Annual report
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w w w . b r i g h t s t a r r e s o u r c e s . c o m . a u A C N 1 0 0 7 2 7 4 9 1 2 0 2 6 A N N U A L R E P O R T
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Contents Corporate Directory 1 Chairman’s Letter to Shareholders 2 Directors’ Report 4 Remuneration Report 28 Auditor’s Independence Declaration 46 Consolidated Statement of Profit or Loss and Other Comprehensive Income 47 Consolidated Statement of Financial Position 48 Consolidated Statement of Changes in Equity 49 Consolidated Statement of Cash Flows 50 Notes to the Consolidated Financial Statements 51 Consolidated Entity Disclosure Statement 102 Directors' Declaration 103 Independent Auditor’s Report 104 Corporate Governance Statement 108 ASX Additional Information 109
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- 1 - CORPORATE DIRECTORY Brightstar Resources Limited ABN 44 100 727 491 Incorporated in Australia DIRECTORS Mr Richard Crookes Non-Executive Chairman Mr Alexander Rovira Managing Director Mr Andrew Rich Executive Director - Operations Mr Jonathan Downes Non-Executive Director Mr Ashley Fraser Non-Executive Director (Resigned 2 December 2025) COMPANY SECRETARY Mr Benjamin Smith Company Secretary PRINCIPAL REGISTERED OFFICE IN AUSTRALIA Level 2, 36 Rowland Street Subiaco WA 6008 Tel: +61 8 9481 0389 Fax: +61 8 9463 6103 Email: info@brightstarresources.com.au Website: www.brightstarresources.com.au SHARE REGISTER Computershare Investor Services Pty Limited Level 17, 221 St Georges Terrace Perth WA 6000 Telephone: +61 8 9323 2000 Facsimile: +61 8 9323 2033 AUDITORS KPMG 235 St Georges Terrace Perth WA 6000 ASX CODE BTR
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- 2 - CHAIRMAN’S LETTER TO SHAREHOLDERS Dear Shareholders, It is my privilege to present the Annual Report for Brightstar Resources Limited for the year ended 30 June 2026 and reflect upon what has been a defining year in the Company's evolution. Twelve months ago, Brightstar had successfully transformed from an explorer into a growing gold producer and developer. Today, I am pleased to report that we have taken another major step forward in executing our strategy to build a substantial, long-life Western Australian gold comp any. Throughout FY2026, the Company continued to strengthen its project portfolio, advance development activities across the Goldfields Hub, and materially enhance the scale and quality of our resource base. Under the leadership of Managing Director Alex Rovira and our executive team, Brightstar transitioned from a period of consolidating high-quality assets into a fully funded developer with a clear, accelerated pathway to becoming a multi -asset Western Austr alian gold producer of genuine scale. The founda tions laid in prior years including strategic regional consolidation and the build out of a high -performing technical and executive team has delivered tangible progress across every pillar. Transforming the Goldfields Hub The most significant milestone during the year was the advancement of our Goldfields development strategy. Following completion of the original Definitive Feasibility Study (DFS) in FY2025, the Company delivered an updated Goldfields DFS in January 2026, incorporating a larger 1.5Mtpa processing facility at Laverton, expanded Ore Reserves and a longer mine life. The revised study demonstrated compelling economics – pre-tax free cash flow of A$1.0 billion, NPV ₈ of A$606 million and an IRR of 74% at a conservative A$6,000/oz gold price, supp orting average production of more than 75koz per annum over an initial six -year mine life. These numbers reinforced the Board's confidence that Brightstar possesses one of the most attractive near-term gold development projects in Western Australia. All key regulatory approvals were secured, the Final Investment Decision was taken in May 2026, and a A$110 million EPC contract was executed with GR Engineering Services. Full-scale construction of the 1.5Mtpa Laverton processing plant is now underway, with first gold targeted for mid-2027. The Board regards the commencement of construction as a watershed moment. It reflects years of work undertaken by our team to consolidate, study and optimise the Menzies and Laverton assets into an integrated production hub c apable of generating substantial cash flow throughout future gold cycles. Resource Growth and Sandstone Consolidation Alongside development activities, Brightstar continued to strengthen its long -term growth pipeline through the advancement of the Sandstone Hub. The strategic consolidation of the Sandstone district has provided the Company with a district -scale gold opportunity containing multiple deposits, extensive infrastructure advantages and significant exploration upside. During FY2026, intensive drilling programs delivered encouraging results across the project area, supporting the Board's view that Sandstone has the potential to become a second cornerstone production centre for the Company. Resource growth remains central to our strategy. As we completed infill and extension drilling across several key deposits, the quality and scale of our mineral inventory continued to improve. The work undertaken during the year establishes a strong foundation for future reserve growth, development studies and production expansion opportunities. A full Pre-Feasibility Study (PFS) is presently underway and will be completed in the coming year. Strong Positioning in a Favourable Gold Market FY2026 was characterised by a strong Australian dollar gold price environment, which continued to highlight the attractiveness of quality Australian gold assets. Against this backdrop, Brightstar focused on positioning itself to maximise exposure to future cash generation while maintaining financial discipline and development flexibility. The updated Goldfields development plan demonstrated robust project economics across a range of gold price assumptions and provides shareholders with significant leverage to continued strength in the gold market.
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- 3 - The Company's ability to secure project funding in a competitive market environment is a strong endorsement of the quality of our asset base and the credibility of our development strategy. Safety, Sustainability and Governance While growth remains an important objective, we continue to plac e equal emphasis on safety, environmental responsibility and sound corporate governance. Safety remains non -negotiable. The Group recorded no Lost Time Injuries across mining, exploration and construction activities, extending an unbroken record of more than 2,098 days. This outcome reflects the culture and professionalism of our growing workforce and the priority placed on the wellbeing of every person who works with us. As Brightstar enters a new phase of construction and project delivery, maintaining a s trong safety culture will remain our highest priority. We are committed to developing our operations responsibly, supporting local communities and ensuring that our activities create lasting value for all stakeholders. The Board also remains focused on maintaining high standards of governance and transparency as the Company grows in scale and complexity. Looking Ahead The year ahead represents another exciting chapter for Brightstar. Our immediate focus is the successful execution of the Laverton Plant cons truction program and the delivery of first gold production, while continuing to unlock value across the Sandstone Hub through further drilling, resource growth and completion of a PFS. Brightstar now possesses a rare combination of attributes: a funded development project, substantial mineral resources, district-scale exploration upside and a highly capable management team. We believe these characteristics position the Company strongly to achieve its ambition of becoming a significant Western Australian mid-tier gold producer. On behalf of the Board, I would like to thank our dedicated employees, contractors, traditional owners, local communities, shareholders and business partners for their ongoing support throughout FY2026. I would also like to acknowledge the exceptional dedication of the Brightstar executive team whose efforts have delivered another transformational year for the Company. To our shareholders, thank you for your continued support and confidence in the Brightstar vision and I assure you that the Board remains focused on disciplined delivery, responsible growth and the creation of enduring value for all stakeholders. We look forward to reporting further progress as Brightstar continues its journey of building a profitable, sustainable and growing gold business. Yours sincerely, Richard Crookes Chairman Brightstar Resources Limited 3 September 2026
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- 4 - DIRECTORS’ REPORT The Directors present their report together with the financial report of the consolidated entity consisting of Brightstar Resources Limited (“BTR”, “Brightstar” or “Company”) and its controlled entities (the Group) for the financial year ended 30 June 2026, and independent audit report thereon. DIRECTORS The names of directors who held office during or since the end of the year and until the date of this report are as follows. Directors were in office for this entire period unless otherwise stated. The following information is current at the date of this report: Name, qualifications and independence status Experience, special responsibilities and other directorships Mr Richard Crookes BSc (Geology), Grad Dip Applied Finance, MAusIMM, FCSI and MAICD Non-Executive Chairman Appointed 31 May 2024 Mr Crookes has over 35 years’ experience in the resources and investments industries. He is a geologist by training having previously worked as the Chief Geologist and Mining Manager of Ernest Henry Mining in Australia. Mr Crookes is Managing Partner of Lionhead Resources (a Critical Minerals Investment Fund) and formerly an Investment Director at EMR Capital. Prior to that he was an Executive Director in Macquarie Bank’s Metals Energy Capital (MEC) division where he managed all aspects of the bank’s principal investments in mining and metals companies. Other current ASX directorships: Black Rock Mining Ltd (since October 2017) Former ASX directorships in the last three years: Vital Metals Ltd (August 2022 – October 2025) Lithium Power International Ltd (November 2018 - March 2024) Special Responsibilities: Member of Remuneration and Nomination Committee Member of Audit and Risk Committee Mr Alexander Rovira BSc (Geology), BCom (CorpFin) GradDipAppFin Managing Director Appointed 12 January 2023 Mr Rovira is an experienced corporate finance and geology professional. Prior to joining the Company Mr Rovira worked as an investment banker for nine years, focusing on the metals and mining sector. Other current ASX directorships: Gwardar Resources Ltd (since July 2026) Former ASX directorships in the last three years: None Special Responsibilities: Member of Remuneration and Nomination Committee (since 2 December 2025) Member of Audit and Risk Committee (since 2 December 2025) Mr Andrew Rich B. Eng (Mining) Executive Director - Operations Appointed 31 May 2024 Mr Rich was the Managing Director of Linden Gold Alliance Ltd (Linden) leading Linden’s business across mining and corporate functions. He has over 15 years’ experience as a mining engineer and underground manager across gold and nickel. He successfully led the delivery of three underground mining projects through construction into production at Westgold Resources Ltd, Ramelius Resources Ltd and Linden. Other current ASX directorships: Javelin Minerals Ltd (since August 2024) Former ASX directorships in the last three years: None
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- 5 - DIRECTORS’ REPORT Mr Jonathan Downes BSc (Geology), MAIG Non-Executive Director Appointed 26 May 2023 Mr Downes has over 25 years’ experience in the minerals industry and has worked in various geological and corporate capacities. Experienced with nickel, gold and base metals, he has also been intimately involved with the exploration process, development through to production. Other current ASX directorships: Cazaly Resources Ltd (since November 2021); and Dundas Minerals Limited (since October 2025) Former ASX directorships in the last three years: Kaiser Reef Limited (September 2019 – October 2025); and Corazon Mining Limited (April 2006 - September 2023) Special Responsibilities: Chair of Remuneration and Nomination Committee Chair of Audit and Risk Committee Mr Ashley Fraser B. Eng (Mining) Non-Executive Director Appointed 31 May 2024; Resigned 2 December 2025 Mr Fraser is an experienced mining and heavy industries executive with over 30 years of mining engineering, operational and executive experience in gold, copper, manganese and coal. He was the Executive Chairman of Linden and founder of Orionstone Holdings Limited (now Emeco Holdings Limited) and Blue Cap Mining (mining services and development company) and Blue Capital Equities Pty Ltd as trustee for Blue Capital Trust No.2 (resources and private equity fund). Mr Fraser was a member of the Remuneration and Nomination Committee and the Audit and Risk Committee until his resignation effective December 2025. Other current ASX directorships: None Former ASX directorships in the last three years: None
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- 6 - DIRECTORS’ REPORT COMPANY SECRETARY Benjamin Smith Company Secretary Mr Smith is a Chartered Secretary and Chartered Accountant and has over ten years’ experience in finance, accounting and corporate advisory. His experience includes three years at BHP’s Nickel West, and five years auditing ASX listed companies prior to that. More recently he is serving as Company Secretary for ASX listed company Rubix Resources Limited and Estrella Resources Limited. DIRECTORS’ MEETINGS The number of Board and Committee meetings attended by each Director of the Company during the financial year are: Board Audit and Risk Committee (ARC) Remuneration and Nomination Committee (RNC) Director Meetings attended Eligible to attend Meetings attended Eligible to attend Meetings attended Eligible to attend Richard Crookes 11 11 4 4 2 2 Alex Rovira1 11 11 3 3 1 1 Andrew Rich2 11 11 - - - - Jonathan Downes 11 11 4 4 2 2 Ashley Fraser3 3 3 1 1 1 1 1 Mr Rovira was appointed member of both the Audit and Risk Committee (ARC) and Remuneration and Nomination Committee (RNC) following Mr Fraser’s resignation 3. Mr Rovira attended four ARC meetings held during the year, three of these were in his capacity as a member. He attended two RNC meetings, one of these was in his capacity as a member. 2 Notwithstanding he is not a member of the Audit and Risk Committee, Mr Rich attended four audit and risk committee meetings held during the year. 3 Mr Fraser resigned 2 December 2025. The Audit and Risk Committee and the Remuneration and Nomination Committees comprises three Directors, including the Managing Director and two Non-Executive Directors. All Directors, whether a member or not, have a standing invitation to all Board Committee meetings. PRINCIPAL ACTIVITIES The principal activities of the Group during the financial year were mineral exploration, mining operations, mine development and the sale of gold in Western Australia.
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- 7 - DIRECTORS’ REPORT REVIEW OF OPERATIONS Brightstar is the 100% owner of the Goldfields Project and the Sandstone Project which cover several mining and exploration projects. KEY HIGHLIGHTS • No Lost Time Injuries ( LTIs) recorded across the Group during FY26, with mining, exploration and construction activities delivered safely. • Group mining production of 244.5kt @ 3.0g/t Au for ~24koz of contained gold from the Laverton underground operations (Second Fortune and Fish). • Completion of the Ore Purchase Agreement ( OPA) with Genesis Minerals Limited (Genesis), with ~400kt @ 2.2g/t Au processed since commencement for ~24koz Au recovered, delivering A$138 million in gross sales proceeds. • Release of the Goldfields Definitive Feasibility Study (DFS 2.0) in January 2026, outlining production of +75koz p.a. over an initial six-year mine life, with pre-tax free cash flows of A$1.0 billion, NPV8 of A$606 million and IRR of 74% at the assumed Base Case gold price of A$6,000/oz. • Final Investment Decision ( FID) approved for the 100% -owned Goldfields Project in May 2026 following receipt of all key regulatory approvals, with the EPC contract executed with GR Engineering Services Limited (GRES) and full- scale construction of the 1.5Mtpa Laverton processing plant underway. • Completion of a A$193 million equity raising (A$1 75 million institutional placement and upsized A$18 million Share Purchase Plan) and a US$120 million Senior Secured Bond, delivering total available funding of more than A$380 million - funding the Goldfields Project to first gold and providing meaningful capital to advance Sandstone towards Final Investment Decision. • Strategic acquisition of Aurumin Limited ( Aurumin) completed in December 2025, concluding Brightstar’s consolidation of the Sandstone district and delivering a consolidated total Mineral Reso urce Estimate of 2.4Moz in the Sandstone district. • Mineral Resource growth across the portfolio, including a 22% increase at Menzies and an upgraded Sandstone Mineral Resource of 2.9Moz @ 1.3g/t Au (announced post year-end), lifting total Group Mineral Resource to 100Mt @ 1.4g/t Au for 4.5Moz Au. • Sandstone Pre-Feasibility Study and maiden Ore Reserve on track for delivery in the December 2026 quarter, in parallel with a further growth-focused Mineral Resource update. • Post year-end, spectacular results from deep extensional drilling at Two Mile Hill-Shillington (Sandstone) headlined by 305.4m @ 1.82g/t Au from 351.9m (TMHRCD26020) tripling the interpreted thickness of the host tonalite intrusion at depth, ahead of a further Mineral Resource update targeted in the December 2026 quarter. • Gold price protection established through Put Options over 60koz of gold production for the first 24 months from FY27, exercisable at A$5,809/oz, with full exposure to gold price upside retained. OPERATIONS During FY26, Brightstar concluded the processing campaign under the OPA with Genesis, processing ~400kt @ 2.2g/t Au for ~24koz Au recovered across the OPA contract. The Company advanced its two Laverton underground mines in accordance with the Goldfields’ FID strategy centred on the commissioning of Brightstar-owned infrastructure - the 1.5Mtpa Laverton processing plant due to produce gold in mid-CY27. Mining at the Fish underground mine was paused in March 2026, with the mine held in a state of operational readiness and stoping scheduled to recommence in early CY27, in line with commissioning of the Laverton processing plant. Mining continued at Second Fortune, where high-grade ore is being mined and stockpiled for future processing, with the mine expected to be placed on care and maintenance in August 2026. In May 2026, Brightstar approved the Final Investment Decision for its 100%-owned Goldfields Project, supported by a A$193 million equity raising and US$120 million senior secured bond. With all key approvals secured a nd a A$110 million EPC contract awarded to GR Engineering Services, construction of the Laverton plant commenced, with site establishment underway and first concrete poured before year-end.
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- 8 - DIRECTORS’ REPORT Safety Brightstar has maintained an excellent safety record with no LTIs across the Group in 2,098 days to 30 June 2026. People Brightstar’s workforce grew substantially during FY26 as the Company transitioned into construction of the Goldfields Project and expanded its owner-operator capabilities. Key appointments during the year included a Project Director, a Chief Human Resources Officer, a Group Health and Safety Manager and an Environment and Approvals Manager, strengthening project delivery and health, safety and environmental leadership across the business. Environment, Heritage and Community The Group’s activities are subject to environmental regulation under applicable Commonwealth and Western Australian legislation. During FY26, environmental management focused on progressing the approvals and studies required to support development of Brightstar’s key projects, while maintaining environmental compliance across its existing operations and exploration activities. At the Laverton Plant site near Laverton, Brightstar secured key environmental and mining approvals to support project development, including approval of the Mining Development and Closure Proposal ( MDCP) from the Department of Mines, Petroleum and Exploration ( DMPE), and a Part V Works Approval from the Department of Water and Envir onmental Regulation (DWER). Environmental work also progressed in relation to groundwater supply, waste rock landforms, tailings storage, surface water management and rehabilitation of legacy mining areas. At Sandstone, environmental baseline studies and technical investigations continued to support the Project Pre -Feasibility Study and future environmental approvals. This included flora and fauna assessment, water, rehabilitation and closure planning, and environmental input into the design and location of proposed mining and supporting infrastructure. Brightstar acknowledges the Traditional Owners of the lands on which it explores and operates and is committed to protecting Aboriginal cultural heritage and building respectful, long-term relationships with Traditional Owners and local communities. During FY26, the Company continued heritage engagement and assessment activities across its Laverton, Menzies and Sandstone project areas. This included progressing heritage protection arrangements with relevant Traditional Owner groups, undertaking and reviewing heritage surveys and assessments to support proposed mining and exploration activities, and incorporating heritage considerations into project planning and approvals. Brightstar also continued engagement with local communities, pastoralists, government agencies and other stakeholders across the Laverton, Menzies and Sandstone districts as its projects progressed through exploration, feasibility, approvals and development.
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- 9 - DIRECTORS’ REPORT GROUP PRODUCTION & SALES SUMMARY Unit Second Fortune Fish Lord Byron FY 2026 Mining operations Development ore: Ore mined kt 27.1 48.1 - 75.2 Grade mined g/t Au 3.19 2.45 - 2.72 Contained gold oz 2,777 3,790 - 6,567 Stope ore: Ore mined kt 101.4 68.0 - 169.4 Grade mined g/t Au 3.05 3.38 - 3.18 Contained gold oz 9,940 7,386 - 17,326 Total ore mined: Ore mined kt 128.4 116.1 - 244.5 Grade mined g/t Au 3.08 2.99 - 3.04 Contained gold oz 12,717 11,175 - 23,892 Metres advanced: Operating m 1,423 698 - 2,121 Capital (drives) m 253 736 - 989 Capital (decline) m 318 540 - 858 Total metres advanced m 1,994 1,974 - 3,968 Sales Ore sales: Ore sold kt 95.9 100.7 46.0 242.6 Grade g/t Au 2.58 2.56 0.60 2.20 Contained gold oz 7,962 8,285 887 17,134 Recovery % 87% 81% 91% 84% Recovered gold oz 6,893 6,719 807 14,419 Inventory (30 June 2026) Stockpiles: Ore kt 30.1 13.3 86.8 130.2 Grade g/t Au 3.09 2.93 1.00 1.74 Contained gold oz 2,983 1,252 3,026 7,261 Second Fortune Gold Mine During FY26, Second Fortune mined a total of 128.4kt @ 3.08g/t Au for 12.7koz, comprised of: • 27.1kt @ 3.19g/t Au of development ore, and • 101.4kt @ 3.05g/t Au of stope ore. Total development for the financial year was 1,994m, consisting of 318m of decline development, 253m of capital development and 1,423m of operating development with only 203m of operating development in the June 2026 quarter ahead of the mine being placed on care and maintenance from August 2026. Following the mine plan changes related to DFS 2.0 in January 2026, the decline was advanced down to the 955 level and capital development works ceased. Development ore driving continued on the 995 and 975 levels with stoping occurring on the 1015 and 995 Levels. Mining at Second Fortune is scheduled to cease during the September 2026 quarter under the current life-of-mine plan, with the mine to be placed on care and maintenance from August 2026. All ore mined at Second Fortune since April 2026 is being stockpiled for processing through Brightstar’s Laverton processing plant once commissioned in mid-CY27. Second Fortune ended the financial year with a ROM stockpile of approximately 30.1kt @ 3.09g/t Au for 3.0koz, which will be held on site ahead of haulage to Brightstar’s Laverton processing plant following its commissioning in mid-CY27.
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- 10 - DIRECTORS’ REPORT Fish Underground Mine During FY26, Fish mined a total of 116.1kt @ 2.99g/t Au for 11.2koz, comprised of: • 48.1kt @ 2.45g/t Au of development ore, and • 68.0kt @ 3.38g/t Au of stope ore. The Fish mine commenced its ramp-up from construction during the financial year, achieving first stope production in August 2025 and reaching steady -state production, from Stage 1, in September 2025 under an owner -operator mining model. In March 2026, mini ng at Fish was paused, with major mining operations ceasing and non -essential mobile equipment and infrastructure demobili sed from site. The mine has since been held in a state of operational readiness, positioning it to recommence ore production in early CY27 and provide high-grade underground feed to Brightstar’s Laverton processing plant following its commissioning in mid-CY27. Total development for the financial year was 1,974m, consisting of 540m of decline development, 736m of capital development and 698m of operating development. Decline and capital development focused on ‘Stage 2’ advance, with the mine advancing 25m vertically before ceasing ahead of transition to operational readiness. Capital infrastructure works were completed during FY26, including upgrades to the primary pumping system, exploration development drives and ventilation access. Ore development across the Stage 1 levels at 1350, 1330 and 1310 was completed in the December 2025 quarter. During the June 2026 quarter, preparations commenced for the underground diamond drilling program, including the deployment of additional management resources to site an d the setup of underground drill platforms. The 5,000m program commenced in the first week of July 2026 and is designed to improve grade control data for the Stage 2 mine plan through infill drilling, while also testing potential extensions at depth beneath the current mine plan through growth drilling. The Fish ROM stockpile contains approximately 13.3kt @ 2.93g/t Au for 1.3koz available for immediate haulage on completion of Brightstar’s Laverton processing plant. Additionally, the 1350 level underground contains two drilled stoping panels and is set up for an immediate restart to mining in CY27. The mine remains in a state of operational readiness, with limited care and maintenance costs owing to the minimal water reporting to the underground and dewatering activities only required for two days during each month. Processing During FY26, the third, fourth and fifth ore processing campaigns were completed at Genesis’ Laverton mill under the OPA. The third parcel processed in August 2025 (delivered betwee n 21 May 2025 and 5 August 2025), achieved 52kt @ 2.68g/t Au with 91.3% recovery for 4.1koz. The fourth parcel processed in November 2025 (delivered between 6 August 2025 and 15 November 2025) achieved 83kt @ 2.32g/t Au with 75% recovery for 4.7koz. The drop in recovery was related to an increase in the mineral Pyrrhotite, which consumed oxygen in the leach circuit which was subsequently addressed in the fifth parcel through milling practises and ore blending. The fifth and final parcel comprised a record parcel size for the Company both in terms of tonnes processed and gold poured with a total of ~138kt of ore processed, at a reconciled blended head grade of 2.0g/t Au, which recovered ~7.9koz Au at an 89.1% recovery. Brightstar’s OPA with Genesis processed a total of ~400kt of ore @ 2.2g/t Au recovering ~24koz Au, which delivered A$138 million in gross sales proceeds. The OPA enabled Brightstar to build out its ‘operational readiness’ in preparation for its gold production growth strategy in the Goldfields district with OPA cash flows reinvested across the portfolio, particularly the build out of the Company’s Laverton footprint to support larger scale mining operations as planned feed for Brightstar-owned processing infrastructure to leverage its workforce and regional assets including camps, haul roads, workshops and other supporting infrastructure. Goldfields Development Overview In January 2026, following a competitive Front -End Engineering and Design ( FEED) process, Brightstar executed an Early Works Agreement (EWA) with GRES. The EWA enabled critical pre -FID activities to commence, including the procurement of long-lead equipment such as the SAG mill and variable speed drive, together with the continuation of detailed engineering and operational readiness activities. This established a pathway for the project to transition into full execution following Board approval. In May 2026, Brightstar’s Board of Directors approved FID for the development of the Company’s 100% -owned Goldfields Project in Western Au stralia. FID followed receipt of the remaining key regulatory approvals (as set out above in the Environment, Heritage and Community section). With these approvals in place, together with the execution of the Engineering, Procurement and Construction (EPC) contract with GRES, Brightstar transitioned from early works into full-scale construction of the new 1.5Mtpa Laverton processing plant.
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- 11 - DIRECTORS’ REPORT Figure 1: Laverton Processing Plant - 1.5Mtpa design render Following FID, Brightstar immediately accelerated the next phase of the Goldfields Project development, including: • commencement of full-scale construction activities at the Laverton processing plant site in late May 2026; • finalisation and execution of remaining construction, infrastructure and operational contracts, including the execution of the Power Purchase Agreement and LNG Supply Agreement post year-end; • full mobilisation of project delivery teams and construction contractors; • preparation for commencement of open pit mining at Lord Byron from late CY26 and the recommencement of stoping at the Fish underground mine in early CY27 (both located ~55km from the Laverton processing plant site); and • ongoing operational readiness, recruitment and commissioning planning. The Company remains focused on delivering the Goldfields Project safely, on schedule and within budget as it builds toward becoming a substantial mid-tier Western Australian gold producer.
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- 12 - DIRECTORS’ REPORT Figure 2: Goldfields Execution Plan Power Contracts During the June 2026 quarter, commercial negotiations and documentation with Brightstar’s preferred supplier for the LNG power solution for the Goldfields Project continued. Post year-end, Brightstar executed an integrated energy solution for the Laverton processing plant, comprising a long-term Power Purchase Agreement with PWR Hybrid Solutions and a dedicated LNG Supply Agreement with EVOL LNG, both portfolio companies of OCTA Group (OCTA). The integrated solution combines contractor-owned gas-fired power generation, LNG storage, regasification and fuel supply infrastructure under a coordinated energy platform. The LNG infrastructure includes three on -site LNG storage vessels and associated facilities supporting long-term fuel supply security. The integrated structure is intended to reduce interface risk by aligning fuel supply and power generation under a coordinated contractual framework.
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- 13 - DIRECTORS’ REPORT Figure 3: Primary Crusher Wall and Foundations (July 2026) Figure 4: Laverton Processing Plant site (July 2026)
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- 14 - DIRECTORS’ REPORT Figure 5: Jasper Hills camp (July 2026) Figure 6: CIL tank footings (July 2026)
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- 15 - DIRECTORS’ REPORT Figure 7: Raw and Process Water Ponds and Earthworks Pads (July 2026) Studies Goldfields DFS 2.0 On 29 January 2026, the Company released an updated Definitive Feasibility Study ( DFS 2.0) for the Goldfield s Project, comprising the Menzies and Laverton assets. DFS 2.0 reported significant improvements in the project metrics relative to the original DFS released in June 2025. The updated study incorporated enlarged Mineral Resources and a transition from the previous Menzies toll -milling strategy to a consolidated Laverton processing strategy, resulting in an improved production profile, mine life and project economics. Key outcomes from DFS 2.0 included: • Undiscounted pre-tax free cash flow of A$1.0 billion, NPV8 of A$606 million and IRR of 74%, based on an assumed Base Case gold price of A$6,000/oz; • Pre-tax free cash flow of A$1.4 billion, NPV 8 of A$911 million and IRR of 106%, based on a spot gold price (at the time of release) of A$7,000/oz; • Initial mine production of approximately 9.4Mt @ 1.7g/t Au for 457koz recovered over approximately six years; • Base Case C1 Cash Costs of A$2,581/oz and All-In Sustaining Costs (AISC) of A$2,998/oz; and • An increase in the planned processing plant throughput from 1.0Mt pa to 1.5Mtpa, supporting average gold production of +75koz p.a. The plant design provides the capability for a potential future expansion to 2.5Mtpa, while continued exploration of the existing Mineral Resources provides potential to extend the mine life. The updated Goldfields DFS 2.0 provides a strong platform for near-term development of +75koz p.a. of gold production with first gold targeted in June 2027.
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- 16 - DIRECTORS’ REPORT Sandstone Gold Project In January 2026, Brightstar released its Strategic Plan to Unlock Sandstone, outlining a targeted two -year pathway to transform the updated 2.9Moz @ 1.3g/t Au Sandstone Project into a district-scale, long-life production centre. The Sandstone Strategic Plan positions the project as the next major growth driver for Brightstar following the development of the fully funded Goldfields Project, supporting the Company’s TARGET200 strategy of becoming a multi -asset +200koz p.a. Western Australian gold producer. A Maiden Ore Reserve and Pre-Feasibility Study (PFS) remain on schedule for delivery in the December 2026 quarter. Sandstone Pre-Feasibility Study The Sandstone PFS commenced in the September 2025 quarter, with the December 2025 quarter focusing on open pit optimisation work and ongoing Mineral Resource Estimate updates. PFS workstreams progressed during the financial year and remain on track for completion in the December 2026 quarter. The PFS will include the declaration of a maiden Ore Reserve and assess an initial development scale with potential for future expansion. Brightstar is utilising numerous experienced contractors and consultants engaged on the Goldfields Project, providing workflow synergies, technical continuity and efficiencies across the Sandstone PFS. Engineering and design for the Sandstone processing plant commenced with GRES, focused on optimising plant throughput and capital efficiency, with the design incorporating embedded optionality for future expansion consistent with Brightstar’s development strategy for the Goldfields processing plant . Metallurgical testwork supporting the PFS is well advanced, with the metallurgical drilling program largely completed. Environmental, heritage and water studies progressed in support of statutory approvals, with heritage surveys undertaken across the Sandstone Project area and water exploration identifying multiple potential sources, including paleochannel and hard-rock aquifers. Studies of non-process infrastructure, access and haul roads, communications and accommodation are underway, with Sandstone ben efiting from extensive existing infrastructure established through historical mining activity. Tailings Storage Facility design is nearing finalisation of a preferred location and construction methodology is well advanced, and geotechnical drilling and metallurgical sample collection for the PFS were completed during the year. Mine open pit optimisation, design and scheduling activities progressed throughout the year, with ongoing refinement of the proposed mining strategy and sequencing. Brightstar has established an experienced owner’s team to deliver the Goldfields and Sandstone projects sequentially, leveraging the experience, systems, intellectual property and delivery expertise developed through the Goldfields Project to enhance execution certainty and delivery efficiency. Figure 8: Sandstone Execution Plan
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- 17 - DIRECTORS’ REPORT Mineral Resources Upgrade Sandstone The Mineral Resource Estimate (MRE) for the Sandstone Gold Project was upgraded to 2.9Moz @ 1.3g/t Au, as announced post year-end. Sandstone now hosts 69.3Mt @ 1.3g/t Au for 2.9Moz, with the Indicated-classified component totalling 1.1Moz @ 1.5g/t Au. A key objective of this initial MRE update was to increase confidence in the resources under Brightstar’s stewardship. This is illustrated by the 113% increase in Indicated Mineral Resources within the higher confidence category. Additionally, this update also represents the application of Brightstar’s rigorous geological interpretation and robust estimation parameters to these deposits for the first time. Against the prior estimate of 51.4Mt @ 1.5g/t Au for 2.44Moz, the total Sandstone MRE has increased by 18% and the Measured & Indicated classified MRE has increased by 113% to 1.1Moz @ 1.5g/t Au. Thereby increasing the Brightstar total group MRE to 100Mt @ 1.4g/t Au for 4.5Moz Au, which is a ~10x increase in total MRE in 3.5 years. The upgraded MRE delivers the first key milestone of Brightstar’s Sandstone Strategic Plan, improving Mineral Resource quality while continuing organic growth. I nfill and extensional drilling conducted at Sandstone in FY26 has resulted in MRE updates for key near -term development deposits at the Sandstone Hub, thus significantly improving the size and quality of the Mineral Resources. Brightstar has executed a deliberate focus on improving geological confidence and resource classification rather than maximising headline MRE growth, with tighter geological controls and reinterpretation of mineralised domains resulting in a more robust and reliable model to de-risk the near-term development of the Sandstone Project. The MRE incorporates drilling programs completed by Brightstar during 2025 and 2026. As these programs are ongoing, this estimate represents an interim milestone, illustrating the progress and increased geological confidence achieved to date. A revised MRE will follow later in CY26, prior to the release of the Sandstone PFS in the December 2026 quarter. Laverton In late 2025, Brightstar completed 22 RC drill holes for ~2,000m of drilling across two modes t drilling programs designed to infill and extend the southern extension of the Lord Byron deposit, located within the Goldfields Hub. As a result of the RC drilling conducted, there was a 6% increase in the Total Mineral Resource to 5.4Mt @ 1.5g/t Au for 267koz and an 8% increase in Measured & Indicated Mineral Resources to 122koz @ 1.6g/t Au. A key focus of the drilling was the conversion of shallow, oxide ounces from Inferred to Indicated to increase potential Ore Reserve ounces in this Southern lode for inclusion in the updated DFS 2.0 announced in January 2026. Menzies During the first half of the financial year, infill and extensional drilling conducted at the Menzies Gold Project in 2025 resulted in MRE updates at the key Yunndaga and Lady Shenton deposits, significantly improving the quality of the Mineral Resources. This MRE estimation process is the first time Yunndaga and Lady Shenton have been estimated in-house by Brightstar, with a focus on delivering robust Mineral Resources to underpin future mining operations. The MRE for the Menzies Project was increased by 22% to 14.8Mt @ 1.5g/t Au for 718koz Au. Importantly, the key deposits of Lady Shenton and Yunndaga increased in size by 29% and 32%, respectively.
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- 18 - DIRECTORS’ REPORT EXPLORATION Exploration during FY26 was focused on growing the Company’s Mineral Resources and improving resource confidence ahead of near -term development, with drilling directed primarily at the Sandstone Hub in support of the Sandstone PFS, complemented by resou rce definition and mine -life extension drilling across the Goldfields Hub (Laverton and Menzies). A summary of activity for each hub is set out below, with full details available in the Company’s Quarterly Activities Reports and ASX announcements. In total, 930 holes for 127km were drilled by Brightstar in the year, across aircore, reverse circulation and diamond core drilling. Sandstone Hub Following completion of the Aurumin acquisition, Brightstar operated up to six drill rigs across the Sandstone Hub during FY26 as part of an aggressive infill and extensional drilling campaign. Drilling was completed at the Two Mile Hill -Shillington, Bull Oak, Vanguard, Indomitable Camp (including Musketeer and Indomitable East), Havilah and Lord Nelson deposits within the Sandstone Project, and at the Montague -Boulder and Achilles deposits within the Montague Project. The programs were primarily designed to upgrade Mineral Resource classification for inclusion in the Sandstone PFS, with diamond drilling also providing structural, geotechnical and metallurgical data. In the June 2026 quarter alone, 154 holes were completed for 30,266m. The campaign included Brightstar’s maiden diamond drilling programs at Sandstone, with visible gold intersected in numerous drillholes - including multiple deep diamond holes at Two Mile Hill targeting areas up to 550m below surface that have been highlighted as having significant potential for future underground mining. Results from these programs were incorporated into the upgraded Sands tone Mineral Resource of 2.9Moz @ 1.3g/t Au announced in July 2026 (refer to Mineral Resources Upgrade above), with a further growth-focused Mineral Resource update targeted for the December 2026 quarter in parallel with the Sandstone PFS and maiden Ore Re serve. With the PFS infill programs now substantially complete, exploration will increasingly shift toward extensional and growth targets across the broader Sandstone district. Post year-end, on 3 August 2026, Brightstar reported spectacular assay results from deep extensional and infill drilling at the Two Mile Hill -Shillington deposit (current Mineral Resource of 14.6Mt @ 1.6g/t Au for 731koz). Deep extensional drillhole TMHRCD26020 intersected a substantially wider tonalite than previously interpreted - tripling the interpreted horizontal thickness of the host intrusion to more than 180m - with visible gold observed throughout the mineralised tonalite and the hole ending in mineralisation at 657.3m. Results included: • TMHRCD26020: a broad, unconstrained intercept of 305.4m @ 1.82g/t Au from 351.9m, including 17.5m @ 9.68g/t Au from 351.9m (with 1.1m @ 103g/t Au from 362.9m), 13.4m @ 8.59g/t Au from 531m and 34.6m @ 4.11g/t Au from 586.7m (with 1.5m @ 46.7g/t Au from 618.2m) • Infill drilling from shallower zones: 205m @ 2.67g/t Au from 293m (TMHRCD26009), including 15m @ 18.5g/t Au from 293m (with 1m @ 265g/t Au from 302m) and 16m @ 7.59g/t Au from 326m; 197.7m @ 1.14g/t Au from 263.5m (TMHRCD26007); 116.6m @ 1.74g/t Au from 20 6m (TMHRCD26012); and 185.7m @ 1 .03g/t Au from 249.7m (TMHRCD26010) • High-grade mineralisation in the adjacent BIF and basalt sequence, including 2.8m @ 74.1g/t Au from 235m (TMHRCD26015) These results form a key input to the Two Mile Hill underground mining study being completed by Entech as part of the Sandstone PFS. Drilling is continuing with four rigs active at Sandstone, ahead of a further Mineral Resource update targeted in the December 2026 quarter. Goldfields Hub (Laverton and Menzies) At Laverton, extensional RC drilling at Lord Byron (22 holes for ~2,000m) targeted infill and southern extensions of the deposit, supporting the January 2026 Mineral Resource upgrade and Ore Reserve conversion ahead of open pit mining commencing in late CY26. Regional RC drilling around the Second Fortune mine (29 holes for ~4,800m) tested the Linden Giant, Linden Star, Alawa and May Prince prospects, while surface extensional drilling (8 holes for ~2,700m) and Phase 1 of an underground diamond drilling program (~5,400m) at Fish targeted resource definition and extensions beneath the current mine plan in support of the ‘Stage 2’ mine plan, identifying multiple potential parallel lodes at depth.
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- 19 - DIRECTORS’ REPORT At Menzies, Phase 2 infill and extensional drilling at Yunndaga (31 holes for ~6,600m of RC and diamond drilling) provided resource, geotechnical and metallurgical data that underpinned the December 2025 Menzies Mineral Resource upgrade and the Yunndaga underground mine design incorporated in DFS 2.0. Significant intercepts reported during the year included: • Lord Byron: 32m @ 7.16g/t Au from 69m, including 11m @ 15.1g/t Au from 87m (LBRC25001); and 30m @ 3.02g/t Au from 44m (LBRC25005) • Second Fortune regional prospects: 10m @ 9.83g/t Au from 57m, including 1m @ 56.9g/t Au from 62m, at Linden Giant (SFRC25012); and 1m @ 53.8g/t Au from 83m at Alawa (SFRC25020) • Fish: 7.0m @ 3.31g/t Au from 141.6m and 9.9m @ 2.90g/t Au from 179.5m (FUDD002, underground); and 4.0m @ 2.42g/t Au from 544.0m (FHRCD25005C, surface) • Yunndaga (Menzies): 8m @ 6.67g/t Au from 245m, including 4m @ 10.6g/t Au from 249m (YNRC25053); and 7.0m @ 5.70g/t Au from 230m, including 0.6m @ 54.8g/t Au from 234.8m (YNRCD25040) Underground diamond drilling at Fish recommenced in July 2026, targeting improved grade control data for the Stage 2 mine plan and testing for extensions at depth beneath the current mine plan. CORPORATE Acquisition of Aurumin Limited On 2 December 2025 the Company completed its acquisition of Aurumin Limited (Aurumin) via a Share and Option Scheme of Arra ngement (together the Schemes). As part of the Schemes the Company issued 128.0 million Shares to Aurumin shareholders (being one Brightstar Share for every four Aurumin Shares held) and 28.1 million Options to Aurumin Option holders (being one new Brightstar Option for every four Aurumin Options held). The acquisition of Aurumin further consolidates the Sandstone region following Brightstar’s acquisition in late 2024 of the Sandstone Gold Project via the acquisition of Alto Metals Ltd and the Montague Eas t Gold Project acquired from Gateway Mining Ltd. Together these acquisitions represented a unique opportunity to de -risk and accelerate the development of the emerging Sandstone Gold district, provide greater certainty for the development of new infrastructure in the region and unlock exploration regional synergies. Capital Raising The Company completed two successful share placements during the year raising $242.5 million before costs. The first placement raised $50 million (before costs) via the issue of 104.17 million shares at $0.48 per share on 25 July 2025 to fast- track exploration and development activities at Sandstone following the acquisition of Aurumin. During FY26, Brightstar successfully completed a strategic equity capital raising, fully funding the equity component of the Goldfields Project development and providing substantial capital to advance the Sandstone Gold Project towards FID. On 2 February 2026, the Company announced firm commitments to raise A$175 million before costs through a t wo-tranche institutional placement to tier-one, long-only international and domestic institutional investors. The capital raising also included a Share Purchase Plan (SPP), initially targeting approximately A$5 million at the same issue price as the institutional placement. The institutional placement received strong support and introduced several new, high -quality natural resources specialist funds to Brightstar’s share register. The SPP also received significant demand from eligible retail shareholders, w ith applications totalling approximately A$25.8 million. In response, the SPP was increased to A$18 million. Together, the institutional placement and upsized SPP raised total gross proceeds of A$192.53 million as part of the broader funding package for the Goldfields Project. The final transactions successfully settled on 18 March 2026, shares issued totalled 385.0 million at $0.50 per share as part of the broader funding package.
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- 20 - DIRECTORS’ REPORT Senior Secured Bond Issue In March 2026, Brightstar su ccessfully completed a US$120 million Senior Secured Nordic Bond (Bond) issuance following strong demand from international institutional funds and natural resources specialist investors. The Bond settled on 18 March 2026 as part of the Company’s broader funding package. Together with the equity raising, Brightstar secured total available funding of more than A$380 million. The Bond has a 12.5% p.a. coupon and a four-year tenor, with no principal repayments required for the first 18 months. This is followed by a tiered amortisation profile and a 20% bullet repayment at maturity. The funds received on settlement of the Bond are required to be held in escrow bank accounts, with access to the cash restricted until pre-disbursement conditions precedent are satisfied. Upon satisfaction, the funds will be capable of drawdown, subject to an ongoing cost to complete test. The restricted cash balance at 30 June 2026 is $160.9 million (30 June 2025: Nil). Operating Result The following table provides additional information on the Company’s result for the year ended 30 June 2026 and specifically reconciles the cash gross margin/(loss)1 to the loss for the year. 1 The cash gross margin/(loss) is a non-IFRS measure that in the opinion of the Company’s directors provides useful information to assess the financial performance of the Company over the reporting period. This non-IFRS measure is unaudited. 2 Operating cost of sales includes mining, inventory movements, haulage, royalties and site based general and administration costs. During the year the Company generated a cash gross margin from operations of $18.6 million (30 June 2025: cash gross loss of $0.6 million) from the sale of 14,419oz of gold at 2.2 g/t. Revenue from sales was lower than anticipated following lower than anticipated recovery from processing of Parcel 4 following sub -optimal leaching levels achieved during the campaign. Due to the impact of recoveries in this parcel, the net effect of this was underperformance of ~1,650 recovered ounces ($10.5 million lower revenue) based on the mined production and forecast metallurgical recoveries. 30-Jun-26 30-Jun-25 $'000 $'000 Revenue from contracts with customers 64,139 33,510 Operating cost of sales2 (45,580) (34,087) Cash gross margin/(loss)1 18,559 (577) Depreciation and amortisation (31,484) (6,091) Gross margin/(loss) (12,925) (6,668) Administration and other expense (12,257) (7,802) Exploration and feasibility studies expense (45,294) (19,123) Depreciation and amortisation expense (446) (278) Inventory write down - (7,378) Share based payment expense (1,778) (1,148) Business acquisition income/(expense) (269) 261 Care & maintenance (1,213) - Other income 137 1,958 Operating margin/(loss) before finance costs (74,045) (40,178) Finance income 2,692 473 Finance costs (5,258) (2,112) Revaluation of Financial Assets to Fair Value (319) (4,251) (Loss) after tax (76,930) (46,068)
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- 21 - DIRECTORS’ REPORT During FY26, the Company incurred exploration and feasibility expenses of $45.3 million (30 June 2025: $19.1 million) including $14.3 million relating to the uplift of the rehabilitation provision associated with an exploration stage asset (30 June 2025: reduction to expenditure $0.3 million). Cash and Liquidity As at 30 June 2026, the Company has total cash and cash equivalents and restrict ed cash of $283 million (30 June 2025: $11.7 million) comprising of cash and cash equivalents of $122.0 million (30 June 2025: $11.7 million) and restricted cash of $160.9 million (30 June 2025: Nil). During the year, the Company increased its cash balance by $110.3 million to $122.0 million (30 June 2025: increase in cash balance of $3.7 million to $11.7 million). Contributing to the movement in cash and cash equivalents during the period were cash inflows from financing activities of $202.0 million, cas h used in operating activities of $33.9 million and cash used in investing activities of $57.8 million. Significant cash flows are shown in the graph below: The Company’s revolving debt facility (US$11.5 million) with Ocean Partners was fully repaid during FY26. Hedging During June 2026 the Company purchased put options over 60,000 ounces of gold at a strike price of $5,809/oz (US$4,000/oz) to be settled progressively over financial years ending 30 June 2028 and 30 June 2029. Board Changes On 2 Dec ember 2025 Mr Ashley Fraser resigned as a Non -Executive Director of the Company to pursue other business interests in the mining sector.
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- 22 - DIRECTORS’ REPORT Earn-In Arrangements In February 2025, Brightstar signed a binding Term Sheet with Cazaly Resources Limited (Cazaly) under which Cazaly is granted an option to elect to earn up to an 80% interest in the Goongarrie Gold Project by sole funding exploration expenditure of up to $3 million. In March 2025, Cazaly exercised this option, with the staged earn-in structure being: • 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). On 20 January 2026 Cazaly met the first expenditure milestone of $1 million expenditure ea rning a 25% interest in the Goongarrie Gold Project. On 27 August 2026 Cazaly met the second expenditure milestone of a further $1 million earning a further 26% interest, total expenditure is $2 million for a 51% interest. OUTLOOK FY27 is expected to be a transformational year for Brightstar as construction of the Laverton processing plant advances toward first gold targeted in June 2027, open pit mining commences at Lord Byron from late CY26 and stoping recommences at the Fish unde rground mine in early C Y27. At Sandstone, the PFS, maiden Ore Reserve and a further Mineral Resource update remain on track for the December 2026 quarter, supporting a targeted FID from CY27 as the Company advances its TARGET200 strategy toward becoming a substantial mid-tier Western Australian gold producer. BRIGHTSTAR GLOBAL ORE RESERVE AT 30 JUNE 2026 Table 1: Brightstar Ore Reserve Summary (June 2026) Ore Reserve Category Proved Probable Total kt Au (g/t) koz kt Au (g/t) koz kt Au (g/t) koz Underground Yunndaga - Menzies - - - 539 2.7 47 539 2.7 47 Underground Sub-total - - - 539 2.7 47 539 2.7 47 Open Pit Lord Byron – Laverton 308 1.6 15 1,530 1.4 68 1,838 1.4 83 Cork Tree Well – Laverton - - - 2,137 1.5 104 2,137 1.5 104 Lady Shenton – Menzies - - - 2,395 1.5 117 2,395 1.5 117 Open Pit Sub-total 308 1.6 15 6,062 1.5 289 6,370 1.5 304 TOTAL: ORE RESERVES 308 1.6 15 6,601 1.6 336 6,909 1.6 351 Note 1: some rounding discrepancies may occur
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- 23 - DIRECTORS’ REPORT BRIGHTSTAR GLOBAL MINERAL RESOURCE ESTIMATE AT 30 JUN E 2026 Table 2: Brightstar Mineral Resource Estimate Summary (June 2026) Location Cut-off Measured Indicated Inferred Total g/t kt g/t koz kt g/t koz kt g/t koz kt g/t koz Au Au Au Au Au 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 6563 1.7 367 8,501 1.7 452 15,768 1.7 873 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 43 Link Zone 0.5 - - - 160 1.3 7 740 1.0 23 890 1.0 29 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 Montague- Boulder 0.6 - - - 522 4.0 67 2,556 1.2 96 3,078 1.7 163 Whistler 0.5 - - - - - - 1,704 2.2 120 1,704 2.2 120 Evermore 0.6 - - - - - - 1,319 1.6 67 1,319 1.6 67 Achilles Nth / Airport 0.6 - - - 221 2.0 14 1,847 1.4 85 2,068 1.5 99 Julias1 (Attributable) 0.6 - - - - - - - - - 1,431 1.3 58 Lord Nelson 0.5 - - - 1,500 2.1 100 4,100 1.4 191 5,600 1.6 291 Lord Henry 0.5 - - - 1,626 1.5 78 570 1.1 20 2,197 1.4 98 Vanguard Camp 0.5 - - - 405 2.0 26 3,344 1.8 191 3,749 1.8 217 Havilah Camp 0.5 - - - - - - 1,171 1.4 54 1,171 1.4 54 Indomitable Camp 0.5 - - - 800 0.9 23 7,400 1.1 273 8,200 1.1 296 Bull Oak 0.5 - - - - - - 2,470 1.1 90 2,470 1.1 90 Two Mile Hill 0.5/0.73 - - - 1,786 1.4 82 11,160 1.6 582 12,945 1.6 664 Shillington 0.5 - - - 1300 1.5 61 613 1.5 30 1,913 1.5 91 McIntyre 0.5 - - - 496 1.2 19 67 0.9 2 562 1.2 21 Plum Pudding 0.5 - - - 325 1.5 15 88 1.2 4 413 1.4 19 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 – Sandstone - - - 10,461 1.6 538 39,540 1.5 1,844 51,432 1.5 2,439 Total – BTR (Attributable) 705 2.3 52 23,768 1.7 1,267 56,121 1.5 2,651 82,014 1.5 4,030 Refer Notes below
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- 24 - DIRECTORS’ REPORT NOTES: • Note some rounding discrepancies may occur. Tonnes are reported as thousand tonnes (Kt) and rounded to the nearest 1000; Au ounces are reported as thousands rounded to the nearest 1,000. • Pericles, Lady Shenton & Stirling deposits consolidated into ‘Lady Shenton System’ at Menzies. • Warrior, Lady Harriet & Bellenger deposits consolidated into ‘Lady Harriet System’ at Menzies. • Julias is located on M57/427, which is owned 75% by Brightstar and 25% by Estuary Resources Pty Ltd. Attributable gold ounces to Brightstar include 75% of total • Mineral Resources are reported inclusive of Ore Reserves. • The Mineral Resource estimates include Inferred Mineral Resources that are normally considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as Ore Reserves. There is also no certainty that Inferred Mineral Resources will be converted to Measured and Indicated categories through further drilling, or into Ore Reserves once economic considerations are applied. • Mineral Resources are depleted for historical mining. FORWARD LOOKING STATEMENTS This announcement includes forward -looking state ments. Forward -looking statements include, but are not limited to, statements concerning Brightstar’s planned exploration, development and production program and other statements that are not historical facts. When used in this document, the words such as "could," "plan," "expect," "intend," "may”, "potential," "should," and similar expressions are forward-looking statements. Subject to the Aspirational Statements disclaimer below, the forward -looking statements are based on an assessment of present economic and operating conditions, and assumptions regarding future events and actions that, as at the date of this announcement, are considered reasonable by the Company. Such forward -looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company and its Directors and management. The Company cannot and does not give any assurance that the results, performance or achievements expressed or implied by the forward-looking statements will actually occur and investors are cautioned not to place undue reliance on these forward -looking statements. The Company has no intention to update or revise forward-looking statements, except where required by law. ASPIRATIONAL STATEMENTS The statements which may appear in this report regarding the aspirations for Brightstar to target Group production profile of +200koz p.a. by 2029, are aspirational statements. These statements are not produc tion 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 detailed in Brightstar’s announcement of 30 April 2025, 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 operati ng parameters (i.e. open pit mining and conventional carbon-in-leach processing conducted in the recent past). While preliminary assessments have been undertaken, substantial further work is required before Brightstar will be in a position to have sufficie nt objective reasonable grounds to publish production targets or forecast financial information relating to the Sandstone Project. The study will nee d to consider a number of variables and focus areas which are expected to include, but are not limited to i tems 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 (CY2025) 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. COMPETENT PERSON STATEMENT Competent Person Statement – Exploration Results The information presented in this report relating to the Exploration Results of the Menzies, Laverton and Sandstone Gold Project areas is based on and fairly represents in formation compiled by Mr Michael Kammermann, MAIG. Mr Kammermann is a Member of the Australasian Institute of Geoscientists (AIG) and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a “Competent Person” as that term is defined in the 2012 Edition of the “Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012)”. Mr Kammermann is a full-time employee of the Company in the position of Exploration Manager and has provided written consent approving the inclusion of the Exploration Results in the form and context in which they appear. Competent Person Statement – Mineral Resource Estimates This Announcement contains references to Brightstar’s JORC Mineral Resource estimates, extracted from the ASX announcements titled “Cork Tree Well Resource Upgrade Delivers 1Moz Group MRE” dated 23 June 2023, “Maiden Link
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- 25 - DIRECTORS’ REPORT Zone Mineral Resource” dated 15 November 2023, "Aspacia deposit records maiden Mineral Resource at the Menzies Gold Project” dated 17 April 2024, “Brightstar Makes Recommended Bid for Linden Gold”, dated 25 March 2024, “Brightstar to drive consolidation of Sandstone Gold District” dated 1 August 2024, “Scheme Booklet Registered by ASIC” dated 14 October 2024 and “Robust Mineral Resource Upgrades at Laverton and Menzies Underpins Future Mining Operations” dated 19 May 2025, Menzies and Laverton Gold Projects Feasibility Study” dated 30 June 2025, “Brightstar pursues logical consolidation at Sandstone Hub” dated 18 July 2025, “Significant Growth in Menzies Mineral Resource” dated 11 December 2025 and “Lord Byron MRE Update” dated 12 January 2026. Aurumin’s Mineral Resource Estimates are extracted from the ASX announcement titled “Brightstar Pursues Synergistic Consolidation and Sandstone” dated 21 July 2025. Brightstar confirms that it is not aware of any new information or data that materially affects the information included in t he original market announcements and that all material assumptions and technical parameters underpinning the Mineral Resource estimates in the relevant market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements. Competent Person Statement – Ore Reserve Estimates The information in this report that relates to Ore Reserves fo r Yunndaga Underground and the Lord Byron, Cork Tree Well and Lady Shenton Open Pits is based on, and reasonably represents, information and supporting documentation compiled by Mr Andrew Rich, who is an Executive Director and shareholder of Brightstar Resources Lim ited, and has sufficient relevant experience on matters relating to mine design, mine scheduling, mining methodology and mining costs. Mr Rich is a member of the Australian Institute of Mining and Metallurgy. Mr Rich is satisfied that the informa tion provided in this announcement has been determined to a reserve level of accuracy. Mr Rich consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. COMPLIANCE STATEMENT With reference to previously reported Exploration Results and Mineral Resources, the Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of estimates of Mineral Resources that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement. DIVIDENDS No dividends have been paid or declared since the start of the financial year and the directors do not recommend the payment of a dividend in respect of the financial year. SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS There were no significant changes in the state of affairs of the Group during the year not otherwise disclosed in the FY2 6 financial statements. EVENTS AFTER THE BALANCE DATE On 9 July 2026, the Company executed a binding term sheet to purchase a camp in Laverton for the purchase price of $10.3 million. LIKELY DEVELOPMENTS The Directors are not aware of any likely developments of which could be expected to significantly a ffect the results of the Group’s operations in future financial years not otherwise disclosed in the Principal Activities, Review of Operations or Events After Balance Date sections of the Directors’ Report.
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- 26 - DIRECTORS’ REPORT RESULTS The consolidated loss after income tax attributable to the members of the Group in was $76.93 million (2025: $46.07 million). ENVIRONMENTAL LEGISLATION The Group’s operations are subject to significant environmental regulation under the law of the Commonwealth and State. The Directors of the Group monitor compliance with environmental regulations. The Directors are not aware of any significant breaches during the period covered by this Report. MATERIAL BUSINESS RISKS The Board and Management have identified the following specific risks relevant to the Company’s current/ongoing business and operations: Fluctuations in commodity prices and outlook The Group is by its nature exposed to fluctuations in the gold price and the Australian dollar exchange rate. Volatility in t he gold price and Australian dollar effects the perceived value of the Group and its business performance. Declining gold prices can also impact operations by requiring a reassessment of the feasibility of a particular exploration or development project. Even if a project is ultimately determined to be economically viable, the need to conduct such a reassessment could cause delays and/or may interrupt operations, which may have a material adverse effect on our results of operations and financial condition. Risk of exploration failure Exploration activities are inherently risky, and the directors are unable to provide certainty that any or all of these objectives, as outlined as business strategies above, will be able to be achieved. In the opinion of the directors, any further disclosure of information regarding likely developments in the operations of the Group and the expected results of these operations in subsequent financial years may prejudice the interests of the Company and accordingly, further info rmation has not been disclosed. Additional requirement for capital Following the Company’s approval of the Final Investment Decision (FID) for the Goldfields Project and the successful completion of capital raising activities, including the issue of a Nordic Bond, the Company has strengthened its funding position to progress with its planned activities. The Company remains exposed to capital and funding risk as the Project progresses through development and construction. Project expenditure may exceed current estimates or funding requirements may increase as a result of cost inflation, project delays, changes in scope, unforeseen technical or operational matters, foreign exchange movements or other factors. Additional funding may therefore be required to meet the Company’s obligations or to support activities beyond the scope of current plans. If additional funding is required, there is no guarantee that it will be available on acceptable terms or at all. Any future equity financing may dilute existing shareholders, while additional debt financing may be subject to interest costs, covenants, security requirements and other restrictions. The Company may consequently need to defer, reduce or modify the scope or timing of planned activities if sufficient funding is not available. The Board and management actively monitor the Company’s liquidity, cash flow forecasts, project expenditure and funding requirements to manage this risk. Mineral resource and reserve estimates and exploration The Group’s mineral resource and reserve estimates are estimates, based on interpretations of geological data obtained from drillholes and other sampling techniques. Actual mineralisation or geological conditions may be different from those predicted. Market price fluctuations of gold as well a s increased production and capital costs may render the Group’s resources unprofitable to develop at a particular site or sites for periods of time or may render estimates containing relatively lower grade mineralisation uneconomic. Estimated reso urces may have to be re -estimated based on actual production experience. Any of these factors may require the Group to reduce its estimates, which could have a negative impact on the Group’s financial results. The Group’s exploration projects involve many risks and are frequently unsuccessful. Once a site with mineralisation is discovered (or acquired), it may take several years from the initial phases of drilling until production is possible. There i s no assurance that current or future exploration progra ms will be successful. There is a risk that depletion of resources and reserves will not be offset by discoveries or acquisitions.
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- 27 - DIRECTORS’ REPORT Mining, exploration and insurance The mining industry is subject to significant risks and hazards, including environmental hazards, industrial accidents, unusual or unexpected geological conditions, unavailability of materials and equipment, pit wall failures, rock bursts, seismic event s, cave-ins and weather conditions (including flooding and bush fires), mo st of which are beyond the Group’s control. These risks and hazards could result in significant costs or delays that could have a material adverse effect on the Group’s financial performance, liquidity and results of operation. There is a risk that unforeseen geological and geotechnical difficulties may be encountered when developing and mining, such as unusual or unexpected geological conditions, underground access, ambient rock temperature, rock bursts, seismicity and cave ins. Unforeseen geological an d geotechnical difficulties could impact operations and/or require additional operating or capital expenditure to rectify problems and thereby have an adverse effect on the Company's financial and operational performance. The Group maintains insurance to cover the most common of these risks and hazards. The insurance is maintained in amounts that are considered reasonable depending on the circumstances surrounding each identified risk. However, property, liability and other insurance may not provide sufficient coverage for losses related to these or other risks or hazards. Environmental, health, safety and permitting The Group’s activities are subject to laws and regulations governing the protection and management of the environment, water management, waste disposal, worker health and safety, mine development and rehabilitation and the protection of endangered and other special status species. The Group’s ability to obtain permits and approvals and to successfully operate may be adversely impacted by real or perceived detrimental events associated with the Group’s activities or those of other mining companies affecting the environment, human health and safety of the surrounding communities. Delays in obtaining or failure to obtain government permits and app rovals may adversely affect the Group’s operations, including its ability to continue operations. With the Group’s tenure located within Western Australia, the Group is subject to state and federal laws and regulations concerning the environment in Wester n Australia. Mechanised exploration will impact the local environment along with any advanced development and production activities. In undertaking exploration and mining activities, the Group intends to comply with all environmental laws. Inherent risks when completing exploration and mining activities include, but are not limited to , land disturbance and the disposal of waste products. An incident involving incorrect disposal of waste product s could result in delays to exploration and mining, additional c osts to remediate the location and any legislative penalties. The Group has procedures in place to minimise the occurrence of environmental impacts and any subsequent penalties; however, the nature of exploration, development and mining will always involve environmental risks. The Group has implemented health, safety and community initiatives at its sites to manage the health and safety of its employees, contractors and members of the community. While these control measures are in place there is no guarantee that these will eliminate the occurrence of incidents which may result in personal injury or damage to property. In certain instances, such occurrences could give rise to regulatory fines and/or civil liability. Heritage The Group is subject to state and federal laws and regulations concerning Native Title and Heritage rights and interests. The Company is required to ensure that tenure has been adequately surveyed and considered before commencing any activity that would disturb the natural environment and its surroundings. The Group complies with required legislation regarding Native Title and Heritage requirements and, where appropriate, engages a third party to ensure that all requirements are met. While all care is taken to ensure rights and interests are maintained, there is a le vel of risk inherent in exploration and mining activities that is unable to be fully mitigated.
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- 28 - DIRECTORS’ REPORT REMUNERATION REPORT (AUDITED) The Directors of Brightstar Resources Limited present the Remuneration Report for the Company and its controlled entities (collectively, the Group) for the year ended 30 June 202 6. This Remuneration Report ( Report) forms part of the Directors’ Report and has been audited in accordance with section 300A of the Corporations Act 2001 (Cth). This Report contains the following sections: A. Key Management Personnel Covered by this Report B. Summary of FY26 Remuneration Outcomes and Planned Changes for FY27 C. Remuneration Principles D. Remuneration Governance E. Executive Remuneration Arrangements F. Executive Remuneration Outcomes G. Contractual arrangements with executive KMPs H. Statutory Remuneration of Executive KMP I: Non-Executive Director Fees J: Planned FY27 Executive Remuneration Changes K. Additional Disclosures A: Key Management Personnel Covered by this Report This Remuneration Report details the remuneration arrangements for the Company’s Key Management Personnel ( KMP). KMP are defined as those persons who, directly or indirectly, have authority and responsibility for plan ning, directing and controlling the activities of the Group including: • Non-Executive Directors (NEDs); and • Executive Directors and senior executives (collectively the Executives or Executive KMPs). The following details the KMP for FY26. Each was a KMP for the entire period, unless otherwise stated. Name Role Term Non-Executive Directors Richard Crookes Non-Executive Chair Full year Jonathan Downes Non-Executive Director Full year Ashley Fraser Non-Executive Director Resigned 2 December 2025 Executive Directors Alex Rovira Managing Director Full year Andrew Rich Executive Director - Operations Full year Other Senior Executives Nicky Martin Chief Financial Officer Full year Former KMP Dean Vallve Chief Development Officer Resigned 12 September 2025
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- 29 - DIRECTORS’ REPORT REMUNERATION REPORT (AUDITED) B: Summary of FY26 Remuneration Outcomes and Planned Changes for FY27 The following section summarises FY26 remuneration outcomes and the planned remuneration changes for FY27. FY26 Highlights for KMP Remuneration Executive fixed remuneration outcome To ensure KMP are appropriately remunerated for the responsibilities, skills and experience required to support the Company’s next phase of development, the Board periodically reviews remuneration arrangements against comparable ASX-listed companies, informed by market data provided by an external remuneration consultant. As communicated in the FY25 Remuneration Report, the Board approved increases of approximately 20% for the Managing Director and Executive Director – Operations, and 3% for the Chief Financial Officer. See Section F - FY26 Executive Remuneration Outcomes for more details. Short term incentive (STI) outcome The Board assessed performance against the FY26 KPIs and approved an overall STI outcome of 70%. The outcome reflected strong safety and environmental performance, significant Ore Reserve growth, and Executive efforts in advancing the Goldfields Project into development and the Sandstone Project through the Pre-Feasibility Study. While certain production and cost performance metrics were below target, the Board exercised discretion to award partial outcomes, taking into account broader operational performance and strategic decisions during the year. No STI outcome was awarded for Absolute Total Shareholder Return (ATSR), as the required threshold was not met. See Section F - FY26 Executive Remuneration Outcomes for more details. Long term incentive (LTI) outcome No LTI equity awards were tested or vested during the year ended 30 June 2026. See Section F - FY26 Executive Remuneration Outcomes for more details. Non-Executive Director (NED) fees During the year, there was no change to the NED Fees. NED do not participate in any incentive plans during the year. See Section I - Non-Executive Director Remuneration for more details. FY27 Remuneration Approach Planned changes • Executive Fixed Remuneration adjustments of up to 18% (depending on the individual), are planned for FY27 to position Executive remuneration at the Company’s desired 62.5th percentile of market, informed by external market data and the need to support retention and future project delivery. • The Board has engaged an external remuneration consultant to further develop / enhance the FY27 KMP remuneration framework to support the Company’s next phase of growth. This work will include Executive remuneration mix, LTI design and NED fees. Further details are to be communicated in the FY27 Remuneration Report. See Section J - Planned FY27 Executive Remuneration Changes for more details. C: Remuneration Principles KMP remuneration is guided by the following principles: • competitive and reasonable, enabling the Company to attract and retain key talent; • aligned to the Company’s strategic and business objectives and the creation of shareholder value; • transparent and easily understood; and • acceptable to shareholders.
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- 30 - DIRECTORS’ REPORT REMUNERATION REPORT (AUDITED) D: Remuneration Governance KMP remuneration decision making is guided by the following remuneration governance framework. Board of Directors (Board) The Board: ▪ approves the remuneration arrangements of Executive KMP including fixed and variable pay elements ▪ proposes the aggregate remuneration of NEDs for shareholder approval and sets remuneration for individual NEDs ▪ engages external remuneration consultants for market insights and advice where necessary ▪ other matters as required Remuneration and Nomination Committee (RNC) The RNC: • reviews and recommends remuneration policy and structu re annually to ensure it remains aligned to business needs and meets the Company’s remuneration principles External Remuneration Consultants To ensure the Board is fully informed when making remuneration decisions, it may seek external, independent remuneration advice on remuneration related issues. No exter nal remuneration consultants were used during FY26. E: Executive Remuneration Arrangements The executive remuneration framework consists of fixed remuneration, short-term incentives (STI) and long–term incentives (LTI), each with a different reward focus. Remuneration Component Vehicle Purpose Link to performance Fixed Remuneration Base salary plus statutory superannuation. Non- monetary benefits may be paid including health insurance and car allowances. Attract and retain executives with the capability and experience to deliver Brightstar’s strategy, having regard to market benchmarks among relevant peers (generally targeting the 50th percentile of market, and up to 62.5% percentile for executive and senior leadership roles). Regularly reviewed to ensure remuneration levels appropriately reflect executive capability, responsibilities, and contribution to driving a positive culture and delivering the business strategy. Annual Short- Term Incentive (STI) Performance Rights and Cash Reward for performance against KPIs aligned to annual business and individual objectives. Strategic annual objectives are embedded in each executive’s performance scorecard. Long-Term Incentives (LTI) Performance Rights Align executive performance with shareholder returns. Encourage long-term value creation through equity ownership. Vesting is subject to the achievement of defined business milestones and Total Shareholder Return (TSR) over a three-year period.
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- 31 - DIRECTORS’ REPORT REMUNERATION REPORT (AUDITED) E: Executive Remuneration Arrangements (continued) Short-Term Incentive (STI) What is the STI plan? The Company operates an annual STI plan which provides an award of cash and Performance Rights (Rights) that vest annually upon the achievement of defined performance measures. The performance period for the STI plan is 1 July 2025 to 30 June 2026. What is the opportunity? 40% of base salary (applies to all executive KMP). How the award is delivered STI awards are delivered in 50% Rights and 50% cash. Rights are issued at the start of financial year and calculated based on a 20-day volume weighted average share price (VWAP) up to but excluding 1 July 2025. Rights vest following the end of the financial year, subject to performance. How is performance measured? Performance is assessed against a mix of financial and non-financial KPIs representing the Company’s key value drivers for the year: • Financial (15%) including cost management. • Safety & Environment (15%) including Long Term Injury Frequency Rate (LTIFR) and no major environmental or regulatory non-compliance. • Operational Performance (15%) including Gold Production in line with budget. • Project milestones (15%) including Ore Reserve Growth and other development targets where relevant. • Shareholder return (15%) assessed via absolute total shareholder return (TSR). • Personal Objectives (25%) including role-based performance criteria as set by the Board. Following the end of the financial year, the Board assesses performance against each KPI and determines the applicable outcome based on achievement against the pre-determined performance targets. The Board may exercise discretion in determining the final outcome, taking into account performance and relevant circumstances during the year. Please refer to Section F Executive Remuneration Outcomes for further details regarding KPI targets and outcomes achieved for the year. When will unvested awards be forfeited? Unvested awards may be forfeited where a participant ceases employment or eligibility, fails to satisfy the applicable vesting conditions, or in circumstances involving fraud, dishonesty or willful misconduct. The Board retains discretion to determine otherwise, having regard to the circumstances and the relevant Plan Rules. What happens at the change of control? The Board may determine how unvested awards are treated, including whether they are forfeited or vest on a pro-rata or full basis, having regard to the circumstances.
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- 32 - DIRECTORS’ REPORT REMUNERATION REPORT (AUDITED) E: Executive Remuneration Arrangements (continued) Long term Incentive (LTI) What is the LTI plan? The LTI plan is to align Executive award with the creation of shareholder value over the long term. What is the opportunity? Executive Directors (including Managing Director) – 90% of base salary Other Executives - 65% of base salary How the award is delivered LTI awards are delivered in Performance Rights, which vest after a three-year performance period of 1 July 2025 to 30 June 2028. How is performance measured? LTI vesting is subject to the following performance criteria measured over a three-year performance period: 1) Strategic business milestones (50%) based on the satisfaction of the following strategic milestones: • Ore Reserves Public announcement to the Australia Securities Exchange (ASX) of 1,000,000oz of gold Ore Reserves (as defined in the JORC Code) declared across the Company’s projects (20%) • Completion of a Feasibility Study and subsequent Commencement of Construction of the Sandstone Gold Project. In respect of the Company’s Sandstone Hub, announcement to the ASX of a positive final investment decision and commencement of construction of a Company -owned processing plant, following completion of feasibility studies, all requisite permitting/approvals and funding (10%) • Laverton Commercial Production. In respect of the Company’s Laverton Hub, announcement to ASX of the commencement of commercial production processed through a Company-owned and operated processing plant (20%). 2) Health, Safety and Environment (10%) based on no fatalities, no serious injuries, and no major environmental incident or breach. 3) Total Shareholder Return (40%) assessed via: • Absolute Total Shareholder Return (ATSR) - 20% Company’s ATSR Percentage Vesting <100% Nil 100% or above 100% • Relative Total Shareholder Return (RTSR) - 20% The Company’s RTSR will be ranked against a peer group of ASX -listed gold development and emerging producer companies over the performance period (30 June 2025 to 30 June 2028). The comparable group comprises of: • Rox Resources Ltd • Astral Resources NL • Black Cat Syndicate Ltd • Kaiser Reef Ltd • Meeka Metals Ltd • Magnetic Resources NL • Ausgold Ltd • Barton Gold Holdings Ltd • Horizon Minerals Ltd Company’s TSR Relative to Peer Group Percentage Vesting <50th percentile Nil 50th percentile 50% >50th percentile and <75th percentile Pro rata between 50% and 100% >75th percentile 100%
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- 33 - DIRECTORS’ REPORT REMUNERATION REPORT (AUDITED) E: Executive Remuneration Arrangements (continued) When will unvested awards be forfeited? Unvested awards may be forfeited where a participant ceases employment or eligibility, fails to satisfy the applicable vesting conditions, or in circumstances involving fraud, dishonesty or wilful misconduct. The Board retains discretion to determine otherwise, having regard to the circumstances and the relevant Plan Rule What happens at the change of control? The Board may determine how unvested awards are treated, including whether they are forfeited or vest on a pro-rata or full basis, having regard to the circumstances. F: Executive Remuneration Outcomes Statutory Performance Indicators The Company aims to align executive remuneration to the Company’s strategic and business ob jectives and the creation of shareholder wealth. The table below shows measures of the Group’s financial performance over the last five years as required by the Corporations Act 2001. However, these measures are not necessarily consistent with the measures used in determining the variable amounts of remuneration to be awarded to KMPs. As a consequence, there may not always be a direct correlation between the statutory key performance measures and the variable remuneration awarded. 2026 2025 2024* 2023 2022 Net (loss) / profit after tax ($’000) (76,930) (46,068) (16,291) 1,944 (3,950) Basic (loss) / profit (cents per share) (10.0) (12.5) (16.9) 0.2 (0.7) Dividends paid (cents per share) - - - - - Share price at end of year (cents) 29.5 45.6 42.5 1.1 1.8 * Net (loss) after tax is restated for the voluntary change in accounting policy (see Annual Report for the year ending 30 June 2025 Notes 14 and 18 of the Financial Statements). The table above quotes loss/profit per share and share price on a post 25-for-1 share consolidation basis for FY26, FY25 and FY24 only, all other years are presented on a pre-share consolidation basis.
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- 34 - DIRECTORS’ REPORT REMUNERATION REPORT (AUDITED) F: Executive Remuneration Outcomes Fixed Remuneration changes Fixed remuneration is reviewed annually against benchmark remuneration data , with any changes for Executives subject to Board approval. The nature and amount of fixed remuneration for KMP depends on the role and market rates for the position, which are determined with the assistance of external advisors (where necessary), surveys and reports, taking into account the experience and qualifications of each individual. The Board ensures that the remuneration paid to executive KMP is consistent with market conditions and practices and demonstrates a correlation to performance and creation of value for shareholders. Following the Board’s review of executive remuneration against comparable companies , Executive KMP fixed remuneration for FY26 is outlined in the table below: Name Position Fixed Remuneration per annum including superannuation (*) Alex Rovira Managing Director $505,000 Andrew Rich Executive Director – Operations $410,000 Nicky Martin Chief Financial Officer $344,853 Dean Vallve Chief Development Officer $321,795 * This amount excludes any non -monetary benefits such as health insurance and car allowances as these benefits do not form part of contractual arrangements. STI Outcomes The Board assessed performance against the set KPIs and approved an overall STI outcome of 70%. Key Performance Indicator Weighting Achieved Weighted Outcome Outcome Summary Safety Lost Time Injury Frequency Rate (LTIFR) of less than 1.5 for FY2026 11% 100% 11% LTIFR of 0. Score awarded 100% Environment No major environmental or regulatory non-compliance issue 4% 100% 4% No major environmental or regulatory non-compliance. Score awarded 100% Gold production Achieving at least 110% of Board approved group budgeted gold production. 15% 75% 11% Gold production prior to the wind down of production under the OPA was in-line with budget. The Board exercised discretion to recognise the safe and effective development and ramp-up of the Fish Underground Mine and the on-going contribution of the Second Fortune operation. Score awarded: 75%
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- 35 - DIRECTORS’ REPORT REMUNERATION REPORT (AUDITED) STI Outcomes The Board assessed performance against the set KPIs and approved an overall STI outcome of 70%. Key Performance Indicator Weighting Achieved Weighted Outcome Outcome Summary Cost Achieving operating costs of less than $3,800/oz 15% 25% 4% Amendments to the mine plans and production strategy, driven by corporate strategic decisions during the period, resulted in FY26 average costs being above the threshold. Discretion was utilised by the Board to recognise broad cost discipline across the business. Score Awarded: 25% Reserve Growth In respect of the Company’s Laverton Hub, the Company announcing at least 20% increase in total group Reserves as compared total group Reserves as at 1 July 2025. 15% 100% 15% Ore Reserves increased by approximately 50% between 1 July 2025 to 30 June 2026. Score awarded 100% Absolute total shareholder return (ATSR) ATSR measured by comparing the Company’s 20 trading day VWAP up to and including 30 June 2026. Company’s ATSR vesting: <25%: Nil >25%: 100% 15% 0% 0% ATSR threshold not met. Score awarded 0% Personal Objectives 25% 100% 25% Individual performance milestones were achieved through execution of the company’s strategic objectives and significant progress in advancing the Goldfields and Sandstone Projects towards stand- alone development. Score awarded 100%. Total 100% 70% 70%
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- 36 - DIRECTORS’ REPORT REMUNERATION REPORT (AUDITED) The following table provides STI outcomes by Executive for FY26 Name Maximum potential award ($) STI achieved STI Awarded Cash1 ($) STI Awarded No. of Performance Rights Total ($) Alex Rovira 190,000 70% 66,500 125,000 133,000 Andrew Rich 152,000 70% 53,200 100,000 106,400 Nicky Martin 125,941 70% 44,080 82,857 88,159 1 The FY26 STI was paid in August 2026 LTI outcomes No LTI equity awards were tested or vested during the year ended 30 June 2026. G. Contractual arrangements with executive KMPs Remuneration and other terms of employment are formalised in service agreements for Executive Directors and employment contracts for other KMP. These service agreements and contracts specify the components of remuneration, benefits and notice periods. Participation in short term and long-term incentives are at the discretion of the Board. Other key provisions of the service agreements and employment contracts are set out below. Name and Position Term of Agreement Resignation Notice Termination Notice for cause Notice without cause Alex Rovira Managing Director Ongoing (commenced 12 January 2023) 6 months No notice required 6 months Andrew Rich Executive Director – Operations Ongoing (commenced 31 May 2024) 6 months No notice required 6 months Nicky Martin Chief Financial Officer Ongoing (commenced 1 July 2024) 12 weeks No notice required 12 weeks
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- 37 - DIRECTORS’ REPORT REMUNERATION REPORT (AUDITED) H. Statutory Remuneration of Executive KMP The following table shows details of the remuneration expense recognised for the Group’s Executive KMP for the current and previous financial year measured in accordance with the requirements of the accounting standards. Short-term Post- employment Long-term Name Year Salary Non- monetary benefits Movement in annual leave provision STI Cash or Shares3 STI Share based payment expense Performance Rights Superannuation Other bonuses1 LTI Share based payment expense Performance Rights/Options Total Performance related $ $ $ $ $ $ $ $ $ % Executive Directors Alex Rovira 2026 475,000 - 32,884 66,500 58,714 30,000 - 222,389 885,487 39% 2025 375,000 - - 10,000 - 43,125 - 106,665 534,790 22% Andrew Rich 2026 380,000 16,467 29,484 53,200 46,971 30,000 - 106,433 662,555 31% 2025 323,500 18,091 - 10,000 - 17,125 - 261,121 629,837 43% Other KMP Nicky Martin 2026 314,853 - 14,531 44,080 52,460 30,000 - 136,425 592,349 39% 2025 304,500 - - 60,000 - 30,000 - 402,283 796,783 58% Former KMP Dean Vallve2 2026 58,359 - 4,489 - - 7,500 - - 70,348 0% 2025 280,000 - - 60,000 - 32,200 112,500 - 484,700 36% Total 2026 1,228,212 16,467 81,388 163,780 158,145 97,500 - 465,247 2,210,739 36% 2025 1,283,000 18,091 - 140,000 - 122,450 112,500 770,069 2,446,110 42% 1 Other bonuses include payment of a sign-on incentive to Mr Vallve following declaration of commercial production at the Company’s Jasper Hills Project 2 Mr Vallve resigned, effective 12 September 2025 3 STI Cash and Shares column relates to cash payments in FY26. In FY25 $10,000 cash bonuses were awarded to KMPs with the balance of their STI awards issued in shares.
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- 38 - DIRECTORS’ REPORT REMUNERATION REPORT (AUDITED) I. Non-Executive Director Fees Non-Executive Directors (NEDs) receive an annual fee, there are no fee s for chairing or participating on sub -committees of the Board. Fees for NEDs are not linked to performance of the Group. However, to align directors’ interests with shareholder interests, the directors are encouraged to hold shares in the group and are able to participate in the option plan. Fees are reviewed annually by the Board taking into account comparable roles and market data provided by the Board’s independent remuneration adviser where required. The maximum annual aggregate directors’ fee pool limit is $400,000 and was approved by shareholders at the Annual General Meeting on 29 March 2023. All NEDs enter into a service agreement with the Company in the form of a letter of appointment. NED fees for FY26 are set out in the table below and remain unchanged from the prior year. Annual base fees (excluding superannuation)) Non-Executive Chairman $75,000 Other Non-Executive Directors $48,000 The following provides the actual fees paid to NEDs during the year. Short-term benefits Post-employment Name Year Fees Superannuation Options Total $ $ $ $ $ Non-Executive Directors Richard Crookes 2026 75,000 9,000 - 84,000 2025 75,000 8,625 - 83,625 Jonathan Downes 2026 48,000 5,760 - 53,760 2025 48,000 5,520 - 53,520 Former Non-Executive Directors Ashley Fraser1 2026 20,258 2,431 - 22,689 2025 48,000 5,520 - 53,520 Matthew Bowles2 2026 - - - - 2025 8,985 1,033 - 10,018 Total 2026 143,258 17,191 - 160,449 2025 179,985 20,698 - 200,683 1 Mr Fraser resigned on 2 December 2025 2 Mr Bowles was appointed 9 December 2024 and resigned 17 February 2025
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- 39 - DIRECTORS’ REPORT REMUNERATION REPORT (AUDITED) J: Planned FY27 Executive Remuneration Changes During FY26, the Board reviewed executive fixed remuneration against the RemSmart Energy Remuneration Report (an independent, industry-recognised report for the mining industry), generally referencing the 50th percentile, with critical and senior leadership roles more closely aligned to the 62.5th percentile. Taking into account individual capability, contribution and stakeholder expectations, the Board approved the following fixed remuneration changes to ensure remuneration aligned with the relevant market benchmarks ( up to 62.5th percentile), reflects each Executive’s skills, experience and responsibilities: • Managing Director: 4% increase (FY27 fixed remuneration: $524,600) • Executive Director – Operations: 18% increase (FY27 fixed remuneration: $483,180) • Chief Financial Officer: 16% increase (FY27 fixed remuneration: $399,947) The adjustments are effective from 1 July 2026. The Board also engaged an external remuneration consultant to further develop the FY27 KMP remuneration arrangements, including executive remuneration mix, LTI design and NED fees. The review aims to ensure KMP remuneration remains aligned with market and shareholder expectations, supports attraction and retention, and is appropriate for the Company’s next phase of growth. Further details of the FY27 KMP remuneration arrangements will be disclosed in the FY27 Remuneration Report. K. Additional Disclosures i. Terms and conditions of the share-based payments arrangements Performance Rights The fair value of the Performance Rights is determined based on the market price of the Company’s shares at the grant date. The terms and conditions of each grant of Performance Rights affecting remuneration in the current or a future reporting period are as follows:
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- 40 - DIRECTORS’ REPORT REMUNERATION REPORT (AUDITED) K. Additional Disclosures Grant date Volume Share price at grant date Vesting Date Expiry date PR value Executive/Award Vested in year (volume) Maximum value yet to vest ($) 24 Nov 2025 151,785 $0.44 30 Jun 2026 31 Dec 2027 $0.44 Alex Rovira - STI 125,000 n/a 24 Nov 2025 26,786 $0.44 30 Jun 2026 31 Dec 2027 $0.16 Alex Rovira - STI - n/a 24 Nov 2025 121,428 $0.44 30 Jun 2026 31 Dec 2027 $0.44 Andrew Rich - STI 100,000 n/a 24 Nov 2025 21,429 $0.44 30 Jun 2026 31 Dec 2027 $0.16 Andrew Rich - STI - n/a 8 Oct 2025 100,611 $0.57 30 Jun 2026 31 Dec 2027 $0.57 Nicky Martin - STI 82,857 n/a 8 Oct 2025 17,755 $0.57 30 Jun 2026 31 Dec 2027 $0.32 Nicky Martin - STI - n/a 24 Nov 2025 1,500,000 $0.44 30 Jun 2028 31 Dec 2029 $0.44 Alex Rovira - LTI - 660,000 24 Nov 2025 500,000 $0.44 30 Jun 2028 31 Dec 2029 $0.22 Alex Rovira - LTI - 110,000 24 Nov 2025 500,000 $0.44 30 Jun 2028 31 Dec 2029 $0.33 Alex Rovira - LTI - 165,000 24 Nov 2025 1,200,000 $0.44 30 Jun 2028 31 Dec 2029 $0.44 Andrew Rich - LTI - 528,000 24 Nov 2025 400,000 $0.44 30 Jun 2028 31 Dec 2029 $0.22 Andrew Rich – LTI - 88,000 24 Nov 2025 400,000 $0.44 30 Jun 2028 31 Dec 2029 $0.33 Andrew Rich – LTI - 132,000 22 Dec 2025 720,000 $0.55 30 Jun 2028 31 Dec 2029 $0.55 Nicky Martin – LTI - 396,000 22 Dec 2025 240,000 $0.55 30 Jun 2028 31 Dec 2029 $0.32 Nicky Martin – LTI - 76,800 22 Dec 2025 240,000 $0.55 30 Jun 2028 31 Dec 2029 $0.40 Nicky Martin – LTI - 96,000 31 May 2024 12,937,5001 $0.015 28 May 2027 3 Jun 2029 $0.015 Andrew Rich – LTI - 194,063 31 May 2024 12,937,5001 $0.015 28 May 2027 3 Jun 2029 $0.015 Andrew Rich - LTI - 194,063 1The volume is pre-share capital consolidation. On 17 April 2025 every 25 shares, options and performance rights were consolidated to 1 share, option and performance right, respectively.
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- 41 - DIRECTORS’ REPORT REMUNERATION REPORT (AUDITED) K. Additional Disclosures (continued) ii. Reconciliation of Options, Performance Rights and Ordinary Shares held by KMP Options The table below shows a reconciliation of Options held by each KMP during the current reporting period. All Options vest immediately at grant date. Name Balance at the start of the year Granted as compensation Expired At resignation Other changes Balance at the end of the year Number Number Number Number Number Number Executive Directors Alex Rovira - - - - - - Andrew Rich - - - - - - Other Executive KMP Nicky Martin 1,600,000 - - - - 1,600,000 Non-Executive directors Richard Crookes 2,000,000 - - - - 2,000,000 Jonathan Downes - - - - - - Former KMP Ashley Fraser - - - - - - Dean Vallve 1,489,474 - - (1,489,474) - - Total 5,089,474 - - (1,489,474) - 3,600,000
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- 42 - DIRECTORS’ REPORT REMUNERATION REPORT (AUDITED) K. Additional Disclosures (continued) Reconciliation of Options, performance rights and ordinary shares held by KMP Performance Rights The table shows how many Performance Rights were granted and vested during the year. . Non - Executive Directors did not hold any Performance Rights during the year. Name Balance at the start of the year Granted as compensation Exercised Lapsed/forfeited Balance at the end of the year Exercisable Number Number Number Number Number Number Executive Directors Alex Rovira 2,000,000 2,678,571 (800,000) (1,200,000) 2,678,571 - Andrew Rich 2,070,000 2,142,857 (517,500) - 3,695,357 - Other Executive KMP Nicky Martin - 1,318,366 - - 1,318,366 - Former KMP Dean Vallve - - - - - - Total 4,070,000 6,139,794 (1,317,500) (1,200,000) 7,692,294 Shareholdings Name Balance at the start of the year Granted as compen sation Performance rights exercised At resignation Other changes Balance at the end of the year Number Number Number Number Number Number Executive Directors Alex Rovira 2,870,380 - 800,000 - 379,397 4,049,777 Andrew Rich 951,910 - 517,500 - 135,489 1,604,899 Other Executive KMP Nicky Martin - 104,384 - - - 104,384 Non-Executive directors Richard Crookes - - - - - - Jonathan Downes 433,273 - - - 42,587 475,860 Former KMP Ashley Fraser 13,696,960 - - (13,696,960) - - Dean Vallve 20,329 - - (20,329) - - Total 17,972,852 104,384 1,317,500 (13,717,289) 557,473 6,234,920 Loans Provided to KMP No loans were made to the directors of Brightstar and other KMP of the Group, including their close family members and entities related to them (2025: Nil).
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- 43 - DIRECTORS’ REPORT REMUNERATION REPORT (AUDITED) Other Transactions with related parties Purchases from, and sales to, related parties are made on terms equivalent to those that prevail in arm’s length transactions. During the year, Blue Cap Mining Pty Ltd (BCM), an entity controlled by Mr Ashley Fraser (non-executive director), provided services to Brightstar including earthworks, mobile equipment hire, personnel and production. Expenses incurred by the Group up until Mr Fraser’s resignation (2 Decem ber 2025) totalled $304, 000 for the financial year ending 30 June 2026 (30 June 2025: $1,652,000). These rates were entered into on an arm’s length basis and tested in the market as fair and reasonable rates. Other than as outlined above, the Group did n ot enter into any further related party transactions with the Director, key management personnel or their related entities. END OF REMUNERATION REPORT (AUDITED) Shares Under Option Unissued ordinary shares of Brightstar Resources Limited under option at the date of this Report are as follows: ASX Code Grant date Number of shares under option Exercise price of Option Expiry date O 16 22 May 2025 1,000,000 $0.75 19 Jul 2027 O 17 22 May 2025 1,000,000 $1.00 19 Jul 2028 O 20 17 Jul 2024 800,000 $0.63 1 Jul 2027 O 21 17 Jul 2024 800,000 $0.88 1 Jul 2027 O 23 30 Nov 2025 1,554,852 $0.24 31 Jul 2028 O 24 30 Nov 2025 8,626,128 $0.24 22 Dec 2026 O 26 30 Nov 2025 6,071,327 $0.24 31 Jul 2027 Total 19,852,307 Interests in Shares, Performance Rights and Options of the Company At the date of this report, the interests of the Directors in the shares, performance rights and options of the Company were as follows: Director Shares Performance rights Options Richard Crookes - - 2,000,000 Alex Rovira 4,175,047 2,500,000 - Andrew Rich 1,704,899 3,552,500 - Jonathan Downes 475,860 - -
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- 44 - DIRECTORS’ REPORT Performance Rights on Issue At the date of this Report the following Performance Rights are on issue, none of which have an exercise price: ASX Code Grant date Number of Performance Rights Expiry date PRA 31 May 2024 776,250 3 June 2029 PRB 31 May 2024 776,250 3 June 2029 PRD 31 May 2024 776,250 3 June 2029 LTIP 24 Nov 2025; 22 Dec 2025 12,500,000 31 Dec 2029 STIP 8 Oct 2025 526,942 31 Dec 2027 Total 15,355,692 No Option or Performance Right holder has any right under the Options or Performance Rights to participate in any other share issue of the Company. Shares Issued on the Exercise of Options and Performance Rights The following ordinary shares of Brightstar Resources Limited were issued during the year ended 30 June 202 6 on the exercise of the Performance Rights. ASX Code Grant date of performance rights Exercise date Number of shares issued PR 1 29 Mar 2023 28 Jul 2025 800,000 PR C 31 May 2024 28 Jul 2025 776,250 Total 1,576,250 Since the year end the following shares were issued since the end of the financial year as a result of the exercise of an Option or Performance Right. ASX Code Date issued Amount paid per share Number of shares issued STIP DIR 17 Aug 2026 Nil 225,000 STIP 27 Aug 2026 Nil 233,071 O22 28 Aug 2026 $0.24 5,000,000 O26 17 Aug 2026 $0.24 187,500 Total 5,645,571 INDEMINIFICATION AND INSURANCE OF DIRECTORS AND OFFICERS Indemnification The Company has agreed to indemnify current and past directors and officers of the Company and its controlled entities against all liabilities to another person (other than the Company or a related body corporate) that may arise from their position as Directors or Officer of the Company and its controlled entities, except where the liability arises out of conduct involving a lack of good faith. The agreement stipulates that the Company will meet the full amount of any such liabilities, including costs and expenses.
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- 45 - DIRECTORS’ REPORT Insurance During the year, the Company has paid insurance premiums in respect of directors’ and officers’ liability for current and former directors, officers, and senior executives of the Company and its controlled entities. The contract of insurance prohibits disclosure of the nature of the liability and the amount of the premium. Voting of Shareholders at the last year’s annual general meeting Brightstar Resources Limited received more than 99% of “yes” votes on its remuneration report for the 2025 financial year. The Company did not receive any specific feedback at the AGM or throughout the year on its remuneration practices. PROCEEDINGS ON BEHALF OF THE COMPANY No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of the Group, or to intervene in any proceedings to which the Group is a party, for the purpose of taking responsibility on behalf of the Group for all or part of those proceedings. No proceedings have been brought or intervened in on behalf of the Company with leave of the Court under section 237 of the Corporations Act 2001. AUDITOR INDEPENDENCE Section 307C of the Corporations Act 2001 requires our auditors to provide the Directors of the Company with an Independence Declaration in relation to the audit of the annual report. This Independence Declaration is set out on page 46 and forms part of this Directors’ Report for the year ended 30 June 2026. NON-AUDIT SERVICES Details of the amounts paid or payable to the auditor for non-audit services provided during the financial year by the auditor are outlined in Note 32 to the Financial Statements. The Directors are satisfied that the provision of non -audit services during the financial year, by the auditor (or by another person or firm on the auditor’s behalf), is compatible with the general standard of independence for auditors imposed by the Corporations Act 2001. ROUNDING OF AMOUNTS In accordance with ASIC Corporations (Rounding in Financial/Director’s Reports) Instrument 2026/183, the amounts in the Directors’ report and in the financial report have been rounded to the nearest thousand dollars, unless otherwise stated. Signed in accordance with a resolution of the Directors made pursuant to s.298 (2) of the Corporations Act 2001. Richard Crookes Chairman 3 September 2026
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KPMG, an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation. Liability limited by a scheme approved under Professional Standards Legislation. Lead Auditor’s Independence Declaration under Section 307C of the Corporations Act 2001 To the Directors of Brightstar Resources Ltd I declare that, to the best of my knowledge and belief, in relation to the audit of the financial report of Brightstar Resources Ltd for the financial year ended 30 June 2026 there have been: i. no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the audit; and ii. no contraventions of any applicable code of professional conduct in relation to the audit. KPM_INI_01 PAR_SIG_01 PAR_NAM_01 PAR_POS_01 PAR_DAT_01 PAR_CIT_01 KPMG G Diedrich Partner Perth 3 September 2026 - 46 -
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- 47 - CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the year ended 30 June 2026 Note June 2026 June 2025 $’000 $’000 Revenue from continuing operations 5 64,139 33,510 Cost of sales 6 (77,064) (40,178) Gross loss (12,925) (6,668) Other income 7(a) 137 1,958 Administration and other expenses 7(c) (12,257) (7,802) Exploration expenditure (45,294) (19,123) Depreciation and amortisation expense (446) (278) Share-based payments expense 24 (1,778) (1,148) Business acquisition income/(expense) (269) 261 Inventory write-down to net realisable value - (7,378) Care and maintenance (1,213) - Operating loss (74,045) (40,178) Finance income 7(b) 2,692 473 Finance costs 7(b) (5,258) (2,112) Net financing loss (2,566) (1,639) Loss on revaluation of financial instruments at fair value through profit and loss 25 (319) (4,251) Loss before income tax expense (76,930) (46,068) Income tax benefit 8 - - Loss after income tax for the year (76,930) (46,068) Other comprehensive income Other comprehensive income for the year, net of tax - - Total comprehensive loss for the year (net of tax) (76,930) (46,068) Total comprehensive loss for the year attributable to the members of the parent (76,930) (46,068) Loss per share for the year attributable to the members of the parent: Basic/diluted loss per share ($) 9 (0.10) (0.12) The Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the notes to the financial statements
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- 48 - CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at 30 June 2026 Note June 2026 June 2025 $’000 $’000 Current Assets Cash and cash equivalents 10 121,983 11,664 Restricted cash 11 160,927 - Trade and other receivables 13 8,334 12,307 Inventories 14 636 1,186 Total Current Assets 291,880 25,157 Non-Current Assets Property, plant and equipment 15 91,218 65,825 Deferred exploration and evaluation expenditure 16 206,042 129,238 Inventories 14 17,378 - Derivative financial instruments 26 29,958 - Total Non-Current Assets 344,596 195,063 Total Assets 636,476 220,220 Current Liabilities Trade and other payables 19 30,955 31,286 Lease liabilities 17 4,830 5,336 Borrowings 20 1,966 16,880 Provisions 21 1,102 899 Total Current Liabilities 38,853 54,401 Non-Current Liabilities Lease liabilities 17 7,000 8,132 Borrowings 20 158,183 625 Provisions 21 29,564 10,890 Option premium payable 26 29,958 - Total Non-Current Liabilities 224,705 19,647 Total Liabilities 263,558 74,048 Net Assets 372,918 146,172 Equity Issued capital 22 549,621 255,011 Accumulated losses (196,458) (119,528) Reserves 23 19,755 10,689 Total Equity 372,918 146,172 The Consolidated Statement of Financial Position should be read in conjunction with the notes to the financial statements.
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- 49 - CONSOLIDATED STATEMENT OF CHANGES IN EQUITY As at 30 June 2026 Note Issued Capital Accumulated Losses Reserves Total $’000 $’000 $’000 $’000 At 1 July 2024 108,861 (49,318) 9,541 69,084 Net effect of change in accounting policy - (24,142) - (24,142) Restated balance at 1 July 2024 108,861 (73,460) 9,541 44,942 Loss for the period - (46,068) - (46,068) Total comprehensive loss for the period after tax - (46,068) - (46,068) Issue of share capital 148,901 - - 148,901 Share issue costs (2,751) - - (2,751) Share-based payments 24 - - 1,148 1,148 At 30 June 2025 255,011 (119,528) 10,689 146,172 At 1 July 2025 255,011 (119,528) 10,689 146,172 Loss for the period - (76,930) - (76,930) Total comprehensive loss for the period after tax - (76,930) - (76,930) Issue of share capital 22 306,282 - - 306,282 Share issue costs 22 (11,672) - - (11,672) Acquisition reserve 23 - - 7,288 7,288 Share-based payments 24 - - 1,778 1,778 Balance at 30 June 2026 549,621 (196,458) 19,755 372,918 The Consolidated Statement of Changes in Equity should be read in conjunction with the notes to the financial statements.
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- 50 - CONSOLIDATED STATEMENT OF CASH FLOWS For the year ended 30 June 2026 Note June 2026 June 2025 $’000 $’000 Cash flows from operating activities Receipts from customers 78,755 28,842 Payments to suppliers and employees (86,592) (44,147) Payments for exploration expenditure (29,379) (15,942) Other income 111 58 Interest received 3,207 256 Net cash used in operating activities 12 (33,898) (30,933) Cash flows from investing activities Proceeds from disposals of property, plant and equipment - 840 Payments for property, plant and equipment (48,555) (23,916) Interest paid on qualifying asset (5,296) - Payments for acquisition of exploration assets (4,468) (5,000) Payments to acquire subsidiaries, net of cash acquired - (125) Cash acquired on acquisition of subsidiary 960 - Receipts from disposal of/ (payments to acquire) financial assets (455) 34 Net cash used in investing activities (57,814) (28,167) Cash flow from financing activities Proceeds from issue of shares 242,500 54,000 Proceeds from exercise of share options 1,200 - Share issue costs (11,672) (2,711) Proceeds from borrowings 43,116 19,557 Repayment of borrowings (54,186) (4,352) Payments for transaction costs (8,636) (288) Interest paid on debt and leases (3,365) (836) Principal element of lease payments (6,926) (2,800) Effect of exchange rate movement on loan balance - 233 Net cash inflow from financing activities 202,031 62,803 Net increase in cash held 110,319 3,703 Cash and cash equivalents at beginning of the year 11,664 7,961 Cash and cash equivalents at end of the year 10 121,983 11,664 The Consolidated Statement of Cash Flows should be read in conjunction with the notes to the financial statements.
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- 51 - NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 June 2026 NOTE 1: CORPORATE INFORMATION Brightstar Resources Limited is a company limited by shares, incorporated and domiciled in Australia. The Company is a for-profit entity. Its registered office and principal place of business is Level 2, 36 Rowland Street, Subiaco, WA 6008. The financial report covers Brightstar Resources Limited (“the Company”) and its controlled entities as a group (together referred to as the “Group”). The consolidated financial statements for the year ended 30 June 202 6 (including comparatives) were approved and authorised for issue by the Board of Directors on 3 September 2026. NOTE 2: BASIS OF PREPARATION These general-purpose financial statements have been prepared in accordance with Australian Accounting Standards, other authoritative pronouncements of the Australian A ccounting Standards Board ( AASB), including Australian Interpretations, the Corporations Act 2001 and comply with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board. Historical cost convention The financial report has been prepared under the historical cost convention, as modified by revaluations to fair value for certain classes of assets and liabilities as described in the accounting policies. Functional and presentation currency Items included in the financial statements of each of the consolidated entities are measured using the currency of the primary economic environment in which the entity operates (“functional currency”). The consolidated financial statements are presented in Australian Dollars, which is Brightstar Resources Limited’s presentation currency. Rounding of amounts The Company is of a kind referred to in Corporations Instrument 20 26/183, issued by the Australian Securities and Investments Commission, relating to ‘rounding-off’. Amounts in this report have been rounded off in accordance with that Corporations Instrument to the nearest thousand dollars, unless otherwise stated. Going Concern This financial report has been prepared on a going concern basis, which contemplates continuity of normal business activities and the realisation of assets and settlements of liabilities in the ordinary course of business. The Group has reported a net loss for the year of $76.9 million (2025: $46.1 million) and a cash outflow from operating activities of $33.9 million (2025: $30.9 million) and investing activities $57.8 million (2025: $28.2 million). At the year end, the Group had cash and cash equivalents of $122.0 million (2025: $11.7 million) and net current assets of $253.0 million (2025: net current liability of $29.2 million). The achievement of cash flow forecasts to develop the Laverton Mill depends on: - Release of restricted cash which is subject to the completion of certain conditions precedent and continued covenant compliance under the terms of the Nordic bond arrangement (refer Note 20); - Successful commissioning of the Laverton Mill on time and on budget; - Ramp up of operations to achieve acceptable levels of commercial production at budgeted costs; and - Realising sales within budgeted timeframes at forecast gold prices. Should any or all of these factors not be achieved as forecast, or additional discretionary plans to be undertaken, the Group may be required to source additional funds through debt or equity markets or a combination of the two. Based on the Group’s cash balance of $122.0 million at year end, the planned draw down of the senior secured debt facility amount of $160.9 million and forecast cash flows, the Directors are satisfied that the Group will have access to sufficient cash to meet expenditure requirements for a period of at least 12 months from the date of signing of this report. Accordingly, the Directors consider that the going concern basis of preparation is appropriate.
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- 52 - NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 June 2026 NOTE 2: BASIS OF PREPARATION (CONTINUED) New and revised accounting standards effective for the current reporting period The Group has adopted all of the new and amended Standards and Interpretations issued by the Australian Accounting Standards Board (the AASB) that are relevant to the Group and effective for the current reporting period. Accounting standards issued but not yet effective The Group has considered all Standards and Interpretations issued but not yet effective for the current reporting period and has determined that none of the new or amended standards will significantly affect the Group’s accounting policies, financial position or performance, other than with respect to the below: Presentation and Disclosure in Financial Statements – AASB 18 The AASB has issued AASB 18 Presentation and Disclosure in Financial Statements to replace AASB 101 Presentation of Financial Statements. AASB 18 introduces the following changes to the presentation of financial statements and is effective for reporting periods beginning on or after 1 January 2027: • Income and expenses must be classified in the statement of profit or loss into one of five categories – investing, financing, income taxes, discontinued operations and operating; • Two new mandatory subtotals – operating profit or loss, and profit or loss before financing and income taxes; • Strict rules for labelling, aggregation and disaggregation of items in the financial statements; • New disclosures about management defined performance measures; and • Amendments to the presentation requirements for interest income and expenses, and dividend income in the statement of cash flows. The Group does not intend to early adopt this amendment. The impact of the amendment to the Group’s Financial Statements is yet to be determined. NOTE 3: CRITICAL ACCOUNTING ESTIMATES, JUDGEMENTS AND ASSUMPTIONS The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements, estimates and assumptions on historical experience and on other various factors, including expectations of future events, management believes to be reasonable under the circumstances. The resulting accounting judgements and estimates will seldom equal the related actual results. The judgements, e stimates and assumptions in these financial statements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial period are found in the following notes: Note 8: Income tax and deferred tax assets; Note 14: Net realisable value and classification of inventory; Note 15: Reserves and resources – estimating reserves and resources; Note 16: Exploration and evaluation costs; Note 18: Acquisition of subsidiary; Note 21: Provision for rehabilitation; Note 24: Share-based payments; and Note 26: Financial risk management.
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- 53 - NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 June 2026 NOTE 4: SEGMENT REPORTING Segment Reporting The Group’s operating segment has been determined with reference to the information and reports the chief operating decision makers use to make strategic decisions regarding Company resources. The chief operating decision makers include the Managing Director, Executive Director – Operations and the Board of Directors. Financial information is reported to the chief operating decision makers as a single segment and all significant operating decisions are based upon analysis of the Group as one segment. The financial results of this segment are equivalent to the financial statements of the Group as a whole. The Group has one reportable segment which is exploration, development and mining of minerals in Australia. NOTE 5: REVENUE Revenue recognised at a point in time: June 2026 $’000 June 2025 $’000 Gold revenue 64,139 33,510 64,139 33,510 During the year ended 30 June 2026, revenue was derived from sales from Genesis Minerals Limited under the Ore Purchase Agreement. Revenue composition June 2026 $’000 June 2025 $’000 Gold sales revenue from customers 50,501 31,259 Adjustment arising from provisional pricing 13,638 2,251 Total revenue 64,139 33,510 Provisional pricing adjustments reflect movements in gold prices between the date of delivery and the reporting date or final settlement date. Provisionally priced sales outstanding At 30 June 2026, the Company did not have any trade receivables balance relating to provisionally priced sales. Material accounting policy Sale of goods The Group primarily generates revenue from the sale of gold ore. The Group delivers ore to the customer’s processing plant (Laverton Mill), who convert the ore into refined gold. The sale of ore can contain provisional pricing at the time the product is delivered to the customer, with the final pricing determined at a later date when the relevant pricing information is available. Revenue from the sale of these goods is recognised when control over the inventory has transferred to the customer. Revenue is recognised net of any processing charges charged by the customer to convert the ore into refined gold.
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- 54 - NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 June 2026 NOTE 5: REVENUE (CONTINUED) Material accounting policy Sale of goods (continued) Control is generally considered to have passed when: • physical possession and inventory risk is transferred to the customer; • payment terms for the sale of goods can be clearly identified through the sale of metal credits received or receivable for the transfer of control of the asset; • the Group can determine with sufficient accuracy the metal content of the goods delivered; and • the customer has no practical ability to reject the product where it is within contractually specified limits. NOTE 6: COST OF SALES June 2026 $’000 June 2025 $’000 Cost of production 30,432 26,474 Employee benefits expense 12,454 6,492 Depreciation and amortisation 31,484 6,091 Royalties 2,694 1,121 77,064 40,178 The Group uses ounces mined over estimated remaining reserves as its basis for depletion of production phase assets. The total employee expense recorded in cost of sales, exploration expenditure and operating expenditure is $22,689,000 (2025: $12,314,000). Material accounting policy Cost of sales – recognition and measurement Cost of sales includes the normal costs of producing and selling gold ore. These costs include the mining, haulage and selling costs involved in producing and selling inventories, plus depreciation and amortisation arising from the use of property, plant and equipment associated with producing inventory for sale. Note 14 contains the accounting policy for the recognition and measurement of inventories. NOTE 7: OTHER INCOME AND EXPENSE ITEMS (a) Other income June 2026 $’000 June 2025 $’000 Camp hire arrangement - 1,449 Other 137 509 137 1,958 Material accounting policy Other income Other income is recognised when it is received or when the right to receive payment is established.
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- 55 - NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 June 2026 NOTE 7: OTHER INCOME AND EXPENSE ITEMS (CONTINUED) (b) Finance income and costs Finance income June 2026 $’000 June 2025 $’000 Interest income 2,492 256 Net foreign exchange gain 200 217 2,692 473 Finance costs Interest on borrowings (1,658) (893) Interest on lease liabilities (1,545) (101) Provisions: unwinding of discount (755) (644) Costs relating to borrowings (1,300) (474) (5,258) (2,112) Material accounting policy Finance income Interest Interest revenue is recognised on an accruals basis based on the interest rate, deposited amount and the time which lapses before the reporting period ends. Finance costs Provisions: unwinding of discount The Group records the present value of the estimated costs of legal and constructive obligations to rehabilitate operating locations and decommission assets in the period in which the obligation is incurred. The unwinding of the effect of discounting the provision is recorded as a finance charge in the Statement of Profit or Loss. Interest on lease liabilities Lease payments are allocated between principal and finance costs. To the extent that they are not directly attributable to the acquisition, construction or production of a qualifying asset, the finance costs are charged to the profit or loss over the lease peri od to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The Group’s finance income and finance costs includes foreign exchange gains and losses. (c) Administration and other expenses June 2026 $’000 June 2025 $’000 Employee benefits expense 7,192 3,560 Legal and compliance 1,579 1,219 Other expenses 3,486 3,023 12,257 7,802
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- 56 - NOTES TO THE FINANCIAL STATEMEMENTS FOR THE YEAR ENDED 30 June 2026 NOTE 8: INCOME TAX (a) The components of tax (expense)/benefit comprise: June 2026 $’000 June 2025 $’000 Current tax - - Deferred tax - - Income tax (expense)/benefit reported in the profit or loss and other comprehensive income - - (b) The prima facie tax payable on loss from ordinary activities before income tax is reconciled to the income tax expense as follows June 2026 $’000 June 2025 $’000 Accounting loss before tax from continuing operations (76,930) (46,068) Income tax (benefit)/expense calculated at an income tax rate of 30% (2025: 30%) (23,079) (13,820) Add/(Less) tax effect of: Non-deductible expenses 649 2,723 Deferred tax position not recognised 22,430 11,097 Income tax (expense)/benefit reported in the profit or loss and other comprehensive income - - (c) Deferred tax June 2026 $’000 June 2025 $’000 Capital raising costs 3,495 1,049 Capital tax losses 26,623 26,509 Total deferred tax asset 30,118 27,558 Deferred exploration and evaluation (17,966) (10,877) Plant and equipment (9,483) (10,338) Other (2,669) (6,344) Total deferred tax liability (30,118) (27,558) (d) Tax receivable/ (payable) The consolidated entity is a member of a tax consolidated group, with Brightstar Resources Limited acting as the head entity for tax consolidation purposes. Under the tax consolidation regime, the entities within the tax consolidated group are treated as a single entity for Australian income tax purposes. As at 30 June 2026, the consolidated entity has income tax receivable of nil (2025: nil). Potential deferred tax assets attributable to tax losses and other temporary differences have not been brought to account at 30 June 2026 because the directors do not believe it is appropriate to regard realisation of the deferred tax assets as probable at this point in time. These benefits will only be obtained if: - the consolidated entity derives future assessable income of a nature and of an amount sufficient to enable the benefit from the deductions for the expenditure to be realised; and - no changes in tax legislation adversely affect t he consolidated entity in realising the benefit from the deductions for the expenditure.
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- 57 - NOTES TO THE FINANCIAL STATEMEMENTS FOR THE YEAR ENDED 30 June 2026 NOTE 8: INCOME TAX (CONTINUED) Material accounting policy The income tax expense (revenue) for the year comprises current income tax expense (income) and deferred tax expense (income). Deferred Tax Deferred tax expense reflects movements in deferred tax asset and deferred tax liability balances during the year as well as unused tax losses. Current and deferred income tax expense (income) is charged or credited directly to equity instead of the profit or loss when the tax relates to items that are credited or charged directly to equity. Deferred tax assets and liabilities are ascertained based on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax assets also result where amounts have been fully expensed but future tax deductions are available. No deferre d income tax will be recognised from the initial recognition of an asset or liability, excluding a business combination, where there is no effect on accounting or taxable profit or loss and does not give rise to equal taxable and deductible temporary differences. Deferred tax assets and liabilities are calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled, based on tax rates enacted or substantively enacted at the end of the reporting period. Their measurement also reflects the manner in which management expects to recover or settle the carrying amount of the related asset or liability. Deferred tax assets relating to temporary differences and unused tax losses are recognised only to the extent that it is probable that future taxable profit will be available against which the benefits of the deferred tax asset can be utilised. Where temporary differences exist in relation to investments in subsidiaries, branches, associates, and joint ve ntures, deferred tax assets and liabilities are not recognised where the timing of the reversal of the temporary difference can be controlled, and it is not probable that the reversal will occur in the foreseeable future. Current tax assets and liabilities are offset where a legally enforceable right of set -off exists and it is intended that net settlement or simultaneous realisation, and settlement of the respective asset and liability will occur. Deferred tax assets and liabilities are offset where a legally enforceable right of set-off exists, the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where it is intended that net settlement or simultaneous realisation and settlement of the respective asset and liability will occur in future periods in which significant amounts of deferred tax assets or liabilities are expected to be recovered or settled. Income Tax and Deferred Tax Assets The consolidated entity is subject to income taxes in the jurisdictions in which it operates. Significant judgement is required in determining the provision for income tax. There are many transactions and calculations undertaken during the ordinary course of business for which the ultimate tax determination is uncertain. The consolidated entity recognises liabilities for anticipated tax audit issues based on the consolidated entity’s current understanding of the tax law. Where the final tax outcome of these matters i s different from the carrying amounts, such differences will impact the current and deferred tax provisions in the period in which such determination is made. Judgement is applied in determining whether a deferred tax asset be recognised for deductible temporary differences and unused tax losses. Deferred tax assets are recognised only if it is probable that future forecast taxable profits are available to utilise those temporary differences and losses, and the tax losses continue to be available having regard to relevant tax legislation associated with their recoupment. The Group has recognised deferred tax assets relating to carry forward losses only to the extent that they offset deferred tax liabilities.
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- 58 - NOTES TO THE FINANCIAL STATEMEMENTS FOR THE YEAR ENDED 30 June 2026 NOTE 9: LOSS PER SHARE June 2026 June 2025 Net loss for the year in $’000 76,930 46,068 Weighted average number of ordinary shares for the purposes of basic loss per share in ‘000 769,875 369,990 Adjusted weighted average number of ordinary shares for the purposes of diluted loss per share n/a n/a Total basic/diluted loss per share ($) 0.10 0.12 Material accounting policy Basic Loss Per Share Basic loss per share is determined by dividing net profit or loss after income tax attributable to members of the Company, excluding any costs of servicing equity other than ordinary shares, by the weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the year. Diluted Loss Per Share Diluted loss per share adjusts the figures used in the determination of basic earnings per share to take into account the after-income tax effect of interest and other financing costs associated with dilutive potential ordinary shares and the weighted average number of shares assumed to have been issued for no consideration in relation to dilutive potential ordinary shares. NOTE 10: CASH AND CASH EQUIVALENTS June 2026 June 2025 $’000 $’000 Cash at bank and on hand 44,778 11,487 Term deposits 77,205 177 121,983 11,664 Material accounting policy Cash and cash equivalents Cash at bank earns interest at floating rates based on daily deposit rates. Short -term deposits are made in varying periods between one day and three months, depending on the immediate cash requirements of the Group and earn interest at the respective short-term deposit rates. Cash flows are presented in the Statement of Cash Flows on a gross basis, except for the GST component of investing and financing activities, which are disclosed as operating cash flows. NOTE 11: RESTRICTED CASH June 2026 June 2025 $’000 $’000 Restricted cash (escrow) 160,927 -
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- 59 - NOTES TO THE FINANCIAL STATEMEMENTS FOR THE YEAR ENDED 30 June 2026 NOTE 11: RESTRICTED CASH (CONTINUED) The restricted cash balance represents funds received following settlement of a US$120 ,000,000 senior secured bond in March 2026 (refer Note 20). Funds received are required to be held in escrow accounts with access to the cash restricted until pre-disbursement conditions precedent are satisfied. Upon satisfaction, the funds will be capable of drawdown, subject to an ongoing cost to complete test being achieved. For the purposes of the Statement of Cash Flows, cash and cash equivalents comprise of cash at bank and term deposits. NOTE 12: CASHFLOW INFORMATION (i) Reconciliation to Cash Flow Statement Cash and cash equivalents as shown in the Statement of Cash Flows is reconciled to the related items in the Statement of Financial Position as follows: June 2026 June 2025 $’000 $’000 Cash and cash equivalents 121,983 11,664 (ii) Reconciliation of loss for the year to net cash flows used in operating activities June 2026 June 2025 $’000 $’000 Loss for the year (76,930) (46,068) Depreciation and amortisation 31,930 6,369 Adjustment to inventory - 3,822 Share-based payment expense (Note 24) 1,778 1,148 Net loss on revaluation of financial instruments at fair value through profit and loss (Note 25) 319 4,251 Camp hire agreement repayment - (1,449) Gain from sale of non-current asset - (420) Shares issued as payment to suppliers - 2,500 Other net non-cash items 1,058 (435) Finance costs 5,258 2,112 Changes in assets and liabilities Change in trade and other receivables 6,561 (6,008) Change in inventories (16,416) 2,521 Change in provisions 14,563 296 Change in trade payables and other liabilities (2,019) 428 Net cash used in operating activities (33,898) (30,933)
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- 60 - NOTES TO THE FINANCIAL STATEMEMENTS FOR THE YEAR ENDED 30 June 2026 NOTE 12: CASHFLOW INFORMATION (CONTINUED) (iii) Non-cash investing and financing activities June 2026 $’000 June 2025 $’000 Additions to the right of use asset (Note 15) 5,047 16,195 Options and Shares issued as consideration in business combination - 2,284 Shares issued as consideration in subsidiary acquisition (Note 18) 62,081 73,977 Shares issued as payment to suppliers (Note 22) - 2,500 Performance rights issued to employees for nil consideration (Note 24) 1,778 1,148 (iv) Changes in liabilities arising from financing activities Lease Liabilities Borrowings Total $’000 $’000 $’000 Balance at 1 July 2024 317 2,316 2,633 Net cash used in financing activities (2,800) (4,352) (7,152) Additions 15,951 19,557 35,508 Other changes - (16) (16) Balance at 30 June 2025 13,468 17,505 30,973 Net cash used in financing activities (6,926) (54,186) (61,112) Additions 5,288 198,601 203,889 Other changes - (1,771) (1,771) Balance at 30 June 2026 11,830 160,149 171,979 NOTE 13: TRADE AND OTHER RECEIVABLES June 2026 June 2025 Current $’000 $’000 Trade and other receivables 857 7,050 ATO receivable 2,053 931 Prepayments 1,570 610 Bank guarantees and deposits 77 75 Other financial assets(1) 3,777 3,641 8,334 12,307 (1) On 8 December 2023 , p rior to its acquisition , Linden Gold Alliance Limited ( Linden) terminated a joint venture arrangement with Matsa Gold Pty Ltd ( Matsa) in relation to the Devon Gold Mine. Pursuant to the Deed of Settlement (Deed), Linden has the right to receive future consideration equal to 50% of the net profit from the mining operations of Devon Gold Mine up to a maximum of $4,000,000. Net profit is defined as gross proceeds after recovery of all pre - development, development, exploration mining, financing and other costs.
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- 61 - NOTES TO THE FINANCIAL STATEMEMENTS FOR THE YEAR ENDED 30 June 2026 NOTE 13: TRADE AND OTHER RECEIVABLES (CONTINUED) The Company has estimated the fair value of the consideration using a discounted cashflow model with estimates and judgements around the future profitability of the operation and timing of cashflows. During the year the financial asset corresponding to this arrangement has been reclassified from non -current to current due to the expected timing of receipt. Fair value of other financial assets at amortised cost The fair values were calculated based on cash flows discounted using a current lending rate. They are classified as level 3 fair values in the fair value hierarchy due to the inclusion of unobservable inputs including counterparty credit risk (see Note 25). Material accounting policy Trade and other receivables Trade and other receivables include amounts due from customers for goods sold and services performed in the ordinary course of business. Trade and other receivables are initially recognised at fair value and subsequently measured at amortised cost using effective interest method less any allowance for expected credit loss. Receivables expected to be collected within 12 months of the end of the reporting period are classified as current assets. Impairment of financial assets The consolidated entity recognises a loss allowance for expected credit losses on financial assets which are measured at amortised cost. The measurement of the loss allowance depends upon the consolidated entity’s assessment at the end of each reporting pe riod as to whether the financial instrument’s credit risk has increased significantly since initial recognition, based on reasonable and supportable information that is available, without undue cost or effort to obtain. Where there has not been a significant increase in exposure to credit risk since initial recognition, a 12-month expected credit loss allowance is estimated. This represents a portion of the asset’s lifetime expected credit losses that is attributable to a default event that is possible within the next 12 months. Where a financial asset has become credit impaired or where it is determined that credit risk has increased significantly, the loss allowance is based on the asset’s lifetime expected credit losses. The amount of expected credit loss recognised is measured on the basis of the probability weighted present value of anticipated cash shortfalls over the life of the instrument discounted at the original effective interest rate. Investments and other financial assets Classification The Group classifies its financial assets in the following measurement categories: • those to be measured subsequently at fair value (either t hrough other comprehensive income (OCI) or through profit or loss), and • those to be measured at amortised cost. The classification depends on the entity’s business model for managing the financial assets and the contractual terms of the cash flows. For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. For investments in equity instruments that are not held for trading, this will depend on whether the group has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income (FVOCI). The Group reclassifies debt investments when and only when its business model for managing those assets changes. Recognition and derecognition Regular way purchases and sales of financial assets are recognised on trade date, being the date on which the Group commits to purchase or sell the asset. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the group has transferred substantially all the risks and rewards of ownership. Measurement At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss ( FVPL), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in profit or loss. Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest.
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- 62 - NOTES TO THE FINANCIAL STATEMEMENTS FOR THE YEAR ENDED 30 June 2026 NOTE 14: INVENTORY June 2026 June 2025 $’000 $’000 Current Ore stockpiles - 963 Consumable supplies 636 223 636 1,186 Non-current Ore stockpiles 17,378 - 17,378 - Classification of inventory Inventory classified as non-current relates to the ROM stockpiles at the Second Fortune and Fish mines. These gold ore stockpiles are not intended to be processed through the Laverton Mill within the next 12 month s and are therefore classified as non-current inventory. In both the current and prior year , all inventory is carried at cost, with no inventory recognised at net realisable value (NRV). Material accounting policy and significant judgement Recognition and measurement Ore stockpiles are physically measured and valued at the lower of cost and net realisable value. Cost represents the weighted average cost and includes direct labour, direct materials and an appropriate portion of fixed and variable production overhead expenditure including underground mining capital costs. Net realisable value and classification of inventory Ore stockpiles are measured at the lower of cost and net realisable value. The assessment of the net realisable value involves significant judgements and estimates in relation to timing and cost of processing, commodity prices, recoveries and the likely t iming of sale of the o re processed. A change in any of these assumptions will alter the estimated net realisable value and may therefore impact the carrying amount of inventory.
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- 63 - NOTES TO THE FINANCIAL STATEMEMENTS FOR THE YEAR ENDED 30 June 2026 NOTE 15: PROPERTY, PLANT AND EQUIPMENT Property, Plant and Equipment Mine properties Asset under Construction Right-of-use asset Total $’000 $’000 $’000 $’000 $’000 At 1 July 2024, net of accumulated depreciation and impairment 458 28,235 - 282 28,975 Additions 6,949 19,913 - 16,195 43,057 Additions through acquisition of subsidiary 151 - - 110 261 Capitalised Right-of-use asset depreciation and interest on leased assets - 2,213 - - 2,213 Disposal (written down value) - (420) - - (420) Depreciation charge for the year (297) (5,440) - (2,524) (8,261) At 30 June 2025, net of accumulated depreciation and impairment 7,261 44,501 - 14,063 65,825 Cost 11,831 93,053 - 16,654 121,538 Accumulated depreciation (4,570) (48,552) - (2,591) (55,713) At 1 July 2025, net of accumulated depreciation and impairment 7,261 44,501 - 14,063 65,825 Additions 9,671 16,007 22,035 5,047 52,760 Capitalised interest on qualifying asset - - 4,563 - 4,563 Disposal of right-of-use (ROU) asset - - - (448) (448) Elimination of accumulated depreciation of disposed ROU asset - - - 448 448 Depreciation charge for the year (1,410) (23,106) - (7,414) (31,930) Balance at 30 June 2026, net of accumulated depreciation and impairment 15,522 37,402 26,598 11,696 91,218 Cost 21,502 109,060 26,598 21,253 178,413 Accumulated depreciation (5,980) (71,658) - (9,557) (87,195)
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- 64 - NOTES TO THE FINANCIAL STATEMEMENTS FOR THE YEAR ENDED 30 June 2026 NOTE 15: PROPERTY, PLANT AND EQUIPMENT (CONTINUED) Material accounting policy and significant judgements Property, plant and equipment Plant and equipment is stated at cost less accumulated depreciation and any accumulated impairment losses. Such cost includes the cost of replacing parts that are eligible for capitalisation when the cost of replacing the parts is incurred. Similarly, when each major inspection is performed, its cost is recognised in the carrying amount of the plant and equipment as a replacement only if it is eligible for capitalisation. Depreciation is calculated on a straight-line basis over the estimated useful life of the assets as follows: Property, plant and equipment 3 - 8 years The assets' residual values, useful lives and amortisation methods are reviewed, and adjusted if appropriate, at each financial year end. (i) Impairment The carrying values of plant and equipment are reviewed for impairment at each balance date, with recoverable amount being estimated when events or changes in circumstances indicate that the carrying value may be impaired. The recoverable amount of plant and equipment is based on the fair value less costs of disposal. An impairment exists when the carrying value of an asset or cash -generating units exceeds its estimated recoverable amount. The asset or cash-generating unit is then written down to its recoverable amount. For plant and equipment, impairment losses are recognised in the statement of profit or loss as impairment expenses. (ii) Derecognition and disposal An item of property, plant and equipment is derecognised upon disposal or when no further future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in profit or loss in the year the asset is derecognised. Mine properties All expenditure incurred prior to the commencement of commercial production is carried forward to the extent to which recoupment out of future revenue from the sale of production, or from the sale of the property is reasonably assured. When further development expenditure is incurred in respect of mine properties after the commencement of production, such expenditure is carried forward as part of mine development expenditure only when substantial future economic benefits are thereby established, otherwise such expenditure is classified as part of the cost of production. Mine properties are recognised at cost, less accumulated depreciation and accumulated losses. Where mine properties are in production, amortisation of mine properties is provided on a unit of production basis, which results in a write off of the cost proportional to the depletion of the proven and probable mineral reserves. In accordance with its policy, the Group reviews the estimated useful lives of its mine properties on an ongoing basis. Where the Group’s mine properties are in care and maintenance, the Group has impaired assets to its fair value less cost of disposal and the Group amortises over a straight -line basis to account for the physical wear and tear while the asset remains idle, over an estimated remaining useful life of 5 years. The net carrying value of each area of interest is reviewed regularly and to the extent to which this value exceeds its recoverable amount, the excess is fully provided against or written off in the financial year in which this is determined. Asset under construction This expenditure includes direct costs of construction, an appropriate allocation of overheads and where applicable borrowing costs capitalised during construction . Once the asset is available for use, the aggregated capitalised costs are classified under non-current assets as an appropriate class of property, plant and equipment and depreciation will then commence. Proved and probable ore reserves The Group estimates its Mineral Resources and Ore Reserves in accordance with the Australasian Code of Reporting for Mineral Resources and Ore Reserves 2012 (the “ JORC Code”). The information on mineral resources and ore reserves was prepared by or under the supervision of Competent Persons as defined under the JORC Code. The estimate of these Resources and ore Reserves, by their nature, require judgements, estimates and assumptions. There are numerous uncertainties inherent in estimating mineral resources and o re reserves, and assumptions that are valid at the time of estimation that may change significantly when new information becomes available. Changes in forecast prices or commodities, exchange rates, production costs or recovery rates may change the economic status of reserves and may ultimately result in reserves being restated. Such changes in the ore reserve or mineral resource estimate may impact on the value of exploration and evaluation assets, mine properties, property plant and equipment, provision f or rehabilitation and depreciation and amortisation charges.
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- 65 - NOTES TO THE FINANCIAL STATEMEMENTS FOR THE YEAR ENDED 30 June 2026 NOTE 15: PROPERTY, PLANT AND EQUIPMENT (CONTINUED) Material accounting policy and significant judgements Recoverability of Mine Properties Development expenditure incurred once a Mine Property is in commercial production is carried forward as part of the Mine Properties asset (sub -category of property, plant and equipment asset) only when future economic benefits are expected to flow to the Group, otherwise such expenditure is classified as part of the cost of production. A regular review is undertaken to determine the appropriateness of continuing to carry forward costs in relation to that area of interest. An impairment exists when the carrying value of mine properties exceeds its estimated recoverable amount. The recoverable amount of Mine Properties is the higher of fair value less costs of disposal and value in use. The Group uses estimates and assumptions to assess the recoverability of Mine Properties including expected future cash flows.
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- 66 - NOTES TO THE FINANCIAL STATEMEMENTS FOR THE YEAR ENDED 30 June 2026 NOTE 16: DEFERRED EXPLORATION AND EVALUATION EXPENDITURE Costs carried forward in respect of Exploration and Evaluation expenditure: 30 June 2026 $’000 30 June 2025 $’000 Opening balance 129,238 36,227 Acquisition of subsidiary (Note 18) 76,804 80,162 Acquisition of tenements - 12,849 Closing balance 206,042 129,238 Material accounting policy and significant judgements Exploration and evaluation Exploration for and evaluation of mineral resources is the search for mineral resources after the entity has obtained legal rights to explore in a specific area, as well as the determination of the technical feasibility and commercial viability of extracting the mineral resource. Accordingly, exploration and evaluation expenditures are those expenditures incurred in connection with the exploration for and evaluation of mineral resources before the technical feasibility and commercial viability of extracting a mineral resource are demonstrable. Exploration and evaluation assets are initially measured at cost. Accounting for exploration and evaluation expenditures is assessed separately for each “area of interest”. Each “area of interest” is an individual geological area which is considered to constitute a favourable environment for the presence of a mineral deposit or has been proved to contain such a deposit. Exploration and evaluation costs are expensed in the year they are incurred, apart from acquisition costs which are carried forward where right of tenure of the area of interest is current, and they are expected to be recouped through sale or successful development and exploitation of the area of interest, or where exploration and evaluation activities in the area of interest have not reached a stage that permits reasonable assessment of the existence of economically recoverable reserves. Where an area of interest is abandoned, or the Directors decide th at it is not commercially viable, any accumulated acquisition costs in respect of that area are written off in the financial period the decision is made. Each area of interest is also reviewed at the end of each accounting period and accumulated costs are written off to the extent that they will not be recoverable in the future. Exploration and evaluation assets are assessed for impairment when facts and circumstances suggest that the carrying amount of an exploration and evaluation asset may exceed its re coverable amount. The recoverable amount of the exploration and evaluation asset (for the cash generating unit(s) to which it has been allocated being no larger than the relevant area of interest) is estimated to determine the extent of the impairment loss (if any). Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but only to the extent that the increased carrying amount does not exceed the carrying amount that w ould have been determined had no impairment loss been recognised for the asset in previous years. Where a decision has been made to proceed with development in respect of a particular area of interest, the relevant exploration and evaluation asset is tested for impairment and the balance is then reclassified to Mine Properties. Exploration and evaluation costs The application of the accounting policy for exploration and evaluation costs requires management to make certain estimates and assumptions as to future events and circumstances, in particular, the assessment of whether economic quantities of reserves will be found. Any such estimates and assumptions may change as new information becomes available, which may require adjustments to the carrying value o f assets. Capitalised exploration and evaluation expenditure is assessed for impairment when an indicator of impairment exists, and capitalised assets are written off where required.
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- 67 - NOTES TO THE FINANCIAL STATEMEMENTS FOR THE YEAR ENDED 30 June 2026 NOTE 17: LEASE LIABILITIES June 2026 $’000 June 2025 $’000 Leases Current 4,830 5,336 Non-Current 7,000 8,132 11,830 13,468 Reconciliation of lease liability June 2026 $’000 June 2025 $’000 Opening balance 13,468 317 Lease additions 4,788 15,951 Lease modifications 500 - Lease principal repayments (6,926) (2,800) Closing balance 11,830 13,468 Amounts recognised in the statement of profit and loss June 2026 $’000 June 2025 $’000 Depreciation charge right-of-use assets 7,414 311 Interest expense (included in finance costs) 1,545 101 Expense relating to short-term leases (included in cost of sales) 8,853 1,550 The amounts in the table above are recognised in the Statement of Profit and Loss. Depreciation on right-of-use assets used in construction has been capitalised as assets under construction in accordance with AASB 116 Property, Plant and Equipment. Pursuant to AASB 116 the cost of an item of property, plant and equipment may include costs incurred relating to the leasing of assets that are used to construct property, plant and equipment. Extension options Extension and termination options are included in a number of leases across the Group. These are used to maximise operational flexibility in terms of managing the assets used in the Group’s operations. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor. The Group has applied judgement to determine the lease terms for some lease contracts in which it is a lessee that includes renewal options. The assessment of these options will impact the lease term and therefore affects the amount of lease liabilities and right -of- use assets recognised. The Group’s leasing activities and lease accounting The Group leases offices, camps and various equipment. Rental contracts are typically made for fixed periods of six months to four years, and they may include extension options as described above. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the Group, the lessee’s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right -of-use asset in a similar economic environment with similar terms, security and conditions.
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- 68 - NOTES TO THE FINANCIAL STATEMEMENTS FOR THE YEAR ENDED 30 June 2026 NOTE 17: LEASE LIABILITIES (CONTINUED) Material accounting policy Leases At the commencement date of a lease (other than leases of 12 -months or less and leases of low value assets), the Group recognises a lease asset representing its right to use the underlying asset and a lease liability representing its obligation to make lease payments. Lease assets Lease assets are initially recognised at cost, comprising the amount of the initial measurement of the lease liability, any lease payments made at or before the commencement date of the lease, less any lease incentives received, any initial direct costs incurred by the Group, and an estimate of costs to be incurred by the Group in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease, unless those costs are incurred to produce inventories. Subsequent to initial recognition, lease assets are measured at cost (adjusted for any remeasurement of the associated lease liability), less accumulated depreciation and any accumulated impairment loss. Lease assets are depreciated over the shorter of the lease term and the estimated useful life of the underlying asset, consistent with the estimated consumption of the economic benefits embodied in the underlying asset. Lease liabilities Lease liabilities are initially recognised at the present value of the future lease payments (i.e., the lease payments that are unpaid at the commencement date of the lease). These lease payments are discounte d using the interest rate implicit in the lease, if that rate can be readily determined, or otherwise using the Group’s incremental borrowing rate. Subsequent to initial recognition, lease liabilities are measured at the present value of the remaining lease payments (i.e., the lease payments that are unpaid at the reporting date). Interest expense on lease liabilities is recognised in profit or loss (presented as a component of finance costs). Lease liabilities are remeasured to reflect changes to lease terms, changes to lease payments and any lease modifications not accounted for as separate leases. Variable lease payments not included in the measurement of lease liabilities are recognised as an expense when incurred. Leases of 12-months or less and leases of low value assets Lease payments made in relation to leases of 12-months or less and leases of low value assets (for which a lease asset and a lease liability has not been recognised) are recognised as an expense on a straight-line basis over the lease term.
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- 69 - NOTES TO THE FINANCIAL STATEMEMENTS FOR THE YEAR ENDED 30 June 2026 NOTE 18: ACQUISITION OF SUBSIDIARY Current year – Aurumin Limited On 21 July 2025 the Company announced it had entered a Scheme Implementation Deed to acquire 100% of the shares in Aurumin Limited (Aurumin) via a Share and Option Scheme of Arrangement (together the Schemes). The acquisition completed on 2 December 2025, the Company issued 128,002,115 fully paid ordinary shares to Aurumin shareholders and 28,094,929 options to Au rumin option holders. The fair value of shares issued was based upon the Company’s closing share price of $0.485. The fair value of the options was determined using the Hull-White stock option model. Key valuation inputs are as follows: Item/ASX code O22 O23 O24 O25 O26 Total Valuation date 30 Nov 2025 30 Nov 2025 30 Nov 2025 30 Nov 2025 30 Nov 2025 - Spot price ($) 0.485 0.485 0.485 0.485 0.485 - Exercise price ($) 0.240 0.240 0.240 1.0 0.24 - Vesting date n/a n/a n/a n/a n/a - Expiry date 31 Aug 2026 31 Jul 2028 22 Dec 2026 31 Jul 2026 31 Jul 2027 - Volatility 80% 80% 80% 80% 80% - Risk-free rate 3.81% 3.87% 3.81% 3.81% 3.81% - Dividend yield Nil Nil Nil Nil Nil - Number of options 5,000,000 2,679,852 12,500,000 1,656,250 6,258,827 28,094,929 Value ($) 0.265 0.283 0.270 0.062 0.276 - Total value ($’000) 1,325 758 3,375 103 1,727 7,288
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- 70 - NOTES TO THE FINANCIAL STATEMEMENTS FOR THE YEAR ENDED 30 June 2026 NOTE 18: ACQUISITION OF SUBSIDIARY (CONTINUED) The fair value of the identifiable assets and liabilities of Aurumin at the date of acquisition have been determined as follows ($’000) Cash and cash equivalents 960 Trade receivables and other financial assets 415 Exploration, evaluation and development expenditure 76,804 Trade and other payables (653) Provisions (3,643) Acquisition date fair value of the total consideration transferred 73,883 Representing: Shares issued to vendor 62,081 Options issued to vendor (Note 24) 7,288 Transaction costs 4,514 73,883 The transaction is accounted for as an asset acquisition as management has assessed it does not meet the definition of a business pursuant to AASB 3 Business Combinations. Aurumin is an entity which holds exploration licences within the Sandstone region.
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- 71 - NOTES TO THE FINANCIAL STATEMEMENTS FOR THE YEAR ENDED 30 June 2026 NOTE 18: ACQUISITION OF SUBSIDIARY (CONTINUED) Prior period – Alto Metals Limited On 1 August 2024 the Company announced it has entered a Scheme Implementation Deed to acquire 100% of the shares in Alto Metals Limited (Alto) via a Scheme of Arrangement (Scheme). Following approval of the Scheme on 29 November 2024 the Company issued 2,959,092,688 fully paid ordinary shares to Alto shareholders, being four Brightstar shares for one Alto share held. The Company’s closing share price on 29 November 2024 was $0.025. The fair value of the consideration paid is $73,980,000. The fair value of the identifiable assets and liabilities of Alto at the date of acquisition have been determined as follows ($’000) Cash and cash equivalents 733 Trade receivables and other financial assets 58 Property, plant and equipment 261 Deferred exploration and evaluation expenditure 80,162 Trade and other payables (2,168) Lease liabilities (129) Employee entitlements (159) Acquisition date fair value of the total consideration transferred 78,758 Representing: Shares issued to vendor (Note 24) 73,977 Transaction costs 4,781 78,758 The transaction is accounted for as an asset acquisition as management has assessed it does not meet the definition of a business pursuant to AASB 3 Business Combinations. Alto is an entity which holds exploration licences within the Sandstone region. Material accounting policy Asset Acquisition not constituting a Business When an asset acquisition does not constitute a business combination, the assets and liabilities are assigned a carrying amount based on their relative fair values in an asset purchase transaction and no deferred tax will arise in relation to the acquired assets and assumed liabilities as the initial recognition exemption for deferred tax under AASB 112 applies. No goodwill will arise on the acquisition and transaction costs of the acquisition will be included in the capitalised cost of the asset.
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- 72 - NOTES TO THE FINANCIAL STATEMEMENTS FOR THE YEAR ENDED 30 June 2026 NOTE 19: TRADE AND OTHER PAYABLES June 2026 $’000 June 2025 $’000 Current Trade payables 6,565 10,210 Other payables and accruals 23,662 20,888 Interest payable 728 188 30,955 31,286 Material accounting policy Trade and other payables Trade payables and other payables represent liabilities for goods and services provided to the Group prior to the end of the financial year which are unpaid. Trade and other payables are presented as current liabilities unless payment is not due within 12 months from the reporting date. They are recognised initially at their fair value and subsequently measured at amortised cost. The amounts are unsecured and the majority of suppliers are usually payable within 30 -60 days of recognition. NOTE 20: BORROWINGS June 2026 $’000 June 2025 $’000 Current Ocean Partners loan - 14,216 Camp financing arrangement - 2,182 Other loans 1,966 482 1,966 16,880 Non-Current Secured debt (US$ denominated bond) 157,709 - Other loans 474 625 158,183 625
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- 73 - NOTES TO THE FINANCIAL STATEMEMENTS FOR THE YEAR ENDED 30 June 2026 NOTE 20: BORROWINGS (CONTINUED) US$ Secured Bond During March 2026, the Group completed settlement of a US$120,000,000 senior secured bond facility for the development of its Goldfields Project. The bond facility is administered by the bond trustee , Nordic Trustee ASA. Drawdown of bond proceeds is subject to satisfaction of customary conditions precedent for a fully secured bond of this nature, including completion of security documentation and satisfaction of cost-to-complete tests for each drawdown. Key terms of the bond are as follows: • Fixed coupon rate of 12.5% per annum, payable quarterly in arrears in cash • Term: 4 years • Issue date: 18 March 2026 • Issue price: 94% of par value • No principal repayment within 18 months of issue with a tiered amortisation profile thereafter and a 20% bullet repayment at maturity The carrying amount of the US$ secured bond is made up as follows: Secured debt (US$ Secured bond) $’000 Bond proceeds at inception 158,538 Unrealised foreign exchange loss* 5,678 Bond proceeds at 30 June 2026 164,216 Amortisation of bond discount 732 Directly attributable transaction costs (7,799) Amortisation of transaction costs 561 Carrying amount as at 30 June 2026 157,709 *The value of the US$ secured bond is required to be translated at the end of each financial period utilising the closing foreign exchange rate. The Issuer is subject to certain financial covenants under the bond arrangements. The covenants require the Issuer to: • maintain minimum liquidity of A$15,000,000; • maintain an equity ratio of not less than 35% at each half-year reporting date; and • maintain a leverage ratio of no more than 3.25:1 commencing from 30 June 2028, reducing to 2:1 for periods ending on or after 31 March 2029. Compliance with these financial covenants is assessed at the relevant reporting dates and is certified to the Bond Trustee through delivery of a Compliance Certificate in connection with the Issuer’s financial reporting obligations. As at 30 June 2026, the Group is in compliance with all applicable financial covenants. Ocean Partners Loan During the year, the Group fully repaid and extinguished its US$11,500,000 revolving debt facility ( Loan Facility) with Ocean Partners Australia Pty Ltd (Ocean Partners). Material accounting policy Borrowings Borrowings are initially measured at fair value less any directly attributable transaction costs. Subsequent to initial recognition, these liabilities are measured at amortised cost using the effective interest rate method. Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the asset . All other borrowing costs are expensed in the period in which they occur . Borrowing costs consist of interest and other costs incurred in connection with the borrowing of funds. I nvestment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation.
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- 74 - NOTES TO THE FINANCIAL STATEMEMENTS FOR THE YEAR ENDED 30 June 2026 NOTE 21: PROVISIONS June 2026 ‘$000 June 2025 $’000 Current Employee benefits 1,102 899 1,102 899 Non-Current Rehabilitation 29,564 10,890 29,564 10,890 The provision for rehabilitation represents the present value of estimated costs o f site rehabilitation based upon costs of rehabilitation expected to be incurred at the date the rehabilitation is required and the area of currently disturbed ground subject to rehabilitation as at the reporting date. (i) Reconciliation of movement in provision for rehabilitation: June 2026 $’000 June 2025 $’000 Opening balance 10,890 10,596 Additions recognised through asset acquisition 3,643 - Reassessment 14,276 (82) Unwinding of discount 755 376 Closing balance 29,564 10,890 The reassessment increase during the year reflects an initiative to align the methodology and calculation of the rehabilitation provision consistently across all entities within the Grou p. This reassessment value is recognised as exploration and evaluation expenditure. (ii) Leave obligations The leave obligations cover the Group’s liabilities for annual leave which are classified as short-term benefits.
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- 75 - NOTES TO THE FINANCIAL STATEMEMENTS FOR THE YEAR ENDED 30 June 2026 NOTE 21: PROVISIONS (CONTINUED) Material accounting policy and significant judgement Provisions – Employee benefits Wages, Salaries and Annual Leave Liabilities for wages and salaries, including non -monetary benefits and annual leave are recognised in respect of employees’ services up to the reporting date. They are measured at their nominal values using the remuneration rate expected to apply at the time of settlement. Liabilities for non-accumulating sick leave are recognised when the leave is taken and are measured at the rates paid or payable. Long Service Leave The liability for long service leave is recognised and measured at the present value of expected future payments to be made in respect of services provided by employees up to the reporting date. Consideration is given to expected future wage and salary levels, experience of employee of departures, and period of service. Provision for restoration and rehabilitation A provision for restoration and rehabilitation is recognised when there is a present obligation as a result of development activities undertaken, it is probable that an outflow of economic benefits will be required to settle the obligation, and the amount of the provision can be measured reliably. The estimated future obligations include the costs of abandoning sites, removing facilities and making safe of any remaining aspects of previous mining operations. The provision for future restoration costs is the best estimate of the present value of the expenditure required to settle the restoration obligation at the balance date ; thi s includes expected future costs, current legal and regulatory requirements and technology. Future restoration costs are reviewed annually and any changes in the estimate are reflected in the present value of the restoration provision at each reporting date. The initial estimate of the restoration and rehabilitation provision is capitalised into the cost of the related asset and amortised on the same basis as the related asset, unless the present obligation arises from the production of inventory in the per iod, in which case the amount is included in the cost of production for the period. Where restoration and rehabilitation expenditure relates to exploration and evaluation activities, or otherwise does not give rise to future economic benefits, the related amount is recognised as an expense as incurred. Changes in the estimate of the provision for restoration and rehabilitation are treated in the same manner unless they are not expected to be recovered over the course of the Groups operation where they are r ecognised in the Statement of Profit or Loss. The assets associated with restoration and rehabilitation provisions are depreciated in accordance with the Group’s depreciation policy, which is primarily based on a units-of-production methodology, reflecting the expected pattern of consumption of the underlying economic benefits. The discount rate used to determine the present value of the restoration and rehabilitation provision is based on Australian government bond rates with maturities consistent with the expected timing of the associated cash flows. The unwinding of discounting on the provision is recognised as a finance cost rather than being capitalised into the cost of the related asset. NOTE 22: ISSUED CAPITAL June 2026 June 2026 June 2025 June 2025 No.’000 $’000 No.’000 $’000 Fully paid ordinary shares 1,097,936 549,621 472,577 255,011
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- 76 - NOTES TO THE FINANCIAL STATEMEMENTS FOR THE YEAR ENDED 30 June 2026 NOTE 22: ISSUED CAPITAL (CONTINUED) Date No.’000 $’000 Movement in ordinary share capital At 1 July 2024 4,569,985 108,861 Acquisition of Linden Gold Alliance Pty Ltd 10 July 2024 152,239 2,284 Placement 8 August 2024 1,166,667 17,500 Exercise of performance rights 8 August 2024 20,000 - Placement 23 September 2024 433,333 6,500 Acquisition of Montague East Gold Project 23 September 2024 466,666 7,000 Shares issued as consideration for services 23 September 2024 323,835 4,857 Acquisition of Alto Metals Ltd (Note 18) 2 December 2024 2,959,093 73,977 Placement 4 December 2024 1,304,348 30,000 Exercise of ZEPO options 15 April 2025 10,000 - Exercise of performance rights 12 January 2025 10,000 - Consultant Shares 17 April 2025 10,729 283 Drilling Service Consideration Shares 17 April 2025 75,000 1,500 LBM Deferred Consideration shares 17 April 2025 312,500 5,000 Capital consolidation 25:1 17 April 2025 (11,341,818) - Less capital raising costs - (2,751) At 30 June 2025 472,577 255,011 Placement 25 July 2025 104,167 50,000 Exercise of performance rights 28 July 2025 1,576 - ESIP bonus – issue of shares(1) 31 July 2025 931 446 ESIP bonus – issue of shares(1) 23 September 2025 58 23 Acquisition of Aurumin Ltd (Note 18) 2 December 2025 128,002 62,081 Exercise of options 14 January 2026 3,000 720 Exercise of options 15 January 2026 1,374 330 Placement 10 February 2026 105,603 52,801 Exercise of options 12 February 2026 625 150 Exercise of ZEPO options 23 February 2026 386 - Share Purchase Plan 6 March 2026 36,000 18,000 Placement 18 March 2026 243,397 121,699 ESIP bonus – issue of shares 8 April 2026 75 32 Exercise of ZEPO options 28 May 2026 165 - Less capital raising costs - (11,672) At 30 June 2026 1,097,936 549,621 (1) As part of the Employee Shares Incentive Plan, the Company issued 989,022 shares during the period to employees relating to bonuses for FY25.
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- 77 - NOTES TO THE FINANCIAL STATEMEMENTS FOR THE YEAR ENDED 30 June 2026 NOTE 22: ISSUED CAPITAL (CONTINUED) Ordinary shares Ordinary shares entitle the holder to participate in the dividends an d the proceeds on winding up in proportion to the number of and amounts paid on the shares held. Share buy-back There is no current on-market share buy-back. Material accounting policy Ordinary share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. Incremental costs directly attributable to the issue of new shares or options for the acquisition of a business are not included in the cost of the acquisition as part of the purchase consideration. NOTE 23: RESERVES June 2026 $’000 June 2025 $’000 Share-based payment reserve 7,556 5,778 Equity reserve 4,911 4,911 Acquisition reserve (note 18) 7,288 - 19,755 10,689 Movement in share-based payment reserve June 2026 $’000 June 2025 $’000 Opening balance 5,778 4,630 Share based payments (Note 24) 1,778 1,148 Closing balance 7,556 5,778 Nature and Purpose of Reserves Share-based payments reserve This reserve is used to record the value of equity benefits provided to employees and unrelated parties for services or acquisition of goods. Equity reserve This reserve was created upon the completion of a company restructure in November 2020 and represents the difference between the fair value and historical issue value on the buy-back of shares. Acquisition reserve This reserve was created upon the acquisition of Aurumin Limited and represents options issued to the vendor.
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- 78 - NOTES TO THE FINANCIAL STATEMEMENTS FOR THE YEAR ENDED 30 June 2026 NOTE 24: SHARE-BASED PAYMENTS June 2026 $’000 June 2025 $’000 Securities issued in current financial year (STI) (i) 523 - Securities issued in current financial year (LTI) (ii) 1,327 - Securities issued in previous financial years (iii) (72) 1,148 Total movement in reserves 1,778 1,148 Represented by Share-based payment expense 1,778 1,148 1,778 1,148 Reconciliation of share-based payment expense to the expense recorded in profit and loss June 2026 $’000 June 2025 $’000 Share-based payment expense 1,778 1,148 1,778 1,148
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- 79 - NOTES TO THE FINANCIAL STATEMEMENTS FOR THE YEAR ENDED 30 June 2026 NOTE 24: SHARE-BASED PAYMENTS (CONTINUED) (i) Securities issued this financial year (STI) Under the Company’s Incentive Award Plan, the Company issued the following incentives to Executive Directors, Executives and Management during the period: • a short-term incentive (STI), designed to reward creation of exceptional short -term shareholder value as eviden ced by the performance hurdles, issued in seven tranches of Performance Rights (Rights) for Executive Directors as (Class STIP PR DIR) and seven tranches of Performance Rights for Executives and Management (as Class STIP PR) and; • a long -term incentive (LTI), designed to reward creation of exceptional long -term shareholder value as evidenced by performance hurdles, issued in six tranches of Rights for Directors and Executives and four tranches for Management as (Class LTIP) Details of Executive Directors’ STIs are as follows (Class PR DIR): Item Tranche 1 Tranche 2 Tranche 3 Tranche 4 Tranche 5 Tranche 6 Tranche 7 Grant date 24 Nov 2025 24 Nov 2025 24 Nov 2025 24 Nov 2025 24 Nov 2025 24 Nov 2025 24 Nov 2025 Fair value of each Right ($) 0.44 0.44 0.44 0.44 0.44 0.16 0.44 Commencement of performance period 1 Jul 2025 1 Jul 2025 1 July2025 1 Jul 2025 1 Jul 2025 1 Jul 2025 1 July 2025 Vesting date 30 Jun 2026 30 Jun 2026 30 Jun 2026 30 Jun 2026 30 Jun 2026 30 Jun 2026 30 Jun 2026 Expiry date 31 Dec 2027 31 Dec 2027 31 Dec 2027 31 Dec 2027 31 Dec 2027 31 Dec 2027 31 Dec 2027 Volatility n/a n/a n/a n/a n/a 80% n/a Risk-free rate n/a n/a n/a n/a n/a 3.67% n/a Dividend yield Nil Nil Nil Nil Nil Nil nil Number of Rights 36,161 12,054 48,214 48,214 48,214 48,214 80,357 Price at grant ($) 0.44 0.44 0.44 0.44 0.44 0.44 0.44
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- 80 - NOTES TO THE FINANCIAL STATEMEMENTS FOR THE YEAR ENDED 30 June 2026 NOTE 24: SHARE-BASED PAYMENTS (CONTINUED) Details of STIs for Executives and Management (Class STIP PR) Item Tranche 1 Tranche 2 Tranche 3 Tranche 4 Tranche 5 Tranche 6 Tranche 7 Grant date 8 Oct 2025 8 Oct 2025 8 Oct 2025 8 Oct 2025 8 Oct 2025 8 Oct 2025 8 Oct 2025 Fair value of each Right ($) 0.57 0.57 0.57 0.57 0.57 0.32 0.57 Commencement of performance period 1 Jul 2025 1 Jul 2025 1 Jul 2025 1 Jul 2025 1 Jul 2025 1 Jul 2025 1 Jul 2025 Vesting date 30 Jun 2026 30 Jun 2026 30 Jun 2026 30 Jun 2026 30 Jun 2026 30 Jun 2026 30 Jun 2026 Expiry date 31 Dec 2027 31 Dec 2027 31 Dec 2027 31 Dec 2027 31 Dec 2027 31 Dec 2027 31 Dec 2027 Volatility n/a n/a n/a n/a n/a 80% n/a Risk-free rate n/a n/a n/a n/a n/a 4.33% n/a Dividend yield Nil Nil Nil Nil Nil Nil Nil Number of Rights 92,843 30,948 123,790 123,790 123,790 123,790 677,197 Price at grant ($) 0.57 0.57 0.57 0.57 0.57 0.57 0.57 In addition to remaining as an employee on 30 June 2026, STI performance rights were issued with the following vesting conditions: Tranche 1: - Safety – Lost time injury frequency rate less than 1.5 for FY2026. Tranche 2 - Environment – No major environmental or regulatory non-compliance issue. Tranche 3 - Gold Production – Achieving at least 110% of Board approved Group budgeted gold production. Tranche 4 - Cost – Achieving operating costs of less than $A3,800/oz Tranche 5 - In respect of the Company’s Laverton Hub, the Company announcing at least a 20% increase in total Group Reserves as compared to total Group Reserves as at 1 July 2025. Tranche 6 - The number of Absolute total shareholder return (ATSR) Rights that vest is based on the total shareholder return (TSR) of Brightstar over the performance period. The ATSR is measured by comparing the Company’s 20 trading day volume weighted average share price (VWAP) up to and including 30 June 2025 to the 20 trading day VWAP up to and including 30 June 2026. The ATSR Rights will vest according to the following schedule:
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- 81 - NOTES TO THE FINANCIAL STATEMEMENTS FOR THE YEAR ENDED 30 June 2026 NOTE 24: SHARE-BASED PAYMENTS (CONTINUED) Company’s TSR performance Percentage of ATSR Rights eligible to vest <25% Nil >25% 100% Tranche 7 - Various personal objectives. (iii) Securities issued this financial year (LTI) Details of Executive Directors LTIs are as follows: Item ATSR Rights RTSR Rights Tranche 1 Tranche 2 Tranche 3 Tranche 4 Grant date 24 Nov 2025 24 Nov 2025 24 Nov 2025 24 Nov 2025 24 Nov 2025 24 Nov 2025 Fair value of each Right ($) 0.22 0.33 0.44 0.44 0.44 0.44 Commencement of performance period 1 Jul 2025 1 Jul 2025 1 Jul 2025 1 Jul 2025 1 Jul 2025 1 Jul 2025 Vesting date 30 Jun 2028 30 Jun 2028 30 Jun 2028 30 Jun 2028 30 Jun 2028 30 Jun 2028 Expiry date 31 Dec 2029 31 Dec 2029 31 Dec 2029 31 Dec 2029 31 Dec 2029 31 Dec 2029 Volatility 80% 80% n/a n/a n/a n/a Risk-free rate 3.93% 3.93% n/a n/a n/a n/a Dividend yield Nil Nil Nil Nil Nil Nil Number of Rights 900,000 900,000 900,000 450,000 900,000 450,000 Price at grant ($) 0.44 0.44 0.44 0.44 0.44 0.44 Valuation per Tranche ($’000) 202 298 392 196 392 196 Share based payment expense ($’000) 67 99 78 39 78 39
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- 82 - NOTES TO THE FINANCIAL STATEMEMENTS FOR THE YEAR ENDED 30 June 2026 NOTE 24: SHARE-BASED PAYMENTS (CONTINUED) Details of LTIs for Executive Employees Item ATSR Rights RTSR Rights Tranche 1 Tranche 2 Tranche 3 Tranche 4 Grant date 22 Dec 2025 22 Dec 2025 22 Dec 2025 22 Dec 2025 22 Dec 2025 22 Dec 2025 Fair value of each Right ($) 0.32 0.40 0.55 0.55 0.55 0.55 Commencement of performance period 1 Jul 2025 1 Jul 2025 1 Jul 2025 1 Jul 2025 1 Jul 2025 1 Jul 2025 Vesting date 30 Jun 2028 30 Jun 2028 30 Jun 2028 30 Jun 2028 30 Jun 2028 30 Jun 2028 Expiry date 31 Dec 2029 31 Dec 2029 31 Dec 2029 31 Dec 2029 31 Dec 2029 31 Dec 2029 Volatility 80% 80% n/a n/a n/a n/a Risk-free rate 4.33% 4.33% n/a n/a n/a n/a Dividend yield Nil Nil Nil Nil Nil Nil Number of Rights 385,000 385,000 385,000 192,500 385,000 192,500 Price at grant ($) 0.55 0.55 0.55 0.55 0.55 0.55 Valuation per Tranche ($’000) 123 154 212 106 212 106 Share based payment expense ($’000) 26 32 26 13 26 13 In addition to remaining as an employee on 30 June 2028. LTI performance rights were issued with the following vesting conditions: Market Based Measurements • ATSR Rights - The number of ATSR Rights that vest is based on the TSR of Brightstar over the performance period. The ATSR Rights will vest according to the following schedule: Company’s TSR performance Percentage of ATSR Rights eligible to vest <100% Nil >100% 100% • RTSR Rights - The number of RTSR Rights that vest is based on the TSR of Brightstar over the performance period, relative to the returns of the Peer Group. The TSR is measured by comparing the relevant entity’s 20 day trading VWAP up to and including 30 June 2025 to the 20 trading day VWAP up to and including 30 June 2028 (with dividends reinvested). The RTSR Rights will vest according to the following schedule.
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- 83 - NOTES TO THE FINANCIAL STATEMEMENTS FOR THE YEAR ENDED 30 June 2026 NOTE 24: SHARE-BASED PAYMENTS (CONTINUED) Company’s TSR performance relative to the Peer Group Percentage of RTSR Rights eligible to vest Less than 50th percentile Nil 50th percentile 50% Between 50th percentile and 75th percentile 51%-99% Pro-rata Greater than 75th percentile 100% Business Milestones Tranche 1 Ore Reserve – public announcement to the ASX of 1,000,000oz of gold Ore Reserve (as defined in the JORC Code) declared across the Company’s projects. Tranche 2 Health, Safety and Environment Measure – No serious injuries or death, no major environmental incident or breach Tranche 3 In respect of the Company’s Laverton Hub, announcement to the AS X of the commencement of commercial production processed through a Company-owned and operated processing plant. Tranche 4 In respect of the Company’s Sandstone Hub, announcement to the ASX of a positive final investment decision and commencement of construction of a second Company-owned processing plant, following completion of feasibility studies, all requisite permitting/approvals and funding. Details of LTI for Management Item Tranche 1 Tranche 2 Tranche 3 Tranche 4 Grant date 22 Dec 2025 22 Dec 2025 22 Dec 2025 22 Dec 2025 Fair value of each Right ($) 0.55 0.55 0.55 0.55 Commencement of performance period 1 Jul 2025 1 Jul 2025 1 Jul 2025 1 Jul 2025 Vesting date 30 Jun 2028 30 Jun 2028 30 Jun 2028 30 Jun 2028 Expiry date 31 Dec 2029 31 Dec 2029 31 Dec 2029 31 Dec 2029 Volatility n/a n/a n/a n/a Risk-free rate n/a n/a n/a n/a Dividend yield Nil Nil Nil Nil Number of Rights 2,056,250 2,056,250 2,056,250 2,056,250 Price at grant ($) 0.55 0.55 0.55 0.55 Valuation per Tranche ($’000) 1,131 1,131 1,131 1,131 Share based payment expense ($’000) 197 198 198 198
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- 84 - NOTES TO THE FINANCIAL STATEMEMENTS FOR THE YEAR ENDED 30 June 2026 NOTE 24: SHARE-BASED PAYMENTS (CONTINUED) In addition to remaining an employee on 30 June 2028. LTI performance rights for the Management were issued with the following vesting conditions: Business Milestones Tranche 1 Ore Reserve – public announcement to the ASX of 1,000,000oz of gold Ore Reserve (as defined in the JORC Code) declared across the Company’s projects. Tranche 2 Health, Safety and Environment Measure – No serious injuries or death, no major environmental incident or breach Tranche 3 In respect of the Company’s Laverton Hub, announcement to the ASX of the commencement of commercial production processed through a Company-owned and operated processing plant. Tranche 4 In respect of the Company’s Sandstone Hub, announcement to the ASX of a positive final investment decision and commencement of construction of a second Company-owned processing plant, following completion of feasibility studies, all requisite permitting/approvals and funding. (iv) Securities issued in previous financial years Performance Rights granted on 31 May 2024 On 3 June 2024, pre-share consolidation, 77,625,000 Performance Rights expiring 3 June 2029 (in 4 tranches) were issued to two employees of Linden Gold Alliance Pty Ltd (Linden) who joined the Company following completion of the acquisition of Linden, as replacement of their lapsed performance rights in Linden. Shareholders’ approval was obta ined at the General Meeting held on 22 May 2024. Tranche Vesting condition Probability of vesting 1 The Company’s processing plant declares commercial production within 24 months of the Takeover Offer becoming (or being declared) unconditional 0% 2 The Second Fortune Gold Project produces 50,000oz in cumulative production on a cashflow positive basis within 36 months of the Takeover Offer becoming (or being declared) unconditional 0% 3 The Company announcing the first gold production from the Jasper Hills Project within 24 months of the Takeover Offer becoming (or being declared) unconditional vested 4 Cumulative production from the Company of 100,000oz within 36 months of the Takeover Offer becoming (or being declared) unconditional 10% Tranche Grant date Volume Share price at grant date Exercise price Expiry date PR value FY 26 Share based payment expense/ (reversal of expense) ($’000) Tranche 1 31 May 2024 19,406,250 $0.015 - 3 June 2029 $0.015 0 Tranche 2 31 May 2024 19,406,250 $0.015 - 3 June 2029 $0.015 (18) Tranche 3 31 May 2024 19,406,250 $0.015 - 3 June 2029 $0.015 0 Tranche 4 31 May 2024 19,406,250 $0.015 - 3 June 2029 $0.015 (54) Total (72)
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- 85 - NOTES TO THE FINANCIAL STATEMEMENTS FOR THE YEAR ENDED 30 June 2026 NOTE 24: SHARE-BASED PAYMENTS (CONTINUED) Set out below are summaries of options movement during the year and the comparative year: Year Ending 30 June 2026 ASX Code Grant date Expiry date Exercise price ($) post consolidation Balance at 1 July 2025 Granted during the year Exercised during the year Lapsed/forfeited during the year Balance at 30 June 2026 Exercisable at 30 June 2026 7OP 26-May-23 16-Jan-26 0.58 131,579 - - (131,579) - - 8OP 26-May-23 16-Jan-26 0.95 157,895 - - (157,895) - - O10 4-Sep-23 4-Aug-25 0.50 1,600,000 - - (1,600,000) - - O11 4-Sep-23 7-Jul-26 0.50 600,000 - - - 600,000 600,000 O12 4-Sep-23 7-Jul-26 0.75 600,000 - - - 600,000 600,000 O14 31-May-24 30-Jun-26 - 552,000 - (552,000) - - - O15 31-May-24 30-Jun-26 0.58 168,878 - - - 168,878 168,878 O16 22-May-25 19-Jul-27 0.75 1,000,000 - - - 1,000,000 1,000,000 O17 22-May-25 19-Jul-28 1.00 1,000,000 - - - 1,000,000 1,000,000 O18 5-Jul-24 7-Jul-26 0.63 600,000 - - - 600,000 600,000 O19 5-Jul-24 7-Jul-26 0.88 600,000 - - - 600,000 600,000 O20 17-Jul-24 1-Jul-27 0.63 800,000 - - - 800,000 800,000 O21 17-Jul-24 1-Jul-28 0.88 800,000 - - - 800,000 800,000 O22 30-Nov-25 31-Aug-26 0.24 - 5,000,000 - - 5,000,000 5,000,000 O23 30-Nov-25 31-Aug-26 0.24 - 2,679,852 (1,125,000) - 1,554,852 1,554,852 O24 30-Nov-25 22-Dec-26 0.24 - 12,500,000 (3,873,872) - 8,626,128 8,626,128 O25 30-Nov-25 30-Jul-26 1.00 - 1,656,250 - - 1,656,250 1,656,250 O26 30-Nov-25 30-Jun-27 0.24 - 6,258,827 - - 6,258,827 6,258,827 Total 8,610,352 28,094,929 (5,550,872) (1,889,474) 29,264,935 29,264,935
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- 86 - NOTES TO THE FINANCIAL STATEMEMENTS FOR THE YEAR ENDED 30 June 2026 NOTE 24: SHARE-BASED PAYMENTS (CONTINUED) Year Ending 30 June 2025 ASX Code Grant date Expiry date Exercise price ($) post consolidation Balance at 1 July 2024 Granted during the year Exercised during the year Capital consolidation movement Lapsed/forfeited during the year Balance at 30 June 2025 Exercisable at 30 June 2025 OP8 1-Dec-21 1-Dec-24 0.05 2,200,000 - - - (2,200,000) - - OP7 1-Dec-21 31-Dec-24 0.05 20,000,000 - - - (20,000,000) - - OP9 30-Nov-22 30-Nov-26 - 10,000,000 - (10,000,000) - - - - 2OP 26-May-23 15-Sep-24 0.07 16,447,368 - - - (16,447,368) - - 1OP 26-May-23 21-Oct-24 0.08 21,052,631 - - - (21,052,631) - - 2SR 26-May-23 7-Oct-24 0.11 7,815,789 - - - (7,815,789) - - 3OP 26-May-23 15-Feb-25 0.11 4,473,685 - - - (4,473,685) - - 5OP 26-May-23 28-Apr-25 0.10 3,289,474 - - - (3,289,474) - - 7OP 26-May-23 16-Jan-26 0.58 3,289,474 - - (3,157,895) - 131,579 131,579 8OP 26-May-23 16-Jan-26 0.95 3,947,368 - - (3,789,473) - 157,895 157,895 O10 4-Sep-23 4-Aug-25 0.50 40,000,000 - - (38,400,000) - 1,600,000 1,600,000 O11 4-Sep-23 7-Jul-26 0.50 15,000,000 - - (14,400,000) - 600,000 600,000 O12 4-Sep-23 7-Jul-26 0.75 15,000,000 - - (14,400,000) - 600,000 600,000 O14 31-May-24 30-Jun-26 - 13,800,000 - - (13,248,000) - 552,000 552,000 O15 31-May-24 30-Jun-26 0.58 4,221,944 - - (4,053,066) - 168,878 168,878 O13 31-May-24 25-Feb-25 0.90 88,509,757 - - - (88,509,757) - - O16 22-May-25 19-Jul-27 0.75 25,000,000 - - (24,000,000) - 1,000,000 1,000,000 O17 22-May-25 19-Jul-28 1.00 25,000,000 - - (24,000,000) - 1,000,000 1,000,000 O18 5-Jul-24 7-Jul-26 0.63 - 25,000,000 - (14,400,000) (10,000,000) 600,000 600,000 O19 5-Jul-24 7-Jul-26 0.88 - 25,000,000 - (14,400,000) (10,000,000) 600,000 600,000 O20 17-Jul-24 1-Jul-27 0.63 - 20,000,000 - (19,200,000) - 800,000 800,000 O21 17-Jul-24 1-Jul-28 0.88 - 20,000,000 - (19,200,000) - 800,000 800,000 Total 319,047,490 90,000,000 (10,000,000) (206,648,434) (183,788,704) 8,610,352 8,610,352
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- 87 - NOTES TO THE FINANCIAL STATEMEMENTS FOR THE YEAR ENDED 30 June 2026 NOTE 24: SHARE-BASED PAYMENTS (CONTINUED) Set out below are summaries of performance rights movement during the year and the comparative year: Year Ending 30 June 2026 ASX Code Grant date Expiry date Balance at 1 July 2025 Granted during the year Exercised during the year Lapsed/ forfeited during the year Balance at 30 June 2026 Exercisable at 30 June 2026 PR 1 29-Mar-23 31-Mar-26 800,000 - (800,000) - - - PR 3 29-Mar-23 31-Mar-26 800,000 - - (800,000) - - PR 4 29-Mar-23 31-Mar-26 400,000 - - (400,000) - - PR A 31-May-24 3-Jun-29 776,250 - - - 776,250 - PR B 31-May-24 3-Jun-29 776,250 - - - 776,250 - PR C 31-May-24 3-Jun-29 776,250 - (776,250) - - - PR D 31-May-24 3-Jun-29 776,250 - - - 776,250 - LTIP PR 24-Nov-25; 22-Dec-25 31-Dec-29 - 14,650,000 - (1,750,000) 12,900,000 - STIP PR DIR 24-Nov-25 31-Dec-27 - 321,428 - - 321,428 - STIP PR 8-Oct-25 31-Dec-27 - 1,296,149 (345,609) 950,540 - Total 5,105,000 16,267,577 (1,576,250) (3,295,609) 16,500,718 -
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- 88 - NOTES TO THE FINANCIAL STATEMEMENTS FOR THE YEAR ENDED 30 June 2026 NOTE 24: SHARE-BASED PAYMENTS (CONTINUED) Year Ending 30 June 2025 ASX Code Grant date Expiry date Balance at 1 July 2024 Granted during the year Exercised during the year Capital consolidation movement Lapsed during the year Balance at 30 June 2025 Exercisable at 30 June 2025 PR 1 29-Mar-23 31-Mar-26 20,000,000 - - (19,200,000) - 800,000 800,000 PR 2 29-Mar-23 31-Mar-26 10,000,000 - (10,000,000) - - - - PR 3 29-Mar-23 31-Mar-26 20,000,000 - - (19,200,000) - 800,000 - PR 4 29-Mar-23 31-Mar-26 10,000,000 - - (9,600,000) - 400,000 - PR 5 29-Mar-23 31-Mar-26 10,000,000 - (10,000,000) - - - - PR 6 29-Mar-23 31-Mar-26 10,000,000 - (10,000,000) - - - - PR A 31-May-24 3-Jun-29 19,406,250 - - (18,630,000) - 776,250 - PR B 31-May-24 3-Jun-29 19,406,250 - - (18,630,000) - 776,250 - PR C 31-May-24 3-Jun-29 19,406,250 - - (18,630,000) - 776,250 776,250 PR D 31-May-24 3-Jun-29 19,406,250 - - (18,630,000) - 776,250 - Total 157,625,000 - (30,000,000) (122,520,000) - 5,105,000 1,576,250
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- 89 - NOTES TO THE FINANCIAL STATEMEMENTS FOR THE YEAR ENDED 30 June 2026 NOTE 24: SHARE-BASED PAYMENTS (CONTINUED) Weighted average remaining contractual life June 2026 June 2025 Options 0.59 years 1.46 years Performance Rights 3.19 years 2.68 years Material accounting policy and significant judgment Share-based payments Share-based compensation benefits are provided to Key Management Personnel and employees. Options The fair value of options granted is recognised a share-based payment expense with a corresponding increase in equity. The total amount to be expensed is determined by reference to the fair value of the options granted: • including any market performance conditions (such as the entity’s share price) • excluding the impact of any service and non-market performance vesting conditions (such as profitability, sales growth targets and remaining an employee of the entity over a specified time period), and • including the impact of any non-vesting conditions (such as the requirement for employees to save or hold shares for a specific period of time). The total expense is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. At the end of each period, the entity revises its estimates of the number of options that are expected to vest based on the non-market vesting and service conditions. The entity recognises the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity. The fair value at grant date is independently determined using the Black -Scholes Model that takes into account the exercise price, the term of the options, the impact of dilution (where material), the share price at grant date and expected price volatility of the underlying share, the expected dividend yield, the risk-free interest rate for the term of the options and the correlations and volatilities of the peer group companies. Performance rights The fair value of performance rights granted to employees for nil consideration is recognised as an expense over the relevant service period. The fair value is measured at the grant date of the shares and is recognised in equity in the share-based payment reserve. The number of shares expect ed to vest is estimated based on the non -market vesting conditions. The estimates are revised at the end of each reporting period and adjustments are recognised in profit or loss and the share-based payment reserve. Where shares are forfeited due to a failure by the employee to satisfy the service conditions, any expenses previously recognised in relation to such shares are reversed with effect from the date of the forfeiture Share-based payments The Group measures the cost of equity-settled transactions with suppliers by reference to the fair value of the goods or services received, provided this can be estimated reliably. If a reliable estimate cannot be made the value of the goods or services is determined indirectly by reference to the fair value of the equity instrument granted. The Group measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments granted at grant date. The fair value of the equity instruments granted is determined using an appropriate option pricing model taking into account the terms and condition s upon which they instruments were granted. Volatility for these calculations is determined with reference to the Group’s historical volatility for a comparable or appropriate period. The accounting estimates and assumptions relating to equity -settled shar e-based payments would have no impact on the carrying amounts of assets and liabilities within the next annual reporting period but may impact profit or loss and equity. Please refer to Note 26 for further details.
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- 90 - NOTES TO THE FINANCIAL STATEMEMENTS FOR THE YEAR ENDED 30 June 2026 NOTE 25: FAIR VALUE MEASUREMENTS Fair value hierarchy This section explains the judgements and estimates made in determining the fair values of the financial instruments that are recognised and measured at fair value in the financial statements. To provide an indication about the reliability of the inputs used in determining fair value, the Group has classified its financial instruments into the three levels prescribed under the accounting standards. An explanation of each level follows underneath the table. June 2026 $’000 June 2025 $’000 Financial assets Level 2 – Option premium 29,958 - Level 3 - Other financial assets (Note 13) 3,777 3,641 There were no transfers between levels for recurring fair value measurements during the year. The Group’s policy is to recognise transfers into and out of fair value hierarchy levels as at the end of the reporting period. Level 1: The fair value of financial instruments traded in active markets (such as publicly traded deriv atives and equity securities) is based on quoted market prices at the end of the reporting period. The quoted market price used for financial assets held by the group is the current bid price. The quoted market price incorporates the market's assumptions w ith respect to changes in economic climate such as rising interest rates and inflation, as well as changes due to ESG risk. These instruments are included in level 1. Level 2: The fair value of financial instruments that are not traded in an active marke t (e.g. over-the counter derivatives) is determined using valuation techniques that maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are o bservable, the instrument is included in level 2. Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. This is the case for unlisted equity securities and for instruments where environmental, social and governance risk gives rise to a significant unobservable adjustment. Valuation techniques used to determine fair values Specific valuation techniques used to value financial instruments include: • discounted cash flow projections based on reliable estimates of future cash flows Fair value measurements using significant unobservable inputs Option Premium Level 2 Receivable Level 3 Total $’000 $’000 $’000 Opening balance - 3,641 3,641 Additions 30,413 - 30,413 (Losses)/Gains recognised in Net loss on revaluation of financial instruments at fair value through profit and loss (455) 136 (319) Closing balance 29,958 3,777 33,735
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- 91 - NOTES TO THE FINANCIAL STATEMEMENTS FOR THE YEAR ENDED 30 June 2026 NOTE 25: FAIR VALUE MEASUREMENTS (CONTINUED) Fair values The carrying value of cash and cash equivalents, other receivables, trade creditors, other creditors and accruals are considered to be a reasonable approximation of fair value. The fair value of the future contractual principal and interest cashflows associated with the bond is $173,931,000. Material accounting policy When an asset or liability, financial or non-financial, is measured at fair value for recognition or disclosure purposes, the fair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; and assumes that the transaction will take place either: in the principal market; or in the absence of a principal market, in the most advantageous market. Fair value is measured using the assumptions that market participants would use when pricing the asset or liability, assuming they act in their economic best interests. For non-financial assets, the fair value measurement is based on its highest and best use. Valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, are used, maximising the use of relevant observable inputs and minimi sing the use of unobservable inputs. Assets and liabilities measured at fair value are classified into three levels, using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. Classifications are reviewed at each reporting date and transfers between levels are determined based on a reassessment of the lowest level of input that is significant to the fair value measurement. For recurring and non-recurring fair value measurements, external valuers may be used when internal expertise is either not available or when the valuation is deemed to be significant. External valuers are selected based on market knowledge and reputation. Where there is a significant change in fair value of an asset or liability from one p eriod to another, an analysis is undertaken, which includes a verification of the major inputs applied in the latest valuation and a comparison, where applicable, with external sources of data.
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- 92 - NOTES TO THE FINANCIAL STATEMEMENTS FOR THE YEAR ENDED 30 June 2026 NOTE 26: FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES The Group’s overall risk management programme focuses on the unpredictability of the financial markets and seeks to minimise potential adverse effects on the financial performance of the Group. The Group uses different methods to measure and manage different types of risks to which it is exposed. The carrying values of the Group’s financial instruments are as follows: June 2026 $’000 June 2025 $’000 Financial assets Financial assets at amortised cost Cash and cash equivalents 121,983 11,664 Restricted cash 160,927 - Trade and other receivables 934 7,124 Financial assets at fair value through profit and loss 3,777 3,641 Derivative financial instruments 29,958 - 317,579 22,429 Financial liabilities Financial liabilities at amortised cost Trade and other payables 30,955 31,286 Borrowings 160,149 17,505 Lease liabilities 11,830 13,468 Option premium payable 29,958 - 232,892 62,259 a) Market risk (i) Foreign exchange risk Foreign exchange risk arises from future commercial transactions and recognised financial assets and financial liabilities denominated in a currency that is not the entity's functional currency. The risk is measured using sensitivity analysis and cash flow forecasting. The carrying amount of the Group’s foreign currency denominated financial assets and liabilities at the reporting date were as follows: June 2026 US$’000 June 2025 US$’000 Cash and cash equivalents 4 - Restricted cash 36,025 - Borrowings 113,303 9,331 The year-end exchange rate used to recalculate the US$ denominated balances on 30 June 2026 was 0.6869 (2025 exchange rate of 0.655).
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- 93 - NOTES TO THE FINANCIAL STATEMEMENTS FOR THE YEAR ENDED 30 June 2026 NOTE 26: FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED) a) Market risk (continued) (i) Foreign exchange risk (continued) The aggregate net foreign exchange gains recognised in the profit and loss were $ 201,000 for financial year ending 30 June 2026 (2025: $217,000). The sensitivity of profit and loss to changes in the exchange rate is as follows: June 2026 $’000 June 2025 $’000 AUD/USD exchange rate – increase by 5% 5,357 712 AUD/USD exchange rate – decrease by 5% (5,921) (712) (ii) Price risk The Group is exposed to commodity price risk arising from gold ore held for sales. The Group sells gold ore at the spot price with the price determined at the time of processing at the Laverton Mill. During the year, the Group has bought deferred put options ov er 60,000 ounces of gold at a strike price of $5,809/oz , whilst retaining gold price upside. The options are to be settled progressively over financial years ending 30 June 2028 and 30 June 2029 . These options are classified as cash flow hedges, measured at fair value and are classified as derivative financial instruments. The deferred- premium structure allows the Group to defer payment of the option premium while obtaining the price protection over the relevant hedged volumes. Accordingly, the options miti gate the impact of declines in the AUD gold price below the strike price on cash flows from the hedged gold sales, they do not eliminate the Group's overall commodity price exposure. The Group had the following assets and liabilities in respect of its hedging activities at 30 June 2026: June 2026 $’000 June 2025 $’000 Current Assets Derivative financial instruments 29,958 - Current Liabilities Option premium payable 29,958 - If the average selling price of gold of $6,264/oz (2024: $4,938) for the financial year had increased/decreased by 10%, the change in the loss before income tax for the Group would be as follows: June 2026 $’000 June 2025 $’000 Gold price per ounce – increase by 10% 9,102 4,127 Gold price per ounce – decrease by 10% (9,102) (4,127)
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- 94 - NOTES TO THE FINANCIAL STATEMEMENTS FOR THE YEAR ENDED 30 June 2026 NOTE 26: FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED) (ii) Price risk (continued) Material accounting policy Derivative financial instruments Derivative financial instruments (derivatives) are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured to fair value at the end of each reporting period. The accounting for subsequent changes i n fair value depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the hedge relationship. At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship, including the hedging instrument and hedged item, the nature of the risk being hedged, the Group’s risk management objective and strategy for undertaking the hedge, and the economic relationship between the hedging instrument and hedged item, including whether changes in the cash flows of the hedging instrument are expected to offset changes in the cash flows of the hedged item. The Group assesses, both at the inception of the hedge relationship and on an ongoing basis, whether the hedging relationship meets the applicable hedge effectiveness requirements. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income and accumulated in the cash flow hedge reserve within equity. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss within other gains/(losses). Amounts accumulated in the cash flow hedge reserve are subsequently reclassified to profit or loss in the period or periods in which the hedged forecast transaction affects profit or loss. Where the hedged forecast transaction results in the recognition of a non-financial asset or non-financial liability, the amount accumulated in the cash flow hedge reserve is removed from e quity and included directly in the initial cost or other carrying amount of the asset or liability, as applicable. Where a derivative expires, is sold, terminated, or no longer qualifies for hedge accounting, or where the hedge relationship is discontinued, hedge accounting is discontinued prospectively. Any amount accumulated in the cash flow hedge reserve at that time remains in equity until the forecast transaction occurs. If the forecast transaction is no longer expected to occur, the amount accumulated in the cash flow hedge reserve is immediately reclassified to profit or loss. For cash flow hedges of forecast sales, amounts accumulated in the cash flow hedge reserve are reclassified to profit or loss when the forecast sale occurs, to achieve the appro priate matching of the hedging instrument gains or losses with the hedged transaction. Where derivatives do not qualify for hedge accounting, changes in their fair value are recognised immediately in profit or loss within other gains/(losses). Derivatives are presented as financial assets where their fair value is positive and as financial liabilities where their fair value is negative. Derivative assets and liabilities are offset only where there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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- 95 - NOTES TO THE FINANCIAL STATEMEMENTS FOR THE YEAR ENDED 30 June 2026 NOTE 26: FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED) (iii) Interest rate risk Interest rate risk arises from the Group’s cash, cash equivalents and restricted cash earning interest at variable rates. The Group is exposed to movements in market interest rates on cash, cash equivalents and restricted cash. In March 2026, the Group completed settlement of a US$120 million senior secured bond facility. The bond has a fixed coupon rate of 12.5% per annum resulting in nil sensitivity. If the rate of interest on the cash, cash equivalents and restricted cash of the Group had increased/decreased by 1%, the change in the loss before income tax for the Consolidated Entity would be as follows: June 2026 $’000 June 2025 $’000 Rate of interest – increase by 1% 2,829 117 Rate on interest – decrease by 1% (2,829) (117) Credit risk Credit risk is the risk of financial loss if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Group’s cash at bank, term deposits, restricted cash as well as credit exposure to trade customers including outstanding receivables and committed transactions. Credit risk represents the potential financial loss if a customer or counterparty fail to perform as contracted. The carrying amount of financial assets represents the maximum credit exposure. The Group limits its exposure to credit risk by only transacting with high quality financial institutions. Capital risk management The Group’s objectives when managing capital are to: • Safeguard their ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders; and • Maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the Group may adjust the number of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt. Given the stage of the Company’s development there are no formal targets set for return on capital. The Company is not subject to externally imposed capital requirements. The net equity of the Company is equivalent to capital. Net capital is obtained through capital raisings on the Australian Securities Exchange (“ASX”). Liquidity risk Liquidity risk is the ris k that the Group will not be able to meet its financial obligations as they fall due. The Group’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to its reputation. The Group manages liquidity risk by maintaining adequate cash reserves from funds raised in the market and by continuously monitoring forecast and actual cash flows.
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- 96 - NOTES TO THE FINANCIAL STATEMEMENTS FOR THE YEAR ENDED 30 June 2026 NOTE 26: FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED) The tables below analyse the group’s financial liabilities into relevant maturity groupings based on their contractual maturities. The amounts disclosed in the table are the contractual undiscounted cash flow. Carrying Amount $’000 Contractual cashflows Total $’000 Less than 6 months $’000 6-12 months $’000 1-2 years $’000 Over 2 years $’000 30 June 2026 Trade and other payables 30,955 30,955 30,955 - - - Borrowings 160,149 237,702 12,258 11,675 60,121 153,648 Lease Liabilities 11,830 13,338 2,964 2,855 4,975 2,544 Option premium payable 29,958 36,969 - - 23,060 13,909 30 June 2025 Trade and other payables 31,286 31,286 31,114 - 172 - Borrowings 17,505 20,151 9,731 9,732 688 - Lease liabilities 13,468 16,035 2,935 2,935 5,084 5,081
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- 97 - NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 June 2026 NOTE 27: COMMITMENTS AND CONTINGENCIES Exploration commitments The Group has an expenditure commitment of $5,024,000 for the 2025-2026 year ($4,092,000 for the 2024-2025 year) to sustain current tenements under lease from the Department of Mines, Industry Regulation and Safety ( DMIRS). The expenditure commitment includes annual tenement rentals of $1,057,000 (2025: $570,000). Capital expenditure commitments As at 30 June 2026, t he Group has capital expenditure commitment of $101,931,000 in relation to the construction of Laverton processing plant. Contingencies As part of the acquisition of Linden Gold Alliance Limited, the Company has assumed certain royalty obligations including: - Lord Byron Mining Pty Ltd is obliged to pay Indago Resources Ltd a royalty on all minerals derived from tenements M39/138, M39/139, M39/185 and M39/262. The royalty is equal to 2% of sale proceeds of each mineral product sold. - Second Fortune Gold Project Pty Ltd (SFGP) is obliged to pay a NSR to Anova Royalties and Investments Pty Ltd fr om material mined on tenements M39/794, M39/255, M39/649, M39/650, E39/2081, E39/1977 and E39/1539. The royalty is not payable unless and until 75,000 cumulative ounces of gold have been mined and produced by SFGP from the relevant tenements. The royalty rate is 1.5% of the net smelter return from the tenements until $1 million of royalty payments have been paid then the rate reduces to 1%. On 2 October 2024 the Company completed the acquisition of Montague East Gold Project from Gateway Mining Limited. The Company assumed certain royalty obligations as part of this acquisition including: - In the event Element 25 Limited relinquish their 20% interest in the tenement E57/1060, a 1.7% royalty payable to Element 25 Limited in relation to production from tenement E57/1060 (inclusive of a 0.7% gross revenue royalty and a 1% net smelter royalty) o n production up to 100,000 ounces of gold or 25,000 tonnes of copper. In the event that the Company elects to continue to contribute to the Joint Venture in accordance with the Joint Venture Agreement, a 0.7% gross revenue royalty on up to 100,000 ounces of gold or 25,000 tonnes of copper . As at 30 June 2025, Element 25 Limited had not made any election in relation to its 20% remnant interest nor is there any material expenditure planned for tenement E57/1060 in the short-term; and - 1% gross revenue royalty payable to Mining Equities Pty Ltd relating to the minerals produced on tenements E57/1145 and E53/2108. Under the sale agreement, Gateway is entitled to contingent consideration of A$2 million if either (i) a JORC -compliant Mineral Resource of at least 1.0 million ounces of gold is delineated on the tenements or (ii) a gold mining project on the tenements reaches Commercial Production. The contingent consideration is payable once only and may be satisfied in Brightstar shares or cash, subject to the terms of the agreement. As at 30 June 2026, neither milestone had been achieved. On 9 December 2024 the Company completed the acquisition of Alto Metals Limited via a Sche me of Arrangement. The Company assumed a 2% gross revenue royalty payable to Mr Stone and Mr Legendre in equal proportion relating to production from the tenements E57/1029, E57/1030, E57/1031, E57/1033, E57/1044 and any other tenement applied for or granted in renewal, substitution, variation or extension (in whole or in part) of those tenements (Royalty) which now includes M57/646, M57/647, M57/650, M57/651, M 57/665, M57/652, M57/658 and M57/663. Pursuant to a Deed of Assignment and Assumption dated 9 Ju ne 2025, Mr Stone and Mr Legendre assigned their rights to Royalty to Red Hill Minerals Limited who is now the sole payee of the Royalty. Additional historical royalties may also exist over certain tenements of the Company. Whether the obligations to pay those royalties remains is to be determined. There were no other contingencies as at 30 June 2026 other than already disclosed.
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- 98 - NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 June 2026 NOTE 28: INTEREST IN SUBSIDIARIES Subsidiaries Brightstar Resources Limited is the ultimate Australian parent entity and ultimate parent of the Group. The consolidated financial statements include the financial statements of Brightstar Resources Limited and the subsidiaries listed in the following table. Country of % Equity Interest Name Incorporation 2026 2025 Desert Exploration Pty Ltd Australia 100% 100% Kingwest Resources Pty Ltd Australia 100% 100% Menzies Operational and Mining Pty Ltd Australia 100% 100% Goongarrie Operational and Mining Pty Ltd Australia 100% 100% Roman Kings Pty Ltd Australia 100% 100% Golden Gladiator Pty Ltd Australia 100% 100% Pax Romana Resources Pty Ltd Australia 100% 100% Linden Gold Alliance Pty Ltd Australia 100% 100% Second Fortune Gold Project Pty Ltd Australia 100% 100% Laverton Processing Pty Ltd (i) Australia 100% 100% Lord Byron Mining Pty Ltd Australia 100% 100% Devon Gold Project Pty Ltd Australia 100% 100% Red October Gold Project Pty Ltd Australia 100% 100% Montague Gold Project Pty Ltd Australia 100% 100% Alto Metals Pty Ltd Australia 100% 100% Sandstone Exploration Pty Ltd Australia 100% 100% Aurumin Pty Ltd (ii) Australia 100% - Aurumin Australia Pty Ltd Australia 100% - Kurnod Pty Ltd Australia 100% - Aurumin Gidgee Pty Ltd Australia 100% - Aurumin Sandstone Pty Ltd Australia 100% - Sandstone Operations Pty Ltd Australia 100% - Sandstone Iron Exploration Pty Ltd Australia 100% - (i) On 11 May 2026, the Group’s wholly owned subsidiary, Second Fortune Gold Pty Ltd, changed its name to Laverton Processing Pty Ltd. (ii) On 19 May 2026, the Group’s wholly owned subsidiary, Aurumin Ltd, changed its name and company type to Aurumin Pty Ltd.
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- 99 - NOTES TO THE FINANCIAL STATEMEMENTS FOR THE YEAR ENDED 30 June 2026 NOTE 28: INTEREST IN SUBSIDIARIES (CONTINUED) Principles of consolidation Subsidiaries are all entities over which the Group has control. The Group controls an entity where the Group has power over the investee, is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. Intercompany transactions, balance and unrealised gains and losses on transactions between Group companies are eliminated. The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Brightstar Resource Limited (‘Company’ or ‘parent entity’) as at 30 June 202 6 and the results of all subsidiaries for the year then ended. Brightstar Resources Limited and its subsidiaries together are referred to in this financial report as the Group or the consolidated entity. Changes in Brightstar’s interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. NOTE 29: RELATED PARTY DISCLOSURE Compensation The aggregate compensation made to directors and other members of key management personnel of the consolidated entity is set out below June 2026 $’000 June 2025 $’000 Short-term benefits 1,633,105 1,733,576 Share-based payments 623,392 770,069 Post employment benefits 114,691 143,148 Total key management personnel compensation 2,371,188 2,646,793 Transactions with related parties Purchases from and sales to related parties are made on terms equivalent to those that prevail in arm’s length transactions. During the year, Blue Cap Mining Pty Ltd (BCM), an entity controlled by Mr Ashley Fraser (non-executive director), provided services to Brightstar including earthworks, mobile equipment hire, personnel and production. Expenses incurred by the Group up until Mr Fraser’s resignation (2 December 2025) totalled $304,000 for the financial year ending 30 June 202 6 (30 June 2025: $1,652,000). These rates were entered into on an arms length basis and tested in the market as fair and reasonable rates. Other than as outlined above, the Group did not enter into any further related party transactions with the Director, key management personnel or their related entities.
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- 100 - NOTES TO THE FINANCIAL STATEMEMENTS FOR THE YEAR ENDED 30 June 2026 NOTE 30: PARENT ENTITY DISCLOSURES Set out below is the summarised financial information of Brightstar Resources Limited, the parent entity of the Group. The Group’s accounting policies are applied consistently across all entities within the Group, unless otherwise stated. June 2026 $’000 June 2025 $’000 Assets Current assets 284,547 7,231 Non-current assets 307,737 170,314 Total assets 592,284 177,545 Liabilities Current liabilities 15,746 23,102 Non-current liabilities 203,620 8,270 Total liabilities 219,366 31,372 Equity Issued capital 549,621 255,012 Accumulated losses (196,458) (119,528) Share based payments reserves 19,755 10,688 Total equity 372,918 146,172 Total profit and other comprehensive loss for the year (after tax) (48,568) (70,098) Commitments and Contingencies of the parent entity Commitments and contingencies of the parent entity are the same as those of the Group (Note 27).
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- 101 - NOTES TO THE FINANCIAL STATEMEMENTS FOR THE YEAR ENDED 30 June 2026 NOTE 31: EVENTS AFTER THE BALANCE DATE On 9 July 2026, the Company executed a binding term sheet to purchase a camp in Laverton for the purchase price of $10,300,000. NOTE 32: AUDITORS’ REMUNERATION During the financial year the following fees were paid or payable for services provided by KPMG (2025: Pitcher Partners BA&A Pty Ltd), the auditors of the company, and its subsidiaries. June 2026 $’000 June 2025 $’000 Audit services - KPMG Audit or review of the financial statements 180 - Audit services - Pitcher Partners BA&A Pty Ltd Audit or review of the financial statements - 130 Other Services - Pitcher Partners BA&A Pty Ltd or related entities Taxation compliance services 35 53 215 183
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- 102 - CONSOLIDATED ENTITY DISCLOSURE STATEMENT Basis of preparation This consolidated entity disclosure statement (CEDS) has been prepared in accordance with the Corporations Act 2001 and includes information for each entity that was part of the consolidated entity as at the end of the financial year in accordance with AASB 10 Consolidated Financial Statements. Determination of tax residency Section 295 (3B)(a) of the Corporation Act 2001 defines tax residency as having the meaning in the Income Tax Assessment Act 1997. The determination of tax residency involves judgement as there are different interpretations that could be adopted, and which could give rise to a different conclusion on residency. In determining tax residency, the consolidated entity has applied the following interpretations: • Australian tax residency The consolidated entity has applied current legislation and judicial precedent, including having regard to the Tax Commissioner's public guidance in Tax Ruling TR 2018/5 • Foreign tax residency Where necessary, the consolidated entity has used independent tax advisers in foreign jurisdictions to assist in its determination of tax residency to ensure applicable foreign tax legislation has been complied with (see section 295(3A)(vii) of the Corporations Act 2001). Company name Type of entity % of share capital as at 30 June 2026 Country of incorporation Country of tax residency Brightstar Resources Limited (Holding company) Body corporate - Australia Australia Desert Exploration Pty Ltd Body corporate 100% Australia Australia Kingwest Resources Pty Ltd Body corporate 100% Australia Australia Roman Kings Pty Ltd Body corporate 100% Australia Australia Golden Gladiator Pty Ltd Body corporate 100% Australia Australia Pax Romana Resources Pty Ltd Body corporate 100% Australia Australia Menzies Operational and Mining Pty Ltd Body corporate 100% Australia Australia Goongarrie Operational and Mining Pty Ltd Body corporate 100% Australia Australia Linden Gold Alliance Pty Ltd Body corporate 100% Australia Australia Laverton Processing Pty Ltd (i) Body corporate 100% Australia Australia Second Fortune Gold Project Pty Ltd Body corporate 100% Australia Australia Lord Byron Mining Pty Ltd Body corporate 100% Australia Australia Devon Gold Project Pty Ltd Body corporate 100% Australia Australia Red October Gold Project Pty Ltd Body corporate 100% Australia Australia Montague Gold project Pty Ltd Body corporate 100% Australia Australia Alto Metals Pty Ltd Body corporate 100% Australia Australia Sandstone Exploration Pty Ltd Body corporate 100% Australia Australia Aurumin Pty Ltd (ii) Body corporate 100% Australia Australia Aurumin Australia Pty Ltd Body corporate 100% Australia Australia Kurnod Pty Ltd Body corporate 100% Australia Australia Aurumin Gidgee Pty Ltd Body corporate 100% Australia Australia Aurumin Sandstone Pty Ltd Body corporate 100% Australia Australia Sandstone Operations Pty Ltd Body corporate 100% Australia Australia Sandstone Iron Exploration Pty Ltd Body corporate 100% Australia Australia (i) On 11 May 2026, the Group’s wholly owned subsidiary, Second Fortune Gold Pty Ltd, changed its name to Laverton Processing Pty Ltd. (ii) On 19 May 2026, the Group’s wholly owned subsidiary, Aurumin Ltd, changed its name and company type to Aurumin Pty Ltd. At the end of the financial year, no entity within the Group was a trustee of a trust within the Group, a partner in a partnership within the Group, or a participant in a joint venture within the Group.
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- 103 - DIRECTORS’ DECLARATION 1. In the opinion of the directors of Brightstar Resources Limited (the ‘Company’): a. the accompanying financial statements, notes and the additional disclosures of the Group are in accordance with the Corporations Act 2001 including: i. giving a true and fair view of the Group’s financial position as at 30 June 2026 and of its performance for the year then ended; and ii. complying with Australian Accounting Standards (including the Australian Accounting Interpretations) and the Corporations Regulations 2001; and b. there are reasonable grounds to believe that the Group will be able to pay its debts as and when they become due and payable. c. the financial statements and notes thereto are in accordance with International Financial Reporting Standards issued by the International Accounting Standards Board. d. the consolidated entity disclosure statement required by 295(3A) of the Corporations Act 2001, included on page 104, is true and correct. 2. This declaration has been made after receiving the declarations required to be made to the directors in accordance with Section 295A of the Corporations Act 2001 for the financial year ended 30 June 2026. This declaration is signed in accordance with a resolution of the Board of Directors pursuant to S.295 (5) of the Corporations Act 2001. Richard Crookes Chairman Dated this 3rd day of September, 2026
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KPMG, an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation. Liability limited by a scheme approved under Professional Standards Legislation. Independent Auditor’s Report To the shareholders of Brightstar Resources Limited Report on the audit of the Financial Report Opinion We have audited the Financial Report of Brightstar Resources Limited (the Company). In our opinion, the accompanying Financial Report of the Company gives a true and fair view, including of the Group’s financial position as at 30 June 2026 and of its financial performance for the year then ended, in accordance with the Corporations Act 2001, in compliance with Australian Accounting Standards and the Corporations Regulations 2001. The Financial Report comprises : • Consolidated Statement of financial position as at 30 June 2026; • Consolidated Statement of profit or loss and other comprehensive income, Consolidated Statement of changes in equity, and Consolidated Statement of cash flows for the year then ended; • Consolidated entity disclosure statement and accompanying basis of preparation as at 30 June 2026; • Notes, including material accounting policies; • Directors’ Declaration. The Group consists of the Company and the entities it controlled at the year end or from time to time during the financial year. Basis for opinion We conducted our audit in accordance with Australian Auditing Standards. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the Financial Report section of our report. We are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the APES 110 Code of Ethics for Professional Accountants (including Independence Standards) issued by the Accounting Professional & Ethical Standards Board Limited (the Code) that are relevant to audits of the financial report of public interest entities in Australia. We have fulfilled our other ethical responsibilities in accordance with these requirements. - 104 -
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Key Audit Matters Key Audit Matters are those matters that, in our professional judgement, were of most significance in our audit of the Financial Report of the current period. This matter was addressed in the context of our audit of the Financial Report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on this matter. Acquisition of Aurumin Limited (Asset Acquisition) - $73,883k Refer to note 18 of the Financial Report The key audit matter How the matter was addressed in our audit Acquisition of Aurumin Limited (Asset Acquisition) is a key audit matter due to: • The significance of the Group's acquisition of Aurumin Limited in the current year for consideration of $73.9m; • The Group’s judgement and complexity in determining the accounting approach of the acquisition constituted an asset acquisition or a business combination (in accordance with AASB 3 Business Combinations); and • The significant audit effort and complexity in assessing the Group’s judgements relating to the determination of the allocation of consideration to the acquired assets and liabilities, specifically exploration and evaluation assets. Our procedures included: Inspecting the Asset Acquisition contracts and related key acquisition transaction documents to: - Understand the key terms and conditions of the acquisition and nature of the assets and liabilities acquired, and - Assess the appropriateness of the Group’s accounting treatment of the asset acquisition against the requirements of the accounting standards and the Group’s accounting policies. Testing the accuracy of the calculation and measurement of consideration paid for the acquisition based on the underlying acquisition transaction documents. Evaluating the valuation methodology and assumptions used to determine the allocation of consideration to assets and liabilities acquired, considering accounting standard requirements and observed industry practices. For exploration and evaluation assets, comparing the cost per ounce to independently obtained publicly available cost per ounce data for comparable transactions. Assessing the Group's disclosures in the financial report using our understanding obtained from our testing, against the requirements of the accounting standards. - 105 -
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Other Information Other Information is financial and non-financial information in Brightstar Resources Limited’s annual report which is provided in addition to the Financial Report and the Auditor's Report. The Directors are responsible for the Other Information. Our opinion on the Financial Report does not cover the Other Information and, accordingly, we do not express an audit opinion or any form of assurance conclusion thereon, with the exception of the Remuneration Report and our related assurance opinion. In connection with our audit of the Financial Report, our responsibility is to read the Other Information. In doing so, we consider whether the Other Information is materially inconsistent with the Financial Report or our knowledge obtained in the audit, or otherwise appears to be materially misstated. We are required to report if we conclude that there is a material misstatement of this Other Information, and based on the work we have performed on the Other Information that we obtained prior to the date of this Auditor’s Report we have nothing to report. Responsibilities of the Directors for the Financial Report The Directors are responsible for: Preparing the Financial Report in accordance with the Corporations Act 2001, including giving a true and fair view of the financial position and performance of the Group, and in compliance with Australian Accounting Standards and the Corporations Regulations 2001 Implementing necessary internal control to enable the preparation of a Financial Report in accordance with the Corporations Act 2001, including giving a true and fair view of the financial position and performance of the Group, and that is free from material misstatement, whether due to fraud or error Assessing the Group and Company’s ability to continue as a going concern and whether the use of the going concern basis of accounting is appropriate. This includes disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless they either intend to liquidate the Group and Company or to cease operations, or have no realistic alternative but to do so. Auditor’s responsibilities for the audit of the Financial Report Our objective is: To obtain reasonable assurance about whether the Financial Report as a whole is free from material misstatement, whether due to fraud or error; and To issue an Auditor’s Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error. They are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the Financial Report. A further description of our responsibilities for the audit of the Financial Report is located at the Auditing and Assurance Standards Board website at: https://www.auasb.gov.au/media/bwvjcgre/ar1_2024.pdf This description forms part of our Auditor’s Report. - 106 - .
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Report on the Remuneration Report Opinion In our opinion, the Remuneration Report of Brightstar Resources Limited for the year ended 30 June 2026, complies with Section 300A of the Corporations Act 2001. Directors’ responsibilities The Directors of the Company are responsible for the preparation and presentation of the Remuneration Report in accordance with Section 300A of the Corporations Act 2001. Our responsibilities We have audited the Remuneration Report included in pages 28 to 43 of the Directors’ report for the year ended 30 June 2026. Our responsibility is to express an opinion as to whether the Remuneration Report complies in all material respects with Section 300A of the Corporations Act 2001, based on our audit conducted in accordance with Australian Auditing Standards. PAR_SIG_01 PAR_NAM_01 PAR_POS_01 PAR_DAT_01 PAR_CIT_01 KPMG Glenn Diedrich Partner Perth 3 September 2026 - 107 -
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- 108 - CORPORATE GOVERNANCE STATEMENT The Company’s charters, policies and procedures are regularly reviewed and updated to comply with law and best practice. These charters and policies as well as the Company’s Corporate Governance Statement can be viewed on the Company’s website located at www.brightstarresources.com.au. The Company is committed to applying the ASX Corporate Governance Council’s Corporate Governance Principles (4th Edition) (ASX Principles and Recommendations) and the Corporate Governance Statement discloses the extent to which the entity has followed t he recommendations set by the ASX Corporate Governance Council during the financial year ended 30 June 2026.
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- 109 - ASX ADDITIONAL INFORMATION Additional information required by the Australian Stock Exchange Limited and not disclosed elsewhere in this report is set out below. This information is effective as at 1 September 2026. Distribution of Shares Range Number of Holders Securities Held 1 – 1,000 1,598 902,354 1,001 – 5,000 4,684 12,400,344 5,001 – 10,000 2,174 17,138,256 10,001 – 100,000 4,935 171,466,493 100,001 over 952 901,759,751 Rounding Total 14,343 1,103,667,198 The number of shareholdings held in less than marketable parcels is 1,037 shareholders amounting to 367,601 shares. Top 20 Largest Shareholders Rank Shareholder Shares Held % of Issued Capital 1 CITICORP NOMINEES PTY LIMITED 151,616,777 13.74 2 J P MORGAN NOMINEES AUSTRALIA PTY LIMITED 76,462,576 6.93 3 HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED 52,313,105 4.74 4 HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED <GSCO CUSTOMERS A/C> 48,300,000 4.38 5 BNP PARIBAS NOMINEES PTY LTD <IB AU NOMS RETAILCLIENT> 33,881,162 3.07 6 LION SELECTION GROUP LIMITED 27,388,311 2.48 7 MR JACK ZEEV YETIV 24,966,310 2.26 8 WARBONT NOMINEES PTY LTD <UNPAID ENTREPOT A/C> 22,891,778 2.07 9 PATRONUS INVEST PTY LTD 21,307,332 1.93 10 BELL POTTER NOMINEES LTD <BB NOMINEES A/C> 14,556,114 1.32 11 MR ANTONIUS JOSEPH SMIT 14,000,000 1.27 12 TREASURY SERVICES GROUP PTY LTD <NERO RESOURCE FUND A/C> 13,490,025 1.22 13 BNP PARIBAS NOMS PTY LTD <GLOBAL MARKETS> 10,991,106 1.00 14 MR GREGORY OWEN JOSEPH O'MAHONEY 8,500,000 0.77 15 GENESIS MINERALS LIMITED 8,391,074 0.76 16 NEWECONOMY COM AU NOMINEES PTY LIMITED <900 ACCOUNT> 8,016,821 0.73 17 BNP PARIBAS NOMS PTY LTD 7,201,893 0.65 18 FINCLEAR SERVICES NOMINEES PTY LIMITED <ACCUM A/C> 6,288,489 0.57 19 SHARESIES AUSTRALIA NOMINEE PTY LIMITED 5,536,221 0.50 20 MOLATE PTY LIMITED <ALLAN HAIN RETIRE FUND A/C> 5,500,000 0.50 Total Top 20 Holders 561,599,094 50.88 Total Remaining Holders 542,068,104 49.12 Total Ordinary Shares on Issue 1,103,667,198 100 Substantial Shareholders As of 1 September 2026, Brightstar Resources Limited has no substantial shareholders with relevant interests of 5% or more of the full-paid ordinary shares on issue.
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- 110 - ASX ADDITIONAL INFORMATION (Continued) Voting Rights: One vote for each ordinary share held in accordance with the Company’s Memorandum and Articles of Association. Unlisted Options and Share Performance Rights do not carry any voting rights. On-Market Buy-Back: There is no current on-market buy-back. Restricted Securities: As of 1 September 2026, the Company currently has no restricted securities held in escrow. Unquoted Securities The Company had the following unquoted securities on issue as at 1 September 2026: Type of Securities Date of Expiry Exercise Price ($) Number of Securities Number of Holders Options 22 December 2026 0.24 8,626,128 1 Options 1 July 2027 0.625 800,000 1 Options 1 July 2027 0.875 800,000 1 Options 19 July 2027 0.75 1,000,000 1 Options 31 July 2027 0.24 6,071,327 5 Options 19 July 2028 1.00 1,000,000 1 Options 31 July 2028 0.24 1,554,852 4 Performance Rights 3 June 2029 Nil 2,328,750 2 Performance Rights 31 December 2027 Nil 526,942 16 Performance Rights 31 December 2029 Nil 12,500,000 16
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- 111 - ASX ADDITIONAL INFORMATION (Continued) Tenement Schedule at 1 September 2026 Project Tenement ID Status Registered Holder / Applicant Interest / Ownership Laverton E38/2452 Granted Brightstar Resources Limited 100% Laverton E38/2894 Granted Brightstar Resources Limited 100% Laverton E38/3198 Granted Brightstar Resources Limited 100% Laverton E38/3279 Granted Brightstar Resources Limited 100% Laverton E38/3331 Granted Brightstar Resources Limited 100% Laverton E38/3434 Granted Brightstar Resources Limited 100% Laverton E38/3438 Granted Brightstar Resources Limited 100% Laverton E38/3500 Granted Brightstar Resources Limited 100% Laverton E38/3504 Granted Brightstar Resources Limited 100% Laverton E38/3673 Granted Brightstar Resources Limited 100% Laverton E38/4070 Application Brightstar Resources Limited 100% Laverton E38/4071 Application Brightstar Resources Limited 100% Laverton E39/1539 Granted Second Fortune Gold Project Pty Ltd1 100% Laverton E39/1977 Granted Second Fortune Gold Project Pty Ltd1 100% Laverton E39/2081 Granted Second Fortune Gold Project Pty Ltd1 100% Laverton E39/2385 Application Lord Byron Mining Pty Ltd1 100% Laverton E39/2386 Application Lord Byron Mining Pty Ltd1 100% Laverton E39/2387 Application Lord Byron Mining Pty Ltd1 100% Laverton E39/2592 Application Lord Byron Mining Pty Ltd1 100% Laverton G38/39 Granted Brightstar Resources Limited 100% Laverton G38/41 Application Brightstar Resources Limited 100% Laverton L38/100 Granted Brightstar Resources Limited 100% Laverton L38/120 Granted Lord Byron Mining Pty Ltd1 100% Laverton L38/123 Granted Brightstar Resources Limited 100% Laverton L38/154 Granted Brightstar Resources Limited 100% Laverton L38/163 Granted Lord Byron Mining Pty Ltd1 100% Laverton L38/164 Granted Lord Byron Mining Pty Ltd1 100% Laverton L38/168 Granted Brightstar Resources Limited 100% Laverton L38/169 Granted Brightstar Resources Limited 100% Laverton L38/171 Granted Brightstar Resources Limited 100% Laverton L38/185 Granted Brightstar Resources Limited 100% Laverton L38/188 Granted Brightstar Resources Limited 100% Laverton L38/205 Granted Brightstar Resources Limited 100% Laverton L38/384 Application Brightstar Resources Limited 100% Laverton L38/401 Granted Brightstar Resources Limited 100% Laverton L38/403 Application Brightstar Resources Limited 100% Laverton L38/404 Application Brightstar Resources Limited 100% Laverton L38/405 Application Lord Byron Mining Pty Ltd1 100% Laverton L38/406 Application Lord Byron Mining Pty Ltd1 100% Laverton L38/407 Granted Lord Byron Mining Pty Ltd1 100% Laverton L38/410 Application Lord Byron Mining Pty Ltd1 100%
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- 112 - ASX ADDITIONAL INFORMATION (Continued) Tenement Schedule at 1 September 2026 (Continued) Project Tenement ID Status Registered Holder / Applicant Interest / Ownership Laverton L39/12 Granted Second Fortune Gold Project Pty Ltd1 100% Laverton L39/124 Granted Lord Byron Mining Pty Ltd1 100% Laverton L39/13 Granted Second Fortune Gold Project Pty Ltd1 100% Laverton L39/14 Granted Second Fortune Gold Project Pty Ltd1 100% Laverton L39/214 Granted Lord Byron Mining Pty Ltd1 100% Laverton L39/230 Granted Second Fortune Gold Project Pty Ltd1 100% Laverton M38/1056 Granted Brightstar Resources Limited 100% Laverton M38/1057 Granted Brightstar Resources Limited 100% Laverton M38/1058 Granted Brightstar Resources Limited 100% Laverton M38/241 Granted Brightstar Resources Limited 100% Laverton M38/314 Granted Brightstar Resources Limited 100% Laverton M38/346 Granted Brightstar Resources Limited 100% Laverton M38/381 Granted Brightstar Resources Limited 100% Laverton M38/549 Granted Brightstar Resources Limited 100% Laverton M38/9 Granted Brightstar Resources Limited 100% Laverton M38/917 Granted Brightstar Resources Limited 100% Laverton M38/918 Granted Brightstar Resources Limited 100% Laverton M38/94 Granted Brightstar Resources Limited 100% Laverton M38/95 Granted Brightstar Resources Limited 100% Laverton M38/968 Granted Desert Exploration Pty Ltd1 100% Laverton M38/984 Granted Brightstar Resources Limited 100% Laverton M39/138 Granted Lord Byron Mining Pty Ltd1 100% Laverton M39/139 Granted Lord Byron Mining Pty Ltd1 100% Laverton M39/185 Granted Lord Byron Mining Pty Ltd1 100% Laverton M39/255 Granted Second Fortune Gold Project Pty Ltd1 100% Laverton M39/262 Granted Lord Byron Mining Pty Ltd1 100% Laverton M39/649 Granted Second Fortune Gold Project Pty Ltd1 100% Laverton M39/650 Granted Second Fortune Gold Project Pty Ltd1 100% Laverton M39/794 Granted Second Fortune Gold Project Pty Ltd1 100% Laverton P38/4433 Granted Brightstar Resources Limited 100% Laverton P38/4444 Granted Brightstar Resources Limited 100% Laverton P38/4446 Granted Brightstar Resources Limited 100% Laverton P38/4447 Granted Brightstar Resources Limited 100% Laverton P38/4448 Granted Brightstar Resources Limited 100% Laverton P38/4449 Granted Brightstar Resources Limited 100% Laverton P38/4450 Granted Brightstar Resources Limited 100% Laverton P38/4508 Granted Brightstar Resources Limited 100% Laverton P38/4545 Granted Brightstar Resources Limited 100% Laverton P38/4546 Granted Brightstar Resources Limited 100% Laverton P38/4558 Granted Brightstar Resources Limited 100% Menzies E29/1062 Granted Goongarrie Operational & Mining Pty Ltd2 100% Menzies E29/966 Granted Goongarrie Operational & Mining Pty Ltd2 100%
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- 113 - ASX ADDITIONAL INFORMATION (Continued) Tenement Schedule at 1 September 2026 (Continued) Project Tenement ID Status Registered Holder / Applicant Interest / Ownership Menzies E29/981 Granted Kalgoorlie Nickel Pty Ltd 100% Gold & Lithium rights Menzies E29/996 Granted Goongarrie Operational & Mining Pty Ltd2 100% Menzies L29/42 Granted Menzies Operational & Mining Pty Ltd 100% Menzies L29/43 Granted Menzies Operational & Mining Pty Ltd 100% Menzies L29/44 Granted Menzies Operational & Mining Pty Ltd 100% Menzies M29/14 Granted Menzies Operational & Mining Pty Ltd 100% Menzies M29/153 Granted Menzies Operational & Mining Pty Ltd 100% Menzies M29/154 Granted Menzies Operational & Mining Pty Ltd 100% Menzies M29/184 Granted Menzies Operational & Mining Pty Ltd 100% Menzies M29/212 Granted Menzies Operational & Mining Pty Ltd 100% Menzies M29/410 Granted Menzies Operational & Mining Pty Ltd 100% Menzies M29/88 Granted Menzies Operational & Mining Pty Ltd 100% Menzies P29/2380 Granted Kalgoorlie Nickel Pty Ltd2,3 100% Gold rights Menzies P29/2381 Granted Goongarrie Operational & Mining Pty Ltd2 100% Menzies P29/2412 Granted Goongarrie Operational & Mining Pty Ltd2 100% Menzies P29/2413 Granted Goongarrie Operational & Mining Pty Ltd2 100% Menzies P29/2450 Granted Menzies Operational & Mining Pty Ltd 100% Menzies P29/2467 Granted Kalgoorlie Nickel Pty Ltd2,3 100% Gold rights Menzies P29/2468 Granted Kalgoorlie Nickel Pty Ltd2,3 100% Gold rights Menzies P29/2511 Granted Menzies Operational & Mining Pty Ltd 100% Menzies P29/2512 Granted Menzies Operational & Mining Pty Ltd 100% Menzies P29/2513 Granted Menzies Operational & Mining Pty Ltd 100% Menzies P29/2514 Granted Menzies Operational & Mining Pty Ltd 100% Menzies P29/2515 Granted Menzies Operational & Mining Pty Ltd 100% Menzies P29/2530 Granted Kalgoorlie Nickel Pty Ltd2,3 100% Gold rights Menzies P29/2531 Granted Goongarrie Operational & Mining Pty Ltd2 100% Menzies P29/2532 Granted Kalgoorlie Nickel Pty Ltd2,3 100% Gold rights Menzies P29/2533 Granted Goongarrie Operational & Mining Pty Ltd2 100% Menzies P29/2538 Granted Menzies Operational & Mining Pty Ltd 100% Menzies P29/2539 Granted Menzies Operational & Mining Pty Ltd 100% Menzies P29/2578 Granted Menzies Operational & Mining Pty Ltd 100% Menzies P29/2579 Granted Menzies Operational & Mining Pty Ltd 100% Menzies P29/2580 Granted Menzies Operational & Mining Pty Ltd 100% Menzies P29/2581 Granted Menzies Operational & Mining Pty Ltd 100% Menzies P29/2582 Granted Menzies Operational & Mining Pty Ltd 100% Menzies P29/2583 Granted Menzies Operational & Mining Pty Ltd 100% Menzies P29/2584 Granted Menzies Operational & Mining Pty Ltd 100% Menzies P29/2585 Granted Menzies Operational & Mining Pty Ltd 100% Menzies P29/2588 Granted Goongarrie Operational & Mining Pty Ltd2 100% Menzies P29/2649 Granted Menzies Operational & Mining Pty Ltd 100% Menzies P29/2650 Granted Menzies Operational & Mining Pty Ltd 100% Menzies P29/2651 Granted Menzies Operational & Mining Pty Ltd 100%
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- 114 - ASX ADDITIONAL INFORMATION (Continued) Tenement Schedule at 1 September 2026 (Continued) Project Tenement ID Status Registered Holder / Applicant Interest / Ownership Menzies P29/2656 Granted Goongarrie Operational & Mining Pty Ltd2 100% Menzies P29/2675 Application Goongarrie Operational & Mining Pty Ltd2 100% Menzies P29/2676 Application Goongarrie Operational & Mining Pty Ltd2 100% Sandstone E53/2108 Granted Gateway Mining Limited5 100% Sandstone E53/2340 Granted Gateway Mining Limited5 100% Sandstone E57/1004 Granted Gateway Mining Limited5 100% Sandstone E57/1005 Granted Gateway Mining Limited5 100% Sandstone E57/1029 Granted Sandstone Exploration Pty Ltd4 100% Sandstone E57/1030 Granted Sandstone Exploration Pty Ltd4 100% Sandstone E57/1031 Granted Sandstone Exploration Pty Ltd4 100% Sandstone E57/1033 Granted Sandstone Exploration Pty Ltd4 100% Sandstone E57/1044 Granted Sandstone Exploration Pty Ltd4 100% Sandstone E57/1060 Granted Gateway Mining Limited / Element 25 Limited 80%6 Sandstone E57/1072 Granted Sandstone Exploration Pty Ltd4 100% Sandstone E57/1095 Granted Gateway Mining Limited5 100% Sandstone E57/1101 Granted Sandstone Exploration Pty Ltd4 100% Sandstone E57/1102 Granted Sandstone Operations Pty Ltd 100% Sandstone E57/1108 Granted Sandstone Exploration Pty Ltd4 100% Sandstone E57/1113 Granted Gateway Mining Limited5 100% Sandstone E57/1140 Granted Aurumin Sandstone Pty Ltd 100% Sandstone E57/1145 Granted Gateway Mining Limited5 100% Sandstone E57/1147 Granted Gateway Mining Limited5 100% Sandstone E57/1215 Granted Gateway Mining Limited5 100% Sandstone E57/1224 Granted Sandstone Operations Pty Ltd 100% Sandstone E57/1225 Granted Sandstone Operations Pty Ltd 100% Sandstone E57/1228 Granted Sandstone Exploration Pty Ltd4 100% Sandstone E57/1254 Granted Aurumin Sandstone Pty Ltd 100% Sandstone E57/1273 Granted Aurumin Gidgee Pty Ltd 100% Sandstone E57/1279 Granted Aurumin Sandstone Pty Ltd 100% Sandstone E57/1294 Granted Aurumin Sandstone Pty Ltd 100% Sandstone E57/1296 Granted Aurumin Sandstone Pty Ltd 100% Sandstone E57/1302 Granted Aurumin Sandstone Pty Ltd 100% Sandstone E57/1315 Granted Aurumin Sandstone Pty Ltd 100% Sandstone E57/1317 Granted Aurumin Sandstone Pty Ltd 100% Sandstone E57/1360 Granted Aurumin Sandstone Pty Ltd 100% Sandstone E57/1366 Application Aurumin Sandstone Pty Ltd 0%7 Sandstone E57/1371 Granted Aurumin Sandstone Pty Ltd 100% Sandstone E57/1373 Granted Aurumin Sandstone Pty Ltd 100% Sandstone E57/1374 Application Aurumin Sandstone Pty Ltd 0%7 Sandstone E57/1375 Granted Aurumin Sandstone Pty Ltd 0%7 Sandstone E57/1396 Granted Aurumin Sandstone Pty Ltd 100% Sandstone E57/1413 Granted Aurumin Sandstone Pty Ltd 100%
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- 115 - ASX ADDITIONAL INFORMATION (Continued) Tenement Schedule at 1 September 2026 (Continued) Project Tenement ID Status Registered Holder / Applicant Interest / Ownership Sandstone E57/1416 Granted Aurumin Gidgee Pty Ltd 100% Sandstone E57/1417 Granted Aurumin Gidgee Pty Ltd 100% Sandstone E57/1423 Application Gateway Mining Limited5 100% Sandstone E57/1424 Granted Gateway Mining Limited5 100% Sandstone E57/1441 Granted Gateway Mining Limited5 100% Sandstone E57/1453 Granted Gateway Mining Limited5 100% Sandstone E57/1462 Granted Aurumin Sandstone Pty Ltd 100% Sandstone E57/1465 Granted Gateway Mining Limited5 100% Sandstone E57/1466 Granted Gateway Mining Limited5 100% Sandstone E57/405 Granted Gateway Mining Limited5 100% Sandstone E57/417 Granted Gateway Mining Limited5 100% Sandstone E57/687 Granted Gateway Mining Limited5 100% Sandstone E57/793 Granted Gateway Mining Limited / Estuary Resources Pty Ltd 75%6 Sandstone E57/807 Granted Gateway Mining Limited5 100% Sandstone E57/823 Granted Gateway Mining Limited5 100% Sandstone E57/824 Granted Gateway Mining Limited5 100% Sandstone E57/874 Granted Gateway Mining Limited5 100% Sandstone E57/875 Granted Gateway Mining Limited5 100% Sandstone E57/888 Granted Gateway Mining Limited5 100% Sandstone E57/945 Granted Gateway Mining Limited5 100% Sandstone L57/67 Application Sandstone Operations Pty Ltd 100% Sandstone L57/78 Application Sandstone Exploration Pty Ltd4 100% Sandstone M57/128 Granted Sandstone Operations Pty Ltd 100% Sandstone M57/129 Granted Sandstone Operations Pty Ltd 100% Sandstone M57/217 Granted Gateway Mining Limited 100% Sandstone M57/352 Granted Aurumin Gidgee Pty Ltd 100% Sandstone M57/429 Granted Gateway Mining Limited / Estuary Resources Pty Ltd 75%6 Sandstone M57/48 Granted Gateway Mining Limited5 100% Sandstone M57/485 Granted Gateway Mining Limited / Estuary Resources Pty Ltd 75%6 Sandstone M57/646 Granted Sandstone Exploration Pty Ltd4 100% Sandstone M57/647 Granted Sandstone Exploration Pty Ltd4 100% Sandstone M57/650 Granted Sandstone Exploration Pty Ltd4 100% Sandstone M57/651 Granted Sandstone Exploration Pty Ltd4 100% Sandstone M57/652 Granted Sandstone Exploration Pty Ltd4 100% Sandstone M57/654 Granted Sandstone Operations Pty Ltd 100% Sandstone M57/658 Granted Sandstone Exploration Pty Ltd4 100% Sandstone M57/663 Granted Sandstone Exploration Pty Ltd4 100% Sandstone M57/665 Granted Sandstone Exploration Pty Ltd4 100% Sandstone M57/98 Granted Gateway Mining Limited5 100% Sandstone M57/99 Granted Gateway Mining Limited5 100% Sandstone P57/1442 Granted Sandstone Operations Pty Ltd 100%
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- 116 - ASX ADDITIONAL INFORMATION (Continued) Tenement Schedule at 1 September 2026 (Continued) Project Tenement ID Status Registered Holder / Applicant Interest / Ownership Sandstone P57/1494 Application Gateway Mining Limited5 100% Sandstone P57/1495 Application Gateway Mining Limited5 100% Sandstone P57/1496 Application Gateway Mining Limited5 100% Sandstone P57/1529 Granted Sandstone Exploration Pty Ltd4 100% 1 Desert Exploration Pty Ltd, Second Fortune Gold Project Pty Ltd and Lord Byron Mining Pty Ltd are wholly-owned subsidiaries of Brightstar Resources Ltd. 2 These tenements relate to a Joint Venture with Cazaly Resources Ltd. Refer to Brightstar announcement dated 12 February 2025. 3 Brightstar retains the Gold Rights for Tenements P29/2380, P29/2467, P29/2468, P29/2530 and P29/2532 which are held by Kalgoorlie Nickel Pty Ltd. Refer to Brightstar announcement dated 17 July 2023. 4 Sandstone Exploration Pty Ltd is a wholly owned subsidiary of Brightstar Resources Ltd. 5 All tenements held by Gateway Mining Ltd (including Gateway Projects WA Pty Ltd) are being transferred to Montague Gold Project Pty Ltd, a wholly owned subsidiary of Brightstar Resources Ltd. 6 E57/1060 are subject to a joint venture agreement, whereby the Company holds an 80% interest and Element 25 Limited holds the remaining 20% interest. M57/429, M57/485 and E57/793 are subject to a joint venture agreement, whereby the Company holds a 75% interest and Estuary Resources holds the remaining 25% interest. E57/405, E57/687, E57/793, E57/793, E57/823, E57/824, E57/875, E57/888, M57/217, M57/48, M57/485, M57/98, M57/99, P57/1409, P57,1410, P57/1411 and P57/1413 are subject to a farm-in joint venture agreement with Premier 1 Lithium Limited (ASX:PLC), whereby PLC will the right to acquire an 80% interest in the lithium rights (and related by-products). The Company retains the precious metals rights. 7 These tenements are the subject of pending ballot proceedings.