Ann: Quarterly Activities and Cashflow Report, page-37

Barton Gold Quarterly comment on Marmota and the JV.
Comment Regarding Marmota Limited (ASX:MEU) & Western Gawler Craton JV (WGCJV)
The Company is a party to the Western Gawler Craton Joint Venture (WGCJV), an unincorporated joint
venture with Half Moon Pty Ltd (Half Moon) and Trafford Resources Pty Ltd (Trafford) in relation to
tenements EL 6625 (formerly 5767), EL 6012, EL 6173, EL 6532, EL 5998, EL 6569 and the southern portion
of EL 6502.
25 As noted in the Company’s Prospectus dated 14 May 2021, the WGCJV is the subject of an
ongoing dispute as to the current status of a binding term sheet executed by the parties thereto (Dispute
Settlement Term Sheet).26 The Company considers the dispute to be non-material to Barton’s interests
and regional exploration and development strategy, even if it is not resolved in Barton’s favour.
On 30 November 2020, ASX-listed Marmota Limited (ASX:MEU) (Marmota) announced the execution of
an agreement for Marmota to acquire Half Moon, and Trafford’s tenements from Trafford (the
Acquisition). On 15 November 2021 Marmota announced the completion of the Acquisition.26
Accordingly, Marmota is now the owner of Half Moon and is effectively Barton’s partner in the WGCJV,
with updated participating interests as set out in Barton’s September 2021 Quarterly Activities Report.27
Barton notes that Marmota’s announcement illustrated the northern portion of EL 6502 as being included
in the WGCJV, suggesting that Marmota owns 79% of the gold rights thereupon.28 This is inconsistent with
the terms of the Dispute Settlement Term Sheet and accordingly Barton rejects this claim.
If the Company’s position is correct and the Dispute Settlement Term Sheet remains binding and effective,
then the WGCJV tenements are as stated above. If the Company’s position is incorrect then the dispute
settled thereby would be unresolved, and this would call into question whether certain tenements (being
the northern portion of EL 6502 and all of ML 6457) should also form part of the WGCJV.26
Despite the immaterial nature of the dispute, the Company has taken detailed advice and is confident in
its position. The Company reserves all rights at law and in equity in relation to the terms of the WGCJV
and the Dispute Resolution Term Sheet, and will continue to engage with Marmota to fully implement the
terms of the Dispute Resolution Term Sheet.
Maybe this is holding things up . It looks like Barton don't give much importance to it but I think Dr Rose
is trying to get this clarified and in Marmota's favour. So maybe he is a bit reluctant to release any news until then .