Barton Gold Holdings Limited · ASX:BGD
Barton Gold — Shareholder Meeting (November 2025)
20 slides from Barton Gold's shareholder meeting presentation, Nov 26, 2025
Slide 1: South Australia's 2.25 Moz Gold Developer
ASX:BGD FRA:BGD3 OTCQB:BGDFF South Australia’s 2.25 Moz Gold Developer 26 November 2025 | BGD Annual General Meeting Perseverance Mine, Tarcoola Project
Slide 2: Important Notices
Important Notices Please refer to appendices for details of all references contained throughout this presentation. Disclaimer This document has been approved by the Board of Barton Gold Holdings Limited (ACN 633 442 618) (together with its affiliates, “Barton” or the “Company”) and has been prepared
Slide 3: Chair's Address
Chair’s Address I am pleased to welcome Barton Gold shareholders to the Company’s 2025 Annual General Meeting. We acknowledge and pay our respects to the Kuarna people, the traditional custodians on whose ancestral lands we gather, and the many peoples who are the traditional custodians of the lands
Slide 4: Chair's Address
Chair’s Address I also note in particular the successful evolution of Barton’s regional strategy, as we begin looking to regional enhancement opportunities for our two planned processing hubs. In addition to continued exploration and discovery in the vicinity of our existing projects, this now inclu
Slide 5: 2.25 Moz SA Developer
2.25 Moz SA Developer Strategic ‘first mover’ with permitted infrastructure in a proven gold district Leading the re-emergence of central South Australian gold • Strategy to consolidate region and develop large-scale production • Ownership of region’s only gold mill provides strategic leverage Gold
Slide 6: FY25 Year in Review
FY25 Year in Review Consistent value-add progress on all fronts1 Tarcoola Resource update Tunkillia Optimised Scoping Study Tunkillia Initial Scoping Study (ISS) 2,900m Tolmer RC drilling 10,000m Tarcoola RC drilling program $0.70 Placement Tolmer gold discovery Challenger → 223koz Au 8,500m LLSZ AC
Slide 7: 2025 Performance vs. Macro
2025 Performance vs. Macro BGD vs GDXJ, Gold & 2025 Strategic Outlook (Nov ‘24) 2025 Strategic Outlook: (1 Jul 2024 – 14 Nov 2025) 500% United States +321% ✓ Social / political vitriol 400% ✓ International relations ✓ US fiscal situation 300% ✓ Fed independence +112% ✓ Eroding USD hegemony 200%
Slide 8: District Leader
Australia’s next district player: hub and spoke model District Leader for long-term gold leadership in central Gawler Craton Darwin Rail Challenger Peak Iron | Peculiar Knob CGM | 313koz Au BHP | Prominent Hill Stage 1: Restart CGM operations Cu-Au-Ag Peak Iron | Buzzard • Existing fully-permitted
Slide 9: CGM 'Stage 1'
CGM ‘Stage 1’ Building blocks are now in place for low-cost, low-risk transition to operations → moving to definitive Feasibility Established infrastructure (1) • Fully permitted mill and Mining Leases • 600ktpa design throughput (fresh ore) • Strong historical gold recoveries of ~94.5% Adjacent per
Slide 10: Tunkillia 'Stage 2' Platform
Tunkillia ‘Stage 2’ Platform Excellent metrics driven by scale efficiencies, high-value ‘Starter Pit’ Key May 2025 Optimised Scoping Study outcomes: (1) ~5 Mtpa 121kozpa 259kozpa A$2,222 A$2,829 x 8 years payable Au payable Ag AISC / oz Au FCF / oz Au A$4.8bn A$2.7bn A$1.4bn 73% IRR 0.8 years Revenu
Slide 11: Tunkillia Rapid Payback
Tunkillia Rapid Payback High value ‘Starter Pits’ drive early return of capital, underwrite financing profile (1) High value ‘Starter Pits’: (1) • ‘S1’ yields 206koz Au, 491koz Ag and A$825m cash in ~13 months, paying back capex ~2x • ‘S1+S2’ → 365koz Au, 923koz Ag and A$1.3bn cash in ~27 months, pa
Slide 12: Wudinna Regional Leverage
Wudinna Regional Leverage Multiple enhancement options for BGD’s regional platforms Advanced platform, growth potential • JORC 279koz Au (5.81Mt @ 1.5 g/t Au) (1) • Deposits open to depth / strike extensions Pt Augusta Wudinna • Multiple untested exploration targets 279koz Au Investigator Resources
Slide 13: Tolmer Au-Ag Discoveries
Tolmer Au-Ag Discoveries ‘Western silver’ and ‘eastern gold’ zones now cover ~1.5km footprint (5) Source 5 ▪ Aug 2024 discovery of ‘eastern gold zone’ (83.6 g/t Au) (1) ▪ ‘Western silver zone’: Ag-dominant mineralisation associated with Pb; discovery hole 6m @ 4,747 g/t Ag from 46m (2) ▪ Mar 2025 di
Slide 14: 2026 Year Ahead
2026 Year Ahead BGD well positioned to benefit from accelerating global trends ‘favourable’ to LT gold thematic Strategic Outlook: Volatility Barton Gold: Converting value United States General strategy - Political vitriol & fiscal deficits entrenched - Capitalise on evolving Au / Ag markets - Wea
Slide 15: Capital Structure
Capital Structure Strong funding position with register consolidating around aligned management and reliable progress ($AUD) Share Distribution (6) Shares on issue (1) 238 million Board & Management Market Cap ($1.09 / share) (2) $260 million 21% 26% Institutional & Corporate Debt Nil HNW & Family O
Slide 16: Experienced Leadership
Experienced Leadership Strong SA and gold pedigree Board of Directors Senior Management Ken Williams | Non-Executive Chair Alexander Scanlon | Managing Director & CEO • ~30 years in mining, aviation & financial services • ~20 years in principal investments & resources • Former CFO Normandy Mining (N
Slide 17: Contact
Contact Barton Gold Level 4, 12 Gilles Street Adelaide SA 5000 contact@bartongold.com.au www.bartongold.com.au Alexander Scanlon Managing Director & CEO a.scanlon@bartongold.com.au +61 425 226 649 Jade Cook Company Secretary cosec@bartongold.com.au +61 8 9322 1587 17
Slide 18: JORC (2012) Mineral Resources
JORC (2012) Mineral Resources (1) (1)Tables show the complete JORC MRE for each Project. Figures are subject to rounding, tonnages are dry-metric tonnes, and all Mineral Resources classified as ‘Inferred’ are approximate. Gold cut-off grades applied are: Tunkillia • 0.3 g/t Au (Area 223) • 0.3 g/t A
Slide 19: Competent Persons Statements
Competent Persons Statements The information relating to Exploration Results and Mineral Resources in this presentation is extracted from the Company’s Prospectus dated 14 May 2021 (Prospectus) and Barton ASX announcements as cross-referenced in the body of this presentation. A copy of the Prospectu
Slide 20: References
References Slide 8 (District Leader) Slide 4 (Capital Structure) 1 Refer to Prospectus 1 Refer to ASX announcement dated 12 November 2025 2 Refer to ASX announcement dated 8 September 2025 2 As at market close on 25 November 2025 3 Refer to ASX announcement dated 5 May 2025 3 As at 11 November 2025;
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