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HIGH-GRADE GOLD. GROWING. PERMITTED. DRILL & BUILD RIU South–West Connect 28 & 29 October 2026 ASX: BM1
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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 26 October 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. 2ASX: BM1
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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. 3ASX: BM1
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SIMPLE PROPOSITION 4ASX: BM1 Drill and Build Standalone scale +1.84 Moz @ 2.8 g/t Au Grade and growth +100 koz / month added in 20261 Permitted to build Early works underway 1. Refer to the Ballard Announcement dated 23 September 2026 and the Disclaimer and Appendix A for further information on the MRE
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CORPORATE SUMMARY De-risked balance sheet following Placement and SPP undertaken in October 2026 CORPORATE STRUCTURE 523 Million Shares on issue 29 Million Performance Rights & Options A$0.64 Close of trading 21 Oct 2026 ~A$335M Market Capitalisation A$94M Cash (30 Sep 2026)1 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 29.9% Delta Lithium (ASX:DLI) (escrow to 14 Jul 2027)2 8.4% Aurenne Group 8.0% Hancock Prospecting 6.0% L1 Capital 1. Refer to the Ballard September Quarterly Report dated 27 October 2027 for further information 2. Delta Lithium is subject to an ASX imposed 24-month escrow from the date Ballard shares were quoted on the ASX (14 July 2025) 5 TODD HIBBERD Chief Geologist (ex-Newmont) BM1 ASX ~A$240M Enterprise value ASX: BM1
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6 PLAN A – TARGETING STANDALONE SCALE FY2027 drilling to test Resource extensions and increase Resource confidence at Mt Ida
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PLAN A – TARGETING STANDALONE SCALE. WHY? Chasing the potential value re-rating that comes with production 1. Refer to the Appendix B for supporting comparison data. Indicative value of a 100koz pa ASX-listed gold producer based on the average EV / FY26A production of a basket of single asset gold production companies listed on the ASX and notional 100koz production. Companies included: Ora Banda Mining, Bellevue Gold, Pantoro Gold and Catalyst Metals. This figure is indicative only and does not constitute a production target or forecast financial information. 7ASX: BM1 131 193 316 Ballard Peer Group Average Peer Group Average (+2 g/t Au) Exploration and Development Peer Valuations1 (EV / Resource oz) “The stock market is a device for transferring money from the impatient to the patient” – Warren Buffett ~$1.3 billion The indicative Enterprise Value (EV) of an ASX- listed 100koz pa gold producer based on the average EV / FY26A production of single asset gold producers1
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CRITICAL MASS ACHIEVED High-grade Resource growth since IPO 8ASX: BM1 271 688 740 141 1,836 2021 2023 2025 2026 Total Contained Gold (koz) 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 Mt Ida Growth in MRE1 (koz) Deposit Feb 26 MRE (koz) Sep 26 MRE1 (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 % 1. Refer to the Ballard Announcement dated 23 September 2026 and the Disclaimer and Appendix A for further information on the MRE.
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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 91. 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 depthOPEN OPEN OPEN
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RESOURCE DRILLING CONTINUING AT PACE 10 Resource extension results in the lab while infill holes going into the ground ASX: BM1 • ~60,000m of drilling completed since the MRE cut-off date of 30 June 20261 continues to intersect extensions to mineralisation, which will be assessed in future MRE updates • Awaiting ~30,000 Assay Results (~8 weeks worth of samples still in the laboratory) • ~60,000m of Infill drilling planned for remainder of CY2026 - converting Inferred Resources to higher confidence Indicated Resources • Includes ~30,000m at Golden Vale (124koz1) and ~30,000m at West Knell (147koz1) • A total of 5 rigs currently operating across Mt Ida 3 x RC Rigs (circled) undertaking Infill drilling at the Golden Vale deposit 1. Refer to the Ballard Announcement dated 23 September 2026 and the Disclaimer and Appendix A for further information on the MRE.
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` 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 FEASIBILITY STUDY (FS) (Incorporating Maiden Ore Reserve) WATER PRODUCTION BORES TO SUPPORT 2.5 GL/yr license BALDOCK DEWATERING BORES TO SUPPORT 1.2 GL/yr license MT IDA PUBLIC ROAD DIVERSION 250 PERSON ACCOMMODATION VILLAGE PROCESS PLANT FRONT END EARLY ENGINEERING DESIGN (FEED) 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 11 75% Complete ASX: BM1 De-risking production Completion of FS aligned with +2 Moz MRE PLAN A – STANDALONE PRODUCTION De-risking AND growing to +2.0 Moz to build it FEED ConstructionTender & Award
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FULLY PERMITTED & INFRASTRUCTURE WORKS UNDERWAY 12 • 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 • 3.7 GL/yr groundwater license o Seven production bores installed o Will support water extraction requirement • Mt Ida public road diversion ~75% complete and on schedule to be completed this quarter Resource grade + permitting status is our fundamental differentiator from other gold developers Mt Ida public road diversion ~75% complete. Diverts existing road to east around Baldock ASX: BM1 Production bore background and monitoring bore foreground
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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 Feasibility Study, Ore Reserve and FID targeted mid-CY2027 13 PROVEN TEAM Experienced gold mine developers and operators with strong alignment to growth strategy ASX: BM1
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ballardmining.com.au STRICTLY CONFIDENTIAL | DRAFT 14 Appendix A Mineral Resource Estimate
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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 15ASX: BM1
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ballardmining.com.au STRICTLY CONFIDENTIAL | DRAFT 16 Appendix B Peer Comp slides
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ballardmining.com.au $365/oz $267/oz $262/oz $187/oz $131/oz $113/oz $97/oz $95/oz $85/oz $85/oz $82/oz $78/oz $49/oz $36/oz 2.2g/t 5.5g/t 1.1g/t 1.0g/t 3.3g/t 2.8g/t 1.8g/t 0.5g/t 1.4g/t 1.0g/t 1.9g/t 1.2g/t 4.0g/t 2.4g/t 1.0g/t Corporate Presentation October 202617 Market Cap $1,588m4 $767m $695m5 $1,807m $381m $335m $187m $316m $324m $253m $220m $186m $176m $127m $103m Cash $203m $59m $42m $211m $175m $94m $18m $40m $39m $65m $24m $38m $20m $68m $28m Debt - $94m - - - - - - - - - - - - - Enterprise Value $1,385m $802m $653m $1,596m $206m $241m $169m $275m $285m $188m $196m $147m $156m $59m $75m Resource Tonnes 21.7Mt 12.4Mt 68.7Mt 191.0Mt 10.2Mt 20.4Mt 25.4Mt 174.2Mt 68.2Mt 67.0Mt 38.0Mt 47.9Mt 15.6Mt 15.6Mt 61.8Mt Resource Grade 2.2g/t 5.5g/t 1.1g/t 1.0g/t 3.3g/t 2.8g/t 1.8g/t 0.5g/t 1.4g/t 1.0g/t 1.9g/t 1.2g/t 4.0g/t 2.4g/t 1.0g/t Contained Resource 1,542koz 2,194koz 2,443koz 6,100koz 1,097koz 1,836koz 1,502koz 2,830koz 3,000koz 2,214koz 2,302koz 1,792koz 2,000koz 1,207koz 2,083koz EV/Resource $898/oz $365/oz $267/oz $262/oz $187/oz $131/oz $113/oz $97/oz $95/oz $85/oz $85/oz $82/oz $78/oz $49/oz $36/oz Select WA Gold Developers and Explorers – EV/Resource ($/oz Au)(1,2,3) Gold Grade (g/t Au) PEER WA GOLD DEVELOPERS AND EXPLORERS Ballard’s ASX-listed gold developer and explorer peers trade at an average EV/Resource of $193/oz, with higher-grade (+ 2.0g/t) peers trading at an average of $316/oz 1. For detailed sources see next slides 2. Note: rounding errors may occur. Peer group averages exclude Ballard Mining (ASX: BM1) 3. Reported gold resources only (not AuEq) 4. AUDCAD 1.00 5. Ausgold (ASX: AUC) subject to acquisition by OceanaGold (TSX: OGC) Peer Group Avg. = $193/oz Peer Group Avg. for +2.0g/t Resources = $316/oz $898/oz
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ballardmining.com.au Corporate Presentation October 202618 P E E R C O M PA R I S O N – S O U RC E DATA Market Cap Cash Debt Study Level (Completed) Enterprise Value (EV) Measured Resource Indicated Resource Inferred Resource Total Resource Sources ($m) (1) ($m) ($m) ($m) Tonnes (Mt) Grade (g/t Au) Cont. (koz) Tonnes (Mt) Grade (g/t Au) Cont. (koz) Tonnes (Mt) Grade (g/t Au) Cont. (koz) Tonnes (Mt) Grade (g/t Au) Cont. (koz) Financials Resources Benz Mining 1,587.9 203.0 - No study 1,384.9 - - - 15.0 1.7 840 6.6 3.3 702 21.7 2.2 1,542 "July 2026 Financial and Management Reports" dated 14 September 2026; "$150M PLACEMENT TO ACCELERATE GLENBURGH MAIDEN RESOURCE" dated 24 August 2026 "Benz Mining Investor Presentation - Diggers & Dealers 2026" dated 3 August 2026 Rox Resources 766.7 59.3 94.2 DFS and in development 801.6 - - - 8.5 5.9 1,606 3.9 4.7 588 12.4 5.5 2,194 "Quarterly Activities/Appendix 5B Cash Flow Report" dated 20 October 2026 "Annual Mineral Resource and Ore Reserve Statements" dated 9 September 2026 Ausgold 695.3 42.0 - DFS (under takeover offer) 653.4 41.6 1.1 1,531 21.2 1.0 693 5.9 1.2 219 68.7 1.1 2,443 "Quarterly Activities/Appendix 5B Cash Flow Report" dated 8 October 2026 "High-Grade Results Support Targeted Resource Growth at KGP" dated 16 June 2026 Minerals 260 1,806.9 211.0 - PFS 1,595.9 - - - 140.0 1.0 4,400 51.0 1.0 1,700 191.0 1.0 6,100 "June 2026 Quarterly Activities and Cashflow Report" dated 30 July 2026 "Grade Control Drilling Strengthens Bullabulling Resource" dated 13 October 2026 Medallion Metals 380.6 175.0 - FS and in development 205.6 - - - 6.4 3.3 680 3.8 3.4 417 10.2 3.3 1,097 "Placement Funds Production and Growth" dated 20 August 2026 "Diggers & Dealers Presentation" dated 4 August 2026 Ballard Mining 334.7 94.1 - No study with FS targeted for mid-2027 240.6 - - - 5.1 3.9 647 15.2 2.4 1,189 20.4 2.8 1,836 "Placement to continue growth drilling & early works capital" dated 12 October 2026; "Quarterly Activities/Appendix 5B Cash Flow Report" dated 21 July 2026 "Mt Ida Gold Resource increases 56% to 1.84 Moz" dated 23 September 2026 Great Boulder 187.4 18.3 - Scoping Study 169.1 - - - 14.6 2.1 1,002 10.9 1.4 500 25.4 1.8 1,502 "Quarterly Appendix 5B Cash Flow Report" dated 31 July 2026 "Side Well growth continues- Mulga Bill East now 1.5km" dated 29 September 2026 Saturn Metals 315.9 40.4 - PFS 275.5 4.9 0.6 87 129.0 0.5 2,100 40.3 0.5 643 174.2 0.5 2,830 "Quarterly Activities and Cashflow Report" dated 31 July 2026 "Drilling Extends Apollo Hill Gold System 1km North" dated 21 September 2026 1. Sourced from IRESS as at market close 21 October 2026 2. AUDCAD 1.00
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ballardmining.com.au Corporate Presentation October 2026 19 P E E R C O M PA R I S O N – S O U RC E DATA Market Cap Cash Debt Study Level (Completed) Enterprise Value (EV) Measured Resource Indicated Resource Inferred Resource Total Resource Sources ($m) (1) ($m) ($m) ($m) Tonnes (Mt) Grade (g/t Au) Cont. (koz) Tonnes (Mt) Grade (g/t Au) Cont. (koz) Tonnes (Mt) Grade (g/t Au) Cont. (koz) Tonnes (Mt) Grade (g/t Au) Cont. (koz) Financials Resources Antipa Minerals 324.5 39.1 - Scoping Study 285.3 - - - 42.0 1.6 2,200 26.2 0.9 800 68.2 1.4 3,000 "Quarterly Activities/Appendix 5B Cash Flow Report" dated 29 July 2026 "Beaver Creek Precious Metals Summit Conference Presentation" dated 22 September 2026 Astral Resources 253.2 65.1 - PFS 188.1 1.3 1.3 57 41.2 1.1 1,422 24.5 0.9 735 67.0 1.0 2,214 "Quarterly Activities & Cashflow Report" dated 27 July 2026 "Australian Gold Conference Presentation" dated 14 October 2026 Horizon Gold 219.6 24.0 - Scoping Study 195.5 - - - 26.7 1.9 1,629 11.2 1.9 672 38.0 1.9 2,302 "Quarterly Activities/Appendix 5B Cash Flow Report" dated 30 July 2026 "Drilling Update Howards, Heron South and Melbourne Bitter" dated 25 August 2026 Sinclair Gold 185.7 38.3 - - 147.3 0.9 0.7 20 33.0 1.2 1,242 14.0 1.2 530 47.9 1.2 1,792 "Quarterly Activities/Appendix 5B Cash Flow Report" dated 30 July 2026 "Mt Henry Resource Doubles to 1.8Moz Presentation" dated 14 September 2026 Gorilla Gold 175.8 19.8 - - 156.1 - - - 3.2 3.5 400 12.4 4.0 1,600 15.6 4.0 2,000 "Quarterly Activities/Appendix 5B Cash Flow Report" dated 31 July 2026 "Resources Rising Stars Investor Presentation" dated 9 September 2026; "Comet Vale Update" dated 10 September 2026 Valiant Gold 126.9 67.7 - - 59.2 0.3 3.1 30 5.5 2.5 435 9.8 2.4 742 15.6 2.4 1,207 "Quarterly Activities/Appendix 5B Cash Flow Report" dated 27 July 2026 "Comet Restart Advances Towards First Production in H2 FY27" dated 14 October 2026 Pilbara Gold 103.0 27.6 - Scoping Study 75.4 - - - 42.1 1.0 1,380 19.7 1.1 703 61.8 1.0 2,083 "Quarterly Activities/Appendix 5B Cash Flow Report" dated 20 July 2026 "Ignite Investment Summit, Hong Kong Presentation" dated 15 October 2026 1. Sourced from IRESS as at market close 21 October 2026
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ballardmining.com.au Corporate Presentation October 202620 EMERGING WA GOLD PRODUCERS ASX-listed single asset gold producers trade at an average EV/Production (FY26) of $13,076/oz and an average EV/Resource $442/oz 1. For detailed sources see next slide 2. Note: rounding errors may occur 3. Reported gold resources & production only (not AuEq) Market Cap $2,637m $2,058m $1,097m $1,415m Cash $268m $189m $223m $331m Debt - $100m - - Enterprise Value $2,369m $1,970m $874m $1,084m Production (FY26A) 141koz 144koz 77koz 104koz EV/Production (FY26A) $16,844/oz $13,723/oz $11,290/oz $10,447/oz Resource Tonnes 56.5Mt 9.8Mt 43.2Mt 49.5Mt Resource Grade 2.0g/t 8.6g/t 3.4g/t 3.2g/t Contained Resource 3,695koz 2,700koz 4,685koz 5,116koz EV/Resource $641/oz $730/oz $187/oz $212/oz $16,844/oz $13,723/oz $11,290/oz $10,447/oz141koz 144koz 77koz 104koz Peer Group Avg. = $13,076/oz Gold Production (FY26A) Select WA Gold Producers – EV/Production ($/oz Au)(1,2,3)
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ballardmining.com.au Corporate Presentation October 202621 P E E R C O M PA R I S O N – S O U RC E DATA Market Cap Cash Debt Enterprise Value (EV) Measured Resource Indicated Resource Inferred Resource Total Resource Gold Production Production Guidance (Midpoint) Sources ($m) (1) ($m) ($m) ($m) Tonnes (Mt) Grade (g/t Au) Cont. (koz) Tonnes (Mt) Grade (g/t Au) Cont. (koz) Tonnes (Mt) Grade (g/t Au) Cont. (koz) Tonnes (Mt) Grade (g/t Au) Cont. (koz) FY26A (koz) FY2027 (koz) Financials Resources Production Ora Banda 2,636.7 267.7 - 2,369.0 1.2 2.6 99 25.2 2.1 1,726 30.1 1.9 1,870 56.5 2.0 3,695 141 132.5 "June Quarterly Activities Report" dated 16 July 2026 "Company Presentation" dated 22 September 2026 "FY26 Results" dated 26 August 2026 Bellevue Gold 2,058.3 188.5 100.0 1,969.8 - - - 5.5 9.3 1,600 4.3 7.8 1,100 9.8 8.6 2,700 144 "Quarterly Cash Flow Report" dated 20 October 2026 "Exploration Update and Annual Resource & Reserve Statement" dated 21 September 2026 "2026 Annual Report" dated 22 September 2026 Pantoro Gold 1,097.3 223.4 - 873.9 5.2 2.2 365 17.9 3.6 2,063 20.1 3.5 2,257 43.2 3.4 4,685 77 "Quarterly Activities/Appendix 5B Cash Flow Report" dated 30 July 2026 "Annual Mineral Resource & Ore Reserve Statement" dated 29 September 2026 "2026 Annual Report" dated 29 September 2026 Catalyst Metals 1,414.9 331.0 - 1,083.9 - - - 38.4 3.3 4,045 11.1 3.0 1,071 49.5 3.2 5,116 104 "Quarterly Activities Report" dated 31 July 2026 "Catalyst grows Reserves to 2Moz across the Plutonic Belt" dated 29 September 2026 "Appendix 4E and Annual Financial Statements" dated 31 August 2026 1. Sourced from IRESS as at market close 21 October 2026 2. AUDCAD 1.00