Ballard Mining Limited · ASX:BM1
Ballard Mining — Investor Presentation (December 2025)
19 slides from Ballard Mining's investor presentation, Dec 2, 2025
Slide 1: Argonaut Resources Series
For personal use only ARGONAUT RESOURCES SERIES 02 DECEMBER 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 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 2.
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 beat Plan A
01 O PT I O N A L I T Y. H a s t o b e a t “ P l a n A” Vault Minerals (ASX:VAU) ~$5B Market Cap $30M1 Exploration Budget For personal use only Genesis Minerals (ASX: GMD) ~$7B Market Cap $40-$50M2 Exploration Budget Aurenne Group (Private) 1.8 Mtpa Plant Ora Banda Mining (ASX: OBM) ~$2B Market Cap
Slide 7: Plan A: Initial-year Ore Reserve, CY26 focus is to grow mine plant to ~8-10 years
02 ‘ P L A N A’ : I n i t i a l 5 - 6 ye a r O re R e s e r ve, CY26 focus is to G ROW m i n e p l a n t o ~ 8 -1 0 ye a rs 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 Develop 930koz1 Baldock BALDOCK INFILL DRILLING (complete Dec’25) ~
Slide 8: Fully Permitted
03 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 For personal use only Plan for Open Pit and Underground Mining at Baldock • Works Approval granted for 2.0 Mtpa Process Plant and TSF • Approved Native Vegetation Clearing
Slide 9: October 2025 Exploration Target
For personal use only 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 For personal use only • Orogenic orebodies typically “plumb deep” o Agnew 1.4km deep1 mine. ~150km north
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 For personal use only 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 Invest
Slide 13: Regional Exploration
04 • First Pass Phase 1 drill R EG I O N A L E X P LO R AT I O N Upside from 53 Exploration Targets – eg Neptune For personal use only program completed at Neptune • Neptune identified due to present of historical UG workings and HG rock chips • 23m @ 1.8 g/t from 21m Neptune Prospect historic worki
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 For personal use only Phase 1 drilling informs next phase at Neptune • 40m x 40m spacing, targeting Maiden MRE March Quarter Neptune Prospect (Inferred) historic workings 350m 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 For personal use only LOCATION → +15Mtpa Processing Capacity and deep orebodies proximal CAMP SCALE EXPLORATION POTENTIAL → CY2026 drilling to advance Exploration Target1 DUAL STREAM STRATEGY → Targeting ~8-10 Year Plan from initial ~6 year Reserve + explorat
Slide 16: Appendix A Mineral Resource Estimate
For personal use only 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 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 18: Appendix B Previous ASX Announcements
For personal use only 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 For personal use only this announcement
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