Ballard Mining Limited · ASX:BM1
Ballard Mining — Investor Presentation (January 2026)
29 slides from Ballard Mining's investor presentation, Jan 21, 2026
Slide 1: Camp Scale Growth and Seamless Transition to FID
Camp Scale Growth and Seamless Transition to FID Equity Raising Presentation 21 January 2026 ballardmining.com.au
Slide 2: Disclaimer
DISCLAIMER The following notices and disclaimers apply to this Presentation ("Presentation") and you are therefore advised to read this NOT FINANCIAL PRODUCT ADVICE 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 basis of
Slide 4: Investment Highlights
INVESTMENT HIGHLIGHTS Permitted, well funded, targeting standalone scale 1. Corporate Summary 4. Baldock Fully Permitted • IPO and demerger from Delta in July 2025 • Open cut and underground mining approved • $28.8M cash on hand at 31 December 2025 • 2.0 Mtpa Processing Plant and TSF approved • Cent
Slide 5: Corporate Summary
CORPORATE SUMMARY Corporate Structure Board & 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, Gold Road) Share Price (2
Slide 6: Optionality - Has to beat stand alone development
OPTIONALITY - Has to beat stand alone development Vault Minerals (ASX:VAU) ~$6.3B Market Cap $30M1 Exploration Budget Genesis Minerals (ASX: GMD) ~$8.7B Market Cap $40-$50M2 Exploration Budget Aurenne Group (Private) 1.8 Mtpa Plant Ora Banda Mining (ASX: OBM) ~$3.2B Market Cap $73M3 Exploration Budg
Slide 7: Fully Permitted
FULLY PERMITTED. 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 2.0 Mtpa Process Plant and TSF • Approved Native Vegetation Clearing Permit • 3.7 GL/yr groundwater lice
Slide 8: CY2026 Plan – Initial Baldock Ore Reserve & add scale
CY2026 Plan – Initial Baldock Ore Reserve & add scale for production & mine life increase FY26 FY27 DRILL AND BUILD Mar Q Jun Q Sep Q Dec Q Mar Q Jun Q Baldock Development BALDOCK Phase 1 INFILL DRILLING (completed Dec’25) BALDOCK MRE UPDATE (converting Inferred to Indicated) GEOTECHNICAL + MINING S
Slide 9: 53 Regional Prospects
53 REGIONAL PROSPECTS 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 Underground +1.
Slide 10: Leverage off de-risked and fully permitted Baldock
Leverage off de-risked and fully permitted Baldock 86,000m Infill drilling program to 350m depth completed Dec 2025 1. Refer to the Ballard IPO Prospectus lodged with ASIC and dated 30 May 2025 (as amended by the Supplementary Prospectus lodged with ASIC and dated 17 June 2025) and the Disclaimer an
Slide 11: Early Works – Commence ahead of FID
EARLY WORKS – Commence ahead of FID Fully Permitted status provides for these works • Upgrade to the existing Accommodation Village to facilitate construction activity Mine Footprint • Bore field and pipeline Waste Dump • Public Road diversion around Mining Area Proposed TSF Proposed Plant Site Road
Slide 12: Key Personnel in place to advance Project
Key Personnel in place to advance Project Ballard personnel supplemented by specialist consultants who bring credibility and independence Resource Growth Project Development • Project Sponsor: Ballard Executive • Geology Manager: Todd Hibberd • Project Manager: Mine Build Global • Exploration Superi
Slide 13: Capital Raising Overview
Capital Raising Overview ASX:BM1 | ballardmining.com.au
Slide 14: Capital Raising Overview
CAPITAL RAISING OVERVIEW Placement 7km • 9km Ballard is seeking to raise approximately $50.0 million (before costs) in a single tranche placement via the issue of approximately 62.5 million fully paid ordinary shares (“New Shares”) at an issue price of $0.80 per New Share (“Offer Price”) in the Comp
Slide 15: Use of Funds – Drill and Build
USE OF FUNDS – Drill and Build Placement to fund Camp Scale growth and seamless transition to FID • Targeting Standalone scale Source of Funds $ Cash On Hand1 $28.8M • 220,000m drilling planned for CY2026 Placement proceeds (before fees2) $50.0M • 170,000m RC + 50,000 DD TOTAL SOURCES $78.8M • Entir
Slide 16: Indicative Capital Raising Timetable
INDICATIVE CAPITAL RAISING TIMETABLE Use of available placement capacity pursuant to ASX Listing Rules 7.1 and 7.1A Placement Milestone Indicative Date Trading halt and launch of the Placement Pre-market Wednesday, 21 January 2026 Trading halt lifted and announcement of completion of the Placement P
Slide 17: Investment Highlights
I N V E ST M E N T H I G H L I G H TS LOCATION → Heart of the WA Eastern Goldfields with +15Mtpa Processing Capacity and deep orebodies proximal CAMP SCALE EXPLORATION POTENTIAL → CY2026 drilling focused on Resource Growth TARGETING STANDALONE SCALE → Initial Baldock Ore Reserve + CY2026 drilling su
Slide 18: Appendix A Mineral Resource Estimate
Appendix A Mineral Resource Estimate 18 ballardmining.com.au
Slide 19: 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 20: Appendix B Key Risks
` Appendix B Key Risks 20 ballardmining.com.au
Slide 21: Key Risks
B KEY RISKS Some of the key risks associated with an investment in the Company are summarised below. These risks and other general risks applicable to all investments in listed securities not specifically referred to, may affect the value of Shares in the future. Accordingly, an investment in the Co
Slide 22: Key Risks – Land access risk
B Land access risk KEY RISKS Mining tenements are a limited form of tenure which can co-exist with, and overlap, other land interests and rights, including private land, pastoral leases, Crown land interests, public reserves, State forests and conservation areas. costs, adverse weather conditions, i
Slide 23: Key Risks – Climate change risk
B Climate change risk KEY RISKS There are a number of climate-related factors that may affect the operations and financial position of Ballard. Climate change or prolonged periods of adverse weather and climatic conditions (including rising sea levels, floods, and development activities may be imped
Slide 24: Key Risks
B KEY RISKS Any proposed development of the Gold Asset may also exceed the currently envisaged timeframe or cost for a variety of reasons out of the control of Ballard. These reasons may include delays in obtaining land use and mining activity approvals or in construction of mine infrastructure or t
Slide 25: Key Risks – Insurances
B Insurances KEY RISKS Insurance of all risks associated with exploration and production is not always available and, where it is available, the cost may be high. Ballard will have insurance in place considered appropriate for Ballard's needs. undertake all reasonable due diligence in its business d
Slide 26: Appendix C International Offer Restrictions
Appendix C ` International Offer Restrictions 26 ballardmining.com.au
Slide 27: International Offer Restrictions
C INTERNATIONAL OFFER RESTRICTIONS This Presentation does not constitute an offer of New Shares pursuant to the Placement in any jurisdiction in which it would be unlawful. In particular, this Presentation may not be distributed to any person, and the New Shares may not be offered or sold, in any co
Slide 28: International Offer Restrictions
C INTERNATIONAL OFFER RESTRICTIONS This Presentation has not been, and will not be, registered with or approved by any securities regulator in the European Union. Accordingly, this Presentation may not be made available, nor may the New Shares European Union be offered for sale, in the European Unio
Slide 29: International Offer Restrictions
C INTERNATIONAL OFFER RESTRICTIONS This Presentation and any other materials relating to the New Shares have not been, and will not be, lodged or registered as a prospectus in Singapore with the Monetary Authority of Singapore. Accordingly, this Presentation and any other document or materials in co
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