Brightstar Fast-Tracks Development Timeline with Decision to Proceed to Definitive Feasibility Study

Brightstar Resources Limited (ASX: BTR) (Brightstar or the Company) is pleased to announce positive initial results from the ongoing 30,000m RC and Diamond drilling campaigns across its portfolio and workstreams within the Pre-Feasibility study.

HIGHLIGHTS

• Positive results from drilling^1,2 and Pre-Feasibility workstreams have encouraged Brightstar to elect to upgrade the previously announced PFS³ into a Definitive Feasibility Study due for completion with a Final Investment Decision (FID) in early 2025
• The current drilling programs will provide sufficient geological, metallurgical and geotechnical information to enable Ore Reserves to be declared at the Lady Shenton System, Fish and Lord Byron deposits as the first mines to be developed by Brightstar
• Brightstar has identified an opportunity to fast-track gold production via an expedited development of the Fish underground deposit ahead of open pit mining complexes at Lord Byron, Lady Shenton and Cork Tree Well
• Previously mined existing stockpiles at Brightstar’s Beta and Lord Byron projects in Laverton provide an important low-cost ore source for blending with Second Fortune and Fish underground ore in ramp up
• Engagements with suppliers including mining contractors, accommodation camp builders and camp service providers ongoing to support advanced timelines
• Feasibility Study philosophy focused on a low CAPEX approach, with the DFS to detail the refurbishment of the existing Laverton processing infrastructure and development strategy of the project areas and deposits comprising the Laverton and Menzies Hubs
• Ongoing proactive interactions with local stakeholders in the Laverton & Menzies areas including Shires, Traditional Owners and Pastoralists and regulatory bodies ensure Brightstar is well positioned on permitting and approvals to make FID in 1H 2025

With the addition of the Second Fortune Gold Mine and the near-term Jasper Hills Project (consisting of the Fish and Lord Byron deposits) via the merger with Linden Gold Alliance4 resulting in the growth of the Mineral Resource in the ‘Laverton Hub’ to 862koz at 1.8g/t Au, Brightstar has identified a streamlined development pathway which will focus on advancing the Laverton Hub to support its ambition of becoming a meaningful gold producer.

Brightstar’s Managing Director, Alex Rovira, commented “With the integration of the Linden Gold team and assets into the Brightstar business, it is prudent to reflect on the combined scoping studies previously released to the market and outlined in the Merger Presentation5 which articulated Brightstar’s mining operations initially commencing at Menzies ahead of a transition to the Laverton Hub to reduce capital requirements.

With the combination of the Brightstar and Linden assets, it is logical to consolidate and prioritise the Laverton Hub given the logical operational and geographic synergies potentially generating meaningful gold production from a single operational hub, with the Menzies assets to be developed separately to build Brightstar into a multi-asset gold producer in 2025.”

Figure 1 - Diamond (foreground) and RC (background) drill rigs at Second Fortune Gold Mine

Next Steps

Brightstar will continue to progress the Definitive Feasibility workstreams, with advice, gap analyses and cost variations received from key consultants to upgrade the previously announced PFS workstreams into definitive feasibility study levels of accuracy.

Information from ongoing drilling programs will continue to feed into feasibility workstreams, with two Reverse Circulation (RC) drills presently at the Lord Byron and Fish deposits at the the Jasper Hills Project, with the Diamond rig at Second Fortune Gold Mine completing the final three holes targeting orebody extensions at depths ahead of mobilising to Fish.

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