Star Minerals Limited (ASX: SMS, 'the Company' or 'Star Minerals') is pleased to welcome Bain Global Resources as a substantial holder in the Company's shares.
Bain Global Resources originally joined the register as a strategic shareholder earlier this year and has made further purchases on market, demonstrating its confidence in Star Minerals. 2 Bain Global Resources is the finance arm of mine owner and contractor MEGA Resources.
Star Minerals and MEGA Resources have a Memorandum of Understanding (MoU) for mine development and mining.3 Managing Director, Ashley Jones commented: 'The support of Bain Global Resources and MEGA Resources has been important in the progression of the Tumblegum South Gold Project. We anticipate mining to commence during the first quarter of 2026 and are working closely with MEGA Resources to achieve this. Bain Global Resources sees the opportunity to help the Company in its growth phase, ensuring full leverage from this project and other projects in the future.' Bain Global Resources is a company associated with large Indian mining contractor BGR Mining and Infra Limited. BGR is one of India's largest private and most respected mining companies, having a net worth of half a billion Australian dollars, with an order book exceeding $16 billion and contracts extending for the next 25 years.
Bain Global Resources now holds 8.18% of Star Minerals' shares on issue. Star Minerals has recently announced drilling results from the Tumblegum South Gold Project, with intercepts of 5m at an ounce per tonne in infill drilling, with more assays, including results of exploration drilling expected this week. 4
Next Steps for the Tumblegum South Gold Project
Release of the remainder of drilling results
Completion of mining approvals submission
Updated JORC resource
Progression of mining MoU with MEGA Resources to a binding agreement5 For further information contact:
ABOUT STAR MINERALS
Star Minerals is primarily focused on the development of the Tumblegum South Gold Project, aiming to bring the project into production in early 2026. Free cashflow will capitalise on gold prices sitting significantly higher than the prices used in the Updated Scoping Study.6 An MOU has been signed with MEGA Resources for mine development and mining.7 ResourcesWA has been appointed to undertake the mine approvals process.8
The information in this announcement relating to the current resource estimate for the Tumblegum South gold deposit is extracted from the Company's announcement 'Tumblegum South Mineral Resource Update' dated 29 May 2023 and is available to view on the Star Minerals' website, www.starminerals.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement. The estimated mineral resources underpinning the Production Target have been prepared by the Competent Person in accordance with the requirements of the JORC Code (2012). The information in this report that relates to the Open Pit Mining Scoping Study for Tumblegum South and to the Production Target derived from the Scoping Study is based on information compiled by Mr Jake Fitzsimons, a Competent Person who is a Member or Fellow of The Australian Institute of Mining and Metallurgy and a full time employee of Orelogy Pty Ltd. Mr Fitzsimons has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the 'Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves'. Mr Fitzsimons consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
FORWARD LOOKING STATEMENTS
This announcement contains forward-looking statements which are identified by words such as 'may', 'could', 'should', 'believes', 'estimates', 'targets', 'expected', or 'intends' and other similar words that involve risks and uncertainties. These statements are based on an assessment of present economic and operating conditions, and on a number of assumptions regarding future events and actions that, as at the date of this announcement, are considered reasonable. Such forward-looking statements are not a guarantee of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company, the Directors and the management. The Directors cannot and do not give any assurance that the results, performance, or achievements expressed or implied by the forward-looking statements contained in this announce will actually occur and investors are cautioned not to place undue reliance on these forward-looking statements.
Contact:
Star Minerals
191B Carr Place
Leederville, WA 6007
Tel: +61 8 9226 1860
Email: info@starminerals.com.au
Web: https://www.starminerals.com.au
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