Brightstar Resources (ASX:BTR) has raised US$120 million ($171.18 million) through a senior secured bond to fund development activities at its Goldfields Project in Western Australia.
Along with a recent equity placement and share purchase plan, Brightstar has now raised a combined $193 million to bring the Goldfields Project through development and construction to produce gold, while advancing the Sandstone Project through to a final investment decision.
Clarksons Securities acted as the sole manager for the issuance of this bond.
The bond offers a coupon of 12.5% per annum for a four-year tenure with a maturity date in March 2030. The bond is expected to settle in March 2026 before first drawdown in October 2026.
Managing Director Alex Rovira says the bond is a “strong endorsement” for the project following its Feasibility Study, as well as the company’s broader production strategy to produce over 200,000 ounces of gold per annum.
“This debt financing further strengthens our balance sheet, provides funding certainty and materially de-risks the delivery of Goldfields Hub’s imminent development whilst enabling continued exploration growth across the portfolio,” Rovira says.
“Securing this debt on attractive and flexible terms underwrites our development plan and provides a clear pathway to sustainable free cash flow generation.
“In parallel, we will continue advancing the Sandstone Project, with an enlarged growth budget, through to the final investment decision, positioning Brightstar for a period of sustained production growth.”
Brightstar Resources is a Western Australian gold producer focused on its portfolio of assets in the northern Goldfields region.
Write to Maddison Elliott at Mining.com.au
Images: Brightstar Resources
