Brightstar Resources FTV Lode Discovery Delivers Record Gold Recovery

Brightstar Resources Delivers Record Processing Campaign as Underground Operations Hit New Heights

Brightstar Resources (ASX:BTR) has achieved a significant operational milestone with the completion of its largest processing campaign to date, processing 83,166 tonnes at 2.84g/t Au and recovering approximately 6,300 ounces of gold. This record performance, coupled with the exciting Brightstar Resources FTV Lode discovery of the high-grade mineralisation at Second Fortune, positions the company as a standout performer in Western Australia's competitive gold sector.

The fourth processing parcel under Brightstar's Ore Purchase Agreement with Genesis Minerals (ASX:GMD) represents both the highest tonnage and highest gold recovery in the company's processing history. Furthermore, the ore was sourced exclusively from its underground Laverton mines at Second Fortune and Fish.

Record Performance Drives Momentum

Brightstar's processing campaigns have shown consistent improvement across all key metrics. However, the latest results demonstrate a significant step-change in operational capability:

The company achieved record monthly ore sales in October 2025 of 36,000 tonnes at 2.8g/t Au for approximately 3,200 ounces. Consequently, this translates to an annualised rate of 38,000 ounces per annum. With Brightstar maintaining full exposure to current spot gold prices, this operational momentum comes at an opportune time for shareholders.

"Our operational performance continues to strengthen with this fourth parcel highlighting what our operating assets can deliver from a steady state – we look forward to keeping shareholders and stakeholders updated as we continue to target further improvement across our operations." – Alex Rovira, Managing Director

Game-Changing Discovery: The FTV Lode Extension

Beyond the impressive processing numbers, Brightstar has made a potentially transformative discovery at Second Fortune. In addition to the operational success, the identification of the "FTV Lode" represents a high-grade extension that has added over 100 metres of strike length to the north of the main orebody.

Key Discovery Highlights:

The Brightstar Resources FTV Lode discovery has delivered exceptional results that exceed management expectations:

• Strike Extension: +30% increase to total orebody strike length
• High-Grade Results: Up to 67.4g/t Au recorded (sample 995-ML-N-087)
• Resource Upside: Sits entirely outside current Mineral Resource and mine plan
• Low Capital Requirements: Utilises existing underground infrastructure
• Open at Depth: Mineralisation remains open to the north

Furthermore, the discovery represents a fundamental shift in Second Fortune's potential. The grades are consistently higher than both historical mining results and current mine plan forecasts spanning the past five years of operations.

Understanding Underground Development: What Makes This Discovery Special

Underground development refers to the process of creating tunnels, drives, and access points within an existing mine to reach ore zones. Unlike surface exploration which requires extensive new infrastructure, underground development leverages existing mine infrastructure to access additional mineralisation.

For instance, this approach is significant for investors because:

• Lower Capital Investment: Existing shafts, ventilation, and processing infrastructure can be utilised
• Faster Development Timeline: No need for new surface facilities or environmental approvals
• Higher Margin Production: Reduced infrastructure costs translate to better profit margins per ounce

The positioning of the Brightstar Resources FTV Lode discovery beyond the previously identified "northern fault" means the company has essentially discovered a new orebody extension using existing mine infrastructure. Consequently, this represents some of the most cost-effective ounce additions possible in gold mining.

Systematic Resource Definition Underway

Brightstar has commenced a 2,000-metre underground diamond drilling program at Second Fortune. However, the programme targets both the FTV Lode extensions and depth extensions beneath the current mine plan. The underground drill rig, recently relocated from the Fish Mine, will focus on systematic exploration.

Drilling Objectives:

The comprehensive drilling programme addresses multiple growth opportunities:

• Up-dip and down-dip extensions of the FTV Lode
• Systematic resource definition for mine planning
• Depth extensions beneath current operations
• Mine life extension beyond the current June 2026 plan

Moreover, the up-dip continuation of the FTV Lode represents particularly attractive economics. It is closer to surface with established underground development already in place for low-capex production expansion.

Strong Financial Position and Future Growth

With 3.9 million ounces of Mineral Resources across the Goldfields and Murchison regions, Brightstar's asset portfolio provides substantial growth optionality. However, the company's recent Definitive Feasibility Study outlined production of approximately 70,000 ounces per annum for five years, though this analysis notably excluded potential extensions from Second Fortune and Fish mines.

Upcoming Catalysts:

The following timeline provides multiple value inflection points:

• Q1 CY26: Fifth processing parcel preparation
• Q1 CY26: Mineral Resource and mine plan updates
• Ongoing: Underground drilling results from FTV Lode
• Medium-term: Laverton-Menzies development optimisation

The timing is particularly advantageous for the Brightstar Resources FTV Lode discovery, with any underground upside from Second Fortune and Fish adding high-grade feed into the proposed Laverton Mill. Furthermore, this value was not factored into the original Goldfields DFS metrics.

Why Should Investors Follow Brightstar Resources?

Brightstar Resources has demonstrated the rare combination of operational excellence and exploration success that defines successful mid-tier gold miners. In addition, the company's achievement of record processing volumes while simultaneously discovering significant resource extensions showcases management's ability to execute on multiple fronts.

Investment Highlights:

Furthermore, the discovery exemplifies how experienced operators can create value through systematic exploration of existing assets. With the structure remaining open and exhibiting some of the highest grades encountered at Second Fortune, the potential for further resource growth remains substantial.

What Makes This Discovery Unique?

The Brightstar Resources FTV Lode discovery stands out in the current market environment for several reasons. For instance, the high-grade nature of the mineralisation, combined with its position outside existing mine plans, creates immediate value-addition opportunities.

However, the most compelling aspect remains the low-cost nature of accessing this resource. Consequently, the company can deliver incremental production without the typical capital intensity associated with new mine development.

Brightstar Resources has positioned itself as a compelling growth story in the Australian gold sector, combining record operational performance with high-grade resource discoveries. With systematic drilling underway and multiple near-term catalysts, the company offers investors exposure to both production growth and exploration upside in one of the world's premier gold mining jurisdictions.

Glossary of Terms:

• Gram-metres: A measure combining grade and width to assess the overall mineral endowment
• Strike length: The horizontal extent of a mineral deposit along its longest axis
• Up-dip/Down-dip: Refers to the direction along the angle of an ore body – up-dip is toward surface, down-dip is deeper
• Underground development: Creating access tunnels and drives within an existing mine to reach ore zones

Could Brightstar Resources Be Your Next Gold Investment Winner?

With record-breaking processing results of 83,166 tonnes yielding 6,300 ounces and the game-changing FTV Lode discovery delivering grades up to 67.4g/t Au, Brightstar Resources is demonstrating the operational excellence and exploration success that savvy investors seek. The company's ability to leverage existing underground infrastructure for low-cost resource expansion, combined with multiple near-term catalysts including systematic drilling programmes and resource updates, positions BTR as a compelling opportunity in Australia's premier gold mining jurisdiction. Don't miss out on what could be a significant value creation story – discover more about Brightstar Resources' projects and investment potential and see why this ASX-listed gold miner deserves a place on your watchlist.