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AML3D Limited (ASX: AL3)

4 OCT 2026

Brightstar Resources Limited (ASX: BTR), Part 2 of 3

Writer: Noel Ong
Noel Ong
Sep 29
54 min read

Updated: 7 hours ago

Brightstar Resources Limited (ASX: BTR). Brightstar Resources Limited (ASX: BTR) | Goldfields Hub (Laverton and Menzies), WA | Sandstone Hub, WA | Market data as at 5 October 2026 | Company data as at 5 October 2026 Samso Call: Time to look at taking a position. Brightstar Resources is building a 1.5 million tonne per annum gold plant at Laverton, targeting first gold in the June 2027 quarter, funded through to first gold by a US$120 million bond and A$193 million of equity. The funded mine plan produces 457,000 ounces over about six years from a group Mineral Resource of 4.46 million ounces. This workup goes through the two feasibility studies, the reserve, the resource, the 2026 drilling at Sandstone, the construction record and the balance sheet, and sets out what each one supports and what it does not. The company has no gold revenue until the mill commissions. Part 2 of 3.

Updated 6 October 2026. This workup was first released in three parts on 24 September, 29 September and 1 October 2026, and it has been updated since that first release. The update takes in Brightstar's Mineral Resource statement of 28 September 2026, its Sandstone metallurgy results of 24 September 2026 and its drilling announcements to 5 October 2026. Share prices, the peer table and the gold price are now as at 5 October 2026. Brightstar is now labelled a near-term producer. Samso uses that label for a company with a published feasibility study and a stated date for first gold.

Contents

5 The Mineral Resource and the Inferred Question

A Mineral Resource is a geological estimate of how much metal is in the ground, made by a Competent Person under the JORC Code. A Competent Person is a named, qualified geologist or engineer who signs the estimate off and is personally accountable for it. It is reported in three confidence categories, Measured, Indicated and Inferred, in that order of confidence. An Ore Reserve, which Section 6 defines in full, is the part of that resource a company has shown it can mine and sell at a profit.

Table 9. More than 56 per cent of the group resource is Inferred. Columns: Hub, Measured koz, Indicated koz, Inferred koz, Total kt, Grade g/t, Total koz, Inferred share. Hub Laverton, Measured koz 52, Indicated koz 367, Inferred koz 452, Total kt 15,768, Grade g/t 1.7, Total koz 873, Inferred share 51.8%. Hub Menzies, Measured koz n/a, Indicated koz 362, Inferred koz 355, Total kt 14,814, Grade g/t 1.5, Total koz 718, Inferred share 49.4%. Hub Sandstone, Measured koz n/a, Indicated koz 1,481, Inferred koz 2,104, Total kt 79,354, Grade g/t 1.4, Total koz 3,583, Inferred share 58.7%. Hub Total, Measured koz 52, Indicated koz 2,210, Inferred koz 2,911, Total kt 109,936, Grade g/t 1.5, Total koz 5,174, Inferred share 56.3%. Source: Brightstar Resources, "Two Mile Hill Mineral Resource Doubles to 1.45 Million Ounces", ASX announcement, 28 September 2026, consolidated Mineral Resource table. [R38] Inferred share is Samso's calculation. Mineral Resources are reported inclusive of Ore Reserves.

Three group resource numbers are in circulation and each is correct at its date. The 28 September 2026 announcement gives 5.17 million ounces and is the current one.[R38] The 15 July 2026 announcement gave 4.46 million ounces. The FY2026 Annual Report, released on 4 September 2026, states the group resource as at 30 June 2026 at 82.0 million tonnes at 1.5 grams of gold per tonne for 4.03 million contained ounces. The company's September 2026 presentation describes the group as "+5Moz".[R40] We use 5.17 million ounces and name its date.

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