Slide 1: Investor Presentation
INVESTOR PRESENTATION 10 November 2025 ballardmining.com.au
Slide 2: Disclaimer
DISCLAIMER The following notices and disclaimers apply to this Presentation ("Presentation") and you are therefore advised to NOT FINANCIAL PRODUCT ADVICE read this carefully before reading or making any other use of this Presentation or any information contained in this Presentation. This Presentat
Slide 3: Disclaimer
DISCLAIMER NO LIABILITY MINERAL RESOURCE ESTIMATE (MRE) The information contained in this Presentation has been prepared in good faith by Ballard. However, no guarantee, Information in this Presentation that relates to exploration results, the data and geological interpretation used as the represent
Slide 4: Investment Highlights
INVESTMENT HIGHLIGHTS Grow and Develop 1. Corporate Summary 4. Baldock Fully Permitted - Develop • IPO and demerger from Delta in July 2025 • Open-cut and underground mining • $40M cash1 • 2.5 Mtpa Processing Plant and TSF 2. Mineral Resource 5. Project Strategy – targeting standalone scale • 10Mt @
Slide 5: Corporate Summary
CORPORATE SUMMARY Corporate Structure Board and Key Management Personnel (previous roles) Shares on Issue 378 Million Chair Simon Lill (De Grey) Performance Rights & Options Managing Director Paul Brennan (Saracen, Calidus) 22 Million Executive Director Tim Manners (Ramelius, Wildcat) Share Price (7
Slide 6: Optionality
01 O PT I O N A L I T Y. Vault Minerals (ASX:VAU) 5.3mtpa (7.5 Mtpa) 2.8MOz at 0.7 g/t Au Genesis Minerals (ASX: GMD) 1.84Mtpa (+3.5 Mtpa) 2.7MOz at 2.7 g/t Au Aurenne Group (Private) 1.5Mtpa (1.8 Mtpa) Unknown reserve/grade Ora Banda Mining (ASX: OBM) 1.2Mtpa (3.0 Mtpa) 0.23MOz at 2.4g/t Au Sources
Slide 7: Fully Permitted
02 F U L LY P E R M I T T E D. Fundamental differentiator from other gold developers • Approved Mining Proposal and Mine Closure Plan for Open Pit and Underground Mining at Baldock • Works Approval granted for 2.5 Mtpa Process Plant and TSF • Approved Native Vegetation Clearing Permit • 1.2 GL/yr gr
Slide 8: Targeting 5-6 year Ore Reserve mid CY26
03 Ta rge t i n g 5 - 6 y e a r O re R e s e r ve m i d CY 2 6 GROW mine plan to +10 years: CY26 drill program funded – 4 rigs spinning FY26 FY27 FY28 Sep Q Dec Q Mar Q Jun Q Sep Q Dec Q Mar Q Jun Q Sep Q Dec Q Mar Q Jun Q Develop 930koz1 Baldock BALDOCK INFILL DRILLING (complete Dec’25) BALDOCK GEO
Slide 9: October 2025 Exploration Target
October 2025 Exploration Target ballardmining.com.au
Slide 10: Statement of Exploration Target
04 S t a t e m e n t o f E x p l o ra t i o n Ta rge t IMPORTANT: You must read the following before continuing. The October 2025 Exploration Target reported for the Mt Ida Gold Project excludes and is in addition OCTOBER 2025 EXPLORATION TARGET BASIS The October 2025 Exploration Target presented ar
Slide 11: Structural Review
04 ST R U CT U R A L R E V I E W Swallow the Elephant one bite at a time • Mt Ida considered analogous to the +10Moz Agnew gold camp (~150km north) by renowned Structural Geologist Dr Sarah Jones • Orogenic orebodies typically “plumb deep” o Agnew 1.4km deep1 mine. ~150km north o Genesis’ Gwalia Und
Slide 12: The Best Spot to Find a New Mine
04 T H E B E ST S P OT TO F I N D A N E W M I N E … …is at an existing FULLY PERMITTED mine. Orogenic Deposits Plumb Deep Top 300m averages ~2,500 oz Per vertical metre, function of drilling 1. Refer to the Ballard IPO Prospectus lodged with the Australian Securities and Investment Commission (“ASIC
Slide 13: Regional Exploration
04 • First Pass Phase 1 R EG I O N A L E X P LO R AT I O N Upside from 53 Exploration Targets – eg Neptune drill program completed at Neptune • Neptune identified due to present of historical UG workings and HG Neptune Prospect rock chips historic workings 350m • 23m @ 1.8 g/t from 21m depth1 • Shal
Slide 14: Neptune Example
04 N e p t u n e E xa m p l e Phase 2 drilling underway Neptune Phase 2 Phase 1 drilling informs next phase at Neptune • Drilling now commenced • 40m x 40m spacing, targeting Neptune Prospect historic workings Maiden MRE March Quarter 350m (Inferred) 14 ballardmining.com.au
Slide 15: Investment Highlights
05 I N V E ST M E N T H I G H L I G H TS LOCATION → +15Mtpa Processing Capacity and deep orebodies proximal CAMP SCALE EXPLORATION POTENTIAL → additional drilling to advance Exploration Target1 DUAL STREAM STRATEGY → Target +10 Year Plan from initial ~6 year Reserve + exploration success to deliver
Slide 16: Appendix A Mineral Resource Estimate
Appendix A Mineral Resource Estimate 16 ballardmining.com.au
Slide 17: Mineral Resource Estimate – April 2025
A MINERAL RESOURCE ESTIMATE – APRIL 20251 Indicated Inferred Total Cut off Deposit Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces (000s) g/t Au (000s) (000s) g/t Au (000s) (000s) g/t Au (000s) Baldock 2,600 4.5 365 1,570 3.6 200 4,120 4.2 563 Kestrel - - - 940 1.6 48 940 1.6 48 Open cut
Slide 18: Appendix B Previous ASX Announcements
Appendix B Previous ASX Announcements 18 ballardmining.com.au
Slide 19: Previous ASX Announcements
B PREVIOUS ASX ANNOUNCEMENTS This announcement contains information extracted from ASX market announcements reported in accordance with the JORC Code. Further details (including JORC Code reporting tables where applicable) of exploration results referred to in this announcement can be found in the f