Resource Upgrade Drilling Begins on Challenger Open Pits

Core Viewpoint - Barton Gold Holdings Limited has commenced resource upgrade drilling at its Challenger Gold Project, aiming to establish initial 'Stage 1' Ore Reserves and a Definitive Feasibility Study (DFS) by June 30, 2026 [1] Group 1: Drilling and Resource Upgrade - The drilling program will involve up to 8,000 meters of reverse circulation (RC) drilling targeting the Challenger 'Main', 'Challenger West' open pits, and additional targets at 'Challenger South-Southwest' and 'Challenger 3' [1] - The objective of the DFS is to create a viable, simplified 'baseline' Stage 1 operation that will support the restart of the Central Gawler Mill (CGM) and maximize development options for Challenger, Tarcoola, Wudinna, and Tolmer projects [1] Group 2: Financial and Operational Strategy - Discussions are ongoing with credit, minerals trading, and investment groups to finance Stage 1 operations, with a target for JORC (2012) Ore Reserves and DFS completion by June 30, 2026 [1] - The DFS aims to establish a low-risk development plan that utilizes historical higher-grade tailings and near-surface materials, deferring the technical risks and costs associated with underground operations [1] Group 3: Resource Estimates and Future Plans - In September 2025, Barton published a new Challenger JORC (2012) Mineral Resources Estimate of 313,000 ounces of gold (10.6 million tonnes at 0.92 g/t), primarily located near existing serviceable open pit and underground development [1] - The company is also advancing its Tunkillia Gold Project, targeting a Mining Lease application by the end of 2026, which is expected to enhance overall production capabilities [1]