Brightstar Resources Reports Decline in Ore Mined for June Quarter; Shares Down 6%

MT Newswires Live

Jul 30

Brightstar Resources (ASX:BTR) said it mined 28,300 tonnes of ore in the June quarter at 3.1 grams per tonne grade of gold, according to a Thursday filing with the Australian bourse.

In the year-ago period, the company reported 34,700 tonnes of ore mined at 3.3 g/t gold, a previous filing showed.

Brightstar also struck a power purchase agreement and LNG supply deal for its Laverton mill power station in Western Australia following the close of the June quarter.

It signed the power purchase deal with PWR Hybrid Solutions and the supply agreement with EVOL LNG, both portfolio companies of OCTA Group, to align fuel supply and power generation under a coordinated contractual framework, per the filing.

The company ended the June quarter with AU$122 million in cash on hand and undrawn net bond proceeds of AU$161 million for a total liquidity position of AU$283 million.

Its shares fell 6% in recent Thursday trade.

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