BAYAN MINING AND MINERALS LIMITED — Capital/Financing Update 2023

Aug 29, 2023

ASX ANNOUNCEMENT

30 August 2023

CAPITAL RAISING SETTLED

Balkan Mining and Minerals Ltd (ASX: BMM; “BMM” or “the Company”) advises that the Placement announced on 24 August 2023 has settled, raising $1,314,977 (before costs). 7,735,160 new fully paid ordinary shares at an offer price of $0.17 per share have been issued.

As previously announced, Director Mr Karl Simich has subscribed for 1 million New Shares to raise an additional $170,000, which will be subject to shareholder approval under ASX Listing Rule 10.11.

Funds raised from the Placement will be used to fund phase 1 of the Company’s upcoming diamond drill program at the Gorge Lithium Project, scheduled for September 2023.

An Appendix 2A and cleansing notice has been lodged together with this announcement in respect of this matter.

For further information please contact:

Ross Cotton

Managing Director T: +61 8 6109 6684 E: Ross.Cotton@balkanmin.com

Authorised for release by the Board 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.

Balkan Mining and Minerals Limited ABN 67 646 716 681 Level 50, 108 St Georges Terrace, Perth WA 6000 T: +61 8 6109 6684 E:info@balkanmin.com www.balkanmin.com

ASX ANNOUNCEMENT 30 August 2023

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.

Balkan Mining and Minerals Limited ABN 67 646 716 681 Level 50, 108 St Georges Terrace, Perth WA 6000

T: +61 8 6109 6684 E:info@balkanmin.com www.balkanmin.com

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30 August 2023

ASX Market Announcements ASX Limited 20 Bridge Street Sydney NSW 2000

By Electronic Lodgement

Dear Sir/Madam

NOTICE GIVEN UNDER SECTION 708A(5) OF THE CORPORATIONS ACT

This notice is given by Balkan Mining and Minerals Limited (ASX: BMM) ( BMM or the Company ) under section 708A(5)(e) of the Corporations Act 2001 (Cth) (the Act).

On 30 August 2023 the Company issued 7,735,160 fully paid ordinary shares in the capital of the Company (Shares) without disclosure under Part 6D.2 of the Act.

The Company hereby confirms that:

1. As at the date of this notice, the Company has complied with:

   • (a) the provisions of Chapter 2M of the Act as they apply to the Company; and

   • (b) section 674 of the Act.

2. As at the date of this notice, there is no information that:

   • (a) has been excluded from a continuous disclosure notice in accordance with the ASX Listing Rules; and

   • (b) investors and their professional advisers would reasonably require for the purpose of making an informed assessment of:

     • (i) the assets and liabilities, financial position and performance, profits and losses and prospects of the Company; or

     • (ii) the rights and liabilities attaching to the shares of the Company

This notice has been approved for release by the Board of Directors.

Yours sincerely

BALKAN MINING AND MINERALS LIMITED

HARRY SPINDLER

Company Secretary

Balkan Mining and Minerals Limited ASX:BMM ABN 67 646 716 681 Level 50, 108 St Georges Terrace, Perth WA 6000

T: +61 8 6109 6684 E: info@balkanmin.com www.balkanmin.com