Barton Gold Holdings Limited

Samples collected for fine grinding testwork, mine design & costing

Program advancing rapidly, ahead of schedule and under budget

HIGHLIGHTS

• Reverse circulation (RC) upgrade drilling on high value ‘Starter Pits' ahead of schedule, 2/3 complete¹

• First assays from highest value ‘Stage 1' area anticipated to be received during the coming weeks¹

Results to inform detailed TSF1 mine design, schedule and costs

Targeting commissioning of 'Stage 1' production by the end of 2026

HIGHLIGHTS

• $15m Placement led by Franklin Templeton; $2.5m Share Purchase Plan (SPP) opens tomorrow

• Placement and SPP price of $1.25 / share represents a:

  • Discount of 3.8% to Barton's last traded price of $1.30 before the Placement announcement;

  • Premium of 7.6% to Barton's 1 month (20 trading day) VWAP of $1.16 on the same day; and

  • Premium of 9.2% to Barton's last traded price of $1.145 yesterday, 21 October 2025.

Targeting commissioning of ‘Stage 1' production by the end of 2026

HIGHLIGHTS

• $15m Placement led by Franklin Templeton, one of the world's largest precious metals funds

• Share Purchase Plan (SPP) targeting $2.5 million to be offered at same price as the Placement

• Placement and SPP price of $1.25 / share represents a:

  • Discount of 3.8% to Barton's last traded price of $1.30 / share on Thursday, 9 October 2025

  • Premium of 7.6% to Barton's 1 month (20 trading day) VWAP of $1.16 / share

• Definitive Feasibility Study (DFS) underway for reinstatement of Barton's fully permitted Central Gawler Mill (CGM) to operations, where JORC Mineral Resources include 194koz @ 3.23 g/t Au on existing open pit and underground mine development; targeting commissioning by the end of 2026¹

• Upgrade drilling underway on Tunkillia's ‘Starter Pits' which are modelled to yield ~$1.3bn operating free cash during the first 2.5 years alone, targeting Ore Reserves, completion of a Pre-Feasibility Study (PFS), and submission of a Mining Lease application by the end of calendar year 2026²

• $23 million estimated pro-forma cash balance after completion of Placement and SPP

Targeting Phase 1 commissioning by the end of 2026

HIGHLIGHTS

• Existing fully permitted Central Gawler Mill adjacent to brownfield Challenger mines

• Challenger JORC (2012) Mineral Resources Estimate now 313koz Au (10.6Mt @ 0.92 g/t), including 194koz Au (1.87Mt @ 3.23 g/t) in existing open pit and underground mines, where:

  • Challenger Main Open Pit: 70,000oz Au (0.65Mt @ 3.36 g/t Au);

  • Challenger West Open pit: 11,600oz Au (0.03Mt @ 10.7 g/t Au);

  • Challenger Underground (above 215mRL): 89,400oz Au (0.98Mt @ 2.84 g/t Au); and

  • Challenger Deeps (below 90mRL): 23,000oz Au (0.21Mt @ 3.50 g/t Au).

• Historical tailings storage facility with coarse, higher-grade tailings up to 0.6 - 1.0 g/t Au

• Evaluating de-risked, two phase transition to operations with initial tailings reprocessing ('Phase 1') followed by the introduction of high-grade (~3 g/t) fresh ore ('Phase 2')

• Targeting Phase 1 commissioning by end of 2026; credit finance conversations underway

Expansive surface Au-Ag-Pb anomalism suggests growth potential

HIGHLIGHTS

• March 2025 Tolmer discovery hole ranked 5th highest-grade silver intersection reported globally during H1 2025, with an interval of 6m @ 4,747 g/t Ag from only 46m depth

• May - June 2025 drilling confirmed extensions of high-grade silver (~200 - 4,750 g/t Ag) within ‘western silver zone', with the emergence of high-grade gold alongside silver (~5 - 50 g/t Au)

• New soil assays indicate potential northwest-southeast orientation of mineralisation and confirm broad surface gold (Au), silver (Ag) and lead (Pb) anomalism across Tolmer, with potential for material extensions of Au-Ag-Pb mineralisation in the ‘western silver zone'

• Assays for 595.3m oriented Tolmer diamond drilling pending (results expected early November), with results to help inform structural interpretation and follow up targeting across Tolmer

• Other soil assays indicate potential gold anomalism consistent with interpreted structural features at Black Oak Tank prospect, along interpreted faults parallel to the Lake Labyrinth Shear Zone (LLSZ)

Index of 500 largest companies in the Australian equities market

HIGHLIGHTS

• Barton's ASX-listed equities join S&P Global index of Australia's 500 largest public companies

• Index rebalancing completed pre-market today, 22 September 2025

Potential to truck high-grade concentrate for blending at CGM, Tunkillia

HIGHLIGHTS

• Preliminary Wudinna metallurgical testwork indicates significant regional optionality, where:

Barns Deposit:

• efficient flotation of ~90% of contained gold to concentrates grading 20 - 25 g/t Au; and

  • gold recoveries of ~97 - 99% in all zones via a conventional gravity + leaching flowsheet;

Baggy Green Deposit:

• gold recoveries of ~91% in the supergene zone via the same conventional flowsheet; and

  • gold recoveries of ~98 - 99% in the primary zone via the same conventional flowsheet.

• Potential to truck high-grade concentrates to Central Gawler Mill and/or Tunkillia, leveraging current and future processing infrastructure for lower costs and enhanced returns

Structural investigation to guide future exploration targeting

HIGHLIGHTS

• March 2025 Tolmer discovery hole ranked 5th highest-grade silver intersection reported globally during H1 2025, with an interval of 6m @ 4,747 g/t Ag from only 46m depth¹

• New assays have extended high grade silver horizons, and added coincident high-grade gold up to ~13g/t Au, within a highly mineralised footprint now ~1.5km wide²

HIGHLIGHTS

• March 2025 Tolmer discovery hole ranked 5th highest-grade silver intersection reported globally during H1 2025, with an interval of 6m @ 4,747 g/t Ag from only 46m depth¹

• New assays have extended high grade silver horizons, and added coincident high-grade gold up to ~13g/t Au, within a highly mineralised footprint now ~1.5km wide²

HIGHLIGHTS

• Grant of ‘New Tenements' for Barton's Wudinna Gold Project; precedent-setting M&A transaction under South Australia's new regulations permitting tenement subdivision^[1]

HIGHLIGHTS

• Acquisition of 279koz Au Wudinna Gold Project approved by vendor shareholders¹

• Barton now has binding rights to project ownership pending tenement grant or transfer

• Barton total South Australian JORC Mineral Resources now 2.14Moz (78.9Mt @ 0.85g/t Au)

Preliminary evaluation confirms low-cost pathway to production

HIGHLIGHTS

• Capital cost for full reinstatement of Central Gawler Mill to original design basis (600ktpa fresh ore) estimated at only ~A$26m (±30%); processing cost estimated at only A$44.50/t

• Significant cost advantages versus building a new mill, or utilising third party toll milling

• Targeting feasibility by end of 2025 to support initial ‘Stage 1' operations by end of 2026; early conversations underway for low-dilution credit and working capital financing

Testing regional exploration targets in ‘Stage 1' development area

HIGHLIGHTS

• Soil sampling recently completed over ~1.9km² surrounding Tolmer high-grade silver discovery^[1]

• Additional ~23km² program completed at ‘Black Oak Tank' prospect (Tarcoola Gold Project)

• Additional ~6km² program completed at ‘308' prospect ~20km northeast of Central Gawler Mill

• Tolmer, Black Oak Tank and 308 soil assay results expected during September & October 2025

Following expanded 2,882m RC drilling program (results pending)

HIGHLIGHTS

• Tolmer high-grade silver discovery: expedited soil geochemistry program completed over ~1.9km² area surrounding recently expanded reverse circulation (RC) drilling program¹

Cobra Notice of Meeting issued; 39% voting support already confirmed

HIGHLIGHTS

• Binding terms agreed with Cobra Resources PLC for acquisition of its 279,000oz Au South Australian Wudinna Gold Project, subject only to Cobra shareholder approval (Transaction) ^[1]

• Cobra notice of meeting issued for 24 July 2025 shareholder vote on Transaction, with existing irrevocable undertakings to vote in favour totalling 39% received as of Friday, 4 July 2025

Priority focus on higher-grade tailings and open pit materials

Advancement of long lead work programs to support ML Application

HIGHLIGHTS

• Recent Tunkillia OSS confirms large-scale gold project yielding $2.7bn operating cash^[1]

• Barton accelerating key long-lead PFS and Mining Lease Application programs

Planning Underway for Expedited Follow-up RC and Diamond Programs

HIGHLIGHTS

• 2,882m reverse circulation (RC) drilling completed at Tolmer high-grade silver discovery; recent expansion from 13 to 21 holes based upon early drilling program observations^[1]

• Program expanded in all directions with two additional lines to north and south

Early surface reconnaissance and drilling progress sharpen silver focus

HIGHLIGHTS

• Current ~2,500m reverse circulation (RC) drilling program underway at Tolmer discovery; planned gold drilling reallocated to prioritise silver zone following early observations¹

• Additional target holes added north, east, south and west of high-grade ‘discovery line'²

Scoping Report to define environmental programs for ML Application

HIGHLIGHTS

• Recent Tunkillia OSS confirms large-scale gold project generating $2.7bn operating free cash¹

• Barton Gold fully funded to accelerate key long-lead PFS and Mining Lease programs

• ERIAS engaged to lead environmental assessments for future Mining Lease applications

$2.7bn operating cash || $1.4bn NPV || 73% Equity IRR || 1 year payback 'Starter Pit' yields $825m operating cash from 206koz Au in ~1.1 years

Accelerating near-term production and large-scale growth plans

Targeting 2026 ‘Stage 1' operations and 1st quartile AISC cost profile

~120koz gold added, silver formally classified for Optimised Scoping Study

Comminution analyses indicate significant processing efficiency gains

HIGHLIGHTS

Broad mineralisation intersected 50 - 100m below modelled pit floor