BTR Price sensitive 24 Nov 2025, 9:53 AM

Annual General Meeting Presentation

Brightstar Resources Ltd

Building a Growing Western Australian Gold Producer

Key points

  • Mineral Resource base of 3.9Moz at 1.5g/t Au across Sandstone and Goldfields projects
  • Aggressive drilling underway (+100,000m) to underpin rapid Mineral Resource & Reserve growth
  • Targeting material Mineral Resource upgrade at Sandstone in JunQ'26

Full summary

Brightstar Resources is building a growing Western Australian gold producer with a 3.9Moz Mineral Resource base across the Sandstone and Goldfields projects. The company has a proven owner-operator model, with two operating underground mines in Laverton providing near-term cash flow to fund growth activities. Brightstar is aggressively drilling (+100,000m) to underpin rapid Mineral Resource and Reserve growth, targeting a material upgrade at Sandstone in mid-2026. The Goldfields DFS, completed in June 2025, outlines an initial 5-year, 70kozpa production profile, with upside potential through mine life extensions and inclusion of higher-grade ore from the operating Second Fortune and Fish mines. Brightstar is also advancing the Sandstone project, targeting a Pre-Feasibility Study in mid-2026 and Final Investment Decision in late 2027, with the aim of building a 4-5Mtpa processing facility. The company has a strong balance sheet, with $41 million in cash and available liquidity, and is well-positioned to execute its growth strategy and reach its aspirational target of over 200koz per annum production by 2029.

Guidance

Brightstar is targeting gold production of 29,000-34,000 ounces per annum from its existing Laverton operations, with an AISC of A$3,800-A$4,000 per ounce. The Goldfields DFS outlines an initial 5-year, 70,000 ounce per annum production profile.

Outlook

Brightstar is targeting a material Mineral Resource upgrade at Sandstone in mid-2026, which will underpin the Pre-Feasibility Study for the project. The company is also advancing the Goldfields project, with a 'DFS 2.0' targeted for release in March 2026 ahead of a Final Investment Decision. Brightstar is working towards its aspirational target of over 200,000 ounces per annum production by 2029, through the development of the Sandstone and Goldfields projects.

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