BALLYMORE RESOURCES LIMITED — Capital/Financing Update 2025

May 12, 2025

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ASX Announcement

13 May 2025

Dittmer drilling delivers +99g/t Gold.

HIGHLIGHTS

• Results for Stage 5 drilling at Dittmer continue to demonstrate the exceptional grades and continuity of the Duffer Lode extension.

• All nine holes completed this year have hit the lode structure with significant veining observed[1] .

• Assay results have been received for DTDD052 – 054 and returned further outstanding results including:

• 3.65m @ 11.92 g/t Au (DTDD054: 98.25 – 101.9m) including

• 1.75m @ 24.65 g/t Au (DTDD054: 98.25 – 100m) including

• 0.8m @ 48.16 g/t Au (DTDD054: 99.2 – 100m).

• 2.85m @ 10.55 g/t Au (DTDD053: 133.95 – 136.8m) including

• 0.3m @ 99.8 g/t Au (DTDD053: 136.5 – 136.8m)

• Holes DTDD056 - 057 also intersected significant veining[1] and are currently being assayed. Hole DTDD058 is currently being drilled.

• Application for a larger Mining Lease surrounding our granted lease is currently before the Land Court.

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Dittmer drill hole DTDD053 grading 99.7 g/t Au (143.5 – 143.8m)

• The new Mining Lease, if granted, will allow us to extend the existing underground workings and continue drilling from underground to test ore zone extensions.

Ballymore Resources (ASX:BMR) is pleased to announce further intersections of gold mineralisation at its flagship Dittmer Project in North Queensland in its Stage 5 drilling program, targeting the displaced extension of the Duffer Lode, which was historically mined at the high-grade Dittmer mine.

Ballymore Managing Director, Mr David A-Izzeddin, said:

“Ballymore is delighted with these tremendous results. Not only do they include bonanza gold grades, but they have also done so over significant lengths. The drilling further supports our geological model and provides additional evidence of a very large gold system at Dittmer.

1 Cautionary statement : Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations.

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Furthermore, the Company is pleased to be progressing our application for a new Mining Lease covering the greater Dittmer area, which is currently before the Land Court. The expanded lease area will allow the Company to extend the existing underground workings and create new drill platforms along strike from our current drilling as well as accessing the lode structures at depth. Drilling from underground at Dittmer has proven to be cost effective and has considerable environmental benefits when compared to surface drilling.

Dittmer Stage 5 Underground Drilling

The Stage 5 campaign continues to demonstrate the exceptional grade and continuity of the newly recognised lode structure at Dittmer. The first nine holes (DTDD049 – 057) of the current program have now been completed and drill hole DTDD058 is currently underway. Drill holes DTDD052 – 054 targeted one of the interpreted high-grade shoots in the lode structure (Figure 1) and the latest results support our structural interpretation.

Assay results for these drill holes have delivered significant results including:

• 3.65m @ 11.92 g/t Au (DTDD054: 98.25 – 101.9m) including

• 1.75m @ 24.65 g/t Au (DTDD054: 98.25 – 100m) including

• 0.8m @ 48.16 g/t Au (DTDD054: 99.2 – 100m).

• 2.85m @ 10.55 g/t Au (DTDD053: 133.95 – 136.8m) including 0.3m @ 99.8 g/t Au (DTDD053: 136.5 – 136.8m)

A summary of significant drill intersections for these holes (DTDD052 – 054) is included in Table 1 below. The current program is focused on infilling and extending mineralisation, with the additional aims of achieving sufficient drill coverage to estimate an initial Mineral Resource for the project as well as completing preliminary mining scoping studies. This area had never been drilltested prior to Ballymore commencing exploration.

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Table 1 – Summary of DTDD052 – 054 significant assay results.

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----- Start of picture text -----

Cut-Off Hole From To Interval Au Ag Cu
(Au g/t ) (m) (g/t) (g/t) (%)
0.1 DTDD052 149 150.1 1.1 0.109 0.81 0.10
0.1 DTDD052 154 155 1 0.172 0.09 0.00
0.1 DTDD052 157.7 160.4 2.7 0.180 0.41 0.04
0.1 DTDD052 246 247 1 0.333 0.08 0.00
10 DTDD053 96.35 97 0.65 12.277 0.69 0.06
10 DTDD053 101.2 101.7 0.5 57.512 7.52 0.08
0.1 DTDD053 124.7 126 1.3 0.330 1.28 0.02
0.1 DTDD053 133.95 136.8 2.85 10.557 1.59 0.04
10 DTDD053 136.5 136.8 0.3 99.799 12.95 0.19
0.1 DTDD054 98.25 101.9 3.65 11.929 0.93 0.06
1 Including 98.25 100 1.75 24.652 1.74 0.12
10 Including 99.2 100 0.8 48.169 2.14 0.06
10 DTDD054 127.65 128.18 0.53 20.830 20.13 2.19
----- End of picture text -----

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Figure 1 – Long section looking east rotated perpendicular to the lode with the locations of previous drill holes (dots) and Stage 5 drill holes (stars). Black stars denote holes completed with assays pending. The displaced lode extension is contoured by metre-grams gold.

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DTDD052 : intersected altered and sheared volcanics before encountering a stockwork zone of laumontite-carbonate veining at 130 – 139.3m and then a shear zone at 147 – 168m that hosts a number of 1 – 3cm quartz-pyrite veins which corresponds with the modelled Displaced Lode. The lode structure in this area appears to have been sheared out and has similarities to other holes in this area including DTDD036 and DTDD051. Assays are locally subdued but have reported anomalous intersections including 2.7m @ 0.18 g/t Au (DTDD052: 157.7 – 160.4m) associated with this shear zone.

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Figure 2 – Examples of 1-3cm wide Quartz-carbonate-pyrite vein at 158.2 – 158.5 in DTDD052

DTDD053 : intersected altered volcanics that were overprinted by intermittent carbonatelaumontite veining. The hole encountered a zone of carbonate veining before intersecting a 5cm quartz-pyrite vein at 96.4 – 97.0m and a 10cm quartz-pyrite-chalcopyrite vein at 101.2 – 101.7m. Both veins exhibit sericite-chlorite selvages and are interpreted to represent the Displaced Lode. These veins have reported significant gold grades including 0.65m @ 12.27 g/t Au (DTDD053: 96.35 – 97.0m) and 0.5m @ 57.51 g/t Au (DTDD053: 101.2 – 101.7m). The hole subsequently intersected further quartz-carbonate-pyrite-chalcopyrite veining, including a 10cm quartz vein at 136.5 – 136.8m which is interpreted to be the extensions to the Mine Lode. This zone reported 2.85m @ 10.55 g/t Au (DTDD053: 133.95 – 136.8m) including 0.3m @ 99.79 g/t Au (DTDD053: 136.5 – 136.8m). This hole illustrates the likelihood that parts of the original Mine Lode also remain untouched by historic mining.

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Figure 3 – Example of quartz-carbonate-pyrite-chalcopyrite veining with strong sericite-chlorite selvages of the Displaced Lode mineralisation in DTDD053 (96.35 –97.0m).

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Figure 4 – Example of quartz-pyrite-chalcopyrite veining of the Mine Lode mineralisation in DTDD053 (136.5 – 136.8m).

DTDD054 : intersected altered volcanics overprinted by carbonate veining before intersecting a zone of 5 – 10cm wide quartz- pyrite-chalcopyrite veins with sericite-chlorite alteration selvages at 97.8 – 102m, which is interpreted to be the Displaced Lode. This zone reported 3.65m @ 11.92 g/t Au (DTDD054: 98.25 – 101.9m) including 1.75m @ 24.65 g/t Au (DTDD054: 98.25 – 100m), including 0.8m @ 48.16 g/t Au (DTDD054: 99.2 – 100m). The hole subsequently encountered a 10cm quartz- chalcopyrite-pyrite vein at 127.8 – 128.1m which is interpreted to be another extension to the Mine Lode. This zone reported 0.53m @ 20.83 g/t Au & 2.19% Cu (DTDD054: 127.65 – 128.18m).

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Figure 5 – Examples of the Displaced Lode including quartz-pyrite-chalcopyrite veining in sericite-altered volcanic in DTDD054 (99.3 – 99.6m & 99.6 – 100.0m).

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Figure 6 – Examples of the Mine Lode including quartz-pyrite-chalcopyrite veining in chloritesericite altered volcanic in DTDD054 (127.8 – 128.2m).

Drilling continues to confirm the high tenor of gold mineralisation in the Duffer Lode faultextension and appears to be supporting Ballymore’s interpretation that higher grade shoots within the lode dip moderately towards the south. Drill holes DTDD053 and 054 also demonstrate the potential for remnant extensions to the Mine Lode which have not been recognised or mined by the historic operators.

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Figure 7 – Dittmer Cross Section 7,738,000mN looking north showing historic workings (green), historically mined lode (red) and the displaced new lode repetition (orange) and drill traces.

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Drilling continues at Dittmer and Ballymore has now completed holes DTDD055 – 057 with DTDD058 in progress. Samples for DTDD055 – 057 have already been submitted to the laboratory with further results expected in the next 2-3 weeks. All of these holes have, based on visual analysis of the drill cores, intersected significant quartz-pyrite-chalcopyrite veining attributed to the displaced Duffer Lode structure, in line with the model.

Cautionary statement : Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations.

Dittmer Mining Lease ML 100351 Application Update

BMR has applied to expand its mining lease footprint with the application for ML 100351 and is seeking to amend an existing Environmental Authority to restart underground operations. The new mining lease covers recognised extensions to known mineralisation at Dittmer and the application for ML 100351 is progressing well. The matter is now before the Land Court with a decision likely to be made in a few months’ time.

BMR already holds two granted mining leases at Dittmer. Proposed work areas on the new mining lease are planned to be located on areas of previous disturbance from historic mining operations, and the Company intends to rehabilitate these areas upon completion. The mining lease application contemplates ore being taken off site to a third-party plant for processing.

Planned Activities

The Company is well funded with substantial work programs planned for 2025. Planned works include the following:

• May 2025 Complete technical review of Maniopota airborne EM survey data (Ruddygore Project)

• May 2025 Receive Dittmer metallurgical results (Dittmer Project)

• • May 2025 Complete Dittmer Stage 5 underground drilling program (Dittmer Project)

• July 2025 Noosa Mining Investor Conference

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Approved by the Board of Ballymore Resources Limited.

For further information: David A-Izzeddin Managing Director daizzeddin@ballymoreres.com

Gareth Quinn

Media and Investor Relations gareth@republicir.com.au 0417 711 108

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Competent Persons Statement

The information in this announcement that relates to Exploration Results is based on, and fairly represents, information compiled or reviewed by Mr David A-Izzeddin. 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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About Ballymore Resources (ASX:BMR)

Ballymore holds a portfolio of exploration and development projects in prolific Queensland mineral belts that are highly prospective for gold and base metals. These consist of two granted Mining Leases (MLs)and fourteen Exploration Permits over four project areas at Dittmer, Ruddygore, Ravenswood, Mount Molloy. The total area covered by the tenements is 1,456 km[2] .

Known deposits in north-east Queensland include Kidston (5 Moz Au), Ravenswood/Mount Wright (5.8 Moz Au), Mount Leyshon (3.8 Moz Au), Red Dome/Mungana (3.2 Moz Au) and Mt Morgan (17 Moz Au and 239 Kt Cu). The deposits occur in a wide range of geological settings including porphyries, breccias, skarns and veins.

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Board

Andrew Greville, Chairman David A-Izzeddin, Managing Director Andrew Gilbert, Director – Operations Nick Jorss, Non-Executive Director

Head Office

Suite 606, Level 6 10 Market St Brisbane QLD 4000 Phone +617 3212 6299 ballymoreresources.com

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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.	• Exploration has been undertaken at the Project since the early 1960s. Sampling methods have included surface rock chip and trenching, soil, and stream sediment samples, together with channel samples taken from underground exposures and drillhole samples comprising diamond core samples. • Geochemistry from soil and stream sediment samples is used semi-quantitatively to guide further exploration and is not 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. • The accuracy of trench and channel geochemistry is generally high. These samples are regularly used in Mineral Resource estimation. • The quality of RC percussion drilling is generally medium – high because the method significantly reduces the potential of contamination, unless there is a lot of groundwater or badly broken ground. Consequently, these samples can be representative of the interval drilled and can be used for 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.
	• Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.	• No information is available or documenting measures to ensure sample representivity for surface sampling methods. These methods are not used for Mineral Resource estimation. • Channel sampling is an established method designed to deliver a representative sample of the interval being sampled. • RC drilling is an established method designed to minimise drilling-induced contamination of samples, aimed to deliver a representative sample of the interval being drilled. Diamond drilling is also an established method aimed at collecting representative samples of the interval being drilled. • 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 msamplesfrom which3kgwas pulverised	• 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,

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CRITERIA	JORC Code Explanation	Commentary
	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.	sub-sampling, and analytical process must be more stringent. • RC drill holes were sampled as individual, 1 m length samples from the rig splitter. Individual metre samples were collected as a 12.5% split collected from the drill rig. Individual RC samples were collected in calico sample bags and grouped into polyweave bags for dispatch (approximately five per bag). • Diamond drill holes were sampled as half core, with sample intervals selected by the BMR Geologist. The samples were sawn longitudinally in half using the onsite core saw.
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 Diamond 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 4 diamond drillholes in NQ3 size were drilled at Dittmer (539.7m) in 2022. All holes were oriented using an ACT Mk2 instrument. Another 20 diamond drillholes in HQ3 triple tube to date have been completed in 2023 at Dittmer (3261.42m). Subsequently another 13 diamond drillholes in HQ3 triple tube to date have been completed in 2024 at Dittmer (2212.2m). All holes were oriented using an ACT Mk2 instrument. • Ballymore Surface RC Drilling: 10 Reverse circulation drill holes completed at Cedar Ridge in 2024 utilising an 8inch open-hole hammer for pre-collar and a 5.5inch RC hammer for the remainder of the drill hole.
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%. • Ballymore RC drilling: Bulk sample bags are weighed to monitor recoveries and RC sample recoveries of less than approximately 80% are noted in the geological/sampling log with a visual estimate of the actual recovery. No such samples were reported within the significant intercept zones. Moisture categorisation was also recorded.
	• Measures taken to maximise sample recovery and ensure representative nature of the samples.	• Ballymore diamond drilling: Used chrome barrels and controlled drilling in broken ground to maximise sample recovery. In addition, triple tube is used to maximise recovery.
	• Whether a relationship exists between sample recovery and grade and whether sample bias	• No assessment has been completed to determine if there is a relationship between sample recovery and grade, and whether there

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CRITERIA	JORC Code Explanation	Commentary
	may have occurred due to preferential loss/gain of fine/coarse material.	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 Diamond 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 and geotechnically logged. 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 Diamond drilling: Logging of core is mostly qualitative, except for some semi- quantitative logging of sulphide content, quartz veining, RQD, and geotechnical parameters. • Ballymore RC drilling: Logging of chips is mostly qualitative, except for some semi- quantitative logging of sulphide content, quartz veining, alteration.
	• 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.	• RC samples were split using a rig-mounted cone splitter on 1m intervals to obtain a sample for assay, of approximate weight 3 – 5kg. • Sample moisture was monitored, and water is blown out at each rod change prior to resuming drilling. Hole terminated if sample is wet.
	• For all sample types, the nature, quality, and appropriateness of the sample preparation technique.	• Ballymore diamond 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 RC drilling: RC samples were split using a rig-mounted cone splitter on 1m intervals to obtain a sample for assay, of approximate weight 3 – 5kg. 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. • 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 diamond 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 therate of 1 in 40.

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CRITERIA	JORC Code Explanation Commentary	JORC Code Explanation Commentary
		• Ballymore RC drilling: RC samples were split using a rig-mounted cone splitter on 1m intervals to obtain a sample for assay, of approximate weight 3 – 5kg. 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 diamond 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 RC drilling: QA/QC procedures included the insertion of 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 • Ballymore soil sampling: Field duplicates 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 & 2024 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,

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CRITERIA	JORC Code Explanation Commentary	JORC Code Explanation Commentary
		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 or Intertek 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. • Ballymore soil samples were analysed at Intertek Townsville using a multi-element suite by aqua regia digestion and ICP-MS finish. For most elements, this is considered as 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.
	• 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 monitor QA/QC results and liaise with the laboratory if any dubious results are 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

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CRITERIA	JORC Code Explanation Commentary	JORC Code Explanation Commentary
		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 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. Upon completion, all underground drill 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 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 or Cedar Ridge prospect 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 has also impacted the siting of drill sites at Dittmer. • 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.

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CRITERIA	JORC Code Explanation	Commentary
	• 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.

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

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CRITERIA	JORC Code explanation	Commentary
		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. − Holelength.	• 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, 0.5, 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.
RELATIONSHIP BETWEEN MINERALISATION 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. The Cedar Ridge veins strike north-northwest.
	• 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 veins 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.

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CRITERIA	JORC Code explanation	Commentary
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 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 historically been collected to assess metallurgy and mining parameters relevant to a modern operation. • Metallurgical tests of selected mineralised drill core and stope backfill material from the Dittmer mine, including cyanide leach testwork, floatation testwork and gravity concentration tests were conducted by Ballymore in 2023. Cyanide leach testing work produced positive results ranging between 79% and 99%. Rougher flotation tests have reported positive results of 87.9% Au, 91.5% Ag and 85.0% Cu. Gravity concentration test work has also shown promise with gold recovery of 32.0% in Knelson and tabling concentration with an upgrade from 9.1g/t to 113.0g/t for the primary ore. • Further metallurgical work is warranted.
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 continue to 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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APPENDIX 2. DITTMER STAGE 5 DRILL COLLAR AND SURVEY INFORMATION

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East North Azimuth
Company Target HoleID Hole Type RL Depth (m) Dip (°) Licence Year
(MGA) (MGA) (° MGA)
Ballymore Dittmer DTDD049 Diamond 645649 7738084 139 200.6 -54 195 ML 10341 2025
Ballymore Dittmer DTDD050 Diamond 645649 7738084 139 220 -44 191 ML 10341 2025
Ballymore Dittmer DTDD051 Diamond 645649 7738084 139 234.5 -66 219 ML 10341 2025
Ballymore Dittmer DTDD052 Diamond 645649 7738084 139 250.5 -72 217 ML 10341 2025
Ballymore Dittmer DTDD053 Diamond 645649 7738084 139 167.9 -68 62 ML 10341 2025
Ballymore Dittmer DTDD054 Diamond 645649 7738084 139 157 -46 61 ML 10341 2025
Ballymore Dittmer DTDD055 Diamond 645649 7738084 139 211.3 -62 30 ML 10341 2025
Ballymore Dittmer DTDD056 Diamond 645649 7738084 139 236.5 -39 193 ML 10341 2025
Ballymore Dittmer DTDD057 Diamond 645649 7738084 139 210.9 -35 197 ML 10341 2025
Ballymore Dittmer DTDD058 Diamond 645649 7738084 139 In Progress -32 200 ML 10341 2025
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• Drill hole collar location estimated and yet to be picked up by surveyor