Brightstar Resources Limited · ASX:BTR
Brightstar Resources — RIU Sydney Conference (May 2026)
35 slides from Brightstar Resources's conference presentation, May 6, 2026
Slide 1: Building a Multi-Asset Western Australian Gold Producer
BRIGHTSTAR RESOURCES LIMITED Building a Multi-Asset Western Australian Gold Producer Fully funded developer with a Tier-1 growth asset in the Go Bay ASX : BTR INVESTOR PRESENTATION · MAY 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: Fully funded gold developer executing on major production growth
INVESTMENT HIGHLIGHTS Fully funded gold developer executing on major production growth Two large-scale production centres to unlock Brightstar's TARGET200 strategy¹ MAJOR PRODUCTION GROWTH ACROSS TWO WA PROJECTS² • +4.0Moz Mineral Resources & 351koz Ore Reserves on granted Mining Leases 01 • Immedia
Slide 5: Two projects, one target - a clear path to TARGET200
TARGET200 STRATEGY Two projects, one target - a clear path to TARGET200¹ Advancing production growth across Goldfields and Sandstone Hubs - unlocking Brightstar's 4.0Moz Mineral Resource base 01 GOLDFIELDS DEVELOPMENT2 TARGET200: Two Western Australian production centres leveraging 4.0Moz in Mineral
Slide 6: Team & funding in place – platform for major production growth
CORPORATE SNAPSHOT Team & funding in place – platform for major production growth SHAREHOLDERS SHARE PRICE MARKET CAP NET CASH UNDRAWN BOND $0.40 $439M $163M US$120M H N W / Retail Institutional 40% 46% (AUD) As at 1 May 2026 1,097M shares on issue As per arQ’26 quarterly Nordic Bond TOTAL LIQUIDITY
Slide 7: Goldfields Project
Goldfields Project Executing on a fully funded pathway to +75koz p.a. – First gold JunQ’27
Slide 8: De-risked development pathway - simple open-pit & underground mining
GOLDFIELDS PROJECT De-risked development pathway - simple open-pit & underground mining A new 1.5Mtpa processing plant to unlock existing Mineral Resource of 1.6Moz @ 1.6g/t Au1 on granted mining leases 01 SIMPLIFIED BUSINESS MODEL Staged open pit and underground operations ▸ Operating model: 1x ope
Slide 9: DFS 2.0 economics demonstrates a robust development case
GOLDFIELDS PROJECT DFS 2.0 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 AVERAGE ANNUAL FCF $606M 74% ~$1.0B $163M A$6,000/oz NPV/Capex ratio 3.2x Over 6 years
Slide 10: Goldfields execution timeline
GOLDFIELDS PROJECT Goldfields execution timeline 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 Studies & Funding Execution Funding Final Investment Decision (FID) MDCP Plan
Slide 11: GR Engineering appointed to construct 1.5Mtpa Laverton Plant
GOLDFIELDS PROJECT GR Engineering appointed to construct 1.5Mtpa Laverton Plant1 Fixed-price EPC contract de-risks the construction phase, with embedded capacity to cost-effectively expand to 2.5Mtpa during operations ▸ Conventional 1.5Mtpa CIL processing plant with embedded engineering design for e
Slide 12: +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 13: Sandstone Gold Project
Sandstone Gold Project Growing the size of the opportunity - a district-scale Tier-1 development in the making
Slide 14: 2.4Moz Mineral Resource base – Underexplored and positioned for development
SANDSTONE PROJECT 2.4Moz Mineral Resource base – Underexplored and positioned for development Emerging district-scale WA gold development opportunity SANDSTONE GOLD PROJECT ¹ 2.4Moz @ 1.5g/t Au 1.6Moz located in the top 150m from surface ▸ Platform set for a significant, stand-alone WA gold developm
Slide 15: How big is Sandstone?
SANDSTONE PROJECT How big is Sandstone? A long-mined district with a 2.4Moz current MRE1 and an estimated total endowment of +4Moz2 – lack of modern systematic exploration history 150m below surface 1. Refer to Appendix 3 for Sandstone Mineral Resource estimates. 2. Endowment includes historical pro
Slide 16: Central Sandstone – Critical Mass for development pathway
SANDSTONE PROJECT Central Sandstone – Critical Mass for development pathway Existing Mineral Resources (and 2x CY26 Mineral Resource upgrades) provide critical mass for PFS evaluation and processing plant engineering CENTRAL SANDSTONE Critical mass from existing Mineral Resources underpins future de
Slide 17: Central Sandstone growth potential
SANDSTONE PROJECT Central Sandstone growth potential Early-stage growth targets present opportunity for multi-million ounce Mineral Resource growth potential and a unique development proposition in the region CENTRAL SANDSTONE Growth targets provide platform for ‘Tier 1 status’ ▸ Significant explora
Slide 18: Montague – Shallow deposits provide potential for open pit developments
SANDSTONE PROJECT Montague – Shallow deposits provide potential for open pit developments High-grade mineralisation targeted for open pit mining and haulage to Sandstone processing MONTAGUE Limited exploration history ▸ 70km from Sandstone by a well-established haul-road ▸ Higher grades indicates li
Slide 19: Delivering a district-scale opportunity
TWO-YEAR SANDSTONE STRATEGIC PLAN Delivering a district-scale opportunity 01 Improve Resource Quality & Grow 02 Convert Resource to Reserve 03 Right-Size Processing Infrastructure o Target upgrades to existing 2.4Moz @ 1.5g/t Au o Comprehensive technical work underpins a o A large-scale processing p
Slide 20: Brightstar's Market Position
Brightstar's Market Position An unparalleled gold development opportunity at the junior end of the ASX - well placed to re-rate as a producer
Slide 21: Limited mid-tier producers with scale of >200koz p.a.
TARGETING AN ASX MID-TIER GOLD PRODUCTION SCALE 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 1,500 TARGET200 puts BTR Evolution 680 into Mid-Tier scal
Slide 22: Undemanding valuation on every resource and reserve metric
DEVELOPMENT & PRODUCTION COMPARABLE PEERS¹ Undemanding valuation on every resource and reserve metric Brightstar EMERGING PRODUCER PEERS ESTABLISHED PRODUCER PEERS EXPLORER / DEVELOPER PEERS Resources Black Cat Limited Syndicate Meeka Metals Beacon Minerals Pantoro Gold Ora Banda Catalyst Metals Min
Slide 23: Platform set for sustained growth
SUMMARY Platform set for sustained growth Advancing a multi-hub production growth - Tier-1 jurisdiction, +4.0Moz Au on granted Mining Licenses 01 GOLDFIELDS DEVELOPMENT 02 SANDSTONE TO DELIVER SCALE 03 EXPERIENCED TEAM ▸ Simplified business model: 1x open pit & 1x ▸ Multiple MRE upgrades due CY26 ▸
Slide 24: Appendices
Appendices Montague Open Pit (Sandstone)
Slide 25: 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 26: 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 27: 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 28: Yunndaga Underground
MENZIES MINE Yunndaga Underground Oblique view of the Yunndaga underground mine design YUNNDAGA UNDERGROUND 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) Mini
Slide 29: 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 EV / Resource ounce (A$/oz) 400 253 219 207 204 200 176 160 125 93 88 80 73 73 71 6
Slide 30: Appendix 2: Goldfields Mineral Resources
APPENDIX Appendix 2: Goldfields Mineral Resources LAVERTON Cut-off Measured Indicated Inferred Total g/t Au kt g/t Au koz kt g/t Au koz kt g/t Au koz kt g/t Au koz Alpha 0.5 - - - 371 1.9 22 1,028 2.8 92 1,399 2.5 115 Beta 0.5 345 1.7 19 576 1.6 29 961 1.7 54 1,882 1.7 102 Cork Tree Well 0.5 - - - 3
Slide 31: Appendix 3: Sandstone Mineral Resources
APPENDIX Appendix 3: Sandstone Mineral Resources Cut- Location Measured Indicated Inferred Total off g/t Au kt g/t Au koz kt g/t Au koz kt g/t Au koz kt g/t Au Koz Montague-Boulder 0.6 - - - 522 4.0 67 2,556 1.2 96 3,078 1.7 163 Whistler 0.5 - - - - - - 1,704 2.2 120 1,704 2.2 120 Evermore 0.6 - - -
Slide 32: Appendix 4: Ore Reserves
APPENDIX Appendix 4: Ore Reserves Location Proved Probable Total Goldfields Ore Reserves1 kt g/t Au koz kt g/t Au koz kt g/t Au koz Cork Tree Well Open Pit (Laverton) - - - 2,137 1.5 104 2,137 1.5 104 Lord Byron Open Pit (Laverton) 308 1.6 15 1,530 1.4 68 1,838 1.4 83 Lady Shenton Open Pit (Menzies)
Slide 33: Appendix 5: Comparable Transaction Data
APPENDIX Appendix 5: Comparable Transaction Data Enterprise Mineral Resource Acquiror Target Project Stage Ann. Date Source Information Value¹ Resource Multiple A$m koz Au. A$/oz Au. Date ASX Release Title Ramelius Resources Spartan Resources Resource Development Mar-25 2,094 3,152 664 17-Mar-25 Tra
Slide 34: Appendix 6: Peer Mineral Resource References
APPENDIX Appendix 6: Peer Mineral Resource References Total Plant Market Enterprise EV/ EV/ EV/ Proved Probable Grade Production Ticker Company Stage Reserve Capacity Source & Date Cap Value Resource Reserve Production (koz) (koz) (g/t) (koz/year) (koz) (Mtpa) ($M) ($M) ($/oz) ($/oz) ($/oz) Operatio
Slide 35: Appendix 7: Peer Annualised Production References
APPENDIX Appendix 7: Peer Annualised Production References¹ MarQ’26 Production Annualised Ticker Company Source & Date (koz) (koz p.a.) NST Northern Star Resources 388 1,550 March 2026 Quarterly Activities Report (22 April 2026) EVN Evolution Mining 170 680 March 2026 Quarterly Report (15 April 2026
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