Brightstar Completes Montague East Acquisition with BTR Group Mineral Resources Now 2.0Moz Au

HIGHLIGHTS

For further details regarding the Transaction please refer to the Company’s ASX announcement released on 1 August 2024¹.

Brightstar’s Managing Director, Alex Rovira, commented “The completion of the acquisition of the Montague East Gold Project from Gateway achieves the first step in Brightstar’s previously announced consolidation plan of the Sandstone district, adding shallow ounces and a meaningful Mineral Resource inventory to our portfolio of advanced exploration, development and producing gold assets in Western Australia.

We are working towards mobilising an RC drill rig to the Montague-Boulder and Whistler deposits in late October, which contain ~280koz Au of shallow, largely oxide material. It is our intent to move the Montague East Gold Project swiftly through resource drill-out and feasibility study workstreams to advance this asset towards development.

With 2Moz of gold Mineral Resources situated on granted mining leases in the Company, combined with our low capex growth plans and near-term development and production expansion, Brightstar is well placed to maximise value of the portfolio in an all-time high gold price environment.

Recent drilling success across the Lord Byron, Fish and Second Fortune deposits has illustrated the immense upside in the Company’s projects, as we seek to grow the Mineral Resource and de-risk future development through the DFS underway.”

MONTAGUE ACQUISITION

Brightstar, via its wholly-owned subsidiary Montague Gold Project Pty Ltd (MGP), has acquired the interests held by Gateway and its wholly owned subsidiary Gateway Projects Pty Ltd (GPWA) in certain mining tenements in respect of Gateway’s Montague Gold Project, with Brightstar obtaining 100% of the gold mineral rights and Gateway retaining all other mineral rights.

The total consideration paid by Brightstar in respect of the Montague acquisition is $14.0m, comprising:

Following Completion, the sale by Gateway of the Gateway Consideration Shares will be subject to orderly sales restrictions in consultation with Brightstar.

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