BALLYMORE RESOURCES LIMITED — Capital/Financing Update 2021

Sep 28, 2021

ASX Announcement

29th September 2021

ASX CODE: BMR

BOARD

Nick Jorss Chairman

David A-Izzeddin Technical Director

Andrew Gilbert Director – Operations

HEAD OFFICE

Suite 606 Level 6 10 Market St Brisbane QLD 4000

+617 3212 6299 ballymoreresources.com

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INITIAL RESULTS FOR DITTMER UNDERGROUND SAMPLING & DRILLING

Initial underground channel sampling and drilling program completed at Dittmer

Channel sampling of newly accessed historic workings defines significant high grade remnant zones

24 out of 33 underground samples exceeding 10g/t Au and 10 samples exceeding 100 g/t Au including a best result of 0.4m @ 207g/t Au, 2.97% Cu & 76 g/t Ag

Results received for first two holes of the underground drilling program. Both holes intersected mineralised zones outside historic workings and reported up to 0.5m @ 9.57 g/t Au & 16.85 g/t Ag

Awaiting assay results for final four drill holes

Ballymore Resources Limited (“Ballymore” of “the Company”) is pleased to announce that the first assay results have been received from the underground sampling and diamond drilling program completed at the historic Dittmer Mine, near Proserpine.

These results have demonstrated the high-grade tenor of this mine, and the information gained from the underground mapping and sampling, in conjunction with the drilling program are assisting to better understand the controls on mineralisation and will assist in refining the Dittmer geological model to develop follow-up drilling programs.

Channel sampling defines high grade remnant zones

Channel sampling of the shaft between 4 and 5 level has demonstrated high-grade ore remaining within historic workings. Dewatering and rehabilitation of the primary haulage shaft and areas of 5 level has enabled access to assess workings between the two historic mine levels. Results show that 23 samples out of 34 exceed 10g/t Au and 31 samples exceed 1.0g/t Au. The best result was 0.4m @ 207g/t Au, 2.97% Cu and 76 g/t Ag . A summary of significant results are as follows:

• DITUG061 0.4m @ 207 g/t Au, 2.97% Cu and 76.3 g/t Ag

• • DITUG045 0.35m @ 236 g/t Au, 1.84% Cu and 67.5 g/t Ag • DITUG043 0.4m @ 156 g/t Au, 4.84% Cu and 82.6 g/t Ag • DITUG056 0.2m @ 287 g/t Au, 1.24% Cu and 49.0 g/t Ag • DITUG057 0.25m @ 170.5 g/t Au, 1.37% Cu and 70.0 g/t Ag • DITUG058 0.3m @ 135 g/t Au, 0.77% Cu and 29.2 g/t Ag

• DITUG050 0.32m @ 119 g/t Au, 5.23% Cu and 55.0 g/t Ag

• DITUG049 0.2m @ 187 g/t Au, 1.84% Cu and 50.7 g/t Ag

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Ballymore Resources ASX Announcement 29th September 2021

The lode dips at 60[o] towards the east-southeast and hosts significant pyrite and chalcopyrite in quartzcarbonate veins. The results of this sampling exercise have demonstrated the high-grade tenor of this mine with channel samples across the lode averaging 104.3 g/t Au, 33.5 g/t Ag and 1.45% Cu. The lode varies in width between 10 cm and 48 cm with an average width of 30 cm. Results are summarised in Table 1.

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Figure 1 . Summary of Dittmer underground samples results.

In addition to these high-grade results in the existing pillars, Ballymore has collected further samples of the historic backfill in the stopes on 4 and 5 level with the results demonstrating that significant grade remains in the backfill material with all results exceeding 4g/t Au. Results of historic backfill from the current rehabilitation and exploration program include:

• DITUG069 - 5 Level North Stope Fill Material – 81.7g/t Au

• DITUG036 - 4 level South Stope Fill Material (accessed in newly rehabilitated zone) – 7.96g/t Au

• • DITUG075 - 5 level South Stope Fill Material – 4.02g/t Au

Previous sampling of stope fill material in February 2021 also reported significant results including:

• 4 level South Stope Extension Fill Material – 12.35g/t

• 4 level South Stope Extension Fill Material – 5.09g/t

• 4 level South Stope Fill Material – 7.14g/t Au

• 4 level South Stope Fill Material – 5.96g/t Au

While the historic mine area was operated intermittently from 1935 to 1951, 1968 to 1970 and from 1982 to 1984, pillars of high grade mineralisation still remain in situ, the results obtained from accessing historic workings highlight the prospectivity of the area and point to the remaining potential in the historic

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Ballymore Resources ASX Announcement 29th September 2021

workings within the Dittmer mine. In addition to the remnant pillars, a potential significant source of material exists within the historically backfilled stopes with all samples to date coming back above 4g/t Au. In a new gold price environment, potential exists to apply modern mining techniques to extract remnant material in zones that were considered technically not feasible, or unpayable in earlier gold price environments. This, in conjunction with continued exploration, may have the potential to define an economic underground high-grade resource.

Table 1 . Summary of significant Underground Sample Results

Sample ID Sample Type Sample Description East North RL Dip (o) Azimuth Interval (m) Au (ppm) Ag (ppm) Cu (%)	Sample ID Sample Type Sample Description East North RL Dip (o) Azimuth Interval (m) Au (ppm) Ag (ppm) Cu (%)	Sample ID Sample Type Sample Description East North RL Dip (o) Azimuth Interval (m) Au (ppm) Ag (ppm) Cu (%)	Sample ID Sample Type Sample Description East North RL Dip (o) Azimuth Interval (m) Au (ppm) Ag (ppm) Cu (%)	Sample ID Sample Type Sample Description East North RL Dip (o) Azimuth Interval (m) Au (ppm) Ag (ppm) Cu (%)	Sample ID Sample Type Sample Description East North RL Dip (o) Azimuth Interval (m) Au (ppm) Ag (ppm) Cu (%)	Sample ID Sample Type Sample Description East North RL Dip (o) Azimuth Interval (m) Au (ppm) Ag (ppm) Cu (%)	Sample ID Sample Type Sample Description East North RL Dip (o) Azimuth Interval (m) Au (ppm) Ag (ppm) Cu (%)	Sample ID Sample Type Sample Description East North RL Dip (o) Azimuth Interval (m) Au (ppm) Ag (ppm) Cu (%)	Sample ID Sample Type Sample Description East North RL Dip (o) Azimuth Interval (m) Au (ppm) Ag (ppm) Cu (%)	Sample ID Sample Type Sample Description East North RL Dip (o) Azimuth Interval (m) Au (ppm) Ag (ppm) Cu (%)	Sample ID Sample Type Sample Description East North RL Dip (o) Azimuth Interval (m) Au (ppm) Ag (ppm) Cu (%)
DITUG036	Grab Sample	Stope Material - 4 Level South	645740	7738006	139				7.96	2.62	0.11
DITUG037	Grab Sample	Fall Material - 4 Level 36m	645890	7737964	138				2.88	1.74	0.04
DITUG038	Grab Sample	Tailings - Tailings Dam 2	645733	7737506	155				0.573	2.96	0.06
DITUG039	Grab Sample	Material from 4 Level Tramway	645814	7738000	139				3.16	1.42	0.17
DITUG040	Rock Chip	Lode Material - 4-5 Level Shaft 14m	645757	7738035	131				61	13.85	0.17
DITUG042	Grab Sample	Fall Material - 4-5 Level Shaft	645754	7738038	130				159	82.6	4.78
DITUG043	Channel Sample	Lode Material - 4-5 Level Shaft 14m North	645757	7738035	131	30	300	0.4	156	82.6	4.84
DITUG044	Channel Sample	Lode Material - 4-5 Level Shaft 14m South	645754	7738038	131	30	300	0.45	79.5	25.6	1.96
DITUG045	Channel Sample	Lode Material - 4-5 Level Shaft 14m South	645754	7738038	131	30	300	0.35	236	67.5	1.84
DITUG046	Rock Chip	Lode Material - 4-5 Level Shaft 14m North	645757	7738035	131				43.7	9.43	0.19
DITUG048	Channel Sample	Lode Material - 4-5 Level Shaft 16m North	645755	7738035	129	30	300	0.3	89.4	15.1	0.11
DITUG049	Channel Sample	Lode Material - 4-5 Level Shaft 16m South	645753	7738032	129	30	300	0.2	187	50.7	1.84
DITUG050	Channel Sample	Lode Material - 4-5 Level Shaft 18m North	645754	7738036	127	30	300	0.32	119	55	5.23
DITUG051	Channel Sample	Lode Material - 4-5 Level Shaft 18m South	645753	7738033	127	30	300	0.1	231	79.2	3.21
DITUG052	Channel Sample	Lode Material - 4-5 Level Shaft 20m North	645753	7738036	126	30	300	0.25	51.9	12.35	0.38
DITUG054	Channel Sample	Lode Material - 4-5 Level Shaft 20m South	645752	7738033	126	30	300	0.1	19.55	10.85	0.49
DITUG055	Channel Sample	Lode Material - 4-5 Level Shaft 22m North	645752	7738037	124	30	300	0.35	37.1	10.35	0.37
DITUG056	Channel Sample	Lode Material - 4-5 Level Shaft 22m South	645751	7738034	124	30	300	0.2	287	49	1.24
DITUG057	Channel Sample	Lode Material - 4-5 Level Shaft 24m North	645751	7738037	122	30	300	0.25	170.5	70	1.37
DITUG058	Channel Sample	Lode Material - 4-5 Level Shaft 23m South	645750	7738034	123	30	300	0.3	135	29.2	0.77
DITUG060	Channel Sample	Lode Material - 4-5 Level Shaft 26m North	645751	7738037	120	30	300	0.35	49.2	11.45	0.30
DITUG061	Channel Sample	Lode Material - 4-5 Level Shaft 26m South	645749	7738035	120	30	300	0.4	207	76.3	2.97
DITUG062	Channel Sample	Lode Material - 4-5 Level Shaft 28m North	645750	7738038	119	30	300	0.26	4.63	1.7	0.10
DITUG063	Channel Sample	Lode Material - 4-5 Level Shaft 28m South	645748	7738035	119	30	300	0.39	58.3	25.4	1.13
DITUG064	Channel Sample	Lode Material - 4-5 Level Shaft 30m North	645749	7738038	117	30	300	0.2	47.5	21.6	1.79
DITUG066	Channel Sample	Lode Material - 4-5 Level Shaft 30m South	645747	7738036	117	30	300	0.3	2.12	2.19	0.07
DITUG067	Channel Sample	Lode Material - 4-5 Level Shaft 32m North	645748	7738039	115	30	300	0.32	5.18	1.83	0.02
DITUG068	Channel Sample	Lode Material - 4-5 Level Shaft 34m North	645747	7738040	114	30	300	0.48	17.8	6.93	0.48
DITUG069	Grab Sample	Fill Material - 5 Level North Drive	645745	7738047	113				81.7	24.4	0.98
DITUG071	Rock Chip	Lode Material - 5 Level South	645746	7738036	115			0.6	24.5	10.6	0.34
DITUG072	Rock Chip	Lode Material - 5 Level South	645736	7738025	114				4.7	1.55	0.21
DITUG073	Rock Chip	Lode Material - 5 Level South	645746	7738036	116			0.6	35.8	14.65	0.40
DITUG075	Grab Sample	Fill/Lode Material - 5 Level South	645736	7738025	113				4.02	1.73	0.09

Initial Drill results show extensions of mineralised zone

Historic mine workings at Dittmer on 4 level were refurbished and a drilling platform was developed to complete drilling from underground and target potential extensions to the mined Duffer Reef. A total of six holes were completed for 946.51m and the preliminary underground drilling program has now been completed.

Assays have now been received for the first two drill holes drilled from underground. Both drill holes targeted areas outside of the known historic workings to the north side and both holes drilled altered volcanics and intersected quartz pyrite-chalcopyrite veins along strike of the historic workings, similar in style to mineralisation present within the historic Dittmer mine workings. The following significant intersections were drilled:

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Ballymore Resources ASX Announcement 29th September 2021

Table 2 . Summary of significant Drill Intersections

Cut-Off (Aug/t)	Hole	From	To	Interval (m)	Au (g/t)	Cu (%)	Ag (g/t)
0.1	DTDD003	80.50	81.50	1.00	0.293	0.037	0.62
0.1	DTDD003	83.00	87.00	4.00	0.381	0.015	0.48
0.1	DTDD003	142.90	144.00	1.10	3.343	0.056	0.54
1.0	Including	142.90	143.25	0.35	9.890	0.051	0.92
1.0	DTDD004	115.85	116.10	0.25	2.640	0.089	2.26
1.0	DTDD004	215.40	215.90	0.50	9.570	0.685	16.85

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Figure 2 . Dittmer Drilling

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Figure 3 . High grade drill intersection of quartz-carbonate-pyrite-chalcopyrite in DTDD004 (215.4 – 215.9m) that reported 0.5m @ 9.57 g/t Au, 16.8 /gt Ag and 0.68% Cu.

Another four holes (DTDD005, 005B, 006 and 007) have now been completed with logging and sampling in progress. This mine has not been drilled prior to Ballymore commencing work in 2020 and the current mapping, sampling and drilling program is generating new structural data which is allowing more defined targeting of potential zones of high grade mineralisation outside of previously known target areas.

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Ballymore Resources ASX Announcement 29th September 2021

Background

The Dittmer Project consists of two granted MLs and three granted EPMs with an area of 488 km[2] located 20 km west of the regional centre of Proserpine in central Queensland. The Dittmer Mine is historically the largest operation in the region and exploited the Duffer Reef. After its discovery in 1934, it became one of the highest-grade gold mines in Queensland. From 1935 to 1951 it produced over 54,500 oz of gold (1,696 kg), 23,400 oz of silver (728 kg) and 295 long tons of copper (300 t) from 17,100 long tons of ore at an average mined grade of 151.1g/t Au 66.8g/t Ag and 2.8% Cu (after handpicking). The mine also operated sporadically since 1951 i.e., from 1968 to 1970, and from 1982 to 1984 but mine records are not available for these latter periods.

The Dittmer Mine area had never been drill tested before Ballymore acquired the Dittmer project tenements in 2020. In November 2020 Ballymore undertook a small surface drilling program, including two holes at Dittmer totalling 955.0 m. Both drill holes successfully intersected the targeted lode structures and reported significant intersections including:

• DTDD001: 1.30m @ 2.56 g/t Au & 1.10 g/t Ag from 344.0m[1]

• DTDD002: 2.0m @ 5395 g/t Ag, 0.17 g/t Au & 2.08% Cu from 28m[1]

• • DTDD002: 0.2m @ 9.26 g/t Au, 3.27 g/t Ag from 529.4m[1]

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Figure 4 . Location of Dittmer tenements.

1 DeRisk P2021-25: Independent Geologist Report – Queensland Exploration Assets - Ballymore Resources Ltd

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Ballymore Resources ASX Announcement 29th September 2021

The Company’s Dittmer project encompasses numerous gold and copper targets ranging from high grade historic gold mines such as the Dittmer mine and the Mount Hector Goldfield, to large porphyry anomalies located around old workings such as Andromache and Golden Treasure. Ballymore is systematically applying modern exploration methods to these historic gold fields with the aim of identifying extensions to the historic workings that provide bulk gold and copper targets.

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Figure 5 . Dittmer project key targets[1]

Next Quarter Major Work Programme

• Receive remainder of assay results for Phase 1 underground drilling at Dittmer

• Complete Ruddygore IP survey

• Commence Matthews Pinnacle CEI drill program at the Ravenswood Project (subject to gaining necessary clearances)

• Commence Phase 1 Seventy Mile Mount drilling programme at the Ravenswood Project (subject to gaining necessary clearances)

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Ballymore Resources ASX Announcement 29th September 2021

About Ballymore Resources

Ballymore Resources Limited is a minerals exploration company committed to the acquisition, identification, and delineation of new resource projects through active exploration. The Ballymore portfolio is focussed on copper and gold projects, with substantial tenement packages in north Queensland. Ballymore has three project areas at Dittmer, Ruddygore and Ravenswood. These consist of two granted Mining Leases (MLs), eleven granted Exploration Permits for Minerals (EPMs) and an EPM application covering an area of 1,355 km[2] .

Approved by the Board of Ballymore Resources Limited.

For further information:

David A-Izzeddin

Technical Director daizzeddin@ballymoreres.com

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Ballymore Resources ASX Announcement 29th September 2021

Competent Persons Statement

The information in this announcement that relates to Exploration Results is based on information compiled or reviewed by Mr David A-Izzeddin. The Company is not aware of any new information or data that materially affects the information included in these Company Announcements and in the case of reported Mineral Resources, all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. Mr A-Izzeddin is a Member of The Australasian Institute of Geoscientists and is an employee of the Company. Mr A-Izzeddin has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr A-Izzeddin consents to the inclusion in the announcement of the matters based on his information in the form and context in which it applies. The Exploration Targets described in this announcement are conceptual in nature and there is insufficient information to establish whether further exploration will result in the determination of Mineral Resources.

Forward-Looking Statements

Certain statements made during or in connection with this statement contain or comprise certain forward-looking statements regarding the Company’s Mineral Resources, exploration operations and other economic performance and financial conditions as well as general market outlook. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, such expectations are only predictions and are subject to inherent risks and uncertainties which could cause actual values, results, performance or achievements to differ materially from those expressed, implied or projected in any forward-looking statements and no assurance can be given that such expectations will prove to have been correct.

Accordingly, results could differ materially from those set out in the forward-looking statements as a result of, among other factors, changes in economic and market conditions, delays or changes in project development, success of business and operating initiatives, changes in the regulatory environment and other government actions, fluctuations in commodity prices and exchange rates and business and operational risk management. Except for statutory liability which cannot be excluded, each of the Company, its officers, employees and advisors expressly disclaim any responsibility for the accuracy or completeness of the material contained in this statement and excludes all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in this statement or any error or omission. The Company undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after today's date or to reflect the occurrence of unanticipated events other than required by the Corporations Act and ASX Listing Rules. Accordingly, you should not place undue reliance on any forward-looking statement.

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Ballymore Resources ASX Announcement 29th September 2021

APPENDIX 1. DITTMER – JORC CODE TABLE 1 CHECKLIST OF ASSESSMENT AND REPORTING CRITERIA

Section 1: Sampling Techniques and Data

CRITERIA	JORC Code Explanation	Commentary
SAMPLING TECHNIQUES	• Nature and quality of sampling (e.g., cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.	• Sampling methods have included channel samples taken from underground exposures and drillhole samples comprising diamond core samples. • The accuracy of trench and channel geochemistry is generally high. These samples are regularly used in Mineral Resource estimation. • The quality of diamond coring is generally medium – high because the method is designed to sample the rock mass effectively in most conditions. Consequently, these samples can be representative of the interval drilled and can be usedfor Mineral Resource estimation.
	• Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.	• Channel sampling is an established method designed to deliver a representative sample of the interval being sampled. • Diamond drilling is also an established method aimed at collecting representative samples of theintervalbeing drilled.
	• Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (e.g., ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g., submarine nodules) may warrant disclosure of detailedinformation.	• Economic gold mineralisation is measured in terms of parts per million and therefore rigorous sampling techniques must be adopted to ensure quantitative, precise measurements of gold concentration. If gold is present as medium – coarse grains, the entire sampling, sub- sampling, and analytical process must be more stringent.
DRILLING TECHNIQUES	• Drill type (e.g., core, reverse circulation, open- hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g., core diameter, triple or standard tube, depth of diamond tails, face-sampling bit, or other type, whether core is oriented and if so, by what method, etc).	• Ballymore Surface Drilling: 2 diamond drillholes in HQ triple tube size were drilled at Dittmer (955.0 m) in 2020. All holes were oriented using an Ace instrument. • Ballymore Underground Drilling: 7 diamond drillholes in NQ2 size were drilled at Dittmer (946.51m) in 2021. All holes were oriented using an ACT Mk2 instrument.
DRILL SAMPLE RECOVERY	• Method of recording and assessing core and chip sample recoveries and results assessed.	• Ballymore surface drilling: Sample recovery was measured on a per-run basis and generally reported to be greater than 95%, except where drilling in the upper, weathered, and oxidised zones. However, Ballymore also reported some core loss associated with zones of alteration and mineralisation that could result in potential for sample bias. • Ballymore underground drilling: Sample recovery was measured on a per-run basis and generally reported to be greater than 99%.
	• Measures taken to maximise sample recovery and ensure representative nature of the samples.	• Ballymore drilling: Used chrome barrels and controlled drilling in broken ground to maximise samplerecovery.
	• Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	• No assessment has been completed to determine if there is a relationship between sample recovery and grade, and whether there is any potential for sample bias associated with the drilling methods used to date.

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Ballymore Resources ASX Announcement 29th September 2021

CRITERIA	JORC Code Explanation Commentary	JORC Code Explanation Commentary
LOGGING	• Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.	• Ballymore drilling: Drill core was logged for lithology, structure, alteration, mineralisation, and veining, which is deemed to be appropriate for the style of mineralisation and the lithologies encountered. All core was photographed. Logging information is adequate to support Mineral Resource estimation. Information to support geotechnical studies is available.
	• Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.	• Ballymore drilling: Logging of core is mostly qualitative, except for some semi-quantitative logging of sulphide content, quartz veining, RQD, and geotechnical parameters.
	• The total length and percentage of the relevant intersections logged.	• Ballymore drilling: Geological logs were completed for all drilled intervals.
SUB-SAMPLING TECHNIQUES AND SAMPLE PREPARATION	• If core, whether cut or sawn and whether quarter, half or all core taken.	• Ballymore drilling: Ballymore cut core samples in half or quarter using a diamond saw and where appropriate used geological contacts or mineralisationto define sampleintervals.
	• If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.	• No non-core drilling has been undertaken.
	• For all sample types, the nature, quality, and appropriateness of the sample preparation technique.	• Ballymore drilling: Half core was submitted to the laboratory, generally 2 – 3 kg per sample. All of the core was dried, crushed to -6 mm, then pulverised to 85% - 75 µm. This method is considered appropriate for mineralisation that may have visible gold mineralisation. • Ballymore Underground Channel Sampling: Samples were collected from underground exposures across the mapped lode. Generally 2 – 3 kg samples were collected and despatched to the laboratory. All samples were dried, crushed to -6 mm, then pulverised to 85% - 75 µm. This method is considered appropriate for mineralisation that may have visible gold mineralisation.
	• Quality control procedures adopted for all sub- sampling stages to maximise representivity of samples.	• Ballymore drilling: Drill core samples of cut core were consistently taken from the same side of the orientation line on the core to maintain consistency. All of the sample was crushed and pulverised to maximise sample representativity. Pulverised samples were tested for compliance to grinding specifications at the rate of 1 in 40. • Ballymore Underground Channel Sampling: A diamond saw was used to cut a slot across the designated sample zone and ensure uniform sampling of the zone. All of the sample was crushed and pulverised to maximise sample representativity. Pulverised samples were tested for compliance to grinding specifications at the rate of 1 in 40.
	• Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.	• Ballymore drilling: QA/QC procedures included the insertion of quarter core field duplicates at the insertion rate of 1 in 20 samples. Field blanks were also submitted to the laboratory. • Ballymore underground channel sampling: Field blanks were submitted to the laboratory.
	• Whether sample sizes are appropriate to the grain size of the material being sampled.	• No formal assessment has been undertaken to quantify the appropriate sample size required for good quality determination of gold content, given the nature of the gold mineralisation.
QUALITY OF ASSAY DATA AND LABORATORY TESTS	• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.	• Ballymore drilling and channel sampling: ALS Townsville Laboratory was used. Gold assays were analysed with a 50 g charge used for fire assay with an ICP-AES determination. Over range gold samples (>10 ppm) were re-analysed by fire assay and gravimetric finish. In addition,

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Ballymore Resources ASX Announcement 29th September 2021

CRITERIA	JORC Code Explanation Commentary	JORC Code Explanation Commentary
		a 0.25 g charge was taken for analysis for 48 elements (Ag, Al, As, Ba, Be, Bi, Ca, Cd, Ce, Co, Cr, Cs, Cu, Fe, Ga, Ge, Hf, In, K, La, Li, Mg, Mn, Mo, Na, Nb, Ni, P, Pb, Rb, Re, S, Sb, Sc, Se, Sn, Sr, Ta, Te, Th, Ti, Tl, U, V, W, Y, Zn, Zr) utilising a four-acid digest with an ICP-MS determination. Any over range Cu (>10000 ppm) and Ag (>100 ppm) was re-analysed using a standard Ore Grade method utilising a four-acid digest producing a volumetrically precise digest analysed with an ICP-AES finish for high detection limits. • The fire assay method for gold using either a 30 g or 50 g charge is an appropriate assay method and is normally considered a total assay method, exceptwhere gold grainsizeisvery coarse.
	• For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.	• No geophysical tools, spectrometers, or handheld XRF instruments have been used to date to determine chemical composition at a semi-quantitative level of accuracy.
	• Nature of quality control procedures adopted (e.g., standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e., lack of bias) and precision have been established.	• Ballymore drilling: In addition to blanks and field duplicates, 4 commercial CRMs of low grade to high grade gold ore material were prepared and certified for Au, Ag and Cu by Ore Research & Exploration Services Pty Ltd. These were incorporated into the sampling stream to achieve an overall insertion rate of 1 duplicate, blank or CRM for every 10 core samples. • Ballymore Channel Sampling: In addition to blanks, 4 commercial CRMs of low grade to high grade gold ore material were prepared and certified for Au, Ag and Cu by Ore Research & Exploration Services Pty Ltd. These were incorporated into the sampling stream to achieve an overall insertion rate of 1 blank or CRM for every 10 core samples as a minimum. • Company staff routinely monitored QA/QC results and liaised with the laboratory if any dubious results were reported.
VERIFICATION OF SAMPLING AND ASSAYING	• The verification of significant intersections by either independent or alternative company personnel.	• It has not been possible to independently verify significant intersections to date.
	• The use of twinned holes.	• There has been no use of twinned holes to date.
	• Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.	• Ballymore drilling: Primary logging data was recorded digitally onto electronic spread sheets and validated against code tables by the logging geologist. Primary analytical data was received electronically in csv file format and imported directly into an electronic assay register spread sheet. Data validation was conducted by comparing the spreadsheet data against the Certificate of Analysis supplied as a secured pdf file by thelaboratory.
	• Discuss any adjustment to assay data.	• No adjustments to assay data have been made.
LOCATION OF DATA POINTS	• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.	• Underground workings: Ballymore employed a contract surveyor to survey underground workings and channel sample locations to sub- metre accuracy. • Ballymore surface drilling: Drillhole collar locations were initially set out (and reported) using a handheld GPS with a location error of +/- 5m. All holes were subsequently surveyed by contract surveyor to a sub-metre accuracy, with data supplied electronically as spreadsheets and pdf files. The azimuth and dip at the start of theholewasrecorded using aline ofsight

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Ballymore Resources ASX Announcement 29th September 2021

CRITERIA	JORC Code Explanation	Commentary
		Suunto compass and Suunto clinometer by the site geologist. The orientation and dip of drillholes are measured with downhole surveys @ 15 m, 30 m, then every 30 m using a REFLEX single/multi-shot survey tool. End of hole surveys were also taken for each hole. At hole completion, all holes were gyro surveyed. Ballymore also employed a contract surveyor to survey the as-drilled drillhole collars to sub- metre accuracy. • Ballymore underground drilling: Drillhole collar locations and planned azimuth were initially set out with a surveyor marking front and back sights. The azimuth and dip at the start of the hole was using a REFLEX single/multi-shot survey tool and verified by the site geologist. The orientation and dip of drillholes are measured with downhole surveys @ 15 m, 30 m, then every 30 m using a REFLEX single/multi- shot survey tool. End of hole surveys were also taken for each hole. At hole completion, all holes were gyro surveyed.
	• Specification of the grid system used.	• The co-ordinate system used is MGA94 zone 55 Datum.
	• Quality and adequacy of topographic control.	• Quality of the surface topographic control data is poor and is currently reliant on public domain data.
DATA SPACING AND DISTRIBUTION	• Data spacing for reporting of Exploration Results.	• The Dittmer mine has not been previously drilled and the initial Ballymore drillholes were sited to test beneath historic workings and not conducted in a regular grid type pattern. The steep terrain also impacted the siting of drill sites. • The spacing of drillhole data is variable.
	• Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.	• There are no Mineral Resources or Ore Reserves. • There is insufficient drill spacing to establish the degree of geological and grade continuity appropriate for Mineral Resource and Ore Reserve estimation.
	• Whether sample compositing has been applied.	• No sample compositing was carried out on site. • For reporting purposes, some drillhole assay results have been composited together to report contiguouszones of mineralisation.
ORIENTATION OF DATA IN RELATION TO GEOLOGICAL STRUCTURE	• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.	• Drillholes were oriented to intersect the interpreted mineralisation zones as oblique (perpendicular) as possible. Orientated drill core collected by Ballymore has confirmed the orientation of drilling. • To the extent known, drilling is assumed to be unbiased.
	• If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	• No sampling bias is considered to have been introduced in drilling completed.
SAMPLE SECURITY	• The measures taken to ensure sample security.	• Ballymore drilling: Drilling and sampling was supervised and undertaken by company staff. Samples were double bagged, palletised and shrink wrapped at the core shed before dispatch to the laboratory by Ballymore staff. • Ballymore underground channel sampling: Sampling was supervised and undertaken by company staff. Samples were double bagged, palletised and shrink wrapped at site before dispatchto thelaboratory byBallymore staff.

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Ballymore Resources ASX Announcement 29th September 2021

CRITERIA	JORC Code Explanation	Commentary
AUDITS OR REVIEWS	• The results of any audits or reviews of sampling techniques and data.	• Ballymore drilling: Internal auditing procedures and reviews were regularly undertaken on sampling techniques, standard operating procedures, andlaboratory processes.

Section 2: Reporting of Exploration Results

CRITERIA	JORC Code explanation Commentary	JORC Code explanation Commentary
MINERAL TENEMENT AND LAND TENURE STATUS	• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or nationalparkand environmentalsettings.	• Refer to Section 4. • The Project tenements comprise ML 10340, ML 10341, EPM 14255, EPM 26912 and EPM 27282. All licences are 100% held by Ballymore Resources Pty Ltd.
	• The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	• Refer to Section 4. • All tenements are in good standing.
EXPLORATION DONE BY OTHER PARTIES	• Acknowledgment and appraisal of exploration by other parties.	• Refer to Sections 6.4 and 6.5. • ML 10341 contains the Dittmer Mine, which worked the Duffer Lode from 1935 to 1951 and again from 1968 to 1970 to produce some 54,500 oz Au. • Previous exploration across the EPMs includes stream sediment sampling, geological mapping, soil sampling and geophysical surveys. The main exploration companies active in the area were CRA Exploration, St. Joseph Phelps Dodge Exploration, Carpentaria Exploration Co, Mines Administration, Buddha Gold Mines in joint venture with Homestake Gold, and Loch Neigh Gold.
GEOLOGY	• Deposit type, geological setting, and style of mineralisation.	• Refer to Section 6. • The Dittmer district is dominated by three main tectonostratigraphic sequences – Carboniferous intrusives, Permian volcanics and sediments, and Cretaceous intrusives. • Mineralisation is considered to be of IRGS style, with deposits often formed in structurally active areas where large crustal steep faults are intersected by other structures to produce active dilatant sites and deep plumbing systems during periods of intrusion and hydrothermal activity.
DRILL HOLE INFORMATION	• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: − Easting and northing of the drill hole collar. − Elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar. − Dip and azimuth of the hole. − Down hole length and interception depth. − Hole length.	• Refer to Appendix 2.
	• If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	• Refer to Appendix 2.
DATA AGGREGATION METHODS	• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimumgrade truncations (e.g., cutting of	• The mineralised drill intersections are reported as downhole intervals and were not converted to true widths. Truewidthsmay be up to 50%less than

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Ballymore Resources ASX Announcement 29th September 2021

CRITERIA	JORC Code explanation	Commentary
	high grades) and cut-off grades are usually Material and should be stated.	drill intersections pending confirmation of mineralisation geometry. • No capping of high grades was performed in the aggregationprocess.
	• Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.	• The drill intercepts reported were calculated using a 0.1 and 1.0 g/t Au cut-off grade. Gold grade for the intercept was calculated as a weighted average grade. Up to 2 m (down hole) of internal waste (< 0.5 g/t Au) was included in some cases.
	• The assumptions used for any reporting of metal equivalent values should be clearly stated.	• No metal equivalents are reported.
RELATIONSHIP BETWEEN MINERALISATIO N WIDTHS AND INTERCEPT LENGTHS	• These relationships are particularly important inthereporting of Exploration Results.	• No local grid has been applied. The Duffer Lode at Dittmerstrikesroughlynorth-south.
	• If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.	• Drillholes were oriented perpendicular to the strike of the shear zone and angled in order to intersect the moderately dipping mineralised zones at a high angle.
	• If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g., ‘down hole length, truewidth notknown’).	• The mineralised intercepts generally intersect the interpreted dip of the mineralisation at a high angle but are not true widths.
DIAGRAMS	• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	• Refer to figures contained within this report.
BALANCED REPORTING	• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	• Balanced reporting of Exploration Results is presented within this report.
OTHER SUBSTANTIVE EXPLORATION DATA	• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	• The Project includes a large amount of exploration data collected by previous companies, including regional stream sediment geochemical data, soil sample and rock chip data, geological mapping data, drilling data, geophysical survey data, and costean data. Much of this data has been captured and validated into a GIS database. • Previous mining has been limited and involved very selective mining and hand sorting. No systematic data has been collected to date to assess metallurgy and mining parameters relevant to a modern operation.
FURTHER WORK	• The nature and scale of planned further work (e.g., tests for lateral extensions or depth extensions or large-scale step-out drilling).	• Ballymore plans to conduct surface geological mapping and geochemistry, ground geophysics and drilling across various high-priority target areas over the next two years. In addition the Company will refurbish and dewater the Dittmer mine and assess options to recommence production.
	• Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	• Refer to figures contained within this report.

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Ballymore Resources ASX Announcement 29th September 2021

APPENDIX 2. DITTMER DRILLING

Company	Target	HoleID	Hole Type	East (MGA)	North (MGA)	RL	Depth (m)	Dip (°)	Azimuth (° Mag)	Licence	Year
Ballymore	Dittmer	DTDD001	Diamond	645567	7738208	355	407.6	-61.25	136.33	ML 10341	2020
Ballymore	Dittmer	DTDD002	Diamond	645386	7738263	379	547.6	-37.19	90.46	ML 10341	2020
Ballymore	Dittmer	DTDD003	Diamond	645697	7738056	139	167.89	-49	16	ML 10341	2021
Ballymore	Dittmer	DTDD004	Diamond	645698	7738055	141	230.95	-7	37	ML 10341	2021
Ballymore	Dittmer	DTDD005	Diamond	645693	7738052	139	8.47	-52	209	ML 10341	2021
Ballymore	Dittmer	DTDD005B	Diamond	645694	7738053	139	158.4	-52	209	ML 10341	2021
Ballymore	Dittmer	DTDD006	Diamond	645695	7738051	140	169	-20	191	ML 10341	2021
Ballymore	Dittmer	DTDD007	Diamond	645696	7738054	139	211.8	-66	337	ML 10341	2021

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