Scoping Study Underway on Consolidated Asset Base,Mining to Commence in Q3

HIGHLIGHTS

• Key consultants have been appointed and are progressing their respective work streams for a combined asset Scoping Study

• GR Engineering Services Ltd appointed to complete a study into the refurbishment of the Laverton processing plant and assessing opportunities for expansion of processing plant throughput

•ABGM Pty Ltd appointed to complete mining optimisation and designs of the enlarged JORC Resource of 965,000oz Au @ 1.5g/t Au and provide an updated Mineral Resource Estimate at Cork Tree Well

• Optimised schedule will assist to vector resource definition efforts at the Laverton Gold Project and Menzies Gold Project to support future production scenarios

• Scoping study to delineate resources appropriate for mining and haulage to the Laverton processing plant and to identify which resources are better suited to other potential 3rd party processing options

• Scoping study outcomes to support financing discussions currently underway in order to finance the potential low capital requirements for production restart opportunities

• Selkirk mining commencement in Q3 CY23 with cashflows anticipated for Q1 CY24 from processing at St Barbara’s (ASX:SBM) Gwalia processing plant

Brightstar Resources Limited (ASX:BTR) (Brightstar) is pleased to announce positive momentum from the mining and processing studies on the combined asset base, comprising 20.5Mt at 1.5 g/t Au for 965,000 ounces (Table 1) across the Laverton and Menzies Gold Projects (Figure 1) in the centre of WA’s Eastern Goldfields.

Key workstreams including mining and processing studies are progressing well, with findings expected to be presented to Brightstar’s study team in June followed by financial modelling and economic assessment for delivery in Q3, CY2023.

The Scoping Study will be used to guide exploration and resource definition efforts into the key deposits scheduled for early extraction and cashflow generation, resulting in greater confidence and information on the first mines Brightstar will develop and operate across the portfolio.

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