Barton Gold (BGD) investor relations material

Regional strategy

• Dual-hub plan pairs a Central Gawler Mill (CGM) restart with a proposed Tunkillia development targeting ~120kozpa Au; regional assets offer potential blending feed.

• The portfolio spans Tunkillia, Challenger, Tarcoola and Wudinna, with 2.234Moz total JORC gold resources and 3.07Moz silver resources.

• Infrastructure and regional access are central to the strategy, including the region’s only gold mill and road, rail and port connections.

CGM restart

• Fully permitted mill and Mining Leases; mill design throughput 600ktpa on fresh ore and historical gold recoveries of ~94.5%.

• Challenger resources total 313koz Au, including 194koz at 3.23g/t Au in open-pit and underground mines; TSF1 tailings grade up to 0.7–1.0g/t Au.

• Preliminary mill refurbishment estimate A$26m (±30%); resource upgrades and DFS underway to assess lower-risk, lower-capex restart pathways.

Tunkillia development

• 1.612Moz Au resource; ~80% of resource tonnes and ounces within 200m of surface, with a higher-grade central starter zone and >200koz Au in shallow oxide/transitional material.

• May 2025 OSS at A$5,000/oz Au and A$50/oz Ag: ~5Mtpa for 8 years, 121kozpa payable Au and 259kozpa payable Ag; A$1.4bn NPV at 7.5%, A$399m capex and 73% unlevered IRR.

• Starter pits S1+S2 model 365koz Au, 923koz Ag and A$1.3bn cash under the same price assumptions, with capex payback in ~27 months.

• ~58,000m of drilling completed; PFS underway, focused on scale and feed optimisation, with completion targeted for Q1 CY27 and a Mining Lease application planned post-PFS.