Brightstar To Raise $3.5 Million To Accelerate Exploration And Development Activities

Brightstar Resources Limited (ASX: BTR) (Brightstar) (Brightstar or the Company) is pleased to announce a strongly supported capital raising of $3.5 million (before costs). The Company has received firm commitments for the Placement comprising approximately 318.2 million shares in the capital of the Company at an issue price of$0.011 per Share from within the Company’s available placement capacity under ASX Listing Rules 7.1 and7.1A (Placement).

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HIGHLIGHTS

• Firm commitments received for a Share Placement to raise A$3.5 million. The placement was strongly supported by new and existing institutional and sophisticated investors and was significantly oversubscribed.
• Directors of Brightstar to participate in the placement for a total amount of $150,000 (subject to shareholder approval)
• Placement proceeds and expected cash flow from Selkirk JV mining and gold production in early 2024 will see Brightstar fully funded to advance its strategy of becoming a near term, low capex gold producer at the Menzies and Laverton Gold Projects
• Funds will be used to accelerate activity across Brightstar’s Menzies and Laverton exploration portfolio, including:
  • Infill and extensional drilling at key resource areas within Brightstar’s +1Moz Au portfolio to advance deposits through mining studies towards production
  • Greenfields exploration activities at Cork Tree Well North and Menzies Northern Trend; and
  • Commencing baseline surveys to streamline study timelines and reduce risks to future development
• A number of significant catalysts in the next 6 - 9 months include mining and gold production from Selkirk, ongoing exploration results and completion of Scoping Study to outline production pathways from Brightstar’s +1Moz Au portfolio in Q3
• Assays pending for approximately ~4,000m of RC drilling recently completed at Menzies and Laverton targeting high-grade structures within and outside of current Resource envelopes are due in August

We have hit the ground running as a merged entity in recent months with significant drilling programs at Menzies and Laverton conducted and look forward to continuing this strong momentum as we progress our strategy of balancing exciting greenfields exploration with development of key assets within our gold resources at Menzies and Laverton in the near future. Recent deals with Ardea Resources and DevEx Resources have allowed Brightstar to divest non-core tenements and exploration to well credentialed partners and allowed the Company to acquire for no cost additional ground in Menzies covering the fertile Menzies Shear Zone and greenstone belt.”

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