Brightstar Resources Limited Reports Strong Production Developments at Second Fortune and Fish Mines

Brightstar Resources Limited is pleased to announce significant production developments at its Second Fortune and Fish mines located within its Laverton Hub. Mining activities are progressing on schedule, with Second Fortune and Fish on track for substantial production growth in the September quarter. In parallel with mining, Brightstar has initiated surface and underground drilling programs to target extensions to the known mineralisation and prove up mine life extensions at both mines.

The company's Executive Director - Operations, Andrew Rich, commented on the progress made at both mines. "It is pleasing to see the hard work from our operations teams paying off, with significant increases in production in recent months at Second Fortune, and the Fish mine producing ahead of schedule as stoping commenced in late August. This is expected to underpin a +50% quarter-on-quarter production growth in the September quarter across the sites as the mines trend towards steady state production rates."

Key Takeaways:

• Brightstar Resources Limited has reported strong production developments at its Second Fortune and Fish mines, with significant increases in gold production and development in the last three months.
• The company has initiated surface and underground drilling programs to target extensions to the known mineralisation and prove up mine life extensions at both Second Fortune and Fish mines.
• The first stope on the 1350 Level at the Fish Mine was successfully fired in August, signifying the commencement of stoping production and a new milestone achieved for the Fish team.
• The increase in development and production at both Second Fortune and Fish was achieved without incurring a Lost Time Injury (LTI), increasing Brightstar's LTI record to over 1,795 days.
• The company is targeting a monthly group production of 2,400 - 2,800oz (annualised run rate of ~29-34koz pa) at a targeted group all-in sustaining cost range of A$3,800-A$4,000/oz.

Statistics:

• Monthly gold production at Second Fortune has increased due to increased split firing development faces combined with higher grade ore reporting through from the recently discovered 'FTV vein'.
• The First Fortune Mine has seen strong improvement in production and development in the last three months, with a 50% quarter-on-quarter production growth expected in the September quarter.
• The Fish Mine has continued to improve on development performance, with crews now fully staffed, surface and underground infrastructure works complete, and additional headings available.
• The company has completed a reconciled processing campaign of ~52kt @ 2.68g/t Au and a 91% recovery for 4,067oz recovered.

Sources:

• Brightstar Resources Limited ASX news release