Ballard Mining (BM1) Investor presentation summary

Corporate and financial overview

• IPO and demerger completed in July 2025, with $40M cash and a $213M market capitalization 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, with backgrounds at De Grey, Saracen, Calidus, Ramelius, Wildcat, Spectrum, Delta, Gold Fields, MACA, PLS, and Newmont.

Mineral resource and exploration

• Mt Ida Project hosts a Mineral Resource Estimate of 10.3Mt @ 3.3g/t Au for 1.1Moz, including the Baldock Deposit with 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 new targets, expanding on 18 historical targets.

Project development and permitting

• Baldock is fully permitted for open-cut and underground mining, with approvals for a 2.5Mtpa processing plant and tailings storage facility.

• Water supply secured with 1.2GL/yr license and an additional 2.5GL/yr pending, supporting up to 3.7Mtpa processing.

• Project is shovel-ready, with production bores installed and tested.