Star Minerals is primarily focused on the development of the Tumblegum South gold project.

Star Minerals is primarily focused on the development of the Tumblegum South Gold Project, aiming to bring the project into production in early 2026. Free cashflow will capitalise on gold prices sitting significantly higher than the prices used in the Updated Scoping Study. An MOU has been signed with MEGA Resources for mine development and mining. ResourcesWA has been appointed to undertake the mine approvals process.

At gold prices from A$3,000 to A$3,800/oz, the updated Production Target for the Tumblegum South Gold Project (Updated Production Target) ranges from approximately:

• 167kt @ 2.43g/t producing 11.8koz gold, to
• 255kt @ 2.16g/t producing 15.9koz gold

The Updated Production Target generates an undiscounted accumulated cash surplus after payment of all working capital costs, but excluding pre-mining capital requirements, of approximately A$9.4M to A$19.6M.

Mining is contemplated as a single campaign over approximately 18-months. Pre-mining capital and start-up costs are estimated to be approximately A$0.7M to A$1.5M.

Sensitivity of the base case scenario to gold price was assessed. Results suggest that project economics are robust for a broad range of gold prices.

In addition, Star Minerals intends to continue to investigate ways to grow its business by:

• acquisition, application, or joint venturing into areas surrounding and adjacent to the projects; and
• acquisition, application, or joint venturing into other, unrelated but economically attractive projects compatible with Star Minerals' goals and capabilities.