Announcement PDF HIGH-GRADE GOLD. GROWING. PERMITTED. DRILL & BUILD. Mineral Resource grows to +1.84 Moz September 2026 ASX: BM1 DISCLAIMER 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 24 September 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 ASX: BM1 DISCLAIMER 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 on the 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 announcement. Information in this Presentation that relates to the gold mineral resource estimate at the Mt Ida Project was reported by Ballard on the 23 September 2026, and for which the consent of the Competent Person Mr Michael Andrew and Ms Susan Havlin 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 announcement and that all material assumptions and technical parameters underpinning the mineral resource estimate continue to apply and have not materially changed. Past Exploration results and Mineral Resource Estimates reported in this announcement have been previously prepared and disclosed by Ballard in the IPO Prospectus. 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. 3 ASX: BM1 SIMPLE PROPOSITION 4 ASX: BM1 Drill and Build Funded to FID Permitted. Standalone scale +1.84 Moz and growing 5 PLAN A – TARGETING STANDALONE SCALE FY2026 Resource drilling exceeds expectations in scale and grade at Mt Ida CORPORATE SUMMARY De-risked balance sheet and share register. 24% institutional shareholders CORPORATE STRUCTURE 454 Million Shares on issue 29 Million Performance Rights & Options A$0.77 Close of trading 23 Sep 2026 A$350M Market Capitalisation A$62M Cash (30 June 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) 6 TODD HIBBERD Chief Geologist (ex-Newmont) BM1 ASX A$288M Enterprise value ASX: BM1 DELIVERING HIGH-GRADE RESOURCE GROWTH 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 1. Refer to the Ballard Announcement dated 23 September 2026 and the Disclaimer and Appendix A for further information on the MRE. 7 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 DELIVERING HIGH-GRADE RESOURCE GROWTH • Significant MRE growth achieved across Baldock, and regional deposits West Knell and Golden Vale • Maiden MRE’s at Neptune, Pluto and Astro-Quasar • MRE update incorporates 125 km of RC and Diamond Drilling completed since the February 2026 Mineral Resource update • MRE increase has a discovery cost of $36/oz • Key assumptions for MRE were A$4,500 gold price, open pit cut-off grade of 0.5 g/t gold and underground cut-off grades of 1.3 and 1.5 g/t gold Mineral Resources1 have grown at +100 koz per month since February 2026 1. Refer to the Ballard Announcement dated 23 September 2026 and the Disclaimer and Appendix A for further information on the MRE. 8 ASX: BM1 Deposit Feb 26 MRE (koz) Sep 26 MRE (koz) Increase (koz) Increase (%) Baldock 1,006 1,363 357 35 % West Knell 40 147 107 258 % Golden Vale 27 124 97 359 % Jupiter 11 29 18 164 % Neptune - 27 27 n/a Pluto - 27 27 n/a Astro-Quasar - 21 21 n/a Other 94 94 - n/a Total MRE 1,178 1,836 658 56 % Deposit Type Indicated Inferred Total Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces (000s) g/t Au (000s) (000s) g/t Au (000s) (000s) g/t Au (000s) Open Cut 3,530 3.9 437 8,935 1.9 533 12,465 2.4 970 Underground 1,608 4.1 210 6,304 3.2 656 7,912 3.4 866 Total 5,138 3.9 647 15,238 2.4 1,189 20,376 2.8 1,836 BALDOCK DEPOSIT GROWTH POTENTIAL 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 9 1. Refer to the Ballard Announcement dated 23 September 2026 and the Disclaimer and Appendix A for further information on the MRE. ASX: BM1 High-grade hits 300m along strike of the MRE and open below 600m vertical depth OPEN OPEN OPEN BALDOCK DEPOSIT GROWTH POTENTIAL Baldock is now 3.3km-long within a 500m wide corridor and extends to at least 600m vertically Mineralisation intersected a further 1.2km south of the MRE along the Baldock Shear → 4.5km total strike 10 1. Refer to the Ballard Announcement dated 23 September 2026 and the Disclaimer and Appendix A for further information on the MRE. ASX: BM1 S 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 • ~60,000m of drilling completed since the MRE cut- off date of 30 June 2026 continues to intersect extensions to mineralisation, which will be assessed in future MRE updates • 115,000m of Infill drilling planned for remainder of CY2026 - converting Inferred Resources to higher confidence Indicated Resources • Awaiting ~40,000 Assay Results (~8 weeks worth of samples still in the laboratory) 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 mineralization. system at Riverina Deeps. 11 ASX: BM1 SATELLITE OPPORTUNITIES EMERGING 12 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 Ballard Announcement dated 23 September 2026 and the Disclaimer and Appendix A for further information on the MRE. 1.7km 1.1km FULLY PERMITTED & Infrastructure Works underway 13 • 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 ` 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 MRE UPDATE (Basis for FS) Project Development GEOTECHNICAL STUDIES METALLURGY + PROCESS PLANT STUDIES FEASIBILITY STUDY (FS) (Incorporating Maiden Ore Reserve) Infrastructure Works WATER PRODUCTION BORES TO SUPPORT 2.5 GL/yr BALDOCK DEWATERING BORES PUBLIC ROAD DIVERSION Permitted to build a 2 Mtpa Process Plant, all mining approvals in place and 3.7 GL/yr water license granted Grow to 2 Moz MRE target 14 *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”). ASX: BM1 De-risking production Completion of FS aligned with 2 Moz MRE PLAN A – Standalone Achieved +1.5 Moz to bank it → now de-risking AND growing to 2.0 Moz to build it 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 ON THE WAY TO +2 MOZ +1.84 Moz MRE including +1.3 Moz at the Baldock deposit 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 15 PROVEN TEAM Experienced gold mine developers and operators with strong alignment to growth strategy ASX: BM1 APPENDIX – MINERAL RESOURCE ESTIMATE ASX: BM1 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 Ballard Announcement on 23 September 2026 and the Disclaimer for further information on the MRE​ 17 ASX: BM1