BAYAN MINING AND MINERALS LIMITED — Capital/Financing Update 2021

Aug 1, 2021

ASX ANNOUNCEMENT 2 August 2021

Exploration Work Commences at the Rekovac Lithium-Borate Project

HIGHLIGHTS

• Field work has commenced at the Rekovac Lithium-Borate Project in Serbia

• Mapping is being conducted over the entire Rekovac license area in order to identify potential extensions to mineralisation and drill targets

• Review of historical drill core is assisting with the acceleration of the geophysical survey work to commence in September

• Drilling program expected to commence in late September

• Managing Director, Ross Cotton has been on the ground in Serbia overseeing the exploration work and meeting with key representatives including the Ministry of Mining and Energy of the Republic of Serbia

Balkan Mining and Minerals Ltd (BMM or the Company) (ASX: BMM) is pleased to announce that the Company has commenced the 2021 exploration season at its Rekovac Lithium–Borate Project, located in the highly prospective Vardar Zone in Serbia.

The field season consists of detailed LithoFacies mapping of the license area, measuring magnetic susceptibility and bulk density over the length of the Rekovac diamond drill core (1,238m[1] ) as well as detailed geophysics including gravity and ground magnetic surveying.

The mapping program is important to understanding the lateral extensions that were previously identified, the permissive lacustrine boratiferous sequences and the closely demarcate areas with evaporate occurrences at surface. These results will be used to guide in the effective selection of drilling locations.

In conjunction with the mapping program, the Company is undertaking the measurement of magnetic susceptibility and bulk density over the existing drill core. This data will be used to facilitate the precise interpretation of the geophysical survey, which is planned to commence in the first week of September 2021.

The Company expects to imminently finalise contract terms for BMM’s drilling campaign which is

planned to commence in late September 2021.

BMM Managing Director Ross Cotton and Chairman Sean Murray, along with key board and management personnel, Milos Bosnjakovic and Dejan Jovanovic, met with representatives from the Ministry of Mining and Energy, including the State Secretary. The Company expressed its appreciation of the secretary’s advice on mining procedures and protocols in Serbia particularly on the environment and sensitivity to local communities and welcomed the secretary’s affirmation of Serbia’s commitment to encouraging investment in mining.

1 REK_001 600.1m & REK_002 638m; 2020.

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Balkan Mining and Minerals Limited ABN 67 646 716 681 311 – 313 Hay Street, Subiaco WA 6008 T: +61 8 6489 0600 E:info@balkanmin.com www.balkanmin.com

ASX ANNOUNCEMENT

2 August 2021

Managing Director Ross Cotton, commented:

“Following our successful listing the Balkan team has wasted no time in commencing exploration work on our Serbian Lithium-Borate Projects. Serbia is an exciting location for mineral exploration which has been demonstrated by the significant investment from a number of the world’s leading mining groups.

Previous drilling conducted by Jadar Resources Limited has provided a valuable starting point for our exploration activities, it’s now a matter of building on this foundation to identify targets for higher-grade zones of mineralisation.

We are committed to building strong local relationships and we have continued to bolster our incountry team who share our vision of creating shareholder value through co-operation, commitment and hard work.”

ABOUT BALKAN MINING AND MINERALS

Balkan Mining and Minerals is an ASX listed company focused on the early-stage exploration through to development of borate and associated lithium in the Balkans. The Company’s Projects comprise the Rekovac, Dobrinja and Pranjani Lithium-Borate Projects which are located within the Republic of Serbia.

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Figure 1 – Balkan Mining and Minerals Project Locations

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Balkan Mining and Minerals Limited ABN 67 646 716 681 311 – 313 Hay Street, Subiaco WA 6008

T: +61 8 6489 0600 E:info@balkanmin.com www.balkanmin.com

ASX ANNOUNCEMENT 2 August 2021

For further information pls contact:

Ross Cotton Managing Director Tel: +61 8 6489 0600 E: Ross.Cotton@balkanmin.com

Media Inquiries Nick Doherty White Noise Communications Tel: +61 400 643 799

Authorised for release by the Managing Director of Balkan Mining and Minerals Limited

-ENDS-

Forward-looking Statements

Certain statements included in this release constitute forward-looking information. Statements regarding BMM’s plans with respect to its mineral properties and programs are forward-looking statements. There can be no assurance that BMM’s plans for development of its mineral properties will proceed as currently expected. There can also be no assurance that BMM will be able to confirm the presence of additional mineral resources, that any mineralisation will prove to be economic or that a mine will successfully be developed on any of BMM’s mineral properties. The performance of BMM may be influenced by a number of factors which are outside the control of the Company and its Directors, staff, and contractors.

These statements include, but are not limited to statements regarding future production, resources or reserves and exploration results. All such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of the Company, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include, but are not limited to: (i) those relating to the interpretation of exploration sample, mapping and drill results, the geology, grade and continuity of mineral deposits and conclusions of economic evaluations, (ii) risks relating to possible variations in reserves and resources, grade, planned mining dilution and ore loss, or recovery rates and changes in project parameters as plans continue to be refined, (iii) the potential for delays in exploration or development activities or the completion of feasibility studies, (iv) risks related to commodity price and foreign exchange rate fluctuations, (v) risks related to failure to obtain adequate financing on a timely basis and on acceptable terms or delays in obtaining governmental approvals or in the completion of development or construction activities, and (vi) other risks and uncertainties related to the company’s prospects, properties and business strategy.

There is continuing uncertainty as to the full impact of COVID-19 on BMM’s business, the Australian economy, share markets and the economies in which BMM conducts business. Given the high degree of uncertainty surrounding the extent and duration of the COVID-19 pandemic, it is not currently possible to assess the full impact of COVID-19 on BMM’s business or the price of BMM securities.

Except for statutory liability which cannot be excluded, each of BMM, its officers, employees and advisors expressly disclaim any responsibility for the accuracy or completeness of the material contained in these forward-looking statements 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 forward-looking statements or any error or omission. BMM 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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Balkan Mining and Minerals Limited ABN 67 646 716 681

311 – 313 Hay Street, Subiaco WA 6008 T: +61 8 6489 0600 E:info@balkanmin.com www.balkanmin.com