BAYAN MINING AND MINERALS LIMITED — Capital/Financing Update 2021

Jul 11, 2021

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7 July 2021

PRE-QUOTATION CONFIRMATIONS

Balkan Mining and Minerals Limited (ACN 646 716 681) ( Company or BMM ) provides the following confirmations to satisfy conditions for admission of the Company’s securities to quotation on ASX.

Capitalised terms in this announcement have the same meaning as given under the Company’s prospectus dated 25 May 2021 ( Prospectus ) unless the context otherwise requires.

Completion of Offers

The Company confirms that all conditions precedent to the Public Offer, Options Offer, Advisor Offer and Performance Rights Offer (collectively, the Offers ) made under the Prospectus have been satisfied, and the Offers have closed.

The Company has issued:

• a) 32,500,000 fully paid ordinary shares ( Shares ) at an issue price of $0.20 per Share to raise $6,500,000 pursuant to the Public Offer;

• b) 2,500,000 Shares to the Corporate Advisor pursuant to the Advisor Offer;

• c) 3,500,000 Options with and exercise price of $0.50 each and expiry date of 6 July 2024 pursuant to the Options Offer; and

• d) 2,400,000 Performance Rights pursuant to the Performance Rights Offer. Refer to Section 10.4.1 of the Prospectus for a summary of the terms and conditions of the Performance Rights and Section 10.4.2 for additional information relating to the issue of the Performance Rights.

Satisfaction of Sandfire Subscription Agreement

The Company confirms that all conditions precedent to the Subscription Agreement with Sandfire Resources Limited have been satisfied, the Company has completed this agreement and issued 10,000,000 Shares to Sandfire (which are included in the Public Offer).

No impediments

The Company confirms that there are no legal, regulatory or contractual impediments to the Company entering the tenements located in the Rekovac, Ursule, Prajani, Dobrine and Siokovac areas and carrying out exploration activities such that the Company will be able to spend its cash in accordance with its commitments for the purposes of Listing Rule 1.3.2(b) ( Commitments ) and nothing has come to the Company’s attention to make it believe that it will not be able to carry out its Commitments.

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

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

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Repayment of Jadar Facility

The Company confirms that it has repaid the loan owing to Jadar Resources Limited pursuant to the Facility Agreement in full.

ASX Waiver

The Company confirms that the ASX has granted the Company a waiver from ASX Listing Rule 1.1 condition 12 to the extent necessary to permit the Company to have on issue 2,400,000 Performance Rights with an exercise price less than 20 cents, on the conditions that the material terms and conditions of the Performance Rights are clearly disclosed in the Prospectus, that the Company announce immediately upon the satisfaction of any milestones the conversion or expiry of any Performance Rights, that the Company will apply to the ASX upon the conversion of the Performance Rights into ordinary shares for quotation of the shares within the requisite time period, and that the Company disclose in each annual report, annual audited financial accounts, half yearly report and quarterly cash flow report details pertaining to the number, terms and conditions, conversion, cancellation and satisfaction of milestones of Performance Rights on issue. The waiver is also conditional on the Company satisfying Listing Rule 18.1.

For more information regarding this announcement please contact:

Ross Cotton Harry Spindler Managing Director Company Secretary Tel: +61 8 6489 0600 Tel: +61 8 6489 0600 E: Ross.Cotton@balkanmin.com E: Harry.spindler@balkanmin.com

Authorised for release by the board of Balkan Mining and Minerals Limited

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