Ballard Mining (BM1) Investor presentation summary

Resource scale and growth

• September 2026 MRE: 1.836Moz at 2.8g/t across 20.376Mt, including 1.363Moz at Baldock.

• MRE increased 56% from February 2026’s 1.178Moz; Baldock rose 35% to 1.363Moz.

• Baldock open pit: 516koz at 3.5g/t, with 85% in the JORC Indicated category; underground: 847koz at 3.4g/t.

• FY2027 drilling is planned to test resource extensions and increase resource confidence at Mt Ida.

Drilling and development pipeline

• ~60,000m drilled since the 30 June 2026 MRE cut-off continues to intersect mineralisation extensions for future MRE updates.

• ~30,000 assay results are pending; ~60,000m of infill drilling is planned for the rest of CY2026, including 30,000m each at Golden Vale and West Knell.

• Five rigs are operating at Mt Ida; infill drilling is aimed at converting Inferred Resources to higher-confidence Indicated Resources.

• Standalone plan targets growth beyond 2.0Moz, a feasibility study incorporating a maiden Ore Reserve, and FID by mid-CY2027.

Permitting and infrastructure

• All Mineral Resources are on granted Mining Leases; open-pit and underground mining proposals and closure plans are approved.

• Works Approval covers a 2.0Mtpa process plant and tailings storage facility; a 3.7GL/year groundwater licence is granted.

• Seven production bores are installed; the Mt Ida public road diversion is ~75% complete and scheduled for completion this quarter.

• Investment highlights target a 10-year mine life by FID, with permits in place for the 2.0Mtpa plant.