Optimised Scoping Study Accelerates Tunkillia PFS Programs...

Optimised Scoping Study Accelerates Tunkillia PFS Programs $2.7bn operating cash || $1.4bn NPV || 73% Equity IRR || 1 year payback 'Starter Pit' yields $825m operating cash from 206koz Au in ~1.1 years

Dear Investors & Colleagues, Against the backdrop of a gold market which has risen to meet our long-term strategy, we recently announced that Barton is accelerating commercialisation of both its 'Stage 1' platform (targeting 2026 operations) and its 'Stage 2' Tunkillia expansion project. We are pleased to report today thatTunkillia's Optimised Scoping Study(OSS)has performed as anticipated, withmaterial energy savingsreducing comminution power costs by over 30% and process opex by over 20%, for an updated project model yielding (on A$4,000 - $5,000/oz gold prices):

Total payable metal: Annual production: Total Revenues: Avg Operating cashflow: Total Free Cashflow: Net Present Value (7.5): Equity IRR: Payback Period: 942,000 gold and 2Moz silver 120,000oz gold / 250,000oz silver $3.9 - 4.8 billion $1,879 - 2,829 / oz Au $1.8 - 2.7 billion (unlevered, pre-tax) $781 million - $1.4 billion (unlevered, pre-tax) 48 - 73% (unlevered, pre-tax) 0.8 - 1.1 years

Optimisation of Tunkillia's comminution circuit, recoveries and mine design has also increased the early performance of Tunkillia's 'Starter Pit(s)', with its 'Market Case' yielding (net of Ag by-product credits): Stage 1 'Starter Pit' producing 206koz gold and 491koz silver during the first 13 months at an operating cash cost of only A$997/oz Au, for $825m operating free cash - or A$4,003/oz Au; and Stages 1 & 2 producing a combined 365koz gold and 923koz silver during the first 27 months at an average operating cash cost of only A$1,429/oz Au, for $1.3 billion operating free cash - or $3,571/oz Au . Together, these results present a very compelling project financing profile, and demonstrate the financial and capital leverage available to large-scale project models. Barton will now accelerate key PFS long-lead programs such as environmental studies to support a Mining Lease (ML) application, and a staged JORC Resources upgrade drilling program to support future conversion to Ore Reserves. We are well positioned to do so with a$12m track record of continuing asset monetisation initiatives, low net cash burn, and$7m cash on hand. Other key value-add programs are also imminent and fully funded, including 'Stage 1' production studies using our Central Gawler Mill(CGM),andexpedited follow up drilling for our recent high-grade Tolmer silver discovery. The CGM is a significant leverage point for BGD shareholders, offering a short, lower-cost and lower-risk pathway to operations, an equity and credit re-rating to 'producer' status, and cash flows to fund Tunkillia. Our objective is to build a 150,000oz annual gold producer while continuing Barton's unique low-dilution track record, thereby preserving tomorrow's value for today's shareholders. Our leadership will be presenting at this week'sRIU Resources Roundup Conferencein Sydney. If you are attending, please do come and meet the team working as hard for your investment as you did. We will also be presenting on 15 May at theJane Morgan Management Virtual Gold Forum - investor registration is free. As always, we are honoured to have your interest and support, and we look forward to sharing many near-term updates as we drive toward our 2026 production target. A copy of this announcement can be found on the ASX platform and the Company's websitehere. Regards, Alexander Scanlon Managing Director & CEO