Star Metro - 30 September 2026 Quarterly Activities Report

ADELAIDE, AU / ACCESS Newswire / October 26, 2026 / Barton Gold Holdings Ltd (Barton or the Company)

ACN: 633 442 618
ABN: 36 633 442 618
Level 22, 30 Pirie Street
Adelaide SA 5000
T: +61 8 8379 7166
E: [email protected]
www.bartongold.com.au

Stock Codes:

ASX: BGD
OTC PINK: BGDFF
FRA: BGD3

Capital Structure⁺

271.9m Ordinary Shares
13.2m unlisted options

Working Capital

Cash: $23.2 million*
Debt: Nil

+ Refer to ASX announcement dated 20 October 2026 for full details of securities.

* Barton also has a further ~$4.5m cash (not included in this $23.2m) which is posted as security for rehabilitation bank guarantees.

Commenting on the Company's September 2026 quarter, Barton MD Alexander Scanlon said:

"The work of our September 2026 quarter sets Barton up to deliver several JORC Resources updates for gold and silver, and technical studies, across our portfolio. We are also accelerating Tunkillia through pre-development programs as quickly as possible following recent Government approvals of its environmental Scoping Report.

"We are in an excellent position to deliver these key value-add milestones over the coming 9 months, with all underlying work programs fully funded by $23 million cash on hand and our own strategic diesel reserve."

TUNKILLIA GOLD PROJECT (100%)

Pre-feasibility study ongoing

A PFS formally commenced last quarter with GRES appointed to lead this work.¹ 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) which outlined a compelling development for ~120,000oz 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.²

Multiple work programs are underway to support the PFS and Mining ML application, including substantial upgrade drilling programs targeting increased quantity, grade and classification of 'S1' and 'S2' pit materials.³ Barton anticipates publication of the PFS by the end of Q1 CY27.

JORC MRE updates for gold and silver pending

A total of 57,653m was drilled across 520 RC and DD holes during 'Phase 1' and 'Phase 2' upgrade drilling.⁴

Five announcements during the quarter (and subsequently) reported the results of 'Phase 2' drilling, including shallow high-grade infill assays from Tunkillia's 'Starter Pits'.⁵

Collectively, these assays appear to reinforce the theory for new, shallow high-grade mineralisation which could potentially increase the grade profile of this mineralisation for Tunkillia's upcoming PFS, with material implications for modelled economic returns.⁶

With analyses of all assays complete, Barton is now remodelling all Tunkillia mineralisation. A JORC MRE update for gold is pending, and a JORC MRE update for silver is planned for Q1 CY27 along with Tunkillia's PFS.

Infrastructure sterilisation drilling underway

A sterilisation drilling program at Tunkillia commenced during the quarter. Drilling is designed to test multiple potential locations for infrastructure such as waste dumps, tailings storage facilities, and processing plant to ensure these are not sited over potentially valuable mineralisation.⁷

Environmental Scoping Report approved

An Environmental Scoping Report was approved during the quarter by the Department for Energy & Mining (DEM) South Australia, with whom Barton has been working to identify key stakeholder considerations.⁸ Barton has been working with the Government of South Australia, through the DEM, to identify key stakeholder interest, social and environmental risks, and other important considerations for the development of Tunkillia.

The environmental Scoping Report establishes and generally defines the environmental studies and modelling, community engagement, and other key programs that must be completed to obtain development approvals. By agreeing this scope at an early stage, development proponents are able to more confidently execute well defined programs while reducing costs and uncertainty, therefore enabling expedited approvals processes.

The Government's approval of Tunkillia's environmental Scoping Report is therefore a key first step in its ML and development approvals processes and now serves as the official terms of reference for future approvals.

The several programs contemplated therein are already underway, as Barton targets expedited development. A copy of Tunkillia's approved environmental Scoping Report can be found on DEM's website here.

Latest 'Phase 2' drilling results

'Phase 2' drilling produced some of Tunkillia's best assays to-date, including:⁹

Table 1 - Key significant assays from Tunkillia Phase 2 Mineral Resource upgrade RC drilling⁹

Cross sections highlight potential Area 51 growth, central Area 223 higher-grade gains

New 'Phase 2' assays in the 'Area 51' optimised open pit area have confirmed a south plunging, thick higher-grade shoot of mineralisation. This is evident in cross-section 115,800N (figure 1), and continues to the north by approximately 600m (to 116,400N) and also to the south by approximately 200m, and remains open.¹⁰

Figure 1 - Area 51 cross section 115,800N¹⁰

Cross-section 111,675N provides an example of mineralisation in the centre of the 'S1' pit, where broad zones of mineralisation are punctuated by shallow higher-grade assays, including new high-grade mineralisation.¹⁰

Figure 2 - Area 223 cross section 111,675N¹⁰

A full suite of cross sections can be viewed in the Final Tunkillia Phase 2 assays announcement.

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:¹¹

• a detailed condition assessment of the Central Gawler Mill (CGM) and supporting infrastructure;
• TSF1 geotechnical and metallurgical drilling, and comminution and metallurgical testwork;¹²
• a further 8,065m RC and 1,322 DD drilling;¹³ and
• preliminary capital and operating cost estimates (subject to scale and throughput scenario analysis).

These analyses support the conclusions that the CGM is technically suitable for recommissioning to operations, and that TSF1 materials reprocessing is technically feasible and operationally practical.¹⁴ The CGM offers a material leverage point for Barton to commence de-risked 'Hub 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 these sources of mineralisation could potentially be processed through the CGM. Barton is targeting DFS publication during Q1 CY27.

JORC MRE update pending

A JORC MRE update for Challenger's gold mineralisation is pending, following a further 8,065m RC drilling and 1,322m DD drilling recently completed to test existing and additional near-surface mineralisation for the DFS.¹⁵

Drilling has identified new high-grade mineralisation in existing open pits, and confirmed mineralisation in the new Challenger SSW and 3 open pit targets.^16,17

Significant assay results from February 2026 drilling include:

Table 2 - Key significant assays from February 2026 Challenger 'Main' and 'West' open pit RC drilling¹⁶

Table 3 - Key significant new assays from February 2026 Challenger 'SSW' and '3' RC drilling¹⁷

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.¹⁸ 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.¹⁸

Preliminary analysis has produced a >100,000 g/t Ag (~10% Ag) concentrate via 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.¹⁹

An expedited 3,677m follow up RC drilling program was completed following these results.²⁰ Further shallow, high-grade assays were announced during the quarter, extending high-grade 'western silver zone' mineralisation to over 500m strike and also yielding broad high-grade assays in the 'eastern gold zone'.²¹

Preliminary analyses for petrology and structural interpretation are now underway. Barton will also expedite full metallurgical analysis of Tolmer mineralisation by preparing composite samples taken from recent drilling.

Fig. 3 - Tolmer map with Pb background, Ag contours (white), May-June 2026 drilling (red) & key assays²¹

Key new significant assays include (note: holes TBM0289 - TBM0290 are located in the 'eastern gold zone'):²¹

Table 4 - New key 'western silver zone' and 'eastern gold zone' assays from May-Jun 2026 drilling²¹

KEY CORPORATE UPDATES

Cash

At 30 September 2026 the Company had $23.2m 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 MRE upgrade drilling, Challenger and Tunkillia feasibility programs, and analysis of the Tolmer high-grade silver discovery. A total of $7.3m cash was spent on these combined activities, including project and exploration personnel costs.

All of the Company's recent ~80,000m Challenger, Tarcoola and Tolmer RC / DD drilling has been fully paid for. During the quarter a total of $193k 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.

Strategic diesel reserve

As reported in the Company's 30 June 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 maintains a strategic diesel reserve of >250,000 litres, stored in Barton's own facilities and readily accessible, along with its own distribution capabilities. This volume of diesel is sufficient to meet all budgeted FY27 field programs and site requirements.

Issue, Exercise or Expiry of Shares & Options

During the quarter:

• a total of 34,965 options were issued pursuant to the Company's Incentive Option Plan; ²²
• a total of 76,451 unlisted options issued in lieu of Directors' fees were exercised, with that number of ordinary fully paid shares issued upon exercise; ²³
• a total of 484,500 unlisted options issued pursuant to the Company's Incentive Option Plan were exercised, with that number of ordinary fully paid shares issued upon exercise.²⁴

Subsequent to quarter end:

• a total of 884,485 unlisted options issued pursuant to the Company's Incentive Option Plan lapsed; ²⁵
• a total of 839,103 unlisted options issued pursuant to the Company's Incentive Option Plan were exercised, with that number of ordinary fully paid shares issued upon exercise;²⁶ and
• a total of 27,662 unlisted options issued in lieu of Directors' fees were exercised, with that number of ordinary fully paid shares issued upon exercise. ²⁷

Research coverage

During the quarter multiple analysts have published updates on the Company, including Canaccord Genuity which increased its price target on Barton Gold to $2.30 (from $2.05) following release of final Tunkillia 'Phase 2' upgrade drilling assays. Investors can access these on the 'Research Coverage' page of Barton's website here.

Events subsequent

Key or material news subsequent to the quarter end includes:

• 7 October: Final Tunkillia assays among the best infill results to-date (read)
• 20 October: Change of registered office, principal place of business and phone number (read)

CORPORATE PRESENTATIONS & MEDIA

During the quarter, Barton presented at the Tactic and Beaver Creek Precious Metals Summit Conferences. The Company also conducted several media interviews and engagements with existing and new institutional and high net wealth investors.

Figure 4 - Presentation to Beaver Creek Precious Metals Summit (click to view)

Figure 5 - Interview with Mining Network at the Beaver Creek Precious Metals Summit (click to view)

Copies of the Company's presentations and other media, including interviews and video recordings of conference presentations, are available on the 'Investor' section of Company's website:

• Presentations: https://bartongold.com.au/investor/presentations/
• Media: https://bartongold.com.au/investor/media/

Authorised by the Board of Directors of Barton Gold Holdings Limited.

For further information, please contact:

APPENDIX 1 - TENEMENT SCHEDULE

Notes:

1) Tenements EL 6625, EL 6012, EL 6173, EL 6532 and the southern portion of EL 6502 comprise tenements originally subject to the former Western Gawler Craton Joint Venture (WGCJV) from which the Company withdrew by notice dated 1 September 2023, effective on or about 9 November 2023.²⁸ Accordingly, while the Company holds title to these tenements, it presently holds a 0% gold rights interest. The Company retains a 100% gold rights interest in the northern portion of EL 6502 which did not form a portion of the WGCJV.

2) On 30 June 2025 Barton announced an agreement to acquire the Wudinna Gold Project (Wudinna) from Cobra Resources PLC (Cobra) where, upon granting of the New Tenements Barton will become the beneficial owner of the New Tenements.²⁹ On or about 6 August 2025, the New Tenements were granted and, pursuant to the terms of acquisition, ELs 7075, 7076, 7077 and 7078 will be transferred to Barton as part of Final Settlement, and Barton will acquire gold and other rights over EL 7074 (but will not become the titled owner).³⁰

About Barton Gold

Barton Gold is an ASX, OTC and Frankfurt Stock Exchange listed Australian gold developer targeting future gold production of 150,000ozpa with 2.2Moz Au & 3.1Moz Ag JORC Mineral Resources (79.9Mt @ 0.87g/t Au), brownfield mines, and 100% ownership of the region's only gold mill in the renowned Gawler Craton of South Australia.***

Challenger Gold Project 313koz Au + fully permitted Central Gawler Mill (CGM) Tarcoola Gold Project 20koz Au in fully permitted open pit mine near CGM Tolmer discovery grades up to 84g/t Au & 17,600g/t Ag Tunkillia Gold Project 1.6Moz Au & 3.1Moz Ag JORC Mineral Resources Competitive 120kozpa gold & 250kozpa silver project Wudinna Gold Project 279koz Au project located southeast of Tunkillia Significant optionality, adjacent to main highway

Competent Persons Statement & Previously Reported Information

The information in this announcement that relates to the historic Exploration Results and Mineral Resources as listed in the table below is based on, and fairly represents, information and supporting documentation prepared by the Competent Person whose name appears in the same row, who is an employee of or independent consultant to the Company and is a Member or Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM), Australian Institute of Geoscientists (AIG) or a Recognised Professional Organisation (RPO). Each person named in the table below has sufficient experience which is relevant to the style of mineralisation and types of deposits under consideration and to the activity which he has undertaken to qualify as a Competent Person as defined in the JORC Code 2012 (JORC).

The information relating to historic Exploration Results and Mineral Resources in this announcement is extracted from the Company's Prospectus dated 14 May 2021 or as otherwise noted, available from the Company's website at www.bartongold.com.au or on the ASX website www.asx.com.au. The Company confirms that it is not aware of any new information or data that materially affects the Exploration Results and Mineral Resource information included in previous announcements and, in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates, and any production targets and forecast financial information derived from the production targets, continue to apply and have not materially changed. In accordance with ASX Listing Rule 5.19.2, the Company further confirms that the material assumptions underpinning any production targets and the forecast financial information derived therefrom continue to apply and have not materially changed. The Company confirms that the form and context in which the applicable Competent Persons' findings are presented have not been materially modified from the previous announcements.

Cautionary Statement Regarding Forward-Looking Information

This document may contain forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "expect", "target" and "intend" and statements than an event or result "may", "will", "should", "would", "could", or "might" occur or be achieved and other similar expressions. Forward-looking information is subject to business, legal and economic risks and uncertainties and other factors that could cause actual results to differ materially from those contained in forward-looking statements. Such factors include, among other things, risks relating to property interests, the global economic climate, commodity prices, sovereign and legal risks, and environmental risks. Forward-looking statements are based upon estimates and opinions at the date the statements are made. Barton undertakes no obligation to update these forward-looking statements for events or circumstances that occur subsequent to such dates or to update or keep current any of the information contained herein. Any estimates or projections as to events that may occur in the future (including projections of revenue, expense, net income and performance) are based upon the best judgment of Barton from information available as of the date of this document. There is no guarantee that any of these estimates or projections will be achieved. Actual results will vary from the projections and such variations may be material. Nothing contained herein is, or shall be relied upon as, a promise or representation as to the past or future. Any reliance placed by the reader on this document, or on any forward-looking statement contained in or referred to in this document will be solely at the reader's own risk, and readers are cautioned not to place undue reliance on forward-looking statements due to the inherent uncertainty thereof.

View the original press release on ACCESS Newswire

A.Jackson--SMC