Ballard Mining Limited · ASX:BM1
Ballard Mining — RIU South-West Connect 2026
21 slides from Ballard Mining's conference presentation, Oct 26, 2026
Slide 1: High-Grade Gold. Growing. Permitted. Drill & Build
ASX: BM1 rsonal use only HIGH-GRADE GOLD. GROWING. PERMITTED. DRILL & BUILD RIU South–West Connect 28 & 29 October 2026
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: Simple Proposition: Drill and Build
SIMPLE PROPOSITION Drill and Build rsonal use only Standalone scale Grade and growth Permitted to build +1.84 Moz @ 2.8 g/t Au +100 koz / month added in 20261 Early works underway 1. Refer to the Ballard Announcement dated 23 September 2026 and the Disclaimer and Appendix A for further information o
Slide 5: Corporate Summary
CORPORATE SUMMARY De-risked balance sheet following Placement and SPP undertaken in October 2026 CORPORATE STRUCTURE BOARD & KEY MANAGEMENT PERSONNEL rsonal use only 523 Million 29 Million Shares on issue Performance Rights & Options SIMON LILL PAUL BRENNAN TIM MANNERS Non-Executive Chair Managing D
Slide 6: Plan A – Targeting Standalone Scale
PLAN A – TARGETING STANDALONE SCALE FY2027 drilling to test Resource extensions and increase Resource confidence at Mt Ida rsonal use only 6
Slide 7: Plan A – Targeting Standalone Scale. Why?
PLAN A – TARGETING STANDALONE SCALE. WHY? Chasing the potential value re-rating that comes with production “The stock market is a device for rsonal use only transferring money from the impatient to the patient” – Warren Buffett Exploration and Development Peer Valuations1 (EV / Resource oz) 316 193
Slide 8: Critical Mass Achieved
CRITICAL MASS ACHIEVED High-grade Resource growth since IPO Mt Ida Growth in MRE1 (koz) rsonal use only 2,000 740 1,836 1,800 1,600 Contained Gold (koz) 1,400 1,200 688 1,000 800 600 271 400 200 141 0 2021 2023 2025 2026 Total Deposit Feb 26 MRE (koz) Sep 26 MRE1 (koz) Increase (koz) Increase (%) Ba
Slide 9: Baldock Deposit Growth Potential
BALDOCK DEPOSIT GROWTH POTENTIAL Baldock Open Pit contains 516 koz @ 3.5 g/t gold with 85% in the JORC Indicated category1 Baldock Underground contains 847 koz @ 3.4 g/t gold with further extension potential tested in FY271 rsonal use only High-grade hits 300m along strike of the OPEN MRE and open b
Slide 10: Resource Drilling Continuing at Pace
RESOURCE DRILLING CONTINUING AT PACE Resource extension results in the lab while infill holes going into the ground • ~60,000m of drilling completed since the MRE cut-off date of 30 June 20261 continues rsonal use only to intersect extensions to mineralisation, which will be assessed in future MRE u
Slide 11: Plan A – Standalone Production
PLAN A – STANDALONE PRODUCTION De-risking AND growing to +2.0 Moz to build it ` FY27 Drill and Build Sep Q Dec Q Mar Q Jun Q rsonal use only Growth GROWTH DRILLING (Baldock + Regional Targets) Grow to +2 Moz MRE target INFILL DRILLING (converting Inferred Resources to Indicated) De-risking productio
Slide 12: Fully Permitted & Infrastructure Works Underway
FULLY PERMITTED & INFRASTRUCTURE WORKS UNDERWAY Resource grade + permitting status is our fundamental differentiator from other gold developers • All Mineral Resources on Granted Mining Leases rsonal use only • Approved Mining Proposal and Mine Closure Plan for open pit and underground mining at Bal
Slide 13: Investment Highlights
INVESTMENT HIGHLIGHTS Drill and Build rsonal use only PRIME LOCATION ON THE WAY TO STANDALONE FULLY PROVEN TEAM MULTIPLE Heart of the WA +2 MOZ SCALE PERMITTED Experienced gold VALUE DRIVERS Eastern Goldfields with +1.84 Moz MRE Targeting a 10 year mine All Mineral Resources mine developers and Ongo
Slide 14: Appendix A: Mineral Resource Estimate
STRICTLY CONFIDENTIAL | DRAFT rsonal use only Appendix A Mineral Resource Estimate 14 ballardmining.com.au
Slide 15: Mineral Resource Estimate – September 2026
MINERAL RESOURCE ESTIMATE – SEPTEMBER 2026¹ Indicated Inferred Total Cut-off` Deposit Tonnes (kt) Grade (g/t Au) Ounces (koz) Tonnes (kt) Grade (g/t Au) Ounces (koz) Tonnes (kt) Grade (g/t Au) Ounces (koz) Baldock 3,530 3.9 437 1,010 2.5 79 4,540 3.5 516 Kestrel 940 1.6 48 940 1.6 48 rsonal use only
Slide 16: Appendix B: Peer Comp Slides
STRICTLY CONFIDENTIAL | DRAFT rsonal use only Appendix B Peer Comp slides 16 ballardmining.com.au
Slide 17: Peer WA Gold Developers and Explorers
PEER WA GOLD DEVELOPERS AND EXPLORERS Ballard’s ASX-listed gold developer and explorer peers trade at an average EV/Resource of $193/oz, with higher-grade (+ 2.0g/t) peers trading at an average of $316/oz rsonal use only $898/oz 5.5g/t Gold Grade (g/t Au) Select WA Gold $365/oz Developers and Peer G
Slide 18: Peer Comparison – Source Data
P E E R C O M PA R I S O N – S O U RC E DATA Market Study Level Enterprise rsonal use only Cash Debt Measured Resource Indicated Resource Inferred Resource Total Resource Sources Cap (Completed) Value (EV) Tonnes Grade Cont. Tonnes Grade Cont. Tonnes Grade Cont. Tonnes Grade Cont. ($m) (1) ($m) ($m)
Slide 19: Peer Comparison – Source Data
P E E R C O M PA R I S O N – S O U RC E DATA rsonal use only Market Study Level Enterprise Cash Debt Measured Resource Indicated Resource Inferred Resource Total Resource Sources Cap (Completed) Value (EV) Tonnes Grade Cont. Tonnes Grade Cont. Tonnes Grade Cont. Tonnes Grade Cont. ($m) (1) ($m) ($m)
Slide 20: Emerging WA Gold Producers
EMERGING WA GOLD PRODUCERS ASX-listed single asset gold producers trade at an average EV/Production (FY26) of $13,076/oz and an average EV/Resource $442/oz Gold Production (FY26A) rsonal use only $16,844/oz Select WA Gold $13,723/oz Peer Group Avg. = $13,076/oz Producers – 144koz $11,290/oz $10,447/
Slide 21: Peer Comparison – Source Data
P E E R C O M PA R I S O N – S O U RC E DATA rsonal use only Production Enterprise Market Cap Cash Debt Measured Resource Indicated Resource Inferred Resource Total Resource Gold Production Guidance Sources Value (EV) (Midpoint) Tonnes Grade Cont. Tonnes Grade Cont. Tonnes Grade Cont. Tonnes Grade C