Slide 1: Grow and Develop strategy set to Deliver in 2026
For personal use only Grow and Develop strategy set to Deliver in 2026 INVESTOR ROADSHOW 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 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: Permitted, well funded, targeting standalone scale
INVESTMENT HIGHLIGHTS Permitted, well funded, targeting standalone scale 1. Corporate Summary 4. Baldock Fully Permitted For personal use only • IPO and demerger from Delta in July 2025 • Open cut and underground mining approved • $40M Pro forma cash1 • 2.0 Mtpa Processing Plant and TSF approved • 3
Slide 5: Corporate Summary
CORPORATE SUMMARY Corporate Structure Board and Key Management Personnel (previous roles) For personal use only 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, W
Slide 6: Optionality. Has to be a standalone
O PT I O N A L I T Y. H a s t o b e a t st a n d a l o n e Vault Minerals (ASX:VAU) ~$5.5B Market Cap $30M1 Exploration Budget For personal use only Genesis Minerals (ASX: GMD) ~$8.5B Market Cap $40-$50M2 Exploration Budget Aurenne Group (Private) 1.8 Mtpa Plant Ora Banda Mining (ASX: OBM) ~$3B Mark
Slide 7: Initial-year Baldock Ore Reserve and adding scale for production and mine life increase
2 0 2 6 - I n i t i a l 5 - 6 ye a r B a l d o c k O re R e s e r ve & a d d i n g s ca l e fo r p ro d u c t i o n a n d m i n e l i fe i n c re a s e FY26 FY27 Mar Q Jun Q Sep Q Dec Q Mar Q Jun Q For personal use only Baldock Development BALDOCK Phase 1 INFILL DRILLING (completed Dec’25) BALOCK MR
Slide 8: Fully Permitted
F U L LY P E R M I T T E D. Fundamental differentiator from other gold developers • Approved Mining Proposal and Mine For personal use only 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 Pe
Slide 9: Regional Prospects
5 3 R EG I O N A L P RO S P ECTS 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 For personal use only • Orogenic orebodies typically “plumb deep” o Agnew 1.4km deep1 mine. ~150km north
Slide 10: Leverage off de-risked and fully permitted Baldock
Leverage off de-risked and fully permitted Baldock For personal use only 1. Refer to the Ballard IPO Prospectus lodged with the Australian Securities and Investment Commission (“ASIC”) and dated 30 May 2025 (as amended by the Supplementary Prospectus lodged with ASIC and 10 dated 17 June 2025) and t
Slide 11: Investment Highlights
I N V E ST M E N T H I G H L I G H TS For personal use only 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 → 8-10 Year Mine Plan from i
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 For personal use only • Geology Manager: Todd Hibberd • Project Sponsor: Ballard Executive • Exploration Superintendent: Garet
Slide 13: Appendix A: Mineral Resource Estimate
For personal use only Appendix A Mineral Resource Estimate 13 ballardmining.com.au
Slide 14: 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 15: Appendix B: Previous ASX Announcements
For personal use only Appendix B Previous ASX Announcements 15 ballardmining.com.au
Slide 16: 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 For personal use only this announcement