Brightstar Resources Limited · ASX:BTR
Brightstar Resources — Investor Presentation (March 2026)
34 slides from Brightstar Resources's investor presentation, Mar 18, 2026
Slide 1: Building a Multi-Asset Western Australian Gold Producer
Building a Multi-Asset Western Australian Gold Producer Fully Funded Developer with a Tier-1 Growth Asset in the Go Bay March 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: Fully funded gold developer executing on major production growth
Fully funded gold developer executing on major production growth Two large-scale production centres to unlock Brightstar’s TARGET200 aspiration of becoming a +200koz p.a. WA gold producer 1 Major production growth across two assets bases in Western Australia2 351koz Ore Reserves & +4.0Moz Mineral Re
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 & Costs C1 Cash Cost2 Group AISC2 Peak Funding Requirement2 Lav
Slide 6: Corporate Snapshot
Corporate Snapshot Key Metrics ($AUD) Share Price Performance Shareholders Pro Forma Feb ‘26 Capital Raising Volume Close Price $0.44 Share Price ($/share) 0.80 30 Volume (M shares) Share Price (17 March 2026) $483M 0.70 25 Market Capitalisation H N W/ Retail Institutional 0.60 40% 46% ~$70M Average
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: Fully Funded Goldfields Development – Pathway to TARGET200
Fully Funded Goldfields Development – Pathway to TARGET200 $193M equity & US$120M debt raised providing ~$387M4 in available cash and liquidity – fully funding the Goldfields project development A$175 Million Institutional Placement2 and US$120 Million Nordic Bond1 A$18 Million Share Purchase Plan3
Slide 9: Goldfields DFS 2.0
Goldfields DFS 2.0 Accelerating development & production growth Second Fortune Underground (Goldfields) | 9
Slide 10: 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) 80 78 79 77 76 75 60 67 40 20 5 - 2027 2028 2029 2030 2031 2032 2033 Financial Year Pre-tax Project FCF – Bas
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 2,500 2.0 Ore (kt) Grade (g/t Au) 1.7 1.6 1.6 1.7 1.6
Slide 12: Goldfields Project execution – First Gold targeted in JunQ'27
1 Goldfields Project execution – First Gold targeted in JunQ’27 Calendar Year 2026 2027 2028 2029 2030 2031 2032 Quarter / Half Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1H 2H 1H 2H 1H 2H 1H 2H Goldfields DFS 2.0 Released Jan26 Studies & Funding Funding Execution A$193M equity & US$120M debt raised Final
Slide 13: 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 14: 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 & EXECUTIVE DIRECTOR - OPERATIONS PROJECT D
Slide 15: Sandstone - Scale & Upside
Sandstone - Scale & Upside Growing the size of the opportunity Sandstone’s ‘London Bridge’ | 15
Slide 16: 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 Sandstone Mineral Resource1: 2.4Moz @ 1.5g/t
Slide 17: Two Year Sandstone Strategic Plan
Two Year Sandstone Strategic Plan1 - to deliver district scale opportunity Improve Mineral Resource Quality and Continue Organic Growth 1 o Targeting material Mineral Resource update to the existing 2.4Moz @ 1.5g/t Au endowment (across two MRE updates in CY26) STRATEGIC PLAN o Transition from infill
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 Infill Drilling at Vanguard and Lord Nelson 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 A
Slide 19: Brightstar's Market Position
Brightstar’s Market Position Unparalleled gold development opportunity Lady Shenton Open Pit (Goldfields) | 19
Slide 20: Corporate Mineral Resources - Development & Production Comparable Peers
Development & Production Comparable Peers1 Emerging Producer Peers Established Producer Peers Explorer / Developer Peers Goldfields & Kalgoorlie & Murchison Jaurdii Norseman Davyhurst Plutonic Bullabulling Katanning Sandstone Paulsens Market Cap ($M)2 483 947 604 425 1,530 2,720 1,760 1,370 630 Corp
Slide 21: Summary
Summary Forward outlook - Platform set for unrivalled sustained growth 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 Flow $977M2 over 6 years
Slide 22: DFS 2.0 Project Details
DFS 2.0 Project Details Lord Byron Open Pits (Goldfields) | 22
Slide 23: 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 Fully approved for mining operations to commence Two small historic open pits coalesce
Slide 24: 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 2.5 year mine life based on current open pit desig
Slide 25: 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 JORC Mineral Resource of 3.1Mt @ 2.1g/t Au for 206koz Au1 (inclusive of lower grade halo) Min
Slide 26: 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 Fully approved for mining operations to commence Mining to commence 2H’CY28 ~3 ye
Slide 27: Goldfields DFS 2.0 – Costs & Sensitivity
Goldfields DFS 2.0 – Costs & Sensitivity Goldfields DFS 2.0 $M Capital Costs Processing Infrastructure 118 NPI and Site Works 15 Start-up Capex 133 Net capitalised cash flows (mining, G&A etc. working capital)1 55 Peak funding requirement1 188 Contingency (10% of Processing Infrastructure) 12 Goldfi
Slide 28: Appendices
Appendices Montague Open Pit (Sandstone) | 28
Slide 29: Appendix 1: Brightstar's M&A track record
Appendix 1: Brightstar’s M&A track record Comparable transactions for Western Australian pre-production gold assets - Acquisition Cost: EV/ounce (A$/oz) 664 569 BTR Transaction 218 2025 Transaction 207 204 Pre 2025 Transaction 176 158 Non-BTR M&A Average: $135/oz 125 92 88 87 72 71 68 66 63 62 56 BT
Slide 30: Appendix 2: Goldfields Mineral Resources
Appendix 2: Goldfields Mineral Resources LAVERTON Cut-off Measured Indicated Inferred Total g/t Au kt g/t Au koz kt g/t Au koz kt g/t Au koz kt g/t Au koz Alpha 0.5 - - - 371 1.9 22 1,028 2.8 92 1,399 2.5 115 Beta 0.5 345 1.7 19 576 1.6 29 961 1.7 54 1,882 1.7 102 Cork Tree Well 0.5 - - - 3,264 1.6
Slide 31: Appendix 3: Sandstone Mineral Resources
Appendix 3: Sandstone Mineral Resources Location Cut-off Measured Indicated Inferred Total g/t Au kt g/t Au koz kt g/t Au koz kt g/t Au koz kt g/t Au koz Montague-Boulder 0.6 - - - 522 4.0 67 2,556 1.2 96 3,078 1.7 163 Whistler 0.5 - - - - - - 1,704 2.2 120 1,704 2.2 120 Evermore 0.6 - - - - - - 1,3
Slide 32: Appendix 4: Ore Reserves
Appendix 4: Ore Reserves Location Proved Probable Total Goldfields Ore Reserves1 kt g/t Au koz kt g/t Au koz kt g/t Au koz Cork Tree Well Open Pit (Laverton) - - - 2,137 1.5 104 2,137 1.5 104 Lord Byron Open Pit (Laverton) 308 1.6 15 1,530 1.4 68 1,838 1.4 83 Lady Shenton Open Pit (Menzies) - - - 2,
Slide 33: Appendix 5: Comparable Transaction Data
Appendix 5: Comparable Transaction Data Enterprise Mineral Resource Acquiror Target Project Stage Ann. Date Source Information Value1 Resource Multiple A$m koz Au. A$/oz Au. Date ASX Release Title Ramelius Resources Spartan Resources Resource Development Mar-25 2,094 3,152 664 17-Mar-25 Transformati
Slide 34: Appendix 6: Peer Mineral Resource References
Appendix 6: Peer Mineral Resource References TOTAL Enterprise Measure Indicated Inferred GRADE Market Cap EV/Resource Ticker Company Stage RESOURCE Source & Date Value (EV) (koz) (koz) (koz) (g/t) ($M) ($/oz) (koz) ($M) BTR Brightstar Resources Operations & DFS 52 1,267 2,651 4,030 1.5 Updated Goldf
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