Mining Completed at Selkirk, Toll-Treatment of Ore Processing at Gwalia Gold Mine Imminent

Brightstar Resources Limited (ASX: BTR) (Brightstar) is pleased to announce that open pit mining activities have safely and successfully concluded at the Selkirk Mining JV located near Menzies, conducted by Brightstar’s joint venture partner, BML Ventures Pty Ltd (BML Ventures).

HIGHLIGHTS

• Mining operations have safely concluded at the Selkirk deposit within the Menzies Gold Project, with all ex-pit material movement completed ahead of mine site rehabilitation in the coming weeks
• +35,000kt stockpiled at Genesis Minerals’ Ltd (ASX: GMD) Gwalia ROM Pad with final high grade ore deliveries to be hauled over the coming days
• Processing to commence 1st March 2024 for estimated two week period, with subsequent gold pours and 50% Project Cashflow to be generated and distributed to Brightstar
• ~5,000m Reverse Circulation (RC) drill program at Menzies being finalised, with drilling focused on resource confidence upgrades as part of the Pre-Feasibility Study

Haulage activities are ongoing with over 35,000 tonnes of ore already hauled and stockpiled to the surface Run-of-Mine (ROM) Pad at Genesis Minerals’ Gwalia processing plant located immediately south of Leonora, WA. Proactive communications with the Genesis Minerals site team will see toll-treatment commence on the 1st of March, 2024 and conclude at the depletion of the Selkirk ore stockpile onsite at Gwalia resulting in Brightstar’s inaugural gold pours during March 2024.

Minesite rehabilitation has already commenced with the Selkirk waste rock dump (WRD) being shaped and contoured ahead of topsoil and seed placement in line with industry best practices, with demobilisation of BML’s mining fleet to occur progressively in conjunction with rehabilitation activities.

Brightstar’s Managing Director, Alex Rovira, commented“We are delighted to announce that we are soon to join the ranks of Australian gold producers through the toll-treatment of our Selkirk JV ore through the Gwalia processing plant in March 2024.

Our Joint Venture with BML Ventures has been conducted in a safe, productive and professional manner with gold revenues to be split on a 50/50 basis after project cost reconciliations. The JV budget utilised a conservative gold price of A$2,850 per ounce, compared to the current spot price of +A$3,100 per ounce which will provide financial upside to the joint venture.

We continue to advance the Link Zone deposits at Menzies as a potential additional small scale mining campaign at Menzies that can be executed contemporaneously with the exploration and development workstreams. Open pit optimisations are currently ongoing in parallel with relevant permitting and approval processes for potential expedited development.

We look forward to sharing news of Brightstar’s inaugural gold pour in March and further activities related to our Pre-Feasibility Study as they occur, including an RC program to commence at Menzies in the near future”.

Figure 1 – Selkirk Pit (looking NW) upon completion

Figure 2 - Last ore load being dumped on Selkirk ROM

This ASX announcement has been approved by the Managing Director on behalf of the board of Brightstar.

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