Brightstar Resources has successfully raised $180 million to fully fund its Goldfields project and advance the Sandstone gold project to the final investment stage.

The funding comes through a combination of an institutional placement and a share purchase plan for existing shareholders, putting the company in a strong position to push forward its growth plans.

The placement attracted support from leading domestic and international natural resources investors, including several new specialist funds.

Brightstar will now move ahead with its plans to build the Goldfields Hub, including a new processing plant in Laverton, while accelerating work at Sandstone.

The company’s updated Goldfields feasibility study shows a promising production profile and strong financial returns, with the project expected to generate significant cash flow.

Construction of the processing plant is planned to start after a final investment decision in March, with first gold expected mid-next year.

Brightstar Resources managing director Alex Rovira said the near-term development of the company’s Goldfields hub, as shown in its definitive feasibility study (DFS) 2.0, will enable Brightstar to underpin its position as an emerging Western Australian gold producer.

“To emerge with all the equity funding required to build our Goldfields hub, as well as a substantial budget that enables accelerated pre-development activities at Sandstone and to fully fund Sandstone to final investment decision (FID), is an amazing opportunity for Brightstar that enables us to maintain the momentum of de-risking our portfolio of advanced gold projects.”

The capital raising also allows the company to accelerate progress at Sandstone and maintain momentum in de-risking its portfolio, supporting the company’s “TARGET200” vision of becoming a multi-asset gold producer in Western Australia.

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