• Successful 'Phase 1' drilling with broad, high-grade intersections
• Targeting JORC Ore Reserves, PFS, and Mining Lease application by end of 2026
• Current gold and silver prices could generate over $1 billion operating profit in first year

Barton Gold Holdings Limited (ASX:BGD) has announced the start of 'Phase 2' JORC (2012) Mineral Resource upgrade drilling at its Tunkillia Gold Project in South Australia. The ~30,000m reverse circulation (RC) drilling program will target the balance of the project's optimised open pits, building on the successful 'Phase 1' drilling which infilled the high-value early 'S1' and 'S2' pit areas. The 'Phase 1' drilling returned broad, high-grade intersections, supporting rapid payback in the early 'Starter pit'. Barton is now expediting Tunkillia's development, targeting the conversion of all optimised open pit mineralisation to JORC (2012) 'Measured' and 'Indicated' categories to accelerate financing and development. The company's May 2025 Optimised Scoping Study outlined a compelling development profile for Tunkillia, with the S1 and S2 pits modelled to produce 365,000oz gold, 923,000oz silver and $1.3 billion operating free cash during the first ~27 months alone at an average cash cost of only A$1,429/oz Au. Barton Managing Director Alexander Scanlon commented that at current gold and silver prices, Tunkillia would be modelled to produce over $1 billion operating profit in the first year, and over $2 billion in the first two years. The company is now executing the balance of Tunkillia development drilling programs on an expedited timeline, targeting declared JORC Ore Reserves, a robust Pre-Feasibility Study, and a Mining Lease application by the end of 2026.

Following the submission of a Mining Lease application, Barton will expedite Tunkillia's project finance discussions and work with stakeholders to bring the project online as soon as possible.