Ballard Mining Limited · ASX:BM1
Ballard Mining — RIU Investor Roadshow 2025
24 slides from Ballard Mining's conference presentation, Sep 22, 2025
Slide 1: Unlocking the Potential of Mt Ida
For personal use only UNLOCKING THE POTENTIAL OF MT IDA Grow and Develop RIU Investor Roadshow 2 2 nd- 2 5 th S e p t e m b e r 2 0 2 5 ASX:BM1 | ballardmining.com.au
Slide 2: Disclaimer
DISCLAIMER IMPORTANT: You must read the following before continuing. FORWARD LOOKING STATEMENTS This presentation (“Presentation”) is dated 22nd September 2025 and has been prepared by Ballard This Presentation may contain certain statements and projections provided by or on behalf of Ballard Mining
Slide 3: Disclaimer
DISCLAIMER INVESTMENT RISK A copy of the Prospectus is available at www.ballardmining.com.au and www.asx.com.au. Ballard confirms that the form and context in which the Competent Person's findings are presented have not An investment in Ballard is subject to investment and other known and unknown ri
Slide 4: Location
LOCATION LOCATION LOCATION! For personal use only Heart of the WA goldfields – premier jurisdiction Refer to the Ballard IPO Prospectus lodged with the ASIC and dated 30 May 2025 (as amended by the Supplementary 4 Corporate Presentation September 2025 Prospectus lodged with ASIC and dated 17 June 20
Slide 5: Grow and Develop Strategy
GROW AND DEVELOP STRATEGY DEVELOPMENT (Baldock 930koz @ 4.1 g/t1) For personal use only • 80,000m infill drilling2 • Baldock fully • Free-milling program 60% permitted for mining • non-refractory complete • Application • CIL processing progressing for 1.5Mtpa Process Plant & TSF GROWTH (Exploration)
Slide 6: Grow and Develop: Parallel Workstreams
GROW AND DEVELOP Parallel Workstreams targeting a 10 year plan FY26 FY27 FY28 For personal use only Sep Q Dec Q Mar Q Jun Q Sep Q Dec Q Mar Q Jun Q Sep Q Dec Q Mar Q Jun Q Baldock Development (930koz @ 4.1 g/t1) INFILL & EXTENSIONAL DRILLING GEOTECH & MET PROCESS PLANT ENGINEERING BALDOCK MAIDEN RES
Slide 7: Board Composition
BOARD COMPOSITION Proven Explorers, Developers and Operators 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 Director Non Executive Director Company Secretary Mr Lill was previou
Slide 8: Baldock Development – 930koz @ 4.1g/t
BALDOCK DEVELOPMENT – 930koz @ 4.1g/t1 80,000m planned drill program underway – 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 256,000o
Slide 9: Baldock – Infill Results
BALDOCK – Infill Results1 Increasing Resource confidence for Maiden Reserve targeted mid CY2026 • 4m @ 32 g/t Au from • 7m @ 16.8 g/t Au For personal use only 232m in DFS066B from 246m in DFS058 • 3m @ 17.7 g/t Au • 4m @ 12g/t Au from 49m in DFS062 from 182m in DFS063 Cautionary Statement: Visual es
Slide 10: Regional Exploration Potential
REGIONAL EXPLORATION POTENTIAL Initial 50,000m exploration drill program underway • 26km of continuous greenstone belt folded around the For personal use only Copperfield Granite • Prospective shear zones and host rocks on either side: • 13km Baldock Thrust • 13km Ballard Fault • Orogenic, shear hos
Slide 11: Baldock Thrust Exploration
BALDOCK THRUST EXPLORATION 35,000m planned drill program • Over 7km of strike to the For personal use only north of Baldock has an average drill depth of just 43 metres despite high- grade historical intercepts • 671 historic drill holes over last ~20 years, mostly RAB drilling Refer to the Ballard
Slide 12: Ballard Fault Exploration: New Discovery at Neptune
BALLARD FAULT EXPLORATION New Discovery at Neptune1 For personal use only • Frist Pass Phase 1 drill program completed at Neptune • 23m @ 1.8 g/t from 21m depth Neptune Prospect • Phase 1 drilling will be historic workings used to inform 350m comprehensive Phase 2 drill program (Diamond and RC) 12 C
Slide 13: Ballard Fault Exploration
BALLARD FAULT EXPLORATION For personal use only • Geological units on the Ballard Fault are identical to Baldock Thrust • Limited or no drilling Neptune Prospect historic workings at some Prospects 350m • Awaiting assays from 5 Prospects to the North of Neptune 13 Corporate Presentation September 20
Slide 14: Capital Structure
CAPITAL STRUCTURE Well funded for significant resource and exploration drilling OWNERSHIP STRUCTURE For personal use only BALLARD MINING LIMITED Key Metric Delta (2 year escrow) 46.0%2 Shares On Issue 340M Hancock Prospecting 6.2%3 Share Price (close of market 19/9/25) $0.49 Mineral Resources 5.6%3
Slide 15: Peer Comparison – ASX Gold Developers
PEER COMPARISON – ASX GOLD DEVELOPERS Average EV/Contained Resource - $177/oz Average higher-grade (+ 2.0g/t) - $218/oz For personal use only $300/oz 5.0g/t $263/oz 4.3g/t 4.5g/t Select ASX Listed Gold $250/oz 4.0g/t Developers – $201/oz Peer Group Average for +2.0g/t Resources = $218/oz 3.5g/t EV/R
Slide 16: Why Invest in Ballard Mining?
WHY INVEST IN BALLARD MINING? For personal use only A launch pad of 1.1Moz1 high-grade MRE, including 930koz at 4.1 g/t at Baldock, with 26km underexplored prospective greenstone belts. 130,000m drill program underway Mid-CY26 target of initial ~6 year mine life at Baldock underpinned by Ore Reserve
Slide 17: Appendices
For personal use only APPENDICES 17 Corporate Presentation September 2025 ASX:BM1 | ballardmining.com.au
Slide 18: A Mineral Resource Estimate – April 2025
A MINERAL RESOURCE ESTIMATE – APRIL 20251 Indicated Inferred Total For personal use only 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
Slide 19: B Mineral Rights Deed
B MINERAL RIGHTS DEED • 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: Area B
Slide 20: B Mineral Rights Deed (Cont'd)
B MINERAL RIGHTS DEED (CONT’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 • Cooperation governed by
Slide 21: B Mineral Rights Deed (Cont'd)
B MINERAL RIGHTS DEED (CONT’D) Scenario 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 proportionally based
Slide 22: C Peer Comparison – Source Data
C PEER COMPARISON – SOURCE DATA Market Enterprise For personal use only Peer Cash Debt Measured Resource Indicated Resource Inferred Resource Total Resource Sources Cap Value (EV) Tonnes Grade Cont. Tonnes Grade Cont. Tonnes Grade Cont. Tonnes Grade Cont. ($m)1 ($m) ($m) ($m) Financials Resources (M
Slide 23: D Timeline: A History of High-Grade Gold
1890 - 1960 D TIMELINE A HISTORY OF HIGH-GRADE GOLD 2021 2023 2025 • Timoni Mine • Red Dirt Metals purchases Mt Ida • Maiden Gold MRE at Mt Ida • Gold MRE Update For personal use only Production from Ora Banda Ltd with Gold 3.1Mt @ 4.1g/t Au for 412koz3 10.3Mt @ 3.3g/t Au for 1,102koz5 historic esti
Slide 24: For more information contact
For personal use only For more information contact: info@ballardmining.com.au ASX:BM1 | ballardmining.com.au 24 Corporate Presentation July 2025 ASX:BM1 | ballardmining.com.au