Announcement PDF UNLOCKING THE POTENTIAL OF MT IDA Initial Public Offer to raise $25→$30M (before costs) 3 0 M AY 2 0 2 5 ballardmining.com.au DISCLAIMER IMPORTANT: You must read the following before continuing. This presentation (“Presentation”) is dated 30th May 2025 and has been prepared by Ballard Mining Limited (ACN 685 311 577) (“Ballard” or “Company”). This presentation has been prepared in relation to Ballard's demerger from the Delta Lithium Limited (ACN 107 244 039) ("Delta Lithium") corporate group ("Demerger"), Ballard's initial public offering of its fully paid ordinary shares ("Ballard Shares") to raise between $25 million to $30 million (before costs) ("Offer") and Ballard's application for admission to the official list of the Australian Securities Exchange ("ASX") ("IPO"). The Offer is not underwritten. The Demerger, the Offer and Ballard's proposed listing on the ASX is subject to, and conditional upon, Delta Lithium shareholder approval, Ballard raising not less than $25 million and ASX approval. The information contained in this Presentation or subsequently provided to any recipient of this Presentation whether orally or in writing by or on behalf of Ballard or its employees, agents or consultants ("Information") is provided to the recipients on the terms and conditions set out in this Disclaimer. The purpose of this presentation is to provide recipients with information relating to the Offer and Ballard’s gold asset. This Presentation has been authorised for release by the board of Ballard. SUMMARY INFORMATION By receiving, reviewing or retaining these materials you acknowledge and represent that you have read, understood and accepted the terms of this “Disclaimer”. This Presentation contains summary information about Ballard, and its activities current only at the date of this Presentation. The information in the Presentation is of a general nature only and does not purport to be complete. You are encouraged to read the Company’s prospectus lodged on 30th May 2025. NOT AN OFFER This Presentation is not a prospectus, product disclosure statement or other disclosure document under the Corporations Act 2001 (Cth), or other offering document under Australian law or any other law. This Presentation, and the information contained in it, is provided for information purposes only and is not an offer or solicitation or an invitation or recommendation to subscribe for, acquire or buy securities of Ballard, or any other financial products or securities in any place or jurisdiction and has not been lodged with the Australian Securities and Investment Commission (“ASIC”). This Presentation does not constitute investment advice and has been prepared by Ballard without 2 Corporate Presentation May 2025 taking into account the recipient’s investment objectives, financial circumstances or particular needs. Each recipient must make his/her own independent assessment and investigation of Ballard and its business and assets. This Presentation is in summary form and does not purpose to be exhaustive. This Presentation should be read in conjunction with Ballard’s periodic disclosure announcements, which are available to download at www.ballardmining.com.au. Ballard makes no representation or warranty (either expressed or implied) as to the accuracy, reliability or completeness of the information disclosed in this Presentation. Ballard and its directors, employees, agents and consultants shall have no liability (including liability to any person by reason of negligence or negligent misstatement) for any statements, opinions, information or matters (express or implied) arising out of, contained in or derived from, or for any omissions from the Presentation, except liability under statute that cannot not be excluded. FORWARD LOOKING STATEMENTS All dollar amounts are in Australian dollars unless otherwise indicated. This Presentation may contain certain statements and projections provided by or on behalf of Ballard with respect to the anticipated future undertakings. 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 realized. Ballard makes no representations as to the accuracy or completeness of any such statement of projections or that any forecasts will be achieved. MINERAL RESOURCE STATEMENT The gold mineral resource estimate in this Presentation was reported by Ballard in accordance with ASX Listing Rule 5.8 in Ballard’s prospectus lodged with ASIC on 30th May 2025. Ballard confirms it is not aware of any new information or data that materially affects the information included in the prospectus and that all material assumptions and technical parameters underpinning the estimates in the prospectus continue to apply and have not materially changed. ballardmining.com.au DISCLAIMER INVESTMENT RISK An investment in Ballard Shares 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 Shares will be disclosed in the prospectus lodged by Ballard on 30th May 2025 in connection with the IPO. Investors are encouraged to read the prospectus in full before deciding whether to subscribe for Ballard Shares. 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 COMPETENT PERSONS STATEMENT prepared by Michael Andrew an employee of Snowden Optiro. Mr Andrew is a Fellow of the Australasian Institute of Mining and Metallurgy (Membership No. 111172) and has sufficient experience relevant to the style of mineralisation, the type of deposit under consideration and to the activity undertaken to qualify as Competent Persons as defined in the 2012 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Andrew consents to the inclusion of the information in the release in the form and context in which it appears. DISCLAIMER No representation or warranty, express or implied, is made by Ballard, its related bodies corporate, any of their respective officers, directors, employees, agents or advisers, as to the accuracy, reliability, completeness or fairness of the information, opinions and conclusions contained in this Presentation. To the maximum extent permitted by law, Ballard, its related bodies corporate, their respective officers, directors, employees, agents or advisers expressly disclaims any and all liability, including, without limitation, any liability arising out of fault or negligence, for any direct, indirect, consequential or contingent loss or damage arising from the use of information contained in this Presentation. Statements made in this Presentation are made only at the date of the Presentation. Ballard is under no obligation to update this Presentation. The information in this Presentation remains subject to change by Ballard without notice. EFFECT OF ROUNDING The figures in this Presentation may be subject to rounding. Information in this Presentation that relates to exploration results. the data and geological interpretation used as the basis of the Mineral Resources is based upon work undertaken by Mr. Shane Murray, a Competent Person who is a Member of the Australasian Institute of Geoscientists (AIG). Mr. Murray has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a ‘Competent Person’ as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC Code). Mr. Murray is an employee of Delta Lithium Limited and consents to the inclusion in this Presentation of the matters based on his information in the form and context in which it appears. The information in this Presentation which relates to Gold Mineral Resources at the Mt Ida Project was 3 Corporate Presentation May 2025 ballardmining.com.au INVESTMENT HIGHLIGHTS Grow and Develop Strategy 1 JORC MRE of 1.1Moz @ 3.3g/t1,2 Au largely on granted Mining Leases 2 Fully permitted for mining. Application progressing for 1.5Mtpa Process Plant & TSF 3 Free-milling, non-refractory orebody, amenable to conventional CIL Processing 4 Camp-scale exploration potential  26km of highly prospective underexplored shear zones 5 IPO to raise $25 - $30 million (before costs) with proceeds targeting growth via the drill bit 6 Very attractive entry valuation. Pro-forma  $57M3 EV and $52/oz3 EV/Resource on listing 7 130,000 metre drill program underway  consistent news flow post IPO 1. 2. 4 Corporate Presentation May 2025 3. Refer to the Ballard IPO prospectus lodged with ASIC on 30th May 2025 and the Disclaimer on Slide 2 for further information on the Mt Ida Gold MRE MRE has been independently reviewed by SRK Consulting Pty Ltd (SRK) for the purposes of this IPO. Refer Ballard IPO Prospectus lodged on 30th May 2025 for further information After estimated costs of the Offer based on a $25M minimum subscription under the IPO Offer. Refer Ballard IPO Prospectus lodged on 30th May 2025 for further information ballardmining.com.au C O N T E N TS 5 1. Board Composition 2. Project Location a. Mineral Resource Estimate 3. Project History b. Mineral Rights Deed c. Peer Comparison – Source Data d. Historic Data 4. Mt Ida Gold Project Overview 5. Exploration Strategy 6. Offer Details 7. Market Positioning Corporate Presentation May 2025 8. Appendices Ironstone Hill at Lake Ballard ~30km south of Mt Ida Gold Project ballardmining.com.au 01 B OA R D C O M P O S I T I O N Highly credible leadership team with a proven track record in creating shareholder value SIMON LILL PAUL BRENNAN TIM MANNERS STUART MATHEWS JAMES CROSER LOREN FALCONER Mr Lill was previously Chairman of De Grey Mining, a Company which grew from being a sub $1M market capitalisation when he was first involved to being acquired by Northern Star Resources (ASX:NST) in one of Australia’s largest corporate takeovers in the gold sector. In his 12 years at De Grey, Mr Lill oversaw the discovery of one of Australia’s largest gold finds at Hemi, witnessed unprecedented resource growth, realised exceptional shareholder value and navigated the company through the $5 billion takeover. Mining Engineer with postgraduate MBA and project management. Over 20 years experience in underground operations including 4 years as General Manager for Saracen Minerals. Recent senior corporate roles as Chief Development Officer and Chief Operating Officer including construction of 2.4Mtpa processing plant for Calidus Resources. Mr Brennan will resign from his position as Chief Development Officer of Delta prior to and conditional upon Ballard’s admission to the ASX. Finance professional with over 25 years experience in corporate finance, accounting, financial management and business development functions. Spent nearly 7 years with Ramelius Resources Ltd as their Chief Financial Officer during a period of significant organic growth and corporate expansion. More recently was the Chief Financial Officer of Wildcat Resources Ltd and a Non-Executive Director of Delta Lithium. Mr Manners will resign from his position as Non-Executive Director of Delta prior to and conditional upon Ballard’s admission to the ASX. International mining professional with more than 30 years experience working across Australia, Mexico and New Zealand. Former Executive VP Gold Fields Australasia. Master of Geology. Current Non-Executive Chair of Hot Chili Ltd and NonExecutive Director of Pantoro Gold. Experienced mining Company Director & current Managing Director of Delta Lithium & NonExecutive Director of Hammer Metals Ltd. Former Executive Director of ASX-listed Spectrum Metals Ltd & Resources & Energy Group Ltd. Mining Engineer with over 25 years in the WA mining sector. Experienced Financial Controller and Qualified Chartered Accountant. Over 14 years experience predominantly in the mining and resource sector for various ASX-listed resources companies including MACA and PLS. Ms Falconer will resign from her position as Financial Controller of Delta prior to and conditional upon Ballard’s admission to the ASX. Non Executive Chair 6 Managing Director Corporate Presentation May 2025 Finance Director Non Executive Director Non Executive Director Company Secretary ballardmining.com.au 02 LO CAT I O N , LO CAT I O N , LO CAT I O N ! Heart of the WA goldfields, 4 x processing plants within c.100km Note: Refer to the Ballard IPO prospectus lodged with ASIC on 30th May 2025 and the Disclaimer for further information on the Mt Ida Gold MRE 7 Corporate Presentation May 2025 ballardmining.com.au 03 TIMELINE A H I STO RY O F H I G H - G R A D E G O L D 1890 - 1960 2021 2023 • Timoni Mine Production historic estimate ~265koz @ 1/2oz per tonne • Shaft & rail haulage • Handheld mining method • Red Dirt Metals purchases Mt Ida from Ora Banda Ltd with Gold MRE 318kt @ 13.8g/t for 141koz2 • Commences targeted Li resource drilling program • Maiden Gold MRE at Mt Ida 3.1Mt @ 4.1g/t Au for 412koz3 • Red Dirt Metals changes name to Delta Lithium during lithium boom 8 2001 2007 - 2009 • Baldock discovery hole made by Hamill Resources 12m @ 13.1g/t1 • Baldock named after Darrel Baldock – St Kilda footballer • Monarch Gold small-scale mining Baldock Lode • Timoni Shaft & rail haulage • Handheld mining method • Production records unable to be obtained Corporate Presentation May 2025 2007 - 2009 2024 • Gold MRE Update 6.6Mt @ 3.5g/t Au for 752koz4 • Targeted Gold drilling program commences 1. Refer ASX Announcement lodged by Hamill Resources on 26th November 2001 and Appendix D for historic drill hole information 2. Refer ASX Announcement lodged by Delta Lithium on 7th September 2021 for further information 3. Refer ASX Announcement lodged by Delta Lithium on 11th October 2023 for further information 4. Refer ASX Announcement lodged by Delta Lithium on 28th June 2024 for further information 5. Refer to the Ballard IPO prospectus lodged with ASIC on 30th May 2025 and the Disclaimer for further information on the Mt Ida Gold MRE 2025 • Gold MRE Update 10.3Mt @ 3.3g/t Au for 1,102koz5 • Demerger of Gold Assets at Mt Ida into Ballard Mining Ltd The tenements have a long history of high-grade gold mining but have suffered from minimal exploration focus in the last 20 years. With this IPO, Ballard will have the funding and the capability to unlock the full scale and potential of Mt Ida. ballardmining.com.au 04 M T I DA G O L D P ROJ ECT Growth and Development Opportunity • JORC MRE 7km 1.1Moz at 3.3g/t Au1 9km includes Baldock Deposit of 930koz at 4.1g/t Au (402koz Indicated)1 • Camp-scale exploration potential across 26km of continuous underexplored shear zones • 6 existing gold deposits with Resources open • Feasibility Study commencing on initial baseload from Baldock 1. Refer to the Ballard IPO prospectus lodged with ASIC on 30th May 2025 and the Disclaimer for further information on the Mt Ida Gold MRE 9 Corporate Presentation May 2025 ballardmining.com.au 04 BA L D O C K – A G R E AT STA RT… . 80,000m planned drill program – infill and extensional Baldock MRE - Ounces Per Vertical Metre - 1,000 2,000 3,000 4,000 Top 300m averages ~2,500 oz Per vertical metre, function of drilling • Most recent drill program added 256,000oz at Baldock at an all in cost of <$25/oz • Infill drilling will underpin Feasibility Study and Reserve estimate at Baldock Note: Refer to the Ballard IPO prospectus lodged with ASIC on 30th May 2025 and the Disclaimer for further information on the Mt Ida Gold MRE 10 Corporate Presentation May 2025 ballardmining.com.au 04 BA L D O C K M E TA L LU RGY Free-milling & amenable to conventional CIL processing • 24hr leach recoveries above 90% • Recoveries: oxide >95%, transitional >94% with average fresh 93%1 • All 5 Lodes amenable to standard crush/grind/CIL adsorption • Copper not problematic. Increased cyanide consumption (Additional ~$2-3/t processing cost) • Sample selection to support DFS level test work incorporated into planned infill drilling program 11 Corporate Presentation May 2025 Note: Refer ASX Announcement lodged by Delta Lithium on 27th August 2024 for more information ballardmining.com.au 05 • E X P LO R AT I O N 50,000m planned drill program 26km of continuous greenstone belt folded around the Copperfield Granite. Prospective shear zones and host rocks on either side • 13km Baldock Thrust → 35,000m drill program planned • 13km Ballard Fault → 15,000m drill program planned • Orogenic, shear hosted gold lodes observed throughout the 26km of strike with minimal focused historical work • High resolution drone magnetics survey planned for July 2025 across the entire prospective strike • Improving the structural understanding is KEY to finding another Baldock • Magnetic survey results will refine structural model to inform exploration targeting Note: Refer to the Ballard IPO prospectus lodged with ASIC on 30th May 2025 and the Disclaimer for further information on the Mt Ida Gold MRE 12 Corporate Presentation May 2025 ballardmining.com.au 05 BA L D O C K T H R U ST E X P LO R AT I O N 35,000m planned drill program • 2001 Baldock discovery due to outcropping nature • Resource growth has been focused at Baldock • Over 7km of strike to the north of Baldock has an average drill depth of just 43 metres despite high grade historical intercepts • 671 historic drill holes over last ~20 years, mostly RAB drilling Note: Refer to the Ballard IPO prospectus lodged with ASIC on 30th May 2025 and the Disclaimer for further information on the Mt Ida Gold MRE 13 Corporate Presentation May 2025 ballardmining.com.au 05 BA L L A R D FAU LT E X P LO R AT I O N 15,000m planned drill program • Geological units on the Ballard Fault are identical to Baldock Thrust (same greenstone belt) • Limited or no drilling at some Prospects 14 Corporate Presentation May 2025 ballardmining.com.au 05 BA L L A R D FAU LT E X P LO R AT I O N “These holes weren’t dug for fun!” • Neptune Prospect example of underexplored nature on the Ballard Fault • Multiple historic shaft workings and highgrade rock chips along a continuous strike 14.1 g/t 9.64 g/t Neptune Prospect historic workings Neptune Prospect historic workings 85.7 g/t 350m Rockchip Locations1 15 Corporate Presentation May 2025 1. Refer to Appendix D for historical data tables ballardmining.com.au 06 CA P I TA L ST R U CT U R E – R A I S I N G $ 2 5 - $ 3 0 M ( b e fo re c o st s ) AUD $25M AUD $30M 220M $55M $55M In-specie to Delta shareholders (1 for 11.25 DLI)1 (63.7M) ($16M) ($16M) Retained by Delta 156M BALLARD MINING LIMITED Shares Issued to Delta No. Shares PROPOSED IPO Institutional/Broker Firm Offer at $0.25/share1 Priority Offer to existing Delta shareholders at $0.25/share1 Shares On Issue upon ASX-listing Performance Rights and Options (various)2 $20M $25M 20M $5M $5M 320-340M 17.5M Delta retained 46-49%4 Existing In-specie escrowed 9%5 Existing In-specie 10-11% Priority Offer 6% New Investors 25-29% Free Float 42-45% Ownership Structure6 DLI Retained Ownership BALLARD Market Capitalisation $80M $85M Existing (In-Specie) BALLARD Cash at Listing3 $23M $28M Existing (In-Specie) - Escrowed BALLARD Enterprise Value3 $57M Priority Offer BALLARD Enterprise Value ($/Resource oz) $52/oz New Investors 1. 2. 3. 4. 5. 6. 16 80-100M OWNERSHIP STRUCTURE 29% 46% 6% 9% 10% The Demerger, the Offer and Ballard's proposed listing on the ASX is subject to, and conditional upon, Delta Lithium shareholder approval, Ballard raising not less than $25M and ASX approval Options and performance rights to be issued to Ballard directors, senior managers and advisers. For further details of the options and performance rights to be issued by Ballard refer to the Ballard Prospectus lodged 30th May 2025 After Costs of the Offer deducted, approx. $2.3M based on a $25M minimum subscription under the IPO offer Delta subject to 24 month escrow from the date Ballard shares are quoted on the ASX In-specie shares to be transferred to Delta Lithium’s three major shareholders will, or are intended to be subject to six months voluntary escrow from the date of issue and further six months orderly market restriction Based on $30M maximum subscription under the IPO Corporate Presentation May 2025 ballardmining.com.au 06 USE OF FUNDS Raising $25 - $30M to fund Growth and Development Source of Funds Cash Reserves $4M1 IPO proceeds $25 - 30M TOTAL SOURCES $29 - $34M Use of Funds $ Exploration & Growth drilling $6.5 - 8.5M Baldock Extensional & Infill drilling $6.5 - 8.0M Studies – Mining, Met, Geotech, Water $2.5 - 3.0M Rents, Rates, Staff, Overheads $3.0 - 4.0M Stamp duty $2.6M2 Working Capital (including Costs of IPO and Listing) $3.9M Repayment of Delta Loan $4M1 TOTAL USES 1. 2. 3. 4. 17 $ $29 - 34M3,4 Drill pad preparation for Baldock Infill and Extensional Drilling Activities funded pre-IPO by a $4M loan from Delta Lithium to Ballard to be repaid on the earlier of 90 days following written demand from Delta (such demand not be made before 31 December 2025) or the date of Ballard’s admission to the ASX Estimated value, awaiting ruling from RevenueWA The above table is a statement of current intentions of Ballard as at the date of this Presentation. Due to market conditions and/or any number of other factors, actual expenditure levels may differ significantly to the above estimates. As with any budget, intervening events (including exploration success or failure) and new circumstances have the potential to affect the way funds are ultimately applied. Ballard reserves the right to alter the way funds are applied on this basis The Demerger, the Offer and Ballard's proposed listing on the ASX is subject to, and conditional upon, Delta Lithium shareholder approval, Ballard not raising less than $25M and ASX approval Corporate Presentation May 2025 ballardmining.com.au 07 PEER COMPARISON – ASX DEVELOPERS Ballard’s ASX-listed gold developer peers trade at an average EV/Contained Resource of $196/oz, with higher-grade (+ 2.0g/t) peers trading at an average of $253/oz $488/oz Select ASX Listed Gold Developers – EV/Resource ($/oz Au)(1,2) $300/oz $288/oz 5.0g/t Peer Group Average for +2.0g/t Resources = $253/oz $200/oz 3.9g/t 4.5g/t $228/oz $250/oz 4.4g/t 4.0g/t Peer Group Average = $196/oz $143/oz $150/oz $100/oz 1.8g/t $129/oz 3.0g/t 2.5g/t $94/oz 2.1g/t 1.5g/t $50/oz 3.3g/t $128/oz 2.1g/t 3.5g/t 1.1g/t 2.0g/t $71/oz 1.5g/t $52/oz 1.0g/t 1.1g/t 0.5g/t $0/oz - Market Cap $158m $310m $448m $390m $351m $248m $132m $231m - Cash $21m $36m $9m $55m $40m $22m $13m $15m - Debt - - - - - - $3m - - Enterprise Value $136m $274m $439m $335m $311m $226m $122m $216m $57m(3) Resource Grade 3.9g/t 4.4g/t 1.8g/t 2.1g/t 1.5g/t 1.1g/t 2.1g/t 1.1g/t 3.3g/t Contained Resource 279koz 953koz 1,929koz 2,337koz 2,424koz 1,761koz 1,300koz 3,040koz 1,102koz EV/Resource $488/oz $288/oz $228/oz $143/oz $129/oz $128/oz $94/oz $71/oz $52/oz Gold Grade (g/t Au) 18 Corporate Presentation May 2025 1. 2. 3. For detailed sources see Appendix C Note: rounding errors may occur See Slide 16 for pro-forma capital structure ballardmining.com.au 07 W H Y I N VE ST I N BA L L A R D MINING? A gold only focused company, with a clear exploration strategy supported by high quality Board and management team A launch pad of 1.1Moz1 high-grade MRE, including 930koz at 4.1 g/t at Baldock which is fully permitted for mining Gold rights over tenure containing 6 gold deposits plus 26km of untested strike in the best gold location in Australia. We are looking for another Baldock! Attractive IPO EV / Resource Oz The Demerger, the Offer and Ballard's proposed listing on the ASX is subject to, and conditional upon, Delta Lithium shareholder approval, Ballard not raising less than $25M and ASX approval 19 Corporate Presentation May 2025 1. Refer to the Ballard IPO prospectus lodged with ASIC on 30th May 2025 and the Disclaimer for further information on the Mt Ida Gold MRE ballardmining.com.au 08 20 Corporate Presentation May 2025 APPENDICES ballardmining.com.au A M I N E R A L R E S O U RC E E ST I M AT E – APRIL 20251 Cut off Open cut Au 0.5 g/t Underground Au 1.5 g/t All 21 Deposit Baldock Kestrel Golden Vale Bombay West Knell Jupiter Mt Ida Tailings Baldock Kestrel Bombay West Knell Jupiter Baldock Kestrel Golden Vale Bombay West Knell Jupiter Mt Ida Tailings Total Corporate Presentation May 2025 Indicated Tonnes Grade Ounces (000s) g/t Au (000s) Inferred Tonnes Grade Ounces (000s) g/t Au (000s) Tonnes (000s) Total Grade g/t Au Ounces (000s) 2,600 4.5 365 1,570 3.6 200 4,120 4.2 563 - - - 940 1.6 48 940 1.6 48 - - - 496 1.7 27 496 1.7 27 711 1.3 30 711 1.3 30 238 3.3 25 238 3.3 25 50 1.7 3 50 1.7 3 - - - 500 0.5 8 500 0.5 8 242 4.8 37 2,610 4.0 338 2,850 4.0 368 - - - 80 1.8 5 80 1.8 5 30 3.0 3 30 3.0 3 192 2.4 15 192 2.4 15 90 2.7 8 90 2.7 8 4,220 3.9 532 7,000 4.1 930 1,000 1.7 53 1,000 1.7 53 496 1.7 27 496 1.7 27 740 1.4 33 740 1.4 33 420 2.9 40 420 2.9 40 140 2.3 11 140 2.3 11 500 0.5 8 500 0.5 7,500 3.0 699 10,310 3.3 8 1,102 2,840 4.5 - - - - 2,840 4.5 402 - 402 1. Refer to the Ballard IPO prospectus lodged with ASIC on 30th May 2025 and the Disclaimer for further information on the Mt Ida Gold MRE ballardmining.com.au B MINERAL R I G H TS D E E D • Mineral Rights Deed1 executed between Mt Ida Au Pty Ltd, Mt Ida Lithium Pty Ltd, Ballard Mining Limited and Delta Lithium Limited • Ballard to issue 220M shares to Delta (or its nominee) in consideration of the Gold Asset • Mining and Exploration: 22 Area Ballard (via Mt Ida Au) Delta (via Mt Ida Lithium) Mineral Rights Exclusive rights to gold Retains rights to all other minerals Ownership Upon Mining Automatically owns recovered gold Automatically owns recovered non-gold minerals Exploration Notice 10 business days 10 business days Mining Proposal Notice 3 months 3 months Corporate Presentation May 2025 1. For further information on the Mineral Rights Deed refer Ballard Prospectus lodged with ASIC on 30th May 2025 ballardmining.com.au B MINERAL R I G H TS D E E D ( C O N T ’ D ) • Gold and lithium are separate geological units and can be mined separately (no sterilisation) • Any capital costs for mine development for Gold operations can be utilised and shared with any potential lithium operation High grade starter pits generate positive cash flow and establish portal positions for Underground development • Cooperation governed by a Mineral Rights Deed1 Conceptual Designs only to show interaction of gold and lithium 23 Corporate Presentation May 2025 1. For further information on the Mineral Rights Deed refer Ballard Prospectus lodged with ASIC on 30th May 2025 ballardmining.com.au 24 B MINERAL R I G H TS D E E D ( C O N T ’ D ) Scenario Resolution Method Conflicting activities Parties must discuss and minimise interference. Concurrent mining Form Joint Operating Committee (JORC), decide on Dominant Mine, and coordinate operations. Shared costs Shared proportionally based on use or capital expenditure. Use of other party’s infrastructure Incoming party pays 50% of written-down value of infrastructure. S