BRIGHTSTAR RESOURCES LIMITED — Investor Presentation 2021

May 4, 2021

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RIU SYDNEY RESOURCES ROUND-UP

– IAN PEGG EXPLORATION MANAGER

INVESTOR PRESENTATION

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5 MAY 2021

INVESTOR PRESENTATION | BTR.ASX PAGE

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 the 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 $5.5 million refurbishment and plant upgrade scenario to 650ktpa using surplus equipment on-site , 3. which includes a spare ball mill, leach tanks and recently refurbished gensets.

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

At $30/oz Au in Resource, Brightstar trades at a c.66% discount to the WA Gold Peers average of $88/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

PAGE

CORPORATE OVERVIEW

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

	CAPITAL STRUCTURE	Current
	Share price1	3.5c
	No. of shares on issue2	440m
	Market capitalisation3 (undiluted) Cash and equivalents4	$15m $2m
	Debt5	Nil
	Enterprise value(undiluted)	$13m
	Options on issue5	28m

KEY MANAGEMENT

William Hobba, Managing Director

40 years of processing, plant construction & technical experience

Ian Pegg, Exploration Manager

over 20 years of geologic experience, including Gold Fields Australia

WELL-FUNDED CASH POSITION AND TIGHT REGISTER • $2m in cash & equivalents after the sell-down of outstanding Regis Resources shares • Top 20 hold c.61%, Board & Management hold c.26%

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TOTAL SHAREHOLDINGS
(as at 30 April 2021)
Board &
Management
26%
Top 20 hold
c.61%
Consultants
3%
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Retail
70%
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• (1) Share price based on closing price 30 April 2021, (2) As per most recent Appendix 2A, dated 12 February 2021 (2) as at close of trading, 30 April 2021

(3) as per most recent quarterly cash flow report, dated 31 March 2021

INVESTOR PRESENTATION | BTR.ASX

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(4) Unlisted options with weighted average exercise price of 4.3c and expiry ranging between April 2023 and February 2024

OUR HISTORY

The platform has been set for sustainable, long-term growth as a near-term gold producer

VALUE CREATION ONE STEP AT A TIME

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9.0c
8.0c
7.0c
6.0c
5.0c
4.0c
3.0c
2.0c
1.0c
-
Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21
Aug 20 Dec 20
Sale of Ben Hur Nov 20 Commencement of SAM
for $10m Completion of survey at Cork Tree Well
DECA [1]
Sept 20
Independent review of MRE by Aurelia
Mining Consulting confirmed Mineral
Resource of 445koz at 1.9g/t
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(1) Debt and Equity Compromise Agreement ( DECA ), (2) Sub-Audio Magnetic ( SAM )

INVESTOR PRESENTATION | BTR.ASX PAGE 5

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 6

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 cost of $5.5m to refurbish and upgrade the plant to c.650ktpa[3] (incl. $1.9m in owner’s cost & a 30% contingency)

• 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

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UNDERVALUED COMPARED TO PEERS

At $30/oz Au in Resource, Brightstar represents a substantial value opportunity relative to its ASX Listed WA Gold Peers[1]

EV/Resource ($/oz)

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WA Near-Term Gold Developers Brightstar has Plenty of Room to Grow
WA Gold Explorers
Despite having a 445koz Resource concentrated within the prolific
WA mining jurisdiction of Laverton, Brightstar is trading at a
$259/oz c.66% discount ($30/oz) to its select ASX WA Gold Peers
($88/oz) on a EV/Resource basis. Adding to this, among the
select ASX WA Gold Peers, Brightstar is the only company
with an installed processing plant and related supporting
$198/oz
infrastructure , which provides a key point of difference.
$135/oz
$125/oz
$88/oz $102/oz
Peer Avg.
$81/oz $78/oz
$75/oz $72/oz
$60/oz
$51/oz
$48/oz
$39/oz
$30/oz $30/oz $29/oz
Ticker MGV GML YRL HRZ AME BC8 VAN GMD KIN CLZ MM8 BRB AUC HRN BTR KWR
Name Musgrave Gateway Yandal Horizon M. Alto Blackcat [2] Vango Genesis Kin Mining Classic Medallion Breaker Ausgold Horizon G. Brightstar Kingwest
Plant                
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(1) See Appendix 1 for full details of peer data, (2) BC8 recently acquired parts of a plant; however, BC8 is stilled required to relocate the mill and procure major equipment components.

INVESTOR PRESENTATION | BTR.ASX PAGE 8

CORK TREE WELL DEPOSIT

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•
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
•
Potential for targeted extensional and potential infill drill programmes depending on mining studies
SDR103601:
24m@4.2g/t from 120m Cork Tree Well North Pit
Note: Oblique orthogonal view looking down to the NW
SDR103602:
25m@3.5g/t from 145m
Cork Tree Well South Pit
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Multiple high-grade, open shoots at depth and along strike

INVESTOR PRESENTATION | BTR.ASX

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ALPHA DEPOSIT

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MMC034:8m @ 3g/t from 109m
MMC102: 6m @ 5.1g/t from 169m
MMC113: 2m @ 4.3g/t from 212m
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• 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.

Plunging high-grade shoots 200-300m long. Open to depth

Alpha Pit

Note: Oblique Orthogonal view looking down to the WNW

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INVESTOR PRESENTATION | BTR.ASX

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BETA DEPOSIT

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BBC047: 7m@6.4g/t from 135m
and 2m @ 69.4g/t from 160m
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• 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

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Mikado Pit
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Aztec Pit
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Note: Oblique Orthogonal view looking onto footwall from West INVESTOR PRESENTATION | BTR.ASX PAGE 11

HAWK’S NEST

• Well known in Laverton for prospecting, dryblowing and small early 20[th] century workings

• 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)

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

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Brightstar
Hawk’s Nest
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INVESTOR PRESENTATION | BTR.ASX PAGE 12

WHAT’S NEXT?

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

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

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• Aggressively grow Resources.

REGIONAL TARGETING AND RANKED TARGET PORTFOLIO

• Aimed to have completed before year end.

• Investigate near surface anomalism at Hawk’s Nest.

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INVESTOR PRESENTATION | BTR.ASX PAGE 13

WHY INVEST IN BRIGHTSTAR?

IT’S AS EASY AS 1, 2, 3…. ONE world-class geological address TWO installed ball mills for 485ktpa processing capacity

THREE JORC compliant Resources for 445koz Au

Brightstar offers exposure to significant exploration potential and has a clear pathway to becoming Western Australia’s next gold development story

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INVESTOR PRESENTATION | BTR.ASX PAGE 14

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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 15

APPENDIX 1: DETAILED 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 $195 $24 -- $171 659 3.19 $259
GML Gateway Mining Limited Exploration No $53 $6 -- $48 240 2.20 $198
YRL Yandal Resources Limited Exploration No $45 $9 -- $36 268 1.13 $135
HRZ Horizon Minerals Limited Exploration No $65 $10 -- $56 448 1.26 $125
AME Alto Metals Limited Exploration No $41 $8 -- $34 331 1.66 $102
BC8 Black Cat Syndicate Limited Near-Term Development No $86 $3 -- $83 1,025 2.20 $81
VAN Vango Mining Limited Exploration No $81 $2 -- $79 1,002 3.00 $78
GMD Genesis Minerals Limited Near-Term Development No $124 $4 -- $120 1,608 1.80 $75
KIN Kin Mining NL Near-Term Development No $96 $12 -- $83 1,154 1.27 $72
CLZ Classic Minerals Limited Exploration No $18 $0 $3 $20 342 1.56 $60
MM8 Medallion Metals Limited Exploration No $42 $11 $4 $35 674 2.40 $51
BRB Breaker Resources Limited Exploration No $67 $1 -- $65 1,370 1.50 $48
AUC Ausgold Limited Exploration No $61 $1 -- $60 1,540 1.25 $39
HRN Horizon Gold Limited Exploration No $42 $1 -- $41 1,361 2.30 $30
BTR Brightstar Resources Limited Exploration Yes (on C&M) $15 $2 -- $13 445 1.90 $30
KWR Kingwest Resources Limited Exploration No $18 $5 -- $13 446 1.26 $29
Avg. Exploration $77 Avg. Near-Term Developer $122 Total Peer Avg. $88

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Source: SNL Market Intelligence, Company Announcements

INVESTOR PRESENTATION | BTR.ASX PAGE 16

(1) As at close of trading, 30 April 2021, (2) As per latest quarterly cash flow report, dated 31 March 2021, (3) Latest publically available

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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