Brightstar Resources Limited · ASX:BTR
Brightstar Resources — Diggers and Dealers (August 2026)
38 slides from Brightstar Resources's conference presentation, Aug 5, 2026
Slide 1: Building a Multi-Asset Western Australian Gold Producer
For personal use only BRIGHTSTAR RESOURCES LIMITED Building a Multi-Asset Western Australian Gold Producer Executing on a pathway to +75koz p.a. with a Tier-1 growth asset in the Go Bay ASX : BTR INVESTOR PRESENTATION · AUGUST 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. For personal use
Slide 3: Important Notices & Disclaimers
Important Notices & Disclaimers Not Investment Advice • Each recipient of the Presentation should make its own enquiries and investigations regarding all information in this Presentation including but not limited to the assumptions, uncertainties and contingencies which may affect future operations
Slide 4: Investment Highlights
INVESTMENT HIGHLIGHTS 4.5Moz - Gold developer executing on major production growth Two large-scale production centres to unlock Brightstar's TARGET200 strategy¹ For personal use only MAJOR PRODUCTION GROWTH ACROSS TWO WA PROJECTS² • ~4.5Moz Mineral Resources & 351koz Ore Reserves on granted Mining L
Slide 5: Corporate Snapshot
CORPORATE SNAPSHOT Team & funding in place – platform for major production growth SHAREHOLDERS SHARE PRICE MARKET CAP NET CASH1 AVAILABLE, UNDRAWN DEBT For personal use only $0.36 $395M $122M US$120M H N W / Retail Institutional 40% 46% (AUD) As at 31 July 2026 1,098M shares on issue As per JunQ’26
Slide 6: Leadership
Leadership Experienced team in place to execute BOARD OF DIRECTORS MANAGEMENT TEAM For personal use only Richard Crookes Geologist · Finance · 35+ yrs Nicky Martin Finance · CPA · 20+ yrs Katherine Hughes Human Resources · 15+ yrs Non-Executive Chairman Chief Financial Officer Chief Human Resources
Slide 7: Goldfields Project
For personal use only Goldfields Project Executing on pathway to +75koz p.a. – First gold June 2027
Slide 8: 1.5Mtpa Laverton Plant
1.5Mtpa Laverton Plant Goldfields Construction Underway For personal use only Brightstar Resources Limited · Building a Multi-Asset Western Australian Gold Producer 8
Slide 9: GR Engineering appointed to construct 1.5Mtpa Laverton Plant
GOLDFIELDS PROJECT GR Engineering appointed to construct 1.5Mtpa Laverton Plant1 Fixed-price EPC contract de-risks the construction phase, with embedded capacity to cost-effectively expand to 2.5Mtpa during operations For personal use only ▸ Conventional 1.5Mtpa CIL processing plant with embedded en
Slide 10: De-risked development pathway - staged open-pit & underground mining
GOLDFIELDS PROJECT De-risked development pathway - staged open-pit & underground mining New 1.5Mtpa processing plant unlocks existing 1.6Moz @ 1.6g/t Au Mineral Resource on granted mining leases 01 SIMPLIFIED BUSINESS MODEL For personal use only Staged open pit and underground operations ▸ Operating
Slide 11: Gold pouring in less than months
GOLDFIELDS PROJECT Gold pouring in less than 12 months First Gold targeted in June 2027 Calendar Year 2026 2027 For personal use only Quarter MarQ JunQ SepQ DecQ MarQ JunQ SepQ DecQ Goldfields DFS 2.0 Studies & Funding Execution Funding Final Investment Decision (FID) MDCP Plant Approval Approvals W
Slide 12: DFS2.0 economics demonstrates a robust development case
GOLDFIELDS PROJECT DFS2.0 economics demonstrates a robust development case1 A high-margin, short-payback development with demonstrable mine life extension opportunities For personal use only PRE-TAX NPV₈ PRE-TAX IRR LOM FREE CASH FLOW AVERAGE ANNUAL FCF $606M 74% ~$1.0B $163M A$6,000/oz NPV/Capex ra
Slide 13: Sandstone Gold Project
For personal use only Sandstone Gold Project Growing the size of the opportunity - a district-scale Tier-1 development in the making
Slide 14: 2.9Moz Mineral Resource base
SANDSTONE PROJECT 2.9Moz Mineral Resource base – Underexplored and positioned for development Emerging district-scale WA gold development opportunity SANDSTONE GOLD PROJECT ¹ For personal use only 2.9Moz @ 1.3g/t Au ▸ Platform set for a significant, stand-alone WA gold development ▸ Total footprint
Slide 15: Two-Year Sandstone Strategic Plan
TWO-YEAR SANDSTONE STRATEGIC PLAN Delivering a district-scale opportunity 01 Improve Resource Quality & Grow 02 Convert Resources to Reserves 03 Right-Size Processing Infrastructure For personal use only o Target further upgrades to existing MRE of o Comprehensive technical work underpins a maiden o
Slide 16: Central Sandstone – Critical Mass for development pathway
SANDSTONE PROJECT Central Sandstone – Critical Mass for development pathway Existing Mineral Resource of 2.9Moz Au provides critical mass for PFS evaluation and future development CENTRAL SANDSTONE For personal use only Critical mass from existing Mineral Resources underpins future development ▸ Exi
Slide 17: Central Sandstone Growth Potential
SANDSTONE PROJECT Central Sandstone Growth Potential Early-stage growth targets present opportunity for multi-million-ounce Mineral Resource growth potential and a unique development proposition in the region For personal use only CENTRAL SANDSTONE Growth targets provide platform for ‘Tier 1 status’
Slide 18: Montague – Shallow deposits provide potential for open pit developments
SANDSTONE PROJECT Montague – Shallow deposits provide potential for open pit developments High-grade mineralisation targeted for open pit mining and haulage to Sandstone processing For personal use only MONTAGUE Limited exploration history provides the upside ▸ New MRE of 664koz @ 1.3g/t Au ▸ ~70km
Slide 19: Brightstar's Market Position
For personal use only Brightstar's Market Position An unparalleled gold development opportunity at the junior end of the ASX - well placed to re-rate as a producer
Slide 20: Targeting an ASX Mid-Tier Gold Production Scale
TARGETING AN ASX MID-TIER GOLD PRODUCTION SCALE Limited mid-tier producers with scale of >200koz p.a. M&A has diminished the pipeline of emerging producers with +200koz p.a. production potential For personal use only Annualised Production (koz p.a.)¹ TARGET200 puts BTR Northern Star 1,543 into Mid-T
Slide 21: A robust position to build a WA gold mining mid tier
DEMONSTRABLE VALUE-ADDING APPROACH IN GROWING MINERAL RESOURCES & ADVANCING ASSETS TO PRODUCTION A robust position to build a WA gold mining mid tier A successful track record in M&A combined with aggressive exploration has placed Brightstar at the top end of the advanced developers and emerging pro
Slide 22: Development & Production Comparable Peers
DEVELOPMENT & PRODUCTION COMPARABLE PEERS¹ Undemanding valuation on every resource and reserve metric Brightstar EMERGING PRODUCER PEERS ESTABLISHED PRODUCER PEERS EXPLORER / DEVELOPER PEERS For personal use only Resources Limited Black Cat Meeka Metals Pantoro Gold Ora Banda Catalyst Metals Mineral
Slide 23: Platform set for sustained growth
SUMMARY Platform set for sustained growth Advancing a multi-hub production growth - Tier-1 jurisdiction, +4.5Moz Au on granted Mining Licenses For personal use only 01 GOLDFIELDS DEVELOPMENT 02 SANDSTONE TO DELIVER SCALE 03 EXPERIENCED TEAM ▸ Simplified business model: 1x open pit & 1x ▸ Multiple MR
Slide 24: Appendices
For personal use only Appendices Montague Open Pit (Sandstone)
Slide 25: +75koz p.a. from a consolidated Laverton processing strategy
GOLDFIELDS PROJECT +75koz p.a. from a consolidated Laverton processing strategy1 Yielding ~$1.0B of pre-tax free cash flow² at A$6,000/oz over a six-year mine life Group Production (koz) 78 79 77 For personal use only 80 75 76 Goldfields DFS 2.0 Unit Laverton Menzies Total 67 Key Production Outcomes
Slide 26: Transformative year sets platform for growth
LAST ~12 MONTHS Transformative year sets platform for growth JAN 2025 – MAR 2026 JAN 2026 MAY 2026 + For personal use only Laverton Production Goldfields DFS 2.0 Goldfields Execution ▪ 384kt @ 2.2g/t Au for 24koz recovered via ▪ Compelling economics: A$606m NPV8 ▪ Early works underway including init
Slide 27: Lord Byron Open Pit
LAVERTON MINE Lord Byron Open Pit Oblique view of the Lord Byron open LORD BYRON OPEN PIT pit design with Mineral Resource block model (coloured by grade) JORC Mineral Resource of 5.4Mt @ 1.5g/t Au for 267koz Au1 For personal use only Fully approved for mining operations to commence Two small histor
Slide 28: Cork Tree Well Open Pit
LAVERTON MINE Cork Tree Well Open Pit Oblique view of the Cork Tree Well open pit designs with Mineral Resource CORK TREE WELL OPEN PIT block model (coloured by grade) JORC Mineral Resource of 6.5Mt @ 1.4g/t Au for 292koz Au1 For personal use only Mining to commence 2030 2.5 year mine life based on
Slide 29: Lady Shenton Open Pit
MENZIES MINE Lady Shenton Open Pit Oblique view of the Lady Shenton open pit designs with Mineral Resource LADY SHENTON OPEN PIT block model (coloured by grade) JORC Mineral Resource of 8.1Mt @ 1.4g/t Au for 352koz Au1 For personal use only Fully approved for mining operations to commence Mining to
Slide 30: Yunndaga Underground
MENZIES MINE Yunndaga Underground Oblique view of the Yunndaga underground mine design YUNNDAGA UNDERGROUND with Mineral Resource block model (coloured by grade) et to be Brightstar’s next underground mine For personal use only JORC Mineral Resource of 3.1Mt @ 2.1g/t Au for 206koz Au1 (inclusive of
Slide 31: Appendix 1: Brightstar's Impressive M&A Track Record
APPENDIX Appendix 1: Brightstar’s Impressive M&A Track Record Comparable transactions for Western Australian pre-production gold assets - acquisition cost, A$/ounce BTR Transaction Non-BTR Transaction For personal use only 867 664 642 568 EV / Resource ounce (A$/oz) 400 253 219 207 204 200 176 160 1
Slide 32: Appendix 2: Goldfields Mineral Resources
APPENDIX Appendix 2: Goldfields Mineral Resources LAVERTON Cut-off Measured Indicated Inferred Total For personal use only g/t Au kt g/t Au koz kt g/t Au koz kt g/t Au koz kt g/t Au koz Alpha 0.5 - - - 371 1.9 22 1,028 2.8 92 1,399 2.5 115 Beta 0.5 345 1.7 19 576 1.6 29 961 1.7 54 1,882 1.7 102 Cork
Slide 33: Appendix 3: Sandstone Mineral Resources
APPENDIX Appendix 3: Sandstone Mineral Resources Location Cut-off Measured Indicated Inferred Total For personal use only g/t Au kt g/t Au koz kt g/t Au koz kt g/t Au koz kt g/t Au Koz Montague-Evermore 0.4 - - - 1,683 2.1 114 3,122 1.3 127 4,805 1.6 241 Whistler 0.4 - - - 1,258 2.0 79 565 1.4 25 1,
Slide 34: Appendix 4: Ore Reserves
APPENDIX Appendix 4: Ore Reserves Location Proved Probable Total For personal use only Goldfields Ore Reserves1 kt g/t Au koz kt g/t Au koz kt g/t Au koz Cork Tree Well Open Pit (Laverton) - - - 2,137 1.5 104 2,137 1.5 104 Lord Byron Open Pit (Laverton) 308 1.6 15 1,530 1.4 68 1,838 1.4 83 Lady Shen
Slide 35: Appendix 5: Comparable Transaction Data
APPENDIX Appendix 5: Comparable Transaction Data Enterprise Mineral Resource Acquiror Target Project Stage Ann. Date Source Information Value¹ Resource Multiple A$m koz Au. A$/oz Au. Date ASX Release Title For personal use only Ramelius Resources Spartan Resources Resource Development Mar-25 2,094 3
Slide 36: Appendix 6: Peer Mineral Resource References
APPENDIX Appendix 6: Peer Mineral Resource References¹ Total Plant Market Enterprise EV/ EV/ EV/ Proved Probable Grade Production Ticker Company Stage Reserve Capacity Source & Date Cap Value Resource Reserve Production (koz) (koz) (g/t) (koz/year) (koz) (Mtpa) ($M) ($M) ($/oz) ($/oz) ($/oz) For per
Slide 37: Appendix 7: Peer Annualised Production References
APPENDIX Appendix 7: Peer Annualised Production References¹ Annualised Production Ticker Company Source & Date (koz p.a.) For personal use only NST Northern Star Resources 1,543 June 2026 Quarterly Activities Report (29 July 2026) EVN Evolution Mining 715 June 2026 Quarterly Report (15 July 2026) RR
Slide 38: Appendix 8: Peer WA Gold Developers – Resource vs Grade
APPENDIX Appendix 8: Peer WA Gold Developers – Resource vs Grade¹ Grade Enterprise Value EV/ Resource Ticker Company Total Resource (koz) Source & Date (g/t) ($M) ($/oz) For personal use only MI6 Minerals260 6,200 1.0 June 2026 Quarterly Activities and Cashflow Report (30 July 2026) 1,243 201 AZY An
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