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2026-11-06
◂ Monitor BM1 ASX

Ballard Mining Limited

Resource Stage · Gold · AU Rating locked: sign in to view v8.1 · bm1-20261104t223118-full
Last 2026-11-06
A$0.61
1D
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1M
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YTD
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1Y
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Upside
Locked: sign in to view
Mkt cap
A$319.1M
EV
A$231.8M
Cash
A$44.1M
Debt
A$0
1 newer ASX announcement not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-09-30
Cash A$44.1M Finite
Debt A$0 Net cash A$44.1M
Basic shares 523.1M 2026-11-04
Runway 5 quarters Cash A$44.1m at 30 Sep 2026 plus A$45.0m placement committed after the cash date (before costs), divided by the September quarter net outflow of A$17.7m (operating 0.3m, investing 17.4m). Runway is about five quarters on that burn, which includes one-off items; the SPP (up to A$5.0m, not underwritten) is excluded.

Liquidity

Financial position

Funded through the FS and FID (mid-CY2027) for pre-FID work, but not for construction. The company estimates capex well above the pro-forma cash, so a debt or equity raise is needed before FID. Pro-forma cash after the placement and full SPP is about A$94.1m per the company.

Capital structure

Ownership and dilution

Ordinary shares
523.1M
Fully diluted
552.7M

454,605,804 ordinary shares at 30 Jun 2026 (AR Note 18) + 68,210,880 placement shares issued 19 Oct 2026 + 133,400 performance-right exercises (28 Sep 99,800; 1 Oct 33,600) = 522,950,084 at the 26 Oct quarterly date + 94,300 (23 Oct) + 44,700 (4 Nov) = 523,089,084. Fully diluted adds 13.5m options and 16,147,580 performance rights (no treasury method). Delta Lithium 156,310,994 restricted shares.

Security classes12
ClassTypeQuantityStrikeExpiry
Quoted fully paid ordinary shares (BM1)Ordinary Share366.8M——
Restricted fully paid ordinary shares (BM1AA)Ordinary Share156.3M——
Unquoted options BM1AK exercisable at A$1.10Option1.2MA$1.12031-09-09
Unquoted director options BM1AJ exercisable at A$1.10 (approved 4 Sep 2026)Option4.5MA$1.12031-09-04
Unquoted options BM1AI exercisable at A$0.845Option750KA$0.8452029-12-09
Restricted unquoted options BM1AE (expiring 9 Jul 2029; strike not in announcement)Option2.5M—2029-07-09
Restricted unquoted options BM1AC (expiring 14 Jul 2028; strike not in announcement)Option1M—2028-07-14
Restricted unquoted options BM1AD (expiring 14 Jul 2028; strike not in announcement)Option1M—2028-07-14
Restricted unquoted options BM1AB (expiring 9 Jul 2028; strike not in announcement)Option2.5M—2028-07-09
Restricted performance rights BM1AFPerformance Right9M—2030-07-09
Performance rights BM1AGPerformance Right1.5M—2030-07-09
Performance rights BM1AH (after 94,300 and 44,700 exercises)Performance Right5.6M——

Capital history

Capital events

5 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-10-19Ann. 2026-10-12RaisingA$45M68.2MA$0.66CompletedInstitutional placement under LR 7.1 capacity, A$45.0m before costs; firm commitments; issued 19 Oct 2026 (Appendix 2A 16 Oct).Argonaut Securities and Canaccord Genuity (joint lead managers); Commonwealth Securities (co-manager)
2026-10-12RaisingA$5M—A$0.66OngoingShare purchase plan for eligible shareholders up to A$30,000 each, target A$5.0m with discretion to scale back or take up to A$5.0m more; not underwritten; closes 9 Nov 2026.Period 2026-10-19 to 2026-11-09
2026-02-04Ann. 2026-01-23RaisingA$61M76.2MA$0.8CompletedPlacement of 76,250,000 shares at A$0.80 for A$61.0m (oversubscription option exercised, original target A$50m).
2025-10-30Ann. 2025-10-29RaisingA$20.6M37.4MA$0.55CompletedStrategic placement of 37,383,199 shares at A$0.55 (Aurenne Group among subscribers) plus a 363,637-share director placement for A$0.2m; ratified at the 28 Nov 2025 AGM.
2025-07-10Ann. 2025-06-30RaisingA$30M120MA$0.25CompletedIPO of 120m shares at A$0.25 for A$30m; admitted to the ASX on 14 July 2025.

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-11-04

FY26 annual report (tenure table, Delta deed, Note 18 and related-party disclosures), Sep-2026 quarterly and Oct-2026 placement announcements, and the October 2026 substantial-holder notices. No royalty, stream, offtake, JV, hedge or contractor-financing arrangement is disclosed. The Mineral Rights Deed itself is not in the local documents; its terms are taken from the annual report summary.

Ballard's gold rights at Mt Ida derive from the Mineral Rights Deed with Delta Lithium: Ballard owns the gold, Delta the other minerals, and Delta holds 156.3m Ballard shares (34.4% before and 29.9% after the October 2026 placement) under escrow terms. The deed is modelled as 100% ownership of the gold in the valuation; no royalty or stream to Delta is disclosed in the documents read.

Other · Active
Counterparties
Delta Lithium Limited
Applies to
Mt Ida gold project (Baldock cornerstone, regional deposits) · Gold
Economic direction
Mixed
Period
From 2025-07-09; no end date stated
Key terms
Exclusive rights to gold: Mt Ida AU Pty Ltd (wholly owned) holds exclusive rights to explore and mine precious metals at Mt Ida
Other minerals: Delta Lithium retains rights to all other minerals under the deed
Consideration to Delta: 220,000,000 shares issued to Delta on 22 May 2025 (A$55.0m at A$0.25) for vending the gold rights AUD
Delta holding after placements: 29.89 pct
How it affects our valuation

No valuation treatment is available for this arrangement.