Barton Gold

Barton Gold (ASX:BGD) is a South Australian gold developer with 2.2Moz Au and 3.1Moz Ag JORC Resources and the only gold mill in South Australia’s renowned Central Gawler Craton. Barton is targeting 150,000ozpa gold production through a staged, lower-cost, lower-risk and lower-dilution development strategy. Board and Management hold over 20% of the Company.

Barton is targeting ‘Stage 1’ operations from 2026, leveraging its fully permitted Central Gawler Mill to generate free cash and fund a ‘Stage 2’ development of its neighbouring Tunkillia Project. Tunkillia will produce ~120kozpa gold and ~250kozpa silver for $2.7bn operating cash, a 73% equity IRR, and a 0.8 year payback period driven by higher-grade ‘Starter Pits’. A Tunkillia Mining Lease Application is planned for the end of 2026.

Barton has also announced the ‘Tolmer’ high-grade silver discovery with grades up to 17,600 g/t Ag within an historical high grade gold field. Tolmer’s March 2025 discovery hole (6m @ 4,747g/t Ag from 46m depth) ranked 5th globally for those reported during H1 2025 on all markets.

Barton has also generated $13m (net of costs) from asset monetisation initiatives since its 2021 IPO, reducing external capital raising and dilution.

A recent 10 minute presentation can be viewed here: https://www.youtube.com/watch?v=b5q__FulSuk

 

Management Profile:

Alex is the founder of Barton Gold and a financial economist with ~20 years’ experience in financial analysis, consulting, structured finance and mining advisory, investment and management. He was previously Managing Director of PARQ Capital Management and a Director with Lusona Capital where he focused on corporate advisory and principal investments in the natural resources sector, and before that an Executive in the Principal Investments Area of Barclays Capital.

Alex is a graduate of Santa Clara University (BSc Finance Honours & BSc Economics Honours), the University of Oxford (MSc Financial Economics) and the University of Cambridge (MPhil Management).

What is your rationale for taking part in 121 Mining Investment?

Barton Gold is rapidly expanding its projects with consistent, significant exploration and project development results. We are sharing our story internationally as we continue to execute large-scale exploration programs on our way to multiple additional JORC Mineral Resource updates anticipated for the end of 2024 and early 2025.

In parallel, Barton is advancing an optimised Scoping Study that will confirm Tunkillia as a large-scale, long-term competitive gold producer, and the confirmation of adequate higher-grade Resources in the vicinity of its Central Gawler Mill to commence 'Stage 1' operations.

What are your key goals for the next 3, 6 and 12 months?

3 Months

Multiple drilling and geochemical programs for Resources growth, mine plan optimisation and generative exploration / discovery.

6 Months

Optimised Scoping Study for the 1.5Moz Au (JORC) Tunkillia Gold Project.

12 Months

Commencement of PFS for 150,000ozpa Tunkillia Gold Project

What do you see as the key risks and challenges facing your company at the moment and how are you overcoming these?

A recently soft market for gold equities and the gold sector presents challenges to attracting investor attention; however Barton Gold is very well capitalised and is drawing renewed attention with a consistent innovation and significant exploration outcomes.

What do you think makes your company such a compelling investment?

Barton Gold is unique among its ' exploration peers' in several ways: (1) It is the only pure-play South Australian gold developer on the ASX; (2) Barton is actually an advanced asset manager with existing mines, properties and wholly-owned processing infrastructure which provides a low-cost / risk platform to commence operations, and (3) Barton has sources of income from monetising its assets which extends treasury, subsidizes exploration costs, and protects shareholders from additional equity dilution. Barton has generated more than $10 million in additional, non-dilutive cash from asset monetisation during the past 3 years, providing a significant level of protection from dilution for shareholders.

What are the top 3 key investor takeaways?

1. BGD has consolidated a proven historical gold district and is rapidly growing its projects;
2. BGD's existing platform of 1.6Moz JORC (2012) Mineral Resources and its own gold mill are just the starting point - over 100km of major structures remain largely untested; and
3. BGD expects to announce optimised Scoping Studies and further JORC Resource updates during 2024 and 2025 to underpin both a potential 'Stage 1' operations restart (at Tarcoola, utilising our Central Gawler Mill) and the subsequent development of Tunkillia as a large-scale 'Stage 2' expansion co-funded by Stage 1 operations.