Slide 1: Unlocking the Potential of Mt Ida
For personal use only UNLOCKING THE POTENTIAL OF MT IDA Initial Public Offer to raise $25→$30M (before costs) 3 0 M AY 2 0 2 5 ballardmining.com.au
Slide 2: Disclaimer
DISCLAIMER IMPORTANT: You must read the following before continuing. taking into account the recipient’s investment objectives, financial circumstances or particular needs. Each recipient must make his/her own independent assessment and investigation of Ballard and its This presentation (“Presentati
Slide 3: Disclaimer
DISCLAIMER INVESTMENT RISK prepared by Michael Andrew an employee of Snowden Optiro. Mr Andrew is a Fellow of the Australasian Institute of Mining and Metallurgy (Membership No. 111172) and has sufficient An investment in Ballard Shares is subject to investment and other known and unknown risks, som
Slide 4: Investment Highlights
INVESTMENT HIGHLIGHTS Grow and Develop Strategy 1 JORC MRE of 1.1Moz @ 3.3g/t1,2 Au largely on granted Mining Leases For personal use only 2 Fully permitted for mining. Application progressing for 1.5Mtpa Process Plant & TSF 3 Free-milling, non-refractory orebody, amenable to conventional CIL Proces
Slide 5: Contents
C O N T E N TS For personal use only 1. Board Composition 8. Appendices 2. Project Location a. Mineral Resource Estimate b. Mineral Rights Deed 3. Project History c. Peer Comparison – Source Data Ironstone Hill at Lake Ballard 4. Mt Ida Gold Project Overview ~30km south of Mt Ida Gold Project d. His
Slide 6: Board Composition
01 B OA R D C O M P O S I T I O N Highly credible leadership team with a proven track record in creating shareholder value For personal use only SIMON LILL PAUL BRENNAN TIM MANNERS STUART MATHEWS JAMES CROSER LOREN FALCONER Non Executive Chair Managing Director Finance Director Non Executive Directo
Slide 7: Location, Location, Location!
02 LO CAT I O N , LO CAT I O N , LO CAT I O N ! Heart of the WA goldfields, 4 x processing plants within c.100km For personal use only Note: Refer to the Ballard IPO prospectus lodged with ASIC on 30th May 2025 and the Disclaimer for further information on the Mt Ida Gold MRE 7 Corporate Presentatio
Slide 8: Timeline: A History of High-Grade Gold
03 TIMELINE A H I STO RY O F H I G H - G R A D E G O L D For personal use only 1890 - 1960 2021 2023 2025 • Timoni Mine • Red Dirt Metals purchases Mt Ida • Maiden Gold MRE at Mt Ida • Gold MRE Update Production from Ora Banda Ltd with Gold 3.1Mt @ 4.1g/t Au for 412koz3 10.3Mt @ 3.3g/t Au for 1,102k
Slide 9: Mt Ida Gold Project
04 M T I DA G O L D P ROJ ECT Growth and Development Opportunity 7km 9km 1.1Moz at 3.3g/t Au1 For personal use only • JORC MRE includes Baldock Deposit of 930koz at 4.1g/t Au (402koz Indicated)1 • Camp-scale exploration potential across 26km of continuous underexplored shear zones • 6 existing gold
Slide 10: Baldock – A Great Start...
04 BA L D O C K – A G R E AT STA RT… . 80,000m planned drill program – infill and extensional Baldock MRE - Ounces Per Vertical Metre For personal use only - 1,000 2,000 3,000 4,000 Top 300m averages ~2,500 oz Per vertical metre, function of drilling • Most recent drill program added 256,000oz at Ba
Slide 11: Baldock Metallurgy
04 BA L D O C K M E TA L LU RGY Free-milling & amenable to conventional CIL processing • 24hr leach recoveries above 90% For personal use only • Recoveries: oxide >95%, transitional >94% with average fresh 93%1 • All 5 Lodes amenable to standard crush/grind/CIL adsorption • Copper not problematic. I
Slide 12: Exploration
• 05 E X P LO R AT I O N 50,000m planned drill program 26km of continuous greenstone belt folded around the Copperfield Granite. For personal use only Prospective shear zones and host rocks on either side • 13km Baldock Thrust → 35,000m drill program planned • 13km Ballard Fault → 15,000m drill prog
Slide 13: Baldock Thrust Exploration
05 BA L D O C K T H R U ST E X P LO R AT I O N 35,000m planned drill program For personal use only • 2001 Baldock discovery due to outcropping nature • Resource growth has been focused at Baldock • Over 7km of strike to the north of Baldock has an average drill depth of just 43 metres despite high g
Slide 14: Ballard Fault Exploration
05 BA L L A R D FAU LT E X P LO R AT I O N 15,000m planned drill program For personal use only • Geological units on the Ballard Fault are identical to Baldock Thrust (same greenstone belt) • Limited or no drilling at some Prospects 14 Corporate Presentation May 2025 ballardmining.com.au
Slide 15: Ballard Fault Exploration
05 BA L L A R D FAU LT E X P LO R AT I O N “These holes weren’t dug for fun!” • Neptune Prospect example of For personal use only underexplored nature on the Ballard Fault • Multiple historic shaft workings and high- 9.64 g/t grade rock chips along a continuous strike 14.1 g/t Neptune Prospect histo
Slide 16: Capital Structure – Raising $25-$30M
06 BALLARD MINING LIMITED CA P I TA L ST R U CT U R E – R A I S I N G $ 2 5 - $ 3 0 M ( b e fo re c o st s ) No. Shares AUD AUD OWNERSHIP STRUCTURE $25M $30M For personal use only Delta retained 46-49%4 Shares Issued to Delta 220M $55M $55M Existing In-specie escrowed 9%5 In-specie to Delta sharehol
Slide 17: Use of Funds
06 USE OF FUNDS Raising $25 - $30M to fund Growth and Development Source of Funds $ For personal use only Cash Reserves $4M1 IPO proceeds $25 - 30M TOTAL SOURCES $29 - $34M Use of Funds $ Exploration & Growth drilling $6.5 - 8.5M Baldock Extensional & Infill drilling $6.5 - 8.0M Studies – Mining, Me
Slide 18: Peer Comparison – ASX Developers
07 PEER COMPARISON – ASX DEVELOPERS Ballard’s ASX-listed gold developer peers trade at an average EV/Contained Resource of $196/oz, with higher-grade (+ 2.0g/t) peers trading at an average of $253/oz For personal use only $488/oz $288/oz Select ASX Listed Gold $300/oz 5.0g/t Peer Group Average for +
Slide 19: Why Invest in Ballard Mining?
07 W H Y I N VE ST I N BA L L A R D MINING? For personal use only A gold only focused company, with a clear exploration strategy supported by high quality Board and management team A launch pad of 1.1Moz1 high-grade MRE, including 930koz at 4.1 g/t at Baldock which is fully permitted for mining Gold
Slide 20: Appendices
For personal use only 08 APPENDICES 20 Corporate Presentation May 2025 ballardmining.com.au
Slide 21: A. Mineral Resource Estimate – April 2025
A M I N E R A L R E S O U RC E E ST I M AT E – APRIL 20251 Indicated Inferred Total Cut off Deposit Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces For personal use only (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 Kestr
Slide 22: B. Mineral Rights Deed
B MINERAL R I G H TS D E E D • Mineral Rights Deed1 executed between Mt Ida Au Pty Ltd, For personal use only Mt Ida Lithium Pty Ltd, Ballard Mining Limited and Delta Lithium Limited • Ballard to issue 220M shares to Delta (or its nominee) in consideration of the Gold Asset • Mining and Exploration:
Slide 23: B. Mineral Rights Deed (cont'd)
B MINERAL R I G H TS D E E D ( C O N T ’ D ) • Gold and lithium are separate For personal use only geological units and can be mined separately (no sterilisation) • Any capital costs for mine development for Gold operations can be utilised and shared with any potential lithium operation • Cooperatio
Slide 24: B. Mineral Rights Deed (cont'd)
B Scenario MINERAL R I G H TS D E E D ( C O N T ’ D ) Resolution Method For personal use only Conflicting activities Parties must discuss and minimise interference. Concurrent mining Form Joint Operating Committee (JORC), decide on Dominant Mine, and coordinate operations. Shared costs Shared propor
Slide 25: C. Peer Comparison – Source Data
C P E E R C O M PA R I S O N – S O U RC E DATA For personal use only Market Cap Cash Debt Enterprise Value (EV) Grade Contained Resource EV/Resource Announcement Peer ASX Announcement ($m) (1) ($m) ($m) ($m) (g/t Au) (koz Au) ($/oz Au) Date • Second Quarter Activities and Cashflow New Murchison Gold
Slide 26: D. Historic Data
D H I STO R I C DATA HOLE ID DEPTH EAST NORTH RL AZIMUTH DIP COMPANY YEAR For personal use only CF071 45 258930 6785454 437.26 269 -60 HAWK 1987 CR231 2 260026 6776953 460.68 0 -90 HAWK 1987 CR232 2 260036 6776953 460.50 0 -90 HAWK 1987 TIC0099 100 253319 6778594 747.00 55 -60 HAMILL 2001 Table of h