Barton Gold (BGD) Investor presentation summary

Strategic platform and regional consolidation

• Pursuing a hub-and-spoke model in central South Australia, leveraging ownership of the region’s only gold mill for strategic advantage and aiming for large-scale, low-cost production of ~150kozpa Au in the near term.

• Stage 1 focuses on restarting the Central Gawler Mill (CGM) with fully permitted infrastructure and 313koz Au resources, targeting low-risk, low-cost production from high-grade tailings and select open pit materials.

• Stage 2 involves developing the Tunkillia Project, adding ~120kozpa Au and 250kozpa Ag, with a large-scale open pit and mill, targeting rapid payback and strong cash flow.

• Regional growth is supported by the Wudinna Gold Project (279koz Au) and high-grade discoveries at Tarcoola/Tolmer, enhancing optionality and blending opportunities.

• Multiple M&A, ore purchase, and toll milling options are being explored to further leverage infrastructure and enhance returns.

Financial position and capital structure

• Market capitalization stands at $204 million AUD with no debt and $17 million in cash, resulting in an enterprise value of $187 million.

• Strong institutional and high-net-worth investor support, with the top 20 shareholders holding ~52% of shares.

• Over $13 million in cash generated internally since the June 2021 IPO, reflecting a low-dilution track record.

• Listed on the S&P ASX All Ordinaries Index, with shares also accessible on US and German markets.

Project development and operational milestones

• CGM refurbishment estimated at A$26 million, with upgrade drilling and DFS underway and early credit finance discussions started.

• Tunkillia’s optimised scoping study projects A$4.8bn in revenues, A$2.7bn FCF, A$1.4bn NPV (7.5%), and a 73% IRR, with payback in under a year.

• Tunkillia’s ‘Starter Pit’ expected to yield 206koz Au and 491koz Ag, generating A$825m cash in 13 months and paying back capex nearly 2x.

• Resource upgrade drilling and environmental studies are ongoing, targeting a PFS and mining lease application by end of 2026.