Brightstar Declares Final Investment Decision for Goldfields Project

Brightstar Resources Limited (ASX: BTR) (Brightstar or the Company) is pleased to announce that its Board of Directors has approved the Final Investment Decision (FID) for the development of its 100% owned Goldfields Project in Western Australia.

HIGHLIGHTS

• Board approves Final Investment Decision (FID) for the 100% owned Goldfields Project, advancing Brightstar’s TARGET200 strategy focused on near-term major production growth
• All key regulatory approvals now received, including Mining Development and Closure Proposal approval from the Department of Mines, Petroleum and Exploration and Part V Works Approval from the Department of Water and Environmental Regulation
• Engineering, Procurement and Construction (EPC) contract executed with GR Engineering Services Limited (GRES) for the new 1.5Mtpa Laverton Processing Plant
• Construction now approved with early works, site remediation, detailed engineering, long-lead procurement and contractor mobilisation already well advanced
• Open pit mining at Lord Byron scheduled to commence later in CY26 to establish ore stockpiles ahead of mill commissioning in JunQ’27
• The Goldfields Project is fully funded to first gold in JunQ’27 following completion of the A$193 million equity raising and US$120 million bond debt financing earlier in CY26
• Goldfields Project to produce ~75koz p.a. for an initial mine life of six years, generating strong financial metrics (at A$6,000/oz gold price)¹:
  • ~A$1.0 billion of free cash flow
  • Pre-tax NPV8 of A$606 million and a compelling return of 74% IRR

The FID follows receipt of the final key regulatory approvals, including the Mining Development and Closure Proposal (MDCP) from the Department of Mines, Petroleum and Exploration (DMPE) and the Part V Works Approval from the Department of Water and Environmental Regulation (DWER).

Together with execution of the EPC contract with GR Engineering Services Limited, these milestones enable immediate commencement of full construction of the new 1.5Mtpa processing plant at Laverton. The EPC contract sum is $110 million.

The Goldfields Project is expected to deliver average gold production of approximately 75koz p.a. over an initial six-year mine life, with strong potential for mine life extensions across the broader Goldfields portfolio and with the benefit of inbuilt processing capacity expansion upside.

Brightstar has already advanced multiple execution workstreams, including site clearing and remediation at the Laverton plant site, progression of detailed engineering, ordering of long-lead items under the GR Engineering Early Works Agreement and mobilisation of key development partners and the Owners’ team.

The Board’s FID approval has been underpinned by the Company’s funding position following settlement of the A$193 million equity² raising and US$120 million bond financing³.

This combined package fully funds construction and commissioning of the Goldfields Project through to first gold production whilst retaining a strong funding position to advance the Sandstone Gold Project through drill out, feasibility studies and permitting/approvals to FID.

Following FID at the Goldfields Project, Brightstar will immediately accelerate the next phase of development, including:

• commencement of full-scale construction activities at the Laverton processing plant site;
• finalisation and execution of remaining construction, infrastructure and operational contracts;
• full mobilisation of project delivery teams and contractors;
• continued development of initial ore sources, including commencement of early works and mining at Lord Byron open pit from late CY26 and the recommencement of stoping at the Fish underground mine in early CY27 (both located ~55km from the Laverton 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.

Brightstar’s Managing Director, Alex Rovira, commented:

“Today’s Final Investment Decision is a landmark moment for Brightstar. With all key approvals now secured, funding in place and the EPC contract executed with GR Engineering, we are immediately moving into full construction of the 1.5Mtpa Laverton processing plant.

It marks the first major step in our TARGET200 strategy to build a multi-asset Western Australian gold producer and advance our aspiration of being a Top 10 Australian Gold Producer.

I want to thank our dedicated Brightstar team, GR Engineering and our other contracting partners, as well as our shareholders and bondholders for their continued support. We are fully funded, highly motivated and focused on executing with discipline to deliver this transformative project on time and on budget whilst continuing to unlock further value across our Goldfields and Sandstone assets.”

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