Dear Investors & Colleagues.We are pleased to confirm that...

Dear Investors & Colleagues.

We are pleased to confirm that Edison Investment Research has published a Technical Update note, with a revised $BGD price target of $0.77 - 1.11 / share.

This follows several key value accretive events for $BGD since Edison's 2 September 2024 Initiation Report (price target $0.65 - 0.96 / share), including:

• growth of Tunkillia JORC Resources to 1.6Moz gold and 3.1Moz silver;
• a new 'Tolmer' gold discovery at Tarcoola with grades up to 83.6 g/t gold;
• a new 'Tolmer' silver discovery with grades up to 17,600 g/t silver;
• completion of a $5 million gold sale for a profit of A$2,950/oz;
• a net profit for the 31 December 2024 Half Year of $3.1 million; and
• Collins Street Asset Management increasing its BGD position to 14.1%.

Accelerating operations
Barton has also announced plans to accelerate commercialisation of its 'Stage 1' platform (from 2026) and its 'Stage 2' Tunkillia project. Barton's Central Gawler Mill is a significant leverage point for BGD, providing a short, lower-cost/risk pathway to 'Stage 1' operations, a re-rating to 'producer', and cash flow to fund Tunkillia's development and achieve Barton's ambition to become a 150,000oz / annum gold producer.

Coming up
We also have a lot of big news to come, including Tunkillia's Optimised Scoping Study, assays for 2,230m of RC drilling targeting Tolmer (silver) depth extensions, a Tarcoola (Perseverance Mine) JORC Resource update, and a Stage 1 operations restart plan.

We have some very exciting months ahead, as the model for a ~15 year production and growth pathway takes shape. We look forward to sharing further updates soon.

A copy of this research report can be found on the Company's website here.

Regards,

Alexander Scanlon
Managing Director & CEO