Ballard Mining (BM1) Argonaut Resources Series presentation summary

Corporate overview and financial position

• Completed IPO and demerger in July 2025, with pro forma cash of $40M as of September 2025.

• Market capitalization is approximately $250M, with 378 million shares on issue and a share price of $0.67 as of November 2025.

• Major shareholders include Delta Lithium (41.4%), Aurenne Group (9.6%), Hancock Prospecting (5.6%), and Mineral Resources (5.1%).

• Board and management have significant mining sector experience, including previous roles at De Grey, Saracen, Calidus, Ramelius, Wildcat, Spectrum, Delta, Gold Fields, MACA, PLS, and Newmont.

Mineral resource and exploration potential

• Mt Ida Project hosts a mineral resource of 10.3Mt @ 3.3g/t Au for 1.1Moz, with the Baldock Deposit containing 930koz @ 4.1g/t Au.

• October 2025 Exploration Target is 11.8–14.6Mt grading 2.6–3.9g/t Au, separate from the current resource.

• Over 50 regional exploration prospects identified, with systematic drilling planned throughout CY2026.

• Structural review identified 35 additional targets, highlighting regional scale potential.

Project development and permitting

• Baldock is fully permitted for open-cut and underground mining, with approvals for a 2.0Mtpa processing plant and tailings storage facility.

• Native vegetation clearing permit and 3.7GL/year groundwater license secured, supporting up to 3.7Mtpa processing.

• Project is described as shovel-ready, with production bores installed and construction underway.