23-Nov-2024: East Coast Research: Brightstar Resources Limited - On the way to becoming a serious WA gold producer [.pdf]

Here's the first page (below) - click on the link above for the full 54 page report.

Disclosure: Not Held.

Spending some time writing about another gold junior

I find Brightstar interesting because the MD is Alex Rovira, incidentally the son of Tony Rovira who made the Andover Lithium Discovery for Azure Minerals (AZS) and is now undergoing a takeover.

So Tony is obviously young, energetic and full of ambition and is starting to make progress after being recently appointed.

With mainly an investment background, he has also attracted a bit of controversy in the past stating Capricorn metals Karlawinda project will be a challenge to make it profitable. I can't remember when he said this but it must have been during Covid while Karlawinda was being brought online.

Negatives:

Going to pick a few slides from Oct 2023 investor presentation which have a few question marks.

Ranking Brightstar against Capricorn and making an obvious error that Capricorn is not a producer.

Another slide showing production summary. Would be good if the chart forms a flat line.

Brightstar also has near term cashflow in Feb 2024 from the Selkirk JV. I actually see as a risk since Genesis Minerals could get cheeky and delay the processing from Selkirk while instead process their own ore from Gwalia or other mines.

Postives:

On a positive note, Brightstar did manage to raise 5m from investors recently showing Alex has ability to attract capital and sell a project with his investment banking credentials

Another big positive - Alex Rovira has been heavily buying on market buyer

Finally the potential of Lithium which seems to still be all the rage although prices have been down.