Brightstar Resources Limited · ASX:BTR
Brightstar Resources — Diggers & Dealers 2023
27 slides from Brightstar Resources's conference presentation, Aug 7, 2023
Slide 1: Building Western Australia's Next Gold Miner
Building Western Australia’s Next Gold Miner DIGGERS & DEALERS - AUGUST 2023
Slide 2: Important Notice & Disclaimer
Important Notice & Disclaimer Important Notices This Presentation has been prepared by Brightstar Resources Limited (Brightstar) and is authorised by the Board of Directors of Brightstar. Disclaimer • This Presentation has been prepared by Brightstar based on information from its own and third party
Slide 3: Building a New WA Gold Miner
Building a New WA Gold Miner Material and Growing Asset Base • Robust project pipeline of JORC2012-compliant gold resources – 1.02Moz @ 1.5g/t Au Existing JORC Resource of 21.5Mt • Extensive exploration portfolio with numerous ‘walk up’ @ 1.5g/t Au for 1.02Moz1 targets – material high grade results
Slide 4: Value Drivers for 2023 and beyond
Value Drivers for 2023 and beyond Increased scale to become a material and relevant participant in the WA gold sector with +1Moz Resources Tier-1 jurisdiction with compelling land position in two proven goldfields with multi-million ounce endowments • Significant operations nearby include Granny Smi
Slide 5: Corporate Overview
Corporate Overview SHARE PRICE 1 0.030 30 $0.012 1.89bn 0.025 25 Share Price Shares on issue Share Price (A$/share) 0.020 20 Volume (M) 0.015 15 2 0.010 10 $23m $3.6m 0.005 5 Market Capitalisation Cash - - Aug-22 Oct-22 Dec-22 Feb-23 May-23 Jul-23 – Volume (m) Share Price (A$/sh) $20m Debt Enterpris
Slide 6: Laverton Gold Project Overview
Laverton Gold Project Overview Base load resources with material exploration upside and a processing solution Approximately 300km2 of 100%-owned tenure in the Laverton Tectonic Zone. Significant exploration upside exists across the tenement package Portfolio is spread across multiple project areas1:
Slide 7: Cork Tree Well – Scale & Upside
Cork Tree Well – Scale & Upside Open pit +303koz JORC Resource. Open Along Strike and at Depth JORC Mineral Resource upgrade to 6.4Mt @ 1.4g/t Au for 303koz o Including 157koz @ 1.6g/t Au in Indicated classification OPEN OPEN Recent drilling focused on Resource growth and conversion of Inferred to I
Slide 8: Exploration Upside – Laverton Gold Project
Exploration Upside – Laverton Gold Project All holes Holes deeper Big land package with ineffective historic drilling drilled at than 100m drilled at CTW, CTW despite the deposits being open at depth with green box indicating SAM survey target ~300km2 of tenure in the Laverton Tectonic Zone, which i
Slide 9: Menzies Gold Project Overview
Menzies Gold Project Overview Contiguous land package in prolific historic mining field Consists of a tenement holding of a contiguous land package of granted mining leases over a strike length of +17km Majority of deposits are hosted along the Menzies Shear Zone and located adjacent to Goldfields H
Slide 10: Exploration Upside – Menzies Gold Project
Exploration Upside – Menzies Gold Project Limited and ineffective historical exploration provides high-grade opportunities at Menzies Despite a long and successful mining history, exploration drilling at Menzies was historically focused on: • Near mine exploration in and around the active mining cen
Slide 11: Stirling & Pericles – Grade & Margin
Stirling & Pericles – Grade & Margin Potential for high margin early cashflow from near-surface deposits Brightstar is assessing early ore mining opportunities to monetise higher-grade components of the mineral resource, presenting potentially significantly material cashflows to fund overall growth
Slide 12: Additional Ground Secured At Menzies
Additional Ground Secured At Menzies Transaction with Ardea Resources provides further opportunities at Menzies Brightstar’s recent tenement swap with Ardea Resources for nil cash consideration secured additional exploration ground along strike covering the NW extension of the Menzies Shear Zone Acq
Slide 13: Menzies and Laverton Drilling Q2 2023
Menzies and Laverton Drilling Q2 2023 ~6,500m program completed across four exciting projects Recent drilling focused on identifying extensions at Lady Irene, Aspacia and the Lady Shenton - Lady Harriet “Link Zone” (Menzies) & Cork Tree Well (Laverton) Increased knowledge gained of Northern Trend, w
Slide 14: Brownfields Exploration – Aspacia & Lady Irene
Brownfields Exploration – Aspacia & Lady Irene (Menzies) Encouraging initial results to 39g/t Au 1 with further drill testing being planned Aspacia: Successful drilling program aimed at delineating mineralisation along strike of main lode and assessing potential for additional gold-bearing “Menzies
Slide 15: Brightstar Processing Plant
Brightstar Processing Plant Existing infrastructure underpins and accelerates re-start optionality and provides operational Processing advantage over peers Plant & Infrastructure in Laverton Processing Infrastructure • 485ktpa CIL processing plant1 currently on care & maintenance, inclusive of two b
Slide 16: Key Catalysts and Value Drivers
Key Catalysts and Value Drivers Year CY2023 CY2024 CY2025 Quarter Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 DRILLING Resource Updates - Menzies & Laverton Cork Tree Well Resource Upgrade Lady Irene & Aspacia RC Drilling Cork Tree Well RC Drilling Alpha Res. Dev. RC Drilling Diamond Drilling (Exploration, Met
Slide 17: Recent M&A Increase in WA Pre-development Gold Space
Recent M&A Increase in WA Pre-development Gold Space $950/oz M&A activity for ASX-listed WA pre-production gold assets Enterprise Value per Ounce (A$/oz) (M,I&I)1 $226/oz 226 $217/oz 217 $176/oz 176 M&A Average EV/oz of $108/oz* $66/oz 66 Brightstar EV/oz: A$19/oz $56/oz 56 $48/oz 48 $39/oz 39 $33/o
Slide 18: Peer Comparison
Peer Comparison Combination of attractively priced ounces that belies the inherent value of Brightstar’s assets $271M $200 90% $180 80% Enterprise Value (A$ per Resource Ounce) $160 70% $140 60% Measured & Indicated % $120 50% $100 40% $80 30% $60 EV/Resource oz Average $48/oz $40 20% $20 10% $0 0%
Slide 19: Summary
Summary Existing JORC Resource of 21.5Mt @ Two-pronged corporate strategy Healthy project pipeline consisting of 1.5g/t Au for 1.02Moz, located on granted to monetise assets and build JORC2012-compliant gold resources mining leases in a Tier-1 jurisdiction resource base across 12 deposits Leveraged
Slide 20: Appendices
‘¥ j PENDICES
Slide 21: Board & Management
Board & Management ALEX DEAN GREG JONATHAN JOSH TONY ROVIRA VALLVE BITTAR DOWNES HUNT LAU MANAGING DIRECTOR COO NON-EXEC CHAIRMAN NON-EXEC DIRECTOR NON-EXEC DIRECTOR NON-EXEC DIRECTOR Mr Rovira is a qualified Mr Vallve holds technical Mr Bittar holds a Master of Mr Downes has over 25 Mr Hunt is an M
Slide 22: Consolidated JORC 2012 Resources
Appendix 1 Consolidated JORC 2012 Resources Location Measured Indicated Inferred Total Au Cut-off (g/t) Kt g/t Au Koz Kt g/t Au Koz Kt g/t Au Koz Kt g/t Au Koz Alpha 0.5 623 1.6 33 374 2.1 25 455 3.3 48 1,452 2.3 106 Beta 0.5 345 1.7 19 576 1.6 29 961 1.7 54 1,882 1.7 102 Cork Tree Well 0.5 - - - 3,
Slide 23: Pre-production WA Gold M&A Peer Comparison Information & References
Appendix 2 Pre-production WA Gold M&A Peer Comparison Information & References TOTAL Deal Value EV/oz MEASURED INDICATED INFERRED GRADE Acquirer Target Stage Date RESOURCE Source ($Am) ($AUD/oz) (Koz) (Koz) (Koz) (g/t) (Koz) Northern Star Strickland Minerals Sale of Millrose Project Resource Develop
Slide 24: Peer Comparison Information & References
Appendix 3 Peer Comparison Information & References CODE COMPANY STAGE MARKET CAP (A$M) CASH (A$M) EV (A$M) SHARE PRICE MEASURED (Koz) INDICATED (Koz) INFERRED (Koz) TOTAL RESOURCE (Moz) GRADE (g/t) $EV/oz SOURCE DATE MAU Magnetic Resources Resource $168.0 $4.1 $163.9 $0.710 203 402 0.61 1.4 $271 In
Slide 25: Recent WA Gold Processing Facilities Construction & Studies
Appendix 3 Recent constructed & studies of WA gold processing facilities demonstrate inherent value of the BTR infrastructure Purchasing Plant Size Type Project Location Cost ($M) Builder Year Completed Ref: Company (Mtpa) Purchase of Operating Plant Karora Resources Lakewood 5km SE of Kalgoorlie 1.
Slide 26: Supporting Sources
Appendix 4 Supporting Sources Capital Costs 1) Karora Karora Closes Acquisition of Lakewood Gold Mill: https://www.karoraresources.com/2022-07-27-Karora-Resources-Closes-Acquisition-of-the-Lakewood-Gold-Mill 2) GRES Investor Presentation Feb 2022: https://www.asx.com.au/asxpdf/20220222/pdf/45671hgjw
Slide 27: Alex Rovira – Managing Director
ALEX ROVIRA Managing Director alex@brightstarresources.com.au brightstarresources.com.au