Resource Upgrade Boosts Mt Ida Project but Ore Reserve Still Pending

Resource Upgrade Signals Milestone for Mt Ida

Ballard Mining (ASX: BM1) has delivered a substantial boost to its Baldock gold deposit within the Mt Ida Project, located in Western Australia's prolific Goldfields region. The company’s latest Mineral Resource Estimate (MRE) update reveals the Indicated category has surged by 66% to 669,000 ounces at a robust grade of 3.7 grams per tonne, contributing to a global Mt Ida resource now totalling 1.2 million ounces.

This upgrade follows an intensive 86,000 metre drilling campaign designed to convert lower-confidence Inferred resources into higher-confidence Indicated resources. The drilling has not only confirmed the scale and grade continuity of the Baldock deposit but also identified new lodes and moderate-grade mineralisation, increasing overall tonnage and contained gold.

From Resource to Reserve: Advancing Towards Production

With the Indicated resource now well-defined, Ballard is poised to estimate its maiden Ore Reserve by mid-2026. Managing Director Paul Brennan emphasised that the updated resource aligns with the company’s strategy to de-risk the initial five to six years of a targeted mine life of at least eight years. The company aims for a Maiden Ore Reserve in the range of 400,000 to 500,000 ounces, representing a solid conversion rate from the Indicated resource base.

Supporting this transition, Ballard is conducting detailed geotechnical and metallurgical studies to a feasibility level, alongside mining studies evaluating the optimal balance between open pit and underground mining methods. The Baldock deposit is fully permitted for both mining approaches, enhancing the project's development readiness.

Broader Exploration and Growth Potential

Beyond Baldock, Ballard’s Mt Ida Project encompasses multiple prospects including Kestrel, Golden Vale, Bombay, West Knell, and Jupiter, with resource updates planned for the second half of 2026. The company is actively drilling across these targets and exploring new opportunities within its extensive landholding, which includes prospects named Neptune, Ayla, Orion, Galaxy, Astro, and Pluto.

The 2026 drilling program aims to extend resource depth from the current average of 350 metres down to 750 metres, potentially unlocking further ounces and extending mine life. This aggressive exploration strategy, combined with ongoing feasibility work, positions Ballard to refine its development pathway and enhance project economics.

Technical Confidence and Environmental Considerations

The updated resource estimate was prepared by Snowden Optiro, with rigorous data validation and quality control underpinning the results. Extensive metallurgical test work indicates consistent gold recoveries above 90%, supporting the economic viability of the deposit. Environmental baseline studies confirm no significant impediments, with established plans for waste and tailings management aligned with industry best practices.

Historic mining at Baldock produced approximately 265,000 ounces at a high grade, underscoring the deposit’s quality. Ballard’s modern exploration and development approach is building on this legacy with a clear focus on delivering a robust, economically extractable resource.