Barton Gold (BGD) Q1 2027 TU earnings summary

Executive summary

• Tunkillia completed 38,760m of Phase 2 RC and diamond drilling; 57,653m was drilled over the past 12 months, with further high-grade results across open-pit areas.

• Tunkillia’s environmental Scoping Report was approved, PFS work is underway, and MRE updates are pending across the portfolio.

• Quarter-end cash was $23.2m, with $4.5m in restricted deposits, no debt, and a strategic diesel reserve exceeding 250,000 litres.

Financial highlights

• Cash at 30 September 2026 was $23.2m; a further $4.5m in interest-bearing deposits secured rehabilitation guarantees.

• $7.3m was spent during the quarter on Tunkillia MRE drilling, Challenger and Tunkillia feasibility programs, and Tolmer analysis, including personnel costs.

• Debt was nil; all recent ~80,000m of Challenger, Tarcoola and Tolmer RC/DD drilling was fully paid.

Outlook and guidance

• Tunkillia PFS is targeted for publication by end-Q1 CY27; gold MRE update is targeted for Q4 CY26 and silver MRE update for Q1 CY27.

• Challenger DFS publication is targeted during Q1 CY27; a gold MRE update is pending following RC and diamond drilling.

• Tolmer geological interpretation and expedited metallurgical testing are planned; composite samples will be prepared from recent drilling.

• The Tunkillia Optimised Scoping Study model targets ~120,000oz gold and ~260,000oz silver annually; at current metal prices, modeled operating profit is ~$1.75bn in the first ~27 months, with upfront capex payback ~4x.