Ballard Mining (BM1) investor relations material

Financial position and funding

• Cash balance of $62 million as of 30 June 2026, supporting drilling and development to final investment decision (FID).

• Market capitalisation of approximately $340 million and enterprise value of $278 million.

• De-risked balance sheet with 24% institutional shareholders and significant ownership by Delta Lithium and Aurenne Group.

Project development and resource growth

• Mt Ida Project hosts a 1.2Moz gold mineral resource estimate (MRE), with 1Moz at the Baldock deposit, majority in the Indicated category.

• 220,000m drill program planned for 2026 to drive resource growth and target standalone scale.

• Growth strategy aims for 1.5Moz MRE to underpin feasibility study and 2.0Moz MRE for project build.

• Fully permitted for 2Mtpa process plant, all mining approvals in place, and 3.7GL/year water license granted.

Exploration and upside potential

• Over 50 regional targets identified for testing, with satellite opportunities emerging on both sides of the Copperfield Granite.

• Baldock deposit remains open at depth, with extensional drilling underway and high-grade intercepts reported.

• Mt Ida considered analogous to the +10Moz Agnew gold camp, indicating significant upside.

• Satellite prospects such as Kestrel, West Knell, and Golden Vale show shallow, high-grade mineralisation.