Announcement PDF ballardmining.com.au 1 7 F e b r u a r y 2 0 2 6 Resource Growth and Seamless Transition to FID Todd Hibberd Geology Manager ballardmining.com.au The following notices and disclaimers apply to this Presentation ("Presentation") and you are therefore advised to read this carefully before reading or making any other use of this Presentation or any information contained in this Presentation. This Presentation is dated 17 February 2026 and has been prepared by the Board and management of Ballard Mining Limited ("Ballard" or the "Company"). SUMMARY INFORMATION ONLY The information in this Presentation is summary information only and is current as at the date of this Presentation (unless otherwise indicated), and the information in this Presentation remains subject to change without notice. The information in this Presentation is general in nature and does not purport to be accurate nor complete, nor does it contain all of the information that an investor may require in evaluating a possible investment in Ballard, nor does it contain all the information which would be required in a disclosure document or prospectus prepared in accordance with the requirements of the Corporations Act 2001 (Cth) ("Corporations Act") or other legislation. It has been prepared by Ballard with due care but no representation or warranty, express or implied, is provided in relation to the accuracy, reliability, fairness or completeness of the information, opinions or conclusions in this Presentation by Ballard or any other party involved in its preparation, except as required by law. Reliance should not be placed on information or opinions contained in this Presentation and, Ballard does not have any obligation to finalise, correct or update the contents of this Presentation, except as required by law. This Presentation should be read in conjunction with Ballard's other periodic and continuous disclosure announcements lodged with the ASX, which are available at www.asx.com.au. FORWARD LOOKING STATEMENTS This Presentation may contain forward-looking statements regarding the Company and its subsidiaries (including its projects). Forward-looking statements may in some cases be identified by terminology such as “may”, “will”, “could”, “should”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict”, “potential” or “continue”, the negative of such terms or other comparable terminology. These forward-looking statements are only predictions. These forward-looking statements reflect various assumptions by or on behalf of Ballard. Accordingly, these statements are subject to significant business, economic and competitive uncertainties and contingencies associated with the mining industry which may be beyond the control of Ballard which could cause actual results or trends to differ materially including, but not limited to, price and currency fluctuations, geotechnical factors, drilling and production results, development progress, operating results, reserve estimates, legislative, fiscal and regulatory developments, economic and financial market conditions in various countries, approvals and cost estimates, environmental risks, ability to meet funding requirements, share price volatility. Accordingly, there can be no assurance that such statements and projections will be realised. Actual values, results or events may be materially different to those expressed or implied in this Presentation. Given these uncertainties, recipients are cautioned not to place reliance on forward-looking statements. Any forward- looking statement in this Presentation is given as at the date of this Presentation. Subject to any continuing obligations under applicable law and the ASX Listing Rules, Ballard does not undertake any obligation to update or revise any information or any of the forward-looking statements in this Presentation or any changes in events, conditions or circumstances on which any such forward-looking statement is based. NOT FINANCIAL PRODUCT ADVICE This Presentation, and the information provided in it, does not constitute, and is not intended to constitute, financial product or investment advice, financial, legal, tax, accounting or other advice, or a recommendation to acquire any securities of Ballard. It has been prepared without taking into account the objectives, financial or tax situation or particular needs of any individual. Ballard is not licensed to provide financial product advice in respect of an investment in securities or otherwise. Each investor must make its own independent assessment of Ballard before acquiring any securities in the Company. PAST PERFORMANCE Any information regarding past performance included in this Presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of Ballard's views, or that of any other party involved in its preparation, on Ballard's future performance or condition or prospects. NOT AN OFFER This Presentation is not a prospectus, product disclosure statement or other offering document under Australian law or any other law and will not be lodged with the Australian Securities and Investments Commission. This Presentation is for information purposes only and is not an invitation, offer or recommendation with respect to the subscription, purchase or sale of any security in Ballard, or any other financial products or securities, in any place or jurisdiction. This Presentation has been prepared for publication in Australia and may not be released to US wire services or distributed in the United States. This Presentation does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction where it would be illegal. The distribution of this Presentation in the United States and elsewhere outside Australia may be restricted by law. Persons who come into possession of this Presentation should observe any such restrictions as any non-compliance could contravene applicable. 2 DISCLAIMER ballardmining.com.au NO LIABILITY The information contained in this Presentation has been prepared in good faith by Ballard. However, no guarantee, representation or warranty expressed or implied is or will be made by any person (such as Ballard or its affiliates, directors, officers, employees, associates, advisers and agents) as to the accuracy, reliability, correctness, completeness or adequacy of any statements, estimates, options, conclusions or other information contained in this Presentation, except as required by law. To the maximum extent permitted by law, Ballard and its affiliates, directors, officers, employees, associates, advisers and agents each expressly disclaims any and all liability, including, without limitation, any liability arising out of fault or negligence, for any loss arising from the use of or reliance on information contained in this Presentation including representations or warranties or in relation to the accuracy or completeness of the information, statements, opinions, forecasts, reports or other matters, express or implied, contained in, arising out of or derived from, or for omissions from, this Presentation including, without limitation, any financial information, production targets, financial forecasts, estimates or projections and any other information derived therefrom. Statements in this Presentation are made only as of the date of this Presentation unless otherwise stated and the information in this Presentation remains subject to change without notice. No responsibility or liability is assumed by Ballard or any of its affiliates, directors, officers, employees, associates, advisers or agents for updating information in this Presentation or to inform any recipient of any new or more accurate information or any errors or omissions of which Ballard or any of its affiliates, directors, officers, employees, associates, advisers or agents may become aware, except as required by law. INVESTMENT RISK An investment in Ballard is subject to investment and other known and unknown risks, some of which are beyond the control of Ballard. Those risks and uncertainties include factors and risks specific to Ballard such as (without limitation) the status of exploration and mining tenements and applications and the risks associated with the non- grant or expiry of those tenements and applications, liquidity risk, risks associated with the exploration or developmental stage of projects, funding risks, operational risks, changes to government fiscal, monetary and regulatory policies, the impact of actions of governments, the potential difficulties in enforcing agreements and protecting assets, alterations to resource estimates and the imprecise nature of resource and reserve statements, any circumstances adversely affecting areas in which Ballard operates, fluctuations in the production, volume and price of commodities, any imposition of significant obligations under environmental regulations, fluctuations in exchange rates, the fluctuating industry and commodity cycles, the impact of inflation on operating and development costs, taxation, regulatory issues and changes in law and accounting policies, the adverse impact of wars, terrorism, political, economic or natural disasters, the impact of changes to interest rates, loss of key personnel and delays in obtaining or inability to obtain any necessary government and regulatory approvals, insurance and occupational health and safety. Further information regarding the risks associated with an investment in Ballard are disclosed in Ballard’s 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 dated 17 June 2025) (“IPO Prospectus”). Ballard does not guarantee any particular rate of return or the performance of Ballard, nor does it guarantee the repayment of capital from Ballard or any particular tax treatment. MINERAL RESOURCE ESTIMATE (MRE) Information in this Presentation that relates to exploration results, the data and geological interpretation used as the basis of the mineral resources was reported by Ballard in the IPO Prospectus and for which the consent of the Competent Person Mr Shane Murray was obtained. Ballard confirms it is not aware of any new information or data that materially affects the information included in the IPO Prospectus. Information in this Presentation that relates to the gold mineral resource estimate at the Mt Ida Project was reported by Ballard in the IPO Prospectus, and for which the consent of the Competent Person Mr Michael Andrew was obtained. Ballard confirms it is not aware of any new information or data that materially affects the information included in the IPO Prospectus and that all material assumptions and technical parameters underpinning the mineral resource estimate in the IPO Prospectus continue to apply and have not materially changed. JORC CODE DIFFERS FROM REPORTING REQUIREMENTS IN OTHER COUNTRIES It is a requirement of the ASX Listing Rules that the reporting of ore reserves and mineral resources in Australia comply with the JORC Code. Investors outside Australia should note that while ore reserve and mineral resource estimates of the Company in this presentation comply with the JORC Code, they may not comply with the relevant guidelines in other countries and, in particular, do not comply with (i) National Instrument 43-101 (Standards of Disclosure for Mineral Projects) of the Canadian Securities Administrators or (ii) Item 1300 of Regulation S-K, which governs disclosure of mineral reserves in registration statements filed with the US Securities and Exchange Commission. Information contained in this Presentation describing mineral deposits may not be comparable to similar information made public by companies subject to the reporting and disclosure requirements of other countries. You should not assume that quantities reported as “resources” in this Presentation will be converted to reserves under the JORC Code or any other reporting regime or that the Company will be able to legally and economically extract them. FINANCIAL INFORMATION All dollar amounts are in Australian dollars unless otherwise indicated. EFFECT OF ROUNDING The figures in this Presentation may be subject to rounding. Accordingly, the actual calculation of these figures may differ from the figures set out in this presentation. DISCLAIMER 3 ballardmining.com.au INVESTMENT HIGHLIGHTS Fully Permitted, funded to FID, targeting standalone scale 4 1. Corporate Summary • Pro Forma Cash $85M at 31 December 2025 • Centrally located in the WA Eastern Goldfields 2. Mineral Resource Estimate • 10Mt @ 3.3g/t Au for 1.1Moz Au1, including Baldock Deposit of 930koz @ 4.1 g/t Au1 6. Upcoming news flow • Maiden Ore Reserve at Baldock • Ongoing drilling results • Mineral Resource updates 3. Exploration Potential - Growth • Extensional growth at Baldock • 53 Regional Exploration Prospects 4. Baldock Fully Permitted • Open cut and underground mining approved • 2.0 Mtpa Processing Plant and TSF approved • 3.7 GL/yr water licence 5. Project Strategy – targeting standalone scale • Targeting Maiden Ore Reserve at Baldock mid- CY26 that underpins initial 5-6 year mine life • CY26 exploration focus on Resource Growth 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 dated 17 June 2025), the Disclaimer and Appendix A for further information on the MRE ballardmining.com.au Ownership Structure % Delta (2 Year ASX imposed escrow)1 34% Aurenne Group 9.6% Hancock Prospecting2 5.9% Board and Management (Fully Diluted) 4.6% 5 CORPORATE SUMMARY January $61M Placement: De-risked Balance Sheet and Future Proofed Register 1. Delta Lithium is subject to a 24 month escrow from the date Ballard shares were quoted on the ASX 2. Subject to six months orderly market restrictions expiring on 9 July 2026. Corporate Structure Shares on Issue 454 Million Performance Rights & Options 22 Million Share Price (5 day VWAP to 13/2/26) ~$0.84 Market Capitalisation ~$382 Million Proforma Cash on hand (31 Dec 2025) ~$85 Million Board & Key Management Personnel (previous roles) Chair Simon Lill (De Grey) Managing Director Paul Brennan (Saracen, Calidus) Executive Director Tim Manners (Ramelius, Gold Road) Non-Executive Director James Croser (Spectrum, Delta) Non-Executive Director Stuart Mathews (Gold Fields) Company Secretary Loren Falconer (MACA, PLS) Geology Manager Todd Hibberd (Newmont) ballardmining.com.au Sources: S&P Capital IQ, ASX Filings, Company Websites, Argonaut Equity Research Estimates Vault Minerals (ASX:VAU) $30M1 Exploration Budget Genesis Minerals (ASX: GMD) $40-$50M2 Exploration Budget Ora Banda Mining (ASX: OBM) $73M3 Exploration Budget Aurenne Group (Private) ~2 Mtpa Plant 6 OPTIONALITY $50M Exploration Budget for CY2026, 220,000m drill program planned 1. Refer to the ASX Announcement lodged by Vault (ASX:VAU) on the 22nd September 2025 “FY26 guidance and three year outlook” for more informationregarding Vault FY26 Exploration budget 2. Refer to the ASX Announcement lodged by Genesis (ASX:GMD) on the 21st August 2025 “FY25 results and outlook” for further informationregarding Genesis FY26 Exploration budget 3. Refer to the ASX Announcement lodged by Ora Banda (ASX:OBM) on the19th November 2025 “AGM Presentation”for further information regarding Ora Banda FY26 Exploration budget ballardmining.com.au • Granted Mining Leases • Approved Mining Proposal and Mine 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 Permit • 3.7 GL/yr groundwater license (GWL) • 3.7 GL/yr supports ~3.7 Mtpa Processing • 3 x production bores installed 7 FULLY PERMITTED. Fundamental differentiator from other gold developers Construction of Production Bore in the Lake Raeside Paleochannel ballardmining.com.au FY26 FY27 Mar Q Jun Q Sep Q Dec Q Mar Q Jun Q Baldock Development BALDOCK Phase 1 INFILL DRILLING (completed Dec’25) GEOTECHNICAL + MINING STUDIES (in progress) METALLURGY + PROCESS PLANT STUDIES (in progress) BALDOCK MAIDEN ORE RESERVE (interim milestone) Resource Growth GROWTH DRILLING (Baldock Extensional + Regional) RESOURCE CONVERSION DRILLING (Phase 2 INFILL) GLOBAL MRE UPDATES INTERNAL STUDIES TO SUPPORT DFS (ongoing) Final Investment Decision* 8 DFS & FID WINDOW *Final Investment Decision (“FID”) is contingent on the timing of scale addition arising from Baldock extensional and regional drilling and the completion of a Definitive Feasibility Study (“DFS”). Baldock Ore Reserve due mid-year • Targeting Maiden Ore Reserve at Baldock mid-CY26 that underpins initial 5-6 year mine • Ore Reserve will be supported by interim study – Baldock Met and Geotech to Feasibility Level of Detail Targeting Standalone Scale • 220,000m drilling planned for CY2026. • Leverage off the fully permitted and highest grade Baldock Resource • Entire Ballard work force incentives aligned with corporate goals (1.5Moz MRE, 2.0Moz MRE & completion of a Definitive Feasibility Study) DRILL AND BUILD CY2026 Plan: Maiden Baldock Ore Reserve + add scale for production & mine life increase ballardmining.com.au 9 • Mt Ida considered analogous to the +10Moz Agnew gold camp (~150km north) by renowned Structural Geologist Dr Sarah Jones • Orogenic orebodies typically“plumb deep” o Agnew 1.4km deep1 mine. ~150km north o Ora Banda Riverina Deeps +1km2 deep mineralized system. ~80km south • Agnew and Ora Banda are located on same greenstone belt • Planned Exploration workstreams: o Geochemical review of existing and new datasets o Geophysics (down hole and surface) to inform deeper drilling o Systematic drilling throughout all of CY2026 1. Reference Gold Fields Analyst and Investor Site Visit 2022. 2. Refer to the ASX Announcement lodged by Ora Banda (ASX:OBM) on the 23rd October 2025 “Outstanding Drill Results at Little Gem and Riverina” for further information regarding the depth of the mineralization. system at Riverina Deeps. 53 REGIONAL PROSPECTS Swallow the Elephant one bite at a time ballardmining.com.au LEVERAGE OFF DE-RISKED & FULLY PERMITTED BALDOCK 86,000m Infill drilling program to 350m depth completed Dec 2025 10 1. Refer to the Ballard IPO Prospectus lodged with ASIC and dated 30 May 2025 (as amended by the Supplementary Prospectus lodged with ASIC and dated 17 June 2025) and the Disclaimer and Appendix A for further information on the MRE. ballardmining.com.au LEVERAGE OFF DE-RISKED & FULLY PERMITTED BALDOCK Four drill rigs currently operating at Baldock: 2 x RC (Pre-collars) + 2 x Diamond 11 ASX:BM1 | ballardmining.com.au LOCATION → Heart of the WA Eastern Goldfields with +15Mtpa Processing Capacity and deep orebodies proximal FULLY PERMITTED. CAMP SCALE EXPLORATION POTENTIAL → CY2026 drilling focused on Resource Growth TARGETING STANDALONE SCALE → Initial Baldock Ore Reserve + CY2026 drilling success to deliver growth 12 MULTIPLE UPCOMING CATALYSTS → Maiden Ore Reserve, Ongoing drilling results, MRE Updates INVESTMENT HIGHLIGHTS ballardmining.com.au 13 Appendix A Mineral Resource Estimate ballardmining.com.au A MINERAL RESOURCE ESTIMATE – APRIL 20251 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 48 940 1.6 48 Golden Vale - - - 496 1.7 27 496 1.7 27 Bombay 711 1.3 30 711 1.3 30 West Knell 238 3.3 25 238 3.3 25 Jupiter 50 1.7 3 50 1.7 3 Mt Ida Tailings - - - 500 0.5 8 500 0.5 8 Baldock 242 4.8 37 2,610 4.0 338 2,850 4.0 368 Kestrel - - - 80 1.8 5 80 1.8 5 Bombay 30 3.0 3 30 3.0 3 West Knell 192 2.4 15 192 2.4 15 Jupiter 90 2.7 8 90 2.7 8 Baldock 2,840 4.5 402 4,220 3.9 532 7,000 4.1 930 Kestrel - - 1,000 1.7 53 1,000 1.7 53 Golden Vale - - - 496 1.7 27 496 1.7 27 Bombay 740 1.4 33 740 1.4 33 West Knell 420 2.9 40 420 2.9 40 Jupiter 140 2.3 11 140 2.3 11 Mt Ida Tailings 500 0.5 8 500 0.5 8 Total 2,840 4.5 402 7,500 3.0 699 10,310 3.3 1,102 Total Open cut Au 0.5 g/t Underground Au 1.5 g/t All Cut off Deposit Indicated Inferred 14 1. Refer to the Ballard IPO Prospectus lodged with ASIC and dated 30 May 2025 (as amended by the Supplementary Prospectus lodged with ASIC and dated 17 June 2025) and the Disclaimer for further informationon the MRE