Ann: Corporate Presentation Update, page-2

Here's a focused analyst summary and comparative peer review based on Barton Gold’s latest March 2025 corporate presentation: Key Financial Metrics – Barton Gold (ASX: BGD)MetricValueCommentaryMarket CapAUD $70 million (as of 26 Mar 2025)Substantial discount to peers despite scaleCash BalanceAUD $9.2 million (as of 13 Jan 2025)Plus ~$4.5m in restricted cash for rehabilitation bondsEnterprise Value (EV)AUD $61 millionClean capital structure: no debtShares on Issue218.8 millionTight register with top 50 owning ~68%Options on Issue18.7 millionLow dilution risk relative to peersDebtNilFinancially derisked Exploration Spend and Capital DisciplineSince IPO (June 2021), Barton has internally generated ~$12 million in capital without major equity dilution—via strategic asset monetisation and low-cost operations.This includes leveraging its fully owned Central Gawler Mill and tenement position to extract value.The company has guided towards:Stage 1 (Tarcoola): Restart plans in 2026Stage 2 (Tunkillia): Scoping complete, OSS due mid-2025 Conclusion: Barton has demonstrated prudent capital management and cash preservation strategies, with clear capital deployment focus on staged development. Development PipelineProjectResource (Gold)StatusNotesTunkillia1.6Moz Au @ 0.80 g/tScoping Study complete130kozpa Au @ A$1,917/oz AISCTarcoola~20koz stockpile + high-grade feedPermitted Mine (on ML6455)Feed for Stage 1TolmerEmerging Au-Ag zoneAdvanced exploration17,600g/t Ag + 83.6g/t Au intersections Peer Comparison – Key Development PeersCompanyTickerMkt Cap (AUD)Resource (Au)AISC (A$/oz)StatusNotesBarton GoldBGD$70m1.7MozA$1,917 (Tunkillia)Adv. DevelopmentOwns millCalidus ResourcesCAI~$150m~1.5MozA$1,570Small producerHigher EV/ozCapricorn MetalsCMM~$3.5bn2.25MozA$1,421Established producerLower grade (0.7g/t)De Grey MiningDEG~$2.7bn~10MozNA (early dev.)FeasibilityHigher tonnageGenesis MineralsGMD~$1.4bn~3MozNAM&A-drivenNear production BGD trades at a deep discount to both developers and smaller producers on an EV/resource ounce basis, despite owningrocessing infrastructure (Central Gawler Mill)High-margin restart project (Tarcoola)Large-scale emerging system (Tunkillia) Analyst View: Risks & CatalystsRisks:Funding for feasibility and construction (though the company has been effective at avoiding dilution so far)Silver metallurgy and market appetite for Au-Ag hybrid storiesExecution risk at Tunkillia given scale and capital needsCatalysts (2025–2026): Optimised Scoping Study (OSS) for Tunkillia – by June 2025 RC assay results from Tolmer – pending (high-grade Ag) Stage 1 restart strategy for Central Gawler Mill – 2026 target Exploration newsflow – particularly silver system delineation Final Takeaways Undervalued relative to peer group, despite holding:Over 1.7Moz of JORC gold resourcesFully permitted processing plantNear-term production restart option (Tarcoola)Exciting silver discovery (Tolmer) Strong balance sheet and experienced leadership from Newmont/Normandy pedigree➡ Recommendation: Barton Gold presents as a low-EV, high-optionality gold developer with near-term catalysts and underappreciated infrastructure leverage. Attractive for special situations / resource rotation strategies.