$4.25 Million Gold Sale

Barton Gold Holdings Limited
6 min read

In This Article:

HIGHLIGHTS

  • Sale of ~1,400oz gold produced from December 2022 mill cleanout and preservation program [1]

  • Provisional payment of 90% received, totalling USD $2.82 million (AUD $4.25 million) [2]

ADELAIDE, AUSTRALIA / ACCESSWIRE / June 18, 2024 / Barton Gold Holdings Limited (ASX:BGD)(OTCQB:BGDFF)(FRA:BGD3) (Barton or the Company) is pleased to confirm the sale of gold recovered from its December 2022 mill cleanout and preservation program. 1

Approximately 1,400 ounces gold have been sold via a treatment and refining contract for the Company's gold concentrate materials, the general terms of which include the following:

  • 11 dry metric tonnes of concentrates (+/- 10%);

  • Market competitive treatment ( TC ) and refining charges ( RC ) and Au / Ag payability (Payability);

  • 90% initial payment against current assays, average 10 day gold price (Provisional Payment);

  • independent third party weighing, sampling and moisture determination (WSMD);

  • independent third party sampling and assay of all concentrate materials (Assays);

  • final payment based upon WSMD, Assays, and average July gold price (Final Payment); and

  • other terms and conditions standard for a gold refining and sale contract of this type.

The USD $2.82 million (AUD $4.25 million) Provisional Payment received therefore represents an initial deposit payment pursuant to which the acquiror has taken custody of the materials. WSMD and Assays sampling will now be undertaken on the materials prior to export for processing, refining and sale.

The Final Payment will be a ‘balancing payment' based upon final WSMD, Assays, Payability and other cost factor calculations, and average July 2024 gold / silver prices. If the Final Payment value is greater than the Provisional Payment received, the difference will be payable from the buyer to Barton. If the Final Payment value is less than the Provisional Payment, the difference will be payable by Barton to the buyer.

Barton notes that the weights and assays on which the Provisional Payment are based are indicative only and final recoveries may vary significantly based upon metallurgical and other factors. The materials are highly variable in nature and these figures are not a forecast of final gold recoveries or sale proceeds.

Commenting on Barton's gold sale, Barton Managing Director Alex Scanlon said:

"We are very excited to announce this gold sale, which has been achieved on extremely competitive terms. This outcome reflects both a great deal of hard work by our management team, and its broader commercial skill.

"This is also an excellent result for our shareholders. Barton continues to differentiate itself not only via the cost-efficient advancement of its development projects, but also a growing track record of asset monetisation. Since our June 2021 IPO, these efforts have generated over A$10 million in non-dilutive cash (net of costs) for Barton, the proceeds of which have to-date covered 100% of our corporate costs and reinforced our treasury position."

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