Ballard Mining (BM1) Q1 2027 TU earnings summary

Executive summary

• Mt Ida global MRE rose 658 koz, or 56% vs Feb 2026, to 20.4 Mt at 2.8 g/t Au for 1.84 Moz; increase followed 124,626 m of drilling.

• Resource growth across Baldock and regional deposits supports the targeted standalone operation and initial 8–10-year mine life; Feasibility Study and maiden Ore Reserve remain targeted for mid-CY2027.

• September-quarter work advanced project de-risking, while an October placement and planned SPP lifted pro forma cash to A$94.1m.

Financial highlights

• Quarter-end cash was A$44.1m, down from A$61.8m at June quarter-end; quarter operating cash outflow was A$0.332m and investing outflow A$17.376m.

• Exploration and evaluation expenditure was A$17.318m for the quarter; Mt Ida exploration and evaluation expenditure was the primary operational outflow.

• Pro forma cash was A$94.1m, including net proceeds from the completed A$45m placement and planned SPP proceeds of up to A$5m.

• The 658 koz resource increase was attributed a discovery cost of A$36/oz, based on A$24.1m exploration expenditure from Jan–Jun 2026.

Outlook and guidance

• Mt Ida Feasibility Study and maiden Ore Reserve targeted for mid-CY2027, ahead of a Financial Investment Decision.

• Strategy targets an initial 8–10-year mine life for a standalone operation; near-term priorities include resource extensions and conversion of Inferred Resources to higher-confidence categories.

• Placement and SPP proceeds are intended for resource growth and infill drilling, pre-FID works, a 250-person accommodation village, and completion of the Feasibility Study and maiden Ore Reserve.

• Road diversion works are expected to be completed during the December quarter; several dewatering bores are also planned for that quarter.