Brightstar Resources (BTR) AGM 2025 Presentation summary

Strategic growth and business highlights

• Pro forma market capitalisation of $330M with $41M in cash and liquidity, supporting aggressive growth plans.

• Mineral Resource base of 3.9Moz at 1.5g/t Au across Sandstone and Goldfields, with Sandstone consolidation completed and a district-scale opportunity identified.

• Ongoing production from two underground mines at Laverton, generating ~30kozpa and funding near-term growth.

• Over 100,000m of drilling planned to drive rapid Mineral Resource and Reserve growth, with a material upgrade at Sandstone targeted for JunQ'26.

• Strategy aims to build a +200kozpa gold producer from the existing asset base, with Goldfields DFS targeting 70kozpa for 5 years and Sandstone PFS in mid-CY26.

Recent achievements and operational progress

• Completed Laverton-Menzies Definitive Feasibility Study, with optimisation and expansion studies underway.

• Fish Mine developed on time and budget, now operating as owner-operator at two underground mines.

• 120,000m of drilling completed to support mine life extensions and Mineral Resource upgrades.

• Acquired 2.4Moz @ 1.5g/t Au in Sandstone through three M&A deals, strengthening the balance sheet with a $50M equity raise and new debt facility.

• Project execution teams and senior management expanded to support growth.

Production outlook and development pipeline

• Current annualised production of 29–34koz at AISC of A$3,800–A$4,000/oz from Second Fortune and Fish underground mines.

• Goldfields DFS delivered in JunQ'25, targeting ~70kozpa over 5 years, with upside from mine life extensions and higher-grade ore.

• Sandstone Project PFS targeted for mid-CY26, evaluating a 4–5Mtpa processing facility and aiming for FID in late CY27.

• Material Mineral Resource upgrade at Sandstone due JunQ'26, with 70km of drilling completed since last update.