report or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this
other information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the Directors for the Financial Report
The directors of the Company are responsible for the preparation of:
a) the financial report (other than the consolidated entity disclosure statement) that gives a true
and fair view in accordance with Australian Accounting Standards and the Corporations Act
2001; and
b) the consolidated entity disclosure statement that is true and correct in accordance with the
Corporations Act 2001; and
for such internal control as the directors determine is necessary to enable the preparation of:
(i) the financial report (other than the consolidated entity disclosure statement) that gives a true
and fair view and is free from material misstatement, whether due to fraud or error; and
(ii) the consolidated entity disclosure statement that is true and correct and is free of misstatement,
whether due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the Group to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to liquidate the Group or to cease
operations, or have no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free
from material misstatement, whether due to fraud or error and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit
conducted in accordance with the Australian Auditing Standards will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material
if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of this financial report.
BRIGHTSTAR RESOURCES LIMITED
ABN 44 100 727 491
INDEPENDENT AUDITOR’S REPOR TO THE MEMBERS OF
BRIGHTSTAR RESOURCES LIMITED
112
As part of an audit in accordance with the Australian Auditing Standards, we exercise professional
judgement and maintain professional scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial report, whether due to fraud
or error, design and perform audit procedures responsive to those risks, and obtain audit evidence
that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal
control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Group’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the directors.
• Conclude on the appropriateness of the directors’ use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to events
or conditions that may cast significant doubt on the Group’s ability to continue as a going concern.
If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s
report to the related disclosures in the financial report or, if such disclosures are inadequate, to
modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of
our auditor’s report. However, future events or conditions may cause the Group to cease to
continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial report, including the
disclosures, and whether the financial report represents the underlying transactions and events in
a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business activities within the Group to express an opinion on the financial report. We are
responsible for the direction, supervision and performance of the Group audit. We remain solely
responsible for our audit opinion.
We communicate with the directors regarding, among other matters, the planned scope and timing of
the audit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit.
We also provide the directors with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate
threats or safeguards applied.
From the matters communicated with the directors, we determine those matters that were of most
significance in the audit of the financial report of the current period and are therefore the key audit
matters. We describe these matters in our auditor’s report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, we determine that a matter
should not be communicated in our report because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest benefits of such communication.
BRIGHTSTAR RESOURCES LIMITED
ABN 44 100 727 491
INDEPENDENT AUDITOR’S REPOR TO THE MEMBERS OF
BRIGHTSTAR RESOURCES LIMITED
113
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in pages 28 to 41 of the directors’ report for the
year ended 30 June 2025. In our opinion, the Remuneration Report of Brightstar Resources Limited,
for the year ended 30 June 2025, complies with section 300A of the Corporations Act 2001.
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the Remuneration
Report in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express
an opinion on the Remuneration Report, based on our audit conducted in accordance with Australian
Auditing Standards.
PITCHER PARTNERS BA&A PTY LTD
PAUL MULLIGAN
Executive Director
Perth, 12 September 2025
114
CORPORATE GOVERNANCE STATEMENT
The Company’s charters, policies and procedures are regularly reviewed and updated to comply with law and best practice.
These charters and policies as well as the Company’s Corporate Governance Statement can be viewed on the Company’s
website located at www.brightstarresources.com.au. The Company is committed to applying the ASX Corporate
Governance Council’s Corporate Governance Principles (4th Edition) (ASX Principles and Recommendations) and the
Corporate Governance Statement discloses the extent to which the entity has followed the recommendations set by the
ASX Corporate Governance Council during the financial year ended 30 June 2025.
115
ASX ADDITIONAL INFORMATION
Additional information required by the Australian Stock Exchange Limited and not disclosed elsewhere in this report is set
out below. This information is effective as at 9 September 2025.
Distribution of Shares
Range
Number of Holders
Securities Held
1 – 1,000
1,570
853,881
1,001 – 5,000
3,525
9,158,228
5,001 – 10,000
1,473
11,537,488
10,001 – 100,000
2,786
91,094,265
100,001 over
389
466,608,049
Rounding Total
9,743
579,251,911
The number of shareholdings held in less than marketable parcels is 1,612 shareholders amounting to 897,103 shares.
Top 20 Largest Shareholders
Shareholder
Shares held
% of issued capital
1
CITICORP NOMINEES PTY LIMITED
76,808,185
13.26
2
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
45,446,086
7.85
3
J P MORGAN NOMINEES AUSTRALIA PTY LIMITED
28,060,593
4.84
4
LION SELECTION GROUP LIMITED
27,388,311
4.73
5
MR JACK ZEEV YETIV
24,966,310
4.31
6
GATEWAY MINING LIMITED
18,753,150
3.24
7
BLUE CAPITAL EQUITIES PTY LTD
13,339,828
2.30
8
PATRONUS INVEST PTY LTD
11,352,805
1.96
9
UBS NOMINEES PTY LTD
11,103,926
1.92
10
WARBONT NOMINEES PTY LTD
11,052,759
1.91
11
BNP PARIBAS NOMINEES PTY LTD
10,954,224
1.89
12
GENESIS MINERALS LIMITED
8,391,074
1.45
13
DEUTSCHE BALATON AKTIENGESELLSCHAFT
8,132,000
1.40
14
BELL POTTER NOMINEES LTD
7,198,434
1.24
15
WINDSONG VALLEY PTY LTD
5,824,867
1.01
16
RME CAPITAL PTY LTD
5,501,145
0.95
17
SANDHURST TRUSTEES LTD
4,770,501
0.82
18
MIG GOLD PTY LTD
4,691,295
0.81
19
TERRANDA PTY LTD
3,844,456
0.66
20
MAKO MINING PTY LTD
3,479,251
0.60
Total Top 20 Holders
331,059,200
57.15
Total Remaining Holders
248,192,711
42.85
Total Ordinary Shares on Issue
579,251,911
100.00
116
ASX ADDITIONAL INFORMATION (Continued)
Substantial Shareholders
As of 9 September 2025, Brightstar Resources Limited have no substantial shareholders with relevant
interests of 5% or more of the fully-paid ordinary shares on issue.
Voting Rights:
One vote for each ordinary share held in accordance with the Company’s Memorandum and Articles of
Association. Unlisted Options and Share Performance Rights do not carry any voting rights.
On-Market Buy-Back:
There is no current on-market buy-back.
Restricted Securities:
The Company currently has the following restricted securities:
•
9,372,092 fully paid ordinary shares classified by ASX as restricted securities and to be held in
escrow until 31 March 2026.
117
ASX ADDITIONAL INFORMATION (Continued)
Unquoted Securities
The Company had the following unquoted securities on issue as at 9 September 2025:
Type of Securities
Date of Expiry
Exercise Price ($)
Number of
Securities
Number of Holders
Options
7 July 2026
0.60
600,000
1
Options
7 July 2026
0.50
600,000
1
Options
16 January 2026
0.575
131,579
1
Options
16 January 2026
0.95
157,895
1
Options
30 June 2026
Nil
552,000
2
Options
30 June 2026
0.575
168,878
2
Options
19 July 2027
0.75
1,000,000
1
Options
19 July 2028
1.00
1,000,000
1
Options
7 July 2026
0.625
600,000
1
Options
7 July 2026
0.875
600,000
1
Options
1 July 2027
0.625
800,000
1
Options
1 July 2027
0.875
800,000
1
Performance
Rights
31 March 2026
Nil
1,200,000
1
Performance
Rights
3 June 2029
Nil
2,328,750
2
118
ASX ADDITIONAL INFORMATION (Continued)
Tenement Schedule at 9 September 2025
Project
Tenement ID
Status
Register Holder/Applicant
Ownership
Menzies
E29/1062
Granted
Goongarrie Operational & Mining Pty Ltd (4)
100%
Menzies
E29/966
Granted
Goongarrie Operational & Mining Pty Ltd
100%
Menzies
E29/981
Granted
Kalgoorlie Nickel Pty Ltd (1)
100%
Menzies
E29/984
Granted
Kalgoorlie Nickel Pty Ltd (1)
100%
Menzies
E29/996
Granted
Goongarrie Operational & Mining Pty Ltd
100%
Laverton
E38/2411
Granted
Brightstar Resources Limited
100%
Laverton
E38/2452
Granted
Brightstar Resources Limited
100%
Laverton
E38/2894
Granted
Brightstar Resources Limited
100%
Laverton
E38/3198
Granted
Brightstar Resources Limited
100%
Laverton
E38/3279
Granted
Brightstar Resources Limited
100%
Laverton
E38/3331
Granted
Brightstar Resources Limited
100%
Laverton
E38/3434
Granted
Brightstar Resources Limited
100%
Laverton
E38/3438
Granted
Brightstar Resources Limited
100%
Laverton
E38/3500
Granted
Brightstar Resources Limited
100%
Laverton
E38/3504
Granted
Brightstar Resources Limited
100%
Laverton
E38/3673
Granted
Brightstar Resources Limited
100%
Laverton
E39/1539
Granted
Second Fortune Gold Project Pty Ltd
100%
Laverton
E39/1977
Granted
Second Fortune Gold Project Pty Ltd
100%
Laverton
E39/2081
Granted
Second Fortune Gold Project Pty Ltd
100%
Laverton
E39/2385
Application
Lord Byron Mining Pty Ltd
100%
Laverton
E39/2386
Application
Lord Byron Mining Pty Ltd
100%
Laverton
E39/2387
Application
Lord Byron Mining Pty Ltd
100%
Sandstone
E53/2108
Granted
Gateway Mining Limited (6)
100%
Sandstone
E53/2340
Granted
Gateway Mining Limited (6)
100%
Sandstone
E57/1004(6)
Granted
Gateway Mining Limited (6)
100%
Sandstone
E57/1005
Granted
Gateway Mining Limited (6)
100%
Sandstone
E57/1029
Granted
Sandstone Exploration Pty Ltd
100%
Sandstone
E57/1030
Granted
Sandstone Exploration Pty Ltd
100%
Sandstone
E57/1031
Granted
Sandstone Exploration Pty Ltd
100%
Sandstone
E57/1033
Granted
Sandstone Exploration Pty Ltd
100%
Sandstone
E57/1044
Granted
Sandstone Exploration Pty Ltd
100%
Sandstone
E57/1060
Granted
Gateway Mining Limited / Element 25 Limited (7)
80%
Sandstone
E57/1072
Granted
Sandstone Exploration Pty Ltd
100%
Sandstone
E57/1095
Granted
Gateway Mining Limited (6)
100%
119
ASX ADDITIONAL INFORMATION (Continued)
Tenement Schedule at 12 September 2025 (Continued)
Project
Tenement ID
Status
Register Holder/Applicant
Ownership
Sandstone
E57/1101
Granted
Sandstone Exploration Pty Ltd
100%
Sandstone
E57/1108
Granted
Sandstone Exploration Pty Ltd
100%
Sandstone
E57/1113
Granted
Gateway Mining Limited (6)
100%
Sandstone
E57/1145
Granted
Gateway Mining Limited (6)
100%
Sandstone
E57/1147(6)
Granted
Gateway Mining Limited (6)
100%
Sandstone
E57/1215
Granted
Gateway Mining Limited (6)
100%
Sandstone
E57/1228
Granted
Sandstone Exploration Pty Ltd
100%
Sandstone
E57/1402
Application
Sandstone Exploration Pty Ltd
0%
Sandstone
E57/1423
Application
Gateway Mining Limited (6)
100%
Sandstone
E57/1424
Application
Gateway Mining Limited (6)
100%
Sandstone
E57/1441
Granted
Gateway Mining Limited (6)
100%
Sandstone
E57/1453
Granted
Gateway Mining Limited (6)
100%
Sandstone
E57/1454
Granted
Gateway Mining Limited (6)
100%
Sandstone
E57/1465
Granted
Gateway Mining Limited (6)
100%
Sandstone
E57/1466
Granted
Gateway Mining Limited (6)
100%
Sandstone
E57/405
Granted
Gateway Mining Limited (6,9)
100%
Sandstone
E57/417
Granted
Gateway Mining Limited (6)
100%
Sandstone
E57/687
Granted
Gateway Mining Limited (6,9)
100%
Sandstone
E57/793
Granted
Gateway Mining Limited / Estuary Resources Pty
Ltd (6,8,9)
75%
Sandstone
E57/807
Granted
Gateway Mining Limited (6)
100%
Sandstone
E57/823
Granted
Gateway Mining Limited (6,9)
100%
Sandstone
E57/824
Granted
Gateway Mining Limited (6,9)
100%
Sandstone
E57/874
Granted
Gateway Mining Limited (6)
100%
Sandstone
E57/875
Granted
Gateway Mining Limited (6,9)
100%
Sandstone
E57/888
Granted
Gateway Mining Limited (6,9)
100%
Sandstone
E57/945
Granted
Gateway Mining Limited (6)
100%
Laverton
G38/39
Granted
Brightstar Resources Limited
100%
Menzies
L29/42
Granted
Menzies Operational & Mining Pty Ltd
100%
Menzies
L29/43
Granted
Menzies Operational & Mining Pty Ltd
100%
Menzies
L29/44
Granted
Menzies Operational & Mining Pty Ltd
100%
Laverton
L38/100
Granted
Brightstar Resources Limited
100%
Laverton
L38/120
Granted
Lord Byron Mining Pty Ltd
100%
Laverton
L38/123
Granted
Brightstar Resources Limited
100%
Laverton
L38/154
Granted
Brightstar Resources Limited
100%
120
ASX ADDITIONAL INFORMATION (Continued)
Tenement Schedule at 12 September 2025 (Continued)
Project
Tenement ID
Status
Register Holder/Applicant
Ownership
Laverton
L38/163
Granted
Lord Byron Mining Pty Ltd
100%
Laverton
L38/164
Granted
Lord Byron Mining Pty Ltd
100%
Laverton
L38/168
Granted
Brightstar Resources Limited
100%
Laverton
L38/169
Granted
Brightstar Resources Limited
100%
Laverton
L38/171
Granted
Brightstar Resources Limited
100%
Laverton
L38/185
Granted
Brightstar Resources Limited
100%
Laverton
L38/188
Granted
Brightstar Resources Limited
100%
Laverton
L38/205
Granted
Brightstar Resources Limited
100%
Laverton
L38/384
Application
Brightstar Resources Limited
100%
Laverton
L38/401
Granted
Brightstar Resources Limited
100%
Laverton
L39/12
Granted
Second Fortune Gold Project Pty Ltd
100%
Laverton
L39/124
Granted
Lord Byron Mining Pty Ltd
100%
Laverton
L39/13
Granted
Second Fortune Gold Project Pty Ltd
100%
Laverton
L39/14
Granted
Second Fortune Gold Project Pty Ltd
100%
Laverton
L39/214
Granted
Lord Byron Mining Pty Ltd
100%
Laverton
L39/230
Granted
Second Fortune Gold Project Pty Ltd
100%
Menzies
M29/14
Granted
Menzies Operational & Mining Pty Ltd
100%
Menzies
M29/153
Granted
Menzies Operational & Mining Pty Ltd
100%
Menzies
M29/154
Granted
Menzies Operational & Mining Pty Ltd
100%
Menzies
M29/184
Granted
Menzies Operational & Mining Pty Ltd
100%
Menzies
M29/212
Granted
Menzies Operational & Mining Pty Ltd
100%
Menzies
M29/410
Granted
Menzies Operational & Mining Pty Ltd
100%
Menzies
M29/88
Granted
Menzies Operational & Mining Pty Ltd
100%
Laverton
M38/1056
Granted
Brightstar Resources Limited
100%
Laverton
M38/1057
Granted
Brightstar Resources Limited
100%
Laverton
M38/1058
Granted
Brightstar Resources Limited
100%
Laverton
M38/241
Granted
Brightstar Resources Limited
100%
Laverton
M38/314
Granted
Brightstar Resources Limited
100%
Laverton
M38/346
Granted
Brightstar Resources Limited
100%
Laverton
M38/381
Granted
Brightstar Resources Limited
100%
Laverton
M38/549
Granted
Brightstar Resources Limited
100%
Laverton
M38/9
Granted
Brightstar Resources Limited
100%
Laverton
M38/917
Granted
Brightstar Resources Limited
100%
Laverton
M38/918
Granted
Brightstar Resources Limited
100%
121
ASX ADDITIONAL INFORMATION (Continued)
Tenement Schedule at 12 September 2025 (Continued)
Project
Tenement ID
Status
Register Holder/Applicant
Ownership
Laverton
M38/94
Granted
Brightstar Resources Limited
100%
Laverton
M38/95
Granted
Brightstar Resources Limited
100%
Laverton
M38/968
Granted
Desert Exploration Pty Ltd
100%
Laverton
M38/984
Granted
Brightstar Resources Limited
100%
Laverton
M39/138
Granted
Lord Byron Mining Pty Ltd
100%
Laverton
M39/139
Granted
Lord Byron Mining Pty Ltd
100%
Laverton
M39/185
Granted
Lord Byron Mining Pty Ltd
100%
Laverton
M39/255
Granted
Second Fortune Gold Project Pty Ltd
100%
Laverton
M39/262
Granted
Lord Byron Mining Pty Ltd
100%
Laverton
M39/649
Granted
Second Fortune Gold Project Pty Ltd
100%
Laverton
M39/650
Granted
Second Fortune Gold Project Pty Ltd
100%
Laverton
M39/794
Granted
Second Fortune Gold Project Pty Ltd
100%
Sandstone
M57/217
Granted
Gateway Mining Limited (6,9)
100%
Sandstone
M57/429
Granted
Gateway Mining Limited / Estuary Resources Pty Ltd (6,8)
75%
Sandstone
M57/48
Granted
Gateway Mining Limited (9)
100%
Sandstone
M57/485
Granted
Gateway Mining Limited / Estuary Resources Pty Ltd (6,8,9)
75%
Sandstone
M57/646
Granted
Sandstone Exploration Pty Ltd
100%
Sandstone
M57/647
Granted
Sandstone Exploration Pty Ltd
100%
Sandstone
M57/650
Granted
Sandstone Exploration Pty Ltd
100%
Sandstone
M57/651
Granted
Sandstone Exploration Pty Ltd
100%
Sandstone
M57/652
Granted
Sandstone Exploration Pty Ltd
100%
Sandstone
M57/658
Granted
Sandstone Exploration Pty Ltd
100%
Sandstone
M57/663
Granted
Sandstone Exploration Pty Ltd
100%
Sandstone
M57/665
Granted
Sandstone Exploration Pty Ltd
100%
Sandstone
M57/98
Granted
Gateway Mining Limited (6,9)
100%
Sandstone
M57/99
Granted
Gateway Mining Limited (6,9)
100%
Menzies
P29/2346
Granted
Menzies Operational & Mining Pty Ltd
100%
Menzies
P29/2380
Granted
Goongarrie Operational & Mining Pty Ltd (5)
100%
Menzies
P29/2381
Granted
Goongarrie Operational & Mining Pty Ltd
100%
Menzies
P29/2412
Granted
Goongarrie Operational & Mining Pty Ltd
100%
Menzies
P29/2413
Granted
Goongarrie Operational & Mining Pty Ltd
100%
Menzies
P29/2450
Granted
Menzies Operational & Mining Pty Ltd
100%
Menzies
P29/2467
Granted
Goongarrie Operational & Mining Pty Ltd (5)
100%
Menzies
P29/2468
Granted
Goongarrie Operational & Mining Pty Ltd (5)
100%
122
ASX ADDITIONAL INFORMATION (Continued)
Tenement Schedule at 12 September 2025 (Continued)
Project
Tenement ID
Status
Register Holder/Applicant
Ownership
Menzies
P29/2511
Granted
Kalgoorlie Nickel Pty Ltd (3)
100%
Menzies
P29/2512
Granted
Kalgoorlie Nickel Pty Ltd (3)
100%
Menzies
P29/2513
Granted
Kalgoorlie Nickel Pty Ltd (3)
100%
Menzies
P29/2514
Granted
Kalgoorlie Nickel Pty Ltd (3)
100%
Menzies
P29/2515
Granted
Kalgoorlie Nickel Pty Ltd (3)
100%
Menzies
P29/2531
Granted
Goongarrie Operational & Mining Pty Ltd
100%
Menzies
P29/2533
Granted
Goongarrie Operational & Mining Pty Ltd
100%
Menzies
P29/2538
Granted
Kalgoorlie Nickel Pty Ltd (3)
100%
Menzies
P29/2539
Granted
Kalgoorlie Nickel Pty Ltd (3)
100%
Menzies
P29/2578
Granted
Menzies Operational & Mining Pty Ltd
100%
Menzies
P29/2579
Granted
Menzies Operational & Mining Pty Ltd
100%
Menzies
P29/2580
Granted
Menzies Operational & Mining Pty Ltd
100%
Menzies
P29/2581(6)
Granted
Menzies Operational & Mining Pty Ltd
100%
Menzies
P29/2582
Granted
Menzies Operational & Mining Pty Ltd
100%
Menzies
P29/2583(6)
Granted
Menzies Operational & Mining Pty Ltd
100%
Menzies
P29/2584
Granted
Menzies Operational & Mining Pty Ltd
100%
Menzies
P29/2585
Granted
Menzies Operational & Mining Pty Ltd
100%
Menzies
P29/2588
Granted
Goongarrie Operational & Mining Pty Ltd
100%
Menzies
P29/2649
Granted
Kalgoorlie Nickel Pty Ltd (3)
100%
Menzies
P29/2650
Granted
Kalgoorlie Nickel Pty Ltd (3)
100%
Menzies
P29/2651
Granted
Kalgoorlie Nickel Pty Ltd (3)
100%
Menzies
P29/2656
Granted
Goongarrie Operational & Mining Pty Ltd
100%
Menzies
P29/2675
Application
Goongarrie Operational & Mining Pty Ltd
100%
Menzies
P29/2676
Application
Goongarrie Operational & Mining Pty Ltd
100%
Laverton
P38/4431
Granted
Brightstar Resources Limited
100%
Laverton
P38/4432
Granted
Brightstar Resources Limited
100%
Laverton
P38/4433
Granted
Brightstar Resources Limited
100%
Laverton
P38/4444
Granted
Brightstar Resources Limited
100%
Laverton
P38/4446
Granted
Brightstar Resources Limited
100%
Laverton
P38/4447
Granted
Brightstar Resources Limited
100%
Laverton
P38/4448
Granted
Brightstar Resources Limited
100%
Laverton
P38/4449
Granted
Brightstar Resources Limited
100%
Laverton
P38/4450
Granted
Brightstar Resources Limited
100%
Laverton
P38/4508
Granted
Brightstar Resources Limited
100%
123
ASX ADDITIONAL INFORMATION (Continued)
Tenement Schedule at 12 September 2025 (Continued)
Project
Tenement ID
Status
Register Holder/Applicant
Ownership
Laverton
P38/4545
Granted
Brightstar Resources Limited
100%
Laverton
P38/4546
Granted
Brightstar Resources Limited
100%
Laverton
P38/4558
Granted
Brightstar Resources Limited
100%
Sandstone
P57/1409
Granted
Gateway Projects WA Pty Ltd (6,9)
100%
Sandstone
P57/1410
Granted
Gateway Projects WA Pty Ltd (6,9)
100%
Sandstone
P57/1411
Granted
Gateway Projects WA Pty Ltd (6,9)
100%
Sandstone
P57/1413
Granted
Gateway Projects WA Pty Ltd (6,9)
100%
Sandstone
P57/1455
Granted
Gateway Mining Limited (6)
100%
Sandstone
P57/1456
Granted
Gateway Mining Limited (6)
100%
Sandstone
P57/1494
Application
Gateway Mining Limited (6)
100%
Sandstone
P57/1495
Application
Gateway Mining Limited (6)
100%
Sandstone
P57/1496
Application
Gateway Mining Limited (6)
100%
Sandstone
P57/1529
Granted
Sandstone Exploration Pty Ltd
100%
Notes:
1
Brightstar holds gold and lithium rights in relation to this tenement.
2
Brightstar holds all rights in relation to these tenements.
3
Kalgoorlie Nickel Pty Ltd holds all rights in relation to these tenements.
4
Kalgoorlie Nickel Pty Ltd holds tenement infrastructure rights in relation to this tenement.
5
Kalgoorlie Nickel Pty Ltd holds all rights in relation to these tenements other than gold rights,
which are held by Goongarrie Operational and Mining Pty Ltd.
6.
All tenements held by Gateway Mining Ltd (including Gateway Projects WA Pty Ltd) are being
transferred to Montague Gold Project Pty Ltd, a wholly owned subsidiary of Brightstar Resources
Ltd.
7.
Tenement E57/1060 is subject to a joint venture agreement, whereby the Company holds an 80%
interest and Element 25 Limited holds the remaining 20% interest.
8.
Tenements M57/429, M57/485 and E57/793 are subject to a joint venture agreement, whereby the
Company holds a 75% interest and Estuary Resources holds the remaining 25% interest.
9.
Tenements E57/405, E57/687, E57/793, E57/823, E57/824, E57/875, E57/888, M57/217, M57/48,
M57/485, M57/98, M57/99, P57/1409, P57,1410, P57/1411 and P57/1413 are subject to a farm-in
joint venture agreement with Premier 1 Lithium Limited (ASX:PLC), whereby PLC has the right to
acquire an 80% interest in the lithium rights (and related by-products). The Company retains the
precious metals rights.