BRIGHTSTAR RESOURCES LIMITED — Investor Presentation 2021

Jul 28, 2021

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BRIGHTSTAR RESOURCES – IAN PEGG EXPLORATION MANAGER

PATHWAY TO PRODUCTION

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INVESTOR PRESENTATION | BTR.ASX

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Disclaimer

Nature of this document: The purpose of this presentation is to provide general information about Brightstar Resources Limited (the ‘ Company ’) . Unless otherwise stated herein, the information in this presentation is based on the Company’s own information and estimates. In attending this presentation or viewing this document you agree to be bound by the following terms and conditions. This document has been prepared by the Company. Information in this document should be read in conjunction with other announcements made by the Company to the Australian Securities Exchange and available at www.asx.com.

Not an offer: This presentation is for information purposes only and does not constitute or form any part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities in the Company in any jurisdiction. This presentation and its contents must not be distributed, transmitted or viewed by any person in any jurisdiction where the distribution, transmission or viewing of this document would be unlawful under the securities or other laws of that or any other jurisdiction.

Not financial product advice: This presentation does not take into account the individual investment objectives, financial situation and particular needs of each of the Company’s shareholders. You may wish to seek independent financial and taxation advice before making any decision in respect of this presentation. The Company nor any of its related bodies corporate is licensed to provide financial product advice in respect of the Company’s securities or any other financial products.

Forward-looking statements: Certain statements in the presentation are or may be “forward-looking statements” and represent the Company’s intentions, projections, expectations or beliefs concerning, among other things, future operating and exploration results or the Company’s future performance. These forward looking statements speak, and the presentation generally speaks, only at the date hereof. The projections, estimates and beliefs contained in such forward looking statements necessarily involve known and unknown risks and uncertainties, and are necessarily based on assumptions, which may cause the Company’s actual performance, results and achievements in future periods to differ materially from any express or implied estimates or projections. Accordingly, readers are cautioned not to place undue reliance on forward looking statements. Relevant factors which may affect the Company’s actual performance, results and achievements include changes in commodity price, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, diminishing quantities or grades of reserves, political and social risks, changes to laws and regulations, environmental conditions, and recruitment and retention of personnel.

Disclaimer : No representation or warranty, express or implied, is made by the Company that the material contained in this presentation will be achieved or prove to be correct. Except for statutory liability which cannot be excluded, each of the Company, and their respective directors, officers, employees, advisers and agents expressly disclaim any responsibility for the accuracy, fairness, sufficiency or completeness of the material contained in this presentation, or any opinions or beliefs contained in this document, and excludes all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in this presentation or any error or omission there from. The Company is under no obligation to update or keep current the information contained in this presentation or to correct any inaccuracy or omission which may become apparent, or to furnish any person with any further information. Any opinions expressed in the presentation are subject to change without notice.

Unverified information: This presentation may contain information (including information derived from publicly available sources) that has not been independently verified by the Company.

COMPETENT PERSON’S STATEMENT

The information presented here relating to Exploration Results and Mineral Resources of the Alpha, Beta and Cork Tree Well (Delta) deposits is based on information compiled by Mr Richard Maddocks of Auralia Mining Consulting Pty Ltd and announced to ASX on 10 September 2020. Mr Maddocks takes overall responsibility for the Mineral Resource Estimate. Mr Maddocks is a Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM) and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity he has undertaken to qualify as a “Competent Person” as that term is defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012)”. Mr Maddocks consents to the inclusion in this announcement of the matters based in this information in the form and context in which it appears. Mr Maddocks was employed as a contractor of Brightstar.

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INVESTOR PRESENTATION | BTR.ASX PAGE 2

INVESTMENT HIGHLIGHTS

Brightstar is an emerging growth story with a key point of difference to other WA gold explorers & near-term developers

445koz Au of Mineral Resources concentrated within the prolific Laverton goldfield

Brightstar’s Mineral Resource of 7.2Mt at 1.9g/t for 445koz Au is strategically concentrated within a 70km radius of its Brightstar processing plant and 1. includes 3.3Mt at 1.9g/t for 207koz Au situated only 20km from the plant

Strategic processing infrastructure provides a key point of difference

Brightstar’s processing plant (on care and maintenance) and related supporting infrastructure (including a 60-person accommodation camp) provides a 2. key point of difference to other WA gold explorers / near-term developers requiring a mill.

Low-cost refurbishment and upgrade of the Brightstar Processing Plant

COMO Engineers has confirmed a low-cost refurbishment and plant upgrade scenario to 650ktpa using surplus equipment on-site , which includes 3. a spare ball mill, leach tanks and recently refurbished gensets.

Plenty of room to grow – substantial value opportunity relative to WA gold peers

At $22/oz Au in Resource , Brightstar trades at a c.75% discount to the WA gold peer average of $85/oz Au , representing a substantial value 4. opportunity, especially considering Brightstar is the only company amongst its ASX listed WA gold peers with installed processing infrastructure.

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3

INVESTOR PRESENTATION | BTR.ASX

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CORPORATE OVERVIEW

After a successful recapitalisation, Brightstar is positioned to deliver sustainable, long-term value for its shareholders.

	CAPITAL STRUCTURE	Current
	Share price1	2.5c
	No. of shares on issue2	440m
	Market capitalisation3 (undiluted) Cash and equivalents4	$11m $1.0m
	Debt5	Nil
	Options on issue5	33m
	Resources	445koz

BOARD & KEY MANAGEMENT

William Hobba, Managing Director

40 years of processing, plant construction & technical experience

Joshua Hunt, Non-Executive Director

Experienced capital markets, resources and governance lawyer

Ian Pegg, Exploration Manager

over 20 years of geologic experience, including Gold Fields Australia

TIGHT REGISTER WITH WORKING CAPITAL

• ~$1.0m in cash & equivalents after the sell-down of outstanding Regis Resources shares

• • Top 20 hold c.59%, Board & Management hold c.24%

TOTAL SHAREHOLDINGS

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(as at 28 July 2021)
Board &
Management
24%
Top 20 hold
c.58%
Consultants
3%
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Retail
73%
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• (1) Share price based on closing price 28 July 2021

• (2) As per most recent Appendix 2A, dated 12 February 2021 (3) as at close of trading, 28 July 2021

• (4) as per most recent quarterly cash flow report, dated 28 July 2021

• (5) Unlisted options with weighted average exercise price of 4.3c and expiry ranging between April 2023 and June 2024

INVESTOR PRESENTATION | BTR.ASX

PAGE 4

RESOURCE DEVELOPMENT HIGHLIGHTS

445koz Au of Mineral Resources with significant growth opportunities

Alpha Project

• The Alpha Mineral Resource of 1.4Mt at 2.3g/t for 106koz Au is within 15km of Brightstar processing plant. It is composed of both oxide and fresh

• 1. material that can be mined through open pit and underground methods. Current drilling has not determined the bottom of the mineralisation.

Beta Project

The Beta Mineral Resource of 1.9Mt at 1.7g/t for 101koz Au is immediately adjacent to Brightstar’s processing plant (on care and maintenance) and 2. related support infrastructure (including a 60-person accommodation camp). The resource material is a mix of oxide and fresh material that is amenable to both open pit and underground mining. Previous drilling has shown the potential for mineralization to continue down-dip.

Cork Tree Well Project

The Cork Tree Well Mineral Resource of 3.9Mt at 1.9g/t for 237koz is only 70km from the Brightstar processing plant. The vast majority of the resource 3. material is likely to be oxide as the project has not been drilled beneath 100m vertical in most areas. The bottom of the mineralization has not been found.

Room to grow – Opportunities for discovery

• With ~200km[2] of the unique Laverton ground to explore there are multiple other anomalous positions to be explored. Key projects still to be investigated include Brightstar’s Hawks Nest leases, the Ophir bore location and Sailor Prince workings.

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INVESTOR PRESENTATION | BTR.ASX PAGE 3

WORLD-CLASS GEOLOGICAL ADDRESS

Laverton Greenstone belt -

• 2[nd] highest producing area for gold in WA. - Sons of Gwalia (2.5MOz)

• • Sunrise Dam (10.0MOz)
• • Granny Smith (2.0MOz)

• Wallaby (7.0MOz)

1[st] is of course the Norseman-Wiluna belt with the Kalgoorlie Superpit contributing 50MOz on it’s own. Other significant sites include Norseman and Brightstar Tenements Kambalda-St Ives.

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INVESTOR PRESENTATION | BTR.ASX
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WORLD-CLASS GEOLOGICAL ADDRESS

c.200km[2 ] of highly prospective mining and exploration tenements in the world-class Leonora–Laverton Region

UNLOCKING VALUE THROUGH GOLD DISCOVERIES IN A GREAT GEOLOGICAL LOCATION

• c.200km[2 ] of highly prospective land in the world-class Laverton Goldfield – c.940km NE of Perth

• The Laverton region is well endowed with world-class gold deposits totalling +20Moz mined, including:

• Sunrise Dam (+10Moz gold mined)

• Wallaby (+7Moz gold mined)

• Granny Smith (+2Moz gold mined)

• Brightstar’s tenement package hosts a Mineral Resource of 7.1Mt at 1.9g/t for 445koz Au across its three deposits : Cork Tree Well, Alpha and Beta

• Brightstar has identified numerous high-priority exploration targets , including on its Mining Lease at Hawks Nest which is encircled by Magnetic Resources Limited’s (ASX: MAU ) highly prospective Hawks Nest 9 Project – MAU has recorded intersections of 4m at 70.7g/t from surface, 4m at 5.7g/t from 12m and 4m at 5.1g/t from 56.m[1]

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Cork Tree Well
3.9Mt @ 1.9g/t for 237koz
Hawk’s Nest c.70km haulage to Brightstar Plant
Number of Mining Leases encircled by
Magnetic Resources Limited’s highly
prospective Hawks Nest and Lady Julie Alpha Deposit
deposits
1.4Mt @ 2.3g/t for 106koz
c.15km haulage to Brightstar Plant
Beta Deposit
1.9Mt @ 1.7g/t for 102koz
--------------------------------------------
Granny Smith Brightstar Plant
Jupiter / Mt Morgan (+2Moz mined) 485ktpa plant
(+1.5Moz mined)
Wallaby
(+7Moz mined)
Sunrise Dam
(+10Moz mined) 10 km
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(1) MAU ASX Announcement: “Infill drilling at HN9 identifies 4m @ 70g/t Au from surface” – 8 February 2021

INVESTOR PRESENTATION | BTR.ASX PAGE 7

MILESTONES AND GATES

Work Completed in the Previous Quarter:

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Project Pipeline
Alpha,
Cork-
Tree Well
Beta Brightstar
Hawk’s Nest
Sailor Prince, Ophir Bore
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• Three Year Project Plan with a View to Re-Starting Full Production by Q3 2022

• Geological Databases Re-Constructed for Alpha, Beta and Cork Tree Well

• Exploration Target Optimisation Works for Alpha and Cork Tree Well

• Detailed Drill Planning – Resource Development and Extensional Programs Designed for Alpha and Cork Tree Well

  • Updated MRE Alpha

• Drilling Cork Tree Well

• Metallurgical and Hydrogeological Studies Permitting

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Alpha
Resource
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• Environmental GAP

• Analysis

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CTW
Resource
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Mining
Studies
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• Mine Feasibility Studies Begin

• Drilling Alpha

• Updated MRE Cork Tree Well

• Plant Refurbishment Process Begins

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INVESTOR PRESENTATION | BTR.ASX

CORK TREE WELL DEPOSIT

• Historical production (1987 – 1989) of 740kt at 2.4g/t for 57koz Au

• Significant JORC resource of 3.9Mt at 1.9g/t for 237koz (c.56% M&I) within 70km of plant

• High-grade, open shoots at depth and along strike

• Significant near surface oxide resource remaining in the north

• Suitable for open pit and underground mining studies

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Cork Tree Well North Pit
•
Potential for targeted extensional and potential infill drill programmes depending on mining studies
Cork Tree Well South Pit
Note: Oblique orthogonal view looking down to the NW
Multiple high-grade, open shoots at depth and along strike
INVESTOR PRESENTATION | BTR.ASX PAGE 9
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CORK TREE WELL SECTIONS

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CTW North
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CTW Southern Pit

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Infill holes planned
southern side of
this already deeply
drilled (200m plus)
section
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INVESTOR PRESENTATION | BTR.ASX

Exploration Targeting Shell

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N
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CORK TREE WELL DEPOSIT

DRILL PLANS

90 RC or Diamond drillholes to infill current model where needed, extend/improve confidence of other areas, and grow the Resource.

Historical production (1987 – 1989) from these two pits was 740kt at 2.4g/t for 57koz Au

Airstrip will be investigated for continuity of mineralisation between CTW and CTW North.

Drill Programs will be phased to allow for redesign/ optimisation of drilling based on results from initial drillholes.

Planned Drillholes Infill Extensional Additional Historic drilling

INVESTOR PRESENTATION | BTR.ASX

N ~3kms of additional strike extent. Poorly tested.

CORK TREE WELL DEPOSIT

Exploration Potential

The exploration opportunity has expanded significantly with the completion of the SAM survey at CTW. Structures similar to the CTW deposit can be interpreted with up to 3km of additional strike extent to be investigated.

~3kms current resource model extent

There are also strong targets for other styles of mineralisation in the northern part of the main CTW lease (M38/346).

Drill Programs for these areas will be designed and scheduled based on results from the initial Resource growth program in the southern part of the lease.

Planned Drillholes RC Phase 1 Historic drilling

INVESTOR PRESENTATION | BTR.ASX

ALPHA DEPOSIT

• JORC Resource of 1.4Mt at 2.3g/t for 106koz Au within 15km of processing plant (c.58% M&I)

• Grades look to be increasing at depth and down plunge – open at depth

• Suitable for Open pit and underground mining studies

• Potential for targeted extensional and potential infill drilling programmes depending on mining studies.

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Alpha Pit
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Note: Long Section view looking to the WNW

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Plunging high-grade shoots
200-300m long. Open to depth
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INVESTOR PRESENTATION | BTR.ASX

PAGE 13

ALPHA DEPOSIT

DRILL PLANS

53 RC/Diamond drillholes to infill current model where needed, extend/improve confidence of other areas, and grow the Resource.

N Exploration Targeting Shells

No official historical production available from this pit however it is estimated that 22kOz were taken from Alpha and Beta together.

Opportunity for underground development if we can grow the Resource north of current pit.

Planned Drillholes

Infill

Drill Programs will be phased to allow for redesign/ optimisation of drilling based on results from initial drillholes.

Extensional Additional Historic drilling

INVESTOR PRESENTATION | BTR.ASX

ALPHA SECTIONS

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Alpha Near Pit
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INVESTOR PRESENTATION | BTR.ASX

BETA DEPOSIT

• JORC Resource of 1.9Mt at 1.7g/t for 101koz Au (c.49% M&I)

• Grades look to be increasing at depth and down plunge – open at depth

• Brightstar deposit lies adjacent to Brightstar’s 60-man camp and Processing Infrastructure

• Historical production (from both Alpha & Brightstar) of c.22koz Au

Mikado Pit

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Northern Pit
Note: Oblique Orthogonal view looking onto footwall from West
Open down plunge
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INVESTOR PRESENTATION | BTR.ASX PAGE16

BETA SECTIONS

Beta Central Pit Beta North Pit

INVESTOR PRESENTATION | BTR.ASX

HAWK’S NEST PROJECT

• Well known in Laverton for prospecting, dry-blowing and small early 20[th] century workings.

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Brightstar
Hawk’s Nest
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• Magnetic Resources (ASX: MAU) progressing their premier HN9 Project within 1km alongstrike of the southern end of the Brightstar’s Hawk’s Next tenements.

• MAU has completed extensive shallow exploration, +800 RC holes for +50km.

• MAU is proposing that HN9 is a flat lying structure, similar to Wallaby (+7Moz), Sunrise Dam (10Moz) and Jupiter (+1Moz).

• Initial drill program (100mx100m Aircore) planned to assess potential of the ground.

• Potential for targeted extensional and potential infill drilling programmes depending on mining studies.

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INVESTOR PRESENTATION | BTR.ASX PAGE 18

REGIONAL EXPLORATION

STANDING ON THE SHOULDERS OF OUR PREDECESSORS

REVIEW HISTORICAL DATABASES

• Robust geological data and metadata. Hardcopy available for validation.

• Historical geophysical and geochemical surveys available for all project

• areas.

RESOURCE DEFINITION DRILL PLANNING

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• Exploit shallow extension opportunities at Cork Tree Well, and Alpha projects.

• Aggressively grow Resources.

REGIONAL TARGETING AND RANKED TARGET PORTFOLIO

• Completed before year end.

• Investigate near surface anomalism at Hawk’s Nest, Sailor Prince, and

• Ophir Bore.

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INVESTOR PRESENTATION | BTR.ASX

PAGE 19

STRATEGIC PROCESSING INFRASTRUCTURE

COMO Engineers confirm low-cost refurbishment and upgrade of the Brightstar Plant to c.650ktpa

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EXCELLENT PROCESSING INFRASTRUCTURE

• 485ktpa processing plant[1]

• Supporting infrastructure, including a 60-person accommodation camp, tailings dam and process water pond

LOW-COST REFURBISHMENT & UPGRADE TO c.650ktpa[2]

• COMO Engineers estimate a low cost to refurbish and upgrade the plant to c.650ktpa[3]

• Low-cost greatly assisted by commencement of a plant upgrade in 2014, where a new secondary crusher, 450kW ball mill, gravity circuit and elution circuit were procured and partly installed

• The installation of the equipment was not completed – all surplus equipment remained on site under care & maintenance

• Power generation capacity from refurbished gensets support expansion

STRATEGICALLY LOCATED

• Located just c.40km south of Laverton which is serviced by three flights per week from Perth

• Brightstar’s 445koz Resource is concentrated within a 70km radius of the plant, which includes 208koz within just 20km of the plant

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(1) Assuming oxide material with a work index of c.13kWh/t. (2) Refer to ASX announcement relating to the COMO report, dated 5 May 2021, (3) Assumes replacement of Ball Mill No. 2 with the surplus 450kW Ball Mill on-site

INVESTOR PRESENTATION | BTR.ASX PAGE 20

BRIGHTSTAR RESOURCES 3 YEAR PLAN

Auditing of Brightstar Geologist for Mineral Refurbishment and site and Compliance Resources and Mine Upgrade of Capacity of MRE Checks and works to be Engineer for Ore Mill based on available Open Pit Mining and Database Validation undertaken. Reserves Reserves. Processing of Ore. Plant Beta Audits & JORC Compliance Gold Geology QAQC Refurbishment & Compliance Site Visits Production Upgrade Process Conceptual Mining Resource Feasibility Phase Exploration Drilling Mining Approvals Studies Development (Mining) Programs Open pit and Includes Resource Detailed mining and Submission of PMP, Continuing exploration underground high-level Development Drilling metallurgical studies to MP, MCP and NVCP to help fill the pipeline mining studies for as well as re-modelling produce JORC reports to DMIRS for of projects to bring Alpha, Beta and Cork based on new results. compliant Ore approval to mine. new discoveries to Tree Well to produce Reserves. fulfillment. potential pit shells and underground plans for more detailed works.

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THANK YOU

CONTACTS

BRIGHTSTAR RESOURCES

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brightstarresources.com.au info@brightstarresources.com.au

08 9277 6008

3/25 Belgravia Street, Belmont, WA 6104

INVESTOR PRESENTATION | BTR.ASX

PAGE 22

APPENDIX 1: DETAILED GOLD PEER DATA

Ticker	Company Name	Stage	Plant Installed?	Mkt. Cap (A$m)1	Cash (A$m)2	Debt (A$m)2	Enterprise Value (A$m)	Mineral Resource (koz, Au)3	Mineral Resource (koz, Au)3	EV/Resource (A$/oz)
MGV Musgrave Minerals Limited Near-Term Development No $179 $24 -- $155 659 3.19 $235
YRL Yandal Resources Limited Exploration No $55 $8 -- $47 268 1.13 $176
GML Gateway Mining Limited Exploration No $34 $4 -- $31 240 2.20 $128
HRZ Horizon Minerals Limited Exploration No $65 $11 -- $54 448 1.26 $120
AME Alto Metals Limited Exploration No $41 $8 -- $33 331 1.70 $101
GMD Genesis Minerals Limited Near-Term Development No $157 $4 -- $153 1,608 1.80 $95
KIN Kin Mining NL Near-Term Development No $112 $7 -- $104 1,230 1.28 $85
BC8 Black Cat Syndicate Limited Near-Term Development Recently Acquired $81 $3 -- $78 1,025 2.20 $76
VAN Vango Mining Limited Exploration No $74 $2 -- $72 1,002 3.00 $72
CLZ Classic Minerals Limited Exploration No $22 $0 $3 $25 404 1.52 $61
MM8 Medallion Metals Limited Exploration No $42 $11 $4 $35 674 2.40 $51
BRB Breaker Resources Limited Exploration No $52 $1 -- $51 1,370 1.50 $37
KWR Kingwest Resources Limited Exploration No $17 $1 -- $16 446 1.26 $35
AUC Ausgold Limited Exploration No $62 $12 -- $50 1,540 1.25 $33
HRN Horizon Gold Limited Exploration No $43 $1 -- $42 1,361 2.30 $31
BTR Brightstar Resources Limited Exploration Yes (on C&M) $11 $1 -- $10 443 1.92 $22
Avg. Exploration $72 Avg. Near-Term Developer $123 Total Peer Avg. $85

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Source: SNL Market Intelligence, Company Announcements

INVESTOR PRESENTATION | BTR.ASX PAGE 23

(1) As at close of trading, 27 July 2021, (2) As per latest quarterly cash flow report, (3) Latest publically available

APPENDIX 1: DETAILED GOLD PEER COMPARISON

At $22/oz Au in Resource, Brightstar represents a substantial value opportunity relative to its ASX listed WA gold peers

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$235/oz
$176/oz
$128/oz
$120/oz
$101/oz
$95/oz
$85/oz
$76/oz
$72/oz
$61/oz
$51/oz
$37/oz $35/oz $33/oz $31/oz
$22/oz
Ticker MGV YRL GML HRZ AME GMD KIN BC8 VAN CLZ MM8 BRB KWR AUC HRN BTR
Name Musgrave Yandal Gateway Horizon M. Alto Genesis Kin Mining Black Cat Vango Classic Medallion Breaker Kingwest Ausgold Horizon G. Brightstar
Plant
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Source: SNL Market Intelligence, Company Announcements, as at 27 July 2021.

INVESTOR PRESENTATION | BTR.ASX PAGE 24

APPENDIX 2: MINERAL RESOURCE ESTIMATES

Brightstar Project Mineral Resources (cut-off grade of 0.5g/t Au)	Brightstar Project Mineral Resources (cut-off grade of 0.5g/t Au)	Brightstar Project Mineral Resources (cut-off grade of 0.5g/t Au)	Brightstar Project Mineral Resources (cut-off grade of 0.5g/t Au)
	Tonnes	Grade	Contained Au
Category	(kt)	(g/t Au)	(koz)
CORK TREE WELL
Measured & Indicated	2,164	1.91	133
Inferred	1,696	1.90	104
Sub-Total	3,860	1.91	237
BETA
Measured & Indicated	921	1.62	48
Inferred	961	1.70	53
Sub-Total	1,882	1.66	101
ALPHA
Measured & Indicated	997	1.81	58
Inferred	455	3.30	48
Sub-Total	1,452	2.28	106
Total	7,194	1.92	443

Source: ASX Announcement: “Auralia Review” – 10 September 2020

COMPETENT PERSON’S STATEMENT

The information presented here relating to the Mineral Resources of the Alpha, Beta and Cork Tree Well (previously Delta) deposits is based on information compiled by Mr Richard Maddocks of Auralia Mining Consulting Pty Ltd. Mr Maddocks takes overall responsibility for the Mineral Resource Estimate. Mr Maddocks is a Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM) and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity he has undertaken to qualify as a “Competent Person” as that term is defined in the 2012 Edition of the “Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012)”. Mr Maddocks consents to the inclusion in this announcement. Mr Maddock consents to the inclusion in this announcement of the matters based in this information in the form and context in which it appears. Mr Maddock was employed as a contractor to Brightstar.

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INVESTOR PRESENTATION | BTR.ASX PAGE 25