Barton Gold (BGD) Investor Presentation summary

Strategic platform and growth strategy

• Controls 2.25 Moz gold resources in South Australia, aiming to consolidate the region and develop large-scale production using a hub-and-spoke model targeting ~150kozpa Au output.

• Owns the region’s only gold mill, providing strategic leverage and a low-cost pathway to production.

• Advancing dual production platforms: Stage 1 focuses on restarting Central Gawler Mill (CGM), Stage 2 on developing the Tunkillia Project.

• Actively pursuing M&A, including the acquisition of the 279koz Au Wudinna Gold Project, and ongoing exploration at Tolmer.

Project portfolio and development stages

• Stage 1: CGM has 313koz Au resources, fully permitted mill, and infrastructure with a 600ktpa throughput; targeting TSF1 reprocessing by end 2026.

• Stage 2: Tunkillia Project features 1.6Moz Au and 3.1Moz Ag resources, with a planned 5Mtpa operation, 121kozpa Au, and 259kozpa Ag over 8 years.

• Tunkillia’s ‘Starter Pit’ delivers rapid payback, producing 206koz Au and 491koz Ag in 13 months, generating A$825m cashflow.

• Wudinna Project offers 279koz Au with high recoveries and multiple untested targets, providing regional leverage.

• Tarcoola Project includes the Perseverance Mine (20koz Au) and new high-grade Tolmer Au-Ag discoveries.

Financials and capital structure

• Market cap of $300 million, no debt, $23 million cash, and $277 million enterprise value as of October 2025.

• Strong institutional support, with ~54% of shares held by top 20 investors and significant daily liquidity.

• Low-dilution track record, generating over $12m cash internally since June 2021 IPO.

• Recently included in the S&P ASX All Ordinaries Index.