OREMAVEN
XMM 7,722.00 -2.63% YTD +5.6% OM ASX 450.55 -2.56% YTD +0.1% OM PRECIOUS 349.20 -2.24% YTD +2.5% OM EX-PREC 418.91 -2.72% YTD -1.1% XAU 4,115.59 +2.31% YTD -4.9% GLD 375.49 +0.81% YTD -5.2% GDX 85.75 +1.37% YTD -0.0% SIL 77.33 -1.00% YTD -7.3% COPX 70.23 -5.81% YTD -1.8% URNM 40.07 -2.79% YTD -27.0%
2026-11-06
◂ Monitor BGD ASX

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

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$31.9M Finite
Debt A$0 Net cash A$31.9M
Basic shares 271M 2026-09-21
Runway 4.75 quarters Appendix 5B item 8.7 divides A$31.864m available funding by A$6.703m quarterly relevant outgoings.

Liquidity

Financial position

A$31.864m unrestricted cash at 30 June funds near-term study and drilling, not the A$399m Tunkillia OSS upfront capex; A$4.5m rehabilitation security is restricted and the latest audited/interim rehabilitation provision is A$13.674m at December 2025.

Inventory composition1

The strategic diesel reserve supports budgeted FY2027 field programs; no carrying value was disclosed.

Strategic diesel reserve reported as more than 250,000 litres
— carrying · 250,000 litres (reported lower bound)

Capital structure

Ownership and dilution

Ordinary shares
271M
Fully diluted
286.5M

July 16 Appendix 2A showed 270,519,004 ordinary shares and 15,474,520 unquoted options. ASIC short-position denominator, externally transcribed at 21 September, is 271,036,269 ordinary shares. In the absence of the complete August/September unquoted-security roll-forward, the model conservatively adds the July option count to September ordinary shares, giving 286,510,789 ordinary equivalents; this may overstate dilution from exercised options.

Security classes2
ClassTypeQuantityStrikeExpiry
ASX-quoted ordinary fully paid sharesOrdinary Share271M——
Conservative July disclosed unquoted-option count retained as incremental September dilution; some subsequent exercises may double count up to 517,265 sharesOption15.5MA$0—
Company guidance3
MetricProjectPeriodLowHighStatus
DFS Publicationchallenger-cgmQ1 CY2027—— milestoneCurrent
PFS PublicationtunkilliaQ1 CY2027—— milestoneCurrent
JORC Gold And Silver Resource Updatetunkilliaafter final Phase 2 assays, ahead of Q1 CY2027 PFS—— milestoneCurrent

Capital history

Capital events

1 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-06-10Ann. 2026-06-01RaisingOrdinary Fully Paid SharesA$25.9M30.5MA$0.85CompletedA$25.9m institutional placement before costs, completed at A$0.85 per share.Max 30.5M · Period 2026-06-01 to 2026-06-10 · Canaccord Genuity (Australia) Limited and MST Financial Services Pty Ltd

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-09-26

Annual and half-year filings, Tunkillia OSS and Wudinna agreement reviewed. Private royalty existence is confirmed, but full current deed terms and September option roll-forward are unavailable; no live hedge, stream, offtake, tolling or JV was found in reviewed disclosures.

Related-party private production royalty; Tunkillia OSS already incorporates public and private royalty allowance, so no second bridge deduction.

Royalty · Active
Counterparties
Australis Royalties Pty Ltd
Applies to
Tunkillia Gold Project · Gold · Silver
Economic direction
Burden
Period
Dates not stated
Key terms
Private production royalty: fixed percentage
OSS public and private royalty allowance: 6 % of revenue
How it affects our valuation

No valuation treatment is available for this arrangement.

Live related-party production royalty associated with Challenger; latest annual report records A$19,255 FY2025 payments.

Royalty · Active
Counterparties
Australis Royalties Pty Ltd
Applies to
Challenger Gold Project and Central Gawler Mill · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Private production royalty: fixed percentage
How it affects our valuation

No valuation treatment is available for this arrangement.

Related-party private production royalty affecting Tarcoola and Tolmer mineral rights; no current mine plan allows precise cash-flow deduction.

Royalty · Active
Counterparties
Australis Royalties Pty Ltd
Applies to
Tarcoola Gold Project and Tolmer prospect · Gold · Silver
Economic direction
Burden
Period
Dates not stated
Key terms
Private production royalty: fixed percentage
How it affects our valuation

No valuation treatment is available for this arrangement.

Alcrest retains a 1.5% net smelter return over Wudinna tenements; no commercial production exists.

Royalty · Active
Counterparties
Alcrest Royalties Australia Pty Ltd
Applies to
Wudinna Gold Project · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
NSR royalty: 1.5 % net smelter return
How it affects our valuation

No valuation treatment is available for this arrangement.

Contingent vendor consideration after Wudinna rights acquisition; stage-weighted expected liability is deducted in the equity bridge, not project value.

Other · Conditional
Counterparties
Cobra Resources PLC
Applies to
Wudinna Gold Project · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Resource milestone: 2,000,000 AUD shares
Production benefit cap: 7,500,000 AUD
Pre-production buyback: 0.5 fraction of calculated benefit
How it affects our valuation

No valuation treatment is available for this arrangement.