• Brightstar signs binding Term Sheet with Cazaly Resources to earn up to 80% interest in Goongarrie Gold Project
• Cazaly to sole fund up to $3 million in exploration expenditure over 3 stages to earn equity
• Allows Brightstar to focus on development and mining operations in Laverton and Menzies regions

Brightstar Resources Limited (ASX: BTR) has announced that it has signed a binding Term Sheet with Cazaly Resources Limited (ASX: CAZ), under which Cazaly is granted an option to elect to earn up to an 80% interest in the Goongarrie Gold Project by incurring exploration expenditure of up to $3 million. The exercise of the option by Cazaly is subject to satisfaction of certain conditions precedent, including due diligence on the Goongarrie Gold Project by Cazaly, the tenements being in good standing and certain deeds of assignment being entered into with parties that have rights in respect of the Goongarrie Gold Project. Upon exercise of the option, Cazaly may earn up to an 80% interest in the Goongarrie Gold Project by sole funding exploration expenditure of up to $3 million, as follows: Cazaly to spend $1 million on expenditure over an initial 12-month period to earn a 25% interest; Cazaly to spend an additional $1 million on expenditure over a further 18-month period to earn an additional 26% interest (aggregate 51% interest); and Cazaly to spend an additional $1 million on expenditure over a further 18-month period to earn an additional 29% interest (aggregate 80% interest). Upon Cazaly earning an interest in any of the three stages, Brightstar and Cazaly will form a Joint Venture to explore and potentially develop the Goongarrie Gold Project. Brightstar's Managing Director, Alex Rovira, commented that the divestment of the non-core Goongarrie Gold Project allows the company to prioritize its operational and development activities, with Definitive Feasibility Study workstreams advancing and current mining operations at Second Fortune complemented by start-up works at the Fish underground project. Brightstar's exploration strategy remains focused on improving and growing existing mineral resources at projects with granted mining leases and near-term commercialization pathways, such as the Sandstone, Menzies and broader Laverton project areas.