Barton Gold Holdings Limited announced the results of an initial scoping study for its Tunkillia Gold Project (Tunkillia) (Scoping Study). The Scoping Study referred to in this announcement has been undertaken by Barton as a preliminary assessment of Barton's Tunkillia project for prospective development on a large-scale, 5 million tonne per annum model, and to identify key drivers of value and opportunities for subsequent optimisation. The Scoping Study is a preliminary technical and economic study of Tunkillia's potential viability.

It is based on low level technical and economic assessments insufficient to support the estimation of Ore Reserves. Further exploration and evaluation work and appropriate studies are required before Barton will be in a position to estimate any Ore Reserves or to provide any assurance of an economic development case. This announcement has been prepared in compliance with the JORC Code 2012 Edition (JORC) and the ASX Listing Rules.

All material assumptions on which the forecast financial information is based have been provided in this announcement and are also outlined in the annexed JORC table disclosures. The capital cost estimate for the process plant and associated infrastructure has been prepared by GR Engineering Services Limited with a nominal accuracy of ±35%, with mining costs estimated by Mining Associates Pty Ltd. at a scoping study level of accuracy from first principles on a bench-by-bench basis. Production is based on Tunkillia's JORC Mineral Resources Estimate (MRE).

The JORC MRE underpinning the production target have been prepared by a competent person in accordance with JORC, with 66% of materials classified ?Indicated' and 34% ?Inferred'. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target itself will be realised. 74% of the JORC Mineral Resources scheduled during the first five (5) years of the production target are classified as Indicated.

Given a projected 1.9 year payback period (from start of production), Barton considers that Tunkillia's financial viability does not depend upon inclusion of Inferred Resources, and therefore that a reasonable basis exists for disclosing a production target including Inferred Resources. Barton acquired Tunkillia in December 2019 with the view that the project had significant growth potential due to limited historical exploration during periods of lower gold prices. During the 3.5 year period from October 2020 to March 2024, Barton completed multiple rounds of reverse circulation (RC) and diamond (DD) drilling, identified several extensions and new gold zones, and delivered four JORC MRE updates.

Following Tunkillia's latest JORC MRE upgrade to 1.5Moz Au (51.3Mt @ 0.91 g/t Au) in March 2024, Barton commissioned GR Engineering Services Limited (GRES) and Mining Associates Pty Ltd. (Mining Associates) to lead a scoping study for Tunkillia's development on a 5 million tonne per annum (Mtpa) model.[3] The Scoping Study is a preliminary technical and economic assessment of Tunkillia's prospective viability for potential development on a large-scale, bulk open pit basis, the primary objectives of which include to: evaluate indicative capital costs, operating costs and mine design optimisation on a 5Mtpa basis; validate prospective economies of scale and identify key drivers of cost and value; and identify key opportunities for subsequent optimisation and growth. The Scoping Study has evaluated Tunkillia on a ?standalone' basis, with the process plant and associated process infrastructure delivered via an EPC contract and mining performed by a third-party contractor.