Announcement PDF UNLOCKING THE POTENTIAL OF MT IDA Grow and Develop Diggers and Dealers Conference August 2025 SIMON LILL - CHAIR ASX:BM1 | ballardmining.com.au DISCLAIMER IMPORTANT: You must read the following before continuing. FORWARD LOOKING STATEMENTS This presentation (“Presentation”) is dated 6th August 2025 and has been prepared by Ballard Mining Limited (ACN 685 311 577) (“Ballard” or “Company”). 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 Disclaimer. This Presentation has been authorised for release to the Australian Securities Exchange ("ASX") by the board of directors of Ballard (“Board") . This Presentation may contain certain statements and projections provided by or on behalf of Ballard with respect to the anticipated future undertakings. 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 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. SUMMARY INFORMATION By receiving, reviewing or retaining these materials you acknowledge and represent that you have read, understood and accepted the terms of this “Disclaimer”. This Presentation contains general and background information about Ballard, and its activities current only at the date of this Presentation (unless otherwise indicated). The information in this Presentation is in summary form and does not purport to be complete nor does it contain all the information in relation to Ballard. NOT AN OFFER This Presentation is not a prospectus, product disclosure statement or other disclosure document under the Corporations Act 2001 (Cth), or other offering document under Australian law or any other law. This Presentation, and the information contained in it, is provided for information purposes only and is not an offer or solicitation or an invitation or recommendation to subscribe for, acquire or buy securities of Ballard, or any other financial products or securities in any place or jurisdiction and has not been lodged with the Australian Securities and Investment Commission (“ASIC”). This Presentation does not constitute investment advice and has been prepared by Ballard without taking into account the recipient’s investment objectives, financial circumstances or particular needs. Each recipient must make his/her own independent assessment and investigation of Ballard and its business and assets. This Presentation should be read in conjunction with Ballard’s periodic disclosure announcements, which are available to download at www.ballardmining.com.au. Ballard makes no representation or warranty (either expressed or implied) as to the accuracy, reliability or completeness of the information disclosed in this Presentation. Ballard and its directors, employees, agents and consultants shall have no liability (including liability to any person by reason of negligence or negligent misstatement) for any statements, opinions, information or matters (express or implied) arising out of, contained in or derived from, or for any omissions from the Presentation, except liability under statute that cannot not be excluded. 2 Corporate Presentation August 2025 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 forwardlooking 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 forwardlooking statements in this Presentation or any changes in events, conditions or circumstances on which any such forward-looking statement is based. PAST PERFORMANCE The past performance and position of Ballard 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 on its future performance or condition. Past performance of Ballard cannot be relied upon as an indicator of (and provides no guidance as to) the future performance of Ballard, including future share price performance. 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. ASX:BM1 | ballardmining.com.au DISCLAIMER 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 was disclosed in Ballard’s prospectus lodged with ASIC on 30th May 2025 (“Prospectus”) in connection with Ballard’s initial public offering (“IPO”). 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. COMPETENT PERSONS STATEMENT 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 Prospectus lodged with ASIC on 30th May 2025 and released on the ASX announcements platform on 10th July 2025, 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 Prospectus. A copy of the Prospectus is available at www.ballardmining.com.au and www.asx.com.au. Ballard confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the Prospectus. DISCLAIMER No representation or warranty, express or implied, is made by Ballard, its related bodies corporate, any of their respective officers, directors, employees, agents or advisers, as to the accuracy, reliability, completeness or fairness of the information, opinions and conclusions contained in this Presentation. To the maximum extent permitted by law, Ballard, its related bodies corporate, their respective officers, directors, employees, agents or advisers expressly disclaims any and all liability, including, without limitation, any liability arising out of fault or negligence, for any direct, indirect, consequential or contingent loss or damage arising from the use of information contained in this Presentation. Statements made in this Presentation are made only at the date of the Presentation. Ballard is under no obligation to update this Presentation. The information in this Presentation remains subject to change by Ballard without notice. 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. Information in this Presentation that relates to the gold mineral resource estimate at the Mt Ida Project was reported by Ballard in the Prospectus lodged with ASIC on 30th May 2025 and released on the ASX announcements platform on 10th July 2025, 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 Prospectus and that all material assumptions and technical parameters underpinning the mineral resource estimate in the Prospectus continue to apply and have not materially changed. 3 Corporate Presentation August 2025 ASX:BM1 | ballardmining.com.au INVESTMENT HIGHLIGHTS GROWTH 26km highly prospective underexplored shear zones 130,000 metre drill program underway 4 rigs drilling Well funded: $30M IPO with proceeds targeting growth via the drill bit DEVELOPMENT MRE of 1.1Moz @ 3.3g/t1 Baldock fully permitted for mining. Granted ML’s MRE includes 930koz @ 4.1g/t1 at Baldock Application progressing for 1.5Mtpa Process Plant & TSF (402koz Indicated + 699koz Inferred) 1. Free-milling, nonrefractory orebody, amenable to conventional CIL processing 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) and the Disclaimer for further information on the MRE 4 Corporate Presentation August 2025 ASX:BM1 | ballardmining.com.au BOARD COMPOSITION The right team to drive development, resource growth and new discovery SIMON LILL PAUL BRENNAN TIM MANNERS STUART MATHEWS JAMES CROSER LOREN FALCONER Mr Lill was previously Chairman of De Grey Mining, a Company which grew from being a sub $1M market capitalisation when he was first involved to being acquired by Northern Star Resources (ASX:NST) in one of Australia’s largest corporate takeovers in the gold sector. In his 12 years at De Grey, Mr Lill oversaw the discovery of one of Australia’s largest gold finds at Hemi, witnessed unprecedented resource growth, realised exceptional shareholder value and navigated the company through the $5 billion takeover. Mining Engineer with postgraduate MBA and project management. Over 20 years experience in underground operations including 4 years as General Manager for Saracen Minerals. Recent senior corporate roles as Chief Development Officer and Chief Operating Officer including construction of 2.4Mtpa processing plant for Calidus Resources. Finance professional with over 25 years experience in corporate finance, accounting, financial management and business development functions. Spent nearly 7 years with Ramelius Resources Ltd as their Chief Financial Officer during a period of significant organic growth and corporate expansion. More recently was the Chief Financial Officer of Wildcat Resources Ltd and a Non-Executive Director of Delta Lithium. International mining professional with more than 30 years experience working across Australia, Mexico and New Zealand. Former Executive VP Gold Fields Australasia. Master of Geology. Current Non-Executive Chair of Hot Chili Ltd and NonExecutive Director of Pantoro Gold. Experienced mining Company Director & current Managing Director of Delta Lithium & NonExecutive Director of Hammer Metals Ltd. Former Executive Director of ASX-listed Spectrum Metals Ltd & Resources & Energy Group Ltd. Mining Engineer with over 25 years in the WA mining sector. Experienced Financial Controller and Qualified Chartered Accountant. Over 14 years experience predominantly in the mining and resource sector for various ASX-listed resources companies including MACA and PLS. Non Executive Chair 5 Managing Director Corporate Presentation August 2025 Finance Director Non Executive Director Non Executive Director Company Secretary ASX:BM1 | ballardmining.com.au CAPITAL STRUCTURE Well funded for significant resource and exploration drilling BALLARD MINING LIMITED 1. 2. 3. Key Metric OWNERSHIP STRUCTURE Delta (2 year escrow) 46.0%2 Hancock Prospecting 6.2%3 Shares On Issue 340M Share Price (VWAP from listing date to 30/7/25) $0.39 Mineral Resources 5.6%3 Market Capitalisation $133M Other 42.2% Cash raised from IPO (net of fees/costs) $28M Enterprise Value $105M EV / Resource Oz $95/oz Performance Rights and Options (various)1 17.5M Options and performance rights issued to Ballard directors, senior managers and advisers. For further details of the options and performance rights issued by Ballard refer to the Ballard IPO Prospectus lodged with the ASIC and dated 30 May 2025 (as amended by the Supplementary Prospectus lodged with ASIC and dated 17 June 2025) Delta subject to 24 month escrow from the date Ballard shares are quoted on the ASX In-specie shares to be transferred to Delta Lithium’s major shareholders are subject to six months voluntary escrow from the date of issue and further six months orderly market restriction Lake Ballard located ~30km south of Mt Ida Gold Project 6 Corporate Presentation August 2025 ASX:BM1 | ballardmining.com.au LOCATION LOCATION LOCATION! Heart of the WA goldfields, 4 x processing plants within c.100km 7 Corporate Presentation August 2025 Refer to the Ballard IPO Prospectus lodged with the 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 information on the MRE ASX:BM1 | ballardmining.com.au MT IDA GOLD PROJECT Resource Growth and Development Opportunity 7km • JORC MRE 1.1Moz at 3.3g/t Au1 9km includes Baldock Deposit of 930koz at 4.1g/t Au (402koz Indicated)1 • 6 existing gold deposits with Resources open • Camp-scale exploration potential across 26km of continuous underexplored shear zones • Development optionality supported by high-grade Baldock deposit and future exploration success 8 Corporate Presentation August 2025 1. Refer to the Ballard IPO Prospectus lodged with the 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 information on the MRE ASX:BM1 | ballardmining.com.au REGIONAL EXPLORATION POTENTIAL 50,000m planned exploration drill program • 26km of continuous greenstone belt folded around the Copperfield Granite • Prospective shear zones and host rocks on either side: • 13km Baldock Thrust • 13km Ballard Fault • Orogenic, shear hosted gold lodes observed throughout the 26km of strike with minimal focused historical work • High resolution drone magnetics survey completed July 2025 across the entire 26km prospective strike – awaiting results • Magnetic survey results will refine structural model to inform exploration targeting • Unlocking the structural control is KEY to finding another Baldock 9 Corporate Presentation August 2025 Refer to the Ballard IPO Prospectus lodged with the 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 information on the MRE ASX:BM1 | ballardmining.com.au BALDOCK THRUST EXPLORATION 35,000m planned drill program Over 7km of strike to the north of Baldock has an average drill depth of just 43 metres despite highgrade historical intercepts 671 historic drill holes over last ~20 years, mostly RAB drilling 10 Corporate Presentation August 2025 Refer to the Ballard IPO Prospectus lodged with the 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 information on the MRE ASX:BM1 | ballardmining.com.au BALLARD FAULT EXPLORATION 15,000m planned drill program • Geological units on the Ballard Fault are identical to Baldock Thrust Neptune Prospect historic workings 350m • Limited or no drilling at some Prospects • Recent rock chip results has confirmed historical data as well as extended the mineralised strike in some areas. 11 Corporate Presentation August 2025 ASX:BM1 | ballardmining.com.au BALDOCK – 930koz @ 4.1g/t 80,000m planned drill program underway – infill and extensional Baldock MRE - Ounces Per Vertical Metre - 1,000 2,000 3,000 4,000 Top 300m averages ~2,500 oz Per vertical metre, function of drilling Most recent drill program added 256,000oz at Baldock at an all in cost of <$25/oz 12 Corporate Presentation August 2025 Refer to the Ballard IPO Prospectus lodged with the 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 information on the MRE ASX:BM1 | ballardmining.com.au BALDOCK – First Infill Results1 Increasing Resource confidence for Maiden Reserve targeted mid CY2026 • 3m @ 17.7g/t Au from 49m DFS062 • 4m @ 7.3g/t Au from 146m DFS146 • 4m @ 12g/t Au from 182m in DFS063 • 3m @ 7.8g/t Au from 123m DFS044 Cautionary Statement: Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations 13 Corporate Presentation August 2025 1. Refer ASX Announcement lodged by Ballard Mining on the 31st July 2025 for further information ASX:BM1 | ballardmining.com.au USE OF IPO FUNDS $30M raised under the IPO will fund Resource Growth and Infill Drilling USE OF FUNDS 1. 2. 3. 14 $ Exploration & Growth drilling $8.5M Baldock Extensional & Infill drilling $8.0M1 Studies – Mining, Met, Geotech, Water $3.0M1 Rents, Rates, Staff, Overheads $4.0M Stamp duty $2.6M2 Working Capital (including Costs of IPO and Listing) $3.9M TOTAL USES $30M3 3 Drill Rigs undertaking Infill Drilling at Baldock Activities funded pre-IPO by $4M loan from Delta. These are gross amounts inclusive of loan from Delta Estimated value, awaiting ruling from RevenueWA 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 Corporate Presentation August 2025 ASX:BM1 | ballardmining.com.au USE OF IPO FUNDS Growth and Development – Parallel Workstreams targeting a 10 year plan FY26 Sep Q Dec Q Mar Q FY27 Jun Q Sep Q Dec Q Mar Q FY28 Jun Q Sep Q Dec Q Mar Q Jun Q Baldock INFILL & EXTENSIONAL DRILLING GEOTECH & MET PROCESS PLANT ENGINEERING BALDOCK MAIDEN RESERVE Targeting first 5 - 6 years base load feed underpinned by RESERVE Growth EXPLORATION DRILLING NEW RESOURCES Targeting 400-500koz ADDITIONAL RESOURCE (production years 6 - 10) RESOURCE CONVERSION DRILLING (INFILL) 15 Corporate Presentation August 2025 ASX:BM1 | ballardmining.com.au PEER COMPARISON – ASX GOLD DEVELOPERS Ballard’s ASX-listed gold developer peers trade at an average EV/Contained Resource of $198/oz, with higher-grade (+ 2g/t) peers trading at an average of $328/oz Gold Grade (g/t Au) $577/oz Select ASX Listed Gold Developers – EV/Resource ($/oz Au)(1,2) 4.5g/t Peer Group Average for +2.0g/t Resources = $328/oz 3.9g/t $242/oz $170/oz 1.8g/t 16 3.3g/t Peer Group Average = $198/oz $164/oz 2.1g/t $125/oz 1.5g/t $116/oz 1.1g/t $97/oz $95/oz 1.8g/t $91/oz 1.1g/t Market Cap $175m $255m $401m $434m $353m $227m $147m $131m $234m Cash $14m $25m $8m $50m $36m $22m $7m $26m $12m Debt - - - - - - $3m - - Enterprise Value $161m $230m $393m $383m $316m $205m $142m $105m $222m Resource Tonnes 2.2Mt 6.6Mt 40.7Mt 34.3Mt 53.1Mt 50.0Mt 25.1Mt 10.3Mt 68.7Mt Resource Grade 3.9g/t 4.5g/t 1.8g/t 2.1g/t 1.5g/t 1.1g/t 1.8g/t 3.3g/t 1.1g/t Contained Resource 279koz 952koz 2,318koz 2,337koz 2,524koz 1,761koz 1,468koz 1,102koz 2,443koz EV/Resource $577/oz $242/oz $170/oz $164/oz $125/oz $116/oz $97/oz $95/oz $91/oz Corporate Presentation August 2025 1. For detailed sources see Appendix C 2. Note: rounding errors may occur ASX:BM1 | ballardmining.com.au WHY INVEST IN BALLARD MINING? A gold only focused company, with a clear exploration strategy supported by high quality board & management team A launch pad of 1.1Moz1 high-grade MRE, including 930koz at 4.1 g/t at Baldock which is fully permitted for mining Gold rights over tenure containing 6 gold deposits plus 26km of untested strike in the best gold location in Australia. We are looking for another Baldock! Attractive IPO EV / Resource Oz 17 Corporate Presentation August 2025 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 information on the MRE ASX:BM1 | ballardmining.com.au APPENDICES 18 Corporate Presentation August 2025 ASX:BM1 | ballardmining.com.au A MINERAL RESOURCE ESTIMATE – APRIL 20251 Cut off Open cut Au 0.5 g/t Underground Au 1.5 g/t All 19 Deposit Baldock Kestrel Golden Vale Bombay West Knell Jupiter Mt Ida Tailings Baldock Kestrel Bombay West Knell Jupiter Baldock Kestrel Golden Vale Bombay West Knell Jupiter Mt Ida Tailings Total Corporate Presentation August 2025 Indicated Tonnes Grade Ounces (000s) g/t Au (000s) Inferred Tonnes Grade Ounces (000s) g/t Au (000s) Tonnes (000s) Total Grade g/t Au Ounces (000s) 2,600 4.5 365 1,570 3.6 200 4,120 4.2 563 - - - 940 1.6 48 940 1.6 48 - - - 496 1.7 27 496 1.7 27 711 1.3 30 711 1.3 30 238 3.3 25 238 3.3 25 50 1.7 3 50 1.7 3 - - - 500 0.5 8 500 0.5 8 242 4.8 37 2,610 4.0 338 2,850 4.0 368 - - - 80 1.8 5 80 1.8 5 30 3.0 3 30 3.0 3 192 2.4 15 192 2.4 15 90 2.7 8 90 2.7 8 4,220 3.9 532 7,000 4.1 930 1,000 1.7 53 1,000 1.7 53 496 1.7 27 496 1.7 27 740 1.4 33 740 1.4 33 420 2.9 40 420 2.9 40 140 2.3 11 140 2.3 11 500 0.5 8 500 0.5 7,500 3.0 699 10,310 3.3 8 1,102 2,840 4.5 - - - - 2,840 4.5 402 - 402 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 information on the MRE ASX:BM1 | ballardmining.com.au B MINERAL RIGHTS DEED • Mineral Rights Deed1 executed between Mt Ida Au Pty Ltd, Mt Ida Lithium Pty Ltd, Ballard Mining Limited and Delta Lithium Limited • Ballard to issue 220M shares to Delta (or its nominee) in consideration of the Gold Asset • Mining and Exploration: 20 Area Ballard (via Mt Ida Au) Delta (via Mt Ida Lithium) Mineral Rights Exclusive rights to gold Retains rights to all other minerals Ownership Upon Mining Automatically owns recovered gold Automatically owns recovered non-gold minerals Exploration Notice 10 business days 10 business days Mining Proposal Notice 3 months 3 months Corporate Presentation August 2025 For Further information on the Mineral Rights Deed 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) ASX:BM1 | ballardmining.com.au B MINERAL RIGHTS DEED (CONT’D) • Gold and lithium are separate geological units and can be mined separately (no sterilisation) • Any capital costs for mine development for Gold operations can be utilised and shared with any potential lithium operation High grade starter pits generate positive cash flow and establish portal positions for Underground development • Cooperation governed by a Mineral Rights Deed1 Conceptual Designs only to show interaction of gold and lithium 21 Corporate Presentation August 2025 For Further information on the Mineral Rights Deed 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) ASX:BM1 | ballardmining.com.au B 22 MINERAL RIGHTS DEED (CONT’D) Scenario Resolution Method Conflicting activities Parties must discuss and minimise interference. Concurrent mining Form Joint Operating Committee (JORC), decide on Dominant Mine, and coordinate operations. Shared costs Shared proportionally based on use or capital expenditure. Use of other party’s infrastructure Incoming party pays 50% of written-down value of infrastructure. Stockpiling Excluded Minerals Recovering party must stockpile on request, with costs reimbursed by the mineral rights holder. Provision Summary Indemnities Mutual protection against gross negligence or misconduct; Mine operator also indemnified from workplace safety claims. Rehabilitation Pre-Effective Date = Mt Ida Lithium; Post = split between Mt Ida Lithium and Mt Ida Au based on their respective activities; shared activity = proportional to capex. Royalties Each party pays State and third-party royalties for minerals they mine or sell. Defaults Material breach or insolvency = default. Non-defaulting party may enforce deed and recover legal costs. Mt Ida Au has step in rights if Mt Ida Lithium fails to comply with the conditions of the Tenements. Call Option Triggered on insolvency; non-defaulting party may buy mineral rights at fair market value. Assignments Consent required (unless to related party). Related party must re-assign within 3 years if relationship ends. Pre-Emptive Rights Right to match any third-party offer for mineral rights or tenement interests. If Mt Ida Lithium intends to voluntarily surrender a Tenement (or portion of a Tenement), it must first offer to sell the Tenement (or the relevant portion of the Tenement) to Mt Ida Au for nominal consideration. Parent Guarantees Delta and Ballard guarantee their respective subsidiaries' obligations and indemnify the other party for non-performance. Corporate Presentation August 2025 For Further information on the Mineral Rights Deed 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) ASX:BM1 | ballardmining.com.au C Peer 23 PEER COMPARISON – SOURCE DATA Market Cap Cash Debt Enterpr ise Val ue (EV) ($m) (1) ($m) ($m) ($m) Measured Resource Tonnes (Mt) Grade (g/t Au) Cont. (koz) Indicated Resource Tonnes (Mt) Grade (g/t Au) Cont. (koz) Inferred Resource Tonnes (Mt) Grade (g/t Au) Cont. (koz) Total Resource Tonnes (Mt) Grade (g/t Au) Sources Cont. (koz) New Murchison Gold 175.5 14.5 - 161.0 - - - 1.5 4.6 226 0.7 2.4 53 2.2 3.9 279 Gorilla Gold 255.3 25.1 - 230.1 - - - 0.5 5.4 80 6.1 4.4 872 6.6 4.5 952 Magnetic Resources 401.2 7.9 - 393.3 - - - 29.1 1.8 1,716 11.6 1.6 602 40.7 1.8 2,318 Santana Minerals 433.6 50.5 - 383.2 - - - 21.5 2.3 1,603 12.8 1.8 734 34.3 2.1 2,337 Antipa Minerals 352.6 36.5 - 316.1 - - - 32.4 1.6 1,670 20.7 1.3 854 53.1 1.5 2,524 Astral Resources 226.9 22.3 - 204.6 - - - 36.0 1.1 1,259 14.0 1.2 502 50.0 1.1 1,761 Medallion Metals 146.6 7.1 2.9 142.5 - - - 16.7 1.7 923 8.3 2.0 545 25.1 1.8 1,468 Ballard Mining 130.9 26.0 - 104.9 - - - 2.8 4.5 402 7.5 3.0 669 10.3 3.3 1,102 Ausgold 234.3 12.0 - 222.3 41.6 1.1 1,531 21.2 1.0 693 5.9 1.2 219 68.7 1.1 2,443 Corporate Presentation August 2025 1. Sourced from IRESS as at market close 30 July 2025 Financials Resources "Mineral Resource Update "June 2025 Quarter For The Crown Prince Gold Activities and Cashflow Deposit" dated 28 Nov Report" dated 24 July 2025 2024 "Quarterly "Quarterly Activities/Appendix 5B Activities/Appendix 5B Cash Flow Report" dated Cash Flow Report" dated 30 July 2025 30 July 2025 "Lady Julie Resource "Quarterly Appendix 5B Significantly Increases to Cash Flow Report" dated 2.14Moz" dated 23 Jun