Ann: 'Stage 1' Resources at Central Gawler Mill Grow to 223koz Au, page-2

Come to Papa!
First stage metrics just got better which has massive flow on implications for the rest of project funding terms and development.

Benefits for today's shareholders tomorrow.


"we have been analysing the potential for Mineral Resources in the immediate vicinity of our fully permitted Central Gawler Mill. This infrastructure is a significant leverage point for BGD's investors, and provides the option for a shorter, lower-cost, and lower-risk pathway to operations and the re-rating of BGD to 'producer' status. There is significant arbitrage value in this ‘real option’."

‘Stage 1’ Resources at Central Gawler Mill Grow to 223koz Au Priority focus on higher-grade tailings and open pit materials HIGHLIGHTS Challenger Mineral Resources grow to 223koz gold, including 81,200oz Au contained in the existing high-grade open pit zones Barton’s total gold JORC Mineral Resources increase to 1.9Moz Au Targeting 'Stage 1' operations feasibility studies by the end of 2025, with start of initial ‘Stage 1’ operations by the end of 2026 Dear Investors & Colleagues, We are pleased to announce an updated MRE for Challenger, confirming223koz of gold JORC Mineral Resources adjacent to our Central Gawler Mill. Notably: > this includes 81,200oz Au contained in the existing high-grade open pits; > we have identified a higher-grade periphery to Tailings Storage Facility 1, with 'beach' grades exceeding 0.7 g/t Au; and > this temporarily excludes high-grade mineralisation in the historical underground minewhich was previously estimated during October 2020. This mineralisation is being re-modelled now and will be added back to to the MRE. As indicated to the market for the past ~24 months, we have been analysing the potential for Mineral Resources in the immediate vicinity of our fully permitted Central Gawler Mill. This infrastructure is a significant leverage point for BGD's investors, and provides the option for a shorter, lower-cost, and lower-risk pathway to operations and the re-rating of BGD to 'producer' status. There is significant arbitrage value in this ‘real option’. With the sustained upward move in gold prices, we will now look to exercise that option. During the balance of 2025 we will complete feasibility analyses to determine the preferred development pathway, with the objective to commence our initial ‘Stage 1’ operations before the end of 2026. We are also excited to see how our regional exploration and growth programs might feed into a longer-term regional strategy for the Central Gawler Mil, with 2,882m RC drilling recently completed at our Tolmer high-grade gold and silver discovery. We now move to feasibility studies, targeting our first analyses by the end of 2025 and the start of initial 'Stage 1' operations before the end of 2026. BGD is entering an exciting phase of its long-term regional development strategy. We look forward to sharing many more updates in the months (and years) ahead, and as always, we are honoured to have your support. A copy of this announcement can be found on the ASX platform and the Company's websitehere. Regards, Alexander Scanlon Managing Director & CEO