Ballard Mining Lifts Mt Ida Gold Resource to 1.2 Moz with Strong $75.6M Cash Backing

Mt Ida Resource Hits 1.2 Million Ounces

Ballard Mining (ASX:BM1) has pushed its Mt Ida Gold Project’s global Mineral Resource Estimate (MRE) to 12.3 million tonnes at 3.0 grams per tonne gold, containing 1.2 million ounces of gold. This milestone is anchored by the Baldock deposit, which alone now boasts a 9.0 Mt resource at 3.5 g/t Au for 1.0 million ounces. Notably, the higher-confidence Indicated category at Baldock surged 66% to 5.6 Mt at 3.7 g/t Au, underpinning the company’s push towards a maiden Ore Reserve.

The resource upgrade follows completion of an 86,000-metre Phase 1 infill drilling campaign, which delivered standout assays including 6 metres at 18.6 g/t Au and 4 metres at 8.4 g/t Au. These results reinforce Baldock’s reputation as a high-grade gold system with multiple lodes extending over a broad depth range.

Aggressive Drilling Program Targets Further Growth

Ballard is now executing a massive 220,000-metre resource growth drilling program across Mt Ida in 2026, deploying seven rigs comprising diamond, reverse circulation, and air-core drills. Early extensional drilling below Baldock’s current resource footprint has yielded promising intercepts such as 10 metres at 3.2 g/t Au from 416 metres and 2 metres at 9.0 g/t Au, suggesting meaningful upside potential below the existing resource shell.

Regional exploration is equally active, with 165 drill holes completed during the March quarter targeting satellite deposits like Neptune, West Knell, Europa, and Golden Vale. High-grade hits include 2 metres at 41.5 g/t Au at Neptune and multiple intercepts above 5 g/t Au at West Knell and Europa, which collectively could supplement Baldock’s feed and enhance the project’s production profile. This regional push builds on the company’s strategy to unlock value along the 26-kilometre prospective greenstone belt at Mt Ida, with 53 exploration prospects now prioritized for systematic testing.

Drilling results and resource growth ambitions are consistent with the company’s recent high-grade gold mineralisation extension and Mt Ida resource growth acceleration announcements, reflecting a sustained momentum in defining satellite open pit opportunities alongside the Baldock core.

Project Development Advances Towards FID

On the development front, Ballard is progressing metallurgical and geotechnical studies to a feasibility level for the Baldock deposit. Metallurgical testwork continues to confirm favourable recoveries exceeding 91% using conventional carbon-in-leach processing. The company plans to tender an engineering, procurement, and construction (EPC) contract for the processing plant in the second half of 2026, aiming to deliver a Definitive Feasibility Study and Final Investment Decision by mid-2027.

Infrastructure upgrades include expansion of the exploration camp from 22 to 30 rooms to accommodate early works personnel and future construction crews, alongside installation of additional production water bores. Ballard holds a combined water abstraction license of 3.7 gigalitres per year, critical for supporting mining operations. The company is also preparing for a public road diversion approved for H2 2026 to separate construction traffic from public access, a key step ahead of construction commencement.

Strong Balance Sheet Supports Growth Ambitions

Financially, Ballard is well positioned with a cash balance of $75.6 million at the end of March 2026, bolstered by a strongly supported $61 million placement completed in January. The capital raise attracted new institutional investors from North America, Europe, and Australia, reflecting confidence in Ballard’s growth strategy and project quality.

The company’s actual expenditure since listing slightly exceeded prospectus estimates on exploration and drilling, reflecting an accelerated resource growth agenda. However, underspends in areas such as stamp duty and overheads partially offset this, resulting in a modest overall variance. With an estimated 7.8 quarters of funding at current burn rates, Ballard is funded through to its Final Investment Decision milestone.

Ballard’s capital structure remains stable with 454.6 million ordinary shares on issue, dominated by a 34.4% holding by Delta Lithium, subject to escrow arrangements. Recent voluntary escrow releases in April 2026 have increased liquidity for some major shareholders.

What Lies Ahead for Ballard Mining?

As Ballard drills deeper and wider at Mt Ida, the potential to significantly expand its resource base beyond the current 1.2 million ounces remains open. The interplay between extensional drilling below Baldock and satellite deposit exploration will be critical in shaping the project’s scale and mine life. Meanwhile, advancing feasibility studies and infrastructure readiness will test the company’s ability to translate resource growth into a viable mining operation.

Investors will be watching closely for upcoming assay results from ongoing drilling campaigns and the delivery of the Definitive Feasibility Study. The timing and terms of the EPC contract for the processing plant will also be a key milestone, as will the company’s ability to manage development risks and capital deployment efficiently.