FY2021
IPO and South Australian portfolio
The June2021 IPO raised A$15m before costs. Work covered Tunkillia, Tarcoola and Challenger, with resource reviews at Tunkillia and Challenger.
ASX: BGD · Five-year financial review
(ASX: BGD) Barton Gold Financial Review - FY2021~25
Barton used equity funding and asset monetisation to advance its South Australian gold projects. The FY2025 loss improved sharply, but concentrate sales and R&D income must be separated from recurring mine production and from the timing of cash receipts.
Reading the figures: Units are stated above each table or beside the metric. Brackets denote negative amounts. Supported nil is shown as zero; unlike reporting bases remain separately labelled.
FY2025 net loss
A$1.839m
After monetisation and refund income.
Cash and equivalents
A$2.491m
Excludes longer-term deposits.
Longer-term deposits
A$6.500m
Not presented as unrestricted cash.
Exploration expense
A$5.212m
FY2025 accounting expense.
Five years in context
Barton listed in June2021 with the Challenger, Tarcoola and Tunkillia portfolio. Exploration and resource definition continued alongside monetisation of surplus assets and recovered gold material.
A scoping study describes a development scenario, not actual sales, annual production or a completed funding package. The Tunkillia study and resource announcements are therefore kept in the project timeline rather than inserted into the financial history.
Events behind the numbers
FY2022
Drilling and surplus-asset sales
Tarcoola and Tunkillia drilling extended geological targets. Sales of surplus equipment and gold materials generated more than A$1.7m of cash proceeds.
FY2023
Resource growth and recovered concentrates
Tunkillia resources reached about1.15Moz. Around11tonnes of high-grade concentrate were reported, but their estimated contained gold value was not cash or recognised inventory at that point.
FY2024
Larger resource; concentrate advance
Tunkillia resources grew to about1.5Moz in March2024. A provisional concentrate payment was received in June; the initial scoping study followed in July, after year-end.
FY2025
Gold sale finalised and study optimised
The concentrate sale was finalised in December2024. Tunkillia’s March2025 resource update and optimised study advanced the development case; Wudinna acquisition events disclosed after June are subsequent events.
FINANCIAL REVIEW / 01
A lower loss does not make the company self-funding
Other income increased materially while exploration remained a substantial expense. The five-year record shows why the latest profit-and-loss improvement should not be read as a transition to recurring mine operating profit.
Annual statutory losses
A$ million
Net loss after tax
AI-generated presentation · values from Five-year loss, cash and equity; no missing values plotted as zero.
Cash-only balances
A$ million
Cash and equivalents: balance-sheet definition
AI-generated presentation · values from Five-year loss, cash and equity; no missing values plotted as zero.
Five-year loss, cash and equity
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net loss after tax | (7.733) | (4.105) | (5.678) | (9.403) | (1.839) |
| Cash and equivalents: balance-sheet definition | 14.891 | 11.200 | 10.451 | 4.266 | 2.491 |
| Total group equity | 14.273 | 10.269 | 8.703 | 6.328 | 8.861 |
June year-ends; A$000 converted to millions.
From FY2024, term deposits longer than three months are shown separately from cash. A cash-only fall is not necessarily a matching fall in total deposits.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Gold recognition and cash arrival crossed year-ends
The FY2025 gold sale was approximately A$5.043m, but most cash arrived as a June2024 provisional payment. The prior-year A$4.272m deferred-income balance was released when the sale was completed, with a final A$0.770m receipt in December2024. The full sale must not be counted again as FY2025 cash.
The R&D cash refund also supported FY2025 income. These monetisation and refund effects explain part of the loss reduction; they are not a substitute for an operating-mine cash margin.
Other income and the annual loss
A$ million
Other incomeNet loss after tax
AI-generated presentation · values from Why the reported loss narrowed; no missing values plotted as zero.
Why the reported loss narrowed
A$ million
| Metric | FY2024 | FY2025 |
|---|---|---|
| Other income | 0.794 | 9.260 |
| Exploration expense | (5.421) | (5.212) |
| Administration and other expense | (3.349) | (4.758) |
| Project expenditure | (0.666) | (0.314) |
| Care and maintenance | (0.151) | (0.135) |
| Finance expense | (0.610) | (0.680) |
| Net loss after tax | (9.403) | (1.839) |
Other income includes asset monetisation and R&D-related income; it is not evidence of a new steady-state gold mine.
Expense signs follow the income statement. Exploration costs are recognised as expense in this presentation.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Deposit classification matters
The FY2024 financial statements separate A$5.950m of longer-term deposits from A$4.266m cash, together matching the broader A$10.216m closing funds in the cash-flow extraction. FY2025 retains that separation. None of these balances is automatically labelled fully unrestricted.
A rehabilitation performance cash bond of A$4.470m is held by the regulator. It is not additional freely available operating cash. The associated restoration provision is an accounting obligation rather than a cash balance.
Cash and longer-term deposits
A$ million
Cash and cash equivalentsTerm deposits longer than three months
AI-generated presentation · values from Separate deposits from cash and provisions; no missing values plotted as zero.
Group equity
A$ million
Total group equity
AI-generated presentation · values from Five-year loss, cash and equity; no missing values plotted as zero.
Separate deposits from cash and provisions
A$ million
| Metric | FY2024 | FY2025 |
|---|---|---|
| Cash and cash equivalents | 4.266 | 2.491 |
| Term deposits longer than three months | 5.950 | 6.500 |
| Cash plus longer-term deposits | 10.216 | 8.991 |
| Current liabilities | 5.271 | 1.530 |
| Deferred gold-sale income | 4.272 | 0.000 |
| Non-current provisions | 13.713 | 13.196 |
Cash plus deposits is an editorial sum, not a reported free-cash balance. Rehabilitation cash bonds are not added again.
Provisions are liabilities; the cash bond held by the regulator is a different asset/restriction.
Current liabilities include deferred income; it is not an additional borrowing balance.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
Historical financing and the remaining packet gap
The historical flow series shows operating outflows supported by financing and asset disposals. FY2025 group operating, investing and financing subtotals are not established in the frozen extraction, so this chart stops at FY2024 instead of manufacturing a fifth-year zero.
Operating and financing cash
A$ million
Operating cash flowFinancing cash flow
AI-generated presentation · values from Extracted cash-flow history through FY2024; no missing values plotted as zero.
Extracted cash-flow history through FY2024
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|
| Operating cash flow | (5.259) | (4.367) | (4.860) | (6.518) |
| Investing cash flow | 0.243 | 0.676 | 0.550 | (0.023) |
| Financing cash flow | 18.134 | 0.000 | 3.561 | 6.306 |
FY2025 group cash-flow subtotals were not established from this frozen packet. The A$55k lease cash item is not substituted for total financing.
FY2024 cash-flow closing funds include the longer-term deposits separately classified on the balance sheet. These flow categories are retained as extracted, not reconciled to cash-only by inventing transfers.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- Only frozen annual extractions were used; no original PDF, DB query, parsed text retrieval or financial web research.
- FY2025 group cash-flow totals remain an extraction gap, not a claim that the issuer did not disclose them.
- Restricted bonds, longer-term deposits, accounting provisions and unrestricted cash are not treated as interchangeable.
- Forecast mine production, project IRR and subsequent acquisitions are not actual annual operating results.
- Published primary-author review, not an independent audit.
Annual-report source registry
- Barton Gold - Annual Report to shareholdersFrozen annual extraction; cash classification and timing retained.
- Barton Gold - Annual Report to shareholdersFrozen annual extraction; cash classification and timing retained.
- Barton Gold - Annual Report to shareholdersFrozen annual extraction; cash classification and timing retained.
- Barton Gold - Annual Report to shareholdersFrozen annual extraction; cash classification and timing retained.
- Barton Gold - Annual Report to ShareholdersFrozen annual extraction; cash classification and timing retained.
Prepared solely from the existing year-by-year extraction datasets. No raw annual-report body, PDF, new database lookup or financial web research was used. Review is against those stored extractions, not a new independent original-document audit.
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AI-led method
This report uses AI actively and extensively for evidence extraction, comparison, organisation, calculation checks, drafting, translation planning and presentation. Material claims received reasonable editorial review against cited public sources; this was not an audit, assurance engagement or independent verification. Limitations in public sources, AI systems and review may leave errors, omissions, inconsistencies or translation, classification and interpretation errors.
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