Ballard Mining (BM1) Investor presentation summary

Resource growth and exploration

• September 2026 MRE increased 658koz (56%) to 20.4Mt at 2.8g/t for 1.84Moz; Baldock holds 1.36Moz at 3.5g/t.

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

• West Knell MRE grew 258% to 147koz and Golden Vale grew 359% to 124koz; infill drilling is underway or planned.

• Since the September MRE cutoff, ~60,000m of growth drilling was completed and ~40,000m of assays remained outstanding; six rigs are on site.

Development and infrastructure

• All Mineral Resources are on granted mining tenure; approvals include the mining proposal and closure plan, a 2.0Mtpa plant and tailings storage facility, and vegetation clearing.

• Groundwater licence totals 3.7GL/year; seven production bores are installed, Baldock dewatering bores are due for completion in December Q, and the public road diversion is underway.

• Feasibility Study, including a maiden Ore Reserve, process-plant FEED and infrastructure works are planned in parallel; Feasibility Study and FID are targeted for mid-CY2027.

• Targeting a 10-year mine life by FID, with a permitted 2.0Mtpa process plant and tailings storage facility.

Capital raising and planned spending

• Non-underwritten placement seeks ~$45.0M before costs through ~68.2M shares at $0.66 each, equivalent to ~15.0% of existing shares; shares rank equally with existing shares.

• The $0.66 offer price is a 7.7% discount to the 7 October close and a 16.2% discount to the 10-day VWAP; the non-underwritten SPP targets A$5.0M, with eligible AU/NZ holders able to apply for up to A$30,000.

• Cash on hand was $44.1M at 30 September 2026; sources total $94.1M, including $50.0M of raising proceeds before costs and assuming no SPP oversubscriptions.

• Planned uses include $20M each for growth and infill drilling, $28M for an accommodation village, $10M for FEED, and $6.5M for road diversion, dewatering and the Feasibility Study.

• SPP offer period is scheduled for 19 October–9 November 2026; results are scheduled for 13 November and share allotment for 16 November.