Barton Gold (BGD) 2025 Precious Metals Summit - Beaver Creek summary

Strategic vision and asset consolidation

• Consolidated major historical gold assets in western Central Gawler Craton since 2019, including the recent Wudinna Project acquisition, and is pursuing a hub-and-spoke model for gold production in central South Australia.

• Targeting large-scale, low-cost operations with a goal of 150,000 ounces per annum gold output, leveraging ownership of the region’s only gold mill.

• Developed a 1.6 million ounce gold resource at Tunkillia, positioning it as a bulk open-pit mining platform.

• Advancing two development platforms in parallel: Central Gawler Mill (CGM) and Tunkillia Project, with operations targeted for late 2026.

• Wudinna and Tarcoola to serve as high-grade satellite feed sources for main processing facilities, with Wudinna adding 279koz Au to the resource base.

Project development and operational milestones

• Central Gawler Mill is fully permitted, with updated studies showing 200,000 ounces of material at ~3g/t and a 600ktpa throughput, targeting TSF1 reprocessing by end 2026.

• Mill restart estimated at AUD 26–30 million, with operations to begin by end of 2026 and hard rock feed integration by late 2027.

• Tunkillia Project targets 5Mtpa throughput, 121,000 oz gold and 259,000 oz silver annually over 8 years, with high early cash returns and rapid payback from high-value starter pits.

• Tunkillia’s scoping study shows A$2.7bn FCF, A$1.4bn NPV (7.5%), and 73% IRR, with pre-feasibility and mining lease application targeted by end 2026.

• Tarcoola Project advances with new high-grade gold and silver zones at Tolmer, supporting blending feed for CGM and Tunkillia.

Financial position and capital structure

• Maintains a simple capital structure with 225 million shares, no debt, $9 million cash, $203 million market cap, and $194 million enterprise value.

• Generates internal funding through asset monetization, tax/grant programs, and auxiliary services like camp rentals, with over $12 million capital generated internally since IPO.

• Strong institutional and specialist gold investor support, with imminent inclusion in the S&P/ASX All Ordinaries Index.