Barton Gold (BGD) Q4 2025 TU earnings summary

Executive summary

• Major progress on Central Gawler Mill 'Stage 1' and Tunkillia 'Stage 2' projects, including new JORC Resources and low-cost refurbishment estimate for CGM.

• Optimised Scoping Study for Tunkillia confirms 120kozpa Au pit, $2.7bn operating free cash, 73% equity IRR, and 0.8 year payback.

• High-grade silver and gold discoveries at Tarcoola's Tolmer zone, with expedited follow-up drilling.

• Acquisition of 279koz Wudinna Gold Project completed, expanding total JORC Gold Mineral Resources to 2.14Moz Au.

• Cash balance increased to $9 million, with no debt and strong asset monetisation track record.

Financial highlights

• Quarterly revenues of $663,000, including asset sales and third-party services.

• Cash at 30 June 2025: $9 million, plus $4.5 million in restricted cash for rehabilitation guarantees.

• $3 million equity placement at a 25% premium to VWAP, with no brokerage or fees.

• Net cash increased by $2.02 million during the quarter after all expenditures.

Outlook and guidance

• Targeting Tunkillia Mining Lease Application by end of 2026, with accelerated feasibility and environmental programs.

• Central Gawler Mill 'Stage 1' operations targeted to commence before end of 2026.

• Feasibility studies for CGM to be completed in 2025, focusing on simplified initial operations.

• Reserve conversion drilling at Tunkillia planned for September 2025.