A bit late to the party about replacement values but thought I'd add this from a presentation Ora Banda gave on 1 August last year (ASX:OBM) (disclaimer: I hold neither BGD nor OBM).
I see Barton's mill is currently 650ktpa, about half the capacity of Ora Banda's, so you'd need to adjust to reflect that. The other point is that Gascoyne and Black Cat are similar to Barton in that they both have existing mills and are trying to bulk up enough to go back into production (though they both have high grade resources). I think they both have market caps of around $100m which also does not put much value on their existing mills and infrastructure. On paper Gascoyne, Black Cat and Barton look cheap given the infrastructure they have but the reality is in these times the market is putting no value on existing infrastructure (Maybe Ora Banda is also similar but I don't follow them so I don't know).
Another observation I'd make is that the model Barton seems to be proposing to use sounds to me more like one based on the Ramelius MO than Capricorn's. Ramelius at Mt Magnet has a big lower grade base scattered around its Checkers mill and then they have trucked in higher grade ore from satellite mines like Vivien and now Penny. They're also attempted a similar set up with their Edna May mill and mine and their Tampia satellite pit. I am not that familiar with Capricorn but I thought they mostly milled low grade ore with no reliance on higher grade satellite mines. With only a 650ktpa mill I would think Barton would want to blend in some high grade ore. Also not sure why they are talking about tolling - again their mill is quite small and they should be looking to squeeze as much as they can out of that modest donk (Gascoyne is toying with some toll treating but their mill at Dalgaranga is 2.5mtpa).
I'm not a holder or even particularly interested in Barton so apologies for invading the regulars' pitch (though not a streaker). All the stock I usually follow have obviously formed a pact to not release any announcements between quarterlies for the sole purpose of driving me stark raving bonkers. So to ease the stress I've developed a wandering eye ... and here I am.
(20min delay)