30 June 2026 Quarterly Activities Report
Highlights
Challenger Gold Project, SA (100%)
Drilling confirms new high-grade mineralisation up to 170g/t Au in ‘main' pit (read), up to 60g/t Au at Challenger West (read), new open pittable mineralisation at CSSW and Challenger 3 (read)
Definitive Feasibility Study (DFS) ongoing; existing mill suitable for recommissioning, scenario analyses now underway (read)
JORC Mineral Resources Estimate (MRE) update pending; Barton targeting DFS publication during Q1 CY 2027
Tunkillia Gold Project, SA (100%)
‘Phase 2' upgrade drilling yields highest-grade assays to-date from ‘Area 51' zone (read) and southern ‘Area 223' zone (read), indicating potential growth in Resources, open pit and mine life
‘Phase 2' reverse circulation (RC) drilling expanded to ~40,000m following analysis of ‘Phase 1' and ‘Phase 2' results to-date (read), with ~3,000m dual rig diamond drilling (DD) commenced (read)
GR Engineering Services (GRES) appointed to lead Pre-feasibility Study (PFS), targeting publication during Q1 CY27 (read)
Tolmer Silver Discovery, SA (100%)
~3,700m follow up drilling completed targeting extensions (read) after preliminary trial yields >100,000 g/t Ag concentrate (read)
Corporate
$26m placement led by new substantial shareholders Franklin Templeton and Aegis Financial at modest discount of only ~3.5% to closing price, with only ~11% dilution and <2.5% costs (read)
Well positioned with $31.9m cash & strategic diesel reserve
New Head of Corporate Affairs & Sustainability appointed (read)
ADELAIDE, AU / ACCESS Newswire / July 27, 2026 / Barton Gold Holdings Ltd (Barton or the Company)
ACN: 633 442 618
ABN: 36 633 442 618
Level 4, 12 Gilles Street
Adelaide SA 5000
T: +61 8 9322 1587
E: contact@bartongold.com.au
www.bartongold.com.au
Stock Codes:
ASX: BGD
OTCQB: BGDFF
FRA: BGD3
Capital Structure+
270.5m Ordinary Shares
15.5m unlisted options
Working Capital
Cash: $31.9 million*
Debt: Nil
+ Refer to ASX announcement dated 16 July 2026 for full details of securities.
* Barton also has a further ~$4.5m cash (not included in this $31.9m) which is posted as security for rehabilitation bank guarantees.
Commenting on the Company's June 2026 quarter, Barton MD Alexander Scanlon said:
"Drilling during the quarter has continued to deliver strong results across our entire gold development portfolio. We are nearing completion of over 70,000m during the past 10 months, with feasibility studies now in full swing.
"Our recent institutional placement has fully funded Barton to deliver these key value-add milestones, as well as to continue evaluating our exciting Tolmer high-grade silver discovery where we recently drill tested extensions.
"We look forward to delivering multiple Resources upgrades and further insights during the balance of 2026."
CHALLENGER GOLD PROJECT | CENTRAL GAWLER MILL (100%)
Definitive Feasibility Study (DFS)
A DFS is underway targeting an initial 3 - 4 year Stage 1 ‘baseline' operation utilising only historical higher-grade tailings from tailings storage facility 1 (TSF1) and limited, near-surface materials without disturbing Challenger's historical high-grade underground mine, its mineralisation or its infrastructure access.
In support of the DFS, Barton has now completed the following programs of work, among others:1
A detailed condition assessment of the Central Gawler Mill (CGM) and supporting infrastructure;
TSF1 geotechnical and metallurgical drilling, and comminution and metallurgical testwork;2 and
Preliminary capital and operating cost estimates (subject to scale and throughput scenario analysis).
These analyses support the conclusions that the CGM is suitable for recommissioning to operations, and that TSF1 materials reprocessing is considered technically feasible and operationally practical.1
The CGM offers a material leverage point for Barton to commence de-risked ‘Stage 1' operations, and also materially enhances the development optionality of Barton's regional assets including Tarcoola Gold Project (Tarcoola), Wudinna Gold Project (Wudinna) and high-grade Tolmer silver prospect (Tolmer), all of which could potentially be processed through the CGM.3
Following the completion of MRE updates and metallurgical analyses based upon recent RD and DD drilling, Barton will complete final scenario analysis to determine the optimal startup and development pathways for the CGM, with a preference for pathways that reduce risk. Barton is targeting DFS publication during Q1 CY27.
Early upgrade drilling successes
During 2025, Barton initiated several programs of work focused on generating options for returning Challenger and the CGM to near-term operations on a relatively low-cost and low-risk basis. The Challenger open pit operated from 2002 to 2004, at a time of low gold prices. Drilling has therefore been targeting 1-2 g/t Au mineralisation on pit extensions to provide a source of lower-risk feed for operations.
A total 8,065m RC drilling and 1,322m DD drilling has recently been completed to upgrade existing JORC (2012) Mineral Resources to ‘Indicated' category, test additional near-surface mineralisation and generate additional geotechnical data and sample materials for metallurgical testwork to support the ongoing DFS analyses.4
Drilling assays have yielded early successes, identifying new areas of high-grade mineralisation up to 170 g/t Au in the Challenger Main open pit wall, and confirming shallow, high-grade mineralisation up to 60 g/t Au in the Challenger West open pit floor.5 Recent significant assay results include:
Hole ID | Target | Interval | Including: |
CHB0140 | ‘Main' pit | 9m @ 2.20 g/t Au from 97 metres | 1m @ 6.63 g/t Au from 103 metres |
CHB0158 | ‘Main' pit | 11m @ 5.67 g/t Au from 24 metres 10m @ 17.7 g/t Au from 40 metres | 1m @ 50.9 g/t Au from 27 metres 1m @ 170.7 g/t Au from 43 metres |
CHB0159 | ‘Main' pit | 14m @ 1.01 g/t Au from 19 metres 3m @ 4.72 g/t Au from 40 metres | 3m @ 2.55 g/t Au from 22 metres 1m @ 11.8 g/t Au from 40 metres |
CHB0165 | ‘Main' pit | 3m @ 6.85 g/t Au from 121 metres | 1m @ 15.0 g/t Au from 121 metres |
CHB0149 | ‘West' pit | 7m @ 2.01 g/t Au from 0m (surface) | 1m @ 9.63 g/t Au from 6 metres |
CHB0150 | ‘West' pit | 3m @ 20.6 g/t Au from 13 metres | 1m @ 59.5 g/t Au from 15 metres |
CHB0151 | ‘West' pit | 1m @ 12.5 g/t Au from 28 metres | |
CHB0152 | ‘West' pit | 1m @ 20.5 g/t Au from 17 metres |
Table 1 - Key significant assays from February 2026 Challenger RC drilling5
Drilling in the M3-SEZ area was designed to test and upgrade previously modelled mineralisation in this zone, with the objective to confirm high value mineralisation which could be extracted by way of an open pit cutback.
The latest drilling validates previously modelled mineralisation, and has identified new areas of high-grade mineralisation where it was not previously modelled in assays grading up to 170 g/t Au.6
Figure 1 - Challenger ‘Main' open pit plan map showing collar locations for new assays received6
Figure 2 - Cross section A (refer to section line in Figure 2) 6
Recent RC and DD drilling has also targeted the ‘Challenger 3' target, located to the northeast (along strike) of Challenger SSW deposit, the Challenger West open pit, and the Challenger Main open pit.
Drilling was designed to extend and upgrade mineralisation, with the objective to confirm high value materials which could be easily extracted to feed the CGM from new open pits.
The assays confirm known mineralisation at Challenger SSW and the Challenger 3 target, supporting a potential new MRE at the Challenger 3 target and increase the confidence of the Challenger SSW MRE.
Key significant new assays received from the CSSW and Challenger 3 open pit targets include:7
Hole ID | Interval | Including: |
CBH0180 | 13m @ 0.71 g/t Au from 62 metres | 1m @ 1.44 g/t Au from 71 metres, and 2m @ 1.48 g/t Au from 73 metres |
CBH0192 | 10m @ 1.63 g/t Au from 85 metres | 1m @ 9.53 g/t Au from 90 metres |
CHB0197 | 3m @ 5.05 g/t Au from 27 metres 8m @ 1.68 g/t Au from 55 metres | 1m @ 7.64 g/t Au from 57 metres |
CHB0198 | 3m @ 3.17 g/t Au from 91 metres | 1m @ 7.25 g/t Au from 93 metres |
CHB0199 | 11m @ 0.74 g/t Au from 58 metres | 1m @ 2.04 g/t Au from 66 metres |
CHB0204 | 6m @ 4.46 g/t Au from 30 metres 5m @ 1.32 g/t Au from 43 metres | 2m @ 12.1 g/t Au from 30 metres 1m @ 3.26 g/t Au from 47 metres |
CHB0206 | 10m @ 1.33 g/t Au from 44 metres | 1m @ 5.61 g/t Au from 46 metres |
CHB0213 | 10m @ 2.28 g/t Au from 33 metres | 1m @ 9.12 g/t Au from 42 metres |
CHB0217 | 9m @ 0.83 g/t Au from 40 metres | 1m @ 1.9 g/t Au from 42 metres |
CHB0222 | 7m @ 3.28 g/t Au from 30 metres | 1m @ 16.5 g/t Au from 30 metres |
CHB0225 | 2m @ 5.12 g/t Au from 30 metres | 1m @ 9.17g/t Au from 31 metres |
CHB0236 | 6m @ 1.66 g/t Au from 24 metres | 1m @ 6.93 g/t Au from 25 metres |
Table 2 - Key significant new assays from February 2026 Challenger RC drilling7
Figure 3 - New Challenger 3 drilling results in new open pit target mineralisation7
TUNKILLIA GOLD PROJECT (100%)
Pre-feasibility study running in parallel to expanded drilling program
A PFS formally commenced this quarter with GRES appointed to lead this work.8 GRES is a highly regarded Australian engineering consultancy and contractor with global mineral processing expertise. The PFS will build upon Tunkillia's Optimised Scoping Study (OSS) for which outlined a compelling development for ~120,000 gold and ~260,000oz silver production annually, with a rapid project payback profile. At current gold and silver prices, Tunkillia is modelled to produce approximately $1.75 billion operating profit during the first ~27 months alone, paying back up-front development capex ~4x over during this short time.9
Multiple work programs are underway to support the PFS and Mining Lease (ML) application, including ‘Phase 2' drilling programs recently expanded to ~70,000m RC and ~3,000m DD targeting an increased quantity, grade and classification of materials in the ‘S1' and ‘S2' Starter Pits.10 These are scheduled to finish during September. On the basis of expanded drilling, Barton now anticipates publication of the PFS during Q1 CY2027.
Robust assays to-date drive ‘Phase 2' extension
Based upon the modelled economics of Tunkillia's ‘S1' and ‘S2' optimised open pits, a first phase of Tunkillia drilling was designed to prioritise these zones, increase confidence, and target the upgrade of these materials to JORC ‘Indicated' category or, in the case of the highest value ‘S1' pit materials, to JORC ‘Measured' category.11 This ‘Phase 1' drilling was successful, infilling the S1 and S2 pit areas with broad, high-grade intersections.12 A summary of key significant assays received from Phase 1 Tunkillia drilling is included in Table 3 below.12
Hole ID | Interval | Including: |
TKB0257 | 23m @ 2.25 g/t Au from 62 metres | 2m @ 5.45 g/t Au from 69 metres, and 1m @ 7.50 g/t Au from 75 metres, and 1m @ 8.90 g/t Au from 81 metres |
TKB0268 | 22m @ 2.43 g/t Au from 100 metres | 1m @ 17.6 g/t Au from 107 metres |
TKB0269 | 28m @ 2.60 g/t Au from 129 metres | 2m @ 20.9 g/t Au from 144 metres |
TKB0282 | 27m @ 2.68 g/t Au from 60 metres, and 44m @ 3.68 g/t Au from 103 metres | 2m @ 38.7 g/t Au from 73 metres 3m @ 23.5 g/t Au from 123 metres, and 1m @ 18.9 g/t Au from 131 metres, and 2m @ 13.2 g/t Au from 136 metres |
TKB0285 | 47m @ 2.67 g/t Au from 97 metres | 16m @ 5.03 g/t Au from 126 metres |
TKB0292 | 41m @ 2.21 g/t Au from 47 metres | 7m @ 9.61 g/t Au from 47 metres |
TKB0301 | 10m @ 7.37 g/t Au from 65 metres | 1m @ 28.8 g/t Au from 67 metres |
TKB0306 | 10m @ 5.03 g/t Au from 152 metres, and 13m @ 3.75 g/t Au from 165 metres | 1m @ 43.2 g/t Au from 154 metres 1m @ 37.1 g/t Au from 165 metres |
TKB0375 | 10m @ 5.21 g/t Au from 45 metres | 3m @ 9.70 g/t Au from 49 metres |
TKB0376 | 17m @ 2.23 g/t Au from 53 metres | 3m @ 8.97 g/t Au from 58 metres |
TKB0390 | 20m @ 2.72 g/t Au from 44 metres | 3m @ 9.33 g/t Au from 50 metres |
TKB0422 | 24m @ 4.49 g/t Au from 127 metres, and 22m @ 3.17 g/t Au from 156 metres | 1m @ 15.4 g/t Au from 137 metres, and 5m @ 11.5 g/t Au from 143 metres 8m @ 6.89 g/t Au from 157 metres |
TKB0434 | 22m @ 2.58 g/t Au from 68 metres | 1m @ 6.3 g/t Au from 73 metres, and 3m @ 9.2 g/t Au from 75 metres |
Table 3 - Key significant assays from Tunkillia Phase 1 Mineral Resource upgrade RC drilling12
Phase 2 assays indicate further upside potential
The first assays received from ‘Phase 2' upgrade drilling were from the ‘Area 51' zone, where the May 2025 Optimised Scoping Study (OSS) optimised an open pit with approximately 163,000oz contained gold MRE.13 These first assays have broadly validated existing modelling, and some results are significantly higher-grade than anticipated indicating upside potential both within and along strike of this open pit area.
Figure 4 - Cross section 116,300N located at southern end of ‘Area 51' open pit area13
Assays recently received from the southern part of Area 223 (including the ‘S3' and ‘South 1' pit stages, modelled to be mined during the middle and later years of the project's life) infill the existing mineralisation modelled in these areas, with the broadest intersections also yielding some of the highest grades.14
Hole ID | Interval | Including: |
TKB0496 | 5m @ 4.76 g/t Au from 67m depth | 1m @ 20.9 g/t Au from 68m depth |
TKB0499 | 13m @ 5.01 g/t Au from 55m depth | 3m @ 15.8 g/t Au from 62m depth |
TKB0536 | 3m @ 4.70 g/t Au from 88m depth 17m @ 3.09 g/t Au from 100m depth | 1m @ 12.7 g/t Au from 88m depth 1m @ 8.90 g/t Au from 102m depth, and 1m @ 36.9 g/t Au from 108m depth |
TKB0570 | 4m @ 7.60 g/t Au from 95m depth | 1m @ 27.2 g/t Au from 95m depth |
TKB0572 | 27m @ 1.89 g/t Au from 33m depth | 5m @ 5.55 g/t Au from 49m depth |
TKB0573 | 21m @ 1.65 g/t Au from 93m depth | 2m @ 11.67 g/t Au from 102m depth |
TKB0574 | 9m @ 1.76 g/t Au from 124m depth 19m @ 2.87 g/t Au from 137m depth (EOH) | 1m @ 6.80 g/t Au from 127m depth 6m @ 7.18 g/t Au from 143m depth |
Table 4 - Key significant new assays from Tunkillia Phase 2 Mineral Resource upgrade RC drilling14
Further assays are expected to be reported from this area in due course, with the recently expanded Tunkillia drilling program targeting further extensions and higher-grade mineralisation upside.15 After all results have been received Barton will then prepare comprehensive and representative cross sections of assay results.
TOLMER SILVER DISCOVERY (100%)
During March 2025, Barton announced one of Australia's highest-grade modern silver discoveries ~500m west of its August 2024 Tolmer gold discovery.16 Drilling has identified silver dominant mineralisation hosting peak silver and gold grades up to 17,600 g/t Ag and 51.2 g/t Au (respectively) less than 50m from surface.16
Preliminary analysis produced a >100,000 g/t Ag (~10% silver) concentrate from a simple gravity process without grinding, roasting or chemical reagents. The ability to produce high-grade concentrates could have potential implications for low-cost, high-margin operations if consistent for the mineralisation.17
An expedited 3,677m follow up RC drilling program was completed during the quarter, with results pending.18
Figure 5 - Tolmer map w/ Pb background, Ag contours (white), old drilling (black) & new drilling (red)18
Hole ID | Interval | Including: | ||
TBAC130 | Silver Gold | 6m @ 4,747 g/t Ag from 46 metres 4m @ 13.2 g/t Au from 48 metres | Silver Gold | 1m @ 17,600 g/t Ag from 46 metres 1m @ 51.2 g/t Au from 48 metres |
TBM227 | Silver | 4m @ 1,417 g/t Ag from 9 metres | Silver | 1m @ 3,790 g/t Ag from 9 metres |
TBM228 | Silver Gold | 14m @ 434 g/t Ag from 46 metres 3m @ 3.25 g/t Au from 54 metres | Silver Gold | 1m @ 3,530 g/t Ag from 54 metres 1m @ 7.50 g/t Au from 54 metres |
TBM233 | Silver Gold | 3m @ 993 g/t Ag from 55 metres 1m @ 6.86 g/t Au from 55 metres | Silver | 2m @ 1,475 g/t Ag from 55 metres |
TBM237 | Silver Gold | 9m @ 217 g/t Ag from 44 metres 1m @ 7.9 g/t Au from 44 metres | Silver | 1m @ 1,100 g/t Ag from 44 metres |
TBM238 | Silver Gold | 7m @ 648 g/t Ag from 46 metres 5m @ 3.06 g/t Au from 46 metres | Silver Gold | 2m @ 1,720 g/t Ag from 46 metres 1m @ 10.7 g/t Au from 46 metres |
TBM245 | Silver Gold | 13m @ 142 g/t Ag from 10 metres 5m @ 3.32 g/t Au from 10 metres | Silver Gold | 2m @ 499 g/t Ag from 11 metres 1m @ 13.2 g/t Au from 11 metres |
TBM246 | Silver Gold | 13m @ 285 g/t Ag from 48 metres 11m @ 3.31 g/t Au from 48 metres | Silver Gold | 1m @ 2,240 g/t Ag from 53 metres 1m @ 22.8 g/t Au from 53 metres |
Table 5 - Key ‘western silver zone' intersections from Nov 2024, Jan/Feb and May/Jun 2025 drilling18
KEY CORPORATE UPDATES
Cash
At 31 March 2026 the Company had $31.9m in cash, plus a further $4.5m in interest bearing deposits posted as security for rehabilitation performance bond guarantee facilities.
Exploration and project expenditure during the quarter has been primarily focused on Tunkillia and Challenger MRE upgrade drilling, feasibility programs, and analysis of the emerging Tolmer high-grade silver discovery. A total of $5.7m cash was spent on these combined activities, including project and exploration personnel costs.
During the quarter a total of $184k was paid to related parties, comprising director fees, salaries and superannuation to Directors and their associates.
Full details of Barton's cash movements during the quarter can be found in the Company's Appendix 5B.
$26m institutional placement
A placement to institutional investors was completed during the quarter (Placement) with the initial quantum increased to accommodate additional demand from existing North American investors. A total of 30,470,588 new shares were issued at a price of $0.85 per share to raise $25.9 million (before costs).19
The Placement was fully supported prior to launch by existing institutional investors Franklin Templeton, Aegis Financial, IXIOS and MERK, and closed significantly oversubscribed. Canaccord Genuity (Australia) Limited (Canaccord) and MST Financial Services Pty Ltd (MST) were Lead Managers in conjunction with Barton's equity capital markets initiatives. Barton estimates total costs of the Placement at less than 2.5% of total proceeds.
The Placement further strengthens Barton's high quality institutional register and fully funds key milestones in support of the Company's vision to build South Australia's largest independent gold producer. These include:
MRE updates, conversion to Ore Reserves, and a DFS to inform a Final Investment Decision (FID) for a restart of operations at the Challenger Gold Project (Challenger) leveraging Challenger's existing CGM.
MRE updates, conversion to Ore Reserves, completion of a PFS and an ML application for Tunkillia.; and
Infill and extension drilling, and metallurgical testwork, for Barton's Tolmer silver prospect (Tolmer).
These milestones will underpin the Company's commercial pathway, and discussions for a wide range of available future low dilution funding solutions.
New substantial shareholders
Further to their material support of the Placement, Barton is pleased to welcome each of Franklin Templeton and Aegis Financial as new substantial shareholders of the Company at ~6.8% and ~5.1% (respectively).20
New Head of Corporate Affairs and Sustainability
Barton is pleased to welcome Sylvia Rapo as its new Head of Corporate Affairs and Sustainability.21 She brings ~25 years' of South Australian experience in corporate affairs, communications, government relations, media management and sustainability across the private and public sector. Sylvia joins as we enter an exciting new phase for the Company, focused on delivering our vision for large-scale gold production in South Australia.
Strategic diesel reserve
As reported in the Company's 31 March 2026 Quarterly Activities Report, upon the outbreak of conflict in the Middle East Barton acted quickly to procure diesel supplies sufficient for all planned forward work programs. With that situation remaining volatile, Barton has further grown this strategic reserve to >250,000 litres along with its own distribution capabilities, sufficient to meet all budgeted FY27 field programs and site requirements.
CORPORATE PRESENTATIONS & MEDIA
During the quarter, Barton presented at the RRS Gather Round, SMI Panama and RIU Sydney Resources Roundup Conferences. The Company also conducted several media interviews and engagements with existing and new institutional and high net wealth investors.