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Aurumin Shareholders and Court Approve Scheme of Arrangement

by admin November 20, 2025
November 20, 2025
Aurumin Shareholders and Court Approve Scheme of Arrangement

Brightstar Resources Limited (ASX: BTR) (Brightstar or Company) provides the following update on the proposed acquisition of 100% of the fully paid ordinary shares and options in Aurumin Limited (Aurumin) by Brightstar by way of Court-approved share scheme of arrangement (Share Scheme) and option scheme of arrangement (Option Scheme, together the Schemes) under Part 5.1 of the Corporations Act 2001 (Cth).

Unless otherwise specified, capitalised terms used in this announcement have the same meaning as given in Aurumin’s Scheme Booklet dated 9 October 2025 (Scheme Booklet).

RESULTS OF THE SECOND COURT HEARING

Brightstar is pleased to announce that the Supreme Court of Western Australia (Court) has made orders approving the Schemes under which Brightstar will acquire 100% of the shares of Aurumin and all Aurumin options will be cancelled in exchange for new Brightstar options.

Aurumin intends to lodge an office copy of the Court’s orders with the Australian Securities and Investments Commission (ASIC) on Friday, 21 November 2025, at which time the Schemes will become legally effective. Aurumin expects that the ASX will suspend Aurumin shares from trading on the ASX with effect from the close of trading on Friday, 21 November 2025.

SANDSTONE PROJECT UPDATE

  • Brightstar and Aurumin currently have six drilling rigs operating in Sandstone, targeting material Mineral Resource Estimate (MRE) growth and infill drilling key deposits to enable an increase in confidence classification
  • Post implementation, the consolidated MRE at Sandstone increases to 2.4Moz @ 1.5g/t Au (pro forma basis with Aurumin)1, with the group total MRE increasing to 3.9Moz @ 1.5g/t Au
  • A Mineral Resource upgrade for Sandstone is targeted for release in 1H CY26 following significant exploration drilling over the past 12 months (+70,000m completed to date)
  • Workstreams proceed on the consolidated Pre-Feasibility Study, with mining engineering, metallurgical, geotechnical, approvals and permitting activities continuing apace to fast-track the eventual development of the Sandstone Gold Project (targeted for FID in 2H CY27)
  • The successful development of Sandstone, in conjunction with the near-term production expansion of Brightstar’s Menzies-Laverton asset base, underpins Brightstar’s aspirational production target of +200,000oz pa.

Brightstar’s Managing Director, Alex Rovira, commented:

“We are delighted to see the overwhelming support from Aurumin securityholders for the Schemes. This is the first time in over a decade the Sandstone Greenstone Belt has been consolidated under one ownership, with production last occurring in Sandstone when the gold price was less than A$1,000/oz.

Despite the limited systematic exploration history as a result of the fragmented ownership, upon completion of the Schemes, Brightstar will emerge with a Mineral Resource of approximately 2.4Moz @ 1.5g/t at the Sandstone Gold Project that is largely constrained within the top 150m from surface. Notably, we see significant potential for Mineral Resource growth following the ~70,000m of drilling already completed in Sandstone by Brightstar, with a targeted ~120,000m of drilling planned for completion prior to the Pre- Feasibility Study targeted for release in mid-2026.

In our view, the Sandstone district potentially represents one of the largest undeveloped gold projects in the WA goldfields in the hands of a junior/emerging company, with the potential for a multi-decade mine life across both open pit and underground operations.

The development of our Menzies, Laverton, and Sandstone Gold Projects is central to delivering on our vision and positioning Brightstar as an emerging mid-tier Western Australian gold producer.”


Click here for the full ASX Release

This post appeared first on investingnews.com

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