Announcement PDF ACN 685 311 577 2025 ANNUAL REPORT Ballard Mining | Annual Report 2025 1 Contents 2 Corporate Directory 3 Chairman’s Letter 4 Review of Operations 5 Directors’ Report 12 Auditor’s Independence Declaration Consolidated Statement of Profit or Loss and Other Comprehensive Income 32 34 Consolidated Statement of Financial Position 35 Consolidated Statement of Changes in Equity 36 Consolidated Statement of Cash Flows 37 Notes to the Consolidated Financial Statements 38 Consolidated Entity Disclosure Statement 63 Directors’ Declaration 64 Independent Auditor’s Report to Members 65 Shareholder Information 70 Tenement Schedule 73 Ballard Mining | Annual Report 2025 Corporate Directory Directors Simon Lill - Non-Executive Chairman Paul Brennan - Managing Director Tim Manners - Finance Director James Croser - Non-Executive Director Stuart Mathews - Non-Executive Director Company Secretary Loren Falconer Registered Office and Principal Place of Business Level 2, 18 Richardson Street, West Perth WA 6005 Telephone: 08 6466 7500 Share Registry Computershare Investor Services Pty Limited Level 17, 221 St Georges Terrace, Perth WA 6000 Australian Telephone: 1300 850 505 International Telephone: +61 3 9415 4000 www.computershare.com.au Auditors Hall Chadwick WA Audit Pty Ltd 283 Rokeby Road, Subiaco WA 6008 Solicitors Thomson Geer Level 29, Central Park 152-158 St George Terrace, Perth WA 6000 Securities Exchange Listing Ballard Mining Limited securities are listed on the Australian Securities Exchange (ASX) ASX Code: BM1 Website and Corporate Governance Statement www.ballardmining.com.au E-mail info@ballardmining.com.au Ballard Mining | Annual Report 2025 3 Chairman’s Letter On behalf of the Board of Directors, it gives me great pleasure to present the inaugural Annual Report of Ballard Mining Limited for the year ended 30 June 2025. 2025 was quite literally a formative year for our company. Ballard was incorporated as a wholly owned subsidiary of Delta Lithium Limited and subsequently acquired the gold rights to the Mt Ida Project. This strategic restructure was undertaken with a clear purpose – to establish a dedicated gold exploration and development company, supported by new equity capital, and to pursue a demerger from Delta and a listing on the Australian Securities Exchange. I am delighted to report that on 14 July 2025, with overwhelming investor support, Ballard successfully completed its Initial Public Offering. The IPO raised $30 million through the issue of 120 million shares at $0.25 each, with both existing Delta shareholders and new investors participating. The strong demand for the offer reflects confidence in the quality of our assets and in our strategy to unlock value for shareholders. The decision to separate the Mt Ida gold assets from Delta was driven by the desire to create dedicated focus and enhanced value in the current strong gold market. As a stand-alone entity, Ballard is now positioned to advance the Mt Ida Project with the resources, expertise, and strategic clarity required to realise its potential, while Delta continues to pursue its growth objectives in lithium. Mt Ida hosts a JORC Mineral Resource of 10.3 million tonnes at 3.3 grams per tonne of gold, for 1.1 million ounces. This estimate, released in April 2025, 4 Ballard Mining | Annual Report 2025 highlights the scale of the gold system present at the Baldock deposit and across the broader Mt Ida tenement package. Located in the world-class Goldfields region of Western Australia, just 100 kilometres northwest of Menzies, Mt Ida provides us with an enviable foundation from which to grow. With a strong balance sheet and a clear exploration & development strategy, Ballard is well positioned to continue our extensive program of extensional and infill drilling aimed at expanding and upgrading the resource base. The Board and management team bring significant industry experience and are committed to ensuring that the funds entrusted to us are deployed efficiently and effectively to maximise shareholder value. In closing, I wish to acknowledge the support of our shareholders and the dedication of our Board and management team in creating this opportunity. Ballard Mining begins its journey as an independent, ASX-listed gold company at a time of exceptional opportunity in the gold sector. We look forward to updating you on our progress as we advance Mt Ida and pursue our vision of creating a leading Australian gold company. On behalf of the Board, thank you for your continued support. Simon Lill Independent Non-Executive Chairman Review of Operations Ballard Mining Limited (“Ballard” or the “Company”) is a gold exploration and development company listed on the Australian Stock Exchange (ASX: BM1). The Company was incorporated in March 2025 following the demerger of Delta Lithium Limited’s (“Delta”) Mt Ida Gold assets. Ballard provides investors with exposure to a pure gold exploration and development company in Western Australia’s highly prospective Goldfields region. Corporate Overview Ballard was established to hold and develop the Mt Ida Gold Project. At IPO, the Company raised $30 million through the issue of 120 million shares at $0.25 per share. The funds raised provide Ballard with the capacity to execute a substantial exploration and in-fill drilling program program, aimed at expanding and upgrading the Mineral Resource base. Figure 1: Location of the Mt Ida gold project Western Australia Ballard holds contractual rights, under a Mineral Rights Deed with Delta Lithium Limited, to exclusively explore and mine for precious metals (with the focus being gold) across the Mt Ida tenement package. Delta retains all other mineral rights. TOTAL GOLD RESOURCE 10.3Mt @ 3.33g/t Au for 1.1 Million ounces MT IDA PROJECT Mt Ida Gold Project The Mt Ida Gold Project is Ballard’s flagship asset and primary focus (see Figure 1). The project covers 1,518 km² in the Goldfields region, approximately 100 km northwest of Menzies. The project is well-located within a proven mining district, with established infrastructure including transport, power, water, and camp facilities. PERTH Ballard Mining | Annual Report 2025 5 Review of Operations Mt Ida Gold Project (continued) The Project comprises six granted mining leases and is fully permitted for open pit and underground mining at Baldock, which hosts the majority of the highgrade gold Mineral Resource. Approvals are in place for mining activities, including a Mining Proposal, Mine Closure Plan, and Water Abstraction Licence. There are no current Native Title claims over the Project Area. In addition, metallurgical testwork confirms the mineralisation is free milling, non-refractory and amenable to conventional carbon-in-leach (CIL) processing. The Mt Ida Gold Project currently comprises the following deposits as depicted in Figure 2 below: • Baldock deposit (primary high-grade resource) • Kestrel deposit • West Knell deposit • Bombay deposit • Golden Vale deposit • Jupiter deposit Figure 2: Location of the Gold Asset deposits 6 Ballard Mining | Annual Report 2025 Review of Operations Mineral Resource Estimate (April 2025) Cut off Inferred Grade g/t Au Ounces (000) Tonnes (000) Total Grade g/t Au Ounces (000) 1,570 3.6 200 4,120 4.2 563 Kestrel 940 1.6 48 940 1.6 48 Golden Vale 496 1.7 27 496 1.7 27 Bombay 711 1.3 30 711 1.3 30 West Knell 238 3.3 25 238 3.3 25 Jupiter 50 1.7 3 50 1.7 3 4,005 2.4 333 6,555 3.3 696 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 Deposit Tonnes (000) Indicated Grade g/t Au 2,600 4.5 Ounces Tonnes (000) (000) Open Pit Baldock OPEN CUT Au 0.5g/t 365 TOTAL OPEN PIT Underground Baldock 242 4.8 37 Kestrel UNDERGROUND Bombay Au 1.5g/t West Knell Jupiter 90 2.7 8 90 2.7 8 3,002 3.8 369 3,242 3.8 399 4,180 3.9 532 7,000 4.1 930 Kestrel 1,020 1.7 53 1,000 1.7 53 Golden Vale 496 1.7 27 496 1.7 27 Bombay 741 1.4 33 740 1.4 33 West Knell 430 2.9 40 420 2.9 40 Jupiter 140 2.3 11 140 2.3 11 7,000 3.1 691 9,810 3.3 1,094 500 0.5 8 500 0.5 8 7,500 3.0 699 10,310 3.3 1,102 TOTAL UNDERGROUND TOTALS Baldock ALL Sub Total 2,840 2,840 4.5 4.5 402 402 Mt Ida Tailings TOTAL 2,840 4.5 402 Competent Persons Statement The Mineral Resources in this Report have been prepared and reported in accordance with the JORC Code. The information in this Report that relates to exploration results, the data and geological interpretation used as the basis of the Mineral Resources is based upon work undertaken by Mr Shane Murray, a Competent Person who is a Member of the Australasian Institute of Geoscientists (AIG). Mr Murray has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the JORC Code. Mr Murray is an employee of Ballard Mining and consents to the inclusion in this Report of the matters based on his information in the form and context in which it appears. The information in this Report which relates to Gold Mineral Resources was prepared by Mr Michael Andrew an employee of Snowden Optiro. Mr Andrew is a Fellow of the Australasian Institute of Mining and Metallurgy (Membership No. 111172) and has sufficient experience relevant to the style of mineralisation, the type of deposit under consideration and to the activity undertaken to qualify as a Competent Person as defined in the JORC Code. Mr Andrew consents to the inclusion in this Report of the information in the form and context in which it appears. Ballard Mining | Annual Report 2025 7 Review of Operations Geology & gold mineralisation Locally, the Kurrajong antiform dominates the regional structure at the Gold Asset. The antiform is comprised of a layered greenstone sequence of mafic and ultramafic rocks. A distinctive anorthosite gabbroic sill, host to the Whinnen/Baldock/Meteor gold mineralisation, forms a prominent marker bed within the greenstone sequence. In the southern hinge region, the Kurrajong antiform is separated into two subsidiary antiforms by a minor synform. The antiforms have been referred to as the Copperfield antiform in the east and the Timoni antiform in the west. The subsequent synform between the two has been termed the Unexpected Synform. The synform is truncated by a major north-northwest trending fault termed the Unexpected Fault; the fault is interpreted to represent a reverse fault that has developed late in the deformation process on the steep overturned eastern limb of the Timoni antiform. It is these zones of relative tension that are interpreted as presenting a suitable structure for the focus of vein formation and also present an ideal structural position for subsequent Gold deposition. The six major rock units identified to date, stratigraphically westward from the Copperfield Granite, within the mine area comprises the following units: 8 i. Copperfield Granite; ii. Dickson Amphibolite; iii. Anorthosite; iv. Central Amphibolite; v. Unexpected Ultramafic; and vi. Timoni Amphibolite. Ballard Mining | Annual Report 2025 At Timoni, several minor, parallel, reverse faults have formed symmetrically east and west of the Unexpected Fault forming multiple gold-bearing lodes within shear zones. These minor subparallel subsidiary north-northwest structures, which form part of the Timoni shear zone, are termed Dickson, Dave, Unexpected, Timoni and Federation lodes and they host the Gold-bearing quartz lodes, often forming as sulfiderich laminated fault-fill quartz veins. The two most eastern lodes, Dave and Dickson, are located on the western limb of the Copperfield anticline while the remaining three lodes are positioned on the eastern limb of the Timoni anticline. The lodes are lensoidal and anastomosing along strike. Drilling evidence suggests that the high-grade ore shoots within the lodes plunge at low angles to the south reflecting the overall regional structure of the Kurrajong antiform. Gold mineralisation is hosted within discrete structures (and lodes) associated with major faults and sulfide alteration, and exhibits the following characteristics: • form in shear zones that dip steeply to the southwest and associated flat southwest dipping shear zones that form between the steeper shear zones; • associated with quartz veining, silica alteration of country rock, sulfide development; • range in thickness from about 0.5m to 12m; and • Gold as fine free Gold coating sulfide species, dominantly pyrrhotite, chalcopyrite and pyrite. Review of Operations Geology & gold mineralisation (continued) Gangue minerals for the Gold lodes are mainly quartz, chlorite, biotite, albite, and hornblende. There is a coincident spatial relationship between these Gold related shear structures and the mineralised pegmatites. The Mineral Resources are located within M 29/2, M 29/165, M 29/422 and E 29/640. Infrastructure Ballard will have access to the Mt Ida exploration camp and associated facilities, including accommodation, technical offices, a core yard, water supply, and site roads. The Company proposes to expand the camp to support increased activity. Strategy and Outlook Ballard’s strategy is to advance the Mt Ida Gold Project from exploration through to development and, ultimately, production. Key objectives include: • Executing an initial 50,000m exploration drilling program targeting extensions north of Baldock and across the Copperfield granite corridor. • Progressing towards mining studies, including a definitive feasibility study, supported by an 80,000m infill drilling campaign at Baldock. • Expanding Mineral Resources in both size and confidence to underpin future development decisions. • Evaluating complementary growth opportunities, including potential joint ventures and acquisitions. Ballard is positioned to transition from a junior explorer to a gold project developer, with the near-term goal of establishing a mining operation at Mt Ida supported by robust technical and economic studies. Ballard Mining | Annual Report 2025 9 Review of Operations Risk Management Risk management is defined by the Group as identifying, assessing and managing risks that have the potential to materially impact its operations, reputation, people and financial results. An overview of the material risks facing the group is outlined below. These are not in any particular order and do not include every risk the Group could encounter while carrying out its business. They are the most significant risks, which in the Board’s opinion, should be reviewed and monitored by existing and potential shareholders in the Company. Activity levels in the Mining Industry may change The Group’s financial performance is connected to the strength of the mining industry. Mining industry activity can be volatile, cyclical, and sensitive to a number of factors beyond the control or prediction of the Group. A decrease in the mining industry may negatively affect the growth prospects, operating results and financial performance of the Group. The Group attempts to minimise this risk by locating tenements in different geographical areas that have a variety of resources. Financing The Group will, in the short term, likely fund its activities via equity raisings. The ability to raise funds is dependent on several factors such as, market conditions and the future potential of the Group. The Group maintains good relationships with its key stakeholders and brokers to ensure fund raisings run as smoothly as possible. Reliance on key personnel The Group’s success is dependent on the continuing efforts of its senior executives and key employees. A loss of key personnel may impact on corporate knowledge, business relationships and operational continuity. To mitigate this risk, the Board and management communicate regularly and ensure all members have access to relevant information. Regulatory risk Through its rights under the Mineral Rights Agreement, the group is required to maintain a “good standing” and comply with the requirements of a number of industry regulators to maintain its licences to operate. A change in regulation or a change in the Group’s “standing” with regulators may adversely impact on the financial performance and /or financial position of the Group. The Group keeps up to date with proposed regulatory changes to minimise any adverse impact. Health and safety Health and safety risks are inherent in the mining industry environment. These include major safety incidents, general operational hazards, failure to comply with policies and general health and safety. A serious site safety incident could have an adverse impact on the reputation and financial outcomes for the Group. The Group reviews health and safety requirements and ensures all steps are taken to maintain compliance. Remote locations The Group holds its mineral rights in remote locations of Western Australia. There are risks inherent in conducting business in such locations, including increased costs, labour shortage and logistical challenges. 10 Ballard Mining | Annual Report 2025 Review of Operations Mineral Rights Agreement Ballard’s interest in the Mt Ida Gold Asset is held pursuant to the Mineral Rights Deed whereby Ballard (through its wholly owned Subsidiary, Mt Ida AU Pty Ltd) (Mt Ida AU) has the contractual right to explore for and mine gold on the Tenements. Given that neither Ballard nor Mt Ida AU are the registered holders of the Tenements, Ballard will rely on Mt Ida Lithium Pty Ltd (Mt Ida Lithium) and Delta to comply with their various obligations under the Mineral Rights Deed, including to keep the Tenements in good standing and free from forfeiture. The key terms of the Mineral Rights Deed are summarised below. For additional information please refer to Section 7.1(b) of the Ballard Prospectus (ballardmining. com.au/): Grant of Rights: Mt Ida Lithium granted Mt Ida AU (a Ballard subsidiary) the exclusive rights to explore for and mine gold (and other precious metals) on the Mt Ida Gold Project tenements. Mt Ida Lithium retains the registered title and rights to all other minerals. Call Option on Insolvency If insolvency occurs, the non-defaulting party has a call option to acquire the defaulting party’s mineral rights (and Mt Ida Lithium’s interest in tenements, if applicable) at fair market value, as determined by an expert. Assignment & Transfer No party can assign rights or interests under the Deed (including mineral rights or tenement interests) without prior written consent of the other parties (not to be unreasonably withheld). Other Key Provisions • Standard notification and reporting obligations between parties. • Procedures for Mt Ida AU to apply for mining leases if discoveries progress to development stage. • Mechanisms to manage operational coexistence between gold exploration/mining (Ballard) and other minerals (Delta/Mt Ida Lithium). Tenement Compliance & Step-in Rights: Mt Ida Lithium is responsible for maintaining the tenements in good standing. If it fails (e.g., not meeting expenditure or statutory obligations), Mt Ida AU can step in to remedy the breach. Default & Insolvency A party is in default if it materially breaches the Deed and does not remedy it within 20 business days, or suffers an insolvency event. The nondefaulting party may enforce obligations and recover costs. During default, the defaulting party loses rights to reports, information, or assignments of mineral rights without consent. Ballard Mining | Annual Report 2025 11 Directors’ Report The Directors present their report, together with the financial statements, on the Consolidated Entity (referred to hereafter as the “Consolidated Entity” or the “Group”) consisting of Ballard Mining Limited (“Ballard” or the “Company”) and the entities it controlled at the end of, or during the period 13 March 2025 to 30 June 2025. Directors The following persons were Directors of Ballard Mining Limited during the financial period 13 March 2025 to 30 June 2025 and up to the date of this report, unless otherwise stated: Director Title Appointment Date Simon Lill Non-Executive Chair 30 May 2025 Paul Brennan Managing Director 1 July 2025 Tim Manners Finance Director 1 July 2025 James Croser Non-Executive Director 13 March 2025 Stuart Mathews Non-Executive Director 30 May 2025 Principal Activities During the financial period 13 March 2025 to 30 June 2025 the principal continuing activities of the Consolidated Entity consisted of the exploration and evaluation of the Consolidated Entity’s tenements predominantly situated in Western Australia, Australia. Financial Review Ballard has recorded an operating loss after income tax from continuing operations for the period 13 March 2025 to 30 June 2025 of $353,139 and net operating cash outflows of $286,106. As at 30 June 2025, the Group had net current liabilities of $9,260,199 and net assets of $54,646,961, including cash and cash equivalents of $2,223,472. The Consolidated Entity invested $60,974,029 in exploration throughout the period 13 March 2025 to 30 June 2025 including acquisition costs. After 30 June 2025, the Company successfully completed a successful Initial Public Offering (IPO) in July 2025, raising $30 million and listed in the Australian Stock Exchange (ASX: BM1). 12 Ballard Mining | Annual Report 2025 Directors’ Report Dividends No dividend has been declared or paid by the Company since the start of the financial period and the Directors do not at present recommend a dividend. Annual General Meeting The Company is yet to hold its inaugural Annual General Meeting (“AGM”). Matters subsequent to reporting date Demerger and Listing of Ballard Mining Limited On 15 May 2025 Delta Lithium Limited (Delta) confirmed it would spin-out its gold assets via a demerger, Initial Public Offering (“IPO”) and in specie distribution. On 30 June 2025 the Shareholders of Delta resolved to return 63,669,412 shares ($15,917,353) of the subsidiary Ballard Mining Limited (“Ballard”), subject to Director discretion up to the in-specie record date being 4 July 2025. The inspecie distribution became unconditional on 4 July 2025 and the shares of Ballard issued to holders on 9 July 2025 Ballard raised $30,000,000 during the IPO to the Australian Stock Exchange (“ASX”) by issuing 120,000,000 shares at an issue price of $0.25 per share, under its prospectus dated 30th May 2025 and supplementary prospectus of 17th June 2025. The shares were issued to subscribers on 9th July 2025. On this date, Delta’s voting rights decreased from 100% to 46%, and hence lost control of Ballard and its wholly owned subsidiary Mt Ida AU Pty Ltd. In accordance with the Demerger Deed signed between Mt Ida AU Pty Ltd and Delta the $4,000,000 loan from Delta was repaid on 9th July 2025, when Ballard was admitted for quotation on the official list of the ASX. Ballard’s securities commenced for public trading on 14th July 2025. Ballard Mining | Annual Report 2025 13 Directors’ Report Matters subsequent to reporting date (continued) Options issued to Directors On the 20 May 2025 the Company received shareholder approval to issue 5,000,000 incentive options to NonExecutive Directors, Mr Simon Lill, Mr James Croser and Mr Stuart Mathews, subject to 24 month escrow period. The options were issued subject to the completion of the IPO & listing of Ballard on the ASX, which occurred on 14 July 2025. On the 9th July 2025 the Company issued the 5,000,000 incentive options and include the following milestones (vesting conditions): • Tranche 1 – Options exercisable at $0.375 per incentive option and will expire 3 years from the date of issue. • Tranche 2 – Options exercisable at $0.50 per incentive option and will expire 4 years from the date of issue. Vesting is subject to continued 12 months employment or engagement from the issue date with the Company until the achievement of the vesting conditions (as applicable). Performance rights issued to Key Management Personnel On the 20 May 2025 the Company received shareholder approval to issue 10,500,000 incentive performance rights to Key Management Personnel (KMP), Mr Paul Brennan, Mr Timothy Manners and Ms Loren Falconer. The performance rights were issued subject to the completion of the IPO & listing of Ballard on the ASX, which occurred on 14 July 2025. 14 Ballard Mining | Annual Report 2025 On the 9th July 2025 the Company issued the 10,500,000 incentive performance rights and include the following milestones (vesting conditions): • Tranche 1 – The Company delineating and announcing a 1.5M oz gold Mineral Resource at the Gold Asset at a cut-off grade of 0.5 g/t open pit and 1.5 g/t underground as signed off by an independent Competent Person under the JORC Code expiry 5 years from issue date. • Tranche 2 – The Company delineating and announcing a 2.0M oz gold Mineral Resource at the Gold Asset at a cut-off grade of 0.5 g/t open pit and 1.5 g/t underground as signed off by an independent Competent Person under the JORC Code 5 years from issue date. • Tranche 3 - The release of an ASX announcement by the Company of the results of a definitive feasibility study (DFS) in respect of the Gold Asset, to the satisfaction of the Board 5 years from issue date. Vesting is subject to continued 12 month employment or engagement from the issue date with the Company until the achievement of the vesting conditions (as applicable). Directors’ Report Matters subsequent to reporting date (continued) Options issued to Advisor • Tranche 1 – The Company delineating and announcing a 1.5M oz gold Mineral Resource at the Gold Asset at a cut-off grade of 0.5 g/t open pit and 1.5 g/t underground as signed off by an independent Competent Person under the JORC Code expiry 5 years from issue date. • Tranche 2 – The Company delineating and announcing a 2.0M oz gold Mineral Resource at the Gold Asset at a cut-off grade of 0.5 g/t open pit and 1.5 g/t underground as signed off by an independent Competent Person under the JORC Code 5 years from issue date. • Tranche 3 - The release of an ASX announcement by the Company of the results of a definitive feasibility study (DFS) in respect of the Gold Asset, to the satisfaction of the Board 5 years from issue date. On the 14th July 2025 the Company issued the 2,000,000 Advisor options to Argonaut PCF Limited, subject to a 24 month escrow period and include the following milestones (vesting conditions): • Tranche 1 – Options exercisable at $0.375 per incentive option and will expire 3 years from the date of issue. • Tranche 2 – Options exercisable at $0.50 per incentive option and will expire 4 years from the date of issue. Performance rights issued to Key Management On the 18th July 2025 the Company received the Board’s approval to issue to issue 3,000,000 incentive performance rights to key management personnel, Mr Todd Hibberd. On the 10th September 2025 the Company issued the 3,000,000 incentive performance rights and include the following milestones (vesting conditions): Vesting is subject to continued 12 month employment or engagement from the issue date with the Company until the achievement of the vesting conditions (as applicable). Ballard Mining | Annual Report 2025 15 Directors’ Report Matters subsequent to reporting date (continued) Performance rights issued to Employees On the 18th August 2025 the Company received the Board’s approval to issue to issue 1,107,600 incentive performance rights to other Ballard employees. • On the 10th September 2025 the Company issued the 1,107,600 incentive performance rights and include Tranche 1 – The Company delineating and announcing a 1.5M oz gold Mineral Resource at the Gold Asset at a cut-off grade of 0.5 g/t open pit and 1.5 g/t underground as signed off by an independent Competent Person under the JORC Code expiry 5 years from issue date. • Tranche 2 – The Company delineating and announcing a 2.0M oz gold Mineral Resource at the Gold Asset at a cut-off grade of 0.5 g/t open pit and 1.5 g/t underground as signed off by an independent Competent Person under the JORC Code 5 years from issue date. • Tranche 3 - The release of an ASX announcement by the Company of the results of a definitive feasibility study (DFS) in respect of the Gold Asset, to the satisfaction of the Board 5 years from issue date. Vesting is subject to continued 12 month employment or engagement from the issue date with the Company until the achievement of the vesting conditions (as applicable). No other matter or circumstance has arisen since 30 June 2025 that has significantly affected, or may significantly affect the Consolidated Entity’s operations, the results of those operations, or the consolidated entity’s state of affairs in future financial years. 16 Ballard Mining | Annual Report 2025 Directors’ Report Likely Developments Other than as referred to in this report, further information as to likely developments in the operations of the Company and likely results of those operations would, in the opinion of Directors, be speculative. Significant changes in the state of affairs Other than as disclosed elsewhere in this Directors’ Report, there have been no significant changes in the state of affairs of the Consolidated Entity during the period 13 March 2025 to 30 June 2025. Material Business Risks The Company’s business is subject to several material business risks that could significantly impact its operations and financial performance. A key risk arises from its reliance on complex contractual arrangements under the Mineral Rights Deed with Delta and Mt Ida Lithium. Any breach of obligations, insolvency event, or deterioration in the