Brightstar Resources Limited (ASX: BTR), a Western Australian gold exploration and development company, and Aurumin Limited (ASX: AUN) have entered into a Scheme Implementation Deed (SID) under which Brightstar will acquire 100% of Aurumin’s issued capital. Aurumin shareholders will receive 1 Brightstar share for every 4 Aurumin shares held. The Scheme Consideration implies a value of approximately $0.12 per Aurumin share, representing a premium of approximately 21% to Aurumin’s closing share price on 17 July 2025.
The Aurumin Board unanimously recommends the Share Scheme, intending to vote all Aurumin shares in their control in favour, absent a superior proposal and subject to a favourable Independent Expert’s Report. Aurumin will seek statements of intention to vote in favour of the Share Scheme from unassociated Aurumin Shareholders holding at least 30% of Aurumin Shares. Brightstar has received binding commitments to raise $50 million at $0.48 per share via a placement, not conditional on the Share Scheme’s completion.
Following the placement and schemes, the combined entity will have pro-forma JORC Mineral Resources of 3.9Moz and a cash position of approximately $63 million. This strategic consolidation establishes a district-scale open pit development opportunity at Sandstone, with a pre-feasibility study targeted for release in the first half of CY26. Brightstar’s Managing Director, Alex Rovira, said the transaction offers a unique opportunity to build a Western Australian gold business of genuine scale and unlock value for shareholders of both companies.