Brightstar Resources Limited · ASX:BTR
Brightstar Resources — North American Conference Presentation September 2026
37 slides from Brightstar Resources's conference presentation, Sep 28, 2026
Slide 1: Building a Multi-Asset +5Moz Western Australian Gold Producer
Building a Multi-Asset +5Moz Western Australian Gold Producer ASX : BTR NORTH AMERICAN CONFERENCE PRESENTATION - SEPTEMBER 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 Presentat
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: 5.2Moz – WA Gold developer executing on major production growth
INVESTMENT HIGHLIGHTS 5.2Moz – WA Gold developer executing on major production growth Two large-scale production centres to unlock Brightstar's TARGET200 strategy¹ MAJOR PRODUCTION GROWTH² • 5.2Moz Mineral Resources on granted Mining Leases 1 • Immediate production growth at Goldfields with Sandston
Slide 5: Corporate Snapshot
CORPORATE SNAPSHOT Team & funding in place – platform for major production growth SHARE PRICE MARKET CAP CASH1 AVAILABLE, UNDRAWN DEBT SHAREHOLDERS $0.59 $648M $122M US$120M H N W / Retail Institutional 40% 46% (AUD) at 25 September 2026 1,108M shares on issue As per JunQ’26 quarterly Nordic Bond RE
Slide 6: Sandstone Project
Visible Gold in Two Mile Hill diamond core (TMHRCD26020) Sandstone Project Emerging district-scale Western Australian gold development
Slide 7: The Sandstone Value Proposition
SANDSTONE PROJECT The Sandstone Value Proposition Emerging district-scale WA gold development opportunity Platform is set for value creation & project de-risking District-scale Granted Mining Leases Tier 1 jurisdiction +90% metallurgical recoveries Brownfield plant site Critical mass for a major min
Slide 8: Critical Mass for development
SANDSTONE PROJECT Critical Mass for development Existing Mineral Resource of 3.6Moz Au provides critical mass for PFS evaluation and future development 1 Scale for development delivered: ▸ Current Mineral Resource provides sufficient scale for feasibility studies, permitting/approvals and a pathway
Slide 9: Delivering on a district-scale opportunity
SANDSTONE PROJECT Delivering on a district-scale opportunity Emerging district-scale WA gold development opportunity Milestone Completed Calendar Year 2026 2027 2028 Quarter MarQ JunQ SepQ DecQ MarQ JunQ SepQ DecQ MarQ JunQ SepQ DecQ Infill Drilling MRE upgrade Drilling Growth & Greenfields TMH MRE
Slide 10: Major Discovery at Depth Two Mile Hill
SANDSTONE PROJECT Major Discovery at Depth Two Mile Hill Significance of discovery confirmed by interim September 2026 MRE upgrade ahead of further group MRE upgrade in December 2026 1 DISCOVERY AT DEPTH: THE ‘SHIRVINGTON ZONE’ Material upside to the current Two Mile Hill Mineral Resource ▸ Minerali
Slide 11: Interim Two Mile Hill MRE Upgrade
SANDSTONE PROJECT Interim Two Mile Hill MRE Upgrade Two Mile Hill MRE doubles to 1.45Moz @ 1.8g/tAu Cut-off Indicated Inferred Total Deposit (g/t Au) kt g/t Au koz kt g/t Au koz kt g/t Au koz Two Mile Hill open pit 0.4 2,252 1.2 87 308 0.9 9 2,560 1.2 96 Two Mile Hill underground 0.73 6,069 1.9 362
Slide 12: Goldfields Project
1.5Mtpa Laverton Plant Construction Goldfields Project Pathway to +75koz p.a. – Construction underway | First gold June 2027
Slide 13: 1.5Mtpa Laverton Plant advancing on schedule
GOLDFIELDS PROJECT 1.5Mtpa Laverton Plant advancing on schedule 13
Slide 14: De-risked development pathway – nine months to first gold
GOLDFIELDS PROJECT De-risked development pathway – nine months to first gold 1.5Mtpa processing plant under construction to unlock existing 1.6Moz @ 1.6g/t Au Mineral Resource 1 SIMPLIFIED BUSINESS MODEL Staged open pit and underground operations ▸ Operating model: One OP provides base-load, one UG
Slide 15: 1.5Mtpa Laverton Plant advancing on schedule
GOLDFIELDS PROJECT 1.5Mtpa Laverton Plant advancing on schedule1 Fixed-price EPC contract de-risks the construction phase ▸ Conventional 1.5Mtpa CIL plant with embedded engineering for expansion to 2.5Mtpa during operations ▸ Lump-sum, fixed-price EPC delivery model selected for construction of new
Slide 16: Gold pouring in nine months
GOLDFIELDS PROJECT Gold pouring in nine months First Gold targeted in June 2027 Potential Completed Calendar Year 2026 2027 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 Works Appro
Slide 17: 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 PRE-TAX NPV₈ PRE-TAX IRR LOM FREE CASH FLOW $606M 74% ~$1.0B A$6,000/oz NPV/Capex ratio 3.2x Over 6 years, undiscounted LOM GOLD PR
Slide 18: Brightstar's Market Position
Lady Shenton Open Pit Brightstar's Market Position An unparalleled opportunity
Slide 19: Undemanding valuation on every resource and reserve metric
B GH A ’ A K P N Undemanding valuation on every resource and reserve metric¹ Brightstar EMERGING PRODUCER PEERS ESTABLISHED PRODUCER PEERS EXPLORER / DEVELOPER PEERS Resources Limited Black Cat Forrestania Pantoro Gold Ora Banda Catalyst Metals Minerals 260 Rox Resources Goldfields & Kalgoorlie & Ed
Slide 20: A robust platform to build a mid-tier Western Australian gold miner
B GH A ’ A K P N A robust platform to build a mid-tier Western Australian gold miner A successful track record in M&A combined with aggressive exploration has placed Brightstar at the top end of the advanced developers and emerging producers with genuine multi-asset production scale potential ASX WA
Slide 21: Limited mid-tier producers with scale of >200koz p.a.
B GH A ’ A K P N 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 Annualised Production (koz p.a.)¹ Northern Star 1,575 Evolution 695 Westgold 405 Regis 380 TARGET200 puts BTR into Mid- Vault 365 Tier s
Slide 22: Platform set for sustained growth
SUMMARY Platform set for sustained growth Advancing a multi-hub production growth - Tier-1 jurisdiction, 5.2Moz Au on granted Mining Licenses 1 GOLDFIELDS DEVELOPMENT 2 SANDSTONE TO DELIVER SCALE 3 EXPERIENCED TEAM ▸ Simplified business model: 1x open pit & 1x ▸ Additional MRE upgrade due late CY26
Slide 23: Appendices
Montague Open Pit Appendices
Slide 24: Experienced team in place to execute
LEADERSHIP Experienced team in place to execute BOARD OF DIRECTORS MANAGEMENT TEAM 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 Officer • Managing Par
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$6,000/oz over a six-year mine life Group Production (koz) 78 79 77 80 75 76 Goldfields DFS 2.0 Unit Laverton Menzies Total 67 Key Production Outcomes² 60 Open Pit Mining G
Slide 26: Lord Byron Open Pit
GOLDFIELDS PROJECT Lord Byron Open Pit Oblique view of the Lord Byron open LORD BYRON OPEN PIT pit design with Mineral Resource block model (coloured by grade) JORC Mineral Resource of 5.4Mt @ 1.5g/t Au for 267koz Au1 Fully approved for mining operations to commence Two small historic open pits coal
Slide 27: Cork Tree Well Open Pit
LAVERTON MINE Cork Tree Well Open Pit Oblique view of the Cork Tree Well open pit designs with Mineral Resource CORK TREE WELL OPEN PIT block model (coloured by grade) JORC Mineral Resource of 6.5Mt @ 1.4g/t Au for 292koz Au1 Mining to commence 2030 2.5 year mine life based on current open pit desig
Slide 28: Lady Shenton Open Pit
GOLDFIELDS PROJECT Lady Shenton Open Pit Oblique view of the Lady Shenton open LADY SHENTON OPEN PIT pit designs with Mineral Resource block model (coloured by grade) JORC Mineral Resource of 8.1Mt @ 1.4g/t Au for 352koz Au1 Fully approved for mining operations to commence Mining to commence 2H’CY28
Slide 29: Yunndaga Underground
GOLDFIELDS PROJECT Yunndaga Underground Oblique view of the Yunndaga YUNNDAGA UNDERGROUND underground mine design with Mineral Resource block model (coloured by grade) et to be Brightstar’s next underground mine JORC Mineral Resource of 3.1Mt @ 2.1g/t Au for 206koz Au1 (inclusive of lower grade halo
Slide 30: Appendix 1: Brightstar's Impressive M&A Track Record
APPENDIX Appendix 1: Brightstar’s Impressive M&A Track Record Comparable transactions for Western Australian pre-production gold assets - acquisition cost, A$/ounce BTR Transaction Non-BTR Transaction 867 664 642 568 400 EV / Resource ounce (A$/oz) 324 317 282 253 219 207 204 200 176 160 125 93 88 8
Slide 31: Appendix 2: Goldfields Mineral Resources
APPENDIX Appendix 2: Goldfields Mineral Resources LAVERTON Cut-off Measured Indicated Inferred Total g/t Au kt g/t Au koz kt g/t Au koz kt g/t Au koz kt g/t Au koz Alpha 0.5 - - - 371 1.9 22 1,028 2.8 92 1,399 2.5 115 Beta 0.5 345 1.7 19 576 1.6 29 961 1.7 54 1,882 1.7 102 Cork Tree Well 0.5 - - - 3
Slide 32: Appendix 3: Sandstone Mineral Resources
APPENDIX Appendix 3: Sandstone Mineral Resources Location Cut-off Measured Indicated Inferred Total g/t Au kt g/t Au koz kt g/t Au koz kt g/t Au koz kt g/t Au Koz Montague-Evermore 0.4 - - - 1,683 2.1 114 3,122 1.3 127 4,805 1.6 241 Whistler 0.4 - - - 1,258 2.0 79 565 1.4 25 1,823 1.8 105 Achilles /
Slide 33: Appendix 4: Ore Reserves
APPENDIX Appendix 4: Ore Reserves Location Proved Probable Total Goldfields Ore Reserves1 kt g/t Au koz kt g/t Au koz kt g/t Au koz Cork Tree Well Open Pit (Laverton) - - - 2,137 1.5 104 2,137 1.5 104 Lord Byron Open Pit (Laverton) 308 1.6 15 1,530 1.4 68 1,838 1.4 83 Lady Shenton Open Pit (Menzies)
Slide 34: Appendix 5: Comparable Transaction Data
APPENDIX Appendix 5: Comparable Transaction Data Resource Enterprise Value¹ Mineral Resource Acquiror Target Project Stage Ann. Date Multiple ASX Release Title (A$m) (koz Au) (A$/oz Au) AngloGold Matsa Resources Feasibility Study Feb-25 812 936 867 Matsa and AngloGold Ashanti Execute A$101 Million D
Slide 35: Appendix 6: Peer Mineral Resource References
APPENDIX Appendix 6: Peer Mineral Resource References¹ Total Plant Market Enterprise EV/ EV/ EV/ Proved Probable Grade Production Ticker Company Stage Reserve Capacity Source & Date Cap Value Resource Reserve Production (koz) (koz) (g/t) (koz/year) (koz) (Mtpa) ($M) ($M) ($/oz) ($/oz) ($/oz) Quarter
Slide 36: Appendix 7: Peer Annualised Production References
APPENDIX Appendix 7: Peer Annualised Production References Annualised Production Ticker Company Source & Date (koz p.a.) NST Northern Star Resources 1,575(g) FY26 Financial Results (20 August 2026) EVN Evolution Mining 695(g) FY26 Full Year Financial results and Final Dividend (19 August 2026) WGX W
Slide 37: 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) MI6 Minerals260 6,200 1.0 June 2026 Quarterly Activities and Cashflow Report (30 July 2026) 2,116 341 AZY Antipa Minerals 2,900 1.
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