Announcement PDF P: +61 8 6466 7500 E: info@ballardmining.com.au A: Level 2, 18 Richardson Street, West Perth WA 6005 ASX: BM1 ballardmining.com.au ASX Announcement – 19 October 2026 Share Purchase Plan Opens Ballard Mining Limited (ASX:BM1) (Ballard or the Company) is pleased to confirm that the offer period for its share purchase plan (SPP) is open from today, Monday, 19 October 2026. The SPP is now open to eligible shareholders, being holders of fully paid ordinary shares in the Company at 4:00pm (AWST) on Wednesday, 7 October 2026 and shown on the register to have an address in Australia or New Zealand, who are located outside the United States and are otherwise eligible to participate in the SPP under the terms of the SPP offer (Eligible Shareholders). Eligible Shareholders will be invited to subscribe for up to $30,000 worth of new fully paid ordinary shares in the Company (New Shares) per Eligible Shareholder, free of transaction and brokerage costs, on the terms set out in the SPP offer booklet (SPP Offer Booklet). As announced on Thursday, 8 October 20261 , the Company seeks to raise up to approximately $5 million (before costs)2 under the SPP, with the ability of the Company to accept oversubscriptions for an additional $5 million (before costs). The SPP was announced alongside a non-underwritten institutional placement which raised approximately $45 million (before costs) (Placement). The issue price under the SPP is the same price paid by institutional investors under the Placement of $0.66 per share. Any funds raised under the SPP and Placement will be used to fund resource extension drilling as part of the exploration growth strategy to increase the potential size and scale of the high-grade Mt Ida Gold Project, to continue to de-risk the Mt Ida Gold Project and prepare for future development via a comprehensive infill drilling program, to design and construct a 250-person accommodation village with sufficient capacity to accommodate future construction and operations workforces; to continue investment into pre- FID early works (including front-end engineering design for the fully approved proposed gold processing facility, bore field installations and a minor road diversion), to complete a feasibility study (including amaiden Ore Reserve statement) and to fund general corporate costs,tenement holding costs and working capital. Eligible Shareholders will today be emailed instructions on how to access the attached SPP Offer Booklet containing the SPP terms and conditions and a personalised application form online at the offer website www.computersharecas.com.au/bm1 (where shareholders have elected to receive electronic communications from the share registry). All Eligible Shareholders not receiving email communications will be sent a letter inviting them to participate in the SPP and 1 Refer to the Company's ASX investor presentation titled "High-Grade Gold. Growing. Permitted. Drill & Build. Capital Raising Presentation" dated 8 October 2026. 2 The Company may decide to accept applications (in whole or in part) that result in the SPP raising more or less than $5 million (before costs) at its absolute discretion and reserves the right (at its absolute discretion) to scale back applications under the SPP. 2 ASX: BM1 ballardmining.com.au providing instructions on how to access the SPP Offer Booklet and their personalised application form online at the offer website. The SPP is scheduled to close at 5:00pm (AWST) on Monday, 9 November 2026 (unless varied or extended). Payment must be received before this time and must be made via BPAY, or if you are an Eligible Shareholder with a registered address in New Zealand, by electronic funds transfer (EFT). When making payment, please take into account BPAY and EFT payment processing times. Shareholders are encouraged to read the SPP Offer Booklet including the SPP terms and conditions, carefully and, if you have any questions, please call your stockbroker, accountant or other professional adviser. For information regarding the details of the SPP offer, you can contact the SPP offer information line 1300 850 505 (within Australia) or +61 3 9415 4000 (outside Australia) between 8:30am and 5:00pm (AEDT), Monday to Friday, during the Offer period. Key Dates Details Date Record Date Record date for determining eligibility to participate in the SPP 4:00pm (AWST) on Wednesday, 7 October 2026 Announcement of SPP Thursday, 8 October 2026 Opening Date The date on which the Offer opens 8:00am (AWST) on Monday, 19 October 2026 Closing Date The date on which the Offer closes Application Monies must be received by 5:00pm (AWST) 5:00pm (AWST) on Monday, 9 November 2026 Announcement of SPP results Friday, 13 November 2026 Issue Date The date New Shares are intended to be issued and lodge Appendix 2A Monday, 16 November 2026 New Shares commence trading on ASX. Tuesday, 17 November 2026 The timetable above is indicative only and may be subject to change. The Company reserves the right to amend any or all of these dates and times without notice, subject to the Corporations Act 2001 (Cth), the ASX Listing Rules and other applicable laws. In particular, the Company reserves the right to change the dates or to withdraw the SPP without prior notice. -END- This release is authorised by the Board of Directors of Ballard Mining Limited. For further information visit our website at ballardmining.com.au or contact: PAUL BRENNAN TIM MANNERS Managing Director Finance Director info@ballardmining.com.au 3 ASX: BM1 ballardmining.com.au About Ballard Mining Ballard Mining Limited (ASX: BM1) is an exploration and development company focused on advancing its Mt Ida Project towards production. With current JORC compliant resources of 20.4Mt @ 2.8 g/t Au, strong balance sheet and an experienced team driving the project development, Ballard is pursuing a growth and development strategy. The Mt Ida Project has high grade gold resources with 93% located on granted mining leases. The main Baldock area has received full open cut and underground mining approvals with a Works Approvalfor a 2.0 Mtpa Processing Plant and Tailings Storage Facility. Ballard is rapidly advancing the Mt Ida Project through a dual stream plan to increase confidence in the current MRE and increase the global resource inventory via an aggressive exploration program. All modifying factors will be advanced simultaneously. Disclaimer This announcement 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 tosignificant 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 announcement. Given these uncertainties, readers are cautioned not to place reliance on forward-looking statements. Any forward-looking statement in this announcement is given as at the date of this announcement. 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 announcement or any changes in events, conditions or circumstances on which any such forward-looking statement is based. This announcement has been prepared for publication in Australia and may not be released to US wire services or distributed in the United States. This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States orin anyotherjurisdiction in which such offer orsolicitation would beunlawful. Thesecurities described in thisannouncement have not been, and will not be, registered under the US Securities Act of 1933, as amended (the US Securities Act), or the securities laws of any state or other jurisdiction of the United States, and may not be offered or sold in the United States except in a transaction exempt from, or not subject to, the registration requirements of the US Securities Act and applicable US state securities laws. Not for release to US wire services or for distribution in the United States 19 October 2026 Dear Shareholder SHARE PURCHASE PLAN – LETTER TO ELIGIBLE SHAREHOLDERS We write to you as a holder of fully paid ordinary shares (Shares) in the issued capital of Ballard Mining Limited (ACN 685 311 577) (ASX:BM1) (Ballard or Company) with a registered address in Australia or New Zealand as at 4:00pm (AWST) on Wednesday, 7 October 2026 (Record Date). On Thursday, 8 October 2026, the Company announced a capital raising comprising: (a) a non-underwritten, single tranche placement of 68,210,880 Shares to institutional and sophisticated investors at an issue price of A$0.66 per Share to raise approximately A$45 million (before costs) (Placement); and (b) a share purchase plan (SPP) to raise up to approximately A$5 million (before costs) (with the ability to accept oversubscriptions up to an additional A$5 million (before costs)). On Monday, 12 October 2026, the Company confirmed it had received firm commitments of up to approximately A$45 million (before costs) under the Placement. Under the SPP, each Eligible Shareholder (as defined below) is provided with an opportunity to apply to purchase up to A$30,000 worth of Shares (New Shares), without incurring brokerage or other transaction costs. The New Shares issued under the SPP will be issued at A$0.66 per New Share (Issue Price), being a discount of 16.2% to the 5-day volume weighted average market price as at Wednesday, 7 October 2026 (being the last day the Shares were traded on ASX before the announcement of the SPP) of A$0.788 per Share. The Issue Price is the same as the issue price of Shares under the Placement. The SPP offer (Offer) is intended to raise up to approximately A$5 million (before costs), with the ability for the Company to accept oversubscriptions up to an additional A$5 million (before costs), on the SPP Terms & Conditions (Terms and Conditions) enclosed with this letter.1 The Offer is not underwritten. The Company's board of directors (Board) retains the right to scale back applications and/or close or withdraw the Offer early in its absolute discretion or, alternatively, accept oversubscriptions up to an additional A$5 million (before costs). It is not anticipated that the Offer will have a material impact on the control of the Company. The Offer is offered exclusively to eligible shareholders (including Custodians (as defined in the Terms and Conditions)), being registered holders of Shares as at the Record Date: (a) with a registered address in Australia or New Zealand; and (b) who meet certain other conditions as expressly prescribed in these Terms and Conditions, (Eligible Shareholders). The Offer opens at 8:00am (AWST) on Monday, 19 October 2026 and is currently scheduled to close at 5:00pm (AWST) on Monday, 9 November 2026. The New Shares are expected to be issued on Monday, 16 November 2026 and commence trading on the ASX on or around Tuesday, 17 November 2026. The Offer is made in accordance with ASIC Corporations (Share and Interest Purchase Plans) Instrument 2019/547 and therefore does not require a prospectus for the purposes of Chapter 6D of the Corporations Act 2001 (Cth) (Corporations Act). Indicative Timetable The indicative timetable for the Offer is detailed below: 1 As part of qualifying for the exceptions from Ballard shareholder approval of the SPP in the ASX Listing Rules, the number of New Shares to be issued under the Offer will not exceed 30% of the number of Shares already on issue. Details Date Record Date Record date for determining eligibility to participate in the SPP 4:00pm (AWST) on Wednesday, 7 October 2026 Announcement of SPP Thursday, 8 October 2026 Opening Date The date on which the Offer opens 8:00am (AWST) on Monday, 19 October 2026 Closing Date The date on which the Offer closes Application Monies must be received by 5:00pm (AWST) 5:00pm (AWST) on Monday, 9 November 2026 Announcement of SPP results Friday, 13 November 2026 Issue Date The date New Shares are intended to be issued and lodge Appendix 2A Monday, 16 November 2026 New Shares commence trading on ASX Tuesday, 17 November 2026 The above dates are indicative only and, subject to compliance with applicable law, may be changed at the discretion of the Company. Any changes will be advised to shareholders. Current Activities and Proposed Use of Funds Further information on the current activities of the Company is detailed in the announcements released by Ballard to the ASX. The announcements are available from the ASX website at www.asx.com.au or the Company's website at https://ballardmining.com.au/. Funds raised from the Offer, along with the Company's existing cash reserves (including the proceeds raised pursuant to the Placement), are indicatively proposed to be used as follows: • to fund resource extension drilling as part of the exploration growth strategy to increase the potential size and scale of the high-grade Mt Ida Gold Project; • to continue to de-risk the Mt Ida Gold Project and prepare for future development via a comprehensive infill drilling program; • to design and construct a 250-person accommodation village with sufficient capacity to accommodate future construction and operations workforces; • to continue investment into pre-FID early works, including front-end engineering design for the fully approved proposed gold processing facility, bore field installations and a minor road diversion; • to complete a feasibility study, including a maiden Ore Reserve statement; and • to fund general corporate costs, tenement holding costs and working capital. The indicative use of funds is subject to change at the discretion of the Board. Important Information The Offer is governed by the enclosed Terms and Conditions. The Board encourages you to read the Terms and Conditions carefully, and in its entirety, together with the announcements released by Ballard to the ASX (including any announcements which may be made by Ballard after the publication of this document), before deciding whether to participate in the Offer. If you are uncertain whether Shares are a suitable investment for you, you should consult your financial or other professional adviser. The Board recommends that you obtain your own financial advice in relation to the Offer and consider the price movements of Shares prior to deciding to participate in the Offer. Actions required to participate in the Offer Eligible Shareholders may participate in the Offer by applying online on the Offer website at www.computersharecas.com.au/bm1 and paying directly via BPAY® (for Eligible Shareholders with an eligible Australian bank account) or via EFT (for Eligible Shareholders in New Zealand). The following table details the different amounts of Application Monies which may be paid to the Company to apply for New Shares under the Offer and the corresponding number of New Shares that would be issued for each amount of Application Monies based on the Issue Price. Application Monies (A$) Number of New Shares and Issue Price of A$0.66 per New Share 1 Parcel A A$30,000 45,455 Parcel B A$20,000 30,303 Parcel C A$15,000 22,727 Parcel D A$10,000 15,152 Parcel E A$7,500 11,364 Parcel F A$5,000 7,576 Parcel G A$2,500 3,788 Note: Fractional entitlements will be rounded to the nearest whole number. The number of New Shares to be issued to you will be subject to the right of the Company to scale back any applications. As such, there is no guarantee that you will receive the number of New Shares for which you have applied. If you are unable to pay via BPAY® by accessing the website to complete the online application, please contact the Offer Information Line on 1300 850 505 (within Australia) or +61 3 9415 4000 (outside Australia) between 8:30am and 5:00pm (AEDT), Monday to Friday, during the Offer period. If you are an Eligible Shareholder with a registered address in New Zealand that is unable to pay by BPAY® you will be offered EFT details via the Investor Centre at www.computershare.com/investor. You should be aware that your own financial institution may implement earlier cut-off times for electronic payments, and you should therefore take this into consideration when making a payment. Ballard also reserves the right to close the Offer early or extend the Offer in its discretion. Eligible Shareholders who wish to participate in the Offer are therefore encouraged to apply early. If you are a Custodian (as defined in the Terms and Conditions), you may be required to submit a custodian certificate to the Company in order to participate on behalf of any beneficiaries. Please refer to the Terms and Conditions for further details. The Company reserves the right to issue fewer New Shares than an Eligible Shareholder applies for under the Offer or none at all and to scale back applications in such manner as the Directors see fit. Any determination by the Directors in respect of any oversubscriptions, scale back or refusal of any application will be final. Queries and Further Information If you have any questions in relation to how to participate in the Offer, please contact the Offer Information Line on 1300 850 505 (within Australia) or +61 3 9415 4000 (outside Australia) between 8:30am and 5:00pm (AEDT), Monday to Friday, during the Offer period. Thank you for your continuing support as a valued shareholder. Yours faithfully, Loren Falconer Company Secretary Ballard Mining Limited SHARE PURCHASE PLAN IMPORTANT NOTICES General This document is dated 19 October 2026. This document is not a prospectus and has not been lodged with ASIC. Accordingly, this document does not contain all the information that an investor would find in a prospectus or which may be required in order to make an informed investment decision regarding whether or not to invest in the New Shares offered by this document. This document is important and requires your immediate attention. It should be read in its entirety, along with the Company's ASX announcements, including (without limitation) any announcements which may be made by Ballard after the publication of this document. If you do not understand or are in doubt about the contents of this document, or the action you should take, you should consult your financial or other professional adviser. The market price of Shares may rise or fall between the date of this document and the date the Company issues the New Shares. Accordingly, the value of New Shares applied for may rise or fall. In addition, fluctuations in the market price of Shares means that up to or after the date on which the Company issues New Shares to you, you may be able to buy Shares on the market at a lower price than the Issue Price. The Company and its Directors do not offer any recommendation or advice regarding participation in the Offer. Holding securities in the Company is a speculative form of investment and the future price of Shares may rise or fall depending on, amongst other things, the prospects of the Company, the Company's financial performance and financial position, economic factors and fluctuations on the stock market generally. After the issue of New Shares, the value of these New Shares will fluctuate over time and may trade below the Issue Price. The information contained in this document is not financial product advice and does not take into account the investment objectives, financial situation or particular needs (including financial and tax issues) of any Eligible Shareholder. This document should not be construed as financial, taxation, legal or other advice. The Company is not licensed to provide financial product advice in respect of its securities or any other financial products. The Company does not consider it appropriate to give advice regarding the taxation consequences of applying for New Shares. The Company and its Directors, other officers and advisers do not accept any responsibility or liability for any such taxation consequences to Eligible Shareholders. As a result, Eligible Shareholders should consult their professional tax adviser in connection with applying for New Shares under the Offer. Forward Looking Statements This document contains certain statements which constitute "forward looking statements". Forward looking statements can generally be identified by the use of forward looking words such as "may", "will", "expect", "plan", "believe", "estimate", "anticipate", "outlook" and "guidance", or similar expressions. While these forward looking statements reflect the Company's expectations at the date of this document, they are not guarantees or predictions of future performance or statements of fact. The information is based on the Company forecasts and as such is subject to variation related to, but not restricted to, economic, market demand/supply and competitive factors. A number of important factors could cause actual results or future events to differ materially from the forward looking statements, including known and unknown risks (such as those contained in paragraphs 13 and 14). These factors may include, but are 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 and share price volatility. Forward looking statements are only predictions and are subject to known and unknown risks, uncertainties, assumptions and other important factors that could cause the actual results, performance or achievements of the Company to differ materially from future results, performances or achievements expressed, projected or implied by such forward looking statements. Shareholders should consider the forward looking statements contained in this document in light of those risks and disclosures. Neither Ballard, nor any of its Directors, officers, employees, agents or advisers makes any representation or warranty, express or implied as to the accuracy, likelihood of achievement or reasonableness of any forward looking statement contained in this document. Except as required by law or regulation (including the ASX Listing Rules), none of Ballard, nor any of its Directors, officers, employees, agents or advisers undertakes any obligation to supplement, revise or update forward looking statements, regardless of whether new information, future events, results or other factors affect the information contained in this document. Forward looking statements, opinions and estimates provided in this document are based on assumptions and contingences that are subject to change without notice. There can be no assurance that actual outcomes will not differ materially from these forward looking statements. Readers are cautioned not to place undue reliance on these forward looking statements, which speak only as of the date thereof. Disclaimer This document does not, and is not intended to, constitute an offer in any place or jurisdiction in which, or to any person to whom, it would not be lawful to make such an offer or to issue this document. No action has been taken to permit the Offer in any jurisdiction other than Australia or New Zealand. The distribution of this document in jurisdictions outside of Australia and New Zealand is restricted by law and therefore, persons into whose possession this document comes should observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any other jurisdiction. Application will be made for the New Shares to be quoted on ASX. The New Shares have not been, and will not be, registered under any other applicable securities laws and they may not be offered or sold, directly or indirectly, in any jurisdiction outside Australia or New Zealand. The New Shares have not been, and will not be, registered under the US Securities Act of 1933 (US Securities Act) or the securities laws of any state or other jurisdiction of the United States. The New Shares may not be offered, sold or otherwise transferred in the United States except in a transaction exempt from, or not subject to, the registration requirements of the US Securities Act and the applicable laws of any state or other jurisdiction in the United States. The New Shares will not be offered or sold, directly or indirectly, to any person in the United States. New Zealand The New Shares are not being offered or sold to the public within New Zealand other than to existing Shareholders with registered addresses in New Zealand to whom the offer of the New Shares is being made in reliance on the Financial Markets Conduct (Incidental Offers) Exemption Notice 2021. This document has not been registered, filed with or approved by any New Zealand regulatory authority under the Financial Markets Conduct Act 2013. This document is not a product disclosure statement under New Zealand law and is not required to, and may not, contain all the information that a product disclosure statement under New Zealand law is required to contain. No Recommendation and Other Matters The information in this document is not a recommendation to accept the Offer and does not constitute financial advice. Eligible Shareholders should therefore conduct their own investigations, assessment and analysis of the Company and its operations and prospects and must base their investment decision solely on those investigations and that assessment and analysis. If, after reading this document, Eligible Shareholders have any questions regarding the Offer, they should contact their financial or other professional adviser before deciding whether or not to accept the Offer. Capitalised terms in this document are defined in the Glossary. BALLARD MINING LIMITED (ACN 685 311 577) SHARE PURCHASE PLAN – TERMS AND CONDITIONS OF OFFER The terms and conditions of the Company's share purchase plan (Offer) are detailed below. By accepting the Offer, you agree to be bound by these Terms and Conditions and the Company's constitution (as amended from time to time). 1 ASIC Corporations (Share and Interest Purchase Plans) Instrument 2019/547 The Offer is made in compliance with ASIC Corporations (Share and Interest Purchase Plans) Instrument 2019/547 (ASIC Instrument 2019/547). ASIC Instrument 2019/547 provides relief from the requirement for the Company to provide a prospectus when offering Shares to existing Shareholders pursuant to a share purchase plan. 2 Opening Date and Closing Date of the Offer The Offer opens at 8:00am (AWST) on Monday, 19 October 2026 (Opening Date). The Offer closes at 5:00pm (AWST) on Monday, 9 November 2026 (Closing Date). Late applications will not be accepted. However, the Directors reserve their right, subject to the Corporations Act and the ASX Listing Rules, to vary the Closing Date without prior notice including closing the Offer early. Accordingly, the Directors encourage any Eligible Shareholders (including Custodians) wishing to participate in the Offer to remit their Application Monies as soon as possible. If the Closing Date is varied, subsequent dates may also be varied accordingly. 3 Who is eligible to participate in the Offer? You are eligible to apply for New Shares under the Offer if you were registered as a holder of Shares as at 4:00pm (AWST) on Wednesday, 7 October 2026 (Record Date) and provided your registered address as recorded in the Register, is in Australia or New Zealand and you are not resident or located in the United States nor acting for the account or benefit of a person in the United States, and you are not resident or located in any other jurisdiction outside of Australia and New Zealand (Eligible Shareholders). The Offer to each Eligible Shareholder is made on the same terms and conditions. You rights under the Offer are personal to you and the Offer is non-renounceable (i.e. you may not transfer your right to subscribe for New Shares to anyone else). 4 Shareholder approval The Company will issue the New Shares under the Offer pursuant to ASX Listing Rules 7.2 (Exception 5) and 10.12 (Exception 4). Directors who are Eligible Shareholders will participate in the Offer, on the same terms as all other Eligible Shareholders. Accordingly, Shareholder approval is not required for the issue of the New Shares pursuant to the Offer. The Company reserves the right to scale back applications in such manner as the Directors see fit. Consequently, you may not receive the New Shares which you apply for pursuant to the Offer. Refer to paragraph 10 for further details. 5 Voluntary participation The Offer is entirely voluntary and is subject to these Terms and Conditions. You are