Brightstar Gold Pours Successfully Conclude with Cashflow to Significantly Exceed Budget

Brightstar Resources Limited (ASX: BTR) (Brightstar) is pleased to announce that following on from the maiden and second gold pours announced 07/03/20241 and 12/02/20242, all processing of the ore from the Selkirk joint venture has successfully been completed at Genesis Minerals’ Gwalia processing plant.

HIGHLIGHTS

• Brightstar has successfully finalised its gold pours from ore processing of Selkirk material from the Menzies Gold Project, with a total of 430.7kg of gold doré poured
• Total preliminary unreconciled ounces produced of 8,049.6oz exceeds the modelled JV budget for Selkirk and highlights the quality of Brightstar’s Menzies Gold Project
• Positive reconciliations of ore mined, head grade and metallurgical recoveries exceeded Brightstar’s expectations
• Total joint venture costs are being finalised and are expected to be approximately $12 - $13 million
• Refining of the gold doré is ongoing at the Perth Mint, after which all metals refined will be sold and the revenue will be generated to the JV on a 50/50 Profit Share
• The first 28 gold doré bars have been refined and sold at the Perth Mint, with 5,546 ounces sold at A$3,306/oz for $18M revenue generated under the joint venture

Figure 1 – Shipment 2: Gold doré bars BTR005 – BTR016 (poured on 9/3/24) and BTR017 – BTR028 (poured 12/3/24)

Brightstar advises that processing of the remainder of the ore from the Selkirk mining joint venture has successfully completed, with total unreconciled gold production of 8,049.6oz from 43 gold doré bars produced in the campaign.

Final reconciliations of the gold-in-circuit are underway between Brightstar’s independent metallurgists and Genesis Minerals Ltd. With the current AUD gold price trading at approximately A$3,300/oz, the revenue to be generated from the Selkirk mining campaign significantly exceeds the joint ventures model (done at A$2,850/oz) and BTR management expectations due to additional recovered ounces at a higher gold price.

To date, 5,546oz have been sold to the Perth Mint after refining at an average realised sale price of A$3,306/oz.

Final costs for the joint venture are still being finalised and reconciled, and once approved by the joint venture, the net project income will be split 50/50 between Brightstar and our joint venture partner BML Ventures Pty Ltd. Total project costs are expected to be approximately A$12 - $13 million.

Brightstar’s Managing Director, Alex Rovira, commented “We are pleased to announce that gold processing of our Selkirk Mining JV material has safely and successfully concluded by the team at Genesis Minerals Ltd’s Gwalia operation. Their assistance, along with JT Metallurgists acting on behalf of the joint venture, has seen the successful processing of ore from the Menzies Gold project into doré bars poured at record high AUD gold prices.

In parallel with the finalisation of gold-in-circuit calculations, which is expected to occur shortly, we are also finalising the joint venture accounts and making provisions for rehabilitation and waste dump seeding to achieve best practice environmental outcomes.

With the Selkirk Mining JV all but concluded, we continue our focus on building Brightstar into a meaningful gold producer and look forward to updating the market with finalised accounts and announcing the reconciled 50% Profit Share value attributable to Brightstar.”

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