Brightstar Resources Limited · ASX:BTR
Brightstar Resources — Diggers and Dealers 2025
36 slides from Brightstar Resources's conference presentation, Aug 5, 2025
Slide 1: Building a Growing Western Australian Gold Producer
Building a Growing Western Australian Gold Producer August 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. This Presentation
Slide 3: Feasibility Study - Cautionary Statement
Important Notices & Disclaimers Feasibility Study - Cautionary Statement Menzies and Laverton Gold 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 Compa
Slide 4: TARGET200: Platform set for sustained organic growth
TARGET200: Platform set for sustained organic growth M&A has positioned Brightstar with substantial Mineral Resources: 3.9Moz at 1.5g/t Au1 - Unparalleled in the ASX developer landscape Strategic focus now pivots to organic growth: Resource & Reserve upgrades + production expansion Laverton-Menzies
Slide 5: Transformative 12 months → Platform for value creation
Transformative 12 months → Platform for value creation Executed Value Accretive Deliverables Laverton-Menzies Definitive Feasibility Study Development of Fish Underground Mine on budget Laverton-Menzies Production Expansion US$11.5M Revolving Debt Facility Near term production growth to ~70koz p.a.
Slide 6: Corporate snapshot
Corporate snapshot Key Metrics ($AUD) Shareholders Share Price Performance Board 3% $0.47 0.80 6.0 Share Price ($/share) Volume (m shares) Share Price Strategics 0.70 HNW / Retail $272M 40% 9% 5.0 Market Capitalisation 0.60 4.0 ~$20M 0.50 Average Monthly Liquidity 0.40 3.0 3.0Moz 0.30 Mineral Resour
Slide 7: Advancing Three-Hub Production Growth
Advancing Three-Hub Production Growth Laverton Menzies Sandstone Mineral Resources: 0.9Moz at 1.7g/t Au Mineral Resources: 0.6Moz at 1.4g/t Au Mineral Resources: 2.4Moz at 1.5g/t Ore Reserves: 159koz at 1.7g/t Au Ore Reserves: 76koz at 1.7g/t Au Ore Reserves: Targeted with 1H CY26 PFS Existing under
Slide 8: Laverton-Menzies DFS
Laverton-Menzies DFS The next step toward 200koz p.a. Second Fortune underground mine | 8
Slide 9: Laverton-Menzies DFS outcomes
Laverton-Menzies DFS Laverton-Menzies DFS outcomes 1 5 Year Production: Peaking at 91koz p.a. and averaging Production - Path to TARGET 200 A,B ~70koz p.a. over 5 years Existing Laverton Ops (SF UG + Fish UG) Menzies Laverton Sandstone (Aspirational Target) Underpinned by Ore Reserves of 235koz @ 1.
Slide 10: Laverton-Menzies DFS outcomes
Laverton-Menzies DFS Laverton-Menzies DFS outcomes 1 Two development centres: Indicative execution timeline: Menzies DFS Laverton DFS Existing Laverton Ops (SF & Fish UG Ore Reserves Only) 100 CY 2025 2026 2027 2028 Gold (koz) 80 Menzies FID & 60 Paddington OPA Commence Lady Shenton mining 40 Menzie
Slide 11: Laverton Hub
Laverton Hub New 1.0Mtpa Mill + Open Pit Developments Fish underground operation
Slide 12: Laverton Hub underpins near-term production expansion
Laverton Hub Laverton Hub underpins near-term production expansion 1 Laverton Hub Mineral Resource : 857koz at 1.7g/t Au Ongoing production ramp up in FY26 from Second Fortune and Fish underground operations 2 Laverton outcomes from DFS : Open pits underpin 1.0Mtpa plant construction: • Stage 1: Ini
Slide 13: Laverton Operations: Ongoing production and near-term growth
Laverton Hub Laverton Operations: Ongoing production and near-term growth Second Fortune Fish Mining rate target of 10kt/month: ~15koz p.a. Mining rate target of 15kt/month: ~20koz p.a. Mineral Resource1: 40koz @ 13.4g/t Au Delivered internally by BTR within 9 months Average delivered mined grade of
Slide 14: Laverton Open Pits: Base load to underwrite Mill construction
Laverton Hub Laverton Open Pits: Base load to underwrite Mill construction Mineral Resource of 5.2Mt @ 1.5g/t Au for 251koz Au1 Lord Byron Stage 1 Ore Reserves: 1.3Mt @ 1.4g/t Au for 59koz2 2 DFS metrics : • Mine plan of 1.6Mt @ 1.4g/t Au for 71koz Au mined • 60koz Au recovered - 84% recovery • Tota
Slide 15: Menzies Hub
Menzies Hub Open pit mining and ore sales in early CY26 Lady Shenton open pit
Slide 16: Menzies: Brightstar's next development
Menzies Hub Menzies: Brightstar’s next development Mineral Resource of 5.6Mt @ 1.5g/t Au for 273koz Au1 Stage 1 Ore Reserves – 1.4Mt @ 1.7g/t Au for 80koz2 DFS metrics2: • Pre-Production Capex: $14M • Mine plan of 1.6Mt @ 1.7g/t Au for 88koz Au mined • 78koz Au recovered - 89% recovery • Total movem
Slide 17: Sandstone Consolidation
Sandstone Consolidation Growing the size of the opportunity Montague drilling campaign
Slide 18: Sandstone Proforma endowment grows to 2.4Moz
Sandstone Hub Sandstone Proforma endowment grows to 2.4Moz Scheme of Arrangement with Aurumin Ltd further consolidating the Sandstone district Platform set for a significant, stand-alone WA gold development The Aurumin acquisition adds 0.9Moz in Mineral Resources to Brightstar’s Sandstone Hub 1 Prof
Slide 19: Aurumin transaction consolidates Sandstone District
Sandstone Hub Aurumin transaction consolidates Sandstone District Existing mill site and infrastructure delivers tangible capital savings for Brightstar’s Sandstone development No mining activities since 2010 despite gold price increasing from ~A$1,000/oz to +A$5,000/oz Significant advantages with A
Slide 20: Quantifying the size of the Sandstone opportunity
Sandstone Hub Quantifying the size of the Sandstone opportunity Mill throughput (Mtpa) vs mill feed head grade (g/t Au)2 Aspirational development timeline1 Ounces produced per annum (measured in thousands of ounces, rounded to nearest thousand) CY 2025 2026 2027 2028 1.2g/t Au 1.3g/t Au 1.4g/t Au 1.
Slide 21: Aurumin Transaction: Proforma Group and Timetable
Sandstone Hub Aurumin Transaction: Proforma Group and Timetable Aurumin Proforma Units Brightstar Event Date (2025) Scheme Brightstar Pricing and Key Terms First Court Hearing (subject to availability of Court) Early September Share Price $/share 0.48 0.099 0.48 Mineral Resources1 Moz 3.0 1.0 4.0 Sc
Slide 22: Brightstar's Market Position
Brightstar’s Market Position Unparalleled gold development opportunity Lady Shenton open pit
Slide 23: Brightstar's M&A track record
Market Position Brightstar’s M&A track record Comparable transactions for Western Australian pre-production gold assets - Acquisition Cost: EV/ounce (A$/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 5
Slide 24: Unparalleled scale & development opportunity
Market Position Unparalleled scale & development opportunity Pro-forma Mineral Resource establishes Brightstar at the top of the ASX WA gold developer landscape 4.5 BTR + AUN (Proforma) 4.0 3.5 BTR : Sandstone, Laverton, Menzies AZY: Minyari Dome BC8: Kal East/Coyote/Paulsens 3.0 MI6: Bullabulling A
Slide 25: 12 month outlook - Platform set for sustained organic growth
Summary 12 month outlook - Platform set for sustained organic growth TARGET 200 Advancing multi-hub production growth1 Laverton-Menzies DFS establishes production path to Value Accretive Deals ~70koz p.a. Continued mining operations at Second Fortune and Execution of the merger with Aurumin continue
Slide 26: Appendices
* BRIGHTSTAR Appendices
Slide 27: 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 28: Appendix 2: Laverton & Menzies Mineral Resources
Appendix 2: Laverton & Menzies 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,
Slide 29: Appendix 3: Montague East Mineral Resources
Appendix 3: Montague East 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 - - - 0.5 4.0 67 2.6 1.2 96 3.1 1.6 163 Whistler 0.5 - - - - - - 1.7 2.2 120 1.7 2.2 120 Evermore 0.6 - - - - - - 1.3 1.6
Slide 30: 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 0.5 - - - 1.5 2.1 100 3.5 1.4 163 5.0 1.6 263 Lord Henry 0.5 - - - 1.6 1.5 77 0.3 1.2 13 1.9 1.4 90 Vanguard
Slide 31: Appendix 5: Aurumin Mineral Resources
Appendix 5: Aurumin Mineral Resources Location Cut-off Measured Indicated Inferred Total OPEN PIT RESOURCES g/t Au Mt g/t Au koz Mt g/t Au koz Mt g/t Au koz Mt g/t Au koz Two Mile Hill 0.5 - - - 1,738 1.3 71,700 378 1.5 18,200 2,116 1.3 89,900 Shillington 0.5 - - - 1,300 1.5 60,800 613 1.5 29,800 1,
Slide 32: Appendix 6: Ore Reserves
Appendix 6: Ore Reserves Location Proved Probable Total Ore Reserves – Open Pits1 kt g/t Au koz kt g/t Au koz kt g/t Au koz Cork Tree Well (DFS) - - - 1,374 1.7 76 1,374 1.7 76 Lord Byron (DFS) 296 1.6 15 964 1.4 44 1,261 1.4 59 Laverton Ore Reserves (OP) 296 1.6 15 2,338 1.6 120 2,635 1.6 135 Lady
Slide 33: Appendix 7: Laverton-Menzies DFS - Physicals
Appendix 7: Laverton-Menzies DFS - Physicals Stage 1: Gold production of 339koz at an AISC of $2,991/oz over the life of mine Laverton-Menzies DFS Unit Laverton Menzies Total • LOM production underpinned by 70% production of ounces from Measured Stage 1 and Indicated Mineral Resources Key Production
Slide 34: Appendix 8: Sandstone Exploration History
Appendix 8: Sandstone Exploration History PFS to be delivered 1H CY26 → to delineate step out drilling targets for DFS and pathway to production Sandstone Project area annual drill metres Montague Project area annual drill metres Sandstone Historical Drilling (LHS) vs AUD Gold Price (RHS) AUD Gold P
Slide 35: Appendix 9: Comparable Transaction Data
Appendix 9: Comparable Transaction Data Announcement Enterprise Mineral Resource Acquiror Target Project Stage Source Information Date Value1 Resource Multiple A$m koz Au. A$/oz Au. Date ASX Release Title Ramelius Resources Spartan Resources Resource Development Mar-25 2094 3,152 664 17-Mar-25 Trans
Slide 36: Appendix 10: Peer Mineral Resource References
Appendix 10: Peer Mineral Resource References Company EV1 Moz Grade Resource Reference Magnetic Resources NL 398 2.10 1.81 Lady Julie Resource Significantly Increases to 2.14Moz - 23 June 2025 Astral Resources NL 202 1.40 1.10 Group Mineral Resource Increases to 1.62 Million Ounces - 3 April 2025 Mi