• Targeting initial 'Stage 1' Ore Reserves and Definitive Feasibility Study by June 2026
• Up to 8,000m of reverse circulation drilling at Challenger open pits and near-surface targets
• Objective to establish low-risk, simplified 'baseline' operation to restart Central Gawler Mill

Barton Gold Holdings Limited (ASX:BGD) has announced the start of JORC upgrade drilling at its Challenger Gold Project in South Australia, which is adjacent to the company's wholly-owned Central Gawler Mill (CGM). The program will involve up to 8,000m of reverse circulation (RC) drilling targeting conversion of easily accessible mineralization on existing open pits and other near-surface targets to JORC (2012) 'Indicated' categories, for potential conversion to JORC (2012) Ore Reserves as part of an ongoing Definitive Feasibility Study (DFS). The DFS is designed to commence an initial 3-4 year 'Stage 1' baseline operation utilizing only historical higher-grade tailings and limited, near-surface materials without disturbing Challenger's historical high-grade underground mine. The objective is to establish a relatively low-risk, simplified development plan to restart the CGM, bring Barton to 'producer' status, and maximize 'Stage 1' development optionality. This approach also defers the technical risk and cost of underground operations to a future date, following the de-risking of 'Stage 1' operations. Reinstatement of the CGM also enhances the development optionality of Barton's other regional assets such as Tarcoola, Wudinna, and Tolmer. Barton is targeting initial 'Stage 1' Ore Reserves and a DFS by 30 June 2026, and project financing shortly thereafter.

Barton is rapidly advancing its neighboring large-scale Tunkillia Gold Project, targeting a Mining Lease application by the end of 2026.