Ballard Mining (BM1) H2 2026 earnings summary

Executive summary

• Achieved significant resource growth at the Mt Ida Gold Project, increasing the global Mineral Resource Estimate (MRE) by 56% to 1.84Moz gold as of September 2026, with the Baldock deposit reaching 1.36Moz and regional prospects also expanding.

• Completed over 232,300 metres of drilling, advancing both infill and extensional programs, and received all major permits for mining and processing at Mt Ida.

• Raised $111.8 million in capital through two placements at substantial premiums to IPO price, ensuring funding through to Final Investment Decision (FID) in 2027.

• Progressed feasibility-level studies for mining, processing, and infrastructure, with a maiden Ore Reserve and FID expected in H1 CY2027.

Financial highlights

• Operating loss after tax for FY2026 was $3,049,100, compared to $353,139 in the prior period.

• Net operating cash outflows were $632,346, with $45.3 million invested in exploration and $111.8 million raised in capital (excluding $6.2 million in issue costs).

• Cash and cash equivalents at year-end were $61.8 million, up from $2.2 million at June 2025.

• No dividends declared or paid.

Outlook and guidance

• Targeting an 8–10 year mine life at Mt Ida, with further resource growth and conversion of inferred to indicated resources planned.

• Feasibility Study and maiden Ore Reserve for Mt Ida expected in H1 CY2027, with FID to follow.

• Ongoing drilling and exploration to expand regional resources and support long-term production.