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Brightstar Resources Limited (ASX: BTR) (Brightstar) is pleased to announce that a binding Term Sheet has been executed with Cazaly Resources Limited (ASX: CAZ, Cazaly), under which Cazaly is granted an option to elect to earn up to an 80% interest in the Goongarrie Gold Project, by incurring exploration expenditure of up to $3 million.
HIGHLIGHTS
- Brightstar has signed a binding Term Sheet with Cazaly Resources Limited under which Cazaly is granted an option to elect to earn up to an 80% interest in the Goongarrie Gold Project by sole funding exploration expenditure of up to $3 million, as follows:
- Upon exercising the option, Cazaly to spend $1 million on expenditure over an initial 12-month period to earn a 25% interest;
- Cazaly to spend an additional $1 million on expenditure over a further 18-month period to earn an additional 26% interest (aggregate 51% interest); and
- Cazaly to spend an additional $1 million on expenditure over a further 18-month period to earn an additional 29% interest (aggregate 80% interest)
- Upon Cazaly earning an interest in the Goongarrie Gold Project, Brightstar and Cazaly shall form a Joint Venture
- The earn-in allows Brightstar to prioritise operational and development activities, with Definitive Feasibility Study workstreams advancing and current mining operations at Second Fortune complemented by start-up works at the Fish underground project
- Brightstar’s exploration strategy remains focused on improving and growing existing mineral resources at projects with granted mining leases and near-term commercialisation pathways, such as the Sandstone, Menzies and broader Laverton project areas
Brightstar’s Managing Director, Alex Rovira, commented:
“With our focus on development and mining operations across the broader Eastern Goldfields and Murchison regions, we are delighted to have attracted a quality partner in Cazaly to explore the Lake Goongarrie area in greater detail, while retaining exposure and upside to exploration success with the joint venture.
Our focus in the general Menzies area is on the Lady Shenton System where we are defining a large open pit mining complex as part of our DFS, whilst we continue to explore and assess other deposits such as Yunndaga and the Link Zone for future mining opportunities to increase our operational footprint in the Menzies area.”
Figure 1 – Menzies & Lake Goongarrie tenure
Under the Term Sheet, Cazaly is granted an option, exercisable within 90 days, to elect to earn up to an 80% interest in the Goongarrie Gold Project shown in Figure 1 (which is a combination of wholly owned tenements and tenements where Brightstar holds gold rights). The exercise of the option by Cazaly is subject to satisfaction of certain conditions precedent, including due diligence on the Goongarrie Gold Project by Cazaly, the tenements being in good standing and certain deeds of assignment being entered into with parties that have rights in respect of the Goongarrie Gold Project.
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This article includes content from Brightstar Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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Brightstar Resources
Investor Insight
With multiple catalysts ahead, including resource upgrades, expanded production, and further development of its Laverton, Menzies, and Sandstone hubs, Brightstar Resources presents a compelling investment case in a rising gold market.
Overview
Gold has continued to demonstrate its resilience as a store of value, with prices peaking at US$3,500.05 per ounce, its all-time high. Amid ongoing global economic uncertainty, including inflationary pressures, rising geopolitical tensions, and volatile interest rate environments, investors have turned to gold as both a safe haven asset and a hedge against macroeconomic instability.
Brightstar Resources (ASX:BTR) is strategically positioned to capitalize on this environment as a low-cost, multi-asset gold developer with near-term production potential. The company controls over 1,500 square kilometers of highly prospective ground across three of Western Australia’s most prolific gold belts: the Laverton Tectonic Zone, the Menzies Shear Zone, and the Sandstone Greenstone Belt.
Unlike many junior exploration companies, Brightstar has a key differentiator: it owns a fully permitted, strategically located processing facility near Laverton. This existing infrastructure offers the company a critical advantage, enabling a low-capex restart scenario and faster time to cash flow compared to peers who must first secure permits and fund costly plant construction. This plant is subject of a DFS due for announcement in June 2025.
Through a focused multi-hub strategy, Brightstar has built a robust pipeline of development-ready and resource-growth projects, supported by:
- Over 3 million ounces of gold resources across Laverton, Menzies, and Sandstone;
- Ongoing high-grade drilling success in 2024 and 2025, including intercepts of up to 10m @ 43.8 g/t gold;
- A track record of low-cost, value-accretive acquisitions, such as Linden Gold Alliance and Alto Metals;
- A dedicated, in-house technical team executing on aggressive exploration, fast-tracked studies, and staged development.
With global gold demand remaining strong, Brightstar is well-positioned to deliver material shareholder value through its integrated production plan, supported by scalable infrastructure, a growing resource base, and access to capital. The company’s strategic approach includes combining brownfields development, organic exploration, and corporate M&A, placing it at the forefront of a new generation of Australian gold producers.
Company Highlights
- ASX-listed gold exploration and development company with a consolidated mineral endowment of 3 Moz of gold across Laverton, Menzies, and Sandstone hubs in Western Australia.
- Owns and operates 100 percent of project areas: 300 sq km in Laverton Tectonic Zone, 80 sq km in Menzies Shear Zone, and 1,200 sq km in Sandstone Greenstone Belt.
- Gold processing operations at the Laverton facility have commenced under an Ore Purchase Agreement (OPA) with Genesis Minerals Ltd (ASX:GMD), marking a significant milestone in transitioning from exploration to production.
- Recent drilling campaigns have yielded strong high-grade results, including:
- 16m @ 8.0 g/t gold at Second Fortune (Laverton)
- 10m @ 43.8 g/t gold at Musketeer (Sandstone)
- 16m @ 8.0 g/t gold at Yunndaga (Menzies)
- Following the successful Linden Gold Alliance acquisition, Brightstar has commenced a DFS for the wider development of its Laverton and Menzies assets which is due for release imminently in June 2025.
- Ongoing Sandstone drilling continues to return high-grade intercepts, further supporting project advancement and MRE conversion.
- In 2024, Brightstar signed a $4 million drill-for-equity deal with Topdrill to fast-track exploration at Sandstone.
- The company has successfully executed a US$11.5 million (AU$18 million) revolving stockpile finance facility with Ocean Partners Australia.
Key Projects
Laverton Hub
Brightstar’s Laverton hub is comprised of the Cork Tree Well, Jasper Hills, Second Fortune, Beta and Alpha project areas.
Highlights:
- Combined, the Laverton Hub JORC mineral resource estimate is 15.7 Mt @ 1.7 g/t gold for 848 koz (49 percent measured and indicated category). All mineral resources are on granted mining leases
- Cork Tree Well (6.4 Mt at 1.4 g/t gold for 292 koz gold)
- Alpha (1.4 Mt at 2.3 g/t gold for 106 koz gold)
- Beta (1.9 Mt at 1.7 g/t gold for 102 koz gold)
- Lord Byron (5.2 Mt at 1.5 g/t gold for 251 koz gold)
- Fish (376 kt at 4.0 g/t gold for 49 koz gold)
- Second Fortune (92 kt at 13.4 g/t gold for 40 koz gold)
- Gilt Key (168 kt at 1.3 g/t gold for 8 koz gold)
- Main project area Cork Tree Well is open at depth and along strike with recent drilling results of 34.4 meters at 7.94 g/t gold from 43.5 meters (CTWMET004) and 27.6 meters at 17.8 g/t gold from 51 m (CTWMET003)
- Second Fortune has a mineral resource estimate head grade of ~11g/t gold with an average ore body width of 0.6 meters.
- Jasper Hills is located 50 km from Brightstar’s existing processing facility along a wholly-owned private haul road, allowing unimpeded, direct access to both projects
- Permitted, previously mined and production-ready
- Last mined by current owners in 2020 with 23,000 oz gold mined
- Growth Drivers:
- Second Fortune: Consistent, stable production and cash generation through 2025
- Fish: Mining activities have commenced and site establishment is continuing.
- First ore production targeted in June
- Open pits development: Large scale production opportunities through mining Lord Byron and Cork Tree Well as multi-year base load ore sources
- DFS: due for delivery in June 2025, including design and costs for expansion of BTR-owned processing infrastructure to 1Mtpa.
Menzies Hub
The Menzies Hub comprises a tenement holding of a contiguous land package of granted mining leases over a strike length of more than 20 km. The majority of deposits hosted along the Menzies Shear Zone are located adjacent to the Goldfields Highway in Menzies (130km north of Kalgoorlie).
Highlights:
- Total Current Resource: 12.7 Mt at 1.4 g/t gold for 589 koz gold (37 percent measured and indicated)
- DFS: due for delivery in June 2025, including design and costs for open pit and underground mining for toll processing/ore sales to a regional Kalgoorlie-Menzies mill.
- Growth Drivers:
- Lady Shenton Open Pit: Proposed multi-year consistent open pit production to provide cash generation. Targeting approvals received and ‘mine ready’ in 2025
- Yunndaga Underground: Planned infill drilling targeting conversion of Inferred Mineral Resources to M+I to support inclusion in future mining operations – recent results from this program include 16m @ 8.0 g/t gold
- Development: Advancing discussions with regional mills for 3rd party processing capacity in the Kalgoorlie-Menzies region, targeting a mining decision.
Sandstone Hub
The consolidated Sandstone project is over 100 km from existing third-party milling operations in the Murchison. This third processing hub boasts Alto’s Sandstone project with a mineral resource of 1.05 Moz at 1.4 g/t gold and Gateway’s Montague gold project with a mineral resource of 0.5 Moz @ 1.6 g/t gold.
Growth Drivers:
- Sandstone: Upgrade the Lords, Vanguard, Indomitable and Havilah camps to Indicated classification (40,000m RC+DD)
- Montague: Infill Montague and Whistler to Indicated classification (5,000m RC and 1,200m DD) – RC
- Greenfields: Follow up drilling of priority prospects across Sandstone Hub (West Hacks, Hancocks, Bulchina, Lords Corridor, Duplex) – recent drilling success includes exceptional intercepts at the Musketeer prospect yielding 10m @ 43.8 g/t gold
- Pre-Feasibility Study: Incorporation of 2025 drilling results into MRE upgrades to then factor into 1H 2026 Sandstone PFS
Management Team
Alex Rovira - Managing Director
Alex Rovira is a qualified geologist and an experienced investment banker having focused on the metals and mining sector since 2013. Rovira has experience in ASX equity capital markets activities, including capital raisings, IPOs and merger and acquisitions.
Richard Crookes - Non-executive Chairman
Richard Crookes has over 35 years’ experience in the resources and investments industries. He is a geologist by training having previously worked as the chief geologist and mining manager of Ernest Henry Mining in Australia.
Crookes is managing partner of Lionhead Resources, a critical minerals investment fund and formerly an investment director at EMR Capital. Prior to that he was an executive director in Macquarie Bank’s Metals Energy Capital (MEC) division where he managed all aspects of the bank’s principal investments in mining and metals companies.
Andrew Rich - Executive Director
Andrew Rich is a degree qualified mining engineer from the WA School of Mines and has obtained a WA First Class Mine Managers Certificate. Rich has a strong background in underground gold mining with experience predominantly in the development of underground mines at Ramelius Resources (ASX:RMS) and Westgold Resources (ASX:WGX).
Ashley Fraser - Non-executive Director
Ashley Fraser is an accomplished mining professional with over 30 years experience across gold and bulk commodities. Fraser was a founder of Orionstone (which merged with Emeco in a $660-million consolidation) and is a founder/owner of Blue Cap Mining and Blue Cap Equities.
Jonathan Downes - Non-executive Director
Jonathan Downes has over 30 years’ experience in the minerals industry and has worked in various geological and corporate capacities. Experienced with gold and base metals, he has been intimately involved with the exploration process through to production. Downes is currently the managing director of Kaiser Reef, a high grade gold producer, and non-executive director of Cazaly Resources.
Dean Vallve – Chief Development Officer
Dean Vallve holds technical qualifications in geology & mining engineering from the WA School of Mines, an MBA, and a WA First Class Mine Managers Certificate. Vallve was previously in senior mining and study roles at ASX listed mid-cap resources companies Hot Chili (ASX:HCH) and Calidus Resources (ASX:CAI).
Nicky Martin – Chief Financial Officer
Nicky Martin is an experienced finance and accounting professional holding tertiary qualifications in accounting and finance and is a qualified CPA. Martin was previously the Head of Finance at Pilbara Minerals Ltd (ASX:PLS) where she oversaw and was actively involved in a rapidly growing mining success story.
Emerging gold producer and district-scale resource developer in Western Australia
Angkor Resources: Unlocking Cambodia’s Resource Potential through Energy and Minerals Assets
Founded in 2009 and listed in 2011, Angkor Resources (TSXV:ANK,OTCQB:ANKOF) has developed a dual focus on energy and minerals across Asia and North America.
Angkor Resources is advancing a dual-track strategy across energy and minerals. In Canada, its subsidiary EnerCam Exploration generates revenue from oil production, water disposal, and gas processing, while also pioneering carbon capture and conversion solutions.
In Cambodia, subsidiary EnerCam Resources is driving the nation’s first-ever onshore oil and gas exploration on Block VIII, positioning the company for transformational growth. On the mineral side, Angkor is a first-mover in Cambodia’s underexplored belts, with licenses at Andong Meas and Andong Bor targeting both precious and base metals, where exploration has already confirmed copper porphyry systems and high-grade gold mineralization.
Angkor mitigates risk by diversifying revenue, combining recurring Canadian cash flow with high-impact exploration in Cambodia, where management prioritizes hydrocarbons and copper, highlighting 25 million recoverable barrels and significant copper-gold potential.
Company Highlights
- Diversified Energy & Mineral Portfolio: Exposure to high-impact oil and gas exploration in Cambodia (Block VIII), recurring energy revenues in Canada, and copper-gold porphyry systems with gold epithermal near-surface prospects in Cambodia.
- Near-term Catalysts:
- Results from copper porphyry in Cambodia within 30 to 60 days;
- Seismic completion and interpretation for drill targets on Block VIII within 90 days; and
- Acquisition of oil production for increased recurring revenue streams.
- Transformational Asset: Block VIII is Cambodia’s first onshore oil and gas exploration license, strategically located near export infrastructure. Potential minimum targets estimated at 25 to 50+ million recoverable barrels.
- Revenue-backed Model: EnerCam Canada provides recurring revenue streams via oil production, water disposal, gas processing, and carbon capture solutions, insulating Angkor from over-reliance on equity markets.
- Strong ESG Commitment: Recognized at the United Nations for sustainability, Angkor integrates carbon capture, community partnerships and environmental responsibility into every project.
- Aligned Shareholder Base: Over 40 percent insider ownership with regular insider buying, demonstrating management’s confidence in long-term growth.
This Angkor Resources profile is part of a paid investor education campaign.*
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Angkor Resources
Investor Insight
Angkor Resources is an emerging energy and mineral development company blending traditional oil and gas with copper and gold exploration in Cambodia, while generating revenue through oil production and carbon capture projects in Canada. With over a decade of operational experience in Southeast Asia and a reputation for sustainable practices, the company is strategically positioned to deliver both growth and resilience for investors.
Company Highlights
- Diversified Energy & Mineral Portfolio: Exposure to high-impact oil and gas exploration in Cambodia (Block VIII), recurring energy revenues in Canada, and copper-gold porphyry systems with gold epithermal near-surface prospects in Cambodia.
- Near-term Catalysts:
- Results from copper porphyry in Cambodia within 30 to 60 days;
- Seismic completion and interpretation for drill targets on Block VIII within 90 days; and
- Acquisition of oil production for increased recurring revenue streams.
- Transformational Asset: Block VIII is Cambodia’s first onshore oil and gas exploration license, strategically located near export infrastructure. Potential minimum targets estimated at 25 to 50+ million recoverable barrels.
- Revenue-backed Model: EnerCam Canada provides recurring revenue streams via oil production, water disposal, gas processing, and carbon capture solutions, insulating Angkor from over-reliance on equity markets.
- Strong ESG Commitment: Recognized at the United Nations for sustainability, Angkor integrates carbon capture, community partnerships and environmental responsibility into every project.
- Aligned Shareholder Base: Over 40 percent insider ownership with regular insider buying, demonstrating management’s confidence in long-term growth.
Overview
Founded in 2009 and publicly listed in 2011, Angkor Resources (TSXV:ANK,OTCQB:ANKOF) has built a unique dual-focused enterprise across energy and minerals in Asia and North America.
On the energy side, the company is advancing acquisition of cash flow through oil production and carbon capture in Canada, and is poised for transformational growth through the first-ever onshore oil and gas exploration program in Cambodia. Its Canadian subsidiary, EnerCam Exploration, is already generating revenue from oil production, water disposal and gas processing, while also implementing carbon gas capture and conversion solutions for provincial markets. In Southeast Asia, Angkor’s Cambodian subsidiary, EnerCam Resources, is spearheading a national-scale initiative to bring Cambodia its first domestic hydrocarbon energy, with exploration activities underway on the company’s Block VIII concession.
On the mineral side, Angkor has positioned itself as a first-mover in Cambodia’s underexplored mineral belts, holding licenses at Andong Meas and Andong Bor. These projects target both precious and base metals, with copper porphyry systems and high-grade gold mineralization now confirmed through exploration results.
Angkor’s strategy is designed to mitigate shareholder risk by diversifying revenue streams, blending recurring Canadian cash flow with high-impact exploration upside in Cambodia. The company’s management emphasizes hydrocarbons and copper as priorities, noting the potential value of 25 million recoverable barrels in Cambodia alongside significant copper-gold discoveries.
Key Projects
Onshore Cambodia – Block VIII Oil & Gas Concession
Angkor’s flagship asset is Block VIII, a 4,300 sq km oil and gas concession in Cambodia’s underexplored onshore sedimentary basin. The license, structured under a 30-year Production Sharing Agreement with renewal options, represents the first onshore hydrocarbon exploration license in the country. Geoscientific studies conducted by Danish, Canadian and European experts have identified strong indications of a foreland basin system and rift formations with significant petroleum potential. Over 21 natural oil seeps have been mapped and testing of the seeps by Schlumberger confirms the presence of hydrocarbons. Gas showings are also evident across the block.
The block is ideally located adjacent to export infrastructure, close to port with highway access to Phnom Penh and proximity to a deepwater port. Cambodia currently imports all of its petroleum products, making Block VIII strategically important both nationally and regionally. EnerCam, Angkor’s subsidiary, is implementing Cambodia’s first onshore 2D EnviroVibe seismic program, designed to minimize environmental footprint while mapping structural traps and stratigraphic features.
Technical projections suggest that once commercial quantity of recoverable hydrocarbons is proven, Block VIII could host Cambodia’s first onshore oil production. Angkor’s phased development plan includes completing seismic interpretation, definition of drill targets or additional 3D seismic followed by stratigraphic test wells and eventual development drilling. This project is expected to be the company’s most significant value driver and is prioritized as its number one corporate focus.
Canadian Energy & Carbon Capture – EnerCam Exploration
In Canada, Angkor operates through EnerCam Exploration Canada, which is a 40 percent interest holder in oil production and carbon solutions across 30 well sites spanning 516 hectares in Saskatchewan. These wells, shut in since 2018 due to low oil prices and mismanagement by previous operators, have been systematically refurbished and restarted. EnerCam participates in the full production cycle, including oil recovery, water separation and gas handling.
A key milestone was the acquisition of the pipeline network and compressor station, which resolved historical venting issues and allowed EnerCam to capture associated gas. This gas is converted into natural gas energy and sold into provincial markets. Angkor’s Canadian revenue streams also include water disposal fees, gas plant operations, and oil production revenues, supplemented by ongoing carbon capture and enhanced recovery of water conversion and injection wells projects.
Angkor holds a 40 percent interest in oil and gas production ventures in Saskatchewan, ensuring a recurring revenue stream. This platform not only offsets G&A costs but also provides a foundation for emission control and potential for further gas capture with surrounding producers in the area.
Cambodia Mineral Properties – Copper and Gold Portfolio
Through its subsidiary Angkor Gold Cambodia, the company holds a strategic portfolio of copper and gold assets in prospective belts. These licenses include Andong Bor and Andong Meas.
The Andong Bor license has emerged as a cornerstone of Angkor’s mineral portfolio. In June 2025, the company confirmed the presence of a copper-gold porphyry system, the first discovery of its kind in Cambodia. This breakthrough positions the project as a potential district-scale copper-gold system. Further drilling is expected to test depth extensions and delineate mineralized zones.
At the Andong Meas license, exploration has revealed high-grade gold mineralization, with surface samples returning assays up to 70 grams per ton (g/t) gold across a 0.8 km by 1.5 km area. This anomaly remains largely untested by drilling and represents a significant near-term target for resource expansion.
Management Team
Delayne Weeks – CEO
With over 25 years of global development experience spanning finance, business development, economic development and ESG initiatives. She has spearheaded Angkor’s CSR programs in Cambodia, earning UN recognition for sustainability leadership. Weeks has overseen Angkor’s transition into energy and its expansion into cash-flowing operations.
Mike Weeks – President, Executive VP Operations
Brings over four decades of operational and executive experience in international resource projects. Mike Weeks is president of Angkor Gold Corp. Cambodia and EnerCam Resources Cambodia. He has had a long and successful career in the oil and gas industry with over 30 years’ experience in project management of petroleum-related industries. Weeks also spent more than 15 years negotiating with foreign governments in developing and implementing natural resource licenses. His experience includes oil production in North Africa, engineering and design in Europe, the development of gas processing facilities and field and plant operations in Canada. Weeks has worked with international oil and gas producers including AEC West, Wintershall, Zuetina, Encana and Amoco.
Dennis Ouellette – VP Exploration, Minerals
Professional geologist with over 40 years of exploration experience in Canada, Central America and Asia. Dennis Ouellette has been a federal geologist in the Yukon for over five years, overseeing the exploration and mining industry across the Yukon by all industry participants. He leads Angkor’s mineral exploration programs, including the copper porphyry discovery at Andong Bor and a second porphyry target on Andong Meas. Ouellette has worked in multiple Canadian provinces, Nevada and Guatemala, and was the industry advocate director for the Yukon Chamber of Mines and president of Yukon Prospectors Association
Keith Edwards – Technical Manager, EnerCam Resources Cambodia
Keith Edwards is a senior geophysicist with over 39 years’ experience in all aspects of geophysics, from acquisition through processing to interpretation. He is known for his proven innovative problem-solving capabilities in software development, consulting services, interpretation and management. Edwards spent 12 years at Kuwait Oil company mentoring junior staff and performing many quantitative seismic interpretation projects. He developed several MatLab applications for Seismic Facies Classification, VSP integration, 3D design and many others.
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