Dear Investors & Colleagues,
We are pleased to share this year'sAGM presentation, highlighting an exceptional year past, significant market outperformance, and major FY24 programs already underway.
The 2023 fiscal year has been marked by several major achievements for a company of our profile, including:- multiple gold sales;
- asset monetisation initiatives putting Barton on track to generate nearly $10 million in additional non-dilutive cash;
- outperforming our IPO Prospectus budget by more than $5 million;
- material growth of the Tunkillia Gold Project at a cost of only $12 / oz (all in);
- an oversubscribed $3.5m placement to several new international institutional investors, led by the Company and completed with only a 5.66% discount; and
- an accompanying $1.2m Share Purchase Plan during July 2023 allowing all shareholders to participate in our institutional capital raising on the same terms.
We are proud to note in particular that our asset monetisation initiatives have paid 100% of Barton's administrative costs, including salaries, for the past two years. This is an extraordinary outcome, saving capital for value-add exploration programs and protecting our shareholders from dilution.
We are also pleased to note that our consistent performance is translating into increased awareness of the Barton story, with our shares materially outperforming the market. For the two years ending 30 June 2023, we have outperformed an index of our ASX peers (including 4 producers) by 53%, and even the VanEck Junior Gold Miners ETF (GDXJ) by 28%.
Over the past year, Barton's shares are up 68% versus 18% for gold and 16% for GDXJ.
We are quickly follow up this progress with new major programs, with around 15,000m of drilling currently underway at Tunkillia and a large-scale seismic program completed at Tarcoola. Our goal is to follow up April's Resources update with another during 2023, and potentially another during early 2024.
As we move into the 2024 financial year, we do so with significant momentum, a clear plan, a robust balance sheet, and a dedicated team of professionals working in fast pursuit of our mission to develop South Australia's largest independent gold producer.
In closing, we thank our fantastic shareholders for their significant and continued support, and we look forward to sharing a great deal more news in the months ahead.For further details, a copy of the announcement can be found on the ASX platform and on theinvestor sectionof Barton's website. Regards,
Alex Scanlon
MD & CEO |
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