Announcement PDF P: +61 8 6466 7500 E: info@ballardmining.com.au A: Level 2, 18 Richardson Street, West Perth WA 6005 ASX: BM1 ballardmining.com.au ASX Announcement – 23 September 2026 Mt Ida Gold Resource increases 56% to 1.84 Moz Strengthens Foundation for planned Mt Ida Feasibility Study • Global Mineral Resource Estimate (MRE) increases by 658 koz (56%) to: o 20.4 Mt @ 2.8 g/t for 1.84 Moz gold • Cornerstone high-grade Baldock deposit resource increases 35% to: o 12.2 Mt @ 3.5 g/t for 1.36 Moz gold o Open pit MRE for Baldock contains 437 koz in the higher confidence Indicated Resource category at a grade of 3.9 g/t gold • MRE update incorporates 125 km of reverse circulation (RC) and diamond drilling (DD) completed since the February 2026 Mineral Resource update • MRE increase has a discovery cost of $36 per ounce • 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 g/t gold (regional prospects) and 1.5 g/t gold (Baldock) • Significant MRE growth achieved across the Baldock deposit, and emerging regional deposits West Knell and Golden Vale. Maiden MRE for Neptune, Pluto and Astro-Quasar deposits • Drilling completed since the 30 June 2026 MRE cut-off date continues to intersect extensions to mineralisation (assays pending) which will be assessed in future MRE updates. • Mt Ida Feasibility Study and Reserve Estimation on target for mid CY2027 Commenting on the Global MRE update Managing Director Paul Brennan said: “The increase in the Mt Ida Gold Mineral Resource to 1.84 Moz represents a significant milestone for Ballard and highlights the quality and scale of the project. Baldock’s high grade tenor is unchanged from the February 2026 MRE and the same key assumption inputs for this September MRE update demonstrate this is genuine resource growth. The additional 658 koz of contained gold has been delivered through a disciplined and systematic drilling program and equates to an average of 110 koz added per month between the drilling cut-off dates for this MRE and the previous February 2026 MRE. Importantly, the expanded Mineral Resource strengthens the technical foundation for the planned Feasibility Study, while ongoing drilling continues to target extensions to known deposits and the conversion of Inferred Resources to higher confidence classifications. We believe Mt Ida remains relatively underexplored, and recent drilling results reinforce our confidence in the Project's long-term growth potential”. 2 ASX: BM1 ballardmining.com.au Mt Ida Global Gold Resource Grows to 1.84 Moz Ballard Mining (ASX:BM1) (“Ballard” or “the Company”) is pleased to report an updated JORC 2012 Mineral Resource Estimate ("MRE") for its Mt Ida Gold Project (“Mt Ida” or “the Project”) in Western Australia. The updated Global Mineral Resource totals 20.4 Mt at 2.8 g/t Au for 1.84 Moz of contained gold, representing an increase of 658 koz (56%) from the February 2026 Mineral Resource Estimate (“MRE”) and a 740 koz (63%) increase since the Ballard ASX listing in July 20251-2 (Figure 1 and Table 1). Figure 1 - Waterfall chart showing the increases in the Mt Ida gold resource since acquisition by Red Dirt Limited in Sep 2021, subsequently renamed Delta Lithium Limited in 2023, and demerging the project into Ballard Mining Limited in 2025. Table 1 - Summary of MRE increases since the February 2026 MRE 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 % 1 Refer to the ASX Announcement released by Ballard on the 26 February 2026 for further information 2 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 3 ASX: BM1 ballardmining.com.au 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 Resources. Significant contributions were delivered from the Baldock, West Knell and Golden Vale deposits, together with initial maiden resources at Neptune, Pluto and Astro-Quasar (Figures 2-3). Major contributors to this increase were as shown in Table 1. 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 MRE update has delivered an 81% (434 koz) increase in the total Mt Ida Open Pit MRE to12.4 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 koz in the higher confidence JORC Indicated Resource category and at a high grade of 3.9 g/t gold (Table 3). 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 (Table 2), with 98% of the Underground MRE hosted at Baldock. Table 2 - 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 Resource growth or maiden MREs have been reported for six regional deposits. Ballard’s strategy is to supplement baseload feed from Baldock with multiple satellite deposits over the life of mine and this strategy has been strengthened with the MRE update (Table 3). Geological logging of drilling since the MRE cut-off date of 30 June 2026 has continued to identify mineralisation (assays pending) and the Company believes there remains potential for further resource growth through ongoing drilling programs. The updated MRE was completed by Michael Andrew and Susan Havlin from independent consulting Group Snowden Optiro in September 2026. The MRE Update covers the following deposits on the Baldock Thrust; Baldock, Jupiter, Astro-Quasar, Lunar as well as West Knell, Neptune, Golden Vale and Saturn deposit on the Ballard Fault (Figure 2). Previously reported MREs at Kestrel and Bombay have not changed since the February 2026 update3 . The Reasonable Prospects for Eventual Economic Extraction (RPEEE) considerations for the reported MRE assumes all material that can be mined from the optimised pit shell is done so, and the balance is mined from underground. Theproposed Feasibility Study will determine themost effectiveway to exploit the MRE optimising the extent of open cut and underground extraction. 3 Refer to the ASX Announcement released by Ballard on the 26 February 2026 for further information 4 ASX: BM1 ballardmining.com.au Figure 2 – Mt Ida Project Plan showing deposit locations and updated Mineral Resource Estimates (oz). 5 ASX: BM1 ballardmining.com.au Table 3 - Mt Ida 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 1.5 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 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 2.9 2 23 2.9 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 1.3 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 Notes: • Open pit resources are reported within optimised pit shells based on A$4,500 per ounce gold price and reported at 0.5 g/t Au cut-off grade. • Underground resources are reported below optimised pits and constrained within mineralised domains in optimised mineable shapes at 1.5g/t gold cut-off grade for Baldock, Bombay, Kestrel and 1.3 g/t for West Knell and Neptune. • All figures are rounded to reflect appropriate levels of confidence. Apparent differences may occur due to rounding. • Details of optimisation parameters are reported in Appendix 1 6 ASX: BM1 ballardmining.com.au Figure 3 – Aerial view of Mt Ida gold project looking northeast across semi-transparent surface imagery showing the 1.36 Moz Baldock, 124 koz Golden Vale, 29 koz Jupiter, and 21 koz Astro-Quasar gold deposits with the Aurenne Group’s Bottle Creek Operations in the foreground. Key Deposit Growth – Baldock (1.36 Moz) The largest MRE increase (357 koz) came from the Baldock deposit and comprised of a 121 koz increase in open pit resources and 237 koz increase in underground resources. The Baldock deposit is now 1.36 Moz and is 3.3 kilometres long, within a 500-metre-wide corridor with mineralisation extending to at least 600 metres vertically (Figure 4). It is open at depth and along strike and consists of multiple sub parallel zones. The deposit occurs dominantly in a plagioclase rich Gabbro called Anorthosite (a mafic rock that has differentiated into felsic rich and mafic rich components). Mineralisation also occurs in the footwall and hanging wall amphibolite basalt. Drilling post the MRE cut-off date of 30 June 2026 has identified extensions based on geological logging (assays pending) to the mineralisation at depth and to the south where it remains open along strike for another 1,500 metres. A visual representation of the updated resource is illustrated below (Figure 5) showing the growth of Inferred Resources mainly at depth to the south. The new Inferred Resources is shown as a dashed yellow line while the February 2026 MRE is shown as a dashed black line illustrating the extensional area. The Indicated Resources is in the upper portions of the deposit and has not changed materially since the February 2026 MRE. Further drilling is expected to convert a significant proportion into Indicated Resources as well as the resource extension program being undertaken. 7 ASX: BM1 ballardmining.com.au Figure 4 – Three-dimensional view of the 1.36 Moz Baldock deposit looking NE showing the open pit shell (A$4,500/oz) containing 516 koz of gold and Mineral Resources reported below the open-pit shell within interpreted lodes and constrained within optimised underground reporting shape containing 847 koz Figure 5 - Long section of the Baldock Mineral Resource outline change from February 2026 to September 2026 West Knell (147 koz) The West Knell MRE has increased substantially since Ballard’s ASX listing in July 2025. The MRE has grown from 40 koz4 to 147 koz based on extensive mineralisation along strike and at depth. The West Knell deposit consists of five lodes across a 490m mineralised corridor which extends 1.7 km south to Pulsar and comprises several deposits. Mineralisation also appears to extend another 1.9 km south along the Ballard Fault Zone to join the Neptune deposit. The trend is only partially drilled and further mineralisation has been identified in recent drilling. 4 Refer to the ASX Announcement released by Ballard on the 26 February 2026 for further information 8 ASX: BM1 ballardmining.com.au Figure 6 - Isometric view of the West Knell deposits showing open pit shells (A$4,500/oz) and containing 147 koz of gold and extensive gold mineralisation down to 250m vertical depth. Mineralisation is open along strike and at depth. Golden Vale (124 koz) The Golden Vale deposit includes three prospects; Golden Vale, Pegasus and Aurelia. Golden Vale has grown from 27 koz in 20245 to 124 koz in September 2026. Historical mining produced ~13 koz (62 kt at 6 g/t gold)5 . Mineralisation occurs as a series of shallow southeast dipping quartz lodes in basaltic amphibolite immediately adjacent to the contact with the Ballard Fault Zone. Pegasus and Aurelia mineralised zones extend south and west of the pit rotating around the southern nose of the Copperfield Granite intrusion. Figure 7 - Isometric view of the Golden Vale deposits showing open pit shells (A$4,500/oz) containing 124 koz of gold and extensive gold mineralisation down to 120m vertical depth. Mineralisation is open along strike and at depth. 5 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 9 ASX: BM1 ballardmining.com.au Resource Growth and Development Drilling Plan The short-term plan is to conduct further infill drilling at Baldock, Golden Vale and West Knell to convert Inferred Resources into Indicated Resources that will inform a planned future Feasibility Study and support conversion of Mineral Resources to Ore Reserves. Beyond the infill drilling programs, drilling will continue testing known mineralised systems and regional targets with the objective of further Mineral Resource growth. In addition, the Company will shortly mobilise an air core rig to test regional targets and conduct sterilisation drilling to finalise planned infrastructure locations. Figure 8 - Ballard’s Mt Ida Gold Project, located in Western Australia’s Goldfield region Project Summary BallardMining Limited (ASX:BM1) is an exploration and development company advancing theMt Ida Gold Project in Western Australia. Mt Ida hosts a JORC 2012 Mineral Resource Estimate of 20.4 Mt at 2.8 g/t Au for 1.84 Moz of contained gold and is being advanced through a dual strategy of resource growth and project development. The Mt Ida Gold Project is located 540km northeast of Perth in the Goldfields region of Western Australia (Figure 8). The Mt Ida Gold Project covers 26km of prospective Greenstone belt, folded around the Copperfield Granite (Figure 9). 10 ASX: BM1 ballardmining.com.au Figure 9 - Aeromagnetic image showing the existing 53 exploration targets within Ballard Mining’s tenure 11 ASX: BM1 ballardmining.com.au Material Information Summary – Mt Ida Mineral Resource Estimates The following is a material information summary relating to the Mineral Resource Estimate, consistent with ASX Listing Rule 5.8.1 requirements. Further details are provided in the JORC Code Table 1 (Appendix 1). Location, Geology and Geological interpretation Ballard’s Mt Ida Gold Project (Mt Ida or the Project) is located 220km northwest of Kalgoorlie in the Eastern Goldfields region of Western Australia. Gold rights on the project tenements are 100% owned by subsidiaries of Ballard Mining Ltd and cover approximately 170km2 . The individual Mineral Resources at Mt Ida consist of Baldock, Jupiter, Astro-Quasar, Lunar, Pluto, Bombay, Golden Vale, Saturn, Neptune, West Knell and Kestrel. Updated MRE’s are reported for all deposits except Kestrel and Bombay. The Project is situated in the Archaean Mt Ida-Ularring Greenstone Belt within the Kalgoorlie Terrane of the Yilgarn Craton. Gold mineralisation is hosted within discrete structures associated with major faults and silica and sulphide alteration. The area has undergone strong folding and deformation with two large anticlines present within the area;the Mt Ida Anticline and theKurrajong Anticline with major shear zones located between the anticlines and a noticeable absence of a syncline. It is this complex structural history that has resulted in the gold endowment observed today. Gold mineralisation has been identified in numerous prospects throughout the project area. The mineralisation is hosted in lodes and exhibits the following characteristics: • On the western limb of the Copperfield Granite, form in shear zones that dip steeply to the Southwest with associated flat south-westerly dipping shear zones linking the steeper shear zones • On the Eastern Limb of the Copperfield granite, form in shear zones that dip moderately to the East • Associated with quartz veining, silica alteration of country rock, sulphide development • Range in thickness from about 0.4 to 12 m • Gold as fine free gold coating sulphide species, dominantly pyrrhotite, chalcopyrite and pyrite • Gangue minerals for the gold lodes are mainly quartz chlorite, biotite, albite, hornblende Mineralisation occurs dominantly within gabbroic anorthosite and amphibolitic pillow basalts which are intruded (cut) by later spodumene pegmatites. Mineralisation wireframes were interpreted using Leapfrog Geo 3D software, with graphical selection of intervals used to form vein models of the mineralisation for all projects. Continuity and plunge orientations were established by applying the structural measurements collected from oriented diamond core, surface mapping, regional interpretation of the structural setting and exploratory data analysis. A nominal 0.5 g/t Au threshold was used to guide the mineralisation interpretations, except at Golden Vale where a 0.4 g/t Au threshold was applied. Weathering surfaces were interpreted using regolith logging data. The interpretations define generally continuous shear-hosted lodes, and confidence in geological and grade continuity is reflected in the Mineral Resource classification. 12 ASX: BM1 ballardmining.com.au Drilling Techniques The drilling database used to define the Mineral Resources comprises 3,810 reverse circulation (RC) and diamond (DD) drillholes for a total of 629,370m. Ballard drilling comprised RC drilling used a 143mm face-sampling hammer bit. Diamond core was drilled using HQ2 and NQ2 bits. Drilling spacing ranges from, 20m by 20m, 40m by 40m out to 80m by 80m. Ballard/Delta has drilled 3,252 drill holes for 563,413m at Mt Ida since acquisition of the project in 2021 which represents 89.5% of all drilling. Historic drilling completed by other companies prior to Ballard had limited or no QAQC available. The September 2026 Mt Ida MRE was informed by Ballard and historic drilling. Material historic results have previously disclosed to the market as outlined in the ASX announcement “Mt Ida Drill Program Underway” dated 22nd July 2025. Table 1: Drilling history of the Mt Ida Project Company Type No. Holes Total Metres BALLARD 1348 232,300 DD 20 3,756 RC 1122 160,241 RCDD 156 59,490 RCDDW 9 6,827 AC 41 1,985 DELTA/RED DIRT 1904 331,113 DD 146 25,219 RC 1401 175,338 RCDD 315 105,214 RCDDN 30 19,845 RCDDW 12 6,497 G&M EXPLORATION 81 3,761 RC 81 3,761 HAMILL 171 26,217 DD 9 1,477 RC 162 24,740 IGL 88 21,908 DD 6 1,654 RC 82 20,254 LAMANCHA 23 3,848 DD 4 1,652 RC 19 2,196 MONARCH 1 64 RC 1 64 MOONLIGHTWILUNA 19 1,387 DD 19 1,387 OBM 5 1,169 13 ASX: BM1 ballardmining.com.au Company Type No. Holes Total Metres RC 3 526 RCDD 2 643 QUEENMARGARET 38 2,263 DD 8 1,379 RC 30 885 SABMINCO 5 701 DD 5 701 SPARGOS 6 1,117 DD 6 1,117 VALIANT 113 3,260 RC 113 3,260 UNKNOWN 8 263 DD 4 144 RC 4 119 Grand Total 3,810 629,370 Sampling and Assaying RC drillings samples were passed through an in-line cone splitter and 2-3kg samples collected from 1m intervals. Ballard diamond drill core was logged in detail, with observations based on lithological boundaries. Half core samples were taken on geological and mineralisation boundaries while on 1m intervals where geologically appropriate (minimum of 0.3m to maximum of 1.1m). DD core sampling is undertaken by lithological/alteration domain to a maximum of 1.1m and a minimum of 0.3m. Core is cut in half with one half sent to the lab and one half retained in the core tray. Occasional wet RC samples were encountered; extra cleaning of the splitter was carried out afterward. RC and DD sampleshavebeen analysed for Auby 50g fire assay by ALS,Nagrom, NAL and SGS, andvia photon assay by ALS. Samples analysed by via fire assay at ALS, Nagrom, NAL and SGS were dried, crushed and pulverised to 80% passing 75 microns before undergoing a selected peroxide fusion digest or, 4 acid digest with ICPMS finish or fire assay with ICPMS finish while an Aqua regia acid digestion is read by ICP/AES with a 0.5g aliquot for the determination of other analytes such as Cu. Samples analysed via photon assay at ALS are dried and crushed to 3mm with 500g of material utilised for the analysis, Historic chip sampling methods include single metre riffle split and 4m composites that were either scoop or spear sampled, while historic core was cut onsite and half core sampled. Historic samples were analysed at LLAS, Genalysis and unspecified laboratories. Historic gold analysis techniques generally included crushing, splitting if required, and pulverisation, with aqua regia or fire assay with AAS finish used to determine concentration. Field blanks and industry certified standards were inserted by Ballard at a rate of 1 per 20 sample. No drill coreduplicates havebeen completed at this stage. Laboratory Certified Reference Materials (CRMs) and/or in-house controls, blanks, splits and replicates were analysed with each batch of samples by the laboratory. Selected samples were re-analysed to confirm anomalous results. Any failed CRM /Blank were investigated and resolved in coordination with the laboratory. 14 ASX: BM1 ballardmining.com.au RC duplicate field samples were carried out at a rate of 1:20 and were sampled directly from the splitter on the rig. At times, duplicate calicos were used on the rig when known mineralised zones were going to be intercepted. Additionally, interpreted grading samples are speared retrospectively to ascertain variability, although it is a different method of sample collection it has been proven to be useful and effective. These were submitted for the same assay process as the primary samples and the laboratory are unaware of such submissions. Historic drilling with limited QA/QC was retained after validation against nearby modern drilling. The lower confidence associated with historic information was considered in classification, and material supported predominantly by historic data was not classified as Indicated. Metallurgy Extensive metallurgical test work has been conducted by Ballard’s consultants Nexmin from 2024 to 2026. Metallurgy test work results have been reported to the market supporting the recoveries used in the MRE6 . The test work demonstrates that the mineralisation is highly amenable to conventional gravity recovery and cyanide leaching. Gold occurs predominantly as free or cyanide-leachable gold, with strong gravity recoveries and overall gold recoveries exceeding 90% across most ore types. Feasibility test work confirmed average gold recoveries of approximately 91.5% for oxide/transitional ores and 91.4% for fresh ores at a grind size of 75 µm, with only marginal gains beyond 24 hours leach residence time6 . Bulk Density Bulk density was measured from 7,042 core samples from diamond drillholes using Archimedes measurements. Most of the measurements are from fresh rock. Dry bulk density factors, assigned by rock type and weathering, have been applied to generate resource tonnages. Estimation Methodology Grade estimation was into parent blocks ranging from 5m(E) x 10m(N) x 10m(RL) at Baldock, to 20mE x10mN x 10m RL at other resources. Block dimensions were selected from kriging neighbourhood analysis and reflect the variability of the deposit as defined by the current drill spacing. Sub-cells, to a minimum dimension of 0.5m(E) x 1m(N) x 1m(RL), were used to represent volume. Assay data was selected within the modelled lode wireframes and composited to one metre lengths, grade caps ranging from 1 g/t Au to 100 g/t Au applied on a lode-by-lode basis. Block grade estimation of gold and copper by lode was completed using ordinary kriging (OK) into parent block cells with dynamic anisotropy to reflect local variations in the mineralised trend. Gold and copper were estimated independently. Variogram analyses were undertaken to determine the grade continuity and the kriging estimation parameters used for the OK. Hard grade boundaries were applied to the estimation of each lode. Given the increased amount of drilling undertaken by Ballard and after review against the historic data, both data sets were used to inform resources. 6 Refer to the ASX Announcement’s lodged by Ballard on 7 April 2026 and 31 August 2026 for further information 15 ASX: BM1 ballardmining.com.au Cut-off grades The Mineral Resource estimates for the Mt Ida Project gold resources have been reported above a cut- off grade between 0.5 g/t Au for open pits, 1.5 g/t Au for Baldock underground and 1.3 g/t for regional undergrounds’ to represent the portion of the Mineral Resource that may be considered for reasonable prospects of eventual economic extraction (RPEEE) by combined open pit and potential underground methods respectively. The cut-off grades selected by Ballard in consultation with Snowden Optiro are based on current experienceand in-linewith cut-offgrades applied for reporting of similargold resources elsewhere in Australia. Given the stage of the Project and classification applied to the Mineral Resource, the cut-off grades are considered reasonable. Mining factors The Mineral Resources has been reported under conditions where the Company believes there are reasonable prospects of eventual economic extraction through a combination of open pit and potential underground mining methods. Open pit resources have been reported within optimised pit shells based on a gold price of A$4,500/oz, 92.5% gold recovery, 10% dilution, 5% ore loss, mining cost of $4/t, 2.5% stateroyalty, nominal 45-degree slopes for oxide/ transitional and 50degrees for Fresh, at a cut-off grade of 0.5 g/t Au. Underground resources are reported within Optimised Stope shapes at based on a nominal 1m minimum mining width and nominal 15m strike and 25m level extents at a cut-off of 1.3 g/t to 1.5 g/t Au. Historic production from Baldock was approximately 265 koz gold at a grade of 16.3 g/t Au. Historic production from Golden Vale was 13 koz of gold (62 kt at 6 g/t gold)7 . Metallurgical factors or assumptions An approximate metallurgical recovery of 92.5% has been assumed in determining reasonable prospects of eventual economic extraction. Ballard has undertaken extensive metallurgical test work in recent months that demonstrates Au metallurgical recoveries consistently more than 90%8 . Mineral Resource classification The Mineral Resource has been classified following the guidelines of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, 2012 (the JORC Code). The Mineral Resource has been classified as Indicated and Inferred based on confidence in geological and structural interpretation, grade and mineralogical continuity and by considering the quality of the sampling and assay data, and confidence in estimation of the gold grade. The classification criteria were assigned based on the robustness of the grade estimate as determined from the drillhole spacing, geological (including mineralogy) confidence and grade continuity. Indicated Mineral Resources are supported by drilling with a nominal 40m by 20m (or better) to 40m by 40m spacing and where geological and grade continuity is demonstrated. Inferred Mineral Resources are defined where drilling is at a wider spacing than used for definition of Indicated Mineral Resources. 7 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 8 Refer to the ASX Announcement lodged by Ballard on 7 April 2026 and 31 August 2026 for further information 16 ASX: BM1 ballardmining.com.au Project Background The Mt Ida Gold Project hosts a Mineral Resource Estimate totalling 20.4 million tonnes @ 2.8 g/t Au for 1.84 million ounces of contained gold (Indicated and Inferred). The Baldock deposit, which hosts 1.36 Moz @ 3.5 g/t, forms the basis for initial development opportunities at Mt Ida. The Project includes seven granted Mining Leases with key mining approvals in place including, an approved Mining Proposal, Mine Closure Plan and Native Vegetation Clearing Permit. Mining approvals are in place for both open pit and underground mining at the Baldock deposit. A Works Approval for up to 2.0 Mtpa Processing and Tailings Storage Facility has been received as well as granted 3.7 GL/yr water abstraction licences. -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 Executive Director info@ballardmining.com.au MICHAEL VAUGHAN Fivemark Partners michael.vaughan@fivemark.com.au 17 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 asset towards production. With current resourcesof 20.4Mt@ 2.8 g/t Au for 1.84Moz, a strong balance sheetandan experiencedteam, 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 Approval for up to 2.0 Mtpa Processing Plant and Tailings Storage Facility. Ballard is rapidly advancing the Mt Ida Project through a dual stream plan to increase confidence in the current MRE and increa