Brightstar Resources (BTR) Investor presentation summary

Investment highlights

• Fully funded gold developer with 4.5Moz Mineral Resources and 351koz Ore Reserves across two large-scale Western Australian projects, aiming for major production growth and a Top 10 Australian producer status.

• TARGET200 strategy seeks to achieve over 200koz annual production, leveraging two production hubs: Goldfields and Sandstone.

• Goldfields project features a new 1.5Mtpa CIL plant (expandable to 2.5Mtpa), with first gold targeted for June 2027 and a six-year plan averaging 75koz per annum.

• Sandstone project holds a 2.9Moz Mineral Resource, with ongoing upgrades and a PFS underway to establish a long-life, large-scale production center.

• Robust funding position with $193M equity and US$120M debt secured, and $163M net cash as of March 2026.

Project development and economics

• Goldfields project construction is underway, with GR Engineering appointed for a fixed-price EPC contract, de-risking the build and enabling future expansion.

• Life-of-mine plan includes staged open-pit and underground mining, with three open pits delivering over 70% of total production.

• Goldfields DFS2.0 outlines a pre-tax NPV of $606M, IRR of 74%, and $1.0B free cash flow over six years at A$6,000/oz gold price.

• Average annual production is ~75koz, with a group AISC of $2,998/oz and payback period of approximately 15 months.

• Sandstone project is advancing through a two-year strategic plan, targeting resource upgrades, maiden Ore Reserve, and a large-scale processing plant.

Exploration and growth strategy

• Over 100,000m of drilling planned for CY26, transitioning from infill to growth-focused exploration to expand and upgrade resources.

• Sandstone offers significant exploration upside, with shallow resources and limited historical systematic exploration, plus greenfield targets.

• Montague project within Sandstone provides 664koz at 1.3g/t Au, with potential for open-pit development and haulage to the central plant.

• Central Sandstone hosts multiple deposits with over 1Moz in Inferred Resources, targeted for conversion to higher confidence categories.

• Exploration strategy now focuses on both resource quality and growth, aiming to illustrate the full scale of the Sandstone gold camp.