Announcement PDF Ballard Mining Ltd 1 Annual Report 2026 2026 A N N U A L R E P O R T ACN 685 311 577 Ballard Mining Ltd 2 Annual Report 2026 Contents Corporate Directory 3 Chairman’s Letter 4 Review of Operations 5 Directors’ Report 18 Auditor’s Independence Declaration 49 Consolidated Statement of Profit or Loss and Other Comprehensive Income 51 Consolidated Statement of Financial Position 52 Consolidated Statement of Changes in Equity 53 Consolidated Statement of Cash Flows 54 Notes to the Consolidated Financial Statements 55 Consolidated Entity Disclosure Statement 91 Directors’ Declaration 92 Independent Auditor’s Report to Members 93 Shareholder Information 99 Ballard Mining Ltd 2 Annual Report 2026 Ballard Mining Ltd 3 Annual Report 2026 Corporate Directory Directors Simon Lill Non-Executive Chairman Paul Brennan Managing Director Tim Manners Finance Director James Croser Non-Executive Director Stuart Mathews Non-Executive Director Company Secretary Loren Falconer Registered Office and Principal Place of Business Level 2, 18 Richardson Street, West Perth WA 6005 Tel: +61 8 6466 7500 Share Registry Computershare Investor Services Pty Limited Level 17, 221 St Georges Terrace, Perth WA 6000 Australian Telephone: 1300 850 505 International Telephone: +61 3 9415 4000 www.computershare.com.au Auditors Hall Chadwick WA Audit Pty Ltd 283 Rokeby Road, Subiaco WA 6008 Solicitors Thomson Geer Level 29, Central Park 152-158 St George Terrace, Perth WA 6000 Securities Exchange Listing Ballard Mining Limited securities are listed on the Australian Securities Exchange (ASX) ASX Code: BM1 Website www.ballardmining.com.au E-mail info@ballardmining.com.au Ballard Mining Ltd 3 Annual Report 2026 Ballard Mining Ltd 4 Annual Report 2026 It is my pleasure to present shareholders with Ballard Mining’s Annual Report for the year ended 30 June 2026. Ballard has now passed its first anniversary as an independent ASX-listed gold company. This first year moved quickly as we set about delivering on our promise to prove up the high-grade gold Resources at our Mt Ida Gold Project in Western Australia. We have done this with a clear objective of defining future mineable ounces for our primary strategy of a standalone mining and processing development at Mt Ida. This has meant up to six drill rigs operating at site and more than 232,300 metres of drilling completed in the reporting period. This work has been completed efficiently and safely which is a credit to our management team and contracting partners. The drilling yielded strong high-grade results and supported an increase in the Mineral Resource Estimate (MRE) of the Baldock deposit to around 1 million ounces in February 2026 and 1.36 million ounces in September 2026. At the time of our September 2026 update, the Mt Ida MRE had grown to more than 1.8 million ounces. These MRE updates will be the precursor for a maiden Ore Reserve for Mt Ida in the first half of CY2027, when we also expect to complete a Feasibility Study and consider a Final Investment Decision (FID). Mt Ida has the considerable benefit of being fully permitted, including permits for open pit and underground mining, construction of a 2.0Mtpa processing plant, tailings storage facility and a 3.7GL/year water abstraction licence. Following the IPO and successful ASX listing in July 2025, the Company was opportunistic in completing two capital raisings during the period which have provided sufficient funding to reach FID. The first $20.6 million raised in October 2025 was at a 120% premium to the IPO share price and introduced Aurenne Group as a strategic shareholder. The second $61 million raised in a placement in January 2026 was at a 220% premium to our share IPO price. We appreciate the support of our shareholders and lead managers in the commitment shown to the Company in these capital raisings. I would like to acknowledge the efforts of our small but hard-working management team, my fellow Directors and the various contractors, consultants and advisors which help advance our strategy. Thank you for your continued interest and support. Chairman’s Letter As we move through FY2027, the Ballard team has conviction in Mt Ida’s development potential and the capacity to deliver meaningful Resource growth before first production, thereby extending our starting mine life at Mt Ida towards 10 years. Should we achieve this, we will have achieved our vision to create a leading Australian gold company. Sincerely, Simon Lill Independent Non-Executive Chairman 29th day of September 2026 Ballard Mining Ltd 5 Annual Report 2026 Review of Operations Ballard Mining Ltd 6 Annual Report 2026 Overview Ballard Mining Ltd (Ballard or the Company) is advancing the Mt Ida Gold Project (Mt Ida or the Project) located 540km northeast of Perth, in the Goldfields region of Western Australia (Figure 1). The Project covers 26km of prospective greenstone belt, folded around the Copperfield Granite. It comprises seven granted mining leases centred around the Baldock deposit (Fig.3), which is fully permitted for open pit and underground mining, including an approved Mining Proposal, Mine Closure Plan and Native Vegetation Clearing Permit. Ballard is pursuing a dual stream resource growth and project development strategy.The Company is targeting an 8-10 year mine life for a standalone operation. Infill drilling was completed in H1 FY2026 to convert inferred resources to indicated resources while the Company’s focus in H2 FY2026 was resource growth (extensional at Baldock and regional) to add scale. Important approvals and licences to support future project development were also received during the year, including Works Approval for an up to 2.0 Mtpa Processing and Tails Storage Facility and a 3.7 GL/yr water abstraction license. Review of Operations Figure 1 - Ballard’s Mt Ida Gold Project, located in Western Australia’s Northern Goldfields Region. Ballard Mining Ltd 7 Annual Report 2026 Review of Operations Mt Ida Project Exploration Baldock Resource Growth Infill Drilling Ballard’s exploration activities at the +1.36Moz high-grade Baldock gold deposit form the basis for initial development opportunities at Mt Ida. Baldock mineralisation consists of multiple sub-parallel zones. The deposit occurs dominantly in a plagioclase rich Gabbro called Anorthosite (a mafic rock that has differentiated into felsic rich and mafic rich components). Mineralisation also occurs in the footwall and hanging wall amphibolite basalt. The Phase 1 infill drilling program at the Baldock deposit was designed to significantly improve the detailed geological model and enable a substantial portion of the April 2025 Mineral Resource Estimate (MRE) to be upgraded to an Indicated resource classification. Infill drilling was also designed to provide further geotechnical and metallurgical data to support ongoing studies to a Feasibility Level of detail. The Phase 1 infill drilling program was completed in December 2025 with drill density increased within the MRE area to a nominal 40m x 25m drill spacing (or better). Results from the program were highly encouraging, producing a combination of high gold grades, consistent widths and strong gram metre values. These results confirmed the presence of multiple high-grade gold lodes within the Baldock system, with mineralisation intersected over a broad range of depths and positions within the deposit. Ballard’s site team also completed geotechnical logging of both Phase 1 infill and historical drilling to allow consultants, Peter O’Bryan and Associates, to develop a robust geotechnical model for the Baldock open pits and underground deposits, an essential modifying factor required to report future Ore Reserves. A large volume of mineralised samples from reverse circulation (RC) and diamond drilling (53 tonnes) from the infill program were collected for ongoing and future metallurgical test work programs designed to refine the processing circuit design. Ballard Mining Ltd 7 Annual Report 2026 Ballard Mining Ltd 8 Annual Report 2026 Review of Operations Baldock Extensional Resource Growth Drilling The first phase of extensional drilling at Baldock was completed at the end of June 2026. This program targeted extensions across the entire 3.1km strike length below previous drilling which, on average, was only 350m deep. The drilling was aiming to materially extend the Baldock MRE, targeting 350 - 750m vertical depth. This program was highly successful and extended mineralisation to a 3.3km strike length within a 500-metre-wide corridor, extending to at least 600 metres vertically. Figure 2 - Long section of the Baldock trend showing growth from the February 2026 MRE to the September 2026 MRE, highlighting the extensive undrilled areas below current drilling. and the 1,500 metre potential extension of the mineralised corridor to the south. Ballard Mining Ltd 8 Annual Report 2026 The Company has planned a second phase of deeper drilling testing the deposit between750mdepthand1,000mdepth.Drillingisalsoplannedtotestextensions to mineralisation along strike to the south where the deposit remains open for another 1,500 metres. Ballard Mining Ltd 9 Annual Report 2026 Review of Operations Regional Exploration Program Beyond the flagship Baldock deposit, the Mt Ida Project encompasses 26km of highly prospective yet largely underexplored greenstone belt. Initial work by Ballard identified 18 exploration targets along the Ballard Fault and Baldock Thrust, based on historical underground workings and surface rock-chip geochemistry. The regional exploration program was subsequently designed to systematically evaluate these targets, delivering early success at the Neptune Prospect. In September 2025, Ballard Mining engaged respected structural consultant Dr Sarah Jones to undertake a detailed interpretation of recently acquired high-resolution aeromagnetic data. This structural review identified the key geological controls governing gold mineralisation and reinforced the exceptional prospectivity of the Mt Ida region. The study generated a further 35 discrete exploration targets, bringing the total number of regional prospects outside Baldock to 53. For exploration planning purposes, Ballard has grouped clusters of individual targets into broader target zones. Phase 1 regional drilling was then completed across selected prospects along both the Ballard Fault and the Baldock Thrust, north of the Baldock Deposit. By December 2025, drilling had been completedatmultipleprospects,returningwidespreadgoldmineralisationatPluto,Neptune,Astro- Quasar and Dickson, among others. The early results were comparable to the initial exploration outcomes at Baldock, which ultimately developed into a significant Mineral Resource. The success of the Phase 1 program forms the basis of Ballard’s CY2026 resource growth strategy. The primary objective is to identify additional resource opportunities across the broader Mt Ida landholding, with particular emphasis on open pit satellite deposits capable of supplementing the Baldock resource. This drilling is targeting further resource growth at existing deposits Kestrel, Golden Vale, Bombay, West Knell and Jupiter and the identification of new resource opportunities across the broader Mt Ida tenure. The extensive mineralisation identified at the regional prospects situated along the Ballard Fault Zonehasthepotentialtogrowsubstantially.TheBallardFaultisontheeasternsideoftheCopperfield Granite, with the Baldock Thrust on the western side (Figure 3). Significantly less exploration drilling has been completed on the Ballard Fault relative to the Baldock Thrust which gives the Company confidence of the resource growth potential of the 13km-long Ballard Fault. 1. Refer to the ASX Announcement released by Ballard on the 26 February 2026 for further information Ballard Mining Ltd 9 Annual Report 2026 Ballard Mining Ltd 10 Annual Report 2026 Review of Operations Over the second half of FY2026, regional resource growth drilling was conducted at several key prospects along the Ballard Fault and along the Baldock Thrust. Significant results were returned at Neptune, Golden Vale, West Knell, Ayla, Orion, Europa and Astro-Quasar. The results highlighted a potential 3.7km linkage from West Knell south to Neptune, suggesting that the entire length of the Ballard Fault Zone may be mineralised. Notably, West Knell is emerging as a significant shallow gold deposit within the Ballard Fault corridor. Ongoing exploration success has demonstrated considerable strike continuity, with drilling extending mineralisation to approximately 1.4km in length. Similarly, Golden Vale hosts multiple mineralised zones rotating around the Copperfield Granite in an area of gold historic mining. Drill results from both prospects support the potential development of multiple open-pit ore sources capable of complementing the Baldock resource base. Drilling along the Baldock Thrust also confirmed a new discovery at Pluto, 6km northofBaldock,wheretwodiscretelodesofgoldmineralisationwereidentified. These lodes are associated with quartz and sulphides within an alteration zone of silica, biotite and chlorite. Mineral Resource Updates (February and September 2026) The Phase 1 infill drilling at Baldock was successful in supporting an MRE upgrade in February 2026. Baldock’s combined indicated and inferred resources increased by 76,000 ounces to 9 Mt @ 3.5 g/t for 1.006 Moz gold. Importantly, the Indicated component of Mineral Resources at Baldock increased by 66% to more than 600 koz gold. The subsequent first phase of resource extension drilling completed in H2 FY2026 was designed to further define the potential scale of the Baldock deposit. An updated MRE for Baldock in September 2026 incorporated the results of ~125,000m of drilling completed since the previous estimate and significantly increased the scale of the deposit by 35% to 12.2 Mt @ 3.5 g/t for 1.36 Moz gold. The Indicated Resources in the upper portion of the deposits have not changed materially since the February 2026 MRE. This September 2026 MRE Update also resulted in the regional West Knell and GoldenVale deposits growing by more than 100 koz each to 147 koz and 124 koz respectively. Maiden MRE’s were also declared at the Neptune, Pluto and Astro-Quasar regional deposits. In total, the Global MRE at Mt Ida increased by 56% (658 koz) in September 2026 to 20.4 Mt at 2.8 g/t Au for 1.84 Moz gold (Table 1). Key assumptions for MRE were A$4,500 gold price, open pit cut- off grade of 0.5 g/t gold and underground cut-off grades of 1.3 g/t gold (regional prospects) and 1.5 g/t gold (Baldock). Further drilling will target the conversion of inferred resources to indicated resources as well as continue the comprehensive resource extension program being undertaken since the Company’s IPO. Ballard Mining Ltd 10 Annual Report 2026 Ballard Mining Ltd 11 Annual Report 2026 Review of Operations Figure 3 - Mt Ida Project showing Baldock and existing regional gold resources Ballard Mining Ltd 12 Annual Report 2026 Mt Ida Project Development Mt Ida fully permitted During the reporting period, Ballard received a Works Approval from the Department of Water and Environmental Regulation (DWER) for the construction of up to a 2.0 Mtpa Processing and Tails Storage Facility (TSF). Notably, this represents the final regulatory approval required to enable mining and processing operations at Mt Ida. Ballard also secured an additional 2.5 GL/yr water abstraction license from a planned bore field on the Lake Raeside Paleochannel, located approximately 40km north of the Mt Ida Project location. This has increased Ballard’s approved water abstraction from the existing 1.2 GL/yr to 3.7 GL/yr. Additional Production Bores To further de-risk project development, Ballard is expanding its approved Lake Raeside borefield, located approximately 40km north of the Project. Post reporting period, an additional four bores have been constructed, for a total of seven bores in the borefield. This will provide the necessary abstraction bores (with redundancy) for the full 2.5 GL/yr water license from Lake Raeside. The borefield, pipeline corridor and access infrastructure are all covered by the approved Miscellaneous Licence L29/229, supporting a secure long-term water supply solution for Mt Ida. Application for additional Mining Lease tenure Mining Lease applications M29/458 and M29/459 were submitted during the reporting period to allow for eventual mining of the Bombay and West Knell gold deposits. M29/459 (Bombay) was granted in May 2026 and post reporting period in August 2026, M29/458 (West Knell) was granted. These deposits form part of the strategy to build a 8-10 year mine life at Mt Ida. With the maiden resources announced in September 2026 MRE, the Company will now submit Mining Lease applications for Neptune and Pluto. All other resource are located on existing Mining Leases. Strategic tenure expansion Ballard also purchased the E29/1032 and E29/1006 tenements, where the production bores are located on the Lake Raeside Paleochannel borefield.This ensures control over the underlying tenure and expands the Company’s land position over the prospective Ballard Fault by an additional ~15 km of prospective strike. Ballard has also purchased the E29/1033 tenement, providing contiguous tenure between the current Mining Leases and Mining Lease applications at Mt Ida. This allows for any mine expansion infrastructure requirements outside of the mineralised Baldock shear zone and Ballard Fault gold systems and provides potential access routes to the fully permitted mining centre at the Baldock deposit. The total consideration for the three tenure purchases was via the issue of 608,868 Ballard Shares. Both parties to the sales agreement agreed to a six-month voluntary escrow which ended in April 2026. Metallurgical and Process Plant Studies Ballard is advancing metallurgical studies to a feasibility level of detail for the Baldock Deposit. By the end of the reporting period, these studies are approximately 80% complete. Results continue to demonstrate that the Baldock deposit is amenable to a conventional CIL gold processing circuit, with an overall average +91% metallurgical recovery for both open pit and underground. The Process Plant study will provide the deliverables that will allow Ballard to undertake an EPC tender to build the Processing Plant. Review of Operations Ballard Mining Ltd 13 Annual Report 2026 Review of Operations Geotechnical Studies Ballard is advancing geotechnical studies to a feasibility level of detail for the Baldock open pit and underground deposits, along with the Kestrel and West Knell open pits. Geotechnical investigation drilling and core logging work has been completed with detailed assessment and analysis well advanced. Expansion of Mt Ida Exploration Camp and Public Road Diversion An additional eight rooms have been installed at the existing exploration camp, expanding camp capacity to 30 rooms. The additional rooms will be used by personnel undertaking early works scopes and may ultimately house personnel of the contractor which will build the accommodation village which will subsequently house the construction workforce on a favourable FID. Figure 4 - Plan View of Mt Ida Development Footprint as per the Company’s approved Mining Proposal The Company is also undertaking a public road diversion in H1 FY2027 ahead of FID. This will minimise any interaction with public traffic and construction activities. The road diversion is fully approved. Ballard Mining Ltd 14 Annual Report 2026 Review of Operations Corporate Initial Public Offering (IPO) Ballard was formed via a spin-out of the Mt Ida gold rights from Delta Lithium Limited (Delta) into Mt Ida Au Pty Ltd, a wholly owned subsidiary of Ballard. Delta initially received 220 million shares in Ballard for vending the Mt Ida gold rights. Delta subsequently distributed approximately 29% of these shares to its shareholders via an in-specie distribution. Ballard was admitted to the official list of the ASX on 14 July 2025 after a successful IPO which raised $30 million through the issue of 120 million shares at $0.25 each, with both existing Delta shareholders and new investors participating. The principles around the separation of the gold rights from Delta is documented in the Mineral Rights Agreement. Successful Capital Raising In October 2025, Ballard completed a placement to raise approximately $20.6 million (Placement). Under the Placement, separate agreements were entered into with existing shareholders as well as strategic investor Aurenne Group Holdings Pty Ltd (Aurenne) to subscribe (either directly or through a nominee) for 37,383,199 Placement Shares at a price of $0.55 per share to raise $20.6 million. The Chairman of Ballard, Mr Simon Lill, also participated in a separate placement for $200k of fully paid ordinary shares at the same issue price as the Placement (Director Shares). Shareholder approval for the issuance of the Director Shares, along with the ratification of the Placement issuance, was received at the Company’s 2025 Annual General Meeting held on 28 November 2025. January 2026 Placement In January 2026, Ballard completed an additional placement, raising approximately $61.0 million (Placement 2). Placement 2 consisted of the issue of 76,250,000 fully paid ordinary shares at an issue price of $0.80 per new share. Ballard initially sought $50.0 million through Placement 2 under the Company’s existing ASX Listing Rules 7.1 and 7.1A placement capacity. The Placement 2 offer also included an option for Ballard to accept oversubscriptions on the same terms. This option was exercised bringing the total amount raised to $61.0M (before costs). Placement 2 was extremely well supported by existing shareholders withstrongdemandfromnewresource-focusedinstitutionalinvestors,particularlyinNorthAmerica, Europe and Australia. Ballard Mining Ltd 15 Annual Report 2026 Review of Operations Table 1: Ballard Global Mineral Resource Estimate (September 2026) Cut off Deposit Tonnes (000) Indicated Grade g/t Au Ounces (000) Tonnes (000) Inferred Grade g/t Au Ounces (000) Tonnes (000) Total Grade g/t Au Ounces (000) Open cut 0.5g/t Au 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 Golden Vale - - - 2,363 1.6 124 2,363 1.6 124 Bombay - - - 711 1.3 30 711 1.3 30 West Knell - - - 1,638 2.6 138 1,638 2.6 138 Jupiter - - - 496 1.8 29 496 1.8 29 Neptune - - - 501 1.5 25 501 1.5 25 Pluto - - - 289 2.9 27 289 2.9 27 Astro - Quasar - - - 412 1.6 21 412 1.6 21 Lunar - - - 29 2.1 2 29 2.1 2 Saturn - - - 46 1.3 2 46 1.3 2 Tailings - - - 500 0.5 8 500 0.5 8 Subtotal 12,465 2.4 970 Underground 1.3g/t to 1.5g/t Au Baldock 1,608 4.1 210 6,050 3.3 637 7,658 3.4 847 Kestrel 80 1.9 5 80 1.9 5 Bombay 30 3.1 3 30 3.1 3 West Knell 121 2.3 9 121 2.3 9 Neptune 23 2.9 2 23 2.9 2 Subtotal 7,912 3.4 866 All Baldock 5,138 3.9 647 7,060 3.2 716 12,198 3.5 1,363 Kestrel 1,020 1.6 53 1,020 1.6 53 Golden Vale 2,363 1.6 124 2,363 1.6 124 Bombay 740 1.4 33 740 1.4 33 West Knell 1,759 2.6 147 1,759 2.6 147 Jupiter 496 1.8 29 496 1.8 29 Neptune 524 1.6 27 524 1.6 27 Pluto 289 2.9 27 289 2.9 27 Astro - Quasar 412 1.6 21 412 1.6 21 Lunar 29 2.1 2 29 2.1 2 Saturn 46 1.3 2 46 1.3 2 Tailings 500 0.5 8 500 0.5 8 Total 5,138 3.9 647 15,238 2.4 1,189 20,376 2.8 1,836 Notes: • Open pit resources are reported within optimised pit shells based on A$4,500 per ounce gold price and reported at 0.5 g/t Au cut-off grade. • Underground resources are reported below optimised pits and constrained within mineralised domains in optimised mineable shapes at 1.3 g/t gold cut off grade for West Knell and Neptune and 1.5g/t gold cut-off grade for Baldock, Kestrel and Bombay. • All figures are rounded to reflect appropriate levels of confidence. • Apparent differences may occur due to rounding. Ballard Mining Ltd 16 Annual Report 2026 Competent Person’s Statement Information in this report that relates to exploration results,is based upon work undertaken by Mr Todd Hibberd, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr. Hibberd has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a ‘Competent Person’ as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (“JORC Code”). Mr. Hibberd consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. The information in this report which relates to Mineral Resource Estimates at the Mt Ida Gold Project have been previously prepared and disclosed by Ballard in accordance with the JORC Code. Refer ASX Announcement released by Ballard on the 23 September 2026 for further information. Past Exploration results and Mineral Resource Estimates reported in this report have been previously prepared and disclosed by Ballard in accordance with the JORC Code in its Prospectus lodged with ASIC and dated 30 May 2025 (as amended by the Supplementary Prospectus lodged with ASIC and dated 17 June 2025) (the Prospectus). Review of Operations Ballard Mining Ltd 17 Annual Report 2026 Review of Operations Table 2: Tenements schedule Project Tenement Location Status Beneficial Interest Mt Ida ^ Western Australia E29/0640 Granted 100% Mt Ida ^ Western Australia E29/0771 Granted 100% Mt Ida ^ Western Australia E29/0944 Granted 100% Mt Ida ^ Western Australia E29/0964 Granted 100% Mt Ida Western Australia E29/1006 Granted 100% Mt Ida Western Australia E29/1032 Granted 100% Mt Ida Western Australia E29/1033 Granted 100% Mt Ida ^ Western Australia E29/1238 Granted 100% Mt Ida ^ Western Australia E29/1239 Granted 100% Mt Ida ^ Western Australia E29/1240 Granted 100% Mt Ida ^ Western Australia E29/1262 Application 100% Mt Ida^ Western Australia E29/1288 Granted 100% Mt Ida^ Western Australia E29/1292 Granted 100% Mt Ida^ Western Australia E29/1293 Granted 100% Mt Ida^ Western Australia E29/1309 Application 100% Mt Ida Western Australia E29/1316 Application 100% Mt Ida Western Australia E29/1317 Application 100% Mt Ida ^ Western Australia M29/0002 Granted 100% Mt Ida ^ Western Australia M29/0094 Granted 100% Mt Ida ^ Western Australia M29/0165 Granted 100% Mt Ida ^ Western Australia M29/0422 Granted 100% Mt Ida ^ Western Australia M29/0429 Granted 100% Mt Ida ^ Western Australia M29/0444 Granted 100% Mt Ida ^ Western Australia M29/0458 Application 100% Mt Ida ^ Western Australia M29/0459 Granted 100% Mt Ida ^ Western Australia P29/2666 Granted 100% Mt Ida ^ Western Australia P29/2667 Granted 100% Mt Ida ^ Western Australia P29/2668 Granted 100% Mt Ida ^ Western Australia P29/2669 Granted 100% Mt Ida ^ Western Australia P29/2719 Application 100% Mt Ida ^ Western Australia P29/2720 Application 100% Mt Ida ^ Western Australia P29/2721 Application 100% Mt Ida ^ Western Australia L29/166 Granted 100% Mt Ida ^ Western Australia L29/171 Granted 100% Mt Ida ^ Western Australia L29/186 Granted 100% Mt Ida ^ Western Australia L29/229 Granted 50% Mt Ida^* Western Australia L29/177 Granted   100% ^ Ballard Mining Limited executed a Mineral Rights Deed with Delta Lithium Limited. Ballard Mining Ltd (via Mt Ida Au Pty Ltd) has exclusive rights to gold; Delta retains rights to all other minerals. On 9 July 2025 Ballard Mining ceased to be a subsidiary of Delta Lithium. *For the purpose for groundwater search only Ballard Mining Ltd 18 Annual Report 2026 Directors’ Report Ballard Mining Ltd 19 Annual Report 2026 Directors’ Report The Directors present their report, together with the financial statements, on the Consolidated Entity (referred to hereafter as the “Consolidated Entity” or the “Group”) consisting of Ballard Mining Limited (“Ballard” or the “Company”) and the entities it controlled at the end of, or during the year ended 30 June 2026. Directors The following persons were Directors of Ballard Mining Limited during the whole of the financial year and up to the date of this report, unless otherwise stated: Director Title Appointment Date Resignation Date Simon Lill Non-Executive Chair 30 May 2025 - Paul Brennan Managing Director 1 July 2025 - Tim Manners Finance Director 1 July 2025 - James Croser Non-Executive Director 13 March 2025 - Stuart Mathews Non-Executive Director 30 May 2025 - Principal Activities During the financial year the principal continuing activities of the Consolidated Entity consisted of the exploration and evaluation of the Consolidated Entity’s tenements situated in Western Australia. Financial Review Ballard has recorded an operating loss after income tax from continuing operations for the year ended 30 June 2026 of $3,049,100 (2025: $353,139) and net operating cash outflows of $632,346 (2025: $286,106). The Consolidated Entity invested $45,257,480 in exploration throughout the year including acquisition costs (2025: $60,974,029), raised $111,760,760 in capital during the year via share placements, excluding issue costs of $6,241,155 (2025: $Nil). Dividends No dividend has been declared or paid by the Company since the start of the financial period and the Directors do not at present recommend a dividend. Annual General Meeting The Company’s Annual General Meeting (‘AGM’) was held on 28 November 2025 with all resolutions passed and decided by way of poll.The Company’s Corporate Governance Statement can be found on the website www.ballardmining.com.au and on the ASX portal. Ballard Mining Ltd 20 Annual Report 2026 Directors’ Report Risk Management The Board is responsible for ensuring that risks, and opportunities, are identified on a timely basis and that activities are aligned with the risks and opportunities identified by the board. The Company believes that it is c