Brightstar Resources (ASX:BTR) has officially become Australia’s latest gold producer.
The company reported on Thursday the first bar of gold to be poured by the Selkirk JV, part of the larger Menzies Gold Project, has now hit the mould.
Brightstar pointed to record high gold prices around A$3,250 as being a fortunate omen.
The price of the save haven metal – along with bitcoin – are at record highs right now, largely tied to a conflation of factors including geopolitical risk, heightened uncertainty, and the fact US government debt is climbing US$1T every 100 days.
The powers of logistics have determined that the best place for the Selkirk JV gold ore is on-site acreage owned by third party Genesis Minerals (ASX:GMD).
All in all, 50% of “project cashflows” stemming from gold pours (read: sales) will be distributed to Brightstar “upon final reconciliation.”
“We anticipate several more gold pours over the next few weeks, and look forward to updating the market with finalised cashflow updates once all gold revenue and project costs have been finalised for the Selkirk Mining JV,” company chief Alex Rovira said.
No less than 38.7kg of gold dore was poured on Wednesday at the Gwalia plant.
BTR shares were up 6.67% to 1.6cps at 11am AEDT on Thursday.