Brightstar Resources (BTR) Diggers & Dealers Mining Forum 2025 summary

Strategic growth, transformation, and acquisitions

• Transitioned from explorer to gold producer in two years, now holding nearly 4 million ounces of resources across key Western Australian districts, with proforma group resources at 3.9Moz at 1.5g/t Au post-Aurumin acquisition.

• Executed multiple value-accretive M&A transactions, including acquisitions of Alto Metals, Montagu East, Oryx Mining Limited, and Aurumin, expanding the asset base at a weighted average cost of $45/oz, well below sector average.

• Institutional ownership has grown from zero to about half, with market cap rising from $7 million to $336 million post-Aurumin merger.

• Strong operational and development team assembled, with recent key hires across geology, finance, and mine management.

• Focus has shifted from corporate activity to operational delivery, production growth, and sustained organic expansion across three hubs.

Project development, operational highlights, and production plans

• Completed DFS for Menzies and Laverton, projecting over $460 million in free cash flow, pre-tax NPV of $316M, IRR of 73%, and robust project economics.

• Laverton-Menzies DFS outlines a five-year production plan averaging ~70koz p.a., peaking at 91koz p.a., underpinned by 235koz in ore reserves.

• Construction of a new 1.0Mtpa mill at Laverton targeted for late 2025, with open pit and underground mining to support near-term production growth.

• Menzies production to commence in early CY26 at Lady Shenton, leveraging a processing agreement with Paddington and targeting low-capex open pit mining.

• Sandstone Hub PFS underway, evaluating 3–5Mtpa processing scenarios, with FID targeted for late 2027 and first gold production in 2H CY28.

Asset portfolio, resources, and expansion plans

• Three key operating hubs: Laverton, Menzies, and Sandstone, with Laverton as the current production focus and Sandstone as the flagship development asset.

• Laverton hosts 857koz at 1.7g/t Au in resources and 160,000 ounces in reserves, with a planned 1Mtpa processing plant.

• Menzies Hub holds 589koz at 1.4g/t Au in resources, set for near-term development and will contribute about 30,000 ounces per year.

• Sandstone, including the Aurumin and Oryx Mining acquisitions, now holds 2.4Moz at 1.5g/t Au and is targeted for a 3–5Mtpa processing plant.

• Exploration programs exceeding 100,000m planned for FY26, focused on resource growth and quality across all hubs.