Brightstar Resources Limited · ASX:BTR
Brightstar Resources — RIU Explorers Conference 2026
33 slides from Brightstar Resources's conference presentation, Feb 18, 2026
Slide 1: Building a Growing Western Australian Gold Producer
For personal use only Building a Growing Western Australian Gold Producer RIU Explorers Conference February 2026
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 Goldfields 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 Company’s announceme
Slide 4: Goldfields DFS 2.0 – Upgraded milling capacity, Ore Reserves & economics
Goldfields DFS 2.0 – Upgraded milling capacity, Ore Reserves & economics Robust economics upgrade driven by processing expansion, Ore Reserve upgrades and consolidated processing strategy Proven Gold Producer in Tier 1 Operating Jurisdiction – Western Australia1 351koz Ore Reserves & 4.0Moz Mineral
Slide 5: Goldfields DFS 2.0 – Key outcomes
Goldfields DFS 2.0 – Key outcomes1 Total Material LOM Gold Produced Ore Reserves Average Annual Production Open Pit: 7.9Mt @ 1.5g/t Au 457koz over 6 years 6.9Mt @ 1.6g/t Au for 351koz ~75koz p.a. Underground: 1.5Mt @ 2.6g/t Au Physicals & For personal use only Costs C1 Cash Cost2 Group AISC2 Peak Fu
Slide 6: Corporate Snapshot
Corporate Snapshot Key Metrics ($AUD) Share Price Performance Shareholders Pro Forma January ‘26 Capital Raising Volume Close Price $0.51 Share Price ($/share) 0.80 30 Volume (M shares) Share Price (12 Feb 2026) For personal use only $547M 0.70 25 Market Capitalisation 0.60 HNW / Retail Institutiona
Slide 7: Two projects, one target – clear path to TARGET200
Two projects, one target – clear path to TARGET200 Advancing TARGET200 strategy: Production growth across Goldfields and Sandstone Hubs → Targeted value realisation from Brightstar’s 4.0Moz Mineral Resource base 1 Production Growth Target A,B,C 1 Goldfields Development – Near-term Production Growth
Slide 8: Goldfields DFS 2.0
For personal use only Goldfields DFS 2.0 Accelerating development & production growth Second Fortune Underground (Goldfields) | 8
Slide 9: Goldfields DFS 2.0 – Overview
Goldfields DFS 2.0 – Overview1 +75koz p.a. produced from consolidated and enlarged Laverton processing strategy yielding ~$1B of pre-tax free cash flow2 Group Production (koz) 100 Gold (koz) For personal use only 80 78 79 77 76 75 60 67 40 20 5 - 2027 2028 2029 2030 2031 2032 2033 Financial Year Pre
Slide 10: Goldfields DFS 2.0 – Comparison to Original DFS
Goldfields DFS 2.0 – Comparison to Original DFS Mineral Resource & Ore Reserve upgrades combined with transitioning to a consolidated Laverton processing strategy has resulted in a processing plant capacity expansion to enable improved production profile, mine life and economics while removing third
Slide 11: Goldfields DFS 2.0 – Physicals
Goldfields DFS 2.0 – Physicals Underpinned by 73% of production from Measured & Indicated Mineral Resources Goldfields DFS 2.0 Unit Laverton Menzies Total Group Mining Key Production Outcomes2 Menzies Laverton Blended grade (RHS) Open Pit Mining For personal use only 2,500 2.0 Ore (kt) Grade (g/t Au
Slide 12: Goldfields DFS 2.0 – Costs & Sensitivity
Goldfields DFS 2.0 – Costs & Sensitivity Goldfields DFS 2.0 $M Capital Costs For personal use only Processing Infrastructure 118 NPI and Site Works 15 Start-up Capex 133 Net capitalised cash flows (mining, G&A etc. working capital)1 55 Peak funding requirement1 188 Contingency (10% of Processing Inf
Slide 13: Goldfields execution – First Gold JunQ'27
Goldfields execution – First Gold JunQ’271 Final Investment Decision (FID) targeted for MarQ’26 contemporaneous with debt funding and EPC execution Calendar Year 2026 2027 2028 2029 2030 2031 2032 For personal use only Quarter / Half Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1H 2H 1H 2H 1H 2H 1H 2H Goldfi
Slide 14: 1.5Mtpa Laverton Processing Plant
1.5Mtpa Laverton Processing Plant Fixed Price EPC Contract to de-risk construction phase with embedded capacity to cost-effectively expand to 2.5Mtpa during operations for additional upside optionality A competitive Front End Engineering Design process for a new 1.5Mtpa CIL Targeted Development Time
Slide 15: Brightstar Project execution team
Brightstar Project execution team Significant combined capabilities across mine development, operations, exploration and capital markets – with decades of Western Australian mining and gold experience ANDREW RICH DANIEL JOLLEY JULIE BUDREY Mine Development & For personal use only EXECUTIVE DIRECTOR
Slide 16: Sandstone - Scale & Upside
For personal use only Sandstone - Scale & Upside Growing the size of the opportunity Sandstone’s ‘London Bridge’ | 16
Slide 17: Consolidated Sandstone – 2.4Moz Mineral Resource base & growing
Consolidated Sandstone – 2.4Moz Mineral Resource base & growing Emerging district-scale open pit Western Australian development opportunity with 1.6Moz located in the top 150m from surface Platform is set for a significant, stand-alone WA gold development For personal use only Sandstone Mineral Reso
Slide 18: Quantifying the size of the Sandstone opportunity
Quantifying the size of the Sandstone opportunity Mill throughput (Mtpa) vs mill feed head grade (g/t Au)1,2 Aspirational development timeline1,2,3 Ounces produced per annum (measured in thousands of ounces, rounded to nearest thousand) 1.0g/t Au 1.1g/t Au 1.2g/t Au 1.3g/t Au 1.4g/t Au 1.5g/t Au CY
Slide 19: Brightstar's Market Position
For personal use only Brightstar’s Market Position Unparalleled gold development opportunity Lady Shenton Open Pit (Goldfields) | 19
Slide 20: Development & Production Comparable Peers
Development & Production Comparable Peers1 Emerging Producer Peers Established Producer Peers Explorer / Developer Peers For personal use only Goldfields & Kalgoorlie & Murchison Jaurdii Norseman Davyhurst Plutonic Bullabulling Katanning Sandstone Paulsens Market Cap ($M)2 547 1,023 678 408 1,896 2,
Slide 21: Summary: Forward outlook
Summary Forward outlook - Platform set for unrivalled sustained growth For personal use only TARGET 200 Advancing multi-hub production growth1 Enhanced Goldfields DFS 2.0 establishes production Experienced team path to +75koz p.a. Tier-1 Jurisdiction: +4.0Moz Au in Mineral Resources LOM Free Cash Fl
Slide 22: DFS 2.0 Project Details
For personal use only DFS 2.0 Project Details Lord Byron Open Pits (Goldfields) | 22
Slide 23: Laverton Mine – Lord Byron Open Pit
Laverton Mine Lord Byron Open Pit Oblique view of the Lord Byron open Lord Byron Open Pit pit design with Mineral Resource block model (coloured by grade) JORC Mineral Resource of 5.4Mt @ 1.5g/t Au for 267koz Au1 For personal use only Fully approved for mining operations to commence Two small histor
Slide 24: Laverton Mine – Cork Tree Well Open Pit
Laverton Mine Cork Tree Well Open Pit Oblique view of the Cork Tree Well Cork Tree Well Open Pit open pit designs with Mineral Resource block model (coloured by grade) JORC Mineral Resource of 6.5Mt @ 1.4g/t Au for 292koz Au1 Mining to commence 2030 For personal use only 2.5 year mine life based on
Slide 25: Menzies Mine – Yunndaga Underground
Menzies Mine Yunndaga Underground Oblique view of the Yunndaga Yunndaga Underground underground mine design with Mineral Resource block model (coloured by grade) Set to be Brightstar’s next underground mine For personal use only JORC Mineral Resource of 3.1Mt @ 2.1g/t Au for 206koz Au1 (inclusive of
Slide 26: Menzies Mine – Lady Shenton Open Pit
Menzies Mine Lady Shenton Open Pit Oblique view of the Lady Shenton open Lady Shenton Open Pit pit designs with Mineral Resource block model (coloured by grade) JORC Mineral Resource of 8.1Mt @ 1.4g/t Au for 352koz Au1 Fully approved for mining operations to commence For personal use only Mining to
Slide 27: Appendices
For personal use only Appendices Montague Open Pit (Sandstone) | 27
Slide 28: Appendix 1: Brightstar's M&A track record
Appendix 1: Brightstar’s M&A track record Comparable transactions for Western Australian pre-production gold assets - Acquisition Cost: EV/ounce (A$/oz) 664 569 BTR Transaction For personal use only 218 2025 Transaction 207 204 Pre 2025 Transaction 176 158 Non-BTR M&A Average: $135/oz 125 92 88 87 7
Slide 29: Appendix 2: Goldfields Mineral Resources
Appendix 2: Goldfields Mineral Resources LAVERTON Cut-off Measured Indicated Inferred Total g/t Au kt g/t Au koz kt g/t Au koz kt g/t Au koz kt g/t Au koz Alpha 0.5 - - - 371 1.9 22 1,028 2.8 92 1,399 2.5 115 For personal use only Beta 0.5 345 1.7 19 576 1.6 29 961 1.7 54 1,882 1.7 102 Cork Tree Wel
Slide 30: Appendix 3: Sandstone Mineral Resources
Appendix 3: Sandstone Mineral Resources Location Cut-off Measured Indicated Inferred Total g/t Au kt g/t Au koz kt g/t Au koz kt g/t Au koz kt g/t Au koz Montague-Boulder 0.6 - - - 522 4.0 67 2,556 1.2 96 3,078 1.7 163 For personal use only Whistler 0.5 - - - - - - 1,704 2.2 120 1,704 2.2 120 Evermo
Slide 31: Appendix 4: Ore Reserves
Appendix 4: Ore Reserves Location Proved Probable Total Goldfields Ore Reserves1 kt g/t Au koz kt g/t Au koz kt g/t Au koz For personal use only Cork Tree Well Open Pit (Laverton) - - - 2,137 1.5 104 2,137 1.5 104 Lord Byron Open Pit (Laverton) 308 1.6 15 1,530 1.4 68 1,838 1.4 83 Lady Shenton Open
Slide 32: Appendix 5: Comparable Transaction Data
Appendix 5: Comparable Transaction Data Enterprise Mineral Resource Acquiror Target Project Stage Ann. Date Source Information Value1 Resource Multiple A$m koz Au. A$/oz Au. Date ASX Release Title Ramelius Resources Spartan Resources Resource Development Mar-25 2,094 3,152 664 17-Mar-25 Transformati
Slide 33: Appendix 6: Peer References
Appendix 6: Peer References TOTAL Enterprise Measure Indicated Inferred GRADE Market Cap EV/Resource Ticker Company Stage RESOURCE Source & Date Value (EV) (koz) (koz) (koz) (g/t) ($M) ($/oz) (koz) ($M) BTR Brightstar Resources Operations & DFS 52 1,267 2,651 4,030 1.5 Updated Goldfields Feasibility