Ballard Mining (BM1) Corporate presentation summary

Corporate structure and financial position

• Listed via IPO and demerger in July 2025, with a pro forma cash position of $40M as of September 2025.

• Market capitalization is approximately $300M, with 378 million shares on issue and a share price of ~$0.80 as of January 2026.

• Major shareholders include Delta (41.4%), Aurenne Group (9.6%), Hancock Prospecting (5.6%), and board/management (5.4%).

• Top 20 shareholders hold 70% of the company.

• Broker coverage targets a price range of $1.00–$1.40.

Mineral resource and project status

• Mineral Resource Estimate (MRE) of 10.3Mt @ 3.33g/t Au for 1.1Moz gold, with the Baldock deposit containing 930koz @ 4.1g/t Au.

• Fully permitted for open cut and underground mining at Baldock, with approvals for a 2.0Mtpa processing plant, TSF, and a 3.7GL/year water license.

• Initial 5–6 year mine life targeted, with a focus on resource growth and a maiden ore reserve at Baldock expected mid-2026.

• Project is considered shovel-ready, with production bores installed and all major permits in place.

Exploration and growth strategy

• October 2025 exploration target of 11.8–14.6Mt grading 2.6–3.9g/t gold, with 53 regional exploration prospects identified.

• Ongoing drilling, resource conversion, and growth drilling planned throughout 2026 to support resource expansion.

• Mt Ida project is considered analogous to the +10Moz Agnew gold camp, with deep orogenic gold potential and systematic drilling planned.

• Exploration targets include deeper extensions at Baldock and regional prospects, leveraging existing infrastructure.