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BTR - Brightstar Resources

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If anyone is slightly confused why this ticker code is not yet valid, the name change from A1 Minerals to Stone Resources Australia does not take effect until tomorrow (13/12).
 
On December 14th, 2020, Stone Resources Australia Limited (SHK) changed its name and ASX code to Brightstar Resources Limited (BTR).
 

Brightstar Resources (ASX:BTR) confirms high-grade gold extensions at Cork Tree Well project, WA

Brightstar Resources (ASX:BTR) has confirmed "high grade" gold extensions from its extensional reverse circulation (RC) at the Cork Tree Well (CTW) project in Western Australia.
themarketherald.com.au
Brightstar Resources (BTR) has confirmed “high-grade” extensions to gold mineralisation from recent drilling at its Cork Tree Well (CTW) project in Western Australia.

This program, which consisted of 31 reverse circulation (RC) holes for approximately 4750 metres, was developed to improve Brightstar’s understanding of the lode morphology and position to the north of the existing open pits following a previous RC program back in 2021.
 
This is the company that forcibly acquired all the shares and options of Kingwest Resources (KWR). I have no faith in the ongoing enterprise or the people running it. Done no homework, so anyone interested in the combined enterprise should disregard. Sold all but the rump of my holding today to crystallise the loss: 1,184 211 BTR @ 0.011, the equivalent of 450,000 of the old KWR shares. Again, apology for advocating for KWR in past posts.
This will free up a bit of cash to make another mistake elsewhere.

Held
 
BTR recently completed a mine study towards 'restart consideration' of both their 100% owned Menzies & Laverton Gold projects in WA.

The projects seem viable given our current high AUD Gold price & relatively minimal capex required of about $25m to get project operational.
 
 
• Acquisition of 100% of the fully paid ordinary shares in Alto Metals Limited (AME) via ascheme of arrangement
• Each Alto shareholder will receive 4.0 Brightstar Resources Limited fully paid ordinary shares for every Alto share held
• Alto owns the Sandstone Gold Project comprising a significant land position in the East Murchison and current Mineral Resource of 1.05Moz Au at 1.5g/t1
• Scheme unanimously recommended by the Alto Board, subject to no superior proposal emerging and an independent expert concluding (and continuing to conclude) that the Scheme is in the best interests of Alto shareholders
• Alto Managing Director, Matthew Bowles, to be appointed to the Brightstar Board as Non-Executive Director from implementation of the Scheme
• Alto’s largest shareholder, Windsong Valley Pty Ltd, representing 15% of shares on issue in Alto, has confirmed to Alto that it intends to vote all Alto shares held in favour of the Scheme, in the absence of a superior proposal and subject to an independent expert concluding (and continuing to conclude) that the merger is in the best interests of Alto shareholders
• Scheme is conditional on the Placement, but not the Montague Acquisition
• Scheme expected to be implemented 13 November 2024
 
East Coast Research's latest pump out today.
I hold a small amount of BTR, greatly reduced after the acquisition of King West Resources.
No fan of the company and I don't bother to follow it. But expect a rally after this spruik.

​
New Report Launched ​
Brightstar Resources Limited (ASX: BTR)​
​
We upgrade our valuation of Brightstar Resources Ltd (ASX: BTR) to a 12- month target price of A$0.064 – representing a 180% upside from the current share price of $0.023. BTR is a gold exploration and development company that owns multiple gold projects in proximity to each other, to the company’s processing plant (currently on care and maintenance), and to other existing infrastructure in the prolific Eastern Goldfields of Western Australia. BTR is currently producing gold from its Second Fortune Underground Mine, located south of Laverton in WA, and is preparing to start a number of other mining operations to capitalise on high gold prices. The company has a total defined gold resources estimate of 3Moz at 1.5g/t Au (post Alto acquisition completion) and is currently working on a definitive feasibility study for the combined development of its multiple gold projects at its Menzies and Laverton Hubs, expected to be completed by Q1 CY24.​
Set to become a major WA gold producer with low capex requirement​
Given the ready access to existing infrastructure, an existing processing plant that requires small refurbishment costs as well as other key non-processing infrastructure, we think Brightstar is on a fast track to transition from currently a junior gold producer with modest-scale toll-treating operations to a serious WA gold producer, potentially in the next two years. Brightstar has completed two scoping studies showing a combined NPV8 of A$227m (utilising gold price inputs of A$2,900/oz and A$3,000/oz, significantly below current spot gold price) with a small pre-production Capex of only A$34m. In the meantime, BTR is working on assessing the toll-treating of another one of its deposits at Menzies in conjunction with the development of larger-scale operations in CY25.​
We maintain our positive outlook for gold prices​
 
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