Barton Gold Holdings Limited - Tunkillia Pre-Feasibility Study Begins

About this update from Barton Gold Holdings Limited

ADELAIDE, AUSTRALIA - Barton Gold Holdings Limited (ASX: BGD) (OTCQB: BGDFF) (FRA: BGD3) (Barton or Company) is pleased to announce that a Pre-Feasibility Study (PFS) has started for its South Australian Tunkillia Gold Project (Tunkillia). GR Engineering Services Limited (GRES) has been appointed to lead the PFS. GRES is a highly regarded Australian engineering consultancy and contractor with global mineral processing expertise. During May 2025 Barton published an Optimised Scoping Study (OSS) for Tunkillia which outlined a compelling development for 120,000 gold and 260,000oz silver production annually, with a rapid project payback profile. At current gold and silver prices, Tunkillia is modelled to produce approximately $1.75 billion operating profit during the first 27 months alone, paying back up-front development capex 4x over during this short time. Multiple work programs are underway to support the PFS and Mining Lease (ML) application. A total 60,000m reverse circulation (RC) and 3,000m diamond (DD) drilling are now scheduled for completion during September 2026 to support JORC Resource upgrades and PFS analyses, following expansion of 'Phase 2' drilling targeting an increased quantity, grade and classification of materials in the 'S1' and 'S2' Starter Pits . On the basis of expanded drilling targeting valuable prospective Resource upgrades within the existing optimised open pit areas, Barton now anticipates PFS completion during Q1 CY2027. Full details can be accessed in the complete announcement on the ASX website or directly by clicking here. Commenting on the start of the PFS, Barton Managing Director Alexander Scanlon said: 'Tunkillia's OSS demonstrated the financial and capital leverage available to large-scale bulk processing operations, with robust economics driven by higher-grade 'Starter Pits' modelled to generate A$1.75bn operating profit during the first 2.5 years at current gold and silver prices and thus paying back development costs 4x over during this time. 'With recent 'Phase 1' upgrade drilling confirming the mineralisation behind these compelling economics, and ongoing 'Phase 2' drilling identifying new extensions and higher grade mineralisation in these valuable early pits, we are excited to be formally starting a PFS in parallel with expanded drilling programs targeting potentially material value upside. 'We are pleased to be working again with GR Engineering , who delivered Tunkillia's 2025 Optimised Scoping Study to a very high standard. Following PFS completion we will work with all stakeholders to advance a Mining Lease application, project finance, and development approvals. Our goal is to advance Tunkillia as quickly as possible.' Tunkillia background & PFS focus Tunkillia's May 2025 OSS outlined a compelling development project combining scale and rapid capital payback: Annual production: 120,000oz gold and 260,000oz silver Total LoM operating cash: A$2.7 billion (unlevered, pre-tax) Net Present Value (NPV7.5%): A$1.4 billion (unlevered, pre-tax) Internal Rate of Return (IRR): 73.2% (unlevered, pre-tax) and Payback period: 0.8 years (unlevered, pre-tax) Notably, within the project the S1 and S2 pits are modelled to produce 365,000oz gold, 923,000oz silver and $1.75bn operating free cash during the first 27 months alone (assuming current gold and silver prices). 4 These proceeds would therefore repay up-front development capex more than 4x over in this short time. Upgrade drilling to support a high quality PFS is underway. An 18,900m 'Phase 1' RC drilling program was completed during November 2025 , and a 'Phase 2' RC drilling program is currently underway. Interim analysis of 'Phase 1' and 'Phase 2' RC drilling assays published to-date has identified potential to extend total Tunkillia mineralisation, increase JORC Mineral Resources within the May 2025 OSS optimised pit outlines, and increase the grade profile and classification of 'Starter' pit mineralisation. 'Phase 2' drilling has therefore been expanded to include 40,000m RC, targeting upside opportunities in key 'S1' and 'S2' optimised pit areas. Drilling is now targeting completion during September 2026 . Following the analyses completed during the May 2025 OSS, priority areas of focus for the PFS will include: Detailed analysis of expanded geological, metallurgical and geotechnical data sets; Validation of plant throughput and comminution options identified during the OSS; Scenario analyses for plant throughput capacity, strategic mine scheduling, and energy solutions; Updated Process Design Criteria (PDC) for selected development case; Updated capital cost estimate to a Class 3 (+/-25%) accuracy for the selected development case; Updated operating cost estimates by mineralisation domain; Open pit re-optimisation, equipment selection and strategic scheduling of mine plan / mill feed and Conversion of JORC Mineral Resources to JORC Ore Reserves. On the basis of expanded drilling and metallurgical programs, Barton is now targeting PFS completion during Q1 of calendar year 2027, to enable inclusion of prospective Mineral Resource upside in the PFS. The PFS will inform a detailed ML application thereafter, and project finance discussions, during 2027. Authorised by the Managing Director of Barton Gold Holdings Limited . Contact: Alexander Scanlon Email: [email protected] Tel: +61 425 226 649 Jade Cook Email: [email protected] Tel: +61 8 9322 1587 About Barton Gold 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. (C) 2026 Electronic News Publishing, source ENP Newswire

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