Bullion Gold Discoveries Corp. press release
30 September 2026 Quarterly Activities Report
TSXV - TSX Venture Exchange · Gold · Silver · Lithium · Copper · Zinc · Nickel · Cobalt · Lead · Rare Earth Elements · Molybdenum · Indium · Canada
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Highlights
Tunkillia Gold Project, SA (100%)
38,760m ‘Phase 2' reverse circulation (RC) and diamond (DD) drilling completed, for total 57,653m RC and DD in past 12 months (read) Further high-grade assays returned throughout all open pit areas, including highest-grade assays to-date in S1 / S2 Starter Pits (read) and confirmation of new shallow high-grade mineralisation (read) JORC Mineral Resources Estimates (MRE) updates pending for both gold (target Q4 CY26) and silver (target Q1 CY27) Infrastructure sterilisation drilling program underway (read) Environmental Scoping Report approved as key first step in South Australian Mining Lease (ML) approvals process (read) Pre-feasibility Study (PFS) underway for large-scale gold production, targeting publication by the end of Q1 CY27 (read)
Challenger Gold Project, SA (100%)
Definitive Feasibility Study (DFS) ongoing, with the existing Central Gawler Mill (CGM) confirmed suitable for recommissioning (read) JORC MRE update pending
Tolmer Silver Discovery, SA (100%)
Numerous high-grade assays extend Tolmer silver discovery to 500m strike length (read) following 3,677m follow up drilling (read) Geological model pending; expedited metallurgical testwork to start after preliminary trial yields >100,000 g/t Ag concentrate (read)
Corporate
Target 1 December 2026 closure of US register following transition from sponsored OTCQB to unsponsored OTC quotation (read)
Well positioned to deliver all major forecast milestones, with $23.2m cash and >250,000L strategic diesel reserve on hand
ADELAIDE, AU / ACCESS Newswire/ October 26, 2026 / Barton Gold Holdings Ltd (Bartonor the Company)
ACN: 633 442 618 ABN: 36 633 442 618 Level 22, 30 Pirie Street Adelaide SA 5000 T: +61 8 8379 7166 E: contact@bartongold.com.au www.bartongold.com.au
Stock Codes:
ASX: BGD OTC PINK: BGDFF FRA:BGD3
Capital Structure+
271.9m Ordinary Shares 13.2m unlisted options
Working Capital
Cash: $23.2 million* Debt: Nil
Refer to ASX announcement dated 20 October 2026 for full details of securities.
_* Barton also has a further ~$4.5m cash (not included in this $23.2m) which is posted as security for rehabilitation bank guarantees._
Commenting on the Company's September 2026 quarter, Barton MD Alexander Scanlon said:
"The work of our September 2026 quarter sets Barton up to deliver several JORC Resources updates for gold and silver, and technical studies, across our portfolio. We are also accelerating Tunkillia through pre-development programs as quickly as possible following recent Government approvals of its environmental Scoping Report.
"We are in an excellent position to deliver these key value-add milestones over the coming 9 months, with all underlying work programs fully funded by $23 million cash on hand and our own strategic diesel reserve."
TUNKILLIA GOLD PROJECT (100%)
Pre-feasibility study ongoing
A PFS formally commenced last quarter with GRES appointed to lead this work.1GRES is a highly regarded Australian engineering consultancy and contractor with global mineral processing expertise.
The PFS will build upon Tunkillia's Optimised Scoping Study (OSS) which outlined a compelling development for ~120,000oz gold and ~260,000oz silver production annually, with a rapid project payback profile. At current gold and silver prices, Tunkillia is modelled to produce approximately $1.75 billion operating profit during the first ~27 months alone, paying back up-front development capex ~4x over during this short time.2
Multiple work programs are underway to support the PFS and Mining ML application, including substantial upgrade drilling programs targeting increased quantity, grade and classification of ‘S1' and ‘S2' pit materials.3Barton anticipates publication of the PFS by the end of Q1 CY27.
JORC MRE updates for gold and silver pending
A total of 57,653m was drilled across 520 RC and DD holes during ‘Phase 1' and ‘Phase 2' upgrade drilling.4
Five announcements during the quarter (and subsequently) reported the results of ‘Phase 2' drilling, including shallow high-grade infill assays from Tunkillia's ‘Starter Pits'.5
Collectively, these assays appear to reinforce the theory for new, shallow high-grade mineralisation which could potentially increase the grade profile of this mineralisation for Tunkillia's upcoming PFS, with material implications for modelled economic returns.6
With analyses of all assays complete, Barton is now remodelling all Tunkillia mineralisation. A JORC MRE update for gold is pending, and a JORC MRE update for silver is planned for Q1 CY27 along with Tunkillia's PFS.
Infrastructure sterilisation drilling underway
A sterilisation drilling program at Tunkillia commenced during the quarter. Drilling is designed to test multiple potential locations for infrastructure such as waste dumps, tailings storage facilities, and processing plant to ensure these are not sited over potentially valuable mineralisation.7
Environmental Scoping Report approved
An Environmental Scoping Report was approved during the quarter by the Department for Energy & Mining (DEM) South Australia, with whom Barton has been working to identify key stakeholder considerations.8Barton has been working with the Government of South Australia, through the DEM, to identify key stakeholder interest, social and environmental risks, and other important considerations for the development of Tunkillia.
The environmental Scoping Report establishes and generally defines the environmental studies and modelling, community engagement, and other key programs that must be completed to obtain development approvals. By agreeing this scope at an early stage, development proponents are able to more confidently execute well defined programs while reducing costs and uncertainty, therefore enabling expedited approvals processes.
The Government's approval of Tunkillia's environmental Scoping Report is therefore a key first step in its ML and development approvals processes and now serves as the official terms of reference for future approvals.
The several programs contemplated therein are already underway, as Barton targets expedited development. A copy of Tunkillia's approved environmental Scoping Report can be found on DEM's website here.
Latest ‘Phase 2' drilling results
‘Phase 2' drilling produced some of Tunkillia's best assays to-date, including:9
| Hole ID | Interval | Including: | | TKB0499 | 13m @ 5.01 g/t Aufrom 55m depth | 3m @ 15.8 g/t Aufrom 62m depth | | TKB0536 | 17m @ 3.09 g/t Aufrom 100m depth | 1m @ 8.90 g/t Aufrom 102m depth, and
1m @ 36.9 g/t Aufrom 108m depth | | TKB0574 | 19m @ 2.87 g/t Aufrom 137m depth (EOH) | 6m @ 7.18 g/t Aufrom 143m depth | | TKB0639 | 6m @ 6.61 g/t Au from 70m depth | 1m @ 32.4 g/t Au from 73m depth | | TKB0660 | 20m @ 2.14 g/t Au from 63m depth | 6m @ 5.13 g/t Au from 63m depth | | TKB0667 | 21m @ 3.62 g/t Au from 57m depth | 6m @ 7.30 g/t Au from 63m depth | | TKB0668 | 50m @ 1.45 g/t Au from 62m depth | 3m @ 5.32 g/t Au from 65m depth, and
1m @ 4.56 g/t Au from 86m depth | | TKB0674 | 11m @ 8.73 g/t Au from 68m depth | 2m @ 36.9 g/t Au from 71m depth | | TKB0676 | 20m @ 2.06 g/t Au from 50m depth | 1m @ 4.29 g/t Au from 56m depth
3m @ 5.68 g/t Au from 58m depth | | TKB0678 | 11m @ 5.51 g/t Au from 14m depth | 2m @ 24.7 g/t Au from 16m depth | | TKB0693 | 10m @ 4.30 g/t Au from 54m depth | 1m @ 10.5 g/t Au from 54m depth, and
1m @ 10.7 g/t Au from 56m depth, and
1m @ 9.60 g/t Au from 58m depth | | TKB0703 | 24m @ 4.51 g/t Au from 47m depth | 2m @ 16.7 g/t Au from 53m depth | | TKB0714 | 42m @ 1.12 g/t Au from 139m depth | 1m @ 2.70 g/t Au from 166m depth, and
2m @ 6.80 g/t Au from 169m depth, and
2m @ 2.89 g/t Au from 174m depth | | TKB0724 | 26m @ 2.79 g/t Au from 126m depth | 1m @ 53.5 g/t Au from 129m depth | | TKB0742 | 21m @ 4.13 g/t Au from 61m depth | 2m @ 29.9 g/t Au from 79m depth | | TKB0744 | 29m @ 1.57 g/t Au from 57m depth | 2m @ 3.46 g/t Au from 60m depth, and
4m @ 3.62 g/t Au from 77m depth, and
1m @ 3.34 g/t Au from 83m depth | | TKB0745 | 53m @ 2.51 g/t Au from 60m depth | 2m @ 18.25 g/t Au from 72m depth, and
1m @ 26.3 g/t Au from 92m depth, and
1m @ 5.80 g/t Au from 103m depth, and
1m @ 6.10 g/t Au from 107m depth | | TKB0746 | 45m @ 0.86 g/t Au from 65m depth, and
17m @ 2.26 g/t Au from 116m depth | 3m @ 2.08 g/t Au from 74m depth, and
1m @ 1.76 g/t Au from 81m depth, and
2m @ 1.76 g/t Au from 86m depth, and
1m @ 6.50 g/t Au from 91m depth, and
1m @ 2.14 g/t Au from 106m depth
1m @ 20.7 g/t Au from 125m depth | | TKB0747 | 41m @ 1.18 g/t Au from 131m depth | 1m @ 3.42 g/t Au from 147m depth, and
2m @ 7.18 g/t Au from 159m depth, and
1m @ 10.8 g/t Au from 166m depth | | TKB0748 | 14m @ 3.80 g/t Au from 67m depth | 1m @ 8.80 g/t Au from 75m depth, and
2m @ 11.0 g/t Au from 77m depth |
Table 1 - Key significant assays from Tunkillia Phase 2 Mineral Resource upgrade RC drilling9
Cross sections highlight potential Area 51 growth, central Area 223 higher-grade gains
New ‘Phase 2' assays in the ‘Area 51' optimised open pit area have confirmed a south plunging, thick higher-grade shoot of mineralisation. This is evident in cross-section 115,800N (figure 1), and continues to the north by approximately 600m (to 116,400N) and also to the south by approximately 200m, and remains open.10
[](https://app.accessnewswire.com/imagelibrary/6ce4b9ea-b1eb-4e35-baf4-781997284207/1242263/barton-img1-10262026.jpg)
Figure 1 - Area 51 cross section 115,800N10
Cross-section 111,675N provides an example of mineralisation in the centre of the ‘S1' pit, where broad zones of mineralisation are punctuated by shallow higher-grade assays, including new high-grade mineralisation.10
[](https://app.accessnewswire.com/imagelibrary/2499b9ff-9e54-4750-9bbf-d799457c9aa9/1242263/barton-img2-10262026.jpg)
Figure 2 - Area 223 cross section 111,675N10
A full suite of cross sections can be viewed in the Final Tunkillia Phase 2 assaysannouncement.
CHALLENGER GOLD PROJECT | CENTRAL GAWLER MILL (100%)
Definitive Feasibility Study (DFS)
A DFS is underway targeting an initial 3 - 4 year Stage 1 ‘baseline' operation utilising only historical higher-grade tailings from tailings storage facility 1 (TSF1)and limited, near-surface materials without disturbing Challenger's historical high-grade underground mine, its mineralisation or its infrastructure access. In support of the DFS, Barton has now completed the following programs of work, among others:11
a detailed condition assessment of the Central Gawler Mill (CGM) and supporting infrastructure; TSF1 geotechnical and metallurgical drilling, and comminution and metallurgical testwork;12 a further 8,065m RC and 1,322 DD drilling;13and preliminary capital and operating cost estimates (subject to scale and throughput scenario analysis).
These analyses support the conclusions that the CGM is technically suitable for recommissioning to operations, and that TSF1 materials reprocessing is technically feasible and operationally practical.14The CGM offers a material leverage point for Barton to commence de-risked ‘Hub 1' operations, and also materially enhances the development optionality of Barton's regional assets including Tarcoola Gold Project (Tarcoola), Wudinna Gold Project (Wudinna) and high-grade Tolmer silver prospect (Tolmer). All of these sources of mineralisation could potentially be processed through the CGM. Barton is targeting DFS publication during Q1 CY27.
JORC MRE update pending
A JORC MRE update for Challenger's gold mineralisation is pending, following a further 8,065m RC drilling and 1,322m DD drilling recently completed to test existing and additional near-surface mineralisation for the DFS.15
Drilling has identified new high-grade mineralisation in existing open pits, and confirmed mineralisation in the new Challenger SSW and 3 open pit targets.16,17
Significant assay results from February 2026 drilling include:
| Hole ID | Target | Interval | Including: | | CHB0140 | ‘Main' pit | 9m @ 2.20 g/t Au from 97 metres | 1m @ 6.63 g/t Au from 103 metres | | CHB0158 | ‘Main' pit | 11m @ 5.67 g/t Au from 24 metres
10m @ 17.7 g/t Au from 40 metres | 1m @ 50.9 g/t Au from 27 metres
1m @ 170.7 g/t Au from 43 metres | | CHB0159 | ‘Main' pit | 14m @ 1.01 g/t Au from 19 metres
3m @ 4.72 g/t Au from 40 metres | 3m @ 2.55 g/t Au from 22 metres
1m @ 11.8 g/t Au from 40 metres | | CHB0165 | ‘Main' pit | 3m @ 6.85 g/t Au from 121 metres | 1m @ 15.0 g/t Au from 121 metres | | CHB0149 | ‘West' pit | 7m @ 2.01 g/t Au from 0m (surface) | 1m @ 9.63 g/t Au from 6 metres | | CHB0150 | ‘West' pit | 3m @ 20.6 g/t Au from 13 metres | 1m @ 59.5 g/t Au from 15 metres |
Table 2 - Key significant assays from February 2026 Challenger ‘Main' and ‘West' open pit RC drilling16
| Hole ID | Interval | Including: | | CHB0197 | 3m @ 5.05 g/t Au from 27 metres | | | CHB0198 | 3m @ 3.17 g/t Au from 91 metres | 1m @ 7.25 g/t Au from 93 metres | | CHB0204 | 6m @ 4.46 g/t Au from 30 metres | 2m @ 12.1 g/t Au from 30 metres | | CHB0213 | 10m @ 2.28 g/t Au from 33 metres | 1m @ 9.12 g/t Au from 42 metres | | CHB0222 | 7m @ 3.28 g/t Au from 30 metres | 1m @ 16.5 g/t Au from 30 metres |
Table 3 - Key significant new assays from February 2026 Challenger ‘SSW' and ‘3' RC drilling17
TOLMER SILVER DISCOVERY (100%)
During March 2025, Barton announced one of Australia's highest-grade modern silver discoveries ~500m west of its August 2024 Tolmer gold discovery.18Drilling has identified silver dominant mineralisation hostingpeak silver and gold grades up to 17,600 g/t Ag and 51.2 g/t Au (respectively) less than 50m from surface.18
Preliminary analysis has produced a >100,000 g/t Ag (~10% Ag) concentrate via a simple gravity process without grinding, roasting or chemical reagents. The ability to produce high-grade concentrates could have potential implications for low-cost, high-margin operations if consistent for the mineralisation.19
An expedited 3,677m follow up RC drilling program was completed following these results.20Further shallow, high-grade assays were announced during the quarter, extending high-grade ‘western silver zone' mineralisation to over 500m strike and also yielding broad high-grade assays in the ‘eastern gold zone'.21
Preliminary analyses for petrology and structural interpretation are now underway. Barton will also expedite full metallurgical analysis of Tolmer mineralisation by preparing composite samples taken from recent drilling.
[](https://app.accessnewswire.com/imagelibrary/3c8c0412-5121-4351-bf57-ecf239d62799/1242263/barton-img3-10262026.jpg)
Fig. 3 - Tolmer map with Pb background, Ag contours (white), May-June 2026 drilling (red) & key assays21
Key new significant assays include (note: holes TBM0289 - TBM0290 are located in the ‘eastern gold zone'):21
| Hole ID | Interval | Including: | | TBM0258 | 10m @ 399 g/t Ag & 0.55 g/t Au from 56m | 4m @ 954 g/t Ag & 1.23 g/t Au from 56m | | TBM0259 | 16m @ 493 g/t Ag & 0.66 g/t Au from 50m | 3m @ 1706 g/t Ag from 50m & 2m @ 2.20 g/t Au from 59m | | TBM0260 | 12m @ 194 g/t Ag from 14m, and
13m @ 364 g/t Ag & 0.74 g/t Au from 44m | 2m @ 788 g/t Ag from 18m
1m @ 1,570 g/t Ag & 4.45 g/t Au from 44m | | TBM0272 | 14m @ 104 g/t Ag & 0.49 g/t Au from 77m
14m @ 247 g/t Ag & 1.36 g/t Au from 100m | 1m @ 478 g/t Ag & 1.97 g/t Au from 84m
5m @ 576 g/t Ag & 3.11 g/t Au from 100m | | TBM0289 | 16m @ 3.74 g/t Au& 15.1 g/t Ag from 57m | 1m @ 28.9 g/t Au& 61.0 g/t Ag from 58m | | TBM0290 | 8m @ 9.34 g/t Au& 13.6 g/t Ag from 90m | 2m @ 28.9 g/t Au& 33.5 g/t Ag from 93m |
Table 4 - New key ‘western silver zone' and ‘eastern gold zone' assays from May-Jun 2026 drilling21
KEY CORPORATE UPDATES
Cash
At 30 September 2026 the Company had $23.2m in cash, plus a further $4.5m in interest bearing deposits posted as security for rehabilitation performance bond guarantee facilities. Exploration and project expenditure during the quarter has been primarily focused on Tunkillia MRE upgrade drilling, Challenger and Tunkillia feasibility programs, and analysis of the Tolmer high-grade silver discovery. A total of $7.3m cash was spent on these combined activities, including project and exploration personnel costs.
All of the Company's recent ~80,000m Challenger, Tarcoola and Tolmer RC / DD drilling has been fully paid for. During the quarter a total of $193k was paid to related parties, comprising director fees, salaries and superannuation to Directors and their associates. Full details of Barton's cash movements during the quarter can be found in the Company's Appendix 5B.
Strategic diesel reserve
As reported in the Company's 30 June 2026 Quarterly Activities Report, upon the outbreak of conflict in the Middle East Barton acted quickly to procure diesel supplies sufficient for all planned forward work programs. With that situation remaining volatile, Barton maintains a strategic diesel reserve of >250,000 litres, stored in Barton's own facilities and readily accessible, along with its own distribution capabilities. This volume of diesel is sufficient to meet all budgeted FY27 field programs and site requirements.
Issue, Exercise or Expiry of Shares & Options
During the quarter:
a total of 34,965 options were issued pursuant to the Company's Incentive Option Plan;22 a total of 76,451 unlisted options issued in lieu of Directors' fees were exercised, with that number of ordinary fully paid shares issued upon exercise;23 a total of 484,500 unlisted options issued pursuant to the Company's Incentive Option Plan were exercised, with that number of ordinary fully paid shares issued upon exercise.24
Subsequent to quarter end:
a total of 884,485 unlisted options issued pursuant to the Company's Incentive Option Plan lapsed; 25 a total of 839,103 unlisted options issued pursuant to the Company's Incentive Option Plan were exercised, with that number of ordinary fully paid shares issued upon exercise;26and a total of 27,662 unlisted options issued in lieu of Directors' fees were exercised, with that number of ordinary fully paid shares issued upon exercise.27
Research coverage
During the quarter multiple analysts have published updates on the Company, including Canaccord Genuity which increased its price target on Barton Gold to $2.30 (from $2.05) following release of final Tunkillia ‘Phase 2' upgrade drilling assays. Investors can access these on the ‘Research Coverage' page of Barton's website here.
Events subsequent
Key or material news subsequent to the quarter end includes:
7 October: Final Tunkillia assays among the best infill results to-date (read) 20 October: Change of registered office, principal place of business and phone number (read)
CORPORATE PRESENTATIONS & MEDIA
During the quarter, Barton presented at the Tacticand Beaver Creek Precious Metals SummitConferences. The Company also conducted several media interviews and engagements with existing and new institutional and high net wealth investors.
[](https://app.accessnewswire.com/imagelibrary/d95a6e05-e108-429e-a463-ddd1957e3421/1242263/barton-img4-10262026.jpg)
Figure 4 - Presentation to Beaver Creek Precious Metals Summit (clickto view)
[](https://app.accessnewswire.com/imagelibrary/dec69f35-0d3b-4d01-a16d-b8847a536fbe/1242263/barton-img5-10262026.jpg)
Figure 5 - Interview with Mining Network at the Beaver Creek Precious Metals Summit (clickto view)
Copies of the Company's presentations and other media, including interviews and video recordings of conference presentations, are available on the ‘Investor' section of Company's website:
Presentations: https://bartongold.com.au/investor/presentations/ Media: https://bartongold.com.au/investor/media/
Authorised by the Board of Directors of Barton Gold Holdings Limited.
For further information, please contact:
| Alexander Scanlon Managing Director a.scanlon@bartongold.com.au +61 425 226 649 | Jade Cook Company Secretary cosec@bartongold.com.au +61 8 8379 7166 |
APPENDIX 1 - TENEMENT SCHEDULE
| Tenement | Location | Nature of Interest | Interest at the beginning of the quarter | Interest at the end of the quarter | | Tunkillia 2 Pty Ltd | | | | | | EL5901 | South Australia | Granted (title) | 100% | 100% | | EL6639 | South Australia | Granted (title) | 100% | 100% | | EL6845 | South Australia | Granted (title) | 100% | 100% | | Tarcoola 2 Pty Ltd | | | | | | EL6167 | South Australia | Granted (title) | 100% | 100% | | EL6210 | South Australia | Granted (title) | 100% | 100% | | EL6860 | South Australia | Granted (title) | 100% | 100% | | EL7022 | South Australia | Granted (title) | 100% | 100% | | EL7108 | South Australia | Granted (title) | 100% | 100% | | ML6455 | South Australia | Granted (title) | 100% | 100% | | Challenger 2 Pty Ltd | | | | | | EL60121 | South Australia | Granted (title) | 100% | 100% | | EL61731 | South Australia | Granted (title) | 100% | 100% | | EL65021 | South Australia | Granted (title) | 100% | 100% | | EL65321 | South Australia | Granted (title) | 100% | 100% | | EL66251 | South Australia | Granted (title) | 100% | 100% | | ML6103 | South Australia | Granted (title) | 100% | 100% | | ML6457 | South Australia | Granted (title) | 100% | 100% | | MPL63 | South Australia | Granted (title) | 100% | 100% | | MPL65 | South Australia | Granted (title) | 100% | 100% | | MPL66 | South Australia | Granted (title) | 100% | 100% | | Wudinna Gold Project | | | | | | EL70742 | South Australia | Granted (rights) | 100% | 100% | | EL70752 | South Australia | Granted (title) | 100% | 100% | | EL70762 | South Australia | Granted (title) | 100% | 100% | | EL70772 | South Australia | Granted (title) | 100% | 100% | | EL70782 | South Australia | Granted (title) | 100% | 100% |