Brightstar Resources has raised a fully subscribed $170 million ($US120 million) senior secured bond, locking in funding for its Goldfields project and advancing its Sandstone growth plans.

The Nordic bond issue, which attracted strong demand from international institutional funds and natural resource specialist investors, was significantly oversubscribed.

Proceeds from the bond, combined with the recently completed $193 million equity placement and share purchase plan, will fund the development and construction of the Goldfields project and progress the Sandstone project through to pre-feasibility study (PFS), definitive feasibility study (DFS) and final investment decision, targeted for late 2027 or early 2028.

Goldfields site development and construction activities are targeted to commence early in the June quarter of 2026 following final approvals, with first gold scheduled for the June quarter of 2027.

“We are extremely pleased to have secured this $US120 million bond, which is a strong endorsement of the Goldfields project, the robust feasibility study outcomes and Brightstar’s broader Target200 production strategy of becoming a Western Australia 200,000 ounce per annum gold producer,” Brightstar Resources managing director Alex Rovira said.

“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.

“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 final investment decision, positioning Brightstar for a period of sustained production growth.”

The bond structure includes a 12.5 per cent per annum coupon rate, a four-year tenor, no principal repayments for 18 months and no mandatory hedging or dilutive instruments, preserving full gold price upside for shareholders.

Read more: How gold’s latest record reshapes the outlook for Australian miners

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