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Ballard Mining Limited (ASX:BM1)

ALERT: Price-sensitive ASX Announcement for BM1
Current share price for BM1 : $0.610 -0.115 (-15.86%)+
Announcement
Release
23 Sep 2026 8:17AM
Price at Release
$0.725
Full Release
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Summary
Ballard Mining announced a major update to the JORC 2012 Mineral Resource Estimate for its Mt Ida Gold Project in Western Australia, increasing the global resource by 56% to 20.4 Mt at 2.8 g/t Au for 1.84 Moz of contained gold, with the growth driven by 124,626m of RC and diamond drilling completed since the February 2026 estimate and achieved at a discovery cost of A$36/oz; the cornerstone Baldock deposit increased 35% to 12.2 Mt at 3.5 g/t for 1.36 Moz, including an open pit resource of 437 koz at 3.9 g/t in the higher-confidence Indicated category, while regional deposits including West Knell and Golden Vale also grew strongly and maiden resources were declared for Neptune, Pluto and Astro-Quasar, supporting Ballard’s strategy of supplementing Baldock with satellite deposits over the mine life; the updated inventory comprises 970 koz in open pit resources and 866 koz in underground resources using key assumptions including an A$4,500/oz gold price, 0.5 g/t open pit cut-off and 1.3–1.5 g/t underground cut-offs, and Ballard said the enlarged resource base strengthens the platform for reserve estimation and a Mt Ida Feasibility Study targeted for mid-calendar 2027, with further drilling since the 30 June 2026 cut-off indicating additional potential growth.
Key Points
  • Global Mt Ida Mineral Resource Estimate increased 56% to 20.4 Mt at 2.8 g/t Au for 1.84 Moz.
  • The resource increase added 658 koz compared with the February 2026 MRE and 740 koz since Ballard’s July 2025 ASX listing.
  • Baldock increased 35% to 12.2 Mt at 3.5 g/t Au for 1.36 Moz and remains the cornerstone deposit.
  • Baldock open pit Indicated Resources contain 437 koz at 3.9 g/t Au.
  • Open pit resources total 12.465 Mt at 2.4 g/t Au for 970 koz and underground resources total 7.912 Mt at 3.4 g/t Au for 866 koz.
  • The update incorporated 124,626m of reverse circulation and diamond drilling completed since the February 2026 MRE.
  • Discovery cost for the additional resource was reported at A$36 per ounce based on A$24.1 million exploration expenditure from 1 January to 30 June 2026.
  • West Knell increased from 40 koz to 147 koz and Golden Vale increased from 27 koz to 124 koz.
  • Maiden Mineral Resource Estimates were declared for Neptune at 27 koz, Pluto at 27 koz and Astro-Quasar at 21 koz.
  • Ballard said Mt Ida Feasibility Study and reserve estimation remain on track for mid CY2027.
  • The MRE used assumptions including an A$4,500/oz gold price, 0.5 g/t Au open pit cut-off and 1.3 g/t to 1.5 g/t Au underground cut-offs.
  • Ballard stated ongoing drilling after the 30 June 2026 cut-off has continued to intersect mineralisation, with assays pending for future updates.
  • The Mt Ida Gold Project has key approvals in place, including approvals for open pit and underground mining at Baldock, a Works Approval for up to 2.0 Mtpa processing and tailings storage, and 3.7 GL/year water abstraction licences.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.