FY2022
Small cash base before expansion
The starting-year cash balance and net loss preceded the later project acquisitions and funding scale-up.
ASX: BTR · Five-year financial review
(ASX: BTR) Brightstar Resources Financial Review - FY2022~26
Brightstar’s latest five stored annual periods run from FY2022 to FY2026. Acquisitions, the move toward larger-scale gold operations and a major financing package transformed the balance sheet, but rising revenue had not yet translated into positive group operating cash flow.
Reading the figures: Units are stated above each table or beside the metric. Brackets denote negative amounts. Supported nil is shown as zero; unlike reporting bases remain separately labelled.
FY2026 revenue
A$64.139m
Continuing operations.
Cash and equivalents
A$121.983m
Excludes restricted cash.
Restricted cash
A$160.927m
Escrow conditions apply.
Net loss
A$76.930m
Different from cash gross margin.
Five years in context
Kingwest, Alto and Aurumin acquisitions expanded the group’s project footprint. The latest development strategy centres on Laverton and Sandstone, but feasibility projections and production ambitions are not booked revenue.
The FY2026 cash headline needs two boxes: ordinary cash and restricted funds. Bond proceeds in escrow are subject to conditions; adding them together without that qualification overstates immediately accessible liquidity.
Events behind the numbers
FY2023
Kingwest acquisition
The May transaction was treated as an asset acquisition, not a business combination or bargain-purchase gain.
FY2024
Comparatives later rewritten
Exploration expenditure policy and final Linden acquisition accounting led to restatement of FY2024 earnings and cash-flow comparatives.
FY2025
Portfolio and operating scale increase
Alto and Montague East acquisitions broadened Sandstone exposure. Revenue increased, while operating cash remained negative.
FY2026
Funding expands; mine plans remain staged
Aurumin was acquired and bond funding enlarged the balance sheet. Fish mining was paused in March ahead of the future Laverton processing strategy.
FINANCIAL REVIEW / 01
Expansion changes both scale and comparability
The cash base increased markedly in FY2026. The earnings series contains policy and acquisition changes, so the report identifies the restated comparative rather than suggesting every year has an unchanged perimeter.
Year-end ordinary cash
A$ million
Cash and equivalents, excluding restricted cash
AI-generated presentation · values from Five-year cash and earnings record; no missing values plotted as zero.
Net profit or loss
A$ million
Net profit / (loss) after tax
AI-generated presentation · values from Five-year cash and earnings record; no missing values plotted as zero.
Five-year cash and earnings record
A$ million
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Cash and equivalents, excluding restricted cash | 1.601 | 0.426 | 7.961 | 11.664 | 121.983 |
| Net profit / (loss) after tax | (3.950) | 1.944 | (16.291) | (46.068) | (76.930) |
FY2024 net loss is restated in the FY2026 five-year summary. FY2022-FY2023 remain as shown in that historical summary, not retrospectively rewritten to the later exploration policy.
Cash excludes restricted bond proceeds. Changes in the acquisition perimeter mean the series is not organic growth.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Sales do not yet cover group operating cash needs
The latest extraction reports a positive cash gross margin from gold sales, but the consolidated operating cash flow remains negative. That distinction matters during development and should not be erased by calling all cash measures operating profit.
Revenue and operating cash
A$ million
Revenue from continuing operationsNet operating cash flow
AI-generated presentation · values from Revenue and operating cash on the recent basis; no missing values plotted as zero.
Investment and financing flows
A$ million
Net investing cash flowNet financing cash flow
AI-generated presentation · values from Investing and financing during expansion; no missing values plotted as zero.
Revenue and operating cash on the recent basis
A$ million
| Metric | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue from continuing operations | 1.054 | 33.510 | 64.139 |
| Net operating cash flow | (5.745) | (30.933) | (33.898) |
FY2024 uses FY2025-restated comparatives following exploration accounting and Linden purchase-price adjustments.
Operating cash is not the narrower cash gross margin from ore sales.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Investing and financing during expansion
A$ million
| Metric | FY2025 | FY2026 |
|---|---|---|
| Net investing cash flow | (28.167) | (57.814) |
| Net financing cash flow | 62.803 | 202.031 |
Signed net flows, not gross fundraising announcements or feasibility-study cash forecasts.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Separate restricted funds from spendable cash
The secured bond has a cash coupon and repayment obligations. Its restricted proceeds sit alongside increased borrowings, so the financing event cannot be presented as an equivalent increase in unencumbered net cash.
Assets and equity
A$ million
Total assetsTotal equity
AI-generated presentation · values from Recent group position and funding obligations; no missing values plotted as zero.
Recent group position and funding obligations
A$ million
| Metric | FY2025 | FY2026 |
|---|---|---|
| Total assets | 220.220 | 636.476 |
| Total equity | 146.172 | 372.918 |
| Restricted cash | 0.000 | 160.927 |
| Current borrowings | 16.880 | 1.966 |
| Non-current borrowings | 0.625 | 158.183 |
Restricted bond proceeds are separate from ordinary cash and subject to disbursement conditions. Borrowings exclude lease liabilities. FY2025 restricted cash is an explicitly nil comparative.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- Latest five-year window is FY2022-FY2026, not FY2021-FY2025.
- Full earlier balance sheets and cash flows are not blended with later restatements where the stored comparable basis is incomplete.
- Gold contained in mined ore is not recovered gold or gold sold. Mine-life and TARGET200 ambitions remain forward-looking, not achieved operating results.
- Prepared from existing year-by-year extraction records only. No raw-source retrieval, database query, financial web research or MiniMax call. Primary-author review, not an independent original-document audit; published.
Annual-report source registry
- Brightstar Resources - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Brightstar Resources - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Brightstar Resources - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Brightstar Resources - Annual Report to ShareholdersExisting annual extraction, including separately identified historical comparatives.
- Brightstar Resources - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
Prepared solely from the existing year-by-year extraction datasets. No raw annual-report body, PDF, new database lookup or financial web research was used. Review is against those stored extractions, not a new independent original-document audit.
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