Slide 1: Building a Growing West Australian Gold Producer
BUILDING A GROWING WEST AUSTRALIAN GOLD PRODUCER Laverton-Menzies Feasibility Study Advancing TARGET200 Growth Strategy June 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. This Presentation
Slide 3: Important Notices & Disclaimers – Feasibility Study Cautionary Statement
Important Notices & Disclaimers Feasibility Study - Cautionary Statement Menzies and Laverton Gold Project Feasibility Study • The production targets and forecast financial information disclosed in this presentation were first announced in accordance with ASX Listing Rules 5.16 and 5.17 in the Compa
Slide 4: Laverton-Menzies DFS Outcomes
Laverton-Menzies DFS Outcomes Production - Path to TARGET 200 7 5 Year Production Plan: Peaking at 91koz p.a. averaging ~70koz p.a. over 5 years Existing Laverton Ops (SF UG + Fish UG) Menzies Laverton Sandstone (Aspirational Target) • 365koz mined over 6 years (including current Second Fortune & Fi
Slide 5: Laverton-Menzies DFS Outcomes
Laverton-Menzies DFS Outcomes Total Material Processed LOM Gold Produced Laverton Plant Throughput1 Open Pit: 5.1Mt @ 1.6g/t Au 339koz over 5 years 1.0Mtpa Underground: 1.3Mt @ 2.6g/t Au Physicals Average Annual Production C1 Cash Cost2 Group AISC2 ~70koz p.a. $2,388/oz $2,991/oz BASE CASE $4,500/oz
Slide 6: TARGET200 Advancing Multi-Hub Production Growth
TARGET200 Advancing Multi-Hub Production Growth Focus on ‘mineable ounces’ and near-term growth - Laverton-Menzies DFS grows Ore Reserves to 235koz Au, Sandstone PFS planned for 1H CY26 Portfolio Endowment Advanced Near-Term DFS Development Operations Mineral Resources1 Ore Reserves2 Exploration Dev
Slide 7: Corporate Snapshot
Corporate Snapshot Key Metrics ($AUD) Shareholders Share Price Performance Linden Board $0.49 Founders 2% 3% Gateway 4% 0.80 6.00 Share Price St Barbara 6% 0.70 $232M Genesis 2% 5.00 Market Capitalisation 0.60 Share Price ($/share) Volume (m shares) ~$19M 0.50 4.00 Average Monthly Liquidity 3.0Moz H
Slide 8: Laverton-Menzies DFS
Laverton-Menzies DFS Ramping up production Second Fortune underground mine | 8
Slide 9: Laverton-Menzies DFS Stage 1 - Overview
Laverton-Menzies DFS Stage 1- Overview Stage 1: Conservative de-risked focus on near-term development, mineable ounces and free cash flow generation and growth. Group Production Menzies DFS Laverton DFS Existing Laverton Ops (SF & Fish UG Ore Reserves Only) • Two mining project areas: 100 Menzies Go
Slide 10: Laverton-Menzies DFS - Physicals
Laverton-Menzies DFS - Physicals Stage 1: Gold production of 339koz at an AISC of $2,991/oz over the life of mine Laverton-Menzies DFS Unit Laverton Menzies Total • LOM production underpinned by 70% production of ounces from Measured Stage 1 and Indicated Mineral Resources Key Production Outcomes •
Slide 11: Key Study Outcomes – Costs & Sensitivity Analysis
Key Study Outcomes – Costs & Sensitivity Analysis Laverton-Menzies DFS Sensitivity Analysis $m Stage 1 Capital Costs Gold price (+/- 10%) Pre-Production 14 Growth Capex (incl. Laverton Mill) 209 Sustaining Capex 139 Opex (+/- 10%) Total Capex 362 Peak funding requirement (Spot Case) 120 Peak funding
Slide 12: Timeline - Key Catalysts
Timeline - Key Catalysts CY 2025 2026 2027 2028 DRILLING & RESOURCES Diamond Drilling: Laverton & Menzies Metallurgy, Geotech & Extensions Sandstone Reverse Circulation Drilling: Sandstone, Laverton & Menzies – Continuous drilling Resource Definition & Exploration Laverton Group MRE Group MRE Group
Slide 13: Laverton Hub
Laverton Hub New 1.0Mtpa Mill + Open Pit Developments Cork Tree Well (looking South)
Slide 14: Laverton Hub Underpins Sustained Production Growth
Laverton Hub Laverton Hub Underpins Sustained Production Growth Existing FY26 underground production complemented by open pits developments processed via an expanded 1.0Mtpa Brightstar Processing Plant • Laverton Hub JORC Mineral Resource1: 857koz at 1.7g/t Au • Current FY26 underground production:
Slide 15: Second Fortune & Fish Underground Operating Mines
Laverton Hub Second Fortune & Fish Underground Operating Mines SECOND FORTUNE MINE Combined operational run rate target: 25kt per month @ +3g/t Au (~35koz p.a.) In-house underground mining expertise: • High-grade, narrow vein gold mine Brightstar utilises an ‘owner-operator model’ with our own fleet
Slide 16: Lord Byron Open Pit | CY26 Open Pit Mining Targeted
Laverton Hub Lord Byron Open Pit | CY26 Open Pit Mining Targeted Lord Byron Open Pit – 0.3Moz Au MRE on granted Mining Lease Mining targeted to commence CY261 • JORC Mineral Resource of 5.2Mt @ 1.5g/t Au for 251koz Au2 • Stage 1 Ore Reserves: 1.3Mt @ 1.4g/t Au for 59koz1 o Pit design completed on Or
Slide 17: Cork Tree Well Open Pits | Open at Depth and Along Strike
Laverton Hub Cork Tree Well Open Pits | Open at Depth and Along Strike Cork Tree Well – 0.3Moz Au along 3km of strike on granted Mining Lease • JORC Mineral Resource of 6.5Mt @ 1.4g/t Au for 292koz Au1 • Stage 1 Ore Reserves: 1.4Mt @ 1.7g/t Au for 76koz2 o Pit design completed on Ore Reserves only o
Slide 18: 1.0Mtpa Laverton Mill – Brightstar-owned infrastructure
Laverton Hub 1.0Mtpa Laverton Mill – Brightstar-owned infrastructure • Como Engineers have delivered a DFS-level (+/- 15%) design and cost CAPITAL COST ESTIMATE Total estimate for a new 1.0Mtpa CIL processing plant in Laverton Area A$M • Conventional 1Mtpa CIL design delivering ave. Opex of A$31.75/
Slide 19: Menzies Hub
Menzies Hub Open pit mining targeted early CY26 Lady Shenton open pit
Slide 20: Lady Shenton to add open pit ounces in CY26
Menzies Hub Lady Shenton to add open pit ounces in CY26 Menzies presents valuable opportunity to generate +$140M of free cash within 3 years with $14M of Capex required • Menzies Hub Mineral Resource Estimate: 589koz @ 1.4g/t Au2. Historical mining of the project has yielded +800koz @ 19g/t Au3 • We
Slide 21: Lady Shenton Open Pit | 1H CY26 Production Target
Menzies Hub Lady Shenton Open Pit | 1H CY26 Production Target Lady Shenton Open Pit Mine • JORC Mineral Resource of 5.6Mt @ 1.5g/t Au for 273koz Au1 on granted Mining Leases • Stage 1 Ore Reserves – 1.4Mt @ 1.7g/t Au for 80koz2 o Pit design completed on Ore Reserves only o Optimised at A$3,500/oz us
Slide 22: Yunndaga | Set to be Brightstar's next Underground Mine
Menzies Hub Yunndaga | Set to be Brightstar’s next Underground Mine Yunndaga Underground Mine • JORC Mineral Resource of 3.4Mt @ 1.4g/t Au for 156koz Au1 (inclusive of lower grade open pit MRE) on granted Mining Leases • Current study assessment: +/- 30% o Ongoing drilling and technical work underwa
Slide 23: Sandstone Hub
Sandstone Hub Scaling up the size of the opportunity Montague drilling campaign
Slide 24: Existing Sandstone Project – 1.5Moz with upside
Sandstone Hub Existing Sandstone Project – 1.5Moz with upside ~80km drilling program in CY25 targeting Mineral Resource upgrades to set platform for PFS delivery in 1H CY26 • Sandstone Hub Mineral Resource1: 1.5Moz @ 1.5g/t Au • Establishment of a district-scale opportunity and large Mineral Resourc
Slide 25: Sandstone provides centralised critical mass
Sandstone Hub Sandstone provides centralised critical mass Shallow +1Moz endowment provides foundation for long-life open pit production centre • Strategic landholding of +740km2 of the well-endowed Sandstone Greenstone Belt • +1Moz @ 1.4g/t Au in shallow Mineral Resources on granted mining licenses
Slide 26: Montague East adds strategic, shallow oxide ounces
Sandstone Hub Montague East adds strategic, shallow oxide ounces • Total Mineral Resource of 10Mt @ 1.6g/t Au for 526koz on granted mining licenses • Located 70km NNE of Sandstone town along the Sandstone-Wiluna Road • Over 70% of the Mineral Resources are within the top 100m of surface • Largely ox
Slide 27: Quantifying the size of the Sandstone opportunity
Sandstone Hub Quantifying the size of the Sandstone opportunity Sandstone Gold Project accelerating towards production → potential to become new long-life production centre in Western Australia’s goldfields1 Mill throughput (Mtpa) vs mill feed head grade (g/t Au)1 Aspirational development timeline1
Slide 28: 12 Month outlook - platform set for organic growth
12 Month outlook - platform set for organic growth TARGET 200 – Advancing multi-hub production growth Laverton-Menzies DFS establishes production path to Value Accretive Deals ~70koz p.a. Continued mining operations at Second Fortune and Continue to assess strategic accretive deals Fish undergrounds
Slide 29: Laverton-Menzies DFS
Laverton-Menzies DFS Next step to 200 Fish underground operation
Slide 30: Menzies Gold Project – DFS Physicals
Menzies Gold Project – DFS Physicals Mining at Lady Shenton to commence early CY26 with MoU executed for processing at Paddington Processing Plant Menzies Ore Mined Lady Shenton Aspacia Link Zone Lady Harriet • Menzies Gold Project produces 2.1Mt at 1.5g/t Au recovering 105koz over 1,000 3 years fro
Slide 31: Laverton Gold Project – DFS Physicals
Laverton Gold Project – DFS Physicals Lord Byron and Cork Tree Well Open Pit Mines → 1.0Mtpa CIL central processing facility Laverton Ore Mined Lord Byron Yunndaga (Menzies mine) Cork Tree Well Alpha • Laverton Gold Project produces 4.3Mt at 1.9g/t Au recovering 234koz Au 1,600 • Operations include
Slide 32: Appendices
Appendices Historic Beta Open Pits
Slide 33: Appendix 1: Brightstar execution team
Appendix 1: Brightstar execution team ANDREW RICH DEAN VALLVE LEWIS CATLIN MATHEW LLOYD EXECUTIVE DIRECTOR - OPERATIONS CHIEF DEVELOPMENT OFFICER MINE MANAGER – JASPER HILLS MINE MANAGER – SECOND FORTUNE Mine Development & Joined Brightstar June 2024 Joined Brightstar May 2023 Joined Brightstar June
Slide 34: Appendix 2: Laverton & Menzies Mineral Resources
Appendix 2: Laverton & Menzies Mineral Resources LAVERTON 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 0.5 - - - 371 1.9 22 1,028 2.8 92 1,399 2.5 115 Beta 0.5 345 1.7 19 576 1.6 29 961 1.7 54 1,882 1.7 102 Cork Tree Well 0.5 - - - 3,
Slide 35: Appendix 3: Montague East Mineral Resources
Appendix 3: Montague East 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 Montague-Boulder 0.6 - - - 0.5 4.0 67 2.6 1.2 96 3.1 1.6 163 Whistler 0.5 - - - - - - 1.7 2.2 120 1.7 2.2 120 Evermore 0.6 - - - - - - 1.3 1.6
Slide 36: Appendix 4: Sandstone Mineral Resources
Appendix 4: 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 0.5 - - - 1.5 2.1 100 3.5 1.4 163 5.0 1.6 263 Lord Henry 0.5 - - - 1.6 1.5 77 0.3 1.2 13 1.9 1.4 90 Vanguard
Slide 37: Appendix 5: Ore Reserves
Appendix 5: Ore Reserves Location Proved Probable Total Ore Reserves – Open Pits1 kt g/t Au koz kt g/t Au koz kt g/t Au koz Cork Tree Well (DFS) - - - 1,374 1.7 76 1,374 1.7 76 Lord Byron (DFS) 296 1.6 15 964 1.4 44 1,261 1.4 59 Laverton Ore Reserves (OP) 296 1.6 15 2,338 1.6 120 2,635 1.6 135 Lady
Slide 38: Appendix 6: Exploration history highlights upside
Appendix 6: Exploration history highlights upside PFS to be delivered 1H CY26 → to delineate step out drilling targets for DFS and pathway to production Historical Context Sandstone Project area annual drill metres Montague Project area annual drill metres Sandstone Historical Drilling (LHS) vs AUD