Brightstar Resources (BTR) investor relations material

Strategic growth and production targets

• Advancing two major Western Australian gold projects with a combined 4.0Moz Mineral Resource and 351koz Ore Reserves on granted mining leases, aiming for +200koz annual production by 2029 through the TARGET200 strategy.

• Goldfields Project is fully funded with $193M equity and US$120M debt, targeting first gold in JunQ'27 and averaging 75koz per year over six years.

• Sandstone Project features a 2.4Moz Mineral Resource, with two MRE updates planned in CY26 and a PFS targeted for 2H'CY26, aiming for FID by late CY27 and production from CY29.

• Goldfields Project's robust economics include a pre-tax NPV of $606M, IRR of 74%, and $1.0B LOM free cash flow at A$6,000/oz, with a 15-month payback period.

• GR Engineering appointed for Laverton plant construction, with a 1.5Mtpa CIL plant expandable to 2.5Mtpa, and site establishment underway.

Operational execution and resource development

• Goldfields Project utilizes a simplified model with staged open pit and underground mining, leveraging owner-operated infrastructure for full value chain control.

• Three main open pits (Lord Byron, Cork Tree Well, Lady Shenton) underpin the majority of Goldfields' production, with mining commencing from DecQ'26.

• Sandstone Project is positioned as a district-scale, underexplored opportunity with significant shallow resources and a large exploration budget for CY26.

• Central Sandstone's existing 2.4Moz MRE provides critical mass for feasibility studies, with infill and extensional drilling planned to support resource growth.

• Early-stage greenfields targets at Sandstone, such as Indomitable North and Lords Corridor, offer multi-million ounce growth potential.

Financial position and market outlook

• Market cap stands at $439M with $329M in total liquidity and $163M net cash as of March 2026; enterprise value is $277M.

• EV/Resource is $69/oz, significantly below peer median, indicating potential for re-rating as production ramps up.

• Goldfields Project's average annual free cash flow is projected at $163M, with group AISC at $2,998/oz and C1 cash cost at $2,581/oz.

• Sandstone Project's strategic plan includes two MRE upgrades, a maiden Ore Reserve in PFS, and a large-scale processing plant to unlock the 1,800km² Greenstone Belt.

• TARGET200 strategy positions the company to join the ranks of Australia's top 10 gold producers, with few junior peers offering similar scale and growth pipeline.