Barton Gold Holdings Limited announced a major refurbishment of its Central Gawler Mill, with preliminary engineering analysis indicating that restoring the facility to its original 600,000 tonne per annum fresh ore capacity will require an estimated capital expenditure of approximately A$26 million, with a ±30% margin around this estimate. The planned upgrades include enhancements to mill motors, automation systems, and the installation of a new pre‐leach thickener, all designed to boost operational efficiency and improve gold recovery. The processing cost has been estimated at roughly A$44.50 per tonne, providing a competitive edge over building a new mill or engaging third-party toll milling operations. The company’s strategy leverages its long-standing operational infrastructure; the Central Gawler Mill, originally built in 2002 and expanded in 2010, produced around 1.2 million ounces of gold with recoveries in the mid-90% range before being put on care and maintenance in 2018. This refurbishment is part of Barton Gold’s broader plan to de-risk ‘Stage 1’ operations, with feasibility studies underway and the aim of initiating production by the end of 2026. Recent updates include an enhanced 223,000-ounce Mineral Resource Estimate for its adjacent Challenger Gold Project, along with the identification of higher-grade tailings opportunities that could significantly improve gold recovery when processed with modern, more efficient fine grinding technologies. The refurbishment plan is underpinned by robust technical criteria: a crushing feed capacity of 81 tonnes per hour, grinding feed of 71 tonnes per hour, and a designed processing schedule that calls for nearly continuous operation with specific throughput and residence time targets. Future studies will explore increased automation and potential upgrades to mill motors to further optimize throughput, reduce energy consumption, and maximize recoveries. With the existing infrastructure providing additional security in financing discussions, the company is in active dialogue with multiple credit providers to secure low-dilution credit and working capital financing, while also considering alternative methods such as forward sales and stockpile financing from historical tailings and other assets. From a market sentiment perspective, there are clear bullish elements in the announcement. The relatively low capital requirement compared to a greenfield project, combined with the proven track record of the mill and adjacent asset portfolio, signals a potentially robust pathway to production with reduced financing risk and shorter timelines. At the same time, some bearish concerns remain. The ±30% uncertainty in cost estimates and the need for further efficiency studies suggest that execution risk has not been entirely mitigated. Moreover, reliance on market conditions and commodity price stability will be critical factors in realizing the anticipated returns.