Brightstar Resources (ASX:BTR) has entered into a binding tenement sale agreement to acquire 100% of Panther Metals’ (ASX:PNT) interest in the Mikado Project tenements for $350,000 cash.
The acquisition covers five exploration licences — E38/3526, E38/3527, E38/3574, E38/3912, and E38/3954 — located immediately adjacent to Brightstar’s 1.5 million tonnes per annum (Mtpa) Laverton processing plant in Western Australia.
The transaction is not subject to financing conditions and will be funded from existing cash reserves. Panther has consented to early access, enabling Brightstar to begin haul road construction and related infrastructure works ahead of registration.
The sale remains subject to customary conditions precedent, including required third-party approvals.
Brightstar Managing Director Alex Rovira says the tenure secures strategic ground to ‘future-proof’ a 2.5Mtpa expansion scenario.
“Securing this tenure outright, for a modest cash outlay funded from existing reserves, consolidates Brightstar’s control of the plant precinct and provides the footprint for the water, tailings, and haul road access infrastructure that will support the Laverton Hub over the long term,” Rovira says.
The tenure allows for a new short haul road connecting the Fish underground and Lord Byron open pit operations to the plant, reducing haulage costs. It also provides space for expanded tailings storage capacity and water exploration.
Strategic partnership for Burtville East
In conjunction with the sale, the companies also executed a non-binding strategic partnership heads of agreement to evaluate a mining and processing arrangement for Panther’s Burtville East Gold Project, located 25km from the Laverton plant.
Under the framework, Brightstar would fund and manage development, open pit mining, haulage, and processing through its Laverton infrastructure. Net proceeds would be shared 50:50 after Brightstar recovers all project costs.
Panther’s 2025 Scoping Study for Burtville East outlined potential production of 112,000 tonnes at 2.46 grams per tonne gold (Au) for 8,900 ounces over six months, with a net present value of $26.6 million.
The deposit holds an indicated mineral resource of 53,100 tonnes @ 4.03g/t Au for 6,900 ounces, and an inferred mineral resource of 57,800 tonnes @ 1.66g/t Au for 3,100 ounces.
Implementation remains subject to definitive agreements and regulatory approvals.
Brightstar is advancing its Goldfields Project into production, with construction of the 1.5Mtpa plant underway and gold production targeted for June 2027. The company recently completed a $193 million equity raising to support development.
Brightstar Resources is a gold producer and developer with assets in WA.
Write to Paula Fabe at Mining.com.au
Images: Brightstar Resources
