Paul Brennan

Career chronology

• Current at roster date 2026-09-26: Ballard Mining Limited — Managing Director. Ballard Mining Half-Year Report 2026 (Executive roster / management listing; Paul Brennan — Managing Director)

• March 2019 to November 2023: Calidus Resources Limited — Chief Operating Officer. Paul Brennan professional profile (Career chronology: joined in March 2019 as COO, then moved into project development in November 2023.)

• November 2023 to 2024 (exact end date not established): Calidus Resources Limited — Project Development. Paul Brennan professional profile (Career chronology: moved into project development in November 2023; Ballard prospectus/profile identifies role through 2024, but exact finish date not established.)

• Four years; dates not reported: Saracen Mineral Holdings Ltd. — General Manager, Carosue Dam. Paul Brennan professional profile (Career biography: prior to Calidus, General Manager of Carosue Dam for four years.)

Education and qualifications

Mining engineer with project-management qualification

As reported by source accessed 2026-10-09 · issuer reported · low materiality

Business News identifies Brennan as a mining engineer with a Graduate Certificate in Project Management and more than 20 years of mining-industry experience. The profile does not name the engineering institution or date of award; neither qualification was independently checked with a register or awarding institution.

Attribution: Responsibility not applicable. Education and credential statements are reported in a professional biography; independent credential verification was not performed.

Relevance: Relevant technical and project-management background for an exploration-to-development Managing Director.

Paul Brennan professional profile (Professional biography, lines 162-168)

Contributions and company outcomes

Ballard raised A$61 million while Brennan was Managing Director

2026-01-23 · documented · medium materiality

Ballard announced a A$61.0 million placement on 23 January 2026, with total available funds of A$89.8 million including cash and stated uses including drilling, early works, studies and working capital. The release names Brennan as Managing Director and Manners as Finance Director and says it was authorised by the board. This is a completed corporate financing; the source does not isolate Brennan’s individual contribution and the use of funds and FID pathway remain forward-looking.

Attribution: Role overlaps event; causation unproven. He was Managing Director during the financing; no source independently attributes the transaction to a single executive.

Relevance: Capital access is relevant to execution of the Mt Ida development plan.

Successful $61M Placement – Ballard Funded to Final Investment Decision (Placement proceeds, sources and uses, and authorization, pages 1-4)

Business failures and setbacks

Calidus entered administration after Warrawoona operated for about two years

2023-11 to 2025-01 · documented · medium materiality

Brennan joined Calidus in March 2019 as COO, shifted to Project Development in November 2023, and the January 2024 quarterly report identifies him in that role. Calidus entered receivership/administration in June 2024; the Warrawoona mine was moved to care and maintenance in July 2024. In January 2025 the deed administrators completed a DOCA and court-approved transfer of all Calidus shares for nil value, stating that the shares had no residual value or reasonable prospect of residual value and that former shareholders would receive no consideration. This was a serious employer outcome during/after his disclosed Project Development tenure; the sources reviewed do not link Brennan personally to Calidus financing decisions or cause of failure. The receivership is an employer-level outcome, not a personal misconduct finding.

Attribution: Role overlaps event; causation unproven. Calidus identifies him in project development in January 2024; no reviewed court or administrator material attributes the insolvency or mine cessation to him personally. Exact end date of his Calidus employment is not established.

Relevance: Relevant to assessment of project-development experience, but not evidence of individual responsibility for corporate distress.

Paul Brennan professional profile (Role chronology, lines 162-168); December Quarter Production Report (Management listing and December 2023 operating update, pages 1-2); DOCA effectuation and transfer of shares in Calidus Resources Limited completed (Court transfer decision and DOCA effectuation, pages 1-2)

Suitability for the current role

Role fit remains only partly evidenced

Current appointment through 2026-10-09 · analyst inference · low materiality

Half-year report confirms MD role; 2025 annual report records commencement 1 July 2025. A fuller prior-career chronology was not established in reviewed primary sources. This supports relevant disclosed experience for Managing Director, but does not establish attributable performance across the full tenure. Analyst assessment: role relevance is plausible; strength is unproven from reviewed public sources.

Attribution: Responsibility not applicable. This is an analytical role-fit assessment; it does not allege responsibility for outcomes.

Relevance: Relevant to current Managing Director duties at Ballard Mining Limited.

Ballard Mining Half-Year Report 2026 (Corporate directory and directors’ report)

Evidence gaps

• Formal education, professional memberships and credentials have not been independently verified against awarding institutions or registers.

• No exhaustive individual criminal, sanctions, litigation, safety, environmental or regulatory record search was performed; logged open-web checks are limited and are not a clearance.

• For company-level operating outcomes, personal contribution is not established unless a source expressly attributes it.

• Calidus end-of-employment date and Brennan’s personal responsibility, if any, for its 2024 administration are not established in the reviewed records.

• No broad ASIC, court, sanctions, criminal or credential-register search can be treated as exhaustive.