Brightstar Resources Limited · ASX:BTR
Brightstar Resources — Canaccord Genuity Global Metals & Mining Conference 2025
32 slides from Brightstar Resources's conference presentation, May 21, 2025
Slide 1: Building a Growing West Australian Gold Producer
BUILDING A GROWING WEST AUSTRALIAN GOLD PRODUCER Canaccord Genuity Global Metals & Mining Conference May 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: 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
Slide 4: Growth-focused West Australian junior gold producer
Growth-focused West Australian junior gold producer The platform for multi-asset growth is set Mineral Assets Hub: Laverton Sandstone Menzies Mineral Resources1: 848koz at 1.7g/t Au 1.5Moz @ 1.5g/t Au 589koz @ 1.4g/t Au Second Fortune Production: - - Fish Cork Tree Well Development: - Lady Shenton L
Slide 5: Corporate snapshot
Corporate snapshot Key Metrics ($AUD) Shareholders Share Price Performance Linden Board Founders 2% 0.8 6.0 Volume Close Price $0.66 3% Gateway 4% St Barbara 6% Share Price 0.7 5.0 $303m Genesis 2% 0.6 Market Capitalisation Volume traded (m shares) Share Price ($/share) 4.0 ~$15m 0.5 Average Monthly
Slide 6: Laverton Hub
Laverton Hub Ramping up CY25 production DFS upside Second Fortune underground mine
Slide 7: 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: 848koz at 1.7g/t Au • Mar25‘Q: 75kt @ 2.3g/t Au for 5,207oz recovered2 +20koz pa run rate 3 • Mar25‘Q Net mine
Slide 8: Second Fortune – Established for elevated CY25 production
Laverton Hub Second Fortune – Established for elevated CY25 production Operational run rate target of 10 - 12kt per month @ 3.5g/t Au (~15kozpa) • High-grade, narrow vein gold mine with a resource head grade of 13.4g/t Au. Historical gold production (under Brightstar/Linden) of ~0.4Mt @ 3.6g/t Au ov
Slide 9: 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 operations using Brightstar’s established underground owner-operator model and in-house opera
Slide 10: Lord Byron & Cork Tree Well | >0.5Moz Au MRE Open Pits
Laverton Hub Lord Byron & Cork Tree Well | >0.5Moz Au MRE Open Pits Lord Byron (Jasper Hills) • JORC Mineral Resource of 5.2Mt @ 1.5g/t Au for 251koz 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-develo
Slide 11: Sandstone Hub
Sandstone Hub Comprehensive CY25 drilling to set platform for Resource upgrades and studies Montague drilling campaign
Slide 12: Consolidated Sandstone Project – 1.5Moz with upside
Sandstone Hub Consolidated 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 Res
Slide 13: 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 • +1Moz @ 1.4g/t Au in shallow Mineral Resources on granted mining licenses • Open-pittable resources (~90% of MRE in top
Slide 14: Exploration history highlights Sandstone upside potential
Sandstone Hub Exploration history highlights Sandstone upside potential PFS to be delivered 1H CY26 → to delineate step out drilling targets for DFS and pathway to production Priority Sandstone exploration targets Historical Context Targeting new discoveries and Mineral Resource growth Sandstone His
Slide 15: 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 16: 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 17: Menzies Hub
Menzies Hub High-grade goldfield targeting near-term production
Slide 18: Development of Lady Shenton to add open pit ounces in CY25
Menzies Hub Development of Lady Shenton to add open pit ounces in CY25 Menzies presents material opportunity for group production contribution of 30 - 40kozpa1 from OP and UG mines • Menzies Hub Mineral Resource Estimate: 589koz @ 1.4g/t Au2 • Well located adjacent to the Goldfields Highway (130km n
Slide 19: Lady Shenton OP + Yunndaga UG to become key contributors
Laverton Hub Lady Shenton OP + Yunndaga UG to become key contributors Lady Shenton System open pits • JORC Mineral Resource of 5.6Mt @ 1.5g/t Au for 273koz Au 1 on granted Mining Leases • CY24 Scoping Study physicals: 1.9Mt @ 1.6g/t Au for 100koz2 • Three staged open pits mines proposed at the Lady
Slide 20: Market Position
Market Position Evolving ASX junior gold producer landscape Ore loading at Second Fortune Jan25
Slide 21: Brightstar's valuation as a growing WA producer
Brightstar’s valuation as a growing WA producer With a 3.0Moz Resource base, established gold production and near-term growth, Brightstar presents compelling value in the WA gold junior landscape $454 $571 $300 $250 $221 $212 $199 $200 $/oz (EV/MRE) $150 Average: A$148/oz Average: A$140/oz $112 $99
Slide 22: Attractive acquisition multiples for BTR transactions
Attractive acquisition multiples for BTR transactions Strong M&A activity for ASX-listed WA pre-production gold assets transacting at ~A$99/oz (EV/Resource ounce) – AUD gold price has achieved record levels since… stage is set for material value build to the benefit of all Brightstar shareholders En
Slide 23: Brightstar targeting valuations of Intermediate gold producers
Brightstar targeting valuations of Intermediate gold producers Peer group (<150kozpa) valuations trade on average at an Enterprise Value of ~$14k per annual production ounce The EV/Production (FY25e) of ASX-listed peers … implies significant room for growth to valuation in line with peers EV/Product
Slide 24: 12 Month outlook - platform set for organic growth
12 Month outlook - platform set for organic growth Expansion of Mining Activities to Become a Economic Studies to Underpin Development Value Accretive Deals Multi Mine Company Definitive Feasibility Study due for completion Continue to assess strategic accretive deals for Continued mining operations
Slide 25: Appendices
Appendices Underground haul truck at Second Fortune Jan25
Slide 26: 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 27: Appendix 2: Laverton & Menzies Mineral Resources
Appendix 2: Laverton & Menzies Mineral Resources LAVERTON 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 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 - - -
Slide 28: Appendix 3: Montague East Gold Project Mineral Resources
Appendix 3: 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 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 0.50 - - - 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 5: Peer Comparison & References
Appendix 5: Peer Comparison & References TOTAL RESOURCE GRADE CODE COMPANY STAGE MEASURED (koz) INDICATED (koz) INFERRED (koz) SOURCE (Moz) (g/t) March Quarterly 28/04/2025 MEK Meeka Metals Emerging Producer 55 645 535 1.24 3.0 Expanded Murchison Feasibility 12/12/2024 March Quarterly 28/04/2025 BC8
Slide 31: Appendix 6: Recent M&A References
Appendix 6: Recent M&A References EV/oz Total Resource Grade Acquirer Target Stage Date Deal Value ($m) Measured (koz) Indicated (koz) Inferred (koz) Source ($/oz) (koz) (g/t Au) Ramelius Spectrum Metals Resource Ramelius Makes Recommended Takeover Offer Feb-20 $338.50 $951 - 268 88 356 13.8 Resourc
Slide 32: Appendix 7: Peer production multiples
Appendix 7: Peer production multiples Peer Mar25 Q Annualised Market Cap Cash ($m)1 Debt ($m)1 EV ($m) EV/oz Announcement Date Production1 production ($m)2 produced (koz) ($/oz) Capricorn 30,599 122,396 3,617 404.6 50.6 3,262.7 26,657 KGP Q3 PRODUCTION OF 31KOZ & ON 7/04/2025 & TRACK TO ACHIEVE FY25
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