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2026-11-06
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Barton Gold Holdings Limited

DFS Unfunded Developer · Gold · Silver · Australia Rating locked: sign in to view v6.2
Last 2026-11-06
A$0.79
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$214.1M
EV
A$182.3M
Cash
A$31.9M
Debt
A$0
10 newer ASX announcements not yet reflected in this valuation

Portfolio detail

Assets

4 assets

Core asset

Challenger Gold Project and Central Gawler Mill

Australia

DFS Unfunded Developer100% ownedGold

DFS underway for a staged restart using TSF1 tailings and selected near-surface feed; the existing mill and mining leases are reported as fully permitted.

Project location

Site imagery

Sentinel-2 · 10 m
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© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Published study economicsIssuer or study metrics
Initial capexA$26MPublished capital estimate

Preliminary mill refurbishment estimate with ±30% accuracy; DFS scenarios remain in progress.

Resources & reserves1
TypeCategoryQuantityGradeContained mineralsDate
Mineral Resourcecombined JORC resources— None313koz Au total, including 194koz Au at 3.23 g/t in open-pit and underground minesGold2026-07-29
Tenements2
ml6103Granted— None · No expiry supplied
ml6457Granted— None · No expiry supplied
Milestones1
  1. Publish Challenger DFS

    Pending · High materiality

Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
Existing mill and mining approvalsSouth AustraliaGranted—No
Economic studies1
StudyStageStatusDateSummary
Challenger Stage 1 definitive feasibility studyDFSCurrent2025-09-29DFS evaluates a 3-4 year baseline restart using tailings and limited near-surface feed.

Core asset

Tunkillia Gold Project

Australia

PFS Developer100% ownedGoldSilver

PFS and reserve conversion underway after about 58,000m upgrade drilling; environmental Scoping Report approved, but mining lease application and project financing remain ahead.

Project location

Approximate location

Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Published study economicsIssuer or study metrics
NPVA$1.4B7.5% discount
IRR73.2%Published return
Initial capexA$399MPublished capital estimate
Operating cost2,222AISC AUD/oz Au

Unlevered pre-tax Optimised Scoping Study market case at A$5,000/oz gold and A$50/oz silver.

Resources & reserves2
TypeCategoryQuantityGradeContained mineralsDate
Mineral Resourceindicated and inferred62.9M tonnes0.80 g/t Au; 1.6Moz contained gold, including 896koz IndicatedGold2025-03-04
Mineral Resourceinferred34.5M tonnes2.80 g/t Ag; 3.1Moz contained silverSilver2025-03-04
Tenements3
el5901Granted— None · No expiry supplied
el6639Granted— None · No expiry supplied
el6845Granted— None · No expiry supplied
Milestones2
  1. Publish Tunkillia PFS

    Pending · High materiality

  2. Publish updated gold and silver JORC resources

    Pending · High materiality

Permits & approvals2
PermitJurisdictionStatusExpiryCritical path
Mining leaseSouth AustraliaRequired—Yes
Environmental Scoping Report terms of referenceSouth AustraliaGranted—Yes
Economic studies2
StudyStageStatusDateSummary
Optimised Scoping StudyScoping StudyCurrent2025-05-05An approximately 8-year processing case with 942koz payable gold and about 2Moz payable silver.
Pre-feasibility studyPFSCurrent2026-06-22PFS commenced with GRES appointed and publication targeted during Q1 CY2027.

Material

Wudinna Gold Project

Australia

Resource Stage100% ownedGold

Barton reports 100% project rights and granted title or rights across EL7074-EL7078; acquisition terms retain up to A$9.5m of contingent benefits.

Project location

Approximate location

Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Resources & reserves1
TypeCategoryQuantityGradeContained mineralsDate
Mineral Resourceindicated and inferred5.8M tonnes1.5 g/t Au; 279koz contained goldGold2023-09-07
Tenements2
el7074Granted— None · No expiry supplied
el7075Granted— None · No expiry supplied

Material

Tarcoola Gold Project and Tolmer prospect

Australia

Resource Stage100% ownedGoldSilver

Tarcoola has a small permitted gold resource; Tolmer silver/gold has over 500m reported silver-zone strike from drilling, but no JORC silver resource or mine plan.

Project location

Site imagery

Sentinel-2 · 10 m
Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Resources & reserves1
TypeCategoryQuantityGradeContained mineralsDate
Mineral Resourceindicated and inferred540K tonnes1.70 g/t Au; 29.5koz contained goldGold2024-06-30
Tenements1
ml6455Granted— None · No expiry supplied
Milestones2
  1. Publish Tarcoola Mineral Resource update

    Pending · Medium materiality

  2. Complete Tolmer composite-sample metallurgical analysis

    Pending · Medium materiality

Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
Tarcoola Mining LeaseSouth AustraliaGranted—No