BALLYMORE RESOURCES LIMITED — Capital/Financing Update 2023

Mar 15, 2023

ASX Announcement

16[th] March 2023

ASX CODE: BMR

BOARD

Nick Jorss Chairman

David A-Izzeddin Technical Director

Andrew Gilbert Director – Operations

Andrew Greville Non-Executive Director

HEAD OFFICE

Suite 606 Level 6 10 Market St Brisbane QLD 4000

+617 3212 6299

ballymoreresources.com

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HIGH GRADE INTERSECTIONS CONFIRM DITTMER OREBODY EXTENSION

HIGHLIGHTS

Major drill program continues to successfully test the recently discovered faultdisplaced extension of the bonanza grade gold and copper bearing Duffer Lode. To date 9 holes in the Stage 3 underground drilling program have been completed

Drill assay results received for the first four holes (DTDD011 – 014) and have reported significant high grade results in step out holes including:

• 3.5m @ 8.89 g/t Au & 2.7 g/t Ag including

• 2.75m @ 11.24 g/t Au & 3.4 g/t Ag

• o 0.55m @ 48.82 g/t Au & 14.4 g/t Ag

Drilling has demonstrated excellent continuity with all drill holes intersecting the faultdisplaced extension to the Duffer Lode, in line with Ballymore’s geological model. Holes have encountered significant intersections of quartz-carbonate-pyritechalcopyrite veins over an additional area of 260m x 200m to date.

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Extension of the Duffer lode structure is often >2m in true width with drill intersections regularly reporting >20 metre-gram gold intersections (up to 125 metre-grams Au)

The Dittmer Phase 3 drilling program continues and is expected to be completed in April, with final assays to follow

Ballymore Resources Limited (“Ballymore” or “the Company”) is pleased to announce that drilling is continuing to expand the mineralised zone at the Company’s Dittmer Gold Project, located near Proserpine in North Queensland. To date, nine holes (DTDD011 – 019) have been completed with all holes intersecting the modelled fault extension to the Duffer Lode, as planned, with quartz-pyrite-chalcopyrite vein-hosted mineralisation encountered.

Assay results have now been received for the first four holes (DTDD011 – 014) and have reported further significant gold intersections. The results of these holes, in conjunction with the results reported in the previous drilling completed by Ballymore at Dittmer, demonstrates that this area hosts a significant, previously undiscovered, gold deposit.

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Ballymore Resources ASX Announcement 16[th] March 2023

Ballymore Technical Director, David A-Izzeddin commented:

“The current drilling program has continued to extend the known high-grade mineralised zone and validates the geological model developed by the Company. This step-out drilling program is expanding the previously unrecognised fault-repetition of the bonanza-grade Duffer Lode and remains on schedule and within budget. To date, 9 holes (DTDD011 – 019) have been completed for 1,663.4m, with a further 1,337m planned. This program continues to deliver exciting results with all holes intersecting the fault repetition of the Duffer Lode, as planned. This work is demonstrating excellent continuity of the mineralised structure with widths generally exceeding the lode mined in the historic mine. Step out drilling indicates that the lode extends for over 260m along strike and over 200m down-dip and remains open beyond current drilling, with significant gold grades and improving down-hole widths.

The Dittmer Mine was one of the highest-grade gold mines in Australia when operating. Previous historic mining produced over 54,500 oz of gold, 23,400 oz of silver and 295 long tons of copper (300 t) from 17,100 long tons of ore. Historic mining only extended 90m below the access level and the newly recognised lode structure has been up-faulted to within 20m of this level, representing an extremely shallow, highgrade gold-copper target within a granted mining lease. The deposit remains untested at depth and to date has only been tested to approximately 200m beneath the access drive.

The Dittmer mine area had never been drilled prior to Ballymore acquiring the project. The decision to refurbish the historic workings by the Ballymore team and drill from underground has been highly successful, reducing required drill metres and associated costs to reach target, as well as enabling us to drill during the North Queensland wet season.

The current program continues to expand the fault-extension of the Duffer Lode and provide substantial additional information regarding the controls on mineralisation. Drill holes DTDD015 – 018 have now been logged and sampled with assay results expected in April. Following receipt of the full set of results from this program, further assessment will be completed by the Ballymore Technical team to determine steps to advance the project through to a Mineral Resource and subsequent feasibility study”.

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Figure 1 – Quartz-pyrite-chalcopyrite vein in drill hole DTDD015 (207.5 – 208.0m)

Dittmer Stage 3 Underground Drilling Assay Results Update

To date, nine holes (DTDD011 – 019) have been completed in the current program for a total of 1,663.4m of HQ3 drill core. The first four holes (DTDD011 – 014) were sampled and submitted to the laboratory in February with significant results now received in all four holes, including:

• 3.5m @ 8.89 g/t Au & 2.7 g/t Ag (DTDD013: 120.4 – 123.9m) including

• 2.75m @ 11.24 g/t Au & 3.4 g/t Ag (DTDD013: 120.4 – 123.15m)

• 0.55m @ 48.82 g/t Au & 14.4 g/t Ag (DTDD013: 121.8 – 122.35m)

• 0.7m @ 34.70 g/t Au, 2.9 g/t Ag &0.35% Cu (DTDD012: 124.85 – 125.55m)

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Ballymore Resources ASX Announcement 16[th] March 2023

• 12m @ 1.96 g/t Au, 0.8 g/t Ag (DTDD014: 163.0 – 175.0m)

• 2.75m @ 4.65 g/t Au, 1.7 g/t Ag & 0.13% Cu (DTDD011: 104.0 – 106.75m) including o 0.5m @ 15.52 g/t Au, 2.3 g/t Ag & 0.14% Cu (DTDD011: 104.0 – 104.5m)

• 0.4m @ 11.33 g/t Au, 7.5 g/t Ag & 0.67% Cu (DTDD011: 106.35 – 106.75m)

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Figure 2 – Dittmer drill hole DTDD013 – andesite volcanics overprinted by a set of quartz-pyrite-chalcopyrite-carbonate veins (120.4 – 123.9m).

All holes have successfully intersected the modelled fault-offset Duffer Lode within a few metres of the interpreted position. A full summary of significant drill results received to date for the first four holes is tabulated below:

Table 1 – Summary of Dittmer Stage 3 significant drill results to date

Cut-Off Aug/t	Hole	From	To	Interval m	Au g/t	Ag g/t	Cu %
0.1 10.0 10.0	DTDD011 Including And	104.00 104.00 106.35	106.75 104.50 106.75	2.75 0.50 0.40	4.65 15.52 11.33	1.65 2.26 7.51	0.13 0.14 0.67
1.0	DTDD012	124.85	125.55	0.70	34.70	2.89	0.35
0.1 1.0 10.0	DTDD013 Including Including	120.40 120.40 121.80	123.90 123.15 122.35	3.50 2.75 0.55	8.89 11.24 48.82	2.73 3.42 14.40	0.02 0.03 0.02
0.1 1.0 1.0 1.0	DTDD014 Including And And	163.00 163.00 170.65 173.00	175.00 169.00 171.80 173.50	12.00 6.00 1.15 0.50	1.96 2.11 6.16 5.66	0.84 0.66 3.91 1.91	0.04 0.04 0.16 0.01

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Ballymore Resources ASX Announcement 16[th] March 2023

Results from these recent holes continue to demonstrate excellent continuity of the mineralised structure with widths generally exceeding the lode mined in the historic mine. Historically, the Duffer Lode was selectively mined and focussed on extracting the main vein, which was typically 10 - 30cm wide. Ore was hand-picked with lower tenor material used to backfill the stopes. Drilling to date has demonstrated that other veins intersected within the greater lode structure are also mineralised, and the lode structure is often >2m in true width with drill intersections regularly reporting >20 metre-gram gold intersections (up to 125 metre-grams Au in DTDD009). The encountered widths and grades will have a positive impact on reducing dilution in any potential future mining plan.

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Figure 3 – Long section looking east at the Dittmer mine area, showing the extent of historic workings on the Duffer Lode as well as the location of the fault-displaced Duffer Lode and location of drill intersections to date.

About Dittmer Stage 3 Underground Drilling Program

The Dittmer mine area was first drilled in 2020 by Ballymore Resources. Prior to the current program, Ballymore had completed 10 drill holes (DTDD001 – 010) for 2,578.8m. The current, Stage 3 underground drilling program was designed to step out from previous drilling to test potential extensions to previously recognised gold mineralisation in the fault-offset Duffer Lode.

To date, all Stage 3 holes have successfully intersected the Duffer lode within a few metres of the interpreted position, based on the offset lode model. Further significant zones of quartz-carbonate-pyritechalcopyrite veining have been logged in recent holes since the previous drilling update (Refer to ASX Announcement, 20[th] February, 2023). Significant intervals of veining reported in the latest holes include the following:

• DTDD015: Shear zone overprinted by quartz-pyrite +/- chalcopyrite veins from 207.4 – 209.6m (2.2m) including a quartz-pyrite stockwork zone from 207.4 – 207.9m at the top of the shear zone, a massive quartz-pyrite vein from 207.9 – 208.2m and a sheared quartz-sulphide vein from 209.3 – 209.6m

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Ballymore Resources ASX Announcement 16[th] March 2023

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Figure 4 – Dittmer drill hole DTDD015 core tray containing sheared volcanics overprinted by quartz- pyrite-chalcopyrite veins (207.4 – 209.6m).

• DTDD016: Quartz-pyrite +/- chalcopyrite veins in zone of shearing from 164.9 – 166.5m (1.6m) including a 15mm quartz-sulphide sheared vein at 164.9m, a 10cm quartz-sulphide vein from 165.5m and a 5cm quartz-sulphide vein from 166.5m.

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Figure 5 – Dittmer drill hole DTDD016 core trays containing quartz-sulphide veins (163.8 – 167.3m).

• DTDD017: Shear zone from 166.4 – 178.7m overprinted by quartz veins including a sheared quartzcarbonate-pyrite vein from 166.4 – 166.65m (28cm) as well as a quartz-carbonate-pyrite vein from 178.45 – 178.65m (20cm).

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Figure 6 – Dittmer drill hole DTDD017 (A) Close-up of 20cm sheared quartz-carbonate-pyrite vein (166.37 – 166.65m); (B) Close-up of 20cm quartz-carbonate-pyrite vein (178.45 – 178.65m).

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Ballymore Resources ASX Announcement 16[th] March 2023

• DTDD018: Significant zone of shearing from 192.6 - 196.65m (4.05m) crosscut by veining including a 30cm quartz-carbonate-pyrite-chalcopyrite vein (192.75 - 193.05m) along with several shear zones and fault breccias.

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Figure 7. Dittmer drill hole DTDD018 core trays (191.2 – 197.6m) hosting andesite volcanics overprinted by a quartz-carbonatepyrite-chalcopyrite vein (192.75 – 193.1m), a quartz-pyrite-chlorite fault breccia (194.1 – 194.4m) and a fault breccia and shear zone (195.8 – 196.65m).

• DTDD019: Significant zone of veining from 212.0 - 215.85m (3.85m) including a zone of pyritecarbonate +/- chalcopyrite stringer veins up to 20mm from 212.0 - 213.85m and a variably sheared quartz-pyrite-chalcopyrite-carbonate stockwork zone at 213.85 - 214.9m.

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Figure 8. Dittmer drill hole DTDD019 core trays (213.0 – 216.2m) hosting andesite volcanics overprinted by pyrite-carbonate +/- chalcopyrite stringer veins (213.0 - 213.85m) and a variably sheared quartz-pyrite-chalcopyrite-carbonate stockwork zone (213.85 - 214.9m).

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Ballymore Resources ASX Announcement 16[th] March 2023

Drilling to date has demonstrated excellent continuity of the mineralised structure. Step out drilling indicates that the lode extends for over 260m along strike and over 200m down-dip and remains open along strike and down-dip. Assay results have been received for the first four holes (DTDD011 – 014) and drill holes DTDD015 – 018 have now been logged, sampled with assay results expected in April. To date, 9 holes (DTDD011 – 019) have been completed for 1,663.4m, with a further 1,337m of drilling planned in the current phase of drilling. The current drilling program is expected to be completed in April, 2023 with assays to follow.

Should sufficient extensions to known mineralisation be discovered, a study will be undertaken to determine the next steps in assessing the viability of reopening the mine to access new areas, as well as existing stopes, which are reported to be backfilled with relatively high grade material from the mines earlier operation in the 1940s. These reports are supported by grab sampling completed by Ballymore in areas accessed during the mine refurbishment. Ballymore collected 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 reporting between 4g/t Au and 81.7 g/t Au[1] .

About Dittmer

Ballymore is the largest tenement holder in the Proserpine area with four exploration permits covering an area of 488km[2] as well as two granted mining leases. The Dittmer Mine (also known as Kelsey Creek) is historically the largest mining operation in the Proserpine region and exploited the Duffer Reef. After its discovery in 1934, it became one of the highest-grade gold mines in Australia[2] . From 1935 to 1951 it produced over 54,500 oz of gold, 23,400 oz of silver and 295 long tons of copper (300 t) from 17,100 long tons of ore. Production figures are incomplete after 1947, but between 1935 and 1947 reported production figures indicate that the mine operated at an average mined grade of 151.1g/t Au 66.8g/t Ag and 2.8% Cu .

The Dittmer mine area had never been drill-tested prior to Ballymore acquiring the project. In 2021, historic underground mine workings at Dittmer were refurbished by Ballymore and a drilling platform was developed on 4 level to complete drilling from underground and substantially reduce drill hole depths, saving time and cost. Prior to the current Stage 3 drilling program, Ballymore completed 10 holes for 2,438.8m. All drill holes successfully intersected the targeted lode structure and confirmed the potential for faulted extensions to the historic lode. Drilling has also confirmed bonanza grades in the faulted extension to the Duffer Lode and highlighted a potential broadening at depth. Significant results include:

• DTDD009: 4.3m @ 29.02 g/t Au, 11.1 g/t Ag & 0.81% Cu from 118.4m, including 2.25m @ 54.9 g/t Au, 20.6 g/t Ag & 1.52% Cu from 118.4m and 0.5m @ 171.8 g/t Au, 56.4 g/t Ag & 5.28% Cu from 120.15m[3] .

• DTDD005B: 9.1m @ 3.02 g/t Au from 131.95m including 2.05m @ 11.64 g/t Au from 139m[4] .

• DTDD007: 12.0m @ 2.44 g/t Au from 96m including 4.35m @ 4.89 g/t Au from 97.65m[2] .

1 BMR ASX Announcement, 29th September, 2021

2 The Bowen Independent, Friday October 23, 1942

3 BMR ASX Announcement, 19th July, 2022

4 BMR ASX Announcement, 25th October, 2021

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Ballymore Resources ASX Announcement 16[th] March 2023

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Figure 9 - Cross Section of Displaced Duffer Lode with Drilling and Underground Workings

In addition, a total of 33 underground channel samples have been collected from the reopened workings with 24 of these 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 and individual gold samples up to 287g/t Au. Results of these channel samples highlights the potential for the underground area to still host significant remnant pillars of highgrade ore. In addition, when mining occurred in the 1930’s and 1950’s, historic stopes were backfilled with material deemed too low grade at the time but still often highly mineralised. Ballymore has sampled 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 4.0 g/t Au, up to 81.7 g/t Au[5] . Historic records state that there may be 115,000 tons of backfill material in stopes[6] , but this is yet to be verified.

Upcoming Activities

• Attending Brisbane Mining Conference (22-23 March)

• Complete Phase 3 drilling program at Dittmer (Dittmer Project)

• Complete drilling at Cedar Ridge (Dittmer Project)

• Complete drilling at Day Dawn (Ravenswood Project)

• Complete IP survey at Maniopota (Ruddygore Project)

5 Ballymore Resources ASX Announcement, September 29, 2021

6 Dittmer Gold Mines Ltd, Prospectus, February 24, 1950

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Ballymore Resources ASX Announcement 16[th] March 2023

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, gold and critical mineral projects, with substantial tenement packages in north Queensland. Ballymore has four project areas at Dittmer, Ruddygore, Ravenswood and Mount Molloy. These consist of two granted Mining Leases (MLs), thirteen granted Exploration Permits for Minerals (EPMs) covering an area of 1,461 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 16[th] March 2023

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 a Director and 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 16[th] March 2023

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

Section 1: Sampling Techniques and Data

CRITERIA	JORC Code Explanation Commentary	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 used for Mineral Resource estimation. • The accuracy of rock chip geochemistry is generally high but these samples are spot samples and generally not used in 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 the interval being 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 detailed information.	• 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: 6 diamond drillholes in NQ2 size were drilled at Dittmer (946.51m) in 2021. Another 3 diamond drillholes in NQ3 size were drilled at Dittmer (537.3m) in 2022. All holes were oriented using an ACT Mk2 instrument. Subsequently another 9 diamond drillholes in HQ3 triple tube to date have been completed in 2023 at Dittmer (1,663.4m). 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.

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Ballymore Resources ASX Announcement 16[th] March 2023

CRITERIA	JORC Code Explanation	Commentary
		• 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 sample recovery.
	• 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.
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 mineralisation to define sample intervals.
	• 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.

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Ballymore Resources ASX Announcement 16[th] March 2023

CRITERIA	JORC Code Explanation Commentary	JORC Code Explanation Commentary
	• 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 2021 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, 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, except where gold grain size is very coarse. • Ballymore 2022 & 2023 drilling: Intertek Townsville Laboratory was used. Gold assays were analysed with a 50 g charge used for fire assay with an ICP-AES determination. In addition, 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) 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, except where gold grain size is very coarse. • Ballymore rock chip samples were analysed at ALS Townsville using a multi-element suite by aqua regia digestion and ICP-MS finish. For most elements, this is considered as a total analysis. Gold was analysed with a 50 g charge used for fire assay with an ICP-AES determination. Normally the gold analysis would be considered a total analysis.
	• 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.

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Ballymore Resources ASX Announcement 16[th] March 2023

CRITERIA	JORC Code Explanation Commentary	JORC Code Explanation Commentary
	• 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, 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, 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 the laboratory.
	• 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 the hole was recorded using a line of sight 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.

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Ballymore Resources ASX Announcement 16[th] March 2023

CRITERIA	JORC Code Explanation	Commentary
		• Drilling is in progress for the current 2023 program and final drill collars are yet to be picked up by surveyor. Collar points are measured from known locations underground following survey pickup of all underground workings. Collar point pickups will be completed upon completion of the current drill program but should not materially change the position from pre-drilling collar locations.
	• 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 contiguous zones 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 and rock chip sampling: Sampling was supervised and undertaken by company staff. Samples were double bagged, palletised and shrink wrapped at site before dispatch to the laboratory by Ballymore staff.
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, and laboratory processes.

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Ballymore Resources ASX Announcement 16[th] March 2023

Section 2: Reporting of Exploration Results

CRITERIA	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 national park and environmental settings.	• The Project tenements comprise ML 10340, ML 10341, EPM 14255, EPM 26912 and EPM 27282. All licences are 100% held by Ballymore Resources 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.	• All tenements are in good standing.
EXPLORATION DONE BY OTHER PARTIES	• Acknowledgment and appraisal of exploration by other parties.	• 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.	• 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 minimum grade truncations (e.g., cutting of high grades) and cut-off grades are usually Material and should be stated.	• The mineralised drill intersections are reported as downhole intervals and were not converted to true widths. True widths may be up to 50% less than drill intersections pending confirmation of mineralisation geometry. • No capping of high grades was performed in the aggregation process.
	• 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, 1.0 and 10.0 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.

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Ballymore Resources ASX Announcement 16[th] March 2023

CRITERIA	JORC Code explanation	Commentary
RELATIONSHIP BETWEEN MINERALISATIO N WIDTHS AND INTERCEPT LENGTHS	• These relationships are particularly important in the reporting of Exploration Results.	• No local grid has been applied. The Duffer Lode at Dittmer strikes roughly north-south.
	• If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.	• Drillholes were generally 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, true width not known’).	• 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, geophysics surveys 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 16[th] March 2023

APPENDIX 2. DITTMER DRILLING

Company Target HoleID Hole Type East (MGA) North (MGA) RL Depth (m) Dip (°) Azimuth (° Mag) Licence Year	Company Target HoleID Hole Type East (MGA) North (MGA) RL Depth (m) Dip (°) Azimuth (° Mag) Licence Year	Company Target HoleID Hole Type East (MGA) North (MGA) RL Depth (m) Dip (°) Azimuth (° Mag) Licence Year	Company Target HoleID Hole Type East (MGA) North (MGA) RL Depth (m) Dip (°) Azimuth (° Mag) Licence Year	Company Target HoleID Hole Type East (MGA) North (MGA) RL Depth (m) Dip (°) Azimuth (° Mag) Licence Year	Company Target HoleID Hole Type East (MGA) North (MGA) RL Depth (m) Dip (°) Azimuth (° Mag) Licence Year	Company Target HoleID Hole Type East (MGA) North (MGA) RL Depth (m) Dip (°) Azimuth (° Mag) Licence Year	Company Target HoleID Hole Type East (MGA) North (MGA) RL Depth (m) Dip (°) Azimuth (° Mag) Licence Year	Company Target HoleID Hole Type East (MGA) North (MGA) RL Depth (m) Dip (°) Azimuth (° Mag) Licence Year	Company Target HoleID Hole Type East (MGA) North (MGA) RL Depth (m) Dip (°) Azimuth (° Mag) Licence Year	Company Target HoleID Hole Type East (MGA) North (MGA) RL Depth (m) Dip (°) Azimuth (° Mag) Licence Year	Company Target HoleID Hole Type East (MGA) North (MGA) RL Depth (m) Dip (°) Azimuth (° Mag) Licence Year
Ballymore Ballymore Ballymore Ballymore Ballymore Ballymore Ballymore Ballymore Ballymore Ballymore Ballymore Ballymore Ballymore Ballymore Ballymore Ballymore Ballymore Ballymore Ballymore Ballymore	Dittmer Dittmer Dittmer Dittmer Dittmer Dittmer Dittmer Dittmer Dittmer Dittmer Dittmer Dittmer Dittmer Dittmer Dittmer Dittmer Dittmer Dittmer Dittmer Dittmer	DTDD001 DTDD002 DTDD003 DTDD004 DTDD005A DTDD005B DTDD006 DTDD007 DTDD008 DTDD009 DTDD010 DTDD011 DTDD012 DTDD013 DTDD014 DTDD015 DTDD016 DTDD017 DTDD018 DTDD019*	Diamond Diamond Diamond Diamond Diamond Diamond Diamond Diamond Diamond Diamond Diamond Diamond Diamond Diamond Diamond Diamond Diamond Diamond Diamond Diamond	645567 645386 645697 645698 645693 645694 645695 645696 645694 645694 645694 645662 645662 645662 645662 645662 645662 645662 645662 645662	7738208 7738263 7738056 7738055 7738052 7738053 7738051 7738054 7738052 7738052 7738052 7738066 7738066 7738066 7738066 7738066 7738066 7738066 7738066 7738066	355 379 139 141 139 139 140 139 140 140 140 139 139 139 139 139 139 139 139 139	407.6 547.6 167.89 230.95 8.47 158.4 169 211.8 221.9 305 150.2 142.7 151.5 132 187.2 230.7 177.1 193.7 217.6 234.06	-61 -37 -49 -7 -52 -52 -20 -66 -59 -68 -67 -80 -79 -57 -44 -36 -56 -74 -64 -56	136 90 16 37 209 209 191 337 238 337 260 48 185 171 184 187 24 223 215 206	ML 10341 ML 10341 ML 10341 ML 10341 ML 10341 ML 10341 ML 10341 ML 10341 ML 10341 ML 10341 ML 10341 ML 10341 ML 10341 ML 10341 ML 10341 ML 10341 ML 10341 ML 10341 ML 10341 ML 10341	2020 2020 2021 2021 2021 2021 2021 2021 2022 2022 2022 2023 2023 2023 2023 2023 2023 2023 2023 2023

• Drill hole collar location estimated and yet to be picked up by surveyor

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