We are initiating coverage on Brightstar Resources (BTR) with a SPEC BUY and set a A$0.05 price target. BTR boasts a portfolio of gold development assets in the Leonora, Menzies and Sandstone regions of Western Australia that contain combined resources of ~3.0moz. Development of mines at Leonora and Menzies should see BTR grow production to +70kozpa over the next 2-3 years. The Sandstone assets are longer dated, but accounting for more than 50% of group resources, have the potential to underpin a larger, longer life production outlook in the medium-term boosting group output to ~160kozpa. The release of a DFS in early 2025 should provide clarity on the near-term production outlook for Leonora and Menzies, while a scoping study on Sandstone is expected to be released in the middle of next year and is expected to detail the upside potential of the project.
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