Ballard Mining (BM1) Investor presentation summary

Corporate overview and structure

• IPO and demerger completed in July 2025, with $28.8M cash on hand as of 31 December 2025.

• Market capitalization of approximately $351M, with 378M shares on issue and top 20 holders owning 70%.

• Board and management have significant industry experience, including backgrounds at De Grey, Saracen, Calidus, Ramelius, Gold Road, and Gold Fields.

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

Project and resource highlights

• Mt Ida Project hosts a mineral resource estimate of 10.3Mt @ 3.33g/t Au for 1.1Moz gold, with the Baldock deposit containing 930koz @ 4.1g/t Au.

• Project is centrally located in the WA Eastern Goldfields, surrounded by major gold operations and infrastructure.

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

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

Growth strategy and development plan

• Targeting standalone scale with a maiden ore reserve at Baldock expected mid-CY26, underpinning an initial 5–6 year mine life.

• 220,000m of drilling planned for CY2026 (170,000m RC, 50,000m diamond), focused on extensional and regional growth.

• Early works to commence ahead of final investment decision (FID), including accommodation upgrades, bore field, and road diversion.

• Ongoing studies in mining, metallurgy, and geotechnical areas to support a seamless transition to FID.