Brightstar Resources has executed a $US11.5 million ($17.8 million) revolving stockpile finance facility with Ocean Partners Australia – a trading services provider – to aid the production ramp-up at its Laverton hub in Western Australia.
Structured as an advance payment agreement, the facility provides Brightstar with consistent and flexible funding for growth across its Second Fortune underground mine, Fish underground mine and Lord Byron open pit mine. It will also support other general working capital requirements.
The facility aligns with the ore purchase agreement (OPA) Brightstar has with Genesis Minerals, which involves Brightstar delivering, selling and processing up to 500,000 tonnes (t) from its Laverton hub at Genesis’ Laverton mill.
The OPA is taking place over the course of 2025 and the first quarter of 2026, with approximately 160,000t at 0.9 grams per tonne of gold from the Lord Byron deposit available for immediate processing.
“The completion of the binding, full-form documentation for the $US11.5 million debt finance facility with Ocean Partners provides Brightstar with non-dilutive, flexible funding as we continue to execute on our 2025 production growth strategy,” Brightstar managing director Alex Rovira said.
“I would like to thank our counterparties in Ocean Partners and Genesis for the collaborative approach to completing this financing, which provides Brightstar significant balance sheet flexibility to continue to aggressively pursue growth across our current gold production and continued exploration efforts targeting new discoveries and mineral resource growth across the portfolio.”
Second Fortune recommenced full production during the March 2025 quarter, producing 3002 ounces (oz) and selling 4372oz under the OPA with Genesis. Brightstar will work towards increasing its production to approximately 10,000–12,000t per month.
Fish is currently developing its underground portal, with first ore anticipated in the June 2025 quarter. The mine is then expected to ramp up to 15,000t per month from July onwards.
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