Farm-In Joint Venture With Devex Resources For Non-Gold Rights At Goongarrie

Brightstar Resources Limited (ASX: BTR) (Brightstar) (Brightstar or the Company) is pleased to announce the Company has entered into a binding Earn-in Agreement with DevEx Resources Limited (ASX:DEV) (DevEx) for DevEx to earn up 75% in the non-gold mineral rights associated with E29/0966 and E29/0996 (Tenements).

HIGHLIGHTS

• Brightstar has executed an Earn-in Agreement with DevEx Resources Limited as part of the strategy to attract partners to progress exploration at the Goongarrie Project
• The Earn-in Agreement allows DevEx to earn up to 75% in a joint venture covering the non-gold mineral rights associated with exploration licences on Lake Goongarrie
• This transaction is in line with Brightstar’s objective of focusing on the pathway to gold production across the Menzies and Laverton Gold Projects
• Brightstar retains all rights to gold exploration at the Goongarrie Project with recent deals with Ardea Resources and DevEx refining the exploration portfolio at Menzies

As the Company advances towards gold production from the Selkirk deposit at Menzies, Brightstar continues to look for opportunities to prioritise and progress exploration across our broader tenement portfolio.”

Under the terms of the Agreement, DevEx is required to undertake a SQUID electromagnetic survey within a 12 month period. DevEx may then elect to:

• Spend not less than $1 million within 2 years of the date of execution of the Earn-in Agreement in order to earn a 51% interest in the non-gold mineral rights; and
• Earn a further 24% interest in the non-gold mineral rights by spending at least an additional $2 million within a further 2 years of earning its 51%.

If DevEx was to earn a 75% interest and either DevEx or Brightstar elected not to contribute to the resultant Joint Venture costs in proportion to their respective interest, or makes an election not to participate, then their interest will be diluted. If an interest reduces to 10% or less the interest will immediately convert to a 1% net smelter return royalty for the sale of any non-gold minerals extracted, produced and sold from the Tenements.

The potential for nickel mineralisation at Goongarrie has been identified by aircore drilling in 2022, which corresponds with a distinctive ultramafic unit that lies along the western side of the more highly-magnetic, serpentinised Highway Ultramafic komatiite.

Figure 1 - Tenement Map, Goongarrie Project

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