Ballard Mining (BM1) investor relations material

Resource base and growth

• Sep 2026 MRE totals 20.376Mt at 2.8g/t Au for 1.836Moz, up 56% from Feb 2026.

• Baldock holds 1.363Moz at 3.5g/t Au, including 647koz Indicated at 3.9g/t Au.

• Regional deposits include West Knell at 147koz, Golden Vale at 124koz and Kestrel at 53koz.

Drilling and exploration

• ~60,000m drilled since the 30 June 2026 MRE cut-off continues to intersect extensions for future resource updates; ~30,000 assay results are pending.

• ~60,000m of infill drilling planned for the remainder of CY2026, including ~20,000m at Golden Vale and ~40,000m at West Knell; Kestrel infill is complete.

• CY2027 drilling will test resource extensions and improve resource confidence at Mt Ida; Baldock extensional drilling is planned to 750–1,000m depth.

Development and permitting

• Long-term planning goal is a resource base supporting 10 years at 100koz pa; this is not a production target and informs drilling programs.

• All resources are on granted mining leases; open-pit and underground mining approvals, a 2.0Mtpa plant works approval and a 3.7GL/yr groundwater licence are in place.

• Eight production bores are installed and the Mt Ida public road diversion is complete; early works are underway.

• Feasibility Study, Ore Reserve and FID are targeted for mid-CY2027; the presentation links FS completion to a +2Moz MRE target.