Brightstar Resources Limited · ASX:BTR
Brightstar Resources — Merger or Acquisition (July 2025)
53 slides from Brightstar Resources's merger presentation, Jul 21, 2025
Slide 1: Acquisition of Aurumin Limited & Capital Raising
Acquisition of Aurumin Limited & Capital Raising BRIGHTSTAR PURSUES LOGICAL CONSOLIDATION AT SANDSTONE EMERGING DISTRICT SCALE OPEN PIT DEVELOPMENT OPPORTUNITY JULY 2025 Not for release to US wire services or distribution in the United States
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 Advancing Multi-Hub Production Growth
TARGET200 Advancing Multi-Hub Production Growth Focus on ‘mineable ounces’ and near-term growth - Laverton-Menzies DFS outlines ~70kozpa production, Sandstone PFS planned for 1H CY26 Portfolio Endowment Advanced Near-Term DFS Development Current Mineral Resources1 Ore Reserves2 Exploration Developme
Slide 5: Near Term Production Growth and a Tier 1 Development at Sandstone
Near Term Production Growth and a Tier 1 Development at Sandstone MENZIES-LAVERTON DFS Production - Path to TARGET 200 A,B • 5 Year Production: Peaking at 91koz p.a. and averaging ~70koz p.a. over 5 years • Underpinned by Ore Reserves of 235koz @ 1.7g/t Au1 Existing Laverton Ops (SF UG + Fish UG) Me
Slide 6: Laverton-Menzies DFS Outcomes
Laverton-Menzies DFS Outcomes Total Material Processed LOM Gold Produced Laverton Plant Throughput1 Open Pit: 5.1Mt @ 1.6g/t Au 339koz over 5 years 1.0Mtpa Underground: 1.3Mt @ 2.6g/t Au Physicals Average Annual Production C1 Cash Cost2 Group AISC2 ~70koz p.a. $2,388/oz $2,991/oz SPOT CASE $5,000/oz
Slide 7: Aurumin Limited | Transaction Summary
Aurumin Limited | Transaction Summary Consolidation of Sandstone strengthens Brightstar’s pipeline of development potential to underpin material production growth strategy • Acquisition of 100% of the fully paid ordinary shares in Aurumin Limited (Aurumin) via an Aurumin scheme of arrangement (Share
Slide 8: Transaction Rationale
Transaction Rationale Leading Western Australian gold developer with combined assets, team and balance sheet to execute on ambitious growth trajectory • Strategic consolidation of a material ~1,600km2 landholding in the Sandstone region provides new district-scale growth platform to complement exist
Slide 9: Laverton-Menzies DFS
Laverton-Menzies DFS Ramping up production Second Fortune underground mine | 9
Slide 10: Laverton-Menzies DFS Stage 1 - Overview
Laverton-Menzies DFS Stage 1- Overview Stage 1: Conservative, de-risked focus on near-term development, mineable ounces and free cash flow generation and growth. Group Production Menzies DFS Laverton DFS Existing Laverton Ops (SF & Fish UG Ore Reserves Only) • Two mining project areas: 100 Gold (koz
Slide 11: Timeline - Key Catalysts
Timeline - Key Catalysts CY 2025 2026 2027 2028 DRILLING & RESOURCES Diamond Drilling: Laverton & Menzies Metallurgy, Geotech & Extensions Sandstone Reverse Circulation Drilling: Sandstone, Laverton & Menzies – Continuous drilling Resource Definition & Exploration Laverton Group MRE Group MRE Group
Slide 12: Aurumin Acquisition
Aurumin Acquisition Strategic Sandstone Resources and Infrastructure Montague drilling campaign
Slide 13: Accretive Transaction Delivers 2.4Moz Au in Sandstone
Sandstone Hub Accretive Transaction Delivers 2.4Moz Au in Sandstone Synergistic and logical transaction delivers post-deal BTR a derisked processing pathway and a substantial MRE base of 2.4Moz Au • Proposed acquisition of Aurumin is a compelling and synergistic opportunity to further consolidate Sa
Slide 14: Aurumin's Central Sandstone – Operational Advantages
Sandstone Hub Aurumin’s Central Sandstone – Operational Advantages Mineral Resources of ~0.9Moz Au located on Mining Leases adjacent to permitted Processing Plant site with key licenses and permits in place Indicated Inferred Total Deposit Tonnes Grade Tonnes Grade Tonnes Grade • No mining activitie
Slide 15: Consolidated Sandstone with development synergies
Sandstone Hub Consolidated Sandstone with development synergies • All Aurumin’s shallow Mineral Resources are on granted mining leases • Aurumin’s infrastructure and licensing in place is expect to provide encapsulated within Brightstar’s existing Sandstone tenure material operational synergies for
Slide 16: Quantifying the size of the Sandstone opportunity
Sandstone Hub Quantifying the size of the Sandstone opportunity Sandstone Gold Project accelerating towards production → potential to become new long-life production centre in Western Australia’s goldfields1 Mill throughput (Mtpa) vs mill feed head grade (g/t Au)2 Aspirational development timeline1
Slide 17: Transaction Details
Transaction Details Historic Beta Open Pits
Slide 18: Placement and Scheme of Arrangement Overview
Placement and Scheme of Arrangement Overview All-scrip transaction via the Scheme, unanimously recommended by the Aurumin Board • Acquisition of 100% of the ordinary shares in Aurumin via the Scheme under Part 5.1 of the Corporations Act 2001 (Cth). Structure • Interconditional scheme of arrangement
Slide 19: Proforma Capital Structure & Ownership
Proforma Capital Structure & Ownership As of ASX close 17 July 2025 Units Brightstar Aurumin Scheme Placement Pro forma Brightstar Pricing and Key Terms Share Price $/share 0.55 0.099 0.48 0.48 Mineral Resources1 Moz 3.0 1.0 3.9 Scheme Offer Price $/share 0.12 Share Exchange Ratio (SER) ratio 4.0x P
Slide 20: Indicative Timetable
Indicative Timetable Scheme booklet expected to be dispatched to Aurumin shareholders in September 2025, ahead of a scheme meeting and transaction completion in October 2025 Event Date (2025) Settlement of Placement 25 July First Court Hearing (subject to availability of Court) Early September Schem
Slide 21: Brightstar's M&A track record of accretive growth
Brightstar’s M&A track record of accretive growth Comparable transactions for Western Australian pre-production gold assets - Acquisition Cost: EV/ounce (A$/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
Slide 22: Unparalleled scale & development opportunity
Unparalleled scale & development opportunity Pro-forma Mineral Resource establishes Brightstar at the top of the ASX WA gold developer landscape underpinning long term value accretion optionality 4.5 BTR + AUN (Pro Forma) 4.0 3.5 BTR : Sandstone, Laverton, Menzies AZY: Minyari Dome BC8: Kal East/Coy
Slide 23: Laverton Hub
Laverton Hub New 1.0Mtpa Mill + Open Pit Developments Fish underground operation
Slide 24: Laverton Hub Underpins Sustained Production Growth
Laverton Hub Laverton Hub Underpins Sustained Production Growth Existing FY26 underground production complemented by open pits developments processed via an expanded 1.0Mtpa Brightstar Processing Plant • Laverton Hub JORC Mineral Resource1: 857koz at 1.7g/t Au • Current FY26 underground production:
Slide 25: Second Fortune & Fish Underground Operating Mines
Laverton Hub Second Fortune & Fish Underground Operating Mines SECOND FORTUNE MINE Combined operational run rate target: 25kt per month @ +3g/t Au (~35koz p.a.) In-house underground mining expertise: • High-grade, narrow vein gold mine Brightstar utilises an ‘owner-operator model’ with our own fleet
Slide 26: Lord Byron Open Pit | CY26 Open Pit Mining Targeted
Laverton Hub Lord Byron Open Pit | CY26 Open Pit Mining Targeted Lord Byron Open Pit – 0.3Moz Au MRE on granted Mining Lease Mining targeted to commence CY261 • JORC Mineral Resource of 5.2Mt @ 1.5g/t Au for 251koz Au2 • Stage 1 Ore Reserves: 1.3Mt @ 1.4g/t Au for 59koz1 o Pit design completed on Or
Slide 27: Cork Tree Well Open Pits | Open at Depth and Along Strike
Laverton Hub Cork Tree Well Open Pits | Open at Depth and Along Strike Cork Tree Well – 0.3Moz Au along 3km of strike on granted Mining Lease • JORC Mineral Resource of 6.5Mt @ 1.4g/t Au for 292koz Au1 • Stage 1 Ore Reserves: 1.4Mt @ 1.7g/t Au for 76koz2 o Pit design completed on Ore Reserves only o
Slide 28: 1.0Mtpa Laverton Mill – Brightstar-owned infrastructure
Laverton Hub 1.0Mtpa Laverton Mill – Brightstar-owned infrastructure • Como Engineers have delivered a DFS-level (+/- 15%) design and cost CAPITAL COST ESTIMATE Total estimate for a new 1.0Mtpa CIL processing plant in Laverton Area A$M • Conventional 1Mtpa CIL design delivering ave. Opex of A$31.75/
Slide 29: Menzies Hub
Menzies Hub Open pit mining targeted early CY26 Lady Shenton open pit
Slide 30: Lady Shenton to add open pit ounces in CY26
Menzies Hub Lady Shenton to add open pit ounces in CY26 Menzies presents valuable opportunity to generate +$140M of free cash within 3 years with $14M of Capex required • Menzies Hub Mineral Resource Estimate: 589koz @ 1.4g/t Au2. Historical mining: +800koz @ 19g/t Au3 • Well located adjacent to the
Slide 31: Lady Shenton Open Pit | 1H CY26 Production Target
Menzies Hub Lady Shenton Open Pit | 1H CY26 Production Target Lady Shenton Open Pit Mine • JORC Mineral Resource of 5.6Mt @ 1.5g/t Au for 273koz Au1 on granted Mining Leases • Stage 1 Ore Reserves – 1.4Mt @ 1.7g/t Au for 80koz2 o Pit design completed on Ore Reserves only o Optimised at A$3,500/oz us
Slide 32: Yunndaga | Set to be Brightstar's next Underground Mine
Menzies Hub Yunndaga | Set to be Brightstar’s next Underground Mine Yunndaga Underground Mine • JORC Mineral Resource of 3.4Mt @ 1.4g/t Au for 156koz Au1 (inclusive of lower grade open pit MRE) on granted Mining Leases • Current study assessment: +/- 30% o Ongoing drilling and technical work underwa
Slide 33: 12 Month outlook - platform set for organic growth
12 Month outlook - platform set for organic growth TARGET 200 Advancing multi-hub production growth1 Laverton-Menzies DFS establishes production path to Value Accretive Deals ~70koz p.a. Continued mining operations at Second Fortune and Execution of the merger with Aurumin continues Fish underground
Slide 34: Appendices
* BRIGHTSTAR Appendices
Slide 35: Corporate Snapshot
Corporate Snapshot Key Metrics ($AUD) Shareholders Share Price Performance Linden Board $0.55 Founders 2% 3% Gateway 4% 0.80 6.00 Share Price St Barbara 6% 0.70 $260M 5.00 Genesis 2% Market Capitalisation 0.60 Share Price ($/share) Volume (m shares) 4.00 ~$20M 0.50 Average Monthly Liquidity 0.40 3.0
Slide 36: 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 37: 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 38: 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 39: 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 40: Appendix 5: AUN Central Sandstone Mineral Resources
Appendix 5: AUN Central Sandstone 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
Slide 41: 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 42: 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 43: Appendix 8: Menzies Gold Project – DFS Physicals
Appendix 8: Menzies Gold Project – DFS Physicals Mining at Lady Shenton to commence early CY26 with MoU executed for processing at Paddington Processing Plant Menzies Ore Mined Lady Shenton Aspacia Link Zone Lady Harriet • Menzies Gold Project produces 2.1Mt at 1.5g/t Au recovering 105koz over 1,000
Slide 44: Appendix 9: Laverton Gold Project – DFS Physicals
Appendix 9: Laverton Gold Project – DFS Physicals Lord Byron and Cork Tree Well Open Pit Mines → 1.0Mtpa CIL central processing facility Laverton Ore Mined Lord Byron Yunndaga (Menzies mine) Cork Tree Well Alpha • Laverton Gold Project produces 4.3Mt at 1.9g/t Au recovering 234koz Au 1,600 • Operati
Slide 45: Appendix 10: Key Study Outcomes – Costs & Sensitivity
Appendix 10: Key Study Outcomes – Costs & Sensitivity Laverton-Menzies DFS Sensitivity Analysis $m Stage 1 Capital Costs Gold price (+/- 10%) Pre-Production 14 Growth Capex (incl. Laverton Mill) 209 Sustaining Capex 139 Opex (+/- 10%) Total Capex 362 Peak funding requirement (Spot Case) 120 Peak fun
Slide 46: Appendix 11: Montague East - Strategic ounces
Sandstone Hub Appendix 11: Montague East - Strategic ounces • Total Mineral Resource of 10Mt @ 1.6g/t Au for 526koz on granted mining licenses • Located 70km NNE of Sandstone town along the Sandstone-Wiluna Road • Over 70% of the Mineral Resources are within the top 100m of surface • Largely oxide m
Slide 47: Appendix 12: Exploration history highlights upside
Sandstone Hub Appendix 12: Exploration history highlights upside PFS to be delivered 1H CY26 → to delineate step out drilling targets for DFS and pathway to production Sandstone Project area annual drill metres Montague Project area annual drill metres Sandstone Historical Drilling (LHS) vs AUD Gold
Slide 48: Appendix 13: Peer Comparison Data
Appendix 13: Peer Comparison Data Announcement Enterprise Mineral Resource Acquiror Target Project Stage Source Information Date Value1 Resource Multiple A$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 Transformat
Slide 49: Appendix 14: Peer Mineral Resource References
Appendix 14: Peer Mineral Resource References Company EV1 Moz Grade Resource Reference Magnetic Resources NL 378 2.10 1.81 Lady Julie Resource Significantly Increases to 2.14Moz - 23 June 2025 Astral Resources NL 188 1.40 1.10 Group Mineral Resource Increases to 1.62 Million Ounces - 3 April 2025 Mi
Slide 50: Appendix 15: Key Risks
Appendix 15: Key Risks The following risks have been identified as being key risks specific to an investment in Brightstar on the assumption the Operational and technical risks transaction with Aurumin (Scheme) is successful (Combined Group) and the mining industry more generally. These risks The op
Slide 51: Appendix 15: Key Risks (cont.)
Appendix 15: Key Risks (cont.) Environmental risks Changes in government policy and legislation The operations and proposed activities on the tenements are subject to Australian laws and regulation concerning the Any material adverse changes in relevant government policies or legislation of Australi
Slide 52: Appendix 16: International Offer Jurisdictions
Appendix 16: International Offer Jurisdictions This presentation does not constitute an offer of New Shares of the Company in any jurisdiction in which it would be European Union (excluding Austria) unlawful. In particular, this document may not be distributed to any person, and the New Shares may n
Slide 53: Appendix 16: International Offer Jurisdictions (cont.)
Appendix 16: International Offer Jurisdictions (cont.) Singapore This document and any other materials relating to the New Shares have not been, and will not be, lodged or registered as a In the United Kingdom, this document is being distributed only to, and is directed at, persons (i) who have prof
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