SmallCaps Spotlight: Barton Gold (BGD.ASX) — Drilling Momentum, PFS/DFS Pathway & Capital Discipline

## In this episode - Barton Gold’s latest operational updates across Challenger, Tunquillia (Tunkelia) and Tolmer - What phase two infill assay results mean for resource continuity, grade distribution and open pit extensions - How updated drilling has widened upside (thickness/grade, potential extensions) while de-risking feasibility work - Scenario modelling, metallurgical test work and geotechnical studies moving into the PFS/DFS process - Capital allocation priorities: studies vs drilling, and maintaining balance-sheet flexibility - Milestones targeted for **1Q CY2027** (Challenger DFS and Tunquillia PFS)

## Key themes from the conversation ### 1) Drilling momentum across the portfolio Alexander Scanlon highlights a broad set of drilling activities over the past six months, including: - **Challenger:** ~10,000 metres of RC drilling aimed at resource upgrading/“category” upgrading, with some new high-grade mineralisation and potential open pit targets identified. - **Tunquillia/Tunkelia:** ~58,000 metres of drilling designed to lift mineralisation from prior study levels towards **measured and indicated** status, supporting the PFS pathway. - **Tolmer:** infill drilling on a **high-grade silver discovery** located between the Challenger and Tunquillia hubs.

### 2) Turning drill results into bankable studies Scanlon explains how latest results are feeding into: - **Challenger feasibility** (definitive feasibility study), leveraging the **fully permitted Central Gawler mill**. - **Tunquillia pre-feasibility** (PFS), including assessment of a second mill for larger-scale operations.

### 3) Resource conversion strategy and de-risking A key goal is accelerating the project underwriting by targeting: - conversion of mineralisation into higher-confidence categories (measured/probable/reserves pathway), - and focusing on higher-grade portions of mineralisation that can support an **accelerated payback profile**.

### 4) Capital discipline after the placement Barton ended the June quarter with **$31.9m cash** after a **$25.9m institutional placement**. Management’s approach: - drilling expenses were largely funded by last year’s budget, - the placement primarily supports the completion of key milestones (including **Challenger DFS**, **Tunquillia PFS**, and a **mining lease application**), - maintaining a **funding buffer** for follow-on opportunities (including further drilling decisions at Tolmer depending on infill results).

## Timing and milestones - **Challenger DFS** and **Tunquillia PFS**: targeted for completion/publication in **1Q CY2027**. - Ongoing metallurgical and geotechnical work to support study outcomes.

## Production note *This episode is a podcast-style discussion based on the provided transcript and background materials. For full details, listeners should refer to Barton Gold’s ASX announcements and presentations.*

## Company snapshot - **Company:** Barton Gold (BGD.ASX) - **Focus:** South Australian gold development with a hub-and-spoke growth approach and the intention to scale production over time.

## Disclaimer

This podcast is for educational and entertainment purposes only and should not be considered financial advice. All investments carry risk, including the potential loss of principal. Listeners should conduct their own research and consider seeking professional financial advice before making investment decisions.

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