Barton Gold (ASX: BGD)

Md and CEO Alexander Scanlon emailed investors with a positive note highlighting the  company’s achievements during 2025 and the prospects for production startup in late 2026.

 

 

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	Barton Gold	ASX: BGD
	Stage	Production, development
	Metals	Gold
	Market Cap	A$311 Million   @A$1.31
	Location	South Australia
	Website	www.bartongold.com.au

 

 

Barton Gold CEO Sends a Positive Message for 2026

 

Dear Investors & Colleagues,

I hope this mail finds you well, enjoying the holidays with friends and family, and looking forward to an exciting 2026. What a massive year it has been for Barton.

2025 has been transformational in all respects, with several notable project and corporate achievements jointly symbolising the ‘pivot point’ between the last 5 years of ‘building our thesis’, and the next 5 years of ‘executing our plan’ and realising the value of the platform we have methodically and [very] cost-efficiently assembled.

These include:

Exploration & Development Tunkillia Resources growth to 1.6Moz Au and an Optimised Scoping Study (OSS) for a ~120kozpa gold project with a 73% IRR and sub- 1 year payback; Recent upgrade drilling infilling Tunkillia’s key S1 ‘Starter Pit’ with broad, high-grade assays, de-risking this financial profile and project development; Dual Resource upgrades to +300koz Au at Challenger, a low-cost restart estimate, and start of a DFS targeting 2026 start of works at our existing mill; dual discoveries at the ‘Tolmer’ prospect, with grades up to 83.6g/t Au and 17,600g/t Ag in one of Australia’s highest grade modern silver discoveries; and a high-resolution gravity targeting repeats of high-grade quartz vein lodes at Challenger which historically produced ~1.2Moz gold (results pending); . Corporate over $9m FY25 revenues and our first ever half yearly profit of $3.1m; Wudinna’s acquisition for high-grade feed to the CGM and Tunkillia mills; BGD’s addition to the S&P Global ASX ‘All Ordinaries’ Index; and a Placement led by Franklin Templeton completed at $1.25 per share. We are also now collectively witnessing concrete evidence of the once-in-a-generation paradigm shifts in global monetary, trade and geopolitical structures that I / we / Barton have been discussing in our general economic commentary for several years now. We are therefore not surprised to see gold significantly outperforming UBS’s June 2024 forecast for USD $2,800 / A$4,000 by the end of 2025. Widely ridiculed at the time as sensationalist, UBS now sees USD $5,000 gold by September 2026 – a perhaps relatively sober outlook given the aforementioned ongoing global macro / structural evolution, and that this would represent only a further ~15% gain from current levels. Our strategy to rapidly scale Barton’s development options and prepare it for low-cost commercialisation ahead of these anticipated market innovations is therefore at least timely in its execution, if not prescient in its design. Either way, we and our strategy are now well positioned, and the market is becoming increasingly aware of it. Growing awareness of our performance, and of these global trends, has seen BGD close trade today at $1.32, just shy of our all time high, on unusually high trading volumes for this time of year. This represents a 426% gain for the year and substantial ‘alpha’ generated – outperforming producers (GDXJ) by a factor of 2.6 to 1, and gold itself by 6.6 to 1. 2026 will be about leaning into the momentum we have generated, continuing to build this market awareness of our story, commercialising the platform we have assembled, and placing Barton on track to realise our vision of developing South Australia’s largest independent pure-play gold producer. Among many other goals for 2026, we aim to: complete nearly 50,000 metres of drilling at Challenger, Tunkillia and Tolmer’s silver discovery, targeting multiple JORC upgrades across these projects; deliver a DFS, finance and start of site works for ‘Stage 1’ Challenger operations; deliver a PFS, JORC Ore Reserves and a Mining Lease application for Tunkillia; and extend our track record of low dilution and creative asset monetisation.    “With Challenger gravity survey results and several Tunkillia drilling assays oustanding, we expect to start 2026 with significant early news flow which will grow steadily as we execute and report on these many and multi-faceted efforts.   “I look forward to sharing numerous updates as we move through an exciting 2026. As always, we are honoured to have your support, and will continue to work as hard for your investment as you did.Wishing you all the best for a healthy, safe and prosperous 2026” Alexander Scanlon – Managing Director & CEO

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Disclosure

At the time of writing the author holds shares in Barton Gold.

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