Definitive Feasibility Study Kicks Off for ‘Stage 1’ Production

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09/28/2025 – 07:33 PM

Targeting Phase 1 commissioning by the end of 2026

HIGHLIGHTS

• Existing fully permitted Central Gawler Mill adjacent to brownfield Challenger mines

• Challenger JORC (2012) Mineral Resources Estimate now 313koz Au (10.6Mt @ 0.92 g/t), including 194koz Au (1.87Mt @ 3.23 g/t) in existing open pit and underground mines, where:

  • Challenger Main Open Pit: 70,000oz Au (0.65Mt @ 3.36 g/t Au);

  • Challenger West Open pit: 11,600oz Au (0.03Mt @ 10.7 g/t Au);

  • Challenger Underground (above 215mRL): 89,400oz Au (0.98Mt @ 2.84 g/t Au); and

  • Challenger Deeps (below 90mRL): 23,000oz Au (0.21Mt @ 3.50 g/t Au).

• Historical tailings storage facility with coarse, higher-grade tailings up to 0.6 – 1.0 g/t Au

• Evaluating de-risked, two phase transition to operations with initial tailings reprocessing (‘Phase 1’) followed by the introduction of high-grade (~3 g/t) fresh ore (‘Phase 2’)

• Targeting Phase 1 commissioning by end of 2026; credit finance conversations underway

ADELAIDE, AU – Barton Gold Holdings Limited (ASX:BGD)(OTCQB:BGDFF)(FRA:BGD3) is moving forward with its Challenger Gold Project in South Australia, announcing the commencement of a Definitive Feasibility Study (DFS) for ‘Stage 1’ production. The company intends to leverage its fully permitted Central Gawler Mill (CGM), strategically located near existing Challenger mines.

The updated JORC (2012) Mineral Resource Estimate (MRE) for Challenger reveals a substantial 313,000 ounces of gold (Au), including a notable 194,000 ounces of high-grade fresh ore (~3.2 g/t Au) accessible in or around existing mine infrastructure. An historical Tailings Storage Facility 1 (TSF1) is estimated to contain 56,000 ounces of gold at a grade of 0.54 g/t Au. This brownfield advantage provides Barton Gold with a potentially cost-effective pathway to near-term gold production.

The DFS, slated for completion by March 2026 with commissioning targeted by the end of the same year, will explore a two-phased approach. Phase 1 focuses on reprocessing the tailings from TSF1. This strategy allows for quicker initial gold production and potentially lower capital expenditure compared to solely relying on fresh ore extraction. Phase 2 will then introduce the higher-grade fresh ore to the processing stream, boosting overall production. Altris Pty Ltd will lead the DFS effort, with SRK Consulting (Australasia) Pty Ltd, Tetra Tech Coffey Pty Ltd, and GPA Engineering Pty Ltd providing specialized expertise in mining studies, tailings storage design, and plant engineering respectively.

Alexander Scanlon, Managing Director of Barton Gold, emphasized the strategic timing of this initiative, citing current all-time high gold prices and the proximity of resources to the Central Gawler Mill. “With gold prices at all-time highs and over 300koz Au JORC Resources adjacent to the Central Gawler Mill, the opportunity to leverage our existing infrastructure to operations and cash flow has never been more attractive,” he stated. Scanlon envisions a de-risked, low-cost transition to operations, aiming for a re-rating of Barton’s equity to a “producer” profile, with free cash flows supporting planned regional growth at the Tunkillia project.

However, investors should note that while the project boasts significant resource potential and a strategic location, production is not anticipated to begin until the end of 2026. Furthermore, credit financing for the project is currently under discussion and has not yet been secured. This reliance on external funding introduces an element of financial risk, particularly considering volatile market conditions and rising interest rates.

The commencement of the DFS represents a key milestone for Barton Gold, aligning with a broader trend within the gold industry of leveraging existing infrastructure and tailings reprocessing to optimize project economics and accelerate production timelines. The successful completion of the DFS and the securing of financing will be critical catalysts in realizing Barton Gold’s vision of becoming a significant gold producer in South Australia.

Barton Gold is an ASX, OTCQB and Frankfurt Stock Exchange listed Australian gold developer targeting future gold production of 150,000ozpa with 2.2Moz Au & 3.1Moz Ag JORC Mineral Resources (79.9Mt @ 0.87g/t Au), brownfield mines, and 100% ownership of the region’s only gold mill in the renowned Gawler Craton of South Australia.*

Challenger Gold Project Tarcoola Gold Project 20koz Au in fully permitted open pit mine near CGM Tolmer discovery grades up to 84g/t Au & 17,600g/t Ag Tunkillia Gold Project Wudinna Gold Project 279koz Au project located southeast of Tunkillia Significant optionality, adjacent to main highway

Competent Persons Statement & Previously Reported Information
The information in this announcement that relates to the historic Exploration Results and Mineral Resources as listed in the table below is based on, and fairly represents, information and supporting documentation prepared by the Competent Person whose name appears in the same row, who is an employee of or independent consultant to the Company and is a Member or Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM), Australian Institute of Geoscientists (AIG) or a Recognised Professional Organisation (RPO). Each person named in the table below has sufficient experience which is relevant to the style of mineralisation and types of deposits under consideration and to the activity which he has undertaken to quality as a Competent Person as defined in the JORC Code 2012 (JORC).

The information relating to historic Exploration Results and Mineral Resources in this announcement is extracted from the Company’s Prospectus dated 14 May 2021 or as otherwise noted in this announcement, available from the Company’s website at www.bartongold.com.au or on the ASX website www.asx.com.au. The Company confirms that it is not aware of any new information or data that materially affects the Exploration Results and Mineral Resource information included in previous announcements and, in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates, and any production targets and forecast financial information derived from the production targets, continue to apply and have not materially changed. The Company confirms that the form and context in which the applicable Competent Persons’ findings are presented have not been materially modified from the previous announcements.

Cautionary Statement Regarding Forward-Looking Information

This document may contain forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “expect”, “target” and “intend” and statements than an event or result “may”, “will”, “should”, “would”, “could”, or “might” occur or be achieved and other similar expressions. Forward-looking information is subject to business, legal and economic risks and uncertainties and other factors that could cause actual results to differ materially from those contained in forward-looking statements. Such factors include, among other things, risks relating to property interests, the global economic climate, commodity prices, sovereign and legal risks, and environmental risks. Forward-looking statements are based upon estimates and opinions at the date the statements are made. Barton undertakes no obligation to update these forward-looking statements