Gold Bulletin

Monday, June 1, 2026

Gold Market Context: Macro Drivers

Key macro instruments that drive gold price movements: dollar, yields, risk appetite

Today's Interesting Company News

Thunder Mountain Gold Significantly Increases Land Position at the South Mountain Property

(OTCQB:THMG) (TSXV:THM) Thunder Mountain Gold, Inc. has secured a 20-year mineral lease with the Idaho Department of Lands, covering approximately 3,675 acres of state-owned land adjacent to the Company's South Mountain Mines Property in Owyhee County, Idaho. The lease commences March 1, 2026, and expires February 28, 2046, with extension rights subject to Idaho law and agreement with the Lessor. The mineral lease was approved by the Idaho State Land Board and signed by Governor Brad Little on May 20, 2026. The company has also purchased 113 acres of private land, located 423 mineral lode claims totaling approximately 8,200 acres, and secured a lease on an additional 1,073 acres of private land, increasing the property position by a total of 13,061 acres or about twenty (20) square miles. Thunder Mountain Gold has invested approximately US$25 million to date in the South Mountain project, which contains high-grade zinc, silver, gold, and copper and includes more than 4,000 feet of rehabilitated underground development that is MSHA compliant. According to historical smelter records, approximately 53,642 tons of mineralized material were mined and direct shipped to the smelter at average realized grades of 14.5% Zn, 10.6 o.p.t. Ag (363.42 g/t Ag), 0.058 o.p.t. Au (1.98 g/t Au), 1.4% Cu, and 2.4% Pb. The company plans additional geophysical programs to further assess high-priority targets within the newly consolidated land package.

Osisko Development Announces Closings of Additional US$75 Million Aggregate Principal Amount of 4.125% Convertible Senior Notes Bringing Total Offering to US$300 Million

(NYSE: ODV, TSXV: ODV) Osisko Development Corp. announced the closing on May 29, 2026 of an additional US$75.0 million aggregate principal amount of 4.125% convertible senior notes due 2031. This amount includes US$25.0 million aggregate principal amount of Notes sold pursuant to the full exercise of the initial purchasers' option to purchase additional notes and US$50.0 million aggregate principal amount of Notes sold in a concurrent private placement with Double Zero Capital, LP. The company previously closed an offering of US$225.0 million aggregate principal amount of Notes in a private placement on May 26, 2026. Total gross proceeds from the Offerings were US$300.0 million. The Notes carry an interest rate of 4.125% and are due in 2031. The company announced that the Offerings consisted of the Base Offering, the Initial Purchasers' Option, and the Private Placement.

Quimbaya Gold Starts Drilling at Tahami Center Porphyry System

(CSE: QIM) Quimbaya Gold Inc. has commenced drill testing at the Tahami Center Cu-Mo-Au porphyry system, Segovia, Colombia. The initial diamond drill program is structured across three priority targets: Robusta, Bourbon, and Arabic, designed to test the convergence of magnetic, radiometric, and geochemical anomalies at approximately 200 to 400 meters depth. The program includes a minimum 5,000-meter diamond drill program across these three targets. A confirmed 2.4 × 1.3 km Cu-Mo-Au porphyry corridor, trending northwest-southeast, now enters drill testing. Quimbaya has spent the past 8 months systematically de-risking this target, including independent geological validation in January 2026, a 3.1-kilometre anomaly defined in March, and a completed pre-drill program in May. The company is advancing a district-scale portfolio of more than 73,000 hectares across highly prospective mineral belts in Antioquia, Colombia. The company projects that drilling will continue systematically, with updates to follow as results are received.

Cambria Gold Mines Announces That Construction Has Commenced on Red Mountain Access Road

(TSXV:CAMB, OTCQX:CAMVF) Cambria Gold Mines Inc. announced that construction has commenced on early works on the access road for the high-grade Red Mountain Gold Deposit located northeast of Stewart, BC. The construction of the approximately 23 km long road is anticipated to continue through the 2026 and 2027 seasons, with Phase I focusing on rebuilding a 13 km long road bed. Cambria's Red Mountain Gold Deposit hosts Measured and Indicated Resources of 3.19M tonnes averaging 7.63 g/t Au and 21.02 g/t Ag, for 783,000 ounces Au and 2,156,000 ounces Ag, and additional 405,000 tonnes of Inferred Resources at 5.32 g/t Au and 7.33 g/t Ag for 69,000 ounces Au and 96,000 ounces Ag. The deposit has over 2,000 meters of production-size underground workings and is suitable for bulk underground mining methods such as longhole stoping. Mineralized material will be transported for processing at Cambria's 2,500 tonne per day mill at the Premier Mine, for a total trucking distance of approximately 50 kilometers. The company is on track to complete an updated Feasibility Study incorporating all four deposits by Q4 2026. Fisheries offset work will be completed to protect and enhance salmon spawning habitat in the Bear River Valley.

NexGold Advancing Key Development Activities on Schedule at the Goldboro Gold Project in Nova Scotia

(TSXV:NEXG) NexGold Mining Corp. announced an update on the advancement of key development activities at its 100%-owned and fully permitted Goldboro Gold Project in Nova Scotia. The company has completed an additional 58,008 metres of diamond drill core from 329 drill holes since the previous Mineral Resource Estimate and drilled 66 geotechnical holes (1,738 metres), 154 test-pits and auger holes, and 30 additional water wells (total of 500 metres, 120 wells to date). NexGold signed a Mutual Benefits Agreement in 2024 with the Assembly of Nova Scotia Mi'kmaw Chiefs and has been implementing its Community Benefits Agreement with the Municipality of the District of Guysborough since 2022. All major provincial and federal permits for the Project have been obtained, including the Environmental Assessment (2022), Mineral Lease (2024), Crown Land Lease and Licence (2024/2025), Schedule 2 Amendment (2025), Industrial Approval (2025), and Fisheries Act Authorization (2025). The company has a non-binding US$175 million letter of intent with Appian Capital Advisory Limited for potential project financing. NexGold currently anticipates completion of the updated Feasibility Study by the end of Q3 2026 and targets a potential construction decision for late Q3 2026. The company projects that Goldboro will play a central role in its growth strategy as it moves toward becoming a multi-asset Canadian gold producer.

Summit Royalties Announces Closing of 1.0% NSR Royalty Acquisition on Newmont's Saddle North Deposit

(TSXV: SUM) Summit Royalties Ltd. announced that it has completed the acquisition of an existing 1.0% net smelter return royalty (NSR royalty) on the Saddle North Deposit owned by Newmont Corporation for C$5 million in shares at a deemed price of C$1.765 per share. The 1.0% NSR royalty held by Summit is subject to a buy-back right in favour of Newmont Corporation, permitting Newmont to repurchase 50% of Summit's 1.0% NSR royalty for a cash payment of C$750,000 at any time during the five-year period commencing on the date Saddle North is put into commercial production. Summit Royalties Ltd. is a precious metals royalty and streaming company with a portfolio anchored by cash-flowing production and additional royalties on advanced development- and exploration-stage properties. The Corporation has no debt and has sufficient cash on hand for future acquisitions. The Corporation's registered office is located at One First Canadian Place, Suite 3400, Toronto, ON, M5X 1A4. Summit intends to become the fastest growing royalty and streaming company by executing actionable, accretive acquisitions that increase production and drive cash flow growth. The company projects anticipated growth and the ability to execute acquisitions that increase production and drive cash flow growth.

TDG Initiates Preliminary Economic Assessment for the Shasta Gold-Silver Project

(TSXV: TDG) TDG Gold Corp. has initiated a Preliminary Economic Assessment (“PEA”) for its 100%-owned Shasta Gold-Silver Project, located within the Greater Shasta-Newberry Project area in the Toodoggone District of north-central British Columbia. Ausenco Engineering Canada ULC has been appointed as lead consultant for the PEA, with the Company targeting completion of the study in Q3 2026. The PEA will evaluate the existing mineral resource within a preliminary mine plan and processing flowsheet, and will also consider incorporating material from the Mets Mining Lease mineralization and reprocessing of historical tailings from the Baker tailing storage facility. TDG Gold Corp. holds over 60,000 hectares of exploration ground across the Toodoggone and Anyox mining districts, including a 100% interest in ~50,000 hectares in the Toodoggone District and over 10,000 hectares at Anyox. The Company has defined a gold-silver Mineral Resource Estimate at Shasta within the 5.5 sq. km Greater Shasta-Newberry target area, which remains open for expansion. TDG is also advancing copper-gold porphyry exploration at Aurora West and across the 53 sq.km Baker Complex. The company projects that its fully funded 2026 drilling campaign at Anyox will conclude by the end of June, with assay results anticipated thereafter.

Edison Lithium Locates Historical Drill Core During Property Visit and Provides Update on Proposed Acquisition of Joutel North-West and Gagne Gold Properties

(TSXV:EDDY) Edison Lithium Corp. announced an update regarding its property option agreement, effective February 27, 2026, with Globex Mining Enterprises Inc. to earn a 100% interest in the Joutel North-West gold and Gagne gold-copper properties, subject to a 3% Gross Metal Royalty retained by Globex. Edison retains a right of first refusal to purchase all or any portion of the GMR from Globex on the same terms pursuant to a bona fide third-party offer. The company has engaged Steven Lauzier, P.Geo. OGQ1430., to prepare an independent technical report in accordance with National Instrument 43-101, anticipated to be completed in early June 2026. A site visit by Steven Lauzier and Roger Dahn, P.Geo., Directors of the Company, occurred between May 18 and May 20, 2026, to the Properties and the storage location of Orford Mining's (now Alamos Gold) 2022-23 drill cores. Drilling highlights from Orford Mining include 23-JE-004 returning 30.1 m @ 1.1g/t Au starting at 128.8 m downhole, 23-JE-015 returning 54.7 m @ 1.1 g/t Au starting at 81.1m downhole, 22-JE-003 returning 20.64 m @ 1.11 g/t Au starting at 84.83 m downhole (including 0.64 m @ 14.7 g/t Au), and 23-JE-008 returning 15.7 m @ 1.7 g/t Au starting at 21.7 m downhole and 14.2 m @ 2.2g/t Au starting at 61.9 m downhole. The properties are situated geologically along the South Break of the Casa Berardi Structural zone adjacent to several past producing mines, including Agnico Eagle's first gold mine, the Eagle - Telbel-Eagle West deposits, which had historic production of approximately 1.1 million ounces of gold from 6.2 million tonnes grading 5.8 g/t. The company projects the completion of the NI 43-101 technical report in early June 2026 and anticipates the ability to make required cash payments, share issuances, and exploration expenditures to acquire the Properties.

Compass Reports Strong Gold Recoveries From Recent Metallurgical Testing at Massala

(TSXV: CVB) Compass Gold Corp. announced robust results from its inaugural metallurgical test program on bulk excavation samples and the completion of the first phase of resource definition diamond drilling at the Massala prospect, located on the Company's Sikasso Property in Southern Mali. Metallurgical testing in two samples (MA-1 and MA-5) by Blue Coast Research indicates gravity recoverable gold content varied from 51.1% to 61.0%, with a final gold recovery of 95.3% achieved on sample MA-5 using bottle roll leaching. Phase 1 resource definition diamond drilling consisted of 42 holes totaling 1,457.3 metres, with visible gold present (>100 g/t Au from 34.5 m) in one of the first 3 holes, and assays from 39 more holes pending. A total of 1,024 core samples have been dispatched to the SGS assay laboratory in Burkina Faso. The Sikasso Property comprises approximately 900 sq. km of gold exploration permits in southern Mali. The company projects that these results will be used to support the advancement of the Massala project toward near-term commercial production and scaling.

Affinity Metals Corp. Enters Into Option Agreement to Acquire Northline Gold Property Located in Ontario

(CSE: AFF) Affinity Metals Corp. announces that it has entered into a property option agreement to acquire a 100% interest in the Northline Gold property located within the Patricia Mining Division in the Province of Ontario, Canada. The Property is situated approximately 10 kilometers south of the Golden Patricia Mine, between the Red Lake and Pickle Lake gold camps. The area is within the southwestern extension of the Meen-Dempster Greenstone Belt, hosted within the Uchi Subprovince, which has resources and past production now exceeding 65 million ounces of gold. Under the three-year option agreement with Gravel Ridge Resources Ltd. and a private company owned by Perry English, Affinity Metals will pay an aggregate of $99,000 and issue 300,000 common shares over three years to acquire the property. The Optionors will retain a 1.5% net smelter returns production royalty, with Affinity Metals or its assigns having the right to purchase a 0.5% Royalty for $500,000, reducing the Royalty to 1.0%. All securities issued in connection with the Agreement will be subject to a hold period expiring four months and one day from their date of issuance. The company holds the 100% owned Regal high grade silver property located near Revelstoke, British Columbia and has also recently optioned the Discovery Lake property located near Sioux Lookout, Ontario.

Lavras Gold Announces the Appointment of Federico G. Velásquez as President and CEO

(TSXV:LGC) Lavras Gold Corp. announced the appointment of Federico G. Velásquez as the Company's President and CEO, effective immediately. Mr. Velásquez succeeds Hemdat Sawh, who served as Interim CEO and will continue as Chief Financial Officer. Lavras Gold has issued incentive stock options to purchase an aggregate of 600,000 common shares of the Company at a price of C$2.20 per Common Share to Mr. Velásquez, with the options vesting over three years from the date of issue and expiring on May 29, 2031. The company is focused on its Lavras do Sul Project in southern Brazil, which spans more than 21,000 hectares and includes more than 24 gold prospects centred on historic gold workings. Mr. Velásquez brings over 20 years of international experience, including roles at Augusta Group, Highlander Silver Corp, Solaris Resources, Equinox Gold, and Anglo American - Metallurgical Coal. The company projects to advance the Lavras do Sul Project and embark upon its path towards development, as well as to unlock further resource upside from its 21,000 hectares district-scale gold system in Brazil.

Rockfire Resources Marengo Goldfield Update

(LON:ROCK) Rockfire Resources plc announced an update on exploration activity at the Marengo Goldfield in Queensland, Australia, with Eastern Resources Limited (ASX:EFE) completing maiden fieldwork and identifying in excess of 200 isolated quartz localities and approximately 1.7km of continuous vein system. Eastern Resources Limited entered into a binding farm-in agreement with Rockfire on 29 September 2025, which involves sole-funding exploration at Marengo for the next 3 years, with a total expenditure of AUD$1,500,000 to the end of Stage Three. The farm-in requires Eastern to expend at least AUD $250,000 in the first 12 months, $500,000 in the second 12 months, and $750,000 in the third 12 months. Upon completion of each stage, Rockfire will transfer 20%, 31%, and 29% interests in the Tenement, respectively, resulting in a total of 80% transfer of interest once all expenditure is made. Eastern shall pay AUD$1 million to Rockfire in cash or shares upon announcing a JORC Mineral Resource Estimate of at least 500,000 ounces of gold at a minimum average grade of 2.5 grams per ton Au. The Molaoi deposit in Greece has a JORC Inferred Mineral Resource of 15.0 million tonnes @ 7.26% Zn, 1.75% Pb and 39.50g/t Ag, for 1.5 million tonnes of ZnEq. metal, equating to 1.09 million tonnes of zinc, 260,000 tonnes of lead and 19.1 million ounces of silver. The Plateau deposit in Queensland has a JORC Inferred Resource of 131,000 ounces of gold and 800,000 ounces of silver, using a 0.5g/t Au cut off, with 53,000 ounces within the top 100m from surface.

Omai Gold Drills 8.54 G/t Au Over 20.6m at Northeast Wenot and Commences Deep Hole on Gilt Deposit

(TSXV: OMG) Omai Gold Mines Corp. announced assay results from eight additional diamond drill holes and four related wedged holes from its ongoing 50,000m drilling program at its 100% owned Omai Gold Project in Guyana, South America. The best results from the northern splays included 4.77 g/t Au over 6.6m, 18.11 g/t Au over 1.5m, and 3.49 g/t Au over 16.9m, all above a 210m vertical depth and up to 300m north of the CQFP. Within the Dike Corridor, notable assays included 8.54 g/t Au over 20.6m, 5.79 g/t Au over 7.7m, 14.07 g/t Au over 2.3m, and 4.77 g/t Au over 6.6m. To date this year, 23,685m has been drilled as part of the 2026 program, with five rigs active and one deep hole targeting a 1200m+ depth at the Gilt Deposit. The updated NI 43-101 Mineral Resource Estimate (April 2026) reports Wenot Indicated MRE at 1,453,000 oz gold (1.59 g/t Au, 28.4 Mt) and Wenot Inferred MRE at 3,999,000 oz (1.35 g/t Au, 92.4 Mt); Gilt Inferred MRE increased 120% to 1,465,000 oz (3.22 g/t Au, 14.2 Mt), while Gilt Indicated MRE decreased 9.5% to 1,042,000 oz (3.33 g/t Au, 9.7 Mt). The company projects completion of the Preliminary Economic Assessment (PEA) in six to eight weeks, integrating both Wenot and Gilt deposits. Omai Gold Mine previously produced over 3.7 million ounces of gold from 1993 to 2005. The site benefits from existing infrastructure, including an on-site airstrip and road connections to Georgetown and Linden.

Salazar Resources Reports up to 100 G/t Gold and 1,000 G/t Silver From Rock Chip Sampling at Tarqui Concession, Ecuador

(TSXV:SRL) Salazar Resources Limited reported up to 100 g/t gold and 1,000 g/t silver at its 100%-owned Tarqui Concession in southeastern Ecuador, confirming high-grade precious metals upside alongside a BHP-drilled district-scale copper porphyry. The Tarqui copper-molybdenum porphyry system is defined by a 1.8 km × 1.0 km Cu-Mo surface anomaly, with rock samples up to 16,450 ppm Cu (1.64%) and soils up to 10,100 ppm Cu (1.00%). Historical drilling by BHP Billiton included 13 holes, with intercepts such as 0.33% CuEq over 186 m (within 685 m at 0.22% CuEq) in hole TARQ1D and 0.34% CuEq over 218 m in TARQ4D, with sub-intervals up to 0.54% CuEq. Recent Salazar sampling at the Yumi vein system returned grades including 80.9 g/t Au and 824 g/t Ag (Sample 400345) and >100 g/t Au and >1,000 g/t Ag (Sample 400362), with 13 additional samples between 1.0 and 17.9 g/t Au across a ~100 m vein system. The Tarqui and Quimi concessions together cover 7,547 hectares and are located approximately 10 km apart, with Quimi hosting a 1.8 km × 0.8 km copper anomaly and soil values from 300 to 1,401 ppm Cu. Salazar acquired the project from Silvercorp Metals, with closing on March 18, 2026. The company will provide further updates as exploration work progresses.

Radisson Expands High-Grade Gold Mineralization Across Previously Undrilled "Trend 1-Trend 2 Gap" at the O'Brien Gold Project

(TSXV:RDS) Radisson Mining Resources Inc. announced new assay results from its 100%-owned O'Brien Gold Project located in the Abitibi region of Québec, with significant gold intercepts reported from two pilot holes and five wedge branches targeting the "Trend 1-Trend 2 Gap". Six of the seven drill holes returned high-grade gold mineralization, including OB-26-387W2 with 7.57 g/t Au over 9.7 metres (including 52.75 g/t Au over 1.1 metre), and OB-26-386W1 with 3.43 g/t Au over 13.4 metres (including three separate 1-metre intervals grading 8.63 g/t Au, 10.26 g/t Au, and 8.24 g/t Au). The results are part of an ongoing 140,000-metre step-out drill program, which was expanded in October 2025 to employ eight drill rigs. The March 2026 Mineral Resource Estimate uses a 2.20 g/t Au bottom cutoff, a US$2,500 gold price, a minimum mining width of 1.2 metres, and a 60 g/t Au upper cap on individual assays. The historic O'Brien mine produced over half a million ounces of gold at an average grade exceeding 15 g/t Au over a vertical extent of at least 1,000 metres. The company projects additional results from directional wedges and deeper drilling below the historical mine workings and the base of the current mineral resources are expected shortly.

Americas Gold and Silver Announces High-Grade Infill Drill Results at the Cosalá Complex Highlighting Substantial Upside Compared to Mineral Resource Grades, Including 599.8 G/t Ag, 0.8% Cu Over 14.0m and 509.7 G/t Ag, 0.4% Cu Over 10.0m

(TSX: USA) Americas Gold and Silver Corporation announced high-grade drill results from its ongoing resource conversion drilling program at the Cosalá Complex, with drilling conducted in Q4 2025 through Q1 2026 at the San Rafael Upper, 120 Upper, and 120 Lower zones. The 14 reported drillholes returned substantially higher silver grades than the currently modeled resource, including a highlight intercept in hole SR568 of 14.0 meters grading 599.8 g/t Ag in a section previously modeled at 110 g/t. Mineral Resource conversion drilling at the San Rafael Upper and 120 zones is consistently averaging 2-3x the previously reported inferred Mineral Resource grades. Americas acquired 100% ownership of the Galena Complex (Idaho) in Dec. 2024 and the fully permitted, past-producing Crescent Silver Mine in Dec. 2025. The company is fully funded to aggressively grow production at the Galena Complex, Crescent, and in Mexico. The company is on track to complete the most aggressive drilling campaign in company history in 2026, and management aims to be a leading North American silver producer and a key source of U.S.-produced antimony.

American Pacific Commences 15,000-Metre Program at the Madison Copper-Gold Project in Montana

(CSE: USGD) American Pacific Mining Corp. has commenced a 15,000-metre drill program combining both reverse circulation ("RC") and diamond core drilling at its Madison Copper-Gold Project in Montana. The drilling campaign will focus on shallow skarn mineralization for 10,000 metres and deeper porphyry mineralization for an additional 5,000 metres. Five top-ranked skarn and porphyry targets have been selected for drilling, identified through comprehensive technical evaluation and analysis. The staged RC and core approach is designed to provide steady operational progress while allowing near-surface target testing to advance alongside deeper system-scale exploration. Initial assay results are anticipated this summer. American Pacific Mining Corp. was selected as a finalist in both 2021 and 2022 for 'Deal of the Year' at the S&P Global Platts Metals Awards. Through a 2025 transaction with Vizsla Copper, American Pacific has established a major equity position with milestone upside exposure to the advanced exploration-stage Palmer Copper-Zinc VMS Project in Alaska.

Flynn Gold Goes Big for Gold and Tungsten Diamond Drilling at Firetower

(ASX:FG1) Flynn Gold has started an expanded diamond drilling program at the Firetower gold-tungsten project, increasing the program to 10 holes totalling 1600m, up from the original three holes. The drilling includes extensional and infill drilling to support delivery of a maiden resource estimate and to collect core for planned metallurgical testwork. The first hole is underway to test for downdip extensions of a previous high-grade intersection of 17m grading 2.31g/t Au, 0.73% WO3, 0.16% Co, and 0.16% copper from a down-hole depth of 121m in hole 2019FTD014. Drilling to date at Firetower has defined mineralisation over a strike length of about 250m and to depths of 150m below surface. Flynn Gold has also completed diamond drilling at its Henty silver-lead-zinc project, drilling five holes totalling 1101.6m at the Silver King and South King prospects and one hole for 146.6m at the Grieves Siding prospect, with final assays pending. Early results from the first hole at Silver King returned a 1m intersection at 1020g/t silver, 15.2% lead, 4.7% zinc, 0.45% copper, 0.39% antimony, and 0.05g/t gold from 101m. The company projects that the expanded drilling at Firetower will support a maiden mineral resource estimate and has the potential to significantly expand the scale of the mineralised system.

Venus Metals Sells Youanmi Project Gold Smelter Royalty for $46m

(ASX:VMC) Venus Metals has sold its 1.0% net smelter return (NSR) royalty on all gold production from the Youanmi gold project mining leases to Franco-Nevada Australia for $46 million in cash. The royalty was held through wholly owned subsidiary Redscope Enterprises and relates to mining leases owned by a subsidiary of Rox Resources (ASX: RXL). Venus plans to declare two special dividends: a cash special dividend of approximately $35m (about $0.17 per fully paid ordinary share, with franking expected to exceed 75%) and a special dividend by way of an in-specie distribution of approximately 25 million Rox shares (current value about $10.625m, or about 0.122 Rox shares per Venus share). After the Rox share distribution, Venus expects to retain 23 million Rox shares with a current value of approximately $9.775m. The proposed special dividends represent a current aggregate value of approximately $45.625m and about $0.221 per Venus share intended to be returned to eligible shareholders. Venus may also receive a further $1 million in deferred cash consideration once documentation is signed for the royalty to be secured with a mining mortgage. The company projects the distribution dividend announcement in June or July, with the cash dividend declaration targeted for the end of July and payment targeted for the end of August.

Barton Gold Raises $25.5m to Fund Hub-and-Spoke Development Strategy Across South Australian Projects

(ASX: BGD) Barton Gold has received binding commitments for a $25.5 million share placement to fund the commercialisation of its dual hub-and-spoke strategy at projects in South Australia’s central Gawler Craton. The company will issue up to 30 million new shares priced at $0.85 each to global institutional investors, representing a 3.4% discount to the last traded price of $0.88 per share and a 7.5% discount to the 10-day volume weighted average price of $0.919. The new shares will result in only modest equity dilution of 11.1%, preserving value for Barton shareholders. The raising closed significantly oversubscribed by other Australian, Hong Kong, and North American funds, and was supported by existing institutional investors Franklin Templeton, Aegis Financial, IXIOS and MERK. Barton estimates costs at below 2.5%. The company will use proceeds from the placement to complete key value-add milestones at the Challenger gold project, including mineral resource updates, conversion to ore reserves, and a definitive feasibility study to inform a final investment decision for the restart of operations leveraging the Central Gawler Mill. Barton will also apply some of the funds to infill and extension drilling and metallurgical test work at the high-grade Tolmer prospect, discovered in 2025 with an intersection of 6 metres at 4,747 grams per tonne silver from 46m depth.

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