Ballard Mining (BM1) Q4 2026 TU earnings summary

Executive summary

• Advanced 220,000m resource growth drilling at Mt Ida Gold Project, targeting both Ballard and Baldock Faults with six rigs active during the quarter.

• Significant high-grade gold intercepts at Baldock and new regional discoveries at Ayla, Pluto, West Knell, and Golden Vale, indicating strong potential for resource expansion.

• Project development workstreams, including feasibility-level metallurgical and geotechnical studies, are progressing on schedule toward a development decision in H1 2027.

• Mt Ida hosts a JORC 2012-compliant Mineral Resource Estimate of 12.3Mt @ 3.0g/t Au for 1.2Moz, with Baldock accounting for over 85% of ounces.

Financial highlights

• Cash balance at 30 June 2026 was $61.8 million, down from $75.6 million in the previous quarter, primarily due to $13.5 million in exploration and evaluation expenditure.

• Operational outflows for the quarter were mainly attributed to ongoing drilling and project development activities.

• No substantive mining production or development activities occurred during the quarter.

Outlook and guidance

• Maiden Ore Reserve at Baldock expected to be announced in the September quarter, underpinning an initial 5–6 year mine life and a pathway to an 8–10 year standalone operation.

• Ongoing focus on resource growth through extensional and regional drilling to add scale and support future production.

• Feasibility studies and early works, including camp expansion and road diversion, are advancing to support a Final Investment Decision in H1 2027.