Ann: Tunkillia Gold Project - Positive Initial Scoping Study, page-4

Tunkillia Scoping Study Outlines 130,000ozpa Au Operation Higher-grade 'Starter' pit yields A$2,265 / oz Au during first 18 months; Competitive A$1,917/oz LoM AISC & multiple optimisation opportunities

Dear Investors & Colleagues, We are pleased to announce the positive results of apreliminary Scoping Studyfor the 1.5Moz Au Tunkillia Gold Project. These results include: 5Mtpa bulk open pit mining a with initial 6.4 year life-of-mine (LoM) 30.7Mt mill feed grading an avg 0.93 g/t gold (Au) and 2.52 g/t silver (Ag) Initial LoM estimates of: total payable metal of ~833koz Au and ~1,993koz Ag average annual production of ~130koz Au and ~311koz Ag average operating cashflow of ~A$1,626 / oz Au(net of Ag credits), and average All-in Sustaining Cost (AISC) ~A$1,917 / oz Au(net of by-product Ag credits). A higher-grade ‘Starter’ pit during first ~18 months with: 4.9Mt mill feed averaging 1.26 g/t Au and 3.32 g/t Ag total production of ~181koz Au and ~420koz Ag, and avg operating cashflow of ~A$2,265 / oz Au (~A$396m total)(net of Ag credits). ~A$374m initial capex (incl. ~A$70m EPC) before contingencies / pre-strip; and An initial NPV7.5% of ~A$512m, a 40% IRR and 1.9 year payback (unlevered, pre-tax) In simple terms, these preliminary results strongly validate our strategy to target economies of scale.In only 3 years’ time we have grown Tunkillia to a 1.5Moz Au JORC Resource and demonstrated a viable, large-scale project that, in operation today, would rank favourably (#17 of 47) among Australian gold producers reporting AISC. Even based upon initial processing cost assumptions that Barton considers to be fairly conservative, and only a 6 year initial mine life, Tunkillia delivers strong returns, competitive AISC performance and a 1.9 year payback. This is only a preliminary study and we have already identified multiple areas for potential optimisation in terms of process design, costs and mine life. We believe this is just the start for Tunkillia and its neighbouring assets, and we are both excited and well positioned to move forward with some $10 million cash in the bank. A detailed copy of this announcement, and an updated Barton Gold corporate presentation, can be found on the ASX platform and the Company's websitehere. Regards, Alex Scanlon MD & CEO