Brightstar Resources (BTR) Noosa Mining Investor Conference summary

Key developments and strategic direction

• Released a definitive feasibility study (DFS) for Menzies and Laverton projects, outlining a five-year production plan at 70,000 ounces per annum and over $460 million in free cash flow.

• Announced acquisition of Aurumin Limited, adding nearly 1 million ounces of resources and key infrastructure, and completed a $50 million capital raise.

• Pro forma resource base now totals nearly 4 million ounces on granted mining leases, with Sandstone as the flagship asset at 2.5 million ounces.

• Targeting +200,000 ounces annual production by 2029-2030, aiming for mid-tier producer status.

• Multiple M&A transactions over the past two years have consolidated nearly 3.5 million ounces at an average acquisition price of $45 per ounce.

Financials and project economics

• DFS projects an NPV of $316 million and IRR of 73%, with a peak CapEx requirement of $120 million, considered highly fundable.

• Robust cash flows expected, with over $100 million free cash per year at current gold prices.

• Debt financing process underway, receiving strong interest from banks and non-bank lenders.

• Capital from Menzies and Laverton operations will be redeployed to fund Sandstone development.

• Menzies project requires only $14 million pre-production capital and is expected to generate $140 million over three years.

Operational plans and timelines

• Mining at Menzies expected within six months, Laverton to follow in 12 months, with a new 1 Mtpa mill planned for Laverton.

• Peak funding drawdown anticipated in March 2027, allowing optimal funding strategies.

• Sandstone PFS targeted for early next year, with FID expected within two years.

• Over 100,000 meters of drilling planned in the next 12 months, with a $24 million exploration budget, 75% allocated to Sandstone.

• Sequential development approach to manage risk and internal resources.