Brightstar’s Aurumin Acquisition Awaits Supreme Court Approval Amid Strong Shareholder Support

• Brightstar Resources to acquire 100% of Aurumin shares
• Aurumin options to be exchanged for new Brightstar options
• Scheme meetings held under Supreme Court orders
• Independent Expert deems scheme fair and reasonable
• Final court approval scheduled for 19 November 2025

Background and Meeting Overview

On 14 November 2025, Aurumin Limited (ASX – AUN) held critical scheme meetings for its shareholders and optionholders to vote on a proposed acquisition by Brightstar Resources Limited (ASX – BTR). The meetings, convened under orders from the Supreme Court of Western Australia, sought approval for two interlinked schemes of arrangement – one for the acquisition of Aurumin shares and another for the exchange of Aurumin options for new Brightstar options.

The Share Scheme Meeting commenced at 2 – 00pm AWST, followed by the Option Scheme Meeting. Both meetings were chaired by Aurumin’s Company Secretary, Victor Goh, with the presence of key board members including Non-Executive Chairman Piers Lewis and Managing Director Daniel Raihani. The share registry, Computershare, facilitated the voting process.

Voting and Proxy Support

Proxy votes overwhelmingly favored the schemes, with 105 shareholders representing over 316 million shares voting in support of the Share Scheme Resolution, accounting for more than 99% of proxy votes cast. Only two shareholders opposed, and one abstained. Similarly, all 69.8 million Aurumin options represented by proxy holders voted in favor of the Option Scheme Resolution, with no votes against or abstentions.

The Aurumin Board unanimously recommended shareholders and optionholders vote in favor of the schemes, citing the Independent Expert’s report from BDO which concluded the arrangements are fair and reasonable absent any superior proposal. The Board also confirmed no competing offers had emerged as of the meeting date.

Next Steps and Conditions

Approval at these meetings is a key milestone but not the final step. The schemes remain subject to several conditions precedent, including continued endorsement by the Independent Expert and final approval by the Supreme Court of Western Australia. The Court hearing is scheduled for 19 November 2025, after which, if approved, the schemes are expected to become effective with the last trading day for Aurumin shares on 21 November 2025 and implementation slated for 2 December 2025.

The inter-conditional nature of the share and option schemes means both must be approved and implemented together. The schemes will see Brightstar issue one new share for every four Aurumin shares held, and one new Brightstar option for every four Aurumin options held, with provisions for ineligible foreign holders and small shareholders.

Implications for Aurumin and Brightstar

This acquisition represents a significant consolidation in the mineral exploration sector, potentially enhancing Brightstar’s resource portfolio and market position. For Aurumin shareholders and optionholders, the schemes offer a structured exit with exposure to Brightstar’s future prospects through new shares and options.

Market participants will be watching closely for the Supreme Court’s decision and any last-minute developments that could influence the final outcome. The orderly process and strong shareholder support to date suggest a smooth transition, but the possibility of a superior proposal remains a theoretical risk until the Court’s final sanction.

Bottom Line?

With strong shareholder backing secured, all eyes now turn to the Supreme Court’s verdict on 19 November to seal Brightstar’s acquisition of Aurumin.

Questions in the middle?

• Will the Supreme Court approve the schemes without modification on 19 November?
• Could a superior proposal emerge before the Court hearing, altering the deal dynamics?
• How will Brightstar integrate Aurumin’s assets post-acquisition to deliver shareholder value?