Brightstar Resources (BTR) Study Update Presentation summary

Study overview and objectives

• Definitive Feasibility Study (DFS) completed for Laverton and Menzies gold projects, outlining a 5-year production plan averaging 70koz gold per annum, peaking at 91koz p.a., with sequential open pit and underground mining and processing at a new 1Mtpa plant and third-party facilities.

• DFS underpins a multi-hub growth strategy, with Sandstone PFS planned for 1H CY26 and aspirations to reach 200koz p.a. group production by 2029.

• Production targets are based on 70% Measured and Indicated Resources, with 30% from Inferred Resources, and all material assumptions remain unchanged since the initial announcement.

• The study includes sequential development: Menzies mining and toll treatment in CY26, Laverton mill construction and commissioning in early CY27, and Sandstone PFS/DFS to follow.

• Platform set for organic and inorganic growth, with over 130,000m of drilling planned in CY25 and ongoing assessment of accretive M&A opportunities.

Key production and operational outcomes

• Life-of-mine (LOM) gold production of 339koz over 5 years at an average AISC of $2,991/oz and C1 cash cost of $2,388/oz.

• Laverton and Menzies projects to deliver 234koz and 105koz respectively, with sequential open pit and underground mining.

• Laverton mill designed for 1.0Mtpa throughput, leveraging existing permits and infrastructure for rapid development.

• Menzies ore to be toll treated at Paddington under MoU, minimizing upfront capex and enabling early cash flow.

• Second Fortune and Fish underground mines provide additional high-grade feed and potential mine life extensions.

Financial outcomes and sensitivities

• Pre-tax NPV of $316M and IRR of 73% at $5,000/oz gold price (spot case); payback period of 1 year post-commissioning.

• Peak funding requirement of $120M (spot case), with debt term sheets received targeting a 70:30 debt-to-equity ratio.

• LOM free cash flow projected at $461M (spot case), with annual FCF peaking at $92M.

• Sensitivity analysis shows robust project economics across a range of gold prices and operating cost scenarios.

• $101M of group tax losses available to offset future tax liabilities.