Panther Metals Ltd. has agreed to sell its Mikado gold project to Brightstar Resources for AU$350,000 in cash, while simultaneously establishing a framework to explore joint production options across its broader Laverton tenements.
Under the binding sale agreement announced, Brightstar subsidiary Laverton Processing will acquire 100 per cent ownership of five exploration licences comprising the Mikado project in Western Australia’s Goldfields region.
The purchase consideration will be funded directly from Brightstar’s existing cash reserves upon completion.
The Mikado tenements sit immediately adjacent to Brightstar’s Beta operations and developing Laverton processing precinct.
Brightstar recently completed a AU$193 million equity raising to fund its flagship Goldfields project, with construction already underway on a new 1.5 million tonnes per annum processing plant targeting first gold in the June quarter of 2027.
Consolidating the Mikado ground provides Brightstar with improved operational flexibility, enabling streamlined haulage routes and shared infrastructure across its expanding Laverton footprint.
Panther has granted early site access to allow Brightstar to commence haul road construction prior to formal tenement transfers.
Daniel Tuffin, CEO of Panther, said: “The Mikado sale delivers Panther AU$350,000 in non-dilutive funding from tenure that has greater strategic value to Brightstar given its location around their developing Laverton operations.”
In parallel with the asset sale, the two miners signed a non-binding heads of agreement (HOA) to evaluate a potential 50:50 profit-sharing production pathway for Panther’s nearby Burtville East Gold Project.
Under the proposed structure, Brightstar would fund and manage all agreed development, mining, haulage, and processing tasks. Project development costs would be fully recouped from initial gold sales before net proceeds are split equally.
Brightstar Managing Director Alex Rovira said: “The HOA with Panther also provides longer-term optionality for additional proximal gold feed as we look to extend mine life and maximise the value of our new Laverton processing infrastructure.”
The completion of the Mikado tenement deal is subject to customer conditions, including required third-party approvals.