Brightstar Resources Menzies Upgrade Delivers 22% Resource Growth

Infill Drilling Campaign Delivers Quality Boost to Key Mining Deposits

Brightstar Resources has released its updated Mineral Resource Estimate for the Menzies Gold Project, delivering a substantial 22% increase in total mineral resources to 0.7Moz @ 1.5g/t Au. This Brightstar Resources Menzies upgrade represents the first time Brightstar has independently calculated resources at the cornerstone Yunndaga and Lady Shenton deposits, applying modern estimation techniques to support robust near-term mining operations.

The upgraded resources demonstrate strong quality improvements alongside size growth. The Yunndaga deposit recorded a 32% increase in total resources to 206koz @ 2.1g/t Au, with indicated resources jumping 187% to 152koz @ 2.2g/t Au.

High-confidence resources now represent 74% of the total deposit. Furthermore, the Lady Shenton System achieved a 29% increase in total resources to 352koz @ 1.4g/t Au, with indicated resources growing 37% to 168koz @ 1.4g/t Au.

The system maintains its position as the largest deposit in the project portfolio. Combined, the 320koz of Indicated resources across both deposits provides a solid foundation for the upcoming "DFS 2.0" study scheduled for delivery in Q1 2026.

Strategic Positioning for 2026 Production Target

The resource upgrade directly supports Brightstar's development timeline toward production commencement in 2026. Managing Director Alex Rovira emphasised the operational significance of the results.

Management Commentary
"The Indicated Mineral Resources at these two key proposed mining areas now exceeds 300koz Au and will underpin updated mine plans and production metrics in the upcoming 'Goldfields DFS 2.0' due for release in Q1 CY26," said Alex Rovira, Managing Director.

This upgrade builds on the company's June 2025 Definitive Feasibility Study, which outlined ~70,000oz annual production over five years. The enhanced resource confidence and geological understanding gained through 2025 drilling programmes position Brightstar to deliver more robust mine planning and economic modelling in the forthcoming DFS 2.0.

The systematic approach to resource development reflects disciplined project advancement. Rather than pursuing speculative exploration, Brightstar focused drilling programmes on converting inferred resources to higher-confidence indicated categories, demonstrating management's commitment to building a reliable production foundation.

Understanding Mining Resource Classifications

What is an "Indicated" Resource?

Mineral resources are classified into three confidence categories under Australian reporting standards: Measured, Indicated, and Inferred. Indicated resources represent the "sweet spot" for mine planning – they have sufficient geological confidence to support detailed feasibility studies and ore reserve declarations, but don't require the intensive drilling density of Measured resources.

Why This Matters to Investors:

• Indicated resources can be converted to Ore Reserves – the mineable portion after applying economic and technical factors
• Higher confidence resources reduce operational risk and improve project financing prospects
• The 187% increase in Indicated resources at Yunndaga reflects dramatic improvement in geological certainty

Resource Classification Hierarchy:

The progression from largely inferred to predominantly indicated resources at both deposits represents significant de-risking of the mining proposition ahead of the Final Investment Decision targeted for Q1 2026.

Multiple Growth Vectors Beyond Core Deposits

While the resource upgrade focused on immediate mining priorities, Brightstar's broader Menzies portfolio offers substantial exploration upside. The company notes that "multiple deposits and prospects remain open and underexplored," presenting opportunities for ongoing resource growth.

Current Menzies Resource Portfolio:

The systematic approach of developing core deposits first, while maintaining exploration optionality across the broader project, positions Brightstar to potentially extend mine life and production profiles as operations commence. In addition, this strategic development pathway allows for optimal capital allocation across the most promising opportunities.

Group-Wide Resource Base Exceeds 4 Million Ounces

The Brightstar Resources Menzies upgrade contributes to Brightstar's impressive group-wide resource inventory of 4.0Moz @ 1.5g/t Au across the Goldfields and Murchison regions. This substantial resource base spans multiple development-ready projects positioned near key infrastructure.

Brightstar Resource Portfolio Summary:

This diversified resource portfolio provides multiple development pathways and reduces single-asset risk. The company's staged development approach allows capital to be allocated efficiently across the highest-return opportunities.

Technical Achievement
"Our technical work across the Goldfields portfolio continues to de-risk and improve the value proposition of the stand-alone development of the Menzies and Laverton Gold Projects," noted Rovira.

Why Investors Should Track Brightstar Resources

Operational De-Risking in Progress

The 22% resource upgrade at Menzies, combined with the dramatic increase in Indicated resource confidence, demonstrates Brightstar's systematic approach to project development. The company isn't chasing speculative exploration – it's methodically building the geological and technical foundation for reliable mining operations.

The infill drilling programmes completed during 2025 were specifically designed to support maiden ore reserve declarations and provide increased metallurgical and geotechnical data. This technical work directly feeds into the enhanced DFS 2.0 study, positioning the project for a more robust economic evaluation.

Near-Term Production Catalyst

With DFS 2.0 delivery scheduled for Q1 2026 and Final Investment Decision targeted for the same period, Brightstar offers investors exposure to a clear development timeline. The enhanced resource confidence significantly improves the prospects for successful project financing and construction commencement.

The company's existing operations at Laverton provide operational cash flow and mining expertise, supporting the development of the Menzies project. Consequently, this operational foundation reduces execution risk compared to pure development-stage companies.

Strategic Asset Portfolio

The 4+ million ounce resource inventory across tier-one jurisdictions, combined with existing operations at Laverton, positions Brightstar as an emerging mid-tier producer. The staged development approach provides multiple value inflection points over the coming 2-3 years.

Key Investment Tracking Points:

• Q1 2026: DFS 2.0 delivery and Final Investment Decision
• 2026: Targeted production commencement at Menzies/Laverton
• Ongoing: Resource expansion drilling across Sandstone and other hubs
• Medium-term: Progression toward multi-asset, 100koz+ annual production profile

Resource Growth Trajectory

The combination of systematic resource upgrades at core assets, plus significant exploration upside across the broader portfolio, provides both near-term development certainty and longer-term growth optionality. This represents an attractive risk/reward profile for gold investors seeking development-stage exposure.

The Menzies project benefits from established infrastructure, including proximity to the Goldfields Highway and existing mining operations in the region. Historical production from the area, including 643koz at 22.5g/t from underground operations, demonstrates the geological endowment and mining potential of the district.

However, Brightstar's approach of building high-confidence resources through systematic drilling, combined with its diversified portfolio approach, positions the company to capitalise on gold price movements while maintaining operational flexibility across multiple development scenarios. For instance, the Brightstar Resources Menzies upgrade provides immediate value enhancement whilst preserving substantial exploration upside across the broader resource portfolio.

Ready to Explore Brightstar's Multi-Million Ounce Gold Portfolio?

With over 4 million ounces of gold resources across tier-one jurisdictions and a clear development timeline targeting 2026 production, Brightstar Resources presents compelling investment fundamentals. The recent Menzies resource upgrade demonstrates management's systematic approach to de-risking operations whilst building a solid foundation for near-term mining operations. To discover more about Brightstar's diversified portfolio of development-ready gold projects and upcoming DFS 2.0 catalyst, visit the company's investor hub for detailed project information, financial reports, and management presentations.