BRIGHTSTAR RESOURCES LIMITED — Interim / Quarterly Report 2021

Apr 29, 2021

30 April 2021

MARCH QUARTER ACTIVITY REPORT

1 Overview of Activities

A summary of key activities for Brightstar Resources Limited ( Brightstar or the Company ) (ASX: BTR) is outlined below. The Company is pleased to report a productive quarter with a number of important milestones having been achieved.

1.1 Acquisition of exploration licence E38/3438

Brightstar executed a tenement acquisition agreement in respect of the acquisition of a prospective exploration licence in Western Australia, E38/3438 ( Tenement ), from Mining Equities Pty Ltd in exchange for $200,000 in Brightstar shares and $50,000 worth of unlisted options plus a 1% NSR over the Tenement.

Brightstar has completed the issue of a total of 4,000,000 fully paid ordinary shares and 1,000,000 unlisted options in the Company to Mining Equities Pty Ltd on 12 February 2021.

Please refer to the ASX announcements dated 8 and 12 February 2021 for further details.

1.2 Appointment of exploration manager

Ian Pegg, former Granny Smith Mining Company Exploration Superintendent, was appointed Exploration Manager of the Company effective 22 February 2021. Ian has made an excellent start to his new role by planning and executing many of the initiatives set out below at point 1.4 (please refer to the ASX announcement dated 23 February 2021 for further details of Ian’s employment).

1.3 Disposal of financial assets

Between February and March 2021, the Company disposed of its entire shareholding in Regis Resources Ltd and received net proceeds totalling $1.83M.

1.4 Exploration and development work

The Company has been busy finalising its Three-Year Strategic Plan. Major work carried out by Brightstar during the quarter includes:

• a. securing an independent review by Como Engineers of the costs of refurbishing the Brightstar Mill and returning it to production.

• b. review of the SAM survey data in respect of the Cork Tree Well Project (announced on 17 December 2020).

• c. review of the Alpha Project model for exploration and targeting purposes, including designing proposed drilling around Alpha to improve estimation in model and extend mineralisation along strike and down-dip.

• d. review of Cork Tree Well Project resource model and drill hole planning in process to determine opportunities for extensional targets along the entire length of the deposit. When drilled these holes will provide an ideal opportunity to update the Resource and investigate mining opportunities.

• e. drill procurement for further exploration in progress, with discussions underway with several providers.

• f. budgeting and scheduling for Year One exploration to feed into the Three-Year Strategic Plan.

• g. re-authorisation of statutory roles with the Department of Mines, Industry, Resources and Safety.

2 Payments to Directors

The Company made an aggregate payment of $22,000 to the directors as remuneration for the quarter.

3 Tenement Schedule

The mining tenements held by the Company at the end of the quarter and their location are set out as a Schedule to this report.

For further information, please refer to the Company’s ASX announcements or email Brightstar’s Joint Company Secretary at lukew@brightstarresources.com.au.

Yours sincerely

==> picture [89 x 28] intentionally omitted <==

William Hobba

Managing Director

2

TENEMENT SCHEDULE AS AT 31 MARCH 2021

GRANTED TENEMENTS BRIGHTSTAR (SOUTH LAVERTON)

LEASE	STATUS	LEASE MANAGER	TOTAL SHARES
M38/968	Granted	Desert Exploration Pty Ltd	100
M38/1056	Granted	Brightstar Resources Limited	100
M38/1057	Granted	Brightstar Resources Limited	100
M38/1058	Granted	Brightstar Resources Limited	100
M38/9	Granted	Brightstar Resources Limited	100
E38/2316	Granted	Brightstar Resources Limited	100
E38/2364	Granted	Brightstar Resources Limited	100
E38/2365	Granted	Brightstar Resources Limited	100
E38/2411	Granted	Brightstar Resources Limited	100
E38/3034	Granted	Brightstar Resources Limited	100
E38/3108	Granted	Brightstar Resources Limited	100
E38/3293	Granted	Brightstar Resources Limited	100
E38/3331	Granted	Brightstar Resources Limited	100
M38/241	Granted	Brightstar Resources Limited	100
M38/549	Granted	Brightstar Resources Limited	100
M38/984	Granted	Brightstar Resources Limited	100
P38/4377	Granted	Brightstar Resources Limited	100
P38/4385	Granted	Brightstar Resources Limited	100
P38/4431	Granted	Brightstar Resources Limited	100
P38/4432	Granted	Brightstar Resources Limited	100
P38/4433	Granted	Brightstar Resources Limited	100
P38/4444	Granted	Brightstar Resources Limited	100
P38/4445	Granted	Brightstar Resources Limited	100
P38/4446	Granted	Brightstar Resources Limited	100
P38/4447	Granted	Brightstar Resources Limited	100
P38/4448	Granted	Brightstar Resources Limited	100
P38/4449	Granted	Brightstar Resources Limited	100
P38/4450	Granted	Brightstar Resources Limited	100

GRANTED TENEMENTS BRIGHTSTAR NORTH (NORTH LAVERTON)

LEASE	STATUS	LEASE MANAGER	TOTAL SHARES
E38/2452	Granted	Brightstar Resources Limited	100
E38/2894	Granted	Brightstar Resources Limited	100
M38/346	Granted	Brightstar Resources Limited	100
M38/917	Granted	Brightstar Resources Limited	100
M38/918	Granted	Brightstar Resources Limited	100
P38/4108	Granted	Brightstar Resources Limited	100
E38/3198	Granted	Brightstar Resources Limited	100

3

GRANTED TENEMENTS STANDALONE (LAVERTON)

LEASE	STATUS	LEASE MANAGER	TOTAL SHARES
E38/2233	Granted	Brightstar Resources Limited	100

GRANTED TENEMENTS HAWKES NEST (NORTH LAVERTON)

LEASE	STATUS	LEASE MANAGER	TOTAL SHARES
M38/94	Granted	Brightstar Resources Limited	100
M38/95	Granted	Brightstar Resources Limited	100
M38/314	Granted	Brightstar Resources Limited	100
M38/381	Granted	Brightstar Resources Limited	100

GRANTED MISCELLANEOUS LICENCES

LEASE	STATUS	LEASE MANAGER	TOTAL SHARES
L38/100	Granted	Brightstar Resources Limited	100
L38/123	Granted	Brightstar Resources Limited	100
L38/168	Granted	Brightstar Resources Limited	100
L38/169	Granted	Brightstar Resources Limited	100
L38/171	Granted	Brightstar Resources Limited	100
L38/185	Granted	Brightstar Resources Limited	100
L38/188	Granted	Brightstar Resources Limited	100
L38/154	Granted	Brightstar Resources Limited	100
L38/205	Granted	Brightstar Resources Limited	100

• Transfer of Tenement E38/3438 had not completed as at 31 March 2021.

4