Dear Investors & Colleagues,
Following on the heels of a very big May (Monthly Wrap Up here), the Barton team pulled out all the stops again to close out our 2025 fiscal year with a bang.
We told the market that we would look different by the end of June 2025, and I believe, through the hard work of our incredible team, we have delivered. Only 6 months ago, we were a 1.6Moz Au company with an Enterprise Value of around A$50 million.
Today, we are on the way to ~2.3Moz Au, with the building blocks for 'Stage 1' operations by the end of 2026 in place, a very strong 'Stage 2' expansion project to follow and, just for fun, a silver discovery yielding some of the highest grade assays in the world.
Looking back
We are driving significant progress across the portfolio. Major updates for June include:- 'Stage 1' (Central Gawler Mill):
- 'Stage 2' (Tunkillia):
- Exploration:
- Silver:the start, expansion, andcompletionof ~2,900m drilling focused on our March 2025 high-grade Tolmer silver discovery at Tarcoola;
- Corporate:
Coming upDuring the next 6 - 8 weeks, we will: - 'Stage 1':
- mill feed:further grow underground Resources next to our mill;
- capex:confirm an initial capex estimate to restart the Central Gawler Mill;
- feasibility:launch studies targeting operations before the end of 2026;
- 'Stage 2':
- Drilling:finalise plans for ~Sep 2025 Tunkillia 'Starter Pits' JORC upgrade;
- Exploration:
- Assays:~2,900m Tolmer assays due for both gold and silver;
- Corporate:
- Asset monetisation:investigation of further near-term opportunities;
- M&A:acquire Wudinna, subject to Cobra shareholder approval; and
- Engagement: at the Noosa (investor) and Tactic (trade) conferences.
We are particularly excited to receive the assay results for our recent ~2,900m Tolmer drilling - not least because the March 2025 Tolmer discovery hole (6m @ 4,747 g/t Ag at only 46m depth) has,perRock Report, ranked as the 5th highest grade silver intersection globally on all listed markets for the first half of the year 2025.Tunkillia JORC Resource upgrade drilling is also a priority focus - this drilling will be designed to upgrade the S1 / S2 'Starter Pits' - which are modelled to produce $1.3 billion in operating free cash flow during the first 2.5 years of operation alone -to 'Measured' and 'Indicated' status, underwriting project economics and financing. BGD shares are now up 200% over the past 6 months as new investors become aware of the strategy and platform for value creation we are diligently assembling. We expect to see continued growing interest, particularly as we finalise plans for 'Stage 1' operations.
Recalling that 6 months ago we had $7m cash on hand and a plan to accelerate value on all fronts, let's see what we can do with another 6 months, $9m cash, and a more than $12m track record of self-funding via asset monetisation.
There are exciting times ahead, and we look forward to sharing many more updates. As always, we are honoured to have your support, and we'll keep working hard to earn it.
Regards,
Alexander Scanlon
Managing Director & CEO |
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