How Barton Gold’s $15M Raise Fuels South Australia Gold Push

Strategic Drilling and Resource Upgrades at Tunkillia

Barton Gold Holdings has commenced a significant Mineral Resource Estimate (MRE) upgrade drilling program at its flagship Tunkillia Gold Project in South Australia. Focused on the high-value Stage 1 and Stage 2 open pit areas, this ~18,000-metre first phase aims to elevate resource classifications to measured and indicated categories, thereby de-risking the project ahead of a targeted pre-feasibility study and mining lease application by the end of 2026.

The company’s prior Optimised Scoping Study highlighted robust economics, including a rapid payback period under a two-stage starter pit model, which is attracting early interest from development and financing partners. Barton is accelerating these efforts to secure optimal development pathways and financing arrangements.

Central Gawler Mill, Low-Cost Pathway to Production

At the Central Gawler Mill (CGM), Barton is advancing a Definitive Feasibility Study (DFS) for a phased restart of operations. The mill, fully permitted and adjacent to the Challenger Gold Project, is estimated to require only A$26 million (±30%) for full reinstatement to its original 600,000 tonnes per annum capacity, including upgrades to enhance recovery and automation.

The DFS, underway with engineering and consulting partners, targets initial Stage 1 production by the end of 2026, focusing first on reprocessing tailings storage facility materials before introducing fresh high-grade ore. This strategy offers a capital-efficient route to cash flow generation and supports funding for Tunkillia’s development.

Tarcoola’s Tolmer Prospect Delivers High-Grade Assays

Drilling at the Tolmer prospect within the Tarcoola Gold Project has yielded impressive high-grade gold and silver assays, including grades up to 51.2 g/t gold and 2,240 g/t silver. These results extend the western silver zone and reveal expansive surface anomalies in gold, silver, and lead, suggesting potential for further mineralisation beyond current drilling footprints.

Pending assay results from recent diamond drilling are expected in November 2025, which could further define the structural controls and resource potential of this emerging discovery.

Wudinna Acquisition and Metallurgical Advances

Barton completed the acquisition of the Wudinna Gold Project in mid-2025, adding approximately 279,000 ounces of gold resources to its South Australian portfolio. Metallurgical testwork indicates exceptional gold recoveries up to 99.3% and the potential to produce high-grade concentrates suitable for trucking to either the CGM or a future Tunkillia processing facility.

This regional blending opportunity enhances operational flexibility and could improve overall project economics despite the logistical distances involved.

Corporate Highlights, Capital Raise and ASX Index Inclusion

On the corporate front, Barton successfully completed a $15 million equity placement led by Franklin Templeton at a 7.6% premium to its one-month volume weighted average price, resulting in modest dilution of just 5%. This capital injection boosts Barton’s cash position to $20 million, underpinning ongoing project development and feasibility work.

The company also joined the S&P Global ASX All Ordinaries Index, reflecting its growing market stature. Additionally, Barton launched a $2.5 million Share Purchase Plan to allow existing shareholders to participate at the placement price.

Managing Director Alexander Scanlon emphasised the company’s strategic pivot from explorer to developer, highlighting the importance of advancing Stage 1 production studies and financing while enhancing regional project value.