Slides
Page 1
BRIGHTSTAR RESOURCES LIMITED MINING Diggers Dealers AUSTR ESTERN AU ORLIE , W DIGGERS & DEALERS MINING FORUM BRIGHTSTAR RESOURCES LIMITED Building a Multi - Asset Western Australian Gold Producer Executing on a pathway to + 75koz p.a. with a Tier - 1 growth asset in the Go Bay ASX : BTR INVESTOR PRESENTATION . AUGUST 2026
Page 2
Important Notices & Disclaimers Important Notices • This presentation (Presentation) has been prepared by Brightstar and has been authorised for release by the Board of Directors of Brightstar on the basis it is to be read in conjunction with these important notices and disclaimers. • This Presentation dated 5 August 2026 has been prepared by the management of Brightstar Resources Limited (ACN 100 727 491) (“B ”, “Brightstar” or “ ompany”). Disclaimer • This Presentation has been prepared by Brightstar based on information from its own and third-party sources and is not a disclosure document. No party other than Brightstar has authorised or caused the issue, lodgement, submission, despatch or provision of this Presentation, or takes any responsibility for, or makes or purports to make any statements, representations or undertakings in this Presentation. Except for any liability that cannot be excluded by law, Brightstar and its respective related bodies corporate, directors, employees, advisers and agents disclaim and accept no responsibility or liability for any expenses, losses, damages or costs incurred by any party relating in any way to this Presentation including, reliance without limitation, the information contained in or provided in connection with it, any errors or omissions from it however caused, lack of accuracy, completeness, currency or reliabilityor you or any other person placing any on this Presentation, its accuracy, completeness, currency or reliability. • This Presentation is not a prospectus, disclosure document or other offering document under Australian law or under any other law. It is provided for information purposes and is not an invitation nor offer of shares or recommendation for subscription, purchase or sale in any jurisdiction. This Presentation does not purport to contain all the information that a prospective investor may require in connection with any potential investment in Brightstar. Each recipient must make its own independent assessment of Brightstar before making an investment decision. Forward-Looking Statements • This Presentation contains certain "forward-looking statements". The words "expect", "anticipate", "estimate", "intend", "believe", "guidance", "should", "could", "may", "will", "predict", "plan" and other similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, future financial position or performance are also forward-looking statements. Forward-looking statements, opinions and estimates provided in this Presentation are based on assumptions and contingencies which are subject to change without notice and involve known and unknown risks and certainties and other factors which are beyond the control of Brightstar and its directors and management. Forward-looking statements are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. Actual results, performance or achievements may differ materially from those expressed or implied in such statements and any projections and assumption on which these statements are based. These statements may assume the success of Brightstar business strategies. The success of any of those strategies will be realised in the period for which the forward-looking statement may have been prepared or otherwise. Readers are cautioned not to place undue reliance on forward-looking statements, particularly in light of the current economic climate and the significant volatility, and except as required by law or regulation, none of Brightstar or their respective representatives or advisers assumes any obligation to update these forward-looking statements. No representation or warranty, express or implied, is made as to the accuracy, likelihood of achievement or reasonableness of any forecasts, prospects, or statements in relation to future matters contained in this Presentation. The forward-looking statements are based on information available to Brightstar as at the date of this Presentation. Except as required by law or regulation (including the ASX Listing Rules), none of Brightstar and their respective representatives or advisers undertakes any obligation to provide any additional or updated information whether as a result of a change in expectations or assumptions, new information, future events, or results or otherwise. Indications of, and guidance or outlook on future financial position or performance are also forward-looking statements. Aspirational Statements • The statements which may appear in this Presentation regarding the aspirations for Brightstar to undertake construction of a Sandstone processing plant in 2H’ Y27 for first gold production in 2H’ Y28, aligning with continued planned production growth from Brightstar’s Laverton and Menzies hubs to aspirationally target Group production profile of +200koz p.a. by 2029, are aspirational statements. These statements are not production targets as Brightstar does not yet have sufficient objective reasonable grounds to believe that the statements can be achieved. • Importantly, the statements are considered aspirational because, as disclosed in its ASX announcement dated 30 April 2025 titled ‘ andstone gold project accelerating towards development’ (April 2025 Announcement), Brightstar has not yet completed a pre-feasibility study for Sandstone, noting that Sandstone has a long operating history with detailed information available on historical performance across the majority of deposits, ore mineralisation styles and operating parameters (i.e. open pit mining and conventional carbon-in-leach processing conducted in the recent past). While preliminary assessments have been undertaken, as disclosed in the April 2025 Announcement, substantial further work is required before Brightstar will be in a position to have sufficient objective reasonable grounds to publish production targets or forecast financial information relating to the Sandstone Project. • The study will need to consider a number of variables and focus areas which are expected to include, but are not limited to items within the following feasibility study workstreams: preparing robust update Mineral Resource Estimates for each deposit based on geological models generated by existing and new geological information informed by Brightstar’s current drilling programs; applying current (CY26) mining cost and operational parameters to delineate economic mining optimisations, open pit mine designs and schedules that encapsulates geotechnical and metallurgical recovery information from third party test work; assessments into approvals and permitting processes, along with detailed engineering design work, optimal processing flowsheets and requisite infrastructure that delivers the best outcome of recovered metal, operating costs and capital costs which supports these aspirations. • Brightstar confirms that the inclusion of Aspirational Statements in this presentation are based entirely on the April Announcement and contains no new information. Brightstar Resources Limited · Building a Multi-Asset Western Australian Gold Producer 2
Page 3
Important Notices & Disclaimers Not Investment Advice • Each recipient of the Presentation should make its own enquiries and investigations regarding all information in this Presentation including but not limited to the assumptions, uncertainties and contingencies which may affect future operations of Brightstar and the impact that different future outcomes might have. Information in this Presentation is not intended to be relied upon as advice to investors or potential investors and has been prepared without taking account of any person’s individual investment objectives, financial situation or particular needs. Before making an investment decision, prospective investors should consider the appropriateness of the information having regard to their own investment objectives, financial situation and needs and seek legal, accounting and taxation advice appropriate to their jurisdiction. Brightstar are not licensed to provide financial product advice in respect of their securities. Feasibility Study - Cautionary Statement Goldfields Project Feasibility Study • The production targets and forecast financial information disclosed in this presentation were first announced in accordance with A X isting ules 5.16 and 5.17 in the ompany’s announcement ‘ pdated Goldfields Feasibility tudy” dated 29 January 2026. • Unless otherwise stated, the Company confirms that all material assumptions underpinning the production targets and forecast financial information derived from the production targets in the original DFS release1 continue to apply and have not materially changed. • The Company cautions that a portion of the production target (27%) is based on Inferred Mineral Resources. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production targets themselves will be realised. Production Target • The Production Target (and forecast financial information derived from the Production Target) referred to in this announcement is underpinned by Measured and Indicated Mineral Resources of approximately 73% and Inferred Mineral Resources of approximately 27% over the DFS period. • The total Life of Mine Production Target includes 27% Inferred Resources, 3% Indicated Resource outside of Reserve and the remaining 70% is underpinned by Proven and Probable Ore Reserves. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the Production Target itself (or the forecast financial information) will be realised. Competent Persons Statements • The Mineral Resources and Ore Reserves estimates disclosed in this Presentation were first disclosed in accordance with ASX Listing Rules 5.8 and 5.9 in the announcements as cross-referenced. Brightstar confirms that it is not aware of any new information or data that materially affects the information included in the relevant announcement and that all material assumptions and technical parameters underpinning the estimates in the previous announcements continue to apply and have not materially changed. Currency • Unless otherwise stated, all dollar values in this Presentation are reported in Australian dollars. Brightstar Resources Limited · Building a Multi-Asset Western Australian Gold Producer 3
Page 4
INVESTMENT HIGHLIGHTS 4.5Moz - Gold developer executing on major production growth Two large-scale production centres to unlock Brightstar's TARGET200 strategy¹ 1. Refer to the Aspirational Statements disclaimer on page 2. 2. Refer to Appendices 2-4 for Mineral Resource estimates and Ore Reserve statement. 3. Refer ASX announcement 'Updated Goldfields Feasibility Study' dated 29 January 2026. 4. Assuming A$6,000/oz. Financial metrics are presented on a pre-tax basis - as at 31 December 2025, Brightstar had $209M of Group tax losses which are anticipated to be utilised for minimising ultimate tax expense. Brightstar Resources Limited · Building a Multi-Asset Western Australian Gold Producer MAJOR PRODUCTION GROWTH ACROSS TWO WA PROJECTS² • ~4.5Moz Mineral Resources & 351koz Ore Reserves on granted Mining Leases • Immediate production growth at Goldfields with Sandstone to deliver scale • Targeting to be a TOP 10 AUSTRALIAN GOLD PRODUCER 01 COMPELLING NEAR-TERM GOLDFIELDS DEVELOPMENT³ • FUNDING PACKAGE: A$193M equity & US$120M debt funding package Q1 CY26 • 6-year plan averaging 75koz p.a. • New 1.5Mtpa CIL plant upgradeable to 2.5Mtpa • First gold targeted June 2027 02 GOLDFIELDS HUB - MATERIAL FREE CASH FLOW³⁴ • Pre-tax NPV $606M | Pre-tax IRR 74% | Average FCF $163M p.a. • LOM AISC $2,998/oz • Cash generation from Goldfields to contribute to delivery of Sandstone 03 SANDSTONE - POTENTIAL TIER-1 WA DEVELOPMENT² • Targeted to deliver distinct scale, long-life production centre • Updated MRE of 2.9Moz @ 1.3g/t Au provides the platform for future growth • FINAL INVESTMENT DECISION TARGETED EARLY CY28 04 4
Page 5
CORPORATE SNAPSHOT Team & funding in place – platform for major production growth BOARD OF DIRECTORS Richard Crookes Non-Executive Chairman Alex Rovira Managing Director Andrew Rich Executive Director - Operations Jonathan Downes Non-Executive Director RESEARCH COVERAGE 1. Refer to cash based as at June 2026 per Quarterly Activities/Appendix 5B Cash Flow Report (30 July 2026). Share price as at 31 July 2026. Monthly liquidity based on last six trading months sourced from IRESS. 2. Includes gross Bond proceeds converted at 0.72 AUD/USD. Please see Research notes available on Brightstar Website for Disclaimers and Disclosures. Brightstar Resources Limited · Building a Multi-Asset Western Australian Gold Producer HNW /Retail 40% Institutional 46% Strategics & Mining Industry 12%Board / Management 2% SHARE PRICE $0.36 (AUD) As at 31 July 2026 REVENUE PROTECTION 60koz Put options @ A$5,809/oz MARKET CAP $395M 1,098M shares on issue ENTERPRISE VALUE $273M EV / Resource $61/oz NET CASH1 $122M As per JunQ’26 quarterly MINERAL RESOURCES 4.5Moz 99Mt at 1.4g/t Au AVAILABLE, UNDRAWN DEBT US$120M Nordic Bond AVG MONTHLY LIQUIDITY ~$80M 6-month average liquidity SHARE PRICE PERFORMANCE SHAREHOLDERS 5 - 5 10 15 20 25 30 0.00 0.10 0.20 0.30 0.40 0.50 0.60 0.70 0.80 Feb-24 Apr-24 Jun-24 Aug-24 Oct-24 Dec-24 Feb-25 Apr-25 Jun-25 Aug-25 Oct-25 Dec-25 Feb-26 Apr-26 Jun-26 Volume (m shares) Share Price ($/share) Volume Close Price
Page 6
Leadership Experienced team in place to execute Brightstar Resources Limited · Building a Multi-Asset Western Australian Gold Producer 6 B O A R D O F D I R E C T O R S M A N A G E M E N T T E A M Richard Crookes Geologist · Finance · 35+ yrs Non-Executive Chairman • Managing Partner, Lionhead Resources; ex -Investment Director, EMR Capital & ED, Macquarie Metals & Energy Capital • NE Chairman, Black Rock Mining (ASX:BKT); former Chief Geologist & Mining Manager, Ernest Henry Mining Alex Rovira Geologist · Finance · 14+ yrs Managing Director • MD of Brightstar since January 2023; BSc (Geology & Env. Science), BCom (IB & Corporate Finance) • 14+ years' executive leadership & investment banking at Canaccord Genuity across ECM and M&A in metals & mining Andrew Rich Mining Engineer · 15+ yrs Executive Director – Operations • Leads Brightstar's operations; delivery of WA gold projects at Linden, Ramelius & Westgold • BEng (WASM) & WA First Class Mine Manager's Certificate; NED of Javelin Minerals (ASX:JAV) Jonathan Downes Geologist · 25+ yrs Non-Executive Director • Gold & base metals expertise spanning exploration through to production • Managing Director, Dundas Minerals (ASX:DUN); NED of Cazaly Resources (ASX:CAZ) Nicky Martin Finance · CPA · 20+ yrs Chief Financial Officer • 7 years at Pilbara Minerals (ASX:PLS), latterly Head of Finance — through Pilgangoora financing, construction & ramp-up into the ASX50 • Deep experience across finance, accounting, offtake, hedging, tax & treasury Daniel Jolley Mechanical Engineer · 20+ yrs Project Director • Processing plant delivery expertise, most recently Northern Star / De Grey Mining's 10Mtpa Hemi Gold Project • Leading Laverton plant execution & Sandstone engineering; prior delivery roles with Mineral Resources & FMG Samuel Main Corporate Development · 12+ yrs Corporate Development Officer • Expertise in financing, capital markets, organic & inorganic growth and investor relations • 12+ years' experience across capital markets and M&A Jonathan Gough Geologist · 15+ yrs General Manager – Geology • Proven WA gold geology executive across production, resource definition & exploration • Ex-Exploration Manager, Musgrave Minerals — pivotal to the Cue Gold Project prior to the Ramelius takeover Katherine Hughes Human Resources · 15+ yrs Chief Human Resources Officer • Strategic HR, industrial relations & transformation across mining, manufacturing and transport • Leads people strategy, culture & leadership capability supporting Brightstar's growth Brendan Bow Environment & Approvals · 20+ yrs Environment & Approvals Manager • WA mining environmental, approvals, heritage & land access professional • Leading approvals, permitting & compliance across the Goldfields & Sandstone developments Julie Budrey Health & Safety · 25+ yrs Group Health & Safety Manager • Proven record building safety performance & workforce culture across WA mining operations • Ex-Group HSET Manager, Emeco Holdings; ex -Group OHS Manager, Westgold Resources
Page 7
Goldfields Project Executing on pathway to +75koz p.a. – First gold June 2027
Page 8
Brightstar Resources Limited · Building a Multi-Asset Western Australian Gold Producer 8 1.5Mtpa Laverton Plant Goldfields Construction Underway
Page 9
GR Engineering appointed to construct 1.5Mtpa Laverton Plant1 Fixed-price EPC contract de-risks the construction phase, with embedded capacity to cost-effectively expand to 2.5Mtpa during operations ▸ Conventional 1.5Mtpa CIL processing plant with embedded engineering design for expansion to 2.5Mtpa during operations ▸ Lump-sum, fixed-price EPC delivery model selected for construction of new processing infrastructure ▸ Long lead-time orders awarded to de-risk development schedule ▸ Preferred gas-fired power pathway delivers de-risked energy source ▸ LOM average processing cost of A$31/t processed2 ▸ Plant design based on consolidated metallurgical parameters across all mine sites - delivering LOM average recoveries of 91%2 ▸ FID declared and construction activities commenced in JunQ’26 INITIAL CAPACITY 1.5Mtpa Delivering 75koz p.a. EXPANSION UPSIDE 2.5Mtpa Pre-engineered for upside optionality LOM RECOVERY 91% Recovering 457koz Au over 6 yr LOM 1. Refer ASX announcement “GR Engineering appointed as Preferred Contractor – Laverton Processing Plant’ dated 17 February 2026. 2. Refer ASX announcement 'Updated Goldfields Feasibility Study' dated 29 January 2026. Brightstar Resources Limited · Building a Multi-Asset Western Australian Gold Producer Laverton Processing Plant – 1.5Mtpa design render GOLDFIELDS PROJECT LOM UNIT COST $31/t Per tonne processed 9
Page 10
GOLDFIELDS PROJECT De-risked development pathway - staged open-pit & underground mining New 1.5Mtpa processing plant unlocks existing 1.6Moz @ 1.6g/t Au Mineral Resource on granted mining leases 02 THREE OPEN PITS UNDERPIN LIFE-OF-MINE PRODUCTION ~1Moz @ 1.4g/t Au in three open pits ▸ +70% of total Goldfields Project gold production delivered from three open pits mines ▸ Each pit carries a 2–3 year mine life with extension upside ▸ Mining commences at Lord Byron in late CY26 ▸ Lord Byron is co-located with Fish, where camp and support infrastructure is already in place GOLDFIELDS HUB REGIONAL MAP 1. Refer ASX announcement ‘EPC Contractor Engaged for Goldfields Project’ dated 17/02/2026 2. Refer ASX announcement ‘Strategic Drill & Blast Agreement executed with Aquirian’ dated 16/04/2026 3. Refer to Appendices 2-4 for Mineral Resource estimates and Ore Reserve statement. Brightstar Resources Limited · Building a Multi-Asset Western Australian Gold Producer 01 SIMPLIFIED BUSINESS MODEL Staged open pit and underground operations ▸ Operating model: One open pit providing base-load, one underground mine delivering high-grade ▸ Brightstar-owned processing infrastructure– captures full portfolio value through a hub-and-spoke operating model ▸ 5+ years of owner-operator mining experience underpins a step change in gold production 03 DEVELOPMENT ACTIVITIES RAMPING UP Processing plant site established and construction underway ▸ 170-person Lord Byron-Fish camp already in operation ▸ ALL mine sources have previously been mined and processed – well understood operationally ▸ GR Engineering appointed to mill construction2; drill & blast contract with Aquirian Ltd executed3 ▸ Mill construction underway - first gold targeted in JunQ’27 10
Page 11
Calendar Year 2026 2027 Quarter MarQ JunQ SepQ DecQ MarQ JunQ SepQ DecQ Studies & Funding Goldfields DFS 2.0 Funding Execution Final Investment Decision (FID) Approvals MDCP Plant Approval Works Approval Construction 170-person Camp upgrades 1.5Mtpa Processing Plant EPC Contract Power, Water & Site NPI Potential 2.5Mtpa Expansion Construction Mining Lord Byron Site Establishment Lord Byron Open Pit Mining Operations Fish Underground Mining Operations Yunndaga Underground Site Establishment Yunndaga Underground Mining Operations JULY 2026 FIRST GOLD – JUNE 2027 Brightstar Resources Limited · Building a Multi-Asset Western Australian Gold Producer GOLDFIELDS PROJECT Gold pouring in less than 12 months First Gold targeted in June 2027 11
Page 12
PRE-TAX NPV₈ $606M A$6,000/oz PRE-TAX IRR 74% NPV/Capex ratio 3.2x LOM FREE CASH FLOW ~$1.0B Over 6 years, undiscounted AVERAGE ANNUAL FCF $163M Steady-state operations per annum LOM GOLD PRODUCED 457koz Over 6 years AVERAGE PRODUCTION2 ~75koz p.a. 1.5Mtpa Processing Plant in Laverton GROUP AISC3 $2,998/oz C1 cash cost $2,581/oz PEAK FUNDING REQ.3 $188M Payback ~15 months4 SENSITIVITY TO GOLD PRICE - A$/oz METRIC (A$M) $5,500/oz $6,000/oz $6,500/oz $7,000/oz $7,500/oz Pre-tax NPV₈ ($M)5 454 606 758 911 1,063 Pre-tax IRR (%)5 58 74 90 106 121 Annual FCF ($M) 126 163 200 236 273 LOM FCF ($M) 758 977 1,197 1,417 1,637 1. Refer ASX announcement 'Updated Goldfields Feasibility Study' dated 29 January 2026. 2. 1.5Mtpa design capacity based on 100% fresh rock throughput; plant design has embedded optionality for expansion to 2.5Mtpa. 3. C1 cash cost includes mining opex, haulage, processing and G&A costs. AISC = C1 cash costs plus sustaining capital + royalties - both based on gold ounces produced at A$6,000/oz. 4. Payback period calculated from the first month of gold production after mill commissioning. 5. Pre-tax basis - as at 31 December 2025, Brightstar had $209M of Group tax losses available. Brightstar Resources Limited · Building a Multi-Asset Western Australian Gold Producer GOLDFIELDS PROJECT DFS2.0 economics demonstrates a robust development case1 A high-margin, short-payback development with demonstrable mine life extension opportunities 12
Page 13
Sandstone Gold Project Growing the size of the opportunity - a district-scale Tier-1 development in the making
Page 14
1. Refer to Appendix 3 for Sandstone Mineral Resource estimates. Brightstar Resources Limited · Building a Multi-Asset Western Australian Gold Producer SANDSTONE GOLD PROJECT ¹ 2.9Moz @ 1.3g/t Au ▸ Platform set for a significant, stand-alone WA gold development ▸ Total footprint of ~1,800km2 of highly-endowed WA Greenstone Belt terrane ▸ Mineral Resources located on granted Mining leases ▸ PFS underway - evaluating large-scale central processing plant utilising existing plant site and infrastructure to fast-track approvals ▸ July 2026 Interim MRE Update: 69Mt @ 1.3g/t Au for 2.9Moz Au ▸ 18% growth in total Sandstone MRE ▸ +113% growth in Measured & Indicated classification (1.1Moz @ 1.5g/t Au) ▸ ~145,000m drilled under BTR ownership ▸ Additional Mineral Resource update due DecQ’26 ▸ Material exploration upside - Shallow Mineral Resource with limited historical systematic exploration history prior to Brightstar ▸ No mining since 2010 (gold price was ~A$1,000/oz) and previous owners focus on oxide mineralisation due to processing limitations delivers logical in/near-deposit growth targets SANDSTONE PROJECT 2.9Moz Mineral Resource base – Underexplored and positioned for development Emerging district-scale WA gold development opportunity 14
Page 15
Delivering a district-scale opportunity 01 Improve Resource Quality & Grow o Target further upgrades to existing MRE of 2.9Moz @ 1.3g/t Au - DecQ’26 o Transition from >100km of infill drilling to extensional & greenfield targets 02 Convert Resources to Reserves o Comprehensive technical work underpins a maiden Ore Reserve in PFS o Targeting a long-life asset with a material production profile necessitates a meaningful Ore Reserve 03 Right-Size Processing Infrastructure o A large-scale processing plant creates the foundation for a district-scale, long-life production centre - unlocking ~1,800km² of prospective Greenstone Belt terrane 1. Refer to ASX announcement ‘Sandstone gold project accelerating towards development’ dated 30 April 2025 and ‘Strategic Plan to Unlock Sandstone” dated 27 January 2026. TWO-YEAR SANDSTONE STRATEGIC PLAN Brightstar Resources Limited · Building a Multi-Asset Western Australian Gold Producer Alignment to Strategic Plan1 • Long-Term Growth1: Multi-million-ounce MRE growth to support long-life operations. • PFS: Targeting1 maiden re eserve 2H’ Y26 that underpins a material WA gold development • DFS: Targeting1 material uplift to PFS Ore Reserve from increased exploration spend and on-going mine optimisation work. • Target: Apply Goldfields free cash flow & refinance debt to fund Sandstone into production 15 Calendar Year 2026 2027 2028 Drilling Infill Drilling Growth & Greenfields Studies Geotechnical Testwork Metallurgical Testwork Processing Plant Pre Feasibility Study (PFS) Permitting & Approvals Definitive Feasibility Study (DFS) Execution Funding Final Investment Decision (FID) MRE Upgrade Pre-Feasibility Study Commence construction Sandstone Strategic Plan - Execution Roadmap MRE Upgrade Definitive Feasibility Study Final Investment Decision JULY 2026 MRE Upgrade
Page 16
Brightstar Resources Limited · Building a Multi-Asset Western Australian Gold Producer Central Sandstone – Critical Mass for development pathway Existing Mineral Resource of 2.9Moz Au provides critical mass for PFS evaluation and future development CENTRAL SANDSTONE Critical mass from existing Mineral Resources underpins future development ▸ Existing MRE of 2.9Moz @ 1.3g/t Au provides the platform for feasibility studies, permitting/approvals and progress towards development o Sufficient scale: No more M&A or exploration success required for pathway to Sandstone development ▸ Brightstar exploration strategy to date has focused on improving the quality of the Mineral Resource to de-risk future development o Material infill drilling programs enabled robust and conservative re-estimation of Mineral Resources. o 1.1Moz @ 1.5g/t Au in Measured & Indicated classification o Total Sandstone MRE increased to 2.9Moz Au (18% growth) GROWTH OUTCOME EXCEEDED EXPECTATIONS ▸ Final PFS-infill programs focused on further key existing deposits for growth: o Bull Oak + Indomitable Camp + TMH-Shillington o These three deposits host +1Moz in Inferred Resources – targeted for further material conversion into M&I for inclusion in the PFS ▸ Exploration focus transitioning to growth as PFS workstreams advance SANDSTONE PROJECT 16
Page 17
Brightstar Resources Limited · Building a Multi-Asset Western Australian Gold Producer Central Sandstone Growth Potential Early-stage growth targets present opportunity for multi-million-ounce Mineral Resource growth potential and a unique development proposition in the region CENTRAL SANDSTONE Growth targets provide platform for ‘Tier 1 status’ ▸ Significant exploration potential for new discoveries and MRE growth ▸ Brightstar’s exploration focus to transition to answering the question: “How Big Could Sandstone Be?” ▸ Pipeline of early stage greenfields opportunities provides ‘competition for capital’ within Brightstar with multiple compelling exploration targets across the group ▸ Systematic testing and advancing these greenfields opportunities towards maiden Mineral Resources and possible inclusion in future development studies ▸ Brightstar has executed a deliberate focus on improving geological confidence and resource classification rather than MRE growth to date. ▸ In parallel with ongoing feasibility studies, the exploration strategy now enables a sustained focus on growth opportunities to illustrate the scale of the Sandstone gold camp SANDSTONE PROJECT 17
Page 18
Brightstar Resources Limited · Building a Multi-Asset Western Australian Gold Producer Montague – Shallow deposits provide potential for open pit developments High-grade mineralisation targeted for open pit mining and haulage to Sandstone processing MONTAGUE Limited exploration history provides the upside ▸ New MRE of 664koz @ 1.3g/t Au ▸ ~70km from Sandstone by a well-established haul-road ▸ Indicative haulage cost of A$15/t (or ~0.1g/t Au equivalent) to proposed Sandstone mill1 ▸ Higher grades indicates likely early inclusion in Sandstone mine schedule ▸ Previous exploration history has been focused on the main deposits around the Montague Granodiorite ▸ Compelling opportunities for growth to existing deposits and potential for new discoveries SANDSTONE PROJECT 18 1. Utilising a haulage cost of $0.21/tonne/km.
Page 19
Brightstar's Market Position An unparalleled gold development opportunity at the junior end of the ASX - well placed to re-rate as a producer
Page 20
TARGETING AN ASX MID-TIER GOLD PRODUCTION SCALE Limited mid-tier producers with scale of >200koz p.a. 22 24 77 96 100 104 124 144 155 168 192 285 329 337 373 379 0 50 100 150 200 250 300 350 400 Annualised Production (koz p.a.)¹ TARGET200 puts BTR into Mid-Tier scale ▸ Few other junior companies have a project pipeline that rivals Brightstar ▸ Execution of TARGET200 strategy positions BTR alongside established mid-tier producers and could establish Brightstar as a TOP 10 AUSTRALIAN PRODUCER ▸ De-risked re-rate opportunity maturing as major production growth strategy is delivered ▸ Consistent recent theme of potential large-scale production and growth being acquired (De Grey Mining, Spartan Resources) 1. Refer to Appendix 7 for references. Based on June 2026 Quarterly production run-rates and FY26 actual production from published company disclosures – small variances may occur dur to rounding. Brightstar Resources Limited · Building a Multi-Asset Western Australian Gold Producer MID-TIER OPPORTUNITY 1,543 715 Kaiser Reef Meeka Pantoro Black Cat Emerald Catalyst Capricorn Bellevue Ora Banda Alkane Ramelius Genesis Vault Westgold Regis Evolution Northern Star Greatland M&A has diminished the pipeline of emerging producers with +200koz p.a. production potential 20
Page 21
DEMONSTRABLE VALUE-ADDING APPROACH IN GROWING MINERAL RESOURCES & ADVANCING ASSETS TO PRODUCTION A robust position to build a WA gold mining mid tier 1. Refer to Appendix 8 for references. Brightstar Resources Limited · Building a Multi-Asset Western Australian Gold Producer 21 AZY: Minyari Dome BC8: Kal East/Coyote/Paulsens AUC: Katanning HRN: Gum Creek MRT: Kalgoorlie BTR: Goldfields/Sandstone MI6: Bullabulling STN: Apollo Hill AAR: Mandilla GG8: Nth Kalgoorlie / Vivien 1.5 2.5 3.5 4.5 5.5 6.5 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 Resource (Moz) Grade (g/t Au) ASX WA Gold Developers — Resource vs Grade (Bubble = Relative EV, A$M) 0.2Moz 0.5Moz 0.6Moz 1.0Moz 1.9Moz 0.3Moz 0.5Moz 0.9Moz 2.0Moz 2.6Moz 0.5Moz 1.0Moz 1.5Moz 3.0Moz 4.5Moz Jun-22 Jun-23 Jun-24 Jun-25 Jul-26 Brightstar's Global MRE Growth (Year-on-Year) M&I Inferred A successful track record in M&A combined with aggressive exploration has placed Brightstar at the top end of the advanced developers and emerging producers with genuine multi-asset production scale potential
Page 22
DEVELOPMENT & PRODUCTION COMPARABLE PEERS¹ Undemanding valuation on every resource and reserve metric Goldfields & Sandstone Kalgoorlie & Paulsens Murchison Norseman Davyhurst Plutonic Bullabulling Katanning CORPORATE2 Market Cap ($M) 395 620 272 774 2,024 1,437 1,340 466 Enterprise Value ($M) 273 546 234 571 1,756 1,206 1,243 378 Net Cash ($M) 122 74 38 203 268 231 96 87 MINERAL RESOURCES Resource (koz) 4,457 2,524 1,235 4,601 3,690 3,453 6,200 2,443 Grade (g/t) 1.4 3.0 3.0 3.3 2.0 3.1 1.0 1.1 Measured (koz) 52 57 55 374 99 - - 1,531 Indicated (koz) 1,873 1,269 645 1,898 1,726 2,692 4,400 693 Inferred (koz) 2,532 1,199 535 2,327 1,870 759 1,700 219 ORE RESERVES & STUDY Mine Type O/P & U/G³ O/P & U/G O/P & U/G O/P & U/G O/P & U/G O/P & U/G O/P O/P Reserve (koz) 351³ 330 305 859 610 861 2,500 1,330 Grade (g/t) 1.6³ 2.4 3.8 2.1 2.3 2.9 0.9 1.1 Plant Size (Mtpa) 1.5³ 1.2 0.6 1.2 1.2 1.2 5 3.6 Production (koz/yr) 75³ 96 24 77 155 104 - - VALUATION EV/Production ($/oz) - 6,402 11,431 6,978 12,367 12,638 - - EV/Resource ($/oz) 61 216 189 124 476 349 201 155 EV/Reserve oz ($/oz) - 1,654 766 664 2,879 1,401 497 284 1. Refer to Appendices 6 for references. 2. As at 31 July 2026 - sourced from S&P CapIQ. 3. Goldfields DFS 2.0 only. Brightstar Resources Limited · Building a Multi-Asset Western Australian Gold Producer Black Cat Meeka Metals Pantoro Gold Ora Banda Catalyst Metals Minerals 260 Ausgold EMERGING PRODUCER PEERS ESTABLISHED PRODUCER PEERS EXPLORER / DEVELOPER PEERSBrightstar Resources Limited 22
Page 23
SUMMARY Platform set for sustained growth Advancing a multi-hub production growth - Tier-1 jurisdiction, +4.5Moz Au on granted Mining Licenses Brightstar Resources Limited · Building a Multi-Asset Western Australian Gold Producer 01 GOLDFIELDS DEVELOPMENT ▸ Simplified business model: 1x open pit & 1x underground + BTR-owned infrastructure ▸ First gold targeted JunQ’27 ▸ LOM Free Cash Flow $1.0B1 over 6 years 02 SANDSTONE TO DELIVER SCALE ▸ Multiple MRE upgrades due CY26 ▸ PFS due late CY26 ▸ DFS and FID due late CY27 / early CY28 ▸ Targeting long-life, low cost “ ier 1 status” project 03 EXPERIENCED TEAM ▸ Deep WA gold mine-building & operating experience ▸ Proven project execution capability leveraging +5 years of owner-operate inhouse capability ▸ GR Engineering appointed to construct Laverton plant 04 DRILL, DRILL, DRILL ▸ +100,000m drilling programs planned CY26 – drilling transitions from infill to GROWTH ▸ Exploration to target Resource growth and quality ▸ 4-6 rig drilling throughout CY26 05 CAPTURING VALUE ▸ Undemanding Reserve / Production comparable metrics ▸ Significant potential to re-rate as multi-mine developer line with producer peers ▸ EV/Resource ~$61/oz vs peer median >$300/oz 06 COMMUNITY ENGAGEMENT ▸ Strong Native Title, local Shires, pastoralist relationships ▸ Advanced Native Title Agreement negotiations ▸ ESG strategy aligned with responsible gold production 23
Page 24
Appendices Montague Open Pit (Sandstone)
Page 25
5 75 78 79 77 76 67 0 20 40 60 80 FY27 FY28 FY29 FY30 FY31 FY32 FY33 Gold (koz) Group Production (koz) 1. Refer ASX announcement 'Updated Goldfields Feasibility Study' dated 29 January 2026. 2. Diluted mined grade. 3. Gross revenue less royalties. Some variances may occur due to rounding. Brightstar Resources Limited · Building a Multi-Asset Western Australian Gold Producer Goldfields DFS 2.0 Unit Laverton Menzies Total Key Production Outcomes² Open Pit Mining Ore kt 4,893 3,014 7,906 Grade² g/t Au 1.4 1.6 1.5 Contained ounces koz 226 150 377 Operating Strip ratio w:o 9.2 11.7 10.2 Underground Mining Ore kt 878 635 1,513 Grade² g/t Au 2.7 2.6 2.6 Contained ounces koz 76 52 128 Consolidated Operations Ore kt 5,771 3,649 9,419 Grade² g/t Au 1.6 1.7 1.7 Contained ounces koz 302 203 505 M&I contribution % 69% 80% 73% Processing Ore processed kt 9,419 9,419 Feed grade² g/t Au 1.7 1.7 Contained ounces koz 505 505 Recovery % 91% 91% Ounces produced koz 457 457 $977m AVERAGE GOLDFIELDS DFS 2.0 PRODUCTION +75 koz p.a. 1.5Mtpa Laverton Plant GOLDFIELDS PROJECT +75koz p.a. from a consolidated Laverton processing strategy1 Yielding ~$1.0B of pre-tax free cash flow² at A$6,000/oz over a six-year mine life 3 (400) (200) - 200 400 600 800 1,000 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 Cash flow (A$m) Pre-tax Project FCF – (A$6,000/oz) Mining capex Mining opex Net revenue Cum. Free cash flow (pre-tax) 25
Page 26
LAST ~12 MONTHS Transformative year sets platform for growth JAN 2025 – MAR 2026 Laverton Production ▪ 384kt @ 2.2g/t Au for 24koz recovered via OPA with Genesis Minerals ▪ Generated over $95M of net proceeds (after processing charges) to BTR reinvested across portfolio ▪ Maintained BTR’s owner-operator DNA in readiness for broader Goldfields development and production 1. Refer to Brightstar Resources ASX announcements, May 2025 - May 2026. Brightstar Resources Limited · Building a Multi-Asset Western Australian Gold Producer 26 DEC 2025 Sandstone Consolidation Complete ▪ Completion of Aurumin acquisition completing B ’s consolidation of the andstone region ▪ Consolidated Mineral Resource Estimate of 2.4Moz @ 1.5g/t ▪ Announced the two-year Sandstone Strategic Plan which plans to capture full value from potential Tier 1 asset JAN 2026 Goldfields DFS 2.0 ▪ Compelling economics: A$606m NPV8 74% IRR ~A$1.0bn LOM FCF @ A$6,000/oz ▪ New 1.5Mtpa CIL plant to be built south of Laverton ▪ First gold targeted JunQ CY27 FEB – MAR 2026 Funding Package for Development ▪ Strategic equity raise: A$193m via placement and oversubscribed SPP ▪ Debt funding secured: US$120m Bond ▪ Sandstone funded to FID: Parallel advancement of growth drilling and PFS/DFS MAY 2026 + Goldfields Execution ▪ Early works underway including initial site works and processing plant long lead orders ▪ Key development partners appointed with GR Engineering processing plant EPC ▪ FID declared in May 2026 with construction underway
Page 27
LAVERTON MINE Lord Byron Open Pit Brightstar Resources Limited · Building a Multi-Asset Western Australian Gold Producer Oblique view of the Lord Byron open pit design with Mineral Resource block model (coloured by grade) Recent exploration at Lord Byron (looking NW) with existing Lord Byron open pits in the background LORD BYRON OPEN PIT JORC Mineral Resource of 5.4Mt @ 1.5g/t Au for 267koz Au1 Fully approved for mining operations to commence Two small historic open pits coalesce into one, large open pit mine 2.5 year mine life based on current open pit mining inventory Mining to commence DecQ’26 Processing physicals and costs2: • Mining 2.5Mt @ 1.4g/t Au for 112koz Au mined • 92koz Au recovered (82% recovery) • Average operating strip ratio of 8:1 • C1 Cash Cost: $2,491/oz • AISC Cost: $2,878/oz3 Ore Reserves: 1.8Mt @ 1.4g/t Au for 83koz4 ocated ~50km from Brightstar’s processing facility along established haul routes Open down dip and along strike to the South – near term drilling focused on shallow mine life extensions to the South Targeting commencement of mining operations and stockpiling from DecQ’26 in advance of Brightstar’s processing plant commissioning 1. Refer to Appendix 2 for Goldfields Mineral Resources. 2. Refer ASX announcement ‘Updated Goldfields Feasibility Study” dated 29 January 2026. 3. Assumes A$6,000/oz. 4. Refer to Appendix 4 for Ore Reserve statement. 27
Page 28
LAVERTON MINE Cork Tree Well Open Pit Brightstar Resources Limited · Building a Multi-Asset Western Australian Gold Producer CORK TREE WELL OPEN PIT JORC Mineral Resource of 6.5Mt @ 1.4g/t Au for 292koz Au1 Mining to commence 2030 2.5 year mine life based on current open pit design Processing physicals and costs2: • Mining 2.4Mt @ 1.5g/t Au for 114koz Au mined • 108koz Au recovered (95% recovery) • Average operating strip ratio of 10:1 • C1 Cash Cost: $2,411/oz • AISC Cost: $2,813/oz3 Ore Reserves: 2.1Mt @ 1.5g/t Au for 104koz4 Open at depth and along strike - significant exploration upside to grow Resources on underexplored tenure ocated ~75km from Brightstar’s processing facility along established haul routes Oblique view of the Cork Tree Well open pit designs with Mineral Resource block model (coloured by grade) Aerial view of historic CTW open pits (looking south) 1. Refer to Appendix 2 for Goldfields Mineral Resources. 2. Refer ASX announcement ‘Updated Goldfields Feasibility Study” dated 29 January 2026. 3. Assumes A$6,000/oz. 4. Refer to Appendix 4 for Ore Reserve statement. 28
Page 29
MENZIES MINE Lady Shenton Open Pit Brightstar Resources Limited · Building a Multi-Asset Western Australian Gold Producer LADY SHENTON OPEN PIT JORC Mineral Resource of 8.1Mt @ 1.4g/t Au for 352koz Au1 Fully approved for mining operations to commence Mining to commence 2H’CY28 ~3 year mine life based on current open pit mining inventory On-going exploration to assess potential for underground operations following open pit mining Processing physicals and costs2: • Mining 2.7Mt @ 1.5g/t Au for 132koz Au mined • 121koz Au recovered (91% recovery) • Average operating strip ratio of 11:1 • C1 Cash Cost: $2,959/oz • AISC Cost: $3,516/oz3 Ore Reserves: 2.4Mt @ 1.5g/t Au for 117koz4 Open at depth and along strike - significant exploration upside to grow Mineral Resources on underexplored tenure 1. Refer to Appendix 2 for Goldfields Mineral Resources. 2. Refer ASX announcement ‘Updated Goldfields Feasibility Study” dated 29 January 2026. 3. Assumes A$6,000/oz. 4. Refer to Appendix 4 for Ore Reserve statement. Oblique view of the Lady Shenton open pit designs with Mineral Resource block model (coloured by grade) Aerial view into the historic Lady Shenton open pit (looking south) 29
Page 30
MENZIES MINE Yunndaga Underground Brightstar Resources Limited · Building a Multi-Asset Western Australian Gold Producer YUNNDAGA UNDERGROUND et to be Brightstar’s next underground mine JORC Mineral Resource of 3.1Mt @ 2.1g/t Au for 206koz Au1 (inclusive of lower grade halo) Mining to commence SepQ’27 Significant advantage utilising existing underground equipment, infrastructure and personnel from current underground operations 2 year mine life based on current underground mining plan Processing physicals and costs2: • Mining 0.6Mt @ 2.6g/t Au for 52koz mined • 50koz Au recovered (~92% recovery) • C1 Cash Cost: $3,291/oz • AISC Cost: $3,441/oz3 Ore Reserves: 0.5Mt @ 2.7 g/t Au for 47koz4 Open at depth with significant scope for Mineral Resource growth and mine life extension Standard WA underground open stope, retreat mining methodology utilising conventional underground mining equipment Oblique view of the Yunndaga underground mine design with Mineral Resource block model (coloured by grade) Aerial view into the historic Yunndaga open pit (looking north) 1. Refer to Appendix 2 for Goldfields Mineral Resources. 2. Refer ASX announcement ‘Updated Goldfields Feasibility Study” dated 29 January 2026. 3. Assumes A$6,000/oz. 4. Refer to Appendix 4 for Ore Reserve statement. 30
Page 31
Comparable transactions for Western Australian pre-production gold assets - acquisition cost, A$/ounce BTR Transaction Non-BTR Transaction BTR M&A Weighted Average¹: A$45/oz Non-BTR M&A Average: A$179/oz Note 1: Weighted average based on all BTR M&A transactions. Refer to Appendix 5 for details on transaction multiples. Mineral Resource estimates presented above are standalone target Mineral Resources (not proforma). 29 / 35 Brightstar Resources Limited · Building a Multi-Asset Western Australian Gold Producer APPENDIX Appendix 1: Brightstar’s Impressive M&A Track Record 867 664 642 568 253 219 207 204 176 160 125 93 88 80 73 73 71 68 66 64 62 56 48 42 41 31 24 16 0 200 400 Feb-25 Mar-25 May-25 Feb-20 Feb-26 Jun-21 Dec-24 Jul-23 Jun-23 May-25 Nov-20 Feb-25 Dec-23 Jul-25 Jan-25 Apr-24 Dec-25 Mar-24 Jan-23 May-25 Jul-25 May-20 Dec-21 Aug-24 Mar-23 Mar-23 Aug-24 Dec-22 EV / Resource ounce (A$/oz) Target Acquiror Enterprise Value (A$M) Mineral Resource (koz) Feb-25 Mar-25 May-25 Feb-20 Feb-26 Jun-21 Dec-24 Jul-23 Jun-23 May-25 Nov-20 Feb-25 Dec-23 Jul-25 Jan-25 Apr-24 Dec-25 Mar-24 Jan-23 May-25 Jul-25 May-20 Dec-21 Aug-24 Mar-23 Mar-23 Aug-24 Dec-22 Matsa Resources Spartan Resources Gold Road Spectrum Metals Magnetic Resources Firefly Resources De Grey Mining Musgrave Minerals Strickland Minerals Old Highway Project NTM Gold Maximus Resources Kin Mining Warriedar Resources Bulla- bulling Project Hobbes Project Mt Henry- Selene Gold Linden Gold Vango Mining Laverton (Focus) Project Aurumin Alt Resources Bardoc Gold Alto Metals Lady Ida Project Breaker Resources Montague East Project Kingwest Resources AngloGold Ramelius Resources Gold Fields Ramelius Resources Genesis Minerals Gascoyne Resources Northern Star Ramelius Resources Northern Star Catalyst Metals Dacian Gold Astral Resources Genesis Minerals Capricorn Metals Minerals 260 Northern Star Alicanto Minerals Brightstar Resources Catalyst Metals Genesis Minerals Brightstar Resources Aurenne St Barbara Brightstar Resources Beacon Minerals Ramelius Resources Brightstar Resources Brightstar Resources 812 2,094 2,600 202 606 43 2,815 189 61 33 85 31 54 164 167 13 65 24 66 250 59 32 146 44 13 53 12 8 936 3,152 4,050 356 2,400 196 13,584 927 346 206 679 335 610 2,050 2,300 177 915 351 1,002 3,900 951 571 3,073 1,046 318 1,684 507 505 31
Page 32
Appendix 2: Goldfields Mineral Resources Brightstar Resources Limited · Building a Multi-Asset Western Australian Gold Producer LAVERTON Cut-off Measured Indicated Inferred Total g/t Au kt g/t Au koz kt g/t Au koz kt g/t Au koz kt g/t Au koz Alpha 0.5 - - - 371 1.9 22 1,028 2.8 92 1,399 2.5 115 Beta 0.5 345 1.7 19 576 1.6 29 961 1.7 54 1,882 1.7 102 Cork Tree Well 0.5 - - - 3,264 1.6 166 3,198 1.2 126 6,462 1.4 292 Lord Byron 0.5 311 1.7 17 2,104 1.5 105 2,974 1.5 145 5,389 1.5 267 Fish 1.6 25 5.4 4 199 4.5 29 153 3.2 16 376 4.0 49 Gilt Key 0.5 - - - 15 2.2 1 153 1.3 6 168 1.3 8 Second Fortune (UG) 2.5 24 15.3 12 34 13.7 15 34 11.7 13 92 13.4 40 Total – Laverton 705 2.3 52 6,563 1.7 367 8,501 1.7 452 15,768 1.7 873 MENZIES Cut-off Measured Indicated Inferred Total g/t Au kt g/t Au koz kt g/t Au koz kt g/t Au koz kt g/t Au koz Lady Shenton System 0.5/1.2 - - - 3,725 1.4 168 4,349 1.3 184 8,074 1.4 352 Yunndaga 0.5/1.2 - - - 2,172 2.2 152 923 1.8 54 3,095 2.1 206 Aspacia 0.5 - - - 137 1.7 7 1,238 1.6 62 1,375 1.6 70 Lady Harriet System 0.5 - - - 520 1.3 22 590 1.1 21 1,110 1.2 243 Link Zone 0.5 - - - 160 1.3 7 740 1.0 23 890 1.0 9 Selkirk 0.5 - - - 30 6.3 6 140 1.2 5 170 2.1 12 Lady Irene 0.5 - - - - - - 100 1.7 6 100 1.7 6 Total – Menzies - - - 6,744 1.7 362 8,080 1.4 355 14,814 1.5 718 This Presentation contains references to Brightstar’s JORC Mineral Resources, extracted from the ASX announcements titled “Maiden Link Zone Mineral Resource Estimate – Amended” dated 15 November 2023, “Cork Tree Mineral Resource Upgrade Delivers 1Moz Group MRE” dated 23 June 2023 and “Auralia Review” dated 10 September 2020, and ASX announcements for Kingwest Resources Limited titled, "High grade drilling results and high grade resource estimation from the Menzies Goldfield” dated 13 December 2022, "Menzies JORC gold resources surpass 500,000 ounces" dated 26 April 2022, “Robust Mineral Resource upgrades at Laverton and Menzies ahead of DFS delivery underpins future mining operations” dated 19 May 2025, “Menzies Mineral Resources Increases 22% to 0.7Moz” dated 11 December 2025 and “Drilling results and Mineral Resource upgrade at Lord Byron” dated 1 January 2026. This Presentation contains references to Linden’s JORC (2012) Mineral Resources, as reported in the announcement released by Brightstar on 25 March 2024 titled “Brightstar makes Recommended Takeover Offer for Linden Gold Alliance Limited”. APPENDIX 32
Page 33
Appendix 3: Sandstone Mineral Resources Brightstar Resources Limited · Building a Multi-Asset Western Australian Gold Producer Location Cut-off Measured Indicated Inferred Total g/t Au kt g/t Au koz kt g/t Au koz kt g/t Au koz kt g/t Au Koz Montague-Evermore 0.4 - - - 1,683 2.1 114 3,122 1.3 127 4,805 1.6 241 Whistler 0.4 - - - 1,258 2.0 79 565 1.4 25 1,823 1.8 105 Achilles / Airport 0.4 - - - 2,130 1.3 90 4,255 1.0 134 6,385 1.1 224 Duplex 0.4 - - - - - - 1,003 0.9 30 1,003 0.9 30 Julias (Attributable) 0.4 - - - 1,258 1.2 49 556 0.8 15 1,814 1.1 64 Lord Nelson 0.4 - - - 4,441 1.5 215 1,758 1.1 64 6,199 1.4 279 Lord Henry 0.4 - - - 1,523 1.6 76 883 1.4 40 2,406 1.5 116 Vanguard Camp 0.4 - - - 1,616 2.2 115 2,194 1.3 90 3,809 1.7 205 Havilah Camp 0.4 - - - - - - 1,359 1.2 54 1,359 1.2 54 Indomitable Camp 0.4 - - - 2,099 1.2 81 8,772 1.0 284 10,871 1.0 366 Bull Oak 0.4/0.8 - - - 1,481 0.9 44 9,056 1.0 278 10,537 1.0 322 Two Mile Hill / Shillington 0.4/0.73 - - - 4,673 1.3 190 9,901 1.7 541 14,574 1.6 731 McIntyre 0.4 - - - 513 1.2 20 77 0.9 2 589 1.2 23 Plum Pudding 0.4 - - - 498 1.0 17 52 0.9 1 550 1.0 18 Central Trend (Eureka, Wirraminna, Old Town, Twin Shafts, Goat Farm, McClaren) 0.5 - - - 1,480 1.1 53 1,131 1.1 39 2,612 1.1 91 Total - - - 24,652 1.5 1,144 44,684 1.2 1,725 69,337 1.3 2,868 This Presentation contains references to Brightstar’s JORC Mineral Resources, extracted from the ASX announcements titled “Brightstar to drive consolidation of Sandstone Gold District” dated 1 August 2024, “Scheme Booklet Registered by ASIC” dated 14 October 2024, “Brightstar Pursues Synergistic Consolidation at Sandstone” dated 21 July 2025 , “Scheme Booklet Registered by ASIC” dated 9 October 2025 and “Sandstone Mineral Resource Grows to 2.9Moz” dated 15 July 2026. APPENDIX 33
Page 34
Appendix 4: Ore Reserves Brightstar Resources Limited · Building a Multi-Asset Western Australian Gold Producer Location Proved Probable Total Goldfields Ore Reserves1 kt g/t Au koz kt g/t Au koz kt g/t Au koz Cork Tree Well Open Pit (Laverton) - - - 2,137 1.5 104 2,137 1.5 104 Lord Byron Open Pit (Laverton) 308 1.6 15 1,530 1.4 68 1,838 1.4 83 Lady Shenton Open Pit (Menzies) - - - 2,395 1.5 117 2,395 1.5 117 Yunndaga Underground (Menzies) - - - 539 2.7 47 539 2.7 47 Total 308 1.6 15 6,601 1.6 335 6,909 1.6 351 The references in this presentation to Brightstar’s Ore Reserve estimates were reported in accordance with Listing Rule 5.9 in the following announcements: (a): “Maiden Underground Ore Reserves Underpins FY26 Production” dated 26 June 2025, (b)“Menzies and Laverton Gold Project Feasibility Study” dated 30 June 2025 and (c) “Updated Goldfields Feasibility Study” dated 29 January 2026”, Brightstar confirms that the material assumptions and technical parameters disclosed in the announcement continue to apply and have not materially changed. Brightstar confirms that it is not aware of any new information or data that materially affects the information included in the previous market announcements and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. APPENDIX 34
Page 35
Appendix 5: Comparable Transaction Data Brightstar Resources Limited · Building a Multi-Asset Western Australian Gold Producer Acquiror Target Project Stage Ann. Date Enterprise Value¹ Mineral Resource Resource Multiple Source Information A$m koz Au. A$/oz Au. Date ASX Release Title Ramelius Resources Spartan Resources Resource Development Mar-25 2,094 3,152 664 17-Mar-25 Transformation Combination of Ramelius & Spartan Ramelius Resources Spectrum Metals Resource Development Feb-20 202 356 569 10-Feb-20 Ramelius Makes Recommended Takeover Offer for Spectrum Metals Gascoyne Resources Firefly Resources Resource Development Nov-21 43 196 218 16-Jun-21 Merger of Gascoyne Resources and Firefly Resources Northern Star De Grey Mining DFS Dec-24 2,815 13,584 207 2-Dec-24 Northern Star agrees to acquire De Grey Ramelius Resources Musgrave Minerals Pre-Feasibility Study Jul-23 189 927 204 3-Jul-23 Recommended Takeover Offer for Musgrave Minerals Ltd Northern Star Strickland Minerals Resource Development Jun-23 61 346 176 26-Jun-23 Sale of Millrose Project for $61m to Northern Star Resources Catalyst Metals Old Highway Project Resource Development May-25 33 206 158 8-May-25 Catalyst acquires Old Highway gold deposit Dacian Gold NTM Gold Resource Development Nov-20 85 679 152 16-Nov-20 Strategic Merger of Dacian Gold and NTM Gold Astral Resources Maximus Resources Resource Development Feb-25 31 335 92 3-Feb-25 Astral Resources and Maximus Resources to Merge via Recommended Takeover Offer Genesis Minerals Kin Mining Resource Development Dec-23 54 610 88 14-Dec-23 Reporting on select Kin Mining gold projects 14/1/23 AngloGold Matsa Resources Feasibility Study Feb-25 812 936 87 27-Feb-25 Matsa and AngloGold Ashanti Execute A$101 Million Deal Lake Carey Gold Project Minerals 260 Bullabulling Project Resource Development Jan-25 167 2,300 72 14-Jan-25 Transformational acquisition of the 2.3Moz Bullabulling Gold Project in WA, one of Australia's largest undeveloped gold projects Northern Star Hobbes Project Resource Development Apr-24 13 177 71 9-Apr-24 Sale of Hobbes Exploration Licence for $1.5M Brightstar Resources Aurumin Resource Development Jul-25 59 951 62 18-Jul-25 Strategic Acquisition of Aurumin Consolidates Sandstone Brightstar Resources Linden Gold Resource Development Mar-24 24 351 68 25-Mar-24 Brightstar makes recommended takeover offer for Linden Gold Alliance Limited Catalyst Metals Vango Mining DFS Jan-23 66 1,002 66 10-Jan-23 Bidders Statement - Catalyst Recommended Takeover for Vango Genesis Minerals Laverton (Focus) Project Resource Development May-25 250 3,900 63 26-May-25 Acquisition of the Laverton Gold Project Aurenne Alt Resources Pre-Feasibility Study Aug-20 23 571 56 7-May-20 Alt Receives All Cash Off Market Bid from Private Equity Firm Aurenne Group (7 May 2020); Mt Ida and Bottle Creek Resource Upgrade Brings Total Resource to 571,300 Ounces Gold (2 Apr 2020) St Barbara Bardoc Gold Optimisation Study Dec-21 146 3,073 48 20-Dec-21 St Barbara to acquire Bardoc Gold via Recommended Scheme of Arrangement Brightstar Resources Alto Metals Resource Development Aug-24 44 1,046 42 1-Aug-24 Brightstar to drive consolidation of Sandstone district Beacon Minerals Lady Ida Project Pre-Feasibility Study Mar-23 13 318 39 24-Mar-23 Beacon Acquires Lady Ida Project Ramelius Resources Breaker Resources Resource Development Mar-23 53 1,684 32 20-Mar-23 Ramelius Makes Recommended Takeover Offer for Breaker Res NL Brightstar Resources Montague East Project Resource Development Aug-24 12 507 24 1-Aug-24 Brightstar to drive consolidation of Sandstone district Brightstar Resources Kingwest Resources Resource Development Dec-22 8 505 16 23-Dec-22 Brightstar and Kingwest Resources agree strategic merger to unlock significant potential value for shareholders Genesis Minerals Magnetic Resources DFS Feb-26 606.3 2,400 253 16-Feb-26 Presentation - Magnetic Attraction Gold Fields Gold Road Production May-25 2,600 4,050 642 5-May-25 Gold Fields enters into binding agreement to acquire Gold Road Resources and withdrawal of cautionary announcement Capricorn Metals Warriedar Resources Resource Development Jul-25 164 2,050 80 24-Jul-25 Capricorn Metals to acquire Warriedar Resources Alicanto Minerals Limited Mt Henry-Selene Gold Resource Development Dec-25 64.6 915 71 17-Dec-25 Mt Henry-Selene Gold Divested for $64.6M 1. Enterprise values sourced CapIQ on the date of the transaction announcement APPENDIX 35
Page 36
Appendix 6: Peer Mineral Resource References¹ Brightstar Resources Limited · Building a Multi-Asset Western Australian Gold Producer Ticker Company Stage Proved (koz) Probable (koz) Total Reserve (koz) Grade (g/t) Plant Capacity (Mtpa) Production (koz/year) Source & Date Market Cap ($M) Enterprise Value ($M) EV/ Resource ($/oz) EV/ Reserve ($/oz) EV/ Production ($/oz) BTR Brightstar Resources Operations & DFS 15 335 351 1.6 1.5 23 Quarterly Activities/Appendix 5B Cash Flow Report (30 July 2026) 362 240 54 685 10,660 BC8 Black Cat Syndicate Operations 14 317 330 2.4 1.2 96 Quarterly Activities Report (30 July 2026) 620 546 216 1,654 5,698 MEK Meeka Metals Operations N/a N/a 305 3.8 0.6 24 June 2026 Quarterly Activity Report & Appendix 5B (22 July 2026) 272 234 189 766 9,599 PNR Pantoro Gold Operations 179 680 859 2.1 1.2 77 Quarterly Activities/Appendix 5B Cash Flow Report (30 July 2026) 774 571 124 664 7,373 OBM Ora Banda Operations 49 560 610 2.3 1.2 155 June 2026 Quarterly Activities Report (16 July 2026) 2,024 1,756 476 2,879 11,327 CYL Catalyst Metals Operations 0 861 861 2.9 1.2 104 Quarterly Activities Report - June 2026 (31 July 2026) 1,437 1,206 349 1,401 11,598 MI6 Minerals260 PFS 0 2,500 2,500 0.86 5 0 June 2026 Quarterly Activities and Cashflow Report (30 July 2026) 1,340 1,243 201 497 - AUC Ausgold DFS 1,106 224 1,330 1.1 3.6 0 Quarterly Activities/Appendix 5B Cash Flow Report (13 July 2026) 466 378 155 284 - Code Company Stage Measured (koz) Indicated (koz) Inferred (koz) Total resource Grade (g/t) Source Date BTR Brightstar Resources Operations & DFS 52 1,873 2,532 4,457 1.4 Sandstone Mineral Resource Grows To 2.9Moz 15-Jul-26 BC8 Black Cat Syndicate Operations 57 1,269 1,199 2,524 3.0 Trojan and Imperial Resources Increase to 286koz 29-Jun-26 MEK Meeka Metals Operations 55 645 535 1,235 3.0 Turnberry Mineral Resource Upgrade 6-May-24 PNR Pantoro Gold Operations 374 1,898 2,327 4,601 3.3 Annual Mineral Resource and Ore Reserve Statement 22-Sep-25 OBM Ora Banda Operations 99 1,726 1,870 3,690 2.0 Annual Mineral Resource and Ore Reserve Statement 14-Jul-26 CYL Catalyst Metals Operations 0 2,692 759 3,453 3.1 Putting meat on the bones of Catalyst's path to 200,000oz annual gold production 4-Aug-25 MI6 Minerals260 PFS 0 4,400 1,700 6,200 1.0 Bullabulling Resource Increases to 6.2Moz 8-Jul-26 AUC Ausgold DFS 1,531 693 219 2,443 1.1 Updated Definitive feasibility Study Presentation 19-Dec-25 1. Market capitalisations and enterprise values as at 31 July 2026 and June 2026 Quarterly cash and debt balances APPENDIX 36
Page 37
Appendix 7: Peer Annualised Production References¹ Brightstar Resources Limited · Building a Multi-Asset Western Australian Gold Producer APPENDIX 1. Annualised production based on June 2026 Quarterly production run-rate and FY26 actual production from published company disclosures – small variances may occur dur to rounding. Ticker Company Annualised Production (koz p.a.) Source & Date NST Northern Star Resources 1,543 June 2026 Quarterly Activities Report (29 July 2026) EVN Evolution Mining 715 June 2026 Quarterly Report (15 July 2026) RRL Regis Resources 379 Quarterly Activities Report (24 July 2026) WGX Westgold 373 June 2026 Quarterly Results (22 July 2026) VAU Vault Minerals 337 Quarterly Activities Report (29 July 2026) GGP Greatland Resources 329 June 2026 Quarter Production Update (29 July 2026) GMD Genesis Minerals 285 Quarterly Activities Report - June 2026 (28 July 2026) RMS Ramelius Resources 192 June 2026 Quarterly Report (29 July 2026) ALK Alkane Resources 168 FY26 Production Delivered, Record Cash, Dividend Proposed (21 July 2026) OBM Ora Banda 155 June 2026 Quarterly Activities Report (16 July 2026) BGL Bellevue Gold 144 Quarterly Activities Report (28 July 2026) CMM Capricorn Metals 124 Quarterly Activities/Appendix 5B Cash Flow Report (31 July 2026) CYL Catalyst Metals 104 Quarterly Activities Report - June 2026 (31 July 2026) EMR Emerald Resources 100 Quarterly Report (31 July 2026) BC8 Black Cat Syndicate 96 Quarterly Activities Report (30 July 2026) PNR Pantoro Gold 77 Quarterly Activities/Appendix 5B Cash Flow Report (30 July 2026) MEK Meeka Metals 24 June 2026 Quarterly Activity Report & Appendix 5B (22 July 2026) KAU Kaiser Reef 22 Quarterly Activities/Appendix 5B Cash Flow Report (30 July 2026) 37
Page 38
Appendix 8: Peer WA Gold Developers – Resource vs Grade¹ Brightstar Resources Limited · Building a Multi-Asset Western Australian Gold Producer APPENDIX 38 Ticker Company Total Resource (koz) Grade (g/t) Source & Date Enterprise Value ($M) EV/ Resource ($/oz) MI6 Minerals260 6,200 1.0 June 2026 Quarterly Activities and Cashflow Report (30 July 2026) 1,243 201 AZY Antipa Minerals 2,900 1.3 Quarterly Activities/Appendix 5B Cash Flow Report (29 July 2026) 321 111 STN Saturn Metals 2,830 0.5 Quarterly Activities/Appendix 5B Cash Flow Report (31 July 2026) 180 64 BC8 Black Cat Syndicate 2,524 3.0 Quarterly Activities Report (30 July 2026) 546 216 AUC Ausgold 2,443 1.1 Quarterly Activities/Appendix 5B Cash Flow Report (13 July 2026) 378 155 HRN Horizon Gold 2,300 1.9 Quarterly Activities/Appendix 5B Cash Flow Report (30 July 2026) 166 72 AAR Astral Resources 2,072 1.0 Quarterly Activities/Appendix 5B Cash Flow Report (27 July 2026) 165 80 MRT Maritana Minerals 1,878 1.7 Quarterly Activities Report (22 July 2026) 0.5 - GG8 Gorilla Gold Mines 1,500 3.8 Quarterly Activities/Appendix 5B Cash Flow Report (28 April 2026) 190 127 1. Market capitalisations and enterprise values as at 31 July 2026 and June 2026 Quarterly cash and debt balances