Earnings release
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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 exte nded 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 Kestre l o Ex ploration 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 wa ter licen se o C ontract 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 to end of the September Quarter, successful Placement to raise $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
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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 ŜĖČIJĖƱèÍIJťϟıĖīôŜťĺIJôϟťĺϟîÍťôϟĖIJϟťēôϟôŕťôıæôŘϟŗŪÍŘťôŘϦϟſĖťēϟťēô ϟČīĺæÍīϟ MRE increasing 56% to 1.84 Moz. ēôϟ ĺıŕÍIJƅϟĖŜϟIJĺſϟèĺIJƱîôIJťϟĺċϟÍèēĖôŽĖIJČϟťēôϟťÍŘČôťôîϟŜèÍīôϟŘôŗŪĖŘôîϟťĺϟŜŪŕŕĺŘťϟÍϟŜťÍIJîÍīĺIJôϟČĺīîϟıĖIJĖIJČϟ and processing operation at Mt Ida. “ťϟÍīîĺèħϦϟťēôϟèĺŘIJôŘŜťĺIJôϟ deposit at aťϟIîÍϦϟťēôϟaĖIJôŘÍīϟôŜĺŪŘèôϟČŘôſϟ͚͘ҍϟťĺϟ͖ϥ͛͘ aĺƏϟÍťϟ͘ϥ͚ČϵťϟŪ . IıŕĺŘťÍIJťīƅϦϟ ÍīîĺèħГŜϟ ČŘÍîôϟ ŘôıÍĖIJŜϟ ŪIJèēÍIJČôîϟ ċŘĺıϟ ťēôϟ >ôæŘŪÍŘ ƅ ϟ͗ ͕ ͗ ͛ ϟô Ŝ ť Ė ı Í ť ô Ϧ ϟè ĺ IJ Ʊ Ř ı Ė IJ Č ϟť ē ô ϟ ĖIJèŘôÍŜôϟŘôƲôèťŜϟČôIJŪĖIJôϟhigh-grade resource growth. АôŜĺŪŘèôϟ ČŘĺſťēϟ ôƄťôIJîôîϟ ſôīīϟ æôƅĺIJîϟ ÍīîĺèħϦϟ ſĖťēϟ®ôŜťϟ XIJôīīϟĖIJèŘôÍŜĖIJČϟ æƅϟ ͖͕͜ħĺƏϟ ťĺϟ ͖͙͜ koz and ŘôťŪŘIJĖIJČϟ Íϟ ŘôèĺŘîϟ ĖIJťôŘèôŕťϟ ĺċϟ ͞ıϟ Íťϟ ͗͜ϥ͖Čϵťϟ Ūϟ ċŘĺıϟ ͖͖͞ıϦϟ ťēôϟē Ė Č ē ô Ŝ ť-ČŘÍîôϟ Čĺīîϟ ŘôŜŪīťϟ ŘôŕĺŘťôîϟ æƅϟ Ballard at Mt Ida. Golden Vale also grew æƅϟÍŘĺŪIJîϟ͖͕͕ϟħĺƏϟťĺϟ͖͙͗ ħĺƏϦϟſēĖīôϟıÍĖîôIJϟôŜĺŪŘèôŜϟÍťϟbôŕťŪIJôϦϟ 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 ċĺŘϟbôŕťŪIJôϟÍIJîϟīŪťĺϟſĖťēϟťēôϟŕŪæīĖŜēĖIJČϟĺċϟÍϟıÍĖîôIJϟôŜĺŪŘèô 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 accelera te pre-development works as we move towards the Mt IîÍϟ>ôÍŜĖæĖīĖťƅϟťŪîƅϟÍIJîϟıÍĖîôIJϟiŘôϟôŜôŘŽôϟĖIJϟıĖî- ´͕͗͗͜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 lĺèÍťôîϙ͔͓͏ħıϙIJĺŘťēôÍŜťϙĺċϙôŘťēϙĖIJϙťēôϙ@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 Ta ils Storage Facility has been received as well as a granted 3.7 GL/yr water abstraction license.
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3 ASX: BM1 ballardmining.com.au >ĖČŪŘôϟ1 - ÍīīÍŘîГŜϟMt IîÍϟ@ĺīîϟŘĺĤôèťϦϟīĺèÍťôîϟĖIJϟ®ôŜťôŘIJϟŪŜťŘÍīĖÍГŜϟbĺŘťēôŘIJϟ@ĺīîƱôīîs Region. Mt Ida hosts a JORC 2012-complian t 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 Growt h and Project Development Strategy. The Company is working towards delivering a Feasibility Study and Maid en 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.
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4 ASX: BM1 ballardmining.com.au >ĖČŪŘôϟ͗ϟ- Mt Ida Project showing Baldock and regional gold resources ťĺťÍīīĖIJČϟ͖ϥ͙͝aĺƏϟÍťϟ͗ϥ͝Čϵťϥ
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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 gr eenstone 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 la ndholding via systematic testing of these regional exploration prospects, which have now been priori tised based on known mineralisation, structural prospectivity, geochemical anomalism and geophysica l 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 north end 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.
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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 i n c r e a s e o f 6 5 8 k o z , o r 5 6 % , o n t h e February 2026 estimate 2, 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 ϙIIJîĖèÍťôîϙôŜĺŪŘèôϙèÍťôČĺŘƅϙÍIJîϙÍťϙÍϙēĖČēϙČŘÍîôϙ 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
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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 ͖ϥ͛͘ϟ aĺƏϟ ÍīîĺèħϦϟ ͖͙͗ϟ ħĺƏϟ @ĺīîôIJϟ «ÍīôϦϟ ͗͞ϟ ħĺƏϟ VŪŕĖťôŘϦϟ ÍIJîϟ ͖͗ϟ ħĺƏϟ ŜťŘĺ-Quasar gold deposits with the Aurenne @ŘĺŪŕГŜϟĺťťīôϟ ŘôôħϟiŕôŘÍťĖĺIJŜϟĖIJϟťēô 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 delive ry 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.
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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 licenc e 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 æĺŘôƱôīîϙ īĺèÍťĖĺIJϙ ĖŜϙ èĺIJIJôèťôîϙ ťĺϙ ťēôϙ ŘĺĤôèťϙ ŜĖťôϙ æƅϙ ÍŕŕŘĺŽôîϙaĖŜèôīīÍIJôĺŪŜϙ [ĖèôIJèôϙ [͑͘ϯ͑͑͘Ϡϙ ſēĖèēϙ ÍīīĺſŜϙċĺŘϙťēôϙèĺIJŜťŘŪèťĖĺIJϙĺċϙťēôϙæĺŘôƱôīîϠϙŕĖŕôīĖIJôϙÍIJîϙÍèèôŜ ŜϙŘĺÍîϟ 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 nu mber 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 in tends 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 ĖIJťôŘÍèťĖĺIJϙſĖťēϙŕŪæīĖèϙťŘÍƯĖèϙÍIJîϙÍīīĺſϙèĺIJŜťŘŪèťĖĺIJϙÍèťĖŽĖťĖô ŜϙťĺϙÍîŽÍIJèôϙŪIJĖıŕôîôîϟϙ ē ô ϙè ĺ IJ ť Ř Í è ť ϙċ ĺ Ř ϙť ē ô ϙÍ ŕ ŕ Ř ĺ Ž ô î ϙ͓ ħ ı ϙŘ ĺ Í î ϙî Ė Ž ô Ř Ŝ Ė ĺ IJ ϙē Í Ŝ ϙæ ô ô IJ ϙÍ ſ Í Ř îôîϙ ťĺϙ îĖŽôŘŜĖƱôîϙ ôIJČĖIJôôŘĖIJČϠϙ construction and maintenance provider Archetype Contracting Group. The works are expected to be completed within the December quarter.
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9 ASX: BM1 ballardmining.com.au >ĖČŪŘôϟ4 – Baldock Mining and central Processing Area showing granted Mining Leases ÍIJîϟÍŕŕŘĺŽôîϟŕŪæīĖèϟŘĺÍîϟîĖŽôŘŜĖĺIJϟ Corporate ŕŕĺĖIJťıôIJťϙĺċϙ ēĖôċϙiŕôŘÍťĖIJČϙiƯĖèôŘ Ū æ Ŝ ô ŗ Ū ô IJ ť ϙť ĺ ϙť ē ô ϙô IJ î ϙĺ ċ ϙť ē ô ϙ Ū Í Ř ť ô Ř ϙť ē ô ϙ ĺ ı ŕ Í IJ ƅ ϙÍ ŕ ŕ ĺ Ė IJ ť ô î ϙF Ū Č ēϙ Ř Ė Ž ô ť ť ϙÍ Ŝ ϙ ē Ė ô ċ ϙi ŕ ô Ř Í ť Ė IJ Č ϙi Ư Ė è ô Ř ϙ ϼ iiϽϟϙ ϙ FŪČēϙ ĖŜϙ Íϙ ŗŪÍīĖƱôîϙ ıĖIJĖIJČϙ ôIJČĖIJôôŘϙ ſĖťēϙ ŜĖČIJĖƱèÍIJťϙ ôƄŕôŘĖôIJèôϙ ĖIJϙ ŕŘĺĤôèťϙ īôÍîôŘŜēĖŕϠϙ ċôÍŜĖæĖīĖťƅϙ 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.
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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 ne w 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 Compan y 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: ĺIJťĖIJŪôϙôŜĺŪŘèôϙ@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- ŘĖŜħϙ ťēôϙ ŘĺĤôèťϙ ÍIJîϙ ŕŘôŕÍŘôϙ ċĺŘϙ ċŪťŪŘôϙ îôŽôīĺŕıôIJťϙ ŽĖÍϙ Íϙ èĺıŕŘôēôIJŜĖŽôϙ ĖIJƱīīϙ 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>(("ϠϙæĺŘôϙƱôīîϙĖIJŜťÍīīÍťĖĺIJŜϙÍIJîϙÍϙı ĖIJĺŘϙ 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
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11 ASX: BM1 ballardmining.com.au Rule 3.10A, 36,972,508 fully paid ordinary shares were released from voluntary escrow. Refer to the Prospectus lodged on 10 July 2025 and ASX announcement dated 9 April 2026 for additional information. ѻϙēôϙŕôŘċĺŘıÍIJèôϙŘĖČēťŜϙĖŜŜŪôîϙťĺϙıÍIJÍČôıôIJťϙÍIJîϙŜťÍƯϙÍīīϙēÍŽô ϙťēôϙŜÍıôϙŽôŜťĖIJČϙèŘĖťôŘĖÍ , split across 3 tranches, that are aligned to the future growth and success of Ballard. Refer to the Annual Report released on ͗͗ϟôŕťôıæôŘϟ ͕͚͗͗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 ÍIJî ϙô Ž Í ī Ū Í ť Ė ĺ IJ ϙ 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 $17,318,000. Full details of exploration activity during the September 2026 Quarter are set out in this report. ASX Listing Rule 5.3.2: There was no substantive mining produc tion and development activities during the September 2026 Quarter. ASX Listing Rule 5.3.4: For the purpose of ASX Listing Rule 5.3.4, a comparison of the use of funds as per the Ballard Mining Limited Prospectus and Supplementary Prospectus (Refer ASX Announcement dated 10 July 2025) and actual use of funds since ASX admission is presented below: Use of Funds (A$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 ôIJťϠϙÍťôŜϠϙťÍƯϠϙiŽôŘēôÍîŜ 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 ŘôƲôèťŜϙťēôϙ ĺıŕÍIJƅЍŜϙ larger exploration program which has been fu nded 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.
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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 referre d 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 ҁϟŘôīôÍŜôîϟŜŪæŜôŗŪôIJťϟťĺϟťēôϟôIJîϟĺċϟťēôϟŪÍŘťôŘ The announcements can be viewed on the Compan y’s website www.ballardmining.com.au under the Investors tab. Ballard èĺIJƱŘıŜϙťēÍťϙĖťϙĖŜϙIJĺťϙÍſÍŘôϙĺċϙÍIJƅϙIJôſϙĖIJċĺŘıÍťĖĺIJϙĺŘϙîÍťÍϙťēÍ ťϙıÍťôŘĖÍīīƅϙÍƯôèťŜϙťēôϙĖIJċĺŘıÍťĖĺIJϙ 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
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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 Approval for a 2.0 Mtpa Processing Plant and Tailings Storage Facility. ÍīīÍŘîϙĖŜϙŘÍŕĖîīƅϙÍîŽÍIJèĖIJČϙťēôϙaťϙIîÍϙŘĺĤôèťϙťēŘĺŪČēϙÍϙîŪÍīϙŜťŘôÍıϙŕīÍIJϙťĺϙĖIJèŘôÍŜôϙèĺIJƱîôIJèôϙĖIJϙťēôϙèŪŘŘôIJťϙa(ϙÍIJîϙĖIJèŘease the global resource inventory via an aggressive exploration program. All modifying factors will be advanced simultaneously. Competent Person's Statement I n f o r m a t i o n i n t h i s a n n o u n c e m e n t t h a t r e l a t e s t o e x p l o r a t i o n r e s u l t s i s b a s e d u p o n w o r k u n d e r t a k e n b y M r T o d d H i b b e r d , a Competent Person who is a Member of the Australasian Institute of mining and Metallurgy (AusIMM). Mr. Hibberd ēÍŜϙ ŜŪƯĖèĖôIJťϙ experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is ŪIJîôŘťÍħĖIJČϙťĺϙŗŪÍīĖċƅϙÍŜϙÍϙЌ ĺıŕôťôIJťϙôŘŜĺIJЍϙÍŜϙîôƱIJôîϙĖIJϙťēôϙ͑͏͐͑ϙ(îĖťĖĺIJϙĺċϙťēôϙЌŪŜťŘÍīÍŜĖÍIJϙ ĺîôϙċĺŘϙeporting 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. ēôϙ ĺıŕÍIJƅϙèĺIJƱŘıŜϙťēÍťϙĖťϙĖŜϙIJĺťϙÍſÍŘôϙĺċϙÍIJƅϙIJôſϙĖIJċĺŘıÍťĖĺIJ ϙĺŘϙîÍťÍϙťēÍťϙıÍťôŘĖÍīīƅϙÍƯôèťŜϙťēôϙĖIJċĺŘıÍťĖĺIJϙ included in the aforementioned ASX announcement ϟϙ ēôϙ ĺıŕÍIJƅϙ èĺIJƱŘıŜϙ ťēÍťϙ ťēôϙ ċĺŘıϙ ÍIJîϙ èĺIJťôIJťϙ ĖIJϙ ſēĖèēϙ ťēôϙ ĺıŕôťôIJťϙ ô Ř Ŝ ĺ IJ Д Ŝ ϙƱ IJ î Ė IJ Č Ŝ ϙÍ Ř ô ϙŕ Ř ô Ŝ ô IJ ť ô î ϙē ô Ř ô ϙē Í Ž ô ϙIJ ĺ ť ϙæ ô ô IJ ϙı Í ť ô Ř Ė Í ī ī ƅ ϙı ĺîĖƱôîϙ 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-ī ĺ ĺ ħ Ė IJ Č ϙŜ ť Í ť ô ı ô IJ ť Ŝ ϙı Í ƅ ϙĖ IJ ϙŜ ĺ ı ô ϙè Í Ŝ ô Ŝ ϙæ ô ϙĖ î ô IJ ť Ė Ʊ ô î ϙæ ƅ ϙť ô Ř ı Ė IJ ĺ ī ĺ Čƅϙ ŜŪèēϙ ÍŜϙ ЊıÍƅЋϠϙ ЊſĖīīЋϠϙ ЊèĺŪīîЋϠϙ ЊŜēĺŪīîЋϠϙ ЊôƄŕôèťЋϠϙ “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict”, “potential” or “continue”, the negative of such terms or othe r comparable terminology. These forward-looking statements are only predictions. These forward-īĺĺħĖIJČϙŜťÍťôıôIJťŜϙŘôƲôèťϙŽÍŘĖĺŪŜϙ assumptions by or on æôēÍīċϙĺċϙÍīīÍŘîϟϙèèĺŘîĖIJČīƅϠϙťēôŜôϙŜťÍťôıôIJťŜϙÍŘôϙŜŪæĤôèťϙťĺϙŜĖČIJĖƱèÍIJťϙæŪŜĖIJôŜŜϠϙôèĺIJĺıĖèϙÍIJîϙèĺıŕôťĖťĖŽôϙ uncertainties and contingencies associated with the mining industry which may be beyond the control of Ballard which could cause actual results ĺŘϙťŘôIJîŜϙťĺϙîĖƯôŘϙıÍťôŘĖÍīīƅϙĖIJèīŪîĖIJČϠϙæŪťϙIJĺťϙīĖıĖťôîϙťĺϠϙŕŘĖèôϙÍIJîϙèŪŘŘôIJèƅϙƲŪèťŪÍťĖĺIJŜϠϙČôĺťôèēIJĖèÍīϙċÍèťĺŘŜϠϙîŘĖīīĖIJČ ÍIJîϙŕŘĺîŪèťĖĺIJϙŘôŜŪīťŜϠϙîôŽôīĺŕıôIJťϙŕŘĺČŘôŜŜϠϙĺŕôŘÍťĖIJČϙŘôŜŪīťŜϠϙŘôŜôŘŽôϙôŜťĖıÍťôŜϠϙīôČĖŜīÍťĖŽôϠϙƱŜèÍīϙÍIJîϙŘôČŪīÍťĺŘƅϙîôŽôīĺpments, ôèĺIJĺıĖèϙÍIJîϙƱIJÍIJèĖÍīϙıÍŘħôťϙèĺIJîĖťĖĺIJŜϙĖIJϙŽÍŘĖĺŪŜϙèĺŪIJťŘĖôŜϠϙÍ ŕŕŘĺŽÍīŜϙÍIJîϙèĺŜťϙôŜťĖıÍťôŜϠϙôIJŽĖŘĺIJıôIJťÍīϙŘĖŜħŜϠϙÍæĖīĖťƅϙťĺϙ meet 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 ťĺϙťēĺŜôϙ ôƄŕŘôŜŜôîϙ ĺŘϙ ĖıŕīĖôîϙ ĖIJϙ ťēĖŜϙannouncement. 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.
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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 i ŕ ô IJ ϟŕ Ė ť ϟŘ ô Ŝ ĺ Ū Ř è ô Ŝ ϟÍ Ř ô ϟŘ ô ŕ ĺ Ř ť ô î ϟſ Ė ť ē Ė IJ ϟĺ ŕ ť Ė ı Ė Ŝ ô î ϟŕ Ė ť ϟŜ ē ô ī ī Ŝ ϟæ Í Ŝô î ϟĺ IJ ϟ я ͙ Ϧ ͚ ͕ ͕ ϟŕ ô Ř ϟĺ Ū IJ è ô ϟČ ĺ ī î ϟŕ Ř Ė è ô ϟÍ IJ î ϟ IJîôŘČŘĺŪIJîϟŘôŜĺŪŘèôŜϟÍŘôϟŘôŕĺŘťôîϟæôīĺſϟĺŕťĖıĖŜôîϟŕĖťŜϟÍIJîϟèĺIJ ŜťŘÍĖIJôîϟſĖťēĖIJϟıĖIJôŘÍīĖŜôîϟîĺıÍĖIJŜϟĖIJϟ ĺŕťĖıĖŜôîϟıĖIJôÍæīôϟŜēÍŕôŜϟ
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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 Australia L29/166 Granted 100% 100% Mt Ida ^ Western Australia L29/171 Granted 100% 100% Mt Ida ^ Western Australia L29/186 Granted 100% 100% Mt Ida ^ Western Australia L29/229 Granted 50% 50% Mt Ida^* Western Australia L29/177 Granted 100% 100%
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16 ASX: BM1 ballardmining.com.au ^ Ballard Mining Limited executed a Mineral Rights Deed with Delta Lithium Limited. Ballard Mining Ltd (via Mt Ida Au Pty Ltd) has exclusive rights to gold; Delta retains rights to all other minerals. On 9 July 2025 Ballard Mining ceased to be a subsidiary of Delta Lithium. *Miscellaneous Licence for the purpose for groundwater search only
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ASX Listing Rules Appendix 5B (17/07/20) Page | 1 + See chapter 19 of the ASX Listing Rules for defined terms. Rule 5.5 Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly cash flow report Name of entity BALLARD MINING LIMITED (ASX CODE: BM1) ABN Q uarter ended (“current quarter”) 73 685 311 577 30 SE PTEMBER 2026 Consolidated statement of cash flows Current quarter $A’000 Year to date (3 months) $A’000 1. Cash flows from operating activities - - 1.1 Receipts from customers 1.2 Payments for - - (a ) exploration & evaluation (if expensed) (b ) development - - (c ) production - - (d ) staff costs (527) (527) ( e) administration and corporate costs (755) (755) 1.3 Dividends received (see note 3) - - 1.4 Interest received 725 725 1.5 Interest and other costs of finance paid - - 1.6 Income taxes paid - - 1.7 Government grants and tax incentives 225 225 1.8 Other (provide details if material) - - 1.9 Net cash from / (used in) operating activities (332) (332) 2. Cash flows from investing activities - - 2.1 Payments to acquire: (a ) entities (net of cash acquired) (b ) tenements - - (c ) property, plant and equipment (58 ) (58)
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ASX Listing Rules Appendix 5B (17/07/20) Page | 2 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (3 months) $A’000 (d) exploration & evaluation (if capitalised) (e) investments (f) other non-current assets (17,318) - - (17,318) - - 2.2 Proceeds from the disposal of: - - (a) entities (b) tenements - - (c) property, plant and equipment - - (d) investments (e) other non-current assets - - - - 2.3 Cash flows from loans to other entities - - 2.4 Dividends received (see note 3) - - 2.5 Other (provide details if material) - - 2.6 Net cash from / (used in) investing activities (17,376) (13,376) 3. Cash flows from financing activities - - 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible notes - - 3.3 Proceeds from exercise of options - - 3.4 Transaction costs related to issues of equity securities or convertible debt securities - - 3.5 Proceeds from borrowings - - 3.6 Repayment of borrowings - - 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9 Principle payments of lease liability - - 3.10 Net cash from / (used in) financing activities - - 4. Net increase / (decrease) in cash and cash equivalents for the period 61,776 61,776 4.1 Cash and cash equivalents at beginning of period 4.2 Net cash from / (used in) operating activities (item 1.9 above) (332) (332)
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ASX Listing Rules Appendix 5B (17/07/20) Page | 3 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (3 months) $A’000 4.3 Net cash from / (used in) investing activities (item 2.6 above) (17,376) (17,376) 4.4 Net cash from / (used in) financing activities (item 3.10 above) - - 4.5 Effect of movement in exchange rates on cash held - - 4.6 Cash and cash equivalents at end of period 44,068 44,068 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts Current quarter $A’000 Previous quarter $A’000 5.1 Bank balances 7,068 9,276 5.2 Call deposits 37,000 52,500 5.3 Bank overdrafts - - 5.4 Other (provide details) - - 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 44,068 61,776 6. Payments to directors of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to related parties and their associates included in item 1 325 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments
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ASX Listing Rules Appendix 5B (17/07/20) Page | 4 + See chapter 19 of the ASX Listing Rules for defined terms. 7. Financing facilities available Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Loan facilities - - 7.2 Credit standby arrangements - - 7.3 Other (Convertible loan) - - 7.4 Total financial facilities - - 7.5 Unused financial facilities available at quarter end - 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. NIL 8. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (Item 1.9) (332) 8.2 Payments for exploration & evaluation classified as investing activities (item 2.1(d)) (17,318) 8.3 Total relevant outgoings (Item 8.1 + Item 8.2) (17,650) 8.4 Cash and cash equivalents at quarter end (Item 4.6) 44,068 8.5 Unused finance facilities available at quarter end (Item 7.5) - 8.6 Total available funding (Item 8.4 + Item 8.5) 44,068 8.7 Estimated quarters of funding available (Item 8.6 divided by Item 8.3) 2.50 8.8 If Item 8.7 is less than 2 quarters, please provide answers to the following questions: 1. Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? Answer: N/A 2. Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? Answer: N/A 3. Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? Answer: N/A Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.
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ASX Listing Rules Appendix 5B (17/07/20) Page | 5 + See chapter 19 of the ASX Listing Rules for defined terms. Compliance statement 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 2 This statement gives a true and fair view of the matters disclosed. Date: 26 October 2026 Authorised for lodgement by Paul Brennan, Managing Director Authorised by: .......................................................................................................... Notes 1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that w ishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so. 2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report. 3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity. 4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [ name of board committee – eg Audit and Risk Committee]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”. 5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations , the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.