Announcement PDF HIGH-GRADE GOLD. GROWING. PERMITTED. DRILL & BUILD. Capital Raising Presentation October 2026 ASX: BM1 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 8 October 2026 and has been prepared by the board of directors (“Board”) and management of Ballard Mining Limited ("Ballard" or the "Company"). This Presentation has been prepared in relation to a proposed non- underwritten single tranche placement of new fully paid ordinary shares in Ballard (“New Shares”) to certain strategic investors, institutions and other sophisticated and professional investors in accordance with section 708A of the Corporations Act 2001 (Cth) (“Corporations Act”) to raise approximately $45.0 million (before costs) (“Placement”) in conjunction with a non- underwritten share purchase plan for New Shares (“SPP”) (collectively, the “Capital Raising”). New Shares issued under the Capital Raising will rank equally with Ballard’s existing fully paid ordinary shares on issue (“Shares”). The information contained in this Presentation or subsequently provided to any recipient of this Presentation whether orally or in writing by or on behalf of Ballard or its employees, agents or consultants (“Information”) is provided to the recipients on the terms and conditions set out in this notice. The purpose of this Presentation is to provide recipients with information relating to Ballard, its projects and the Capital Raising. SUMMARY INFORMATION ONLY By reviewing or retaining these materials, or attending or participating in the Presentation, you acknowledge and represent that you have read, understood and accepted the terms of this “Disclaimer”. 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. Ballard does not have any obligation to update the contents of this Presentation, except as required by law. The information in this Presentation is general in nature and does not purport to be 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 or other legislation. 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. Cooling off rights do not apply to the acquisition of New Shares. 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. Past performance of Ballard cannot be relied upon as an indicator (and provides no guidance as to) the future performance of Ballard. Nothing contained in this Presentation nor any Information made available to you is or shall be relied upon as a promise, representation, warranty or guarantee, whether as to the past, present or future. 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 (including the New Shares), or any other financial products or securities, in any place or jurisdiction. Any offer in the Placement ("Offer") will only be made available to eligible investors. Determination of eligibility of investors for the purposes of the Offer is determined by reference to a number of matters, including legal requirements and the discretion of Ballard and Argonaut Securities Pty Limited and Canaccord Genuity (Australia) Limited (together, the "Joint Lead Managers"). To the maximum extent permitted by law, Ballard and the Joint Lead Managers each disclaim any liability in respect of the exercise of that discretion or otherwise. An offer booklet in respect of the SPP will be made available to eligible shareholders in Australia and New Zealand following its lodgement with ASX (“SPP Booklet”). Any eligible shareholder in Australia or New Zealand who wishes to participate in the SPP should consider the SPP Booklet before deciding whether to apply for New Shares under the SPP. Anyone who wishes to apply for New Shares under the SPP will need to apply in accordance with the instructions contained in the SPP Booklet and the application form. The distribution of this Presentation in jurisdictions outside of Australia is restricted by law and any such restriction should be observed, including those set forth in Appendix C - International Offer Restrictions of this Presentation. Any failure to comply with such restrictions may constitute a violation of applicable securities laws. 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 New Shares have not been, and will not be, registered under the US Securities Act of 1933 (“US Securities Act”) and may not be sold in the United States except in transactions exempt from, or not subject to, the registration requirements of the US Securities Act and applicable US state securities laws. 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 securities law. 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, the Joint Lead Managers or their respective affiliates, directors, officers, employees, associates, advisers and agents) as to the accuracy, reliability, correctness, completeness or adequacy of any statements, estimates, opinions, conclusions or other information contained in this Presentation, except as required by law. To the maximum extent permitted by law, Ballard, the Joint Lead Managers and their respective 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, the Joint Lead Managers or any of their respective 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, the Joint Lead Managers or any of their respective 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 is disclosed in Appendix B. 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 its ASX announcement titled “Mt Ida Gold Resource increases 56% to 1.84Moz” dated 23 September 2026 and for which the consent of the Competent Person, Mr Todd Hibberd, was obtained. Ballard confirms it is not aware of any new information or data that materially affects the information included in the 23 September 2026 ASX announcement. Information in this Presentation that relates to the gold Mineral Resource estimate at the Mt Ida Project was reported by Ballard in its ASX announcement titled “Mt Ida Gold Resource increases 56% to 1.84 Moz” dated 23 September 2026, and for which the consent of the Competent Persons, Mr Michael Andrew and Ms Susan Havlin, were obtained. Ballard confirms it is not aware of any new information or data that materially affects the information included in the 23 September 2026 ASX announcement and that all material assumptions and technical parameters underpinning the Mineral Resource estimate 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 2012 Joint Ore Reserves Committee’s Australasian Code for Reporting of Mineral Resources and Ore Reserves (“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. 3 DISCLAIMER INVESTMENT HIGHLIGHTS Drill and Build PRIME LOCATION Heart of the WA Eastern Goldfields with +15Mtpa processing capacity and deep orebodies proximal FULLY PERMITTED All Mineral Resources on granted Mining tenure and permits in place for 2.0 Mtpa process plant & TSF GROWTH DRILLING Beyond existing high- grade 1.84 Moz MRE1 STANDALONE SCALE Targeting a 10 year mine life by FID MULTIPLE VALUE DRIVERS Ongoing drill results with Feasibility Study, Ore Reserve and FID planned for mid CY2027 4 PROVEN TEAM Experienced gold mine developers and operators with strong alignment to growth strategy ASX: BM1 1. Refer to the Company’s ASX announcement titled “Mt Ida Gold Resource increases 56% to 1.84 Moz” dated 23 September 2026, the disclaimer on slide 3 and Appendix A for further information regarding the Mineral Resource estimates. ballardmining.com.au • 1.84 Moz at 2.8g/t MRE1 announced 23 September 2026 • ~100koz added per month since Feb 26 MRE 2 • ~60,000m of growth drilling completed since Sep MRE cut- off date of 30 June 2026 • ~40,000m of growth assays outstanding (laboratory backlog) that did not inform Sep MRE • Continued Aggressive Exploration: • 6 rigs on site • Growth drilling beyond existing 1.84 Moz MRE1 • Plus, infill drilling (resource conversion for future study work and maiden Ore Reserve) • Targeting Feasibility Study / FID mid-CY2027 • Early Works • 250-person accommodation village • Process plant detailed engineering (FEED) 5 Source of Funds $ Cash On Hand3 $44.1M Capital Raising proceeds (before costs4)5 $50.0M TOTAL SOURCES $94.1M Use of Funds $ Growth drilling beyond existing 1.84 Moz MRE1 $20M Infill Drilling $20M Accommodation Village $28M Process Plant Engineering (FEED) $10M Public Road diversion + dewatering bores $3.5M Feasibility Study $3M Working Capital $9.6M TOTAL USES6 $94.1M 3. Unaudited cash position at 30 September 2026 4. Costs of the Capital Raising are estimated at $1.8-2.3M 5. Includes SPP and assumes no oversubscriptions 6. The above table is a statement of current intentions of Ballard as at the date of this Presentation. Due to market conditions and/or any number of other factors, actual expenditure levels may differ significantly to the above estimates. As with any budget, intervening events (including exploration success or failure) and new circumstances have the potential to affect the way funds are ultimately applied. Ballard reserves the right to alter the way funds are applied on this basis. 1. Refer to the Company’s ASX announcement titled “Mt Ida Gold Resource increases 56% to 1.84 Moz” dated 23 September 2026, the disclaimer on slide 3 and Appendix A for further information regarding the Mineral Resource estimates. 2. Refer to the Company’s ASX announcement titled “Baldock Gold Resource increases to 1.0 million ounces” dated 26 February 2026 for further information. SOURCES & USES FY27 Drill and Build Sep Q Dec Q Mar Q Jun Q Growth GROWTH DRILLING (Baldock + Regional Targets) INFILL DRILLING (converting Inferred Resources to Indicated) 1.84 Moz MRE1 UPDATE (Basis for FS) Project Development GEOTECHNICAL STUDIES METALLURGY + PROCESS PLANT STUDIES FEASIBILITY STUDY (FS) (Incorporating Maiden Ore Reserve) DETAILED ENGINEERING FOR PROCESS PLANT (FEED) Infrastructure Works WATER PRODUCTION BORES TO SUPPORT 2.5 GL/yr BALDOCK DEWATERING BORES (provide additional ~1.2 GL/yr) PUBLIC ROAD DIVERSION ACCOMMODATION VILLAGE (Tender DecQ, commence MarQ) Growth drilling beyond existing 1.84 Moz MRE1 6 ~50% complete De-risking production In progress Parallel Growth and Development workstreams (including use of placement funds in green) Commence MarQ Construction Tender 1. Refer to the Company’s ASX announcement titled “Mt Ida Gold Resource increases 56% to 1.84 Moz” dated 23 September 2026, the disclaimer on slide 3 and Appendix A for further information regarding the Mineral Resource estimates. DRILL & BUILD ballardmining.com.au 7 Capital Raising Overview ballardmining.com.au 8 7km 9km Offer structure and size • Ballard is seeking to raise approximately $45.0 million (before costs) in an institutional placement via the issue of approximately 68.2 million fully paid ordinary shares (“New Shares”) at an issue price of $0.66 per New Share (“Offer Price”) in the Company (the “Placement”). • The New Shares under the Placement will be issued within the Company’s available placement capacity pursuant to ASX Listing Rule 7.1. • The New Shares to be issued under the Placement represent approximately 15.0% of existing Ballard shares on issue. • The Placement is not underwritten. • Ballard will also be undertaking a non-underwritten share purchase plan (“SPP”) to raise approximately A$5.0 million (before costs), with the ability to accept oversubscriptions. Offer price • Offer price of $0.66 per New Share, represents a: − 7.7% discount to the last close price of $0.715 per share on Wednesday, 7 October 2026; and − 16.2% discount to the 10-day VWAP of $0.788 per share up to and including Wednesday, 7 October 2026. Use of proceeds • Refer to Slide 5 for full details. Ranking • New Shares will rank equally with existing fully paid ordinary Ballard shares from the date of issue. SPP • Eligible Ballard shareholders with a registered address in Australia or New Zealand will have the opportunity to apply for New Shares under a non-underwritten SPP. • Up to A$30,000 of New Shares per eligible Ballard shareholder, free of any brokerage, commission or transaction costs. • The price of the SPP will be on the same terms as the Placement. • The SPP offer period will commence on Monday, 19 October 2026 and conclude on Monday, 9 November 2026. • Ballard reserves the right (in its absolute discretion) to scale back applications under the SPP if demand exceeds $5.0 million (before costs), or to accept allocations above the target up to an additional $5.0 million (before costs). Joint Lead Managers • Argonaut Securities Pty Limited and Canaccord Genuity (Australia) Limited are acting as Joint Lead Managers and Joint Bookrunners to the Placement. Co-Manager • Commonwealth Securities Limited is acting as Co-Manager to the Placement. Placement and SPP CAPITAL RAISING OVERVIEW ballardmining.com.au 9 Note: This timetable is indicative only and subject to variation. The Company reserves the right to alter the timetable at its discretion and without notice, subject to the ASX Listing Rules, the Corporations Act and other applicable law. All times refer to Sydney, Australia time unless denoted otherwise. Event Date (AEDT) Placement Trading halt on ASX Thursday, 8 October 2026 Launch of Placement Thursday, 8 October 2026 Trading halt lifted and announcement of completion of bookbuild for the Placement Monday, 12 October 2026 Settlement of New Shares under the Placement Friday, 16 October 2026 Allotment of New Shares under the Placement Monday, 19 October 2026 SPP Record date for eligibility to participate in SPP Wednesday, 7 October 2026 Dispatch SPP offer booklet and SPP open date Monday, 19 October 2026 SPP closing date Monday, 9 November 2026 Announcement of results of SPP Friday, 13 November 2026 Issue and allotment of New Shares under SPP Monday, 16 November 2026 INDICATIVE CAPITAL RAISING TIMETABLE CORPORATE SUMMARY 10 De-risked balance sheet and share register. 24% institutional shareholders CORPORATE STRUCTURE 454 Million Shares on issue 29 Million Performance Rights & Options A$0.715 Close of trading 7 Oct 2026 A$325M Market Capitalisation A$44M Cash (30 Sep 2026) BOARD & KEY MANAGEMENT PERSONNEL SIMON LILL Non-Executive Chair (ex-De Grey Mining) PAUL BRENNAN Managing Director (ex-Saracen, Calidus) TIM MANNERS Executive Director (ex-Ramelius, Gold Road) STUART MATHEWS Non-Executive Director (ex-Gold Fields) JAMES CROSER Non-Executive Director (ex-Spectrum Metals, Delta) LOREN FALCONER Company Secretary (ex-MACA, PLS) OWNERSHIP STRUCTURE 34.4% Delta Lithium (ASX:DLI) (escrow to 14 Jul 2027)¹ 9.6% Aurenne Group 5.9% Hancock Prospecting 4.6% Board and Management (Fully Diluted) 1. Delta Lithium is subject to an ASX imposed 24-month escrow from the date Ballard shares were quoted on the ASX (14 July 2025) TODD HIBBERD Chief Geologist (ex-Newmont) BM1 ASX A$281M Enterprise value ASX: BM1 PLAN A – TARGETING STANDALONE SCALE 11 FY2026 Resource drilling exceeds expectations in scale and grade at Mt Ida 1. Refer to the Company’s ASX announcement titled “Mt Ida Gold Resource increases 56% to 1.84 Moz” dated 23 September 2026, the disclaimer on slide 3 and Appendix A for further information regarding the Mineral Resource estimates. DELIVERING HIGH-GRADE RESOURCE GROWTH 1. Refer to the Company’s ASX announcement titled “Mt Ida Gold Resource increases 56% to 1.84 Moz” dated 23 September 2026, the disclaimer on slide 3 and Appendix A for further information regarding the Mineral Resource estimates. 12 Mt Ida Global Mineral Resource increases by 658 koz (56%) to: Cornerstone high-grade Baldock deposit resource increases 35% to: Mineral Resource Estimate1 (MRE) increases to +1.84Moz ASX: BM1 20.4 Mt @ 2.8 g/t for 1.84 Moz gold 12.2 Mt @ 3.5 g/t for 1.36 Moz gold BALDOCK DEPOSIT GROWTH POTENTIAL 1. Refer to the Company’s ASX announcement titled “Mt Ida Gold Resource increases 56% to 1.84 Moz” dated 23 September 2026, the disclaimer on slide 3 and Appendix A for further information regarding the Mineral Resource estimates. Refer to the Company’s ASX announcement titled “Baldock Gold Resource increases to 1.0 million ounces” dated 26 February 2026 for further information. 2. Refer to the Company’s ASX announcement titled “Baldock Gold Resource increases to 1.0 million ounces” dated 26 February 2026 for further information regarding the February 2026 MRE. 13 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 ASX: BM1 High-grade hits 300m along strike of the MRE and open below 600m vertical depth OPEN OPEN OPEN BALDOCK DEPOSIT GROWTH POTENTIAL • Mt Ida considered analogous to Gold Fields’ +10Moz Agnew gold camp by renowned Structural Geologist Dr Sarah Jones o Same large granite intrusion • Agnew 1.4km deep1 mine ~150km north • Ora Banda Riverina mine +1km deep2 mineralised system ~80km south o Same greenstone belt, same geology Orogenic deposits plumb deep 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 mineralisation system at Riverina Deeps. 14 ASX: BM1 SATELLITE OPPORTUNITIES EMERGING 15 West Knell and Golden Vale each grow by ~100koz ASX: BM1 West Knell • MRE has grown by 258% to 147 koz1 • Comprises several deposits • Mineralised corridor ~490 metres wide • Mineralisation appears to extend a further 1.9km south to join the Neptune deposit • Infill drilling planned for December Quarter Golden Vale • MRE has grown by 359% to 124 koz1 • Includes three prospects: Golden Vale, Pegasus and Aurelia. • Infill drilling underway with multiple rigs 1. Refer to the Company’s ASX announcement titled “Mt Ida Gold Resource increases 56% to 1.84 Moz” dated 23 September 2026, the disclaimer on slide 3 and Appendix A for further information regarding the Mineral Resource estimates. 1.7km 1.1km Fully Permitted & Infrastructure Works underway 16 • All Mineral Resources on 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 tailings storage facility • Approved Native Vegetation Clearing Permit • 3.7 GL/yr groundwater license o Seven production bores installed o Dewatering bores at Baldock to be completed within Dec Q • Mt Ida public road diversion commenced and on schedule to be completed within Dec Q Fundamental differentiator from other gold developers Mt Ida public road diversion commenced ASX: BM1 Production bore background and monitoring bore foreground ballardmining.com.au 17 Appendix A Mineral Resource Estimate Cut-off Deposit Indicated Inferred Total Tonnes (kt) Grade (g/t Au) Ounces (koz) Tonnes (kt) Grade (g/t Au) Ounces (koz) Tonnes (kt) Grade (g/t Au) Ounces (koz) Open Pit (OP) 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 (OP) 12,465 2.4 970 Underground (UG) 1.5g/t Au (Baldock) and 1.3 g/t Au (Others) 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 (UG) 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 MINERAL RESOURCE ESTIMATE – SEPTEMBER 2026¹ 1. Refer to the Company’s ASX announcement titled “Mt Ida Gold Resource increases 56% to 1.84 Moz” dated 23 September 2026 and the disclaimer on slide 3 for further information regarding the Mineral Resource estimates. 18 ASX: BM1 ballardmining.com.au 19 Appendix B Key Risks ballardmining.com.au B KEY RISKS 20 Some of the key risks associated with an investment in the Company are summarised below. These risks and other general risks applicable to all investments in listed securities not specifically referred to, may affect the value of Shares in the future. Accordingly, an investment in the Company should be considered speculative. Investors should consider consulting their financial or other professional adviser b