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Highlights
- Barton Gold (BGD) posts $3.1M net profit in December 2024 half-year.
- Expansion of mineral resources at Tunkillia and Tarcoola projects.
- Progressing towards 150,000oz gold production target with development plans.
Barton Gold (ASX:BGD) has reported a strong financial performance for the December 2024 half-year, with a net profit after tax of $3.1 million, driven by $8.5 million in revenue. The key contributors to this financial result included a $5 million gold sale and a $2.38 million research and development tax refund.
Despite its aggressive exploration efforts, Barton Gold fully expenses its exploration activities instead of capitalizing them on the balance sheet. This approach highlights the company’s confidence in its long-term development strategy and operational efficiency.
Strong Gold Market and Strategic Growth
Over the past three years, Barton Gold has rapidly built a large-scale development platform, benefiting from favorable gold market conditions. The company plans to release an Optimized Scoping Study for its Tunkillia project before June 30, aiming to enhance efficiency in its operations.
Additionally, efforts are underway to restart the Central Gawler Mill, targeting a cost-effective resumption of operations by 2026. This move aligns with the broader strategy of achieving an annual gold production target of 150,000 ounces while maintaining a low-risk and lower-dilution development approach.
Expanding Mineral Resources at Tunkillia and Tarcoola
During the half-year, Barton Gold expanded its mineral resource estimates at both the Tunkillia and Tarcoola projects. The company’s exploration success was driven by extensive drilling, advanced geological modeling, and the application of innovative mineral identification tools.
At the Tarcoola project, highlights included the discovery of an additional 20,000 ounces of gold at the Perseverance open-pit floor and a high-grade gold-silver discovery at the Tolmer prospect. These findings further strengthen Barton Gold’s resource base and future production potential.
Tunkillia’s Development Potential
In July, Barton Gold completed an Initial Scoping Study (ISS) for a 5-million-tonne-per-annum bulk open-pit operation at Tunkillia. The study outlined a projected mine life of 6.4 years, with an estimated annual production of approximately 130,000 ounces of gold and 311,000 ounces of silver.
The company has identified opportunities to develop Tunkillia at an all-in sustaining cost of around $1,917 per ounce of payable gold (net of silver credits), positioning it competitively among Australian gold operations.
With $9.2 million in cash reserves as of January 13, 2025, Barton Gold remains well-funded to continue its exploration and development activities, advancing its long-term vision in the gold sector.
