Barton Gold (ASX: BGD) (OTCQB: BGDFF) has achieved an impressive net profit after tax of $3.1 million for the December 2024 half-year on $8.5m in revenue.

The main contributors were the company’s December 2024 gold sale that realised $5m and a $2.38m research and development tax refund.

This is particularly notable given Barton fully expenses its exploration works, rather than capitalising them to its balance sheet.

Strong gold tailwind

“During the past three years, we have quickly and efficiently built a large-scale development platform and the gold market is offering a strong tailwind,” managing director Alexander Scanlon said.

“Before 30 June, we will publish an Optimised Scoping Study for Tunkillia, [in which] we anticipate material efficiency gains.”

“In parallel, we will deliver our plan to restart the Central Gawler Mill, with the aim of confirming a low-capex start to operations from 2026 and a low-risk, lower-dilution pathway to our 150,000 ounces per annum gold production target.”

Dual successes

Barton used the half-year to expand the mineral resource estimates at both its Tunkillia and Tarcoola projects.

Highlights included the addition of 20,000oz of gold to the Perseverance open-pit floor and a new high-grade gold-silver discovery at the Tolmer prospect at Tarcoola.

Tunkillia ISS

The company completed an Initial Scoping Study (ISS) at Tunkillia in July for a 5-million-tonne-per-annum bulk open-pit operation.

The study focused on an initial 6.4-year life-of-mine with average production of around 130,000ozpa gold and approximately 311,000ozpa silver.

Barton has identified an opportunity to develop Tunkillia at an all-in sustaining cost of approximately $1,917/oz of payable gold (net of silver credits), ranking it favourably among current Australian gold operations reporting this metric.

With $9.2m in cash as at 13 January 2025, Barton is well capitalised to continue its aggressive exploration and development activities.