• Brightstar to acquire 100% of Aurumin via Scheme of Arrangement
• Combined entity to have 3.9Moz @ 1.5g/t Au Mineral Resource
• Brightstar raises $50m via placement to fast-track Sandstone development

Brightstar Resources Limited (Brightstar) and Aurumin Limited (Aurumin) have entered into a binding Scheme Implementation Deed under which Aurumin agrees to propose a scheme of arrangement for Brightstar to acquire 100% of Aurumin's issued capital. Under the Share Scheme, Aurumin shareholders will receive 1 Brightstar share for every 4 Aurumin shares held. The Scheme Consideration implies an undiluted equity value for Aurumin of $60m and an enterprise value per Mineral Resource of $62/oz based on Aurumin's 0.95Moz @ 1.5g/t Au Mineral Resource. Brightstar has also received binding commitments to raise $50 million via a placement at $0.48 per share. Following completion of the Schemes and Placement, the pro forma Brightstar entity will have a JORC (2012) Mineral Resource of 3.9Moz @ 1.5g/t Au and a pro-forma cash position of ~$63m. The consolidated greater Sandstone Project would have a pro forma total Mineral Resource Estimate of ~2.4Moz @ 1.5g/t Au located on granted mining leases, emerging as a significant, near-term open pit gold development opportunity in the Goldfields of Western Australia. The transaction is expected to provide substantial synergy benefits and reduced risks associated with holding a single project for Aurumin shareholders.

Following completion of the Schemes and Placement, the pro forma Brightstar entity will have a pro-forma JORC (2012) Mineral Resources of 3.9Moz @ 1.5g/t Au and a pro-forma cash position of ~$63m.