Ann: Baseline Water Monitoring Program Begins at Tunkillia, page-2

Baseline Water Monitoring Program Begins at Tunkillia Advancement of long lead work programs to support ML Application

Dear Investors & Colleagues, Following the recent publication of our Tunkillia Optimised Scoping Study(OSS), and thestart of our environmental scoping process, we are pleased to confirm thestart of baseline water monitoring programsat Tunkillia. Tunkillia's OSS has identified a compelling large-scale operation with:

Total payable metal: Annual production: Operating Free Cash: Net Present Value (7.5): Equity IRR: Payback Period: 942,000 gold and 2Moz silver 120,000oz gold and 250,000oz silver A$2.7 billion (unlevered, pre-tax) A$1.4 billion (unlevered, pre-tax) 73% (unlevered, pre-tax) 0.8 years, and a 'Starter Pit' producing~206koz Au for A$825m operating free cash in the first 13 months alone.

Barton recently announced a $3m accretive equity Placement priced at a ~25% premium to its 20 day VWAP, with those funds to accelerate Reserve conversation upgrade drilling for Tunkillia’s ‘Starter Pit' starting September 2025. The baseline water monitoring program is another key long-lead feasibility and approvals work program, with a minimum of two years’ worth of baseline water data required prior to start of mining and production. During the balance of 2025 we will focus on these key long-lead programs, with the goal to submit a Tunkillia Mining Lease Application before the end of 2026. In parallel, we will complete studies for ‘Stage 1’ operations leveraging our Central Gawler Mill, with the objective to also transition to ‘producer’ during 2026 and secure a lower-cost, lower-risk, and lower-dilution pathway to 150,000ozpa gold production. A copy of this announcement can be found on the ASX platform and the Company's websitehere. Regards, Alexander Scanlon Managing Director & CEO