Targeting Ore Reserves, PFS and ML application by the end of 2026
HIGHLIGHTS
May 2025 Optimised Scoping Study (OSS) outlined a compelling Tunkillia development project:1
Annual production: ~120,000oz gold and ~250,000oz silver
Total LoM operating cash: ~A$2.7 billion (unlevered, pre-tax)
Net Present Value (NPV7.5%): ~A$1.4 billion (unlevered, pre-tax)
Internal Rate of Return (IRR): ~73.2% (unlevered, pre-tax); and
Payback period: ~0.8 years (unlevered, pre-tax)
Barton expediting Tunkillia toward Mining Lease (ML) application, with AUD gold and silver prices now over $1,500/oz and $50/oz higher (respectively) than used for OSS revenue estimates1
~900m water drilling has started, targeting potential new water sources near OSS open pits
~28,000m second phase reverse circulation (RC) Resource upgrade drilling to begin March 2026, with ~3,000m Resource, geotechnical & metallurgical diamond drilling (DD) to start in parallel
Targeting JORC (2012) Ore Reserves, pre-feasibility study (PFS) & ML application by end of 2026
55% OF VOTERS DISAPPROVE OF HOW IMMIGRATION ENFORCEMENT AGENCIES ARE ENFORCING LAWS IN U.S. CITIES, WITH 40% STRONGLY DISAPPROVING
80% OF VOTERS WANT ICE AND CBP TO IDENTIFY THEMSELVES DURING ENFORCEMENT, AND 86% OF VOTERS SUPPORT BODY CAMERA REQUIREMENTS FOR AGENTS
67% WANT LOCAL OFFICIALS TO COOPERATE WITH FEDERAL AUTHORITIES TO DEPORT CRIMINAL ILLEGAL IMMIGRANTS
63% OF VOTERS ATTRIBUTE THE ECONOMY TO TRUMP OVER BIDEN, AN 11-PT. INCREASE, WITH VIEWS OF THE ECONOMY SPLIT
55% OF VOTERS SAY TRUMP POLICIES HAVE BEEN CONSISTENT WITH CAMPAIGN PROMISES, AND 54% SAY TRUMP HAS ACCOMPLISHED A LOT IN HIS FIRST YEAR; 15 OF 22 KEY TRUMP POLICIES CONTINUE TO RECEIVE MAJORITY SUPPORT
DEMOCRATS HOLD AN 8-POINT LEAD IN THE 2026 MIDTERM GENERIC BALLOT AMONG REGISTERED VOTERS, AND 4-POINTS AMONG LIKELY VOTERS
64% OF VOTERS WANT DEMOCRATIC TRANSITION IN VENEZUELA TO BE A KEY PRIORITY FOR ADMINISTRATION
59% OF VOTERS SAY THE U.S. SHOULD SUPPORT IRAN REGIME CHANGE
69% OF VOTERS SAY MAINTAINING NATO IS MORE IMPORTANT THAN ACQUIRING GREENLAND
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Targeting Initial 'Stage 1' Ore Reserves and DFS by 30 June 2026
HIGHLIGHTS
DFS underway following dual Challenger JORC (2012) Mineral Resources upgrades to 313koz Au[1]
Up to 8,000m reverse circulation (RC) drilling to target Challenger 'Main', 'Challenger West' (CW) open pits, plus open pit targets at 'Challenger South-Southwest' (CSSW) and 'Challenger 3'1
DFS objective to establish viable, simplified 'baseline' Stage 1 operation to underwrite restart of CGM and maximise Challenger, Tarcoola, Wudinna & Tolmer development optionality
Discussions underway with credit, minerals trading, and other investment groups interested to finance Stage 1 operations; targeting JORC (2012) Ore Reserves and a DFS by 30 June 2026
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