Barton Gold Boosts Cash with $5M Sale and Expands Drilling at Key Projects

Quarterly Highlights and Financial Strength

Barton Gold Holdings Ltd has closed out 2024 on a high note, reporting significant progress across its South Australian gold projects and a fortified financial position. The company’s December quarter activities report reveals a $5 million gold sale, a $2.4 million federal R&D tax refund, and a cash balance of $9.2 million as of mid-January 2025, all achieved without incurring debt. These financial milestones provide Barton with a solid platform to advance its exploration and development programs in 2025.

Tunkillia Gold Project: Drilling and Study Optimisation

At the flagship Tunkillia Gold Project, Barton completed a 5,064-metre reverse circulation drilling campaign aimed at expanding its JORC Mineral Resources Estimate (MRE). This drilling targets two key near-mine opportunities identified in the March 2024 1.5 million ounce resource update and the subsequent July 2024 Scoping Study. The company is concurrently conducting an Optimised Scoping Study focusing on processing efficiencies and mine scheduling to reduce costs and enhance project economics. Assay results from this drilling are pending but are expected to underpin an updated block model and support progression towards feasibility studies and Ore Reserve conversion.

Tarcoola Gold Project: High-Grade Discoveries and Regional Exploration

Meanwhile, at the Tarcoola Gold Project, further high-grade assays have confirmed additional shallow gold zones adjacent to the existing Perseverance Mine pit floor resource. Notable intercepts include grades exceeding 10 grams per tonne over several metres, suggesting potential to increase recoverable ounces within the current mine footprint. Barton also completed approximately 10,500 metres of aircore drilling targeting the Lake Labyrinth Shear Zone and the new Tolmer gold system. While assays from Lake Labyrinth returned no significant results, Tolmer assays remain pending, keeping the exploration upside alive.

Corporate Developments and Capital Management

Barton’s asset monetisation strategy continues to deliver non-dilutive capital, with the recent gold sale generating a net profit of approximately AUD 2,950 per ounce sold. Since its IPO in June 2021, these initiatives have contributed over $12 million in additional capital, preserving shareholder value by minimising equity dilution. The company also secured a $380,000 grant from the South Australian Government’s Accelerated Discovery Initiative to support ongoing exploration efforts. On the corporate front, Barton appointed Jade Cook as Company Secretary following the retirement of Shannon Coates, strengthening its governance framework.

Outlook and Market Context

Managing Director Alexander Scanlon highlighted the momentum entering 2025, noting the company’s strong funding position and the potential for resource growth at Tunkillia. With gold prices reaching new highs amid evolving geopolitical and financial conditions, Barton is well-positioned to capitalise on both near-term production opportunities and longer-term project development. The company’s integrated approach, combining exploration, resource expansion, and asset monetisation, signals a strategic pathway to unlocking value for shareholders.