Brightstar Resources Limited has agreed to acquire a 100% interest in the five exploration licences comprising the Mikado Project from Panther Metals Limited for $350,000 in cash, securing vital land for its 1.5Mtpa Laverton processing plant infrastructure.

Under a binding Tenement Sale Agreement, Brightstar takes over the contiguous licences previously held entirely by Panther. The transaction provides the land corridor required to construct a new short haul road connecting the Fish underground and Lord Byron open pit operations to the plant, alongside additional footprint for water exploration, borefield infrastructure, and expanded tailings storage capacity.

Concurrently, Brightstar and Panther have executed a non-binding Strategic Partnership Heads of Agreement covering Panther’s Burtville East gold deposit, located approximately 25km from the processing plant. Under the proposed arrangement, Brightstar would fund and execute open-pit mining, haulage, and processing, with net proceeds shared equally between the parties after cost recovery. Panther's 2025 Scoping Study previously outlined an estimated NPV8 of ~A$27 million for Burtville East, while Brightstar plans to fund the Mikado cash consideration from existing reserves without financing conditions.

“By offering a fully funded, open-book mining and processing pathway through our processing infrastructure, we can help bring Burtville East into production without Panther having to fund the development capital, while both companies share equally in the outcome. The partnership adds a potential source of shallow, high-grade open put ore feed for the Laverton plant, delivers value to both sets of shareholders and underlines the strategic importance of Brightstar's infrastructure to the surrounding district. We look forward to working with the Panther team to progress the partnership towards definitive agreements.”

— Alex Rovira, Managing Director

Implementation of the strategic partnership remains conditional on negotiating definitive agreements and securing necessary regulatory approvals.

Read the full announcement: BTR: Strategic Acqn Strengthens Laverton Growth Platform