Announcement PDF ASX Announcement – 26 October 2026 September 2026 Quarterly Activities Report HIGHLIGHTS x Global Mineral Resource Estimate (MRE) for Mt Ida increased by 658 koz (56%) to 20.4 Mt at 2.8 g/t Au for 1.84 Moz contained gold x Cornerstone Baldock deposit increased 35% to 12.2 Mt at 3.5 g/t Au for 1.36 Moz, including 437 koz at 3.9 g/t Au in the higher-èĺIJƱîôIJèôϙ IIJîĖèÍťôîϙ Resource category within the open pit estimate x ‹ĖČIJĖƱèÍIJťϙ resource growth also achieved at the West Knell (147 koz) and Golden Vale (124 koz) regional deposits x Maiden MREs also declared for the Neptune (27 koz), Pluto (27 koz) and Astro- Quasar (21 koz) deposits x MRE increased at a discovery cost of A$36 per ounce x Drilling at West Knell returned a Ballard record 244 gram-metre intercept in hole WKEX101: 9m at 27.1 g/t Au from 191m x Mineralisation at West Knell was extended northward along the Ballard Shear and at depth, with the West Knell-bôŕťŪIJôϙıĖIJôŘÍīĖŜôîϙťŘôIJîϙIJĺſϙîôƱIJôîϙĺŽôŘϙ approximately 3.7km of strike x Multiple project de-risking workstreams completed, including: o Feasibility-level mine geotechnical assessment completed for open pit and underground mining at Baldock, along with open pit mining at Kestrel o Exploration Camp expanded to 30 rooms o West Knell Mining Lease granted, supporting future project development o Additional water production bores installed to support 2.5 GL/yr water license o Contract awarded to undertake the approved 4km Mt Ida public road diversion x Mt Ida Feasibility Study and Maiden Ore Reserve on target for mid CY2027 x Subsequent toend ofthe September Quarter,successful Placement toraise $45 million (before costs) and Share Purchase Plan, to raise up to a further $5 million at the same issue price of $0.66 per share, which is open until 9 November 2026 x Strong pro-forma funding position with A$94.1 million cash at 30 September 2026, inclusive of the net proceeds of the Placement and SPP ^ Refer to various ASX releases as listed later in this report 2 ASX: BM1 ballardmining.com.au Commenting on the September quarter progress at Mt Ida, Managing Director Paul Brennan said: “Our dual stream Resource Growth and Project Development strategy at Mt Ida achieved its most ŜĖČIJĖƱèÍIJťϟıĖīôŜťĺIJôϟťĺϟîÍťôϟĖIJϟťēôϟ‹ôŕťôıæôŘϟŗŪÍŘťôŘϦϟſĖťēϟťēôϟČīĺæÍīϟMRE increasing 56% to 1.84 Moz. “ēôϟĺıŕÍIJƅϟĖŜϟIJĺſϟèĺIJƱîôIJťϟĺċϟÍèēĖôŽĖIJČϟťēôϟťÍŘČôťôîϟŜèÍīôϟŘôŗŪĖŘôîϟťĺϟŜŪŕŕĺŘťϟÍϟŜťÍIJîÍīĺIJôϟČĺīîϟıĖIJĖIJČϟ and processing operation at Mt Ida. “
ťϟÍīîĺèħϦϟťēôϟèĺŘIJôŘŜťĺIJôϟdeposit at aťϟIîÍϦϟťēôϟaĖIJôŘÍīϟ‡ôŜĺŪŘèôϟČŘôſϟ͚͘ҍϟťĺϟ͖ϥ͛͘ aĺƏϟÍťϟ͘ϥ͚Čϵťϟ
Ū. IıŕĺŘťÍIJťīƅϦϟ ÍīîĺèħГŜϟ ČŘÍîôϟ ŘôıÍĖIJŜϟ ŪIJèēÍIJČôîϟ ċŘĺıϟ ťēôϟ >ôæŘŪÍŘƅϟ ͕͗͗͛ϟ ôŜťĖıÍťôϦϟ èĺIJƱŘıĖIJČϟ ťēôϟ ĖIJèŘôÍŜôϟŘôƲôèťŜϟČôIJŪĖIJôϟhigh-grade resource growth. А‡ôŜĺŪŘèôϟČŘĺſťēϟôƄťôIJîôîϟſôīīϟæôƅĺIJîϟÍīîĺèħϦϟſĖťēϟ®ôŜťϟXIJôīīϟĖIJèŘôÍŜĖIJČϟæƅϟ͖͕͜ħĺƏϟťĺϟ͖͙͜ koz and ŘôťŪŘIJĖIJČϟÍϟŘôèĺŘîϟĖIJťôŘèôŕťϟĺċϟ͞ıϟ Íťϟ ͗͜ϥ͖Čϵťϟ
ŪϟċŘĺıϟ ͖͖͞ıϦϟťēôϟēĖČēôŜť-ČŘÍîôϟČĺīîϟŘôŜŪīťϟŘôŕĺŘťôîϟæƅϟ Ballard at Mt Ida. Golden Vale also grew æƅϟÍŘĺŪIJîϟ͖͕͕ϟħĺƏϟťĺϟ͖͙͗ ħĺƏϦϟſēĖīôϟıÍĖîôIJϟ‡ôŜĺŪŘèôŜϟÍťϟbôŕťŪIJôϦϟ Pluto and Astro-Quasar continue to demonstrate the scale potential of Mt Ida and scope for future satellite feed sources to supplement future mining operations. Mining Lease applications can now also proceed ċĺŘϟbôŕťŪIJôϟÍIJîϟ„īŪťĺϟſĖťēϟťēôϟŕŪæīĖŜēĖIJČϟĺċϟÍϟıÍĖîôIJϟ‡ôŜĺŪŘèô for these deposits.” “IIJϟŕÍŘÍīīôīϦϟſôϟèĺIJťĖIJŪôîϟťĺϟÍîŽÍIJèôϟħôƅϟîôŽôīĺŕıôIJťϟÍIJîϟĖIJċŘÍŜťŘŪèťŪŘôϟſĺŘħŜťŘôÍıŜϦϟċŪŘťēôŘϟîô-risking ťēôϟ ŕŘĺĤôèťϟ ÍIJîϟ ŜťŘôIJČťēôIJĖIJČϟ ĺŪŘϟ èĺIJƱîôIJèôϟ ĖIJϟ Íϟ ċŪťŪŘôϟ ıĖIJĖIJČϟ ĺŕôŘÍťĖĺIJϟ Íťϟ aťϟ IîÍϥϟ >ĺīīĺſĖIJČϟ the ÍîîĖťĖĺIJÍīϟ æÍīÍIJèôϟ Ŝēôôťϟ ŜťŘôIJČťēϟ èŘôÍťôîϟ æƅϟ our recent capital raising (post Quarter)Ϧϟ Ballard is well positioned to continue to grow Mt Ida and accelerate pre-development works as we move towards the Mt IîÍϟ>ôÍŜĖæĖīĖťƅϟ‹ťŪîƅϟÍIJîϟıÍĖîôIJϟiŘôϟ‡ôŜôŘŽôϟĖIJϟıĖî-´͕͗͗͜ϥБ Ballard Mining (ASX:BM1) (Ballard or the Company) is pleased to present its Quarterly Activities Report and Appendix 5B, for the quarter ending 30 September 2026. Mt Ida Gold Project Overview The Mt Ida Gold Project (Mt Ida or the Project) is lĺèÍťôîϙ͔͓͏ħıϙIJĺŘťēôÍŜťϙĺċϙ„ôŘťēϙĖIJϙťēôϙ@ĺīîƱôīîŜϙŘôČĖĺIJϙ of Western Australia (Figure 1) and covers 26km of prospective greenstone belt folded around the ĺŕŕôŘƱôīîϙ@ŘÍIJĖťôϟϙ The Project includes seven granted Mining Leases and is fully permitted for mining, including an approved Mining Proposal, Mine Closure Plan and Native Vegetation Clearing Permit. Ballard’s exploration activities at the cornerstone Baldock deposit form the basis for initial development opportunities at Mt Ida. Mining approvals are in place for both open pit and underground mining at Baldock. A Works Approval for up to 2.0 Mtpa Processing and Tails Storage Facility has been received as well as a granted 3.7 GL/yr water abstraction license. 3 ASX: BM1 ballardmining.com.au >ĖČŪŘôϟ1 - ÍīīÍŘîГŜϟMt IîÍϟ@ĺīîϟ„ŘĺĤôèťϦϟīĺèÍťôîϟĖIJϟ®ôŜťôŘIJϟ
ŪŜťŘÍīĖÍГŜϟbĺŘťēôŘIJϟ@ĺīîƱôīîs Region. Mt Ida hosts a JORC 2012-compliant Mineral Resource Estimate (MRE) totalling 20.4 Mt @ 2.8 g/t Au for 1.84 Moz contained gold. The cornerstone Baldock deposit hosts an MRE of 1.36 Moz @ 3.5 g/t Au, representing approximately 74% of total Mt Ida gold ounces (Figure 2). Ballard is pursuing a dual stream Resource Growth and Project Development Strategy. The Company is working towards delivering a Feasibility Study and Maiden Ore Reserve that underpins an initial 8-10 year mine life for a standalone operation. The Company’s focus for the next 12 months is extensions to known deposits (Baldock and regional) ÍIJîϙ ťēôϙ èĺIJŽôŘŜĖĺIJϙ ĺċϙ IIJċôŘŘôîϙ ‡ôŜĺŪŘèôŜϙ ťĺϙ ēĖČēôŘϙ èĺIJƱîôIJèôϙ èīÍŜŜĖƱèÍťĖĺIJŜ. 4 ASX: BM1 ballardmining.com.au >ĖČŪŘôϟ͗ϟ- Mt Ida Project showing Baldock and regional gold resources ťĺťÍīīĖIJČϟ͖ϥ͙͝aĺƏϟÍťϟ͗ϥ͝Čϵťϥ 5 ASX: BM1 ballardmining.com.au Mt Ida Regional Exploration Ballard’s 2026 Resource Growth exploration program is designed to identify additional open pit satellite feed sources at Mt Ida to supplement the baseload Baldock deposit in the initial 8 – 10 year mine plan. Ballard has 26km of underexplored highly prospective greenstone belt at Mt Ida with a total of 53 regional exploration prospects outside of Baldock (Figure 2). Drilling in 2026 has focused ĺIJϙťēôϙĖîôIJťĖƱèÍťĖĺIJϙĺċϙ new resource opportunities across Ballard’s broader landholding via systematic testing of these regional exploration prospects, which have now been prioritised based on known mineralisation, structural prospectivity, geochemical anomalism and geophysical signatures where alteration associated with ıĖIJôŘÍīĖŜÍťĖĺIJϙèÍIJϙĺċťôIJϙæôϙĖîôIJťĖƱôîϟ Drilling at West Knell Returns Highest Intercept at Mt Ida On 27 July 2026, reported results from drilling at West Knell completed in May and June 2026, consisting of 45 drill holes for 5,528 metres. This batch of results included an intercept returning the highest gold values ever encountered at Mt Ida by Ballard. Drilling at the northend of the West Knell deposit intersected 9m at 27.1 g/t Au from 191m. Grams per tonne multiplied by the length of the interval in metres (gram-metres) are typically used to rank drilling ŘôŜŪīťŜϙťĺϙŘôƲôèťϙČĺīîϙŽÍīŪôϠϙſĖťēϙťēĖŜϙŘôŜŪīťϙæôĖIJČϙ͓͓͑-gram metres. iťēôŘϙŜĖČIJĖƱèÍIJťϙdrill intersections at West Knell reported in the quarter included: • 4m at 7.2 g/t Au from 192m (WKEX102A) • 2m at 5.6 g/t Au from 69m (WKEX102A) • 2m at 4.4 g/t Au from 35m (WKEX103) • 6m at 1.3 g/t Au from 80m (WKEX102A) • 1m at 4.2 g/t Au from 109m (WKEX107) • 2m at 2.1 g/t Au from 46m (WKEX104) Mineralisation at West Knell occurs as a series of north-south moderately east-dipping shear zones comprised of quartz and sulphides within an alteration zone of silica, biotite and chlorite. The host rock is anorthosite, a plagioclase-ŘĖèēϙ îĖƯôŘôIJťĖÍťôîϙ gabbro sill. Ongoing exploration has demonstrated considerable strike continuity, with drilling extending mineralisation to approximately 1.4km in length. West Knell forms part of the 13km-long Ballard Shear, which hosts multiple gold discoveries and remains largely underexplored, and the West Knell to Neptune mineralised trend is approximately 3.7km long. West Knell is being evaluated as a potential satellite feed source to supplement baseload material from Baldock. Its shallow depth, favourable geometry and proximity to planned infrastructure position it as a potential contributor to future mine schedules. Results from West Knell were incorporated into the MRE update reported below. 6 ASX: BM1 ballardmining.com.au Mt Ida Resource Growth Mineral Resource Update On 23 September 2026, Ballard reported an updated MRE for Mt Ida1 . The updated global Mineral Resource totals 20.4 Mt at 2.8 g/t Au for 1.84 Moz of contained gold, an increase of 658 koz, or 56%, on the February 2026 estimate2 , and an increase of 740 koz, or 63%, since the Company’s ASX listing in July 20253 . The increase follows 124,626m of reverse circulation and diamond drilling completed since the February 2026 MRE update and demonstrates substantial growth across both open pit and underground Mineral ‡ôŜĺŪŘèôŜϟϙ ‹ĖČIJĖƱèÍIJťϙ èĺIJťŘĖæŪťĖĺIJŜϙ ſôŘôϙ îôīĖŽôŘôîϙ ċŘĺı the Baldock, West Knell and Golden Vale deposits, together with initial maiden resources at Neptune, Pluto and Astro-Quasar (Figure 2). “Íæīôϟ͖ϟ- Summary of the MRE update and ĖIJèŘôÍŜôŜϟŜĖIJèôϟťēôϟ>ôæŘŪÍŘƅϟ͕͗͗͛ϟa‡( 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 - Pluto - 27 27 - Astro-Quasar - 21 21 - Other 94 94 - - Total MRE 1,178 1,836 658 56 % Based on exploration expenditure of A$24.1 million between 1 January 2026 and 30 June 2026, the 658 koz increase in Mineral Resources represents a discovery cost of A$36/oz. The September 2026 MRE update delivered an 81% (434 koz) increase in the total Mt Ida Open Pit MRE to 12.4 Mt at 2.4 g/t for 970 koz gold (Table 2). The Baldock deposit accounts for 53% (516 koz) of the current Open Pit MRE, with 437 ħĺƏϙĖIJϙťēôϙēĖČēôŘϙèĺIJƱîôIJèôϙVi‡ϙIIJîĖèÍťôîϙ‡ôŜĺŪŘèôϙèÍťôČĺŘƅϙÍIJîϙÍťϙÍϙēĖČēϙČŘÍîôϙ of 3.9 g/t gold. The Mt Ida Underground MRE has also increased by 33% (225 koz) to 7.9 Mt at 3.4 g/t for 866 koz gold, with 98% of the Underground MRE hosted at Baldock. 1 Refer to the ASX Announcement released by Ballard on the 23 September 2026 for further information 2 Refer to the ASX Announcement released by Ballard on the 26 February 2026 for further information 3 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) for further information 7 ASX: BM1 ballardmining.com.au “Íæīôϟ͗ϟ- Mt Ida MRE Summary 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 >ĖČŪŘôϟ͗ – Aerial view of Mt Ida gold project looking northeast across semi-transparent surface imagery showing the ͖ϥ͛͘ϟaĺƏϟÍīîĺèħϦϟ͖͙͗ϟħĺƏϟ@ĺīîôIJϟ«ÍīôϦϟ͗͞ϟħĺƏϟVŪŕĖťôŘϦϟÍIJîϟ͖͗ϟħĺƏϟ
ŜťŘĺ-Quasar gold deposits with the Aurenne @ŘĺŪŕГŜϟĺťťīôϟŘôôħϟiŕôŘÍťĖĺIJŜϟĖIJϟťēô foreground. Mt Ida Project Development Project development workstreams continued to advance during the September quarter, further de-risking the development of Mt Ida and supporting the delivery of a maiden Ore Reserve and Feasibility Study targeted for mi-2027, ahead of a Financial Investment Decision (FID). West Knell Mining Lease Granted The Mining Lease for West Knell was granted during the quarter, taking Mt Ida to seven (7) granted Mining Leases. Geotechnical Studies Mine geotechnical assessment to a Feasibility Study level of detail has been completed for the Baldock open pits and underground, and for the Kestrel open pit. 8 ASX: BM1 ballardmining.com.au Exploration Camp Expanded An additional eight (8) rooms have been installed at the existing exploration camp, expanding capacity to thirty (30) rooms. Additional Production Bores Ballard has a total approved water abstraction licence of 3.7 GL/yr. The Lake Raeside Paleochannel is located approximately 30km north of Mt Ida and accounts for 2.5 GL/yr of the total water license. The æĺŘôƱôīîϙīĺèÍťĖĺIJϙĖŜϙèĺIJIJôèťôîϙťĺϙťēôϙ„ŘĺĤôèťϙŜĖťôϙæƅϙÍŕŕŘĺŽôîϙaĖŜèôīīÍIJôĺŪŜϙ[ĖèôIJèôϙ[͑͘ϯ͑͑͘ϠϙſēĖèēϙ ÍīīĺſŜϙċĺŘϙťēôϙèĺIJŜťŘŪèťĖĺIJϙĺċϙťēôϙæĺŘôƱôīîϠϙŕĖŕôīĖIJôϙÍIJîϙÍèèôŜŜϙŘĺÍîϟ Ballard has previously installed three production bores at Lake Raeside. As part of ongoing de risking for Project execution, the Company has now installed an additional four production bores for a total of seven production bores. This will provide the necessary number of production bores for a sustainable 2.5 GL/yr abstraction from the paleochannel. A separate water licence has been granted for 1.2 GL/yr from fractured rock aquifers around the Baldock mining area for dewatering purposes, and Ballard intends to install several dewatering bores over the December quarter. Mt Ida Public Road Diversion The Company is undertaking a public road diversion ahead of a potential FID to safely integrate the proposed mining and processing operations at Mt Ida into the local road network. This will minimise any ĖIJťôŘÍèťĖĺIJϙſĖťēϙŕŪæīĖèϙťŘÍƯĖèϙÍIJîϙÍīīĺſϙèĺIJŜťŘŪèťĖĺIJϙÍèťĖŽĖťĖôŜϙťĺϙÍîŽÍIJèôϙŪIJĖıŕôîôîϟϙ “ēôϙ èĺIJťŘÍèťϙ ċĺŘϙ ťēôϙ ÍŕŕŘĺŽôîϙ ͓ħıϙ ŘĺÍîϙ îĖŽôŘŜĖĺIJϙ ēÍŜϙ æôôIJϙ ÍſÍŘîôîϙ ťĺϙ îĖŽôŘŜĖƱôîϙ ôIJČĖIJôôŘĖIJČϠϙ construction and maintenance provider Archetype Contracting Group. The works are expected to be completed within the December quarter. 9 ASX: BM1 ballardmining.com.au >ĖČŪŘôϟ4 – Baldock Mining and central Processing Area showing granted Mining Leases ÍIJîϟÍŕŕŘĺŽôîϟŕŪæīĖèϟŘĺÍîϟîĖŽôŘŜĖĺIJϟ Corporate
ŕŕĺĖIJťıôIJťϙĺċϙēĖôċϙiŕôŘÍťĖIJČϙiƯĖèôŘ ‹ŪæŜôŗŪôIJťϙťĺϙťēôϙôIJîϙĺċϙťēôϙ†ŪÍŘťôŘϙťēôϙĺıŕÍIJƅϙÍŕŕĺĖIJťôîϙFŪČēϙ“ŘĖŽôťťϙÍŜϙēĖôċϙiŕôŘÍťĖIJČϙiƯĖèôŘϙ ϼiiϽϟϙϙFŪČēϙĖŜϙÍϙŗŪÍīĖƱôîϙıĖIJĖIJČϙôIJČĖIJôôŘϙſĖťēϙŜĖČIJĖƱèÍIJťϙôƄŕôŘĖôIJèôϙĖIJϙŕŘĺĤôèťϙīôÍîôŘŜēĖŕϠϙċôÍŜĖæĖīĖťƅϙ studies, construction and development of mining operations. Hugh is an accomplished mine manager and project manager across leading operating and construction companies such as Thiess, Mineral Resources, Galaxy Resources and Ramelius Resources. Hugh’s most recent role was at Ramelius where he oversaw the successful Tampia and Symes operations from project acquisition, technical studies, operations and into mine closure and rehabilitation. 10 ASX: BM1 ballardmining.com.au This is a new role within Ballard, reporting to the Managing Director, and will be an integral part of the team as we drive to construct, develop and operate a stand alone operation at the high grade Mt Ida gold project. Successful Placement to Advance Mt Ida In October 2026, subsequent to the end of the quarter, Ballard completed a placement to raise approximately A$45.0 million before costs (Placement). Under the Placement, the Company issued 68,210,880 new fully paid ordinary shares in Ballard at a price of A$0.66 per share. The Placement was strongly supported by new and existing shareholders. In addition to the Placement, the Company also launched a Share Purchase Plan (SPP), providing eligible shareholders with the opportunity to subscribe for shares at the same issue price of A$0.66 per share and targeting up to A$5.0 million (before costs). The SPP is scheduled to close on 9 November 2026. Proceeds from the Placement and SPP will be applied towards the following activities: ĺIJťĖIJŪôϙ‡ôŜĺŪŘèôϙ@ŘĺſťēϙÍIJîϙIIJƱīīϙ"ŘĖīīĖIJČϙ • Resource Extension drilling: an exploration growth strategy to increase the potential size and scale of the high-grade Mt Ida Gold Project • Continue to de-ŘĖŜħϙťēôϙ„ŘĺĤôèťϙÍIJîϙŕŘôŕÍŘôϙċĺŘϙċŪťŪŘôϙîôŽôīĺŕıôIJťϙŽĖÍϙÍϙèĺıŕŘôēôIJŜĖŽôϙĖIJƱīīϙ drilling program Project Acceleration – Development Works • Design and construct a new 250-ŕôŘŜĺIJϙ ÍèèĺııĺîÍťĖĺIJϙ ŽĖīīÍČôϙ ſĖťēϙ ŜŪƯĖèĖôIJťϙ èÍŕÍèĖťƅϙ ťĺϙ accommodate future construction and operations workforces • Continue investment into Pre->I"ϙôÍŘīƅϙſĺŘħŜϙĖIJèīŪîĖIJČϙ>(("ϠϙæĺŘôϙƱôīîϙĖIJŜťÍīīÍťĖĺIJŜϙÍIJîϙÍϙıĖIJĺŘϙ road diversion • Complete a Feasibility Study including a Maiden Ore Reserve statement Capital Structure The current capital structure of Ballard is shown below. Class of Shares Number Ordinary Shares (at 30 September 2026)* 454,605,804 New Shares issued pursuant to placement on 16 October 2026 68,210,880 Ordinary Shares on issue at date of this report 522,950,084 Unlisted Options (at various exercise prices & expiry dates) 13,500,000 Performance Rights^ 16,286,580 * Delta Lithium Ltd hold 34.4% (as at 30 September 2026) of the issued capital. This holding is subject to a mandatory escrow period from the ASX ending 2 years from the IPO. In addition, 3 other major shareholders of Ballard agreed to a 6-month voluntary escrow and a further 6-month orderly market condition for the shares they received as part of the in-specie distribution by Delta to its shareholders. On 9 April 2026, Ballard announced that pursuant to ASX Listing 11 ASX: BM1 ballardmining.com.au Rule 3.10A, 36,972,508 fully paid ordinary shares were releasedfrom voluntary escrow. Refer to the Prospectus lodged on 10 July 2025 and ASX announcement dated 9 April 2026 for additional information. ѻϙ“ēôϙŕôŘċĺŘıÍIJèôϙŘĖČēťŜϙĖŜŜŪôîϙťĺϙıÍIJÍČôıôIJťϙÍIJîϙŜťÍƯϙÍīīϙēÍŽôϙťēôϙŜÍıôϙŽôŜťĖIJČϙèŘĖťôŘĖÍ, split across 3 tranches, that are aligned to the future growth and success of Ballard. Refer to the Annual Report released on ͗͗ϟ‹ôŕťôıæôŘϟ ͕͚͗͗ϟċĺŘϟÍîîĖťĖĺIJÍīϟĖIJċĺŘıÍťĖĺIJϥ Cash Balance At the end of the September quarter the Company had a cash balance of $44.1 million (June quarter: $61.8 million). Inclusive of the net proceeds of the Placement (completed subsequent to quarter end) and the planned $5 million SPP, the Company had a pro-forma cash balance of $94.1 million as at 30 September 2026. The operational ĺŪťƲĺſϙ ċĺŘϙ ťēôϙ ŗŪÍŘťôŘϙ ſÍŜϙ îŪôϙ ŕŘôîĺıĖIJÍIJťīƅϙ ťĺϙ ôƄŕīĺŘÍťĖĺIJϙ ÍIJîϙ ôŽÍīŪÍťĖĺIJϙ expenditure at Mt Ida of $17.3 million. There were a few one-ĺƯϙĖťôıŜϙĖIJϙťēôϙSeptember quarter including the costs in relation to stamp duty that ſÍŜϙŕÍƅÍæīôϙÍċťôŘϙÍϙƱIJÍīϙÍŜŜôŜŜıôIJťϙby Revenue WA on the transaction between the Company and Delta Lithium Limited to acquire Mt Ida AU Pty Ltd ($2.9M). Furthermore, water bore drilling ($1.6M) and several prepayments ($0.2M) are also considered to be non-recurring items. ASX Compliance ASX Listing Rule 5.3.1: Exploration and Evaluation Expenditure during the September 2026 Quarter was $17,318,000. Full details of exploration activity during the September 2026 Quarter are set out in this report. ASX Listing Rule 5.3.2: There was no substantive mining production and development activities during the September 2026 Quarter. ASX Listing Rule 5.3.4: For the purpose of ASX Listing Rule 5.3.4, a comparison of the use of funds as per the Ballard Mining Limited Prospectus and Supplementary Prospectus (Refer ASX Announcement dated 10 July 2025) and actual use of funds since ASX admission is presented below: Use of Funds (A$M) Prospectus Estimate (2-year period following admission) Actual use of Funds until 30 September 2026 Variance Exploration & Growth drilling 8.5 16.8 (8.3) Íīîĺèħϙ(ƄťôIJŜĖĺIJÍīϙЭϙIIJƱīīϙîŘĖīīĖIJČ 8.0 16.8 (8.8) Studies – Mining, Met, Geotech, Water 3.0 3.0 0.0 ‡ôIJťϠϙ‡ÍťôŜϠϙ‹ťÍƯϠϙiŽôŘēôÍîŜ 4.0 4.0 0.0 Stamp Duty 2.6 2.9 (0.3) Working Capital (inc. costs of IPO & listing) 3.9 3.3 0.6 Loan Repayment 4.0 4.4 (0.4) Total Uses 34.0 51.2 (17.2) The variance æôťſôôIJϙ ÍèťŪÍīϙ ôƄŕôIJîĖťŪŘôϙ ÍIJîϙ ťēôϙ „ŘĺŜŕôèťŪŜϙ (ŜťĖıÍťôϙ ŘôƲôèťŜϙ ťēôϙ ĺıŕÍIJƅЍŜϙ larger exploration program which has been funded by two equity raisings since the IPO. As all IPO funds have now been expended, any additional expenditure has, and will be, funded from these two capital raisings and the Placement and SPP announced subsequent to the end of the September Quarter. 12 ASX: BM1 ballardmining.com.au Refer ASX Announcements’ 23 January 2026 and 29 October 2025. As noted in the accompanying Appendix 5B the Company has $44.1M available funding, or an estimated 2.5 Quarters. Incorporating the October 2026 Placement and $5 M from the SPP, the pro-forma cash balance at the end of the Quarter was $94.1 M ASX Listing Rule 5.3.5: Payments to related parties of the Company and their associates during the June Quarter: $325,000. The Company advises that this relates to non-executive director’s fees and executive directors’ salaries and entitlements only. Please see Remuneration Report in the Annual Report for further details on Directors’ remuneration. September 2026 Quarter – ASX Announcements This Quarterly Activities Report contains information extracted from ASX market announcements reported in accordance with the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (2012 JORC Code). Further details (including 2012 JORC Code reporting tables where applicable) of exploration results referred to in this Quarterly Report can be found in the following announcements lodged on the ASX: Announcement Title Date Placement to continue growth drilling & early works capital^ 12 October 2026 Date of AGM and Closing Date for Director Nominations^ 2 October 2026 Annual Report to Shareholders 29 September 2026 Corporate Governance Statement and Appendix 4G 29 September 2026 Mt Ida Gold Resource increases 56% to 1.84 Moz 23 September 2026 Results of Meeting 4 September 2026 Project Development and Infrastructure Works update 31 August 2026 Ballard’s best ever drill intercept – 9m @ 27.1 g/t Au 27 July 2026 ҁϟŘôīôÍŜôîϟŜŪæŜôŗŪôIJťϟťĺϟťēôϟôIJîϟĺċϟťēôϟ†ŪÍŘťôŘ The announcements can be viewed on the Company’s website www.ballardmining.com.au under the Investors tab. Ballard èĺIJƱŘıŜϙťēÍťϙĖťϙĖŜϙIJĺťϙÍſÍŘôϙĺċϙÍIJƅϙIJôſϙĖIJċĺŘıÍťĖĺIJϙĺŘϙîÍťÍϙťēÍťϙıÍťôŘĖÍīīƅϙÍƯôèťŜϙťēôϙĖIJċĺŘıÍťĖĺIJϙ included in any original ASX announcement. -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 13 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. ÍīīÍŘîϙĖŜϙŘÍŕĖîīƅϙÍîŽÍIJèĖIJČϙťēôϙaťϙIîÍϙ„ŘĺĤôèťϙťēŘĺŪČēϙÍϙîŪÍīϙŜťŘôÍıϙŕīÍIJϙťĺϙĖIJèŘôÍŜôϙèĺIJƱîôIJèôϙĖIJϙťēôϙèŪŘŘôIJťϙa‡(ϙÍIJîϙĖIJèŘease the global resource inventory via an aggressive exploration program. All modifying factors will be advanced simultaneously. Competent Person's Statement Information in this announcement that relates to exploration results is based upon work undertaken by Mr Todd Hibberd, a Competent Person who is a Member of the Australasian Institute of mining and Metallurgy (AusIMM). Mr. Hibberd ēÍŜϙŜŪƯĖèĖôIJťϙ experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is ŪIJîôŘťÍħĖIJČϙťĺϙŗŪÍīĖċƅϙÍŜϙÍϙЌĺıŕôťôIJťϙ„ôŘŜĺIJЍϙÍŜϙîôƱIJôîϙĖIJϙťēôϙ͑͏͐͑ϙ(îĖťĖĺIJϙĺċϙťēôϙЌ
ŪŜťŘÍīÍŜĖÍIJϙĺîôϙċĺŘϙ‡eporting of Exploration Results, Mineral Resources and Ore Reserves’ (“JORC Code”). Mr. Hibberd consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears. The Mineral Resource estimates reported in this announcement have been previously prepared and disclosed by Ballard in accordance with the JORC Code in its ASX announcement titled "Mt Ida Gold Resource increases 56% to 1.84 Moz" dated 23 September 2026. “ēôϙĺıŕÍIJƅϙèĺIJƱŘıŜϙťēÍťϙĖťϙĖŜϙIJĺťϙÍſÍŘôϙĺċϙÍIJƅϙIJôſϙĖIJċĺŘıÍťĖĺIJϙĺŘϙîÍťÍϙťēÍťϙıÍťôŘĖÍīīƅϙÍƯôèťŜϙťēôϙĖIJċĺŘıÍťĖĺIJϙ included in the aforementioned ASX announcementϟϙ“ēôϙĺıŕÍIJƅϙèĺIJƱŘıŜϙťēÍťϙťēôϙċĺŘıϙÍIJîϙèĺIJťôIJťϙĖIJϙſēĖèēϙťēôϙĺıŕôťôIJťϙ „ôŘŜĺIJДŜϙ ƱIJîĖIJČŜϙ ÍŘôϙ ŕŘôŜôIJťôîϙ ēôŘôϙ ēÍŽôϙ IJĺťϙ æôôIJϙ ıÍťôŘĖÍīīƅϙ ıĺîĖƱôîϙ ċŘĺıϙ ťēô aforementioned ASX announcement, and all material assumptions and technical parameters underpinning Mineral Resource estimates in the aforementioned ASX announcement continue to apply and have not materially changed. Disclaimer This announcement may contain forward-looking statements regarding the Company and its subsidiaries (including its projects). Forward-īĺĺħĖIJČϙŜťÍťôıôIJťŜϙıÍƅϙĖIJϙŜĺıôϙèÍŜôŜϙæôϙĖîôIJťĖƱôîϙæƅϙťôŘıĖIJĺīĺČƅϙŜŪèēϙÍŜϙЊıÍƅЋϠϙЊſĖīīЋϠϙЊèĺŪīîЋϠϙЊŜēĺŪīîЋϠϙЊôƄŕôèťЋϠϙ “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-īĺĺħĖIJČϙŜťÍťôıôIJťŜϙŘôƲôèťϙŽÍŘĖĺŪŜϙ assumptions by or on æôēÍīċϙĺċϙÍīīÍŘîϟϙ
èèĺŘîĖIJČīƅϠϙťēôŜôϙŜťÍťôıôIJťŜϙÍŘôϙŜŪæĤôèťϙťĺϙŜĖČIJĖƱèÍIJťϙæŪŜĖIJôŜŜϠϙôèĺIJĺıĖèϙÍIJîϙèĺıŕôťĖťĖŽôϙ uncertainties and contingencies associated with the mining industry which may be beyond the control of Ballard which could cause actual results ĺŘϙťŘôIJîŜϙťĺϙîĖƯôŘϙıÍťôŘĖÍīīƅϙĖIJèīŪîĖIJČϠϙæŪťϙIJĺťϙīĖıĖťôîϙťĺϠϙŕŘĖèôϙÍIJîϙèŪŘŘôIJèƅϙƲŪèťŪÍťĖĺIJŜϠϙČôĺťôèēIJĖèÍīϙċÍèťĺŘŜϠϙîŘĖīīĖIJČ ÍIJîϙŕŘĺîŪèťĖĺIJϙŘôŜŪīťŜϠϙîôŽôīĺŕıôIJťϙŕŘĺČŘôŜŜϠϙĺŕôŘÍťĖIJČϙŘôŜŪīťŜϠϙŘôŜôŘŽôϙôŜťĖıÍťôŜϠϙīôČĖŜīÍťĖŽôϠϙƱŜèÍīϙÍIJîϙŘôČŪīÍťĺŘƅϙîôŽôīĺpments, ôèĺIJĺıĖèϙÍIJîϙƱIJÍIJèĖÍīϙıÍŘħôťϙèĺIJîĖťĖĺIJŜϙĖIJϙŽÍŘĖĺŪŜϙèĺŪIJťŘĖôŜϠϙÍŕŕŘĺŽÍīŜϙÍIJîϙèĺŜťϙôŜťĖıÍťôŜϠϙôIJŽĖŘĺIJıôIJťÍīϙŘĖŜħŜϠϙÍæĖīĖťƅϙťĺϙmeet funding requirements, share price volatility. Accordingly, there can be no assurance that such statements and projections will be realised.
èťŪÍīϙ ŽÍīŪôŜϠϙ ŘôŜŪīťŜϙ ĺŘϙ ôŽôIJťŜϙ ıÍƅϙ æôϙ ıÍťôŘĖÍīīƅϙ îĖƯôŘôIJťϙ ťĺϙ ťēĺŜôϙ ôƄŕŘôŜŜôîϙ ĺŘϙ ĖıŕīĖôîϙ ĖIJϙ ťēĖŜϙ 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. 14 ASX: BM1 ballardmining.com.au Appendix A: Ballard Global Mineral Resource Estimate (September 2026) Cutoff Deposit 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 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 1.6 25 501 1.6 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 1.4 2 46 1.4 2 Tailings 500 0.5 8 500 0.5 8 Subtotal 12,465 2.4 970 Underground 1.5g/t and 1.3 g/t Au 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 2.7 2 23 2.7 2 Subtotal 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 1.4 2 46 1.4 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 bĺťôŜϧ x iŕôIJϟŕĖťϟŘôŜĺŪŘèôŜϟÍŘôϟŘôŕĺŘťôîϟſĖťēĖIJϟĺŕťĖıĖŜôîϟŕĖťϟŜēôīīŜϟæÍŜôîϟĺIJϟ
я͙Ϧ͚͕͕ϟŕôŘϟĺŪIJèôϟ ČĺīîϟŕŘĖèôϟÍIJîϟ ˜IJîôŘČŘĺŪIJîϟŘôŜĺŪŘèôŜϟÍŘôϟŘôŕĺŘťôîϟæôīĺſϟĺŕťĖıĖŜôîϟŕĖťŜϟÍIJîϟèĺIJŜťŘÍĖIJôîϟſĖťēĖIJϟıĖIJôŘÍīĖŜôîϟîĺıÍĖIJŜϟĖIJϟ ĺŕťĖıĖŜôîϟıĖIJôÍæīôϟŜēÍŕôŜϟ 15 ASX: BM1 ballardmining.com.au Appendix B: Tenement Listing Projectௗ Locationௗ Tenementௗ Statusௗ Interest at start of Quarterௗ Interest at end of Quarterௗ Mt Ida ^ Western Australia E29/0640 Granted 100% 100% Mt Ida ^ Western Australia E29/0771 Granted 100% 100% Mt Ida ^ Western Australia E29/0944 Granted 100% 100% Mt Ida ^ Western Australia E29/0964 Granted 100% 100% Mt Ida Western Australia E29/1006 Granted 100% 100% Mt Ida Western Australia E29/1032 Granted 100% 100% Mt Ida Western Australia E29/1033 Granted 100% 100% Mt Ida ^ Western Australia E29/1238 Granted 100% 100% Mt Ida ^ Western Australia E29/1239 Granted 100% 100% Mt Ida ^ Western Australia E29/1240 Granted 100% 100% Mt Ida ^ Western Australia E29/1262 Granted 100% 100% Mt Ida^ Western Australia E29/1288 Granted 100% 100% Mt Ida^ Western Australia E29/1292 Granted 100% 100% Mt Ida^ Western Australia E29/1293 Granted 100% 100% Mt Ida^ Western Australia E29/1309 Granted 100% 100% Mt Ida Western Australia E29/1316 Granted 100% 100% Mt Ida Western Australia E29/1317 Application 100% 100% Mt Ida ^ Western Australia M29/0002 Granted 100% 100% Mt Ida ^ Western Australia M29/0094 Granted 100% 100% Mt Ida ^ Western Australia M29/0165 Granted 100% 100% Mt Ida ^ Western Australia M29/0422 Granted 100% 100% Mt Ida ^ Western Australia M29/0429 Granted 100% 100% Mt Ida ^ Western Australia M29/0444 Granted 100% 100% Mt Ida ^ Western Australia M29/0458 Granted 100% 100% Mt Ida ^ Western Australia M29/0459 Granted 100% 100% Mt Ida ^ Western Australia P29/2666 Granted 100% 100% Mt Ida ^ Western Australia P29/2667 Granted 100% 100% Mt Ida ^ Western Australia P29/2668 Granted 100% 100% Mt Ida ^ Western Australia P29/2669 Granted 100% 100% Mt Ida ^ Western Australia P29/2719 Granted 100% 100% Mt Ida ^ Western Australia P29/2720 Granted 100% 100% Mt Ida ^ Western Australia P29/2721 Granted 100% 100% Mt Ida ^ Western Austr