Fully funded; valuation unchanged; risks lower

Since our last note in May, Barton has continued to aggressively develop its assets in pursuit of its ambition to produce 150koz gold per year in a two-stage ‘hub and spoke’ model, leveraging its Central Gawler Mill (CGM) and a new future Tunkillia mill. To this end, it has raised a further A$25.9m in equity, has expanded its exploration activities and is delivering both on plan and to budget with the backing of some of the world’s pre-eminent fund managers (including Franklin Templeton, Aegis, Merck, Ixios and Donald Smith & Co). Based upon expanded drilling, by Q1 CY27, we expect Barton to have completed a pre-feasibility study (PFS) at Tunkillia as well as a definitive feasibility study (DFS) at Challenger-CGM and (subject to a final...