BGD Quarterly Reports (30 June 2025)Significant dual-track...

BGD Quarterly Reports (30 June 2025) Significant dual-track progress toward production and scale

HIGHLIGHTS Stage 1: New 223koz Au JORC Resource and low-cost CGM refurb estimate Stage 2: Tunkillia OSS for 120kozpa Au, 73% IRR, and 2x payback in year 1 Exploration: emerging high-grade Tolmer silver & gold discovery (Tarcoola) M&A: acquisition of 279koz Au Wudinna Gold Project Targeting CGM operations & Tunkillia ML application by end 2026 $663,000 quarterly revenues help lift cash to $9 million

Dear Investors & Colleagues, At the risk of repeating an already extensive Quarterly Activities ReportandQuarterly Cashflow Report, I will simply say that it has been another truly exceptional quarter for Barton and encourage you to read the quarterlies in full. This quarter has seen further major progress on our Central Gawler Mill (CGM) ‘Stage 1’ and Tunkillia ‘Stage 2’ projects, including223koz Au new JORC Resourcesand alow-cost CGM refurbestimatefor ‘Stage 1’, and anOptimised Scoping Studydemonstrating compelling ‘Stage 2’ returns with a 2x payback in the first year. We are accelerating both projects, targeting both ‘Stage 1’ operations and a ‘Stage 2’ Mining Lease application by the end of 2026. We have an exciting 18 months ahead. In parallel, we are pursuing an exciting discovery at Tarcoola, with~2,900 assays due shortlyfor Tolmer drilling around ourMarch 2025 silver discovery hole of 6m @ 4,747g/t Ag. Tolmer has both high-grade silver and gold, and significant potential. We have also completed our acquisition of the rights to the279koz Au Wudinna Gold Project. This provides considerable optionality to our current and future infrastructure, and we look forward to sharing further news as we advance this asset. Finally, with a recent$3m premium placementand$663k in quarterly revenues, we well-positioned to continue building value on all fronts with $9m cash, a track record of asset monetisation and low dilution, and our existing, fully-permitted infrastructure. Contrary to speculation by some, we do not have plans for a large placement to fund the CGM reinstatement. We have been approached by multiple credit financiers interested to fund this exercise and, consistent with our longstanding practice, our next placement opportunity will honour ourexistingshareholders. We look forward to sharing updates as we advance our dual platform strategy, on our way to becoming South Australia's largest independent gold producer. A copy of these announcements can be found on the ASX platform and the Company's websitehere. Regards, Alexander Scanlon Managing Director & CEO