- 01Mikado licenses near Laverton.
- 02$350k cash; haul road link.
- 03Expands plant footprint; adds water, borefield, tailings; targets 2.5 Mtpa.
Brightstar Resources (ASX: BTR) has secured a deal with Panther Metals (ASX: PNT) to acquire five exploration licences comprising the Mikado gold project, near its Laverton processing plant.
Under the terms, Brightstar will pay a $350,000 consideration funded from its existing cash reserves and will commence construction of a haul road to connect the Fish underground and Lord Byron open pit operations — which form part of the company’s flagship Goldfields project — to the plant ahead of tenement transfer registration.
Ownership of the Mikado tenure provides Brightstar with contiguous control of the plant precinct and is expected to reduce haulage costs across the Laverton hub over the life of both mining operations.
It offers an additional footprint for water exploration and borefield infrastructure plus increased landholding for a long-life expanded tailings storage capacity strategy.
Future-Proofing Laverton
Brightstar managing director Alex Rovira said Mikado covered “highly strategic ground” which would enable the company to future-proof an expansion scenario from the current 1.5 million tonnes per annum to 2.5Mtpa within the Laverton infrastructure corridor.
“Securing this tenure outright for a modest cash outlay consolidates our control of the plant precinct and provides a footprint for the water, tailings, and haul road access infrastructure that will support the Laverton hub over the long-term,” he said.
“It is a disciplined low-cost transaction that strengthens the foundations of the Goldfields project.”
Brightstar is advancing Goldfields towards a mid-2027 start-up, with a January updated feasibility study outlining the production of more than 75,000 ounces per annum over six years for $1 billion in life-of-mine cash flow, a $606 million net present value, and 74% internal rate of return.
Mining-Processing Partnership
Brightstar and Panther have agreed to establish a framework for a strategic mining and processing partnership over Panther’s high-grade Burtville East gold deposit that would see Brightstar fund the open-pit mining, haulage, and processing of ore, with all costs (including development capital) incurred on an open-book basis and net proceeds divided equally after recovery of costs.
A 2025 scoping study outlined production of 112,000t grading 2.46 grams per tonne gold from Burtville East for approximately 8,900oz over six months and a $26.6m NPV.
Mr Rovira said the partnership would provide Panther with a fully funded pathway to monetise Burtville East and offered Brightstar an additional source of ore feed for the Laverton plant.
“It reflects our collegiate approach to operating in the Laverton district—by offering a fully funded, open-book mining and processing pathway through our plant infrastructure, we can help bring this project into production without Panther having to fund the development capital and both companies share equally in the outcome,” he said.
“It adds a potential source of shallow, high-grade feed for our plant, delivers value to both sets of shareholders and underlines the strategic importance of Brightstar’s infrastructure to the surrounding district.”
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