Brightstar Resources Limited · ASX:BTR
Brightstar Resources — RIU Explorers Conference 2025
33 slides from Brightstar Resources's conference presentation, Feb 18, 2025
Slide 1: Building a Growing West Australian Gold Producer
BUILDING A GROWING WEST AUSTRALIAN GOLD PRODUCER INVESTOR PRESENTATION FEBRUARY 2025
Slide 2: Important Notices & Disclaimers
Important Notices & Disclaimers Important Notices This presentation (Presentation) has been prepared by Brightstar and has been authorised for release by the Board of Directors of Brightstar on the basis it is to be read in conjunction with these important notices and disclaimers. Disclaimer • This
Slide 3: Growth-focused West Australian junior gold producer
Growth-focused West Australian junior gold producer Platform for growth is set Focus of CY25 Production Mineral Assets Growth Strategy Hub: Laverton Sandstone Menzies Mineral Resources1: 862koz at 1.8g/t Au 1.5Moz @ 1.5g/t Au 595koz @ 1.3g/t Au Production: Second Fortune - - Fish, Cork Tree Well, La
Slide 4: Corporate snapshot
Corporate snapshot Key Metrics ($AUD) Shareholders Linden Board Board of Directors Research Coverage Founders 2% 3% Gateway 4% Richard Crookes $0.022 St Barbara 6% Non-Executive Chairman Share Price Genesis 2% Alex Rovira Managing Director $250m Andrew Rich Market Capitalisation Executive Director A
Slide 5: Brightstar team to execute
Brightstar team to execute Skills to execute – resource growth, studies, mine development and production ANDREW RICH DEAN VALLVE TIM CLARKE Mine Development & EXECUTIVE DIRECTOR - OPERATIONS CHIEF OPERATING OFFICER ENVIRONMENTAL MANAGER Linden – Joined BTR June 2024 Kingwest – Joined BTR May 2023 Hi
Slide 6: How did we get here?
How did we get here? 0.035 80 Volume Close Price Nov 24: Alto metals Scheme approved Mar 24: Merger with 70 0.030 Linden Gold Alliance Brightstar becomes 60 0.025 May 23: KWR merger a gold producer completes 50 Share Price ($/share) 0.020 Volume (m shares) 40 0.015 30 Dec 24: Ore Purchase 0.010 Agre
Slide 7: Laverton Hub
Laverton Hub Ramping up CY25 production DFS upside Second Fortune underground mine
Slide 8: Laverton Hub underpins near-term production growth
Laverton Hub Laverton Hub underpins near-term production growth Ramping up CY25 underground production with upside from DFS and ‘base load’ open pits • Laverton Hub JORC Mineral Resource1: 862koz at 1.8g/t Au 3 • Production rates at Second Fortune ramping up post CY24 H2 investment in capital develo
Slide 9: Ore Purchase Agreement provides production growth pathway
Laverton Hub Ore Purchase Agreement provides production growth pathway Expedited production strategy at record AUD gold prices • Production recommenced from Brightstar’s Laverton Hub N Haul Route to Mt Morgans • Processing at Genesis’ Laverton processing facility under Ore BTR Tenements - 10km 20km
Slide 10: De-risked development with staged production ramp up
Laverton Hub De-risked development with staged production ramp up Laverton Processing: Genesis OPA → BTR Mill refurbishment 2024 2025 2026 + Second Fortune Underground Genesis Minerals OPA • High-grade resource with historical average Accelerated CY25 Production Strategy reconciled mined grade 3.6g/
Slide 11: Second Fortune Mine – Set for elevated CY25 production
Laverton Hub Second Fortune Mine – Set for elevated CY25 production Capital sunk with production ramp up from January 2025 • Owner-operator model own fleet and workforce – same model to be deployed at Fish underground development • Significant capital investment since July 2024 has positioned SF for
Slide 12: Fish development to add second high-grade underground mine
Laverton Hub Fish development to add second high-grade underground mine • CY24 Scoping Study physicals: 190kt @ 4.4g/t Au for 27koz1 • Fish adds a second high-grade underground mine to Brightstar’s Laverton Hub via Brightstar’s established underground owner-operate model and in-house expertise • Dev
Slide 13: Lord Byron – Base load open pit
Laverton Hub Lord Byron – Base load open pit Lord Byron (Jasper Hills) • Current JORC Mineral Resource of 4.5Mt @ 1.7g/t Au for 244koz Au on granted Mining Leases • CY24 Scoping Study physicals: 2.2Mt @ 1.6g/t Au for 115koz1 • Capex reduced and mine development de-risked via co-development at the Fi
Slide 14: Cork Tree Well – Base load open pit
Laverton Hub Cork Tree Well – Base load open pit Cork Tree Well • Current JORC Mineral Resource of 6.4Mt @ 1.4g/t Au for 303koz Au on granted Mining Leases • CY23 Scoping Study: 2.3Mt @ 1.9g/t Au for 136koz1 • Open at depth and along strike - significant exploration upside to grow Resources on under
Slide 15: Sandstone Hub
Sandstone Hub Comprehensive CY25 drilling to set platform for Resource upgrades and studies Montague drilling campaign
Slide 16: Consolidated Sandstone Project – 1.5Moz Au MRE with upside
Sandstone Hub Consolidated Sandstone Project – 1.5Moz Au MRE with upside ~80km drilling program in CY25 targeting Mineral Resource upgrades to set platform for scoping study in late CY25 • Sandstone Hub Mineral Resource1: 1.5Moz @ 1.5g/t Au • Establishment of a district-scale opportunity and Resourc
Slide 17: Sandstone provides centralised critical mass
Sandstone Hub Sandstone provides centralised critical mass • Strategic landholding of +740km2 with 1Moz Au in Mineral Resources on granted mining licenses • Open-pittable resources (~90% of MRE in top 150m) with limited exploration at depth across the prospective portfolio • Excellent preliminary me
Slide 18: Montague East adds strategic, shallow oxide ounces
Sandstone Hub Montague East adds strategic, shallow oxide ounces • Located 70km NNE of Sandstone town along the Sandstone-Wiluna Road • Total Mineral Resource of 10Mt @ 1.6g/t Au for 526,000oz on granted mining licenses • Over 70% of the Mineral Resources are within the top 100m of surface • Largely
Slide 19: Menzies Hub
Menzies Hub High-grade goldfield targeting near-term production
Slide 20: Menzies Hub
Menzies Hub Menzies Hub Lady Shenton presents material open pit opportunity with upside from advancement of underground resources historically mined at +19g/t Au • Menzies Hub Mineral Resource: 595koz @ 1.3g/t Au1 • Contiguous land package of granted mining leases over a strike length of +20km of gr
Slide 21: Market Position
Market Position Evolving ASX junior gold producer landscape Ore loading at Second Fortune Jan25
Slide 22: Step Change in Mineral Resources in CY24: 1Moz to 3Moz
Step Change in Mineral Resources in CY24: 1Moz to 3Moz Pro forma resource base establishes Brightstar at top end of ASX WA gold developer landscape and provides further re -rate opportunity 3.0Moz 3.0Moz 2.4Moz 2.3Moz 2.1Moz 1.9Moz 1.8Moz 1.8Moz 1.5Moz 1.3Moz 1.3Moz 1.2Moz 0.9Moz 0.9Moz 0.7Moz Pro F
Slide 23: Attractive acquisition multiples
Attractive acquisition multiples Strong M&A activity for ASX-listed WA pre-production gold assets transacting at ~A$98/oz (EV/Resource ounce) – AUD gold price has achieved record levels since… stage is set for material value build to the benefit of all new and existing Brightstar shareholders Enterp
Slide 24: The platform is set…
The platform is set… Targeting producer peer group valuations who trade on average at ~$12k per production ounce The EV/Production (FY25e) of ASX-listed <150koz gold producers … implies significant room for growth to valuation in line with peers EV/Production ($/oz) Annual Production (koz p.a. Au) •
Slide 25: 12-month recap - platform set for organic growth
12-month recap - platform set for organic growth Value Accretive Deals Mining Activities Economic Studies Off-market takeover of gold producer Linden Gold Completed the Selkirk Mining JV in Menzies Jasper Hills Scoping Study Successfully produced 7.5koz Au and generated ~A$70 million equity raised 1
Slide 26: Appendices
Appendices Underground haul truck at Second Fortune Jan25
Slide 27: Appendix 1: Brightstar Mineral Resources
Appendix 1: Brightstar Mineral Resources Location Cut-off Measured Indicated Inferred Total g/t Au kt g/t Au koz kt g/t Au koz kt g/t Au koz kt g/t Au koz Alpha 0.50 623 1.6 33 374 2.1 25 455 3.3 48 1,452 2.3 106 Beta 0.50 345 1.7 19 576 1.6 29 961 1.7 54 1,882 1.7 102 Cork Tree Well 0.50 - - - 3,03
Slide 28: Appendix 2: Montague East Gold Project Mineral Resources
Appendix 2: Montague East Gold Project Mineral Resources Location Cut-off Measured Indicated Inferred Total g/t Au Mt g/t Au koz Mt g/t Au koz Mt g/t Au koz Mt g/t Au koz Montague-Boulder 0.60 - - - 0.5 4.0 67 2.6 1.2 96 3.1 1.6 163 Whistler 0.50 - - - - - - 1.7 2.2 120 1.7 2.2 120 Evermore 0.60 - -
Slide 29: Appendix 3: Sandstone Mineral Resources
Appendix 3: Sandstone Mineral Resources Location Cut-off Measured Indicated Inferred Total CONSTRAINED (April 2023) g/t Au Mt g/t Au koz Mt g/t Au koz Mt g/t Au koz Mt g/t Au koz Lord Nelson 0.50 - - - 1.5 2.1 100 3.5 1.4 163 5.0 1.6 263 Lord Henry 0.50 - - - 1.6 1.5 77 0.3 1.2 13 1.9 1.4 90 Vanguar
Slide 30: Appendix 4: Peer Comparison & References
Appendix 4: Peer Comparison & References TOTAL RESOURCE CODE COMPANY STAGE MEASURED (koz) INDICATED (koz) INFERRED (koz) GRADE (g/t) SOURCE DATE (Moz) MAU Magnetic Resources Resource 1,259 569 1.83 1.8 LJN4 – 1.49Moz MRE and Still Growing 2/07/2024 - Great Boulder GBR Resource 340 327 0.67 2.8 Inves
Slide 31: Appendix 5: Gold Producer Peer Group Source Data
Appendix 5: Gold Producer Peer Group Source Data Last Quarter EV/oz produced Announcement Peer Annualised2 (oz) Market Cap4 ($m) Cash5 ($m) Debt5 ($m) EV ($m) Announcement Production (oz)1 ($/oz) Date KGP Q2 PRODUCTION OF 29KOZ & ON TRACK TO Capricorn 28,702 114,808 3,113.4 363.1 50.0 2,800.3 24,391
Slide 32: Appendix 6: Recent M&A References
Appendix 6: Recent M&A References EV/oz Grade Total Resource Acquirer Target Stage Date Deal Value ($m) Measured (koz) Indicated (koz) Inferred (koz) Source (koz) ($/oz) (g/t Au) Ramelius Spectrum Metals Resource Ramelius Makes Recommended Takeover Offer Feb-20 $338.50 $951 - 268 88 356 13.8 Resourc
Slide 33: Important Notices & Disclaimers
Important Notices & Disclaimers JORC (2012) Compliance Statement Brightstar Mineral Resources • This presentation contains references to Mineral Resource estimates , extracted from the ASX announcements titled “Aspacia deposit records maiden Mineral Resource at the Menzies Gold Project” dated 17 Apr