Brightstar Resources Limited · ASX:BTR
Brightstar Resources — Shareholder Meeting (November 2025)
35 slides from Brightstar Resources's shareholder meeting presentation, Nov 24, 2025
Slide 1: Building a Growing Western Australian Gold Producer
Building a Growing Western Australian Gold Producer Annual General Meeting Presentation November 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: Important Notices & Disclaimers
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 Business Highlights: • Pro forma market capitalisation of $330M and well-funded with $41M in cash & liquidity • Proven owner-operator miner with two operating underground mines in Laverton • Mineral Resource base 3.9Moz at 1.5g/t Au1 across 2 proj
Slide 5: Transformative 12 months → Platform for value creation
Transformative 12 months → Platform for value creation Laverton-Menzies Definitive Feasibility Study Completed Optimisation work and expansion studies underway Laverton-Menzies Gold Production Expansion Development of Fish Mine on time and budget Targeted near term production growth to ~70koz p.a. 1
Slide 6: Corporate Snapshot
Corporate Snapshot Key Metrics ($AUD) Share Price Performance Pro Forma Shareholders Volume Close Price Board 0.80 35 Strategics $0.47 Share Price (20/11/25) 3% 0.70 5% 30 $330M Market Capitalisation 0.60 25 ~$40M 0.50 HNW / Retail 40% Volume (m shares) Average Monthly Liquidity Share Price ($/share
Slide 7: 3.9Moz @ 1.5g/t Au in Resources | A clear path to TARGET200
3.9Moz @ 1.5g/t Au in Resources | A clear path to TARGET200 Production Growth Target A,B 1 Second Fortune & Fish Operating Underground Mines Existing Laverton Ops (SF & Fish) Goldfields DFS Sandstone (Aspirational Target) • Full exposure to current gold price 250koz • Production outlook: o Annualise
Slide 8: Goldfields Hub Production Growth
Goldfields Hub Production Growth The next step toward 200koz p.a. Second Fortune underground mine | 8
Slide 9: Laverton Processing underpins near-term production expansion
Goldfields Hub Laverton Processing underpins near-term production expansion Goldfields Hub Mineral Resource: 1.45Moz at 1.6g/t Au Ongoing production in FY26 from Second Fortune and Fish underground operations June ‘25 Goldfields DFS outcomes: • Open Pit Mining at Lady Shenton (Menzies), Lord Byron &
Slide 10: Laverton Operations: Current production with LoM Extensions
Goldfields Hub Laverton Operations: Current production with LoM Extensions 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 of project ownership Average de
Slide 11: Sandstone: Scale and Upside
Sandstone: Scale and Upside Growing the size of the opportunity Montague drilling campaign
Slide 12: Sandstone Mineral Resource grows to 2.4Moz @ 1.5g/t Au
Sandstone Hub Sandstone Mineral Resource grows to 2.4Moz @ 1.5g/t Au Platform is set for a significant, stand-alone WA gold development Pro forma Sandstone Mineral Resource1: 2.4Moz @ 1.5g/t Au No mining activities since 2010 despite gold price increasing 6x from ~A$1,000/oz to +A$6,000/oz All Miner
Slide 13: Quantifying the size of the Sandstone opportunity
Sandstone Hub Quantifying the size of the Sandstone opportunity Mill throughput (Mtpa) vs mill feed head grade (g/t Au)2 Aspirational development timeline1 Ounces produced per annum (measured in thousands of ounces, rounded to nearest thousand) 1.2g/t Au 1.3g/t Au 1.4g/t Au 1.5g/t Au CY 2025 2026 20
Slide 14: Brightstar Project execution team
Brightstar Project execution team ANDREW RICH JOHN CROALL JULIE BUDREY DANIEL JOLLEY EXECUTIVE DIRECTOR - OPERATIONS GENERAL MANAGER - MINING GROUP OHS MANAGER PROJECT DIRECTOR Mine Development & • Mining Engineer (WASM) • Over 40 years experience as a mining industry • 25 years experience in the mi
Slide 15: Brightstar's Market Position
Brightstar’s Market Position Unparalleled gold development opportunity Lady Shenton open pit
Slide 16: Unparalleled scale & development opportunity
Market Position Unparalleled scale & development opportunity Post Aurumin completion Mineral Resource establishes Brightstar at the top of the ASX WA gold developer landscape 4.5 BTR: Laverton/Menzies/Sandstone 4.0 3.5 MI6: Bullabulling BC8: Kal East/Coyote/Paulsens 3.0 AZY: Minyari Dome AUC: Katann
Slide 17: Sandstone as a Standalone Opportunity
Sandstone as a Standalone Opportunity Where does Sandstone fit, if it was the only asset in BTR? Magnetic (Lady Company ` Astral (Mandilla) MI6 (Bullabulling) ld (Katanning) pa (Minyari) WIA Gold (Kokoseb) Julie/Laverton) Project Sandstone Mandilla Laverton Bullabulling Katanning Minyari Kokoseb Mar
Slide 18: Brightstar & WA Developer Peers | Sandstone Only
Brightstar & WA Developer Peers | Sandstone Only Where does Sandstone fit, if it was the only asset in BTR? Market Cap (A$M) Mineral Resources (Moz) Enterprise Value / MRE ($/oz) BC8 679 AZY 2.5 TOR 523 MI6 656 BC8 2.5 MEK 483 MEK 630 AUC 2.4 MI6 267 WIA 516 BTR 2.4 BC8 263 BNZ 384 MAU 2.3 YRL 227 M
Slide 19: Brightstar's M&A track record
Market Position Brightstar’s M&A track record Comparable transactions for Western Australian pre-production gold assets - Acquisition Cost: EV/ounce (A$/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 20: 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 Goldfields DFS establishes production path to ~70koz Value Accretive Deals p.a. Continued mining operations at Second Fortune and Execution of the merger with Aurumin continues Fish
Slide 21: Goldfields DFS Project Detail
Goldfields DFS Project Detail Fish underground operation
Slide 22: Laverton Open Pits: Base load to underwrite Mill construction
Goldfields 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 • To
Slide 23: Menzies: Near-term, low capex open pit development
Goldfields Hub Menzies: Near-term, low capex open pit development Mineral Resource of 5.6Mt @ 1.5g/t Au for 273koz Au 1 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% recove
Slide 24: Menzies: Yunndaga | Set to be Brightstar's next Underground
Menzies Hub Menzies: Yunndaga | Set to be Brightstar’s next Underground Yunndaga Underground Mine JORC Mineral Resource of 3.4Mt @ 1.4g/t Au for 156koz Au1 (inclusive of lower grade open pit MRE) 12,000m drilling completed in 2025 being incorporated into upcoming MRE as foundation for Ore Reserve de
Slide 25: Appendices
* BRIGHTSTAR Appendices
Slide 26: Appendix 1: Laverton & Menzies Mineral Resources
Appendix 1: 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 27: Appendix 2: Montague East Mineral Resources
Appendix 2: 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 28: Appendix 3: Sandstone Mineral Resources
Appendix 3: 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 29: Appendix 4: Aurumin Mineral Resources
Appendix 4: 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 - - - 1.7 1.3 72 0.4 1.5 18 2.1 1.3 90 Shillington 0.5 - - - 1.3 1.5 61 0.6 1.5 30 1.9 1.5 91 Wirraminna 0.5 -
Slide 30: Appendix 5: Ore Reserves
Appendix 5: 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 31: Appendix 6: Laverton-Menzies DFS - Physicals
Appendix 6: 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 32: Appendix 7: Sandstone Exploration History
Appendix 7: Sandstone Exploration History Sandstone Project area annual drill metres Montague Project area annual drill metres Sandstone Historical Drilling (LHS) vs AUD Gold Price (RHS) AUD Gold Price 140,000 $7,000 120,000 $6,000 100,000 $5,000 AUD Gold Price 80,000 $4,000 Drill Metres 60,000 $3,0
Slide 33: Appendix 8: Comparable Transaction Data
Appendix 8: Comparable Transaction Data Announcem Enterprise Mineral Resource Acquiror Target Project Stage Source Information ent Date Value1 Resource Multiple A$m koz Au. A$/oz Au. Date ASX Release Title Ramelius Resources Spartan Resources Resource Development Mar-25 2094 3,152 664 17-Mar-25 Tran
Slide 34: Appendix 9: Peer Mineral Resource References
Appendix 9: Peer Mineral Resource References MEASURED INDICATED INFERRED TOTAL Market Enterprise CODE COMPANY STAGE GRADE (g/t) SOURCE AND DATE EV/oz (koz) (koz) (koz) RESOURCE Cap ($m) Value ($m) BTR Brightstar Resources Operations & PFS 85 1,117 2,662 3,864 1.5 Aurumin Scheme Approved - Group MRE
Slide 35: Appendix 10: Peer Feasibility Studies
Appendix 10: Peer Feasibility Studies Company Study Reference Austral Resources Resource Rising Stars Gold Coast Conference Presentation- 18/9/25 Magnetic Resources Investor Presentation - Diggers and Dealers -30/7/25 Minerals 260 Denver Gold Conference Presentation 15/9/25 Ausgold Investor Presenta
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