Ballard Mining Achieves Record 9m at 27.1 g/t Gold at West Knell, Expanding Mt Ida Project Potential

Record-High West Knell Gold Grade Highlights Emerging Shallow Deposit Potential

The 9-metre intercept at 27.1 g/t gold from drill hole WKEX101 represents a landmark achievement for Ballard Mining, delivering the company’s highest-grade gold assay at Mt Ida. This equates to 244 gram-metres, a combined measure of grade and interval length that significantly surpasses previous project intercepts. Occurring at 191 metres depth and outside the current mineral resource envelope, this result indicates potential for additional mineralisation beyond known limits at West Knell.

Supporting drill holes reveal consistent mineralisation across West Knell. Hole WKEX102A returned 4 metres at 7.2 g/t and 2 metres at 5.6 g/t gold, while WKEX103 intersected 2 metres at 4.4 g/t. Other intercepts include 1 metre at 4.2 g/t in WKEX107 and 2 metres at 2.1 g/t in WKEX104, collectively confirming multiple elevated gold zones. These mineralised zones are north-south oriented, moderately east-dipping shear zones with quartz and sulphides within an alteration envelope of silica, biotite, and chlorite, hosted in anorthosite (a plagioclase-rich differentiated gabbro sill). The shallow depth and favourable geometry make West Knell a compelling exploration and development target within the Mt Ida project.

West Knell Mineralisation Extended to 1.4 Kilometres with Confirmed Strike and Depth Continuity

Ballard’s drilling campaign at West Knell has expanded the mineralised corridor to approximately 1.4 kilometres, demonstrating both lateral strike continuity and depth extension beyond previously drilled northern sections. In May and June 2026, the company completed 45 drill holes totaling 5,528 metres across multiple prospects, with West Knell as a key focus. The 191-metre depth intercept in WKEX101 confirms mineralisation persists at depth, presenting opportunities for underground or deeper open-pit mining. This vertical and lateral continuity suggests West Knell could become a significant ore source for the Mt Ida operation.

West Knell is part of the West Knell to Neptune mineralised trend, spanning about 3.7 kilometres within the larger 13-kilometre Ballard Fault Zone. Ballard’s exploration model proposes that West Knell, Neptune, Europa, Ayla, and Pulsar prospects may be connected along a single structural system. Regional exploration has identified notable mineralisation at Kestrel (53,000 ounces), West Knell (40,000 ounces), and Golden Vale (27,000 ounces). The presence of multiple satellite prospects along the fault supports Ballard’s view that the Ballard Fault could evolve into a camp-scale gold system with multiple economic deposits.

Ballard Fault Zone Emerges as Distinct Multi-Deposit Gold District Separate from Baldock Thrust

The Ballard Fault Zone and Baldock Thrust are two separate mineralised corridors within Mt Ida, both now showing strong potential for development. The Baldock Thrust has historically been the focus, hosting 1.1 million ounces—90% of Mt Ida’s total 1.2 million ounce resource at 3.0 g/t gold. The Ballard Fault, located east of the Copperfield Granite intrusion, hosts similar rock types and lies on the opposite side of this granitic body. Managing Director Paul Brennan stated, "This result strengthens confidence that the underexplored 13km Ballard Fault Zone is emerging as a potential camp-scale opportunity," and emphasized that "the Ballard Fault hosts the same rocks as Baldock and lies on the eastern side of the Copperfield Granite intrusion."

Ballard’s strategy acknowledges that despite multiple gold discoveries, the Ballard Fault Zone remains underexplored compared to Baldock Thrust. Recent drilling at West Knell, Ayla, Europa, Pulsar, and Neptune along the Ballard Fault has revealed consistent mineralisation, supporting the idea that this fault may contain significantly larger resources. Mr Brennan added, "We are confident the Ballard Fault Zone will make a significant contribution to Mt Ida’s scale, demonstrating potential to evolve into a multi-million-ounce gold district." If confirmed by ongoing drilling and the upcoming Mineral Resource Estimate, this could transform investor perceptions of Mt Ida’s development potential. The 13-kilometre mineralised corridor could enable production scenarios far exceeding the sum of individual satellite deposits.

West Knell Mining Lease and Updated Resource Estimate Expected in September Quarter

Ballard expects the grant of a mining lease over West Knell within the September Quarter ending 30 September 2026. This regulatory milestone is critical for advancing mine development and construction. While the announcement does not detail the current status or timeline certainty, management anticipates completion this quarter. Securing the lease will allow Ballard to initiate pre-development and formal mine planning for West Knell as a satellite ore source for Mt Ida.

Alongside the mining lease, an updated Mineral Resource Estimate for Mt Ida is slated for release later in the September Quarter. This will incorporate recent drilling results from West Knell and other regional prospects drilled in May and June 2026. The company noted, "Drill results will inform an updated Mineral Resource Estimate for Mt Ida expected late in the current Quarter," with multiple regional deposit updates anticipated. Assay results from Pluto, Constellation, Jupiter, Lunar, Astro-Quasar (Baldock Thrust), and Golden Vale, Neptune (Ballard Fault) remain pending and could significantly impact the updated resource scale. An expanded resource base, especially if Ballard Fault Zone deposits link into a larger system, may support greater development scope and longer mine life.

Mt Ida Project Location and Dual-Stream Strategy Driving Resource Growth and Development

Located 540 kilometres northeast of Perth in Western Australia’s Goldfields Region, Ballard’s Mt Ida Gold Project covers 26 kilometres of prospective greenstone belt geology folded around the Copperfield Granite intrusion. This geological setting indicates a mature gold province with strong economic potential. Mt Ida benefits from proximity to established mining infrastructure, supply chains, skilled labour, and port facilities compared to remote greenfield sites.

Ballard pursues a dual-stream strategy balancing immediate resource growth drilling with longer-term project development. The company stated, "Ballard is pursuing a dual stream Resource Growth and Project Development strategy," focusing in 2026 on resource growth at the cornerstone Baldock Mineral Resource Estimate (+1 Moz at 3.5 g/t gold) and satellite sources to support a standalone Mt Ida operation. This approach reflects confidence that Mt Ida’s scale can sustain an independent mining operation rather than relying on third-party processing. Emphasis on satellite deposits like West Knell indicates a multi-source, long-life mining vision. Exploration continues across regional deposits, particularly within the Ballard Fault Zone and Baldock Thrust.

Shallow Depth and Infrastructure Proximity Enhance West Knell’s Development Appeal

West Knell’s shallow intercepts—such as the 9 metres at 27.1 g/t gold starting at 191 metres depth—and supporting results at similar depths offer economic advantages. Shallower ore bodies typically reduce mining costs, accelerate development timelines, and improve financial returns compared to deep underground mining. Ballard’s update noted West Knell is "being evaluated as a potential satellite ore source to support Ballard Mining's proposed standalone gold operation at Mt Ida," highlighting its shallow depth, favourable geometry, and proximity to planned infrastructure as key benefits.

References to "planned infrastructure" imply advanced mine planning with identified locations for processing facilities and waste management. West Knell’s closeness to these facilities would minimize haulage distances and costs if ore is processed at a central Mt Ida plant. The combination of shallow mineralisation, favourable dip, proximity to infrastructure, and confirmed strike and depth continuity positions West Knell as one of the most immediately developable satellite deposits at Mt Ida. However, detailed mine planning, capital costs, production rates, and mine life projections were not disclosed.

Ballard Fault Zone Holds 120,000 Ounces in Resources with Upside from Underexplored Extensions

Current Mineral Resource Estimates along the Ballard Fault Zone total about 120,000 ounces across Kestrel (53,000 ounces), West Knell (40,000 ounces), and Golden Vale (27,000 ounces). These represent only part of the 13-kilometre fault strike. Additional prospects—Ayla, Europa, Pulsar, and Neptune—have identified mineralisation but no formal resource estimates yet. This suggests significant potential for resource growth through further drilling and conversion to JORC 2012-compliant resources if exploration success continues.

In contrast, the Baldock Thrust hosts 1.1 million ounces, accounting for 90% of Mt Ida’s total 1.2 million ounce resource. Ballard’s view that the Ballard Fault could evolve into a "multi-million-ounce gold district" reflects expectations of substantial resource expansion through drilling and structural linkage discoveries. If Kestrel, West Knell, Europa, Ayla, Pulsar, Neptune, and Golden Vale are confirmed as segments of a contiguous 13-kilometre mineralised system, the updated resource estimate could show significantly higher tonnage and improved mining geometry. No guidance has been provided on the scale or probability of these scenarios.

Ongoing Drilling and Pending Assays Set Stage for Upcoming Resource Updates

Between May and June 2026, Ballard completed 45 drill holes totaling 5,528 metres across Mt Ida prospects. While West Knell results have been released, assay results from Pluto, Constellation, Jupiter, Lunar, Astro-Quasar (Baldock Thrust), and Neptune, Golden Vale (Ballard Fault) remain pending. Ballard confirmed, "Assay results are pending. West Knell results are discussed in this release." These pending assays represent near-term catalysts for company announcements and Mineral Resource Estimate updates expected in the September Quarter 2026. Multiple regional deposit updates are anticipated rather than a single consolidated resource release.

Should results from Neptune, Golden Vale, or other Ballard Fault prospects match West Knell’s exceptional intercept, investor interest and share price could respond positively. Conversely, lower-grade or discontinuous results might temper enthusiasm. The timing, size, grade, and connectivity of these assays will shape the narrative and resource scale communicated in forthcoming updates.

Regulatory and Permitting Risks Could Impact Mining Lease and Development Timelines

Although Ballard anticipates West Knell mining lease grant in the September Quarter, formal regulatory approvals and permitting remain subject to Western Australian government processes beyond the company’s control. Mining lease applications require environmental assessments, native title consultations, and departmental reviews; delays or additional information requests could extend timelines. Any delay would postpone West Knell’s transition from exploration to development readiness and potentially affect production schedules.

Further development of Mt Ida as a standalone operation will likely require additional permits, including environmental clearances, water licenses, and infrastructure approvals depending on processing plans. Ballard has not disclosed the status of these assessments or regulatory engagements. Extended permitting, environmental or heritage constraints, or regulatory changes could delay or increase development costs. Investors should recognize that exploration success does not guarantee timely or cost-effective project advancement through regulatory hurdles.