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Ballard Mining Limited (ASX:BM1)

ALERT: Price-sensitive ASX Announcement for BM1
Current share price for BM1 : $0.590 -0.125 (-17.48%)+
Announcement
Release
8 Oct 2026 10:21AM
Price at Release
$0.715
Full Release
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Summary
Ballard Mining Limited’s October 2026 Capital Raising Presentation outlines a proposed non-underwritten capital raising comprising a placement and share purchase plan to fund accelerated drilling and development at its fully permitted Mt Ida gold project in Western Australia, where the September 2026 Mineral Resource Estimate increased 56% to 20.4Mt at 2.8g/t for 1.836Moz of gold, including the Baldock deposit at 12.2Mt at 3.5g/t for 1.363Moz; the company highlights its strategy to “drill and build” toward standalone scale and a targeted 10-year mine life, supported by granted mining leases, approvals for open pit and underground mining, a 2.0Mtpa process plant and tailings storage facility, groundwater access and road diversion works already underway, while proceeds are intended to fund growth and infill drilling, an accommodation village, process plant engineering, dewatering and road works, and a feasibility study targeting final investment decision by mid-calendar 2027; the presentation also sets out the placement terms at A$0.66 per share, the SPP, corporate metrics including A$44.1 million cash on hand at 30 September 2026, and extensive risk disclosures covering tenure, funding, operations, commodity prices, environmental, regulatory and development risks.
Key Points
  • Capital Raising Presentation dated 8 October 2026 for Ballard Mining Limited (ASX: BM1).
  • Ballard is seeking to raise approximately A$45.0 million before costs through a non-underwritten placement and approximately A$5.0 million through a non-underwritten SPP, with ability to accept oversubscriptions.
  • Placement shares are priced at A$0.66 each, representing a 7.7% discount to the last close of A$0.715 on 7 October 2026 and a 16.2% discount to the 10-day VWAP.
  • Cash on hand at 30 September 2026 was A$44.1 million, with total funding sources shown at A$94.1 million including the capital raising.
  • Funds are planned for growth drilling, infill drilling, a 250-person accommodation village, process plant FEED, public road diversion and dewatering bores, feasibility study work and working capital.
  • The Mt Ida September 2026 Mineral Resource Estimate increased 56% to 20.376Mt at 2.8g/t for 1.836Moz of gold.
  • The Baldock deposit resource increased 35% to 12.198Mt at 3.5g/t for 1.363Moz of gold.
  • Baldock open pit contains 516koz at 3.5g/t gold with 85% in the JORC Indicated category.
  • Baldock underground contains 847koz at 3.4g/t gold and is presented as open at depth with further extension potential.
  • Satellite resources include West Knell at 147koz and Golden Vale at 124koz, both showing strong recent growth.
  • Ballard emphasises Mt Ida’s location in the WA Eastern Goldfields near substantial regional processing capacity and deep orebody analogues.
  • All Mineral Resources are on granted mining leases and the project is described as fully permitted for key development components.
  • Approvals and infrastructure status include an approved mining proposal and mine closure plan for Baldock, works approval for a 2.0Mtpa process plant and TSF, native vegetation clearing permit, 3.7GL/yr groundwater licence and road diversion works underway.
  • Ballard is targeting a feasibility study, maiden Ore Reserve and final investment decision by mid-CY2027.
  • The company had 454 million shares on issue, a market capitalisation of about A$325 million and enterprise value of about A$281 million based on 7 October 2026 figures.
  • Major shareholders disclosed include Delta Lithium with 34.4%, Aurenne Group with 9.6%, Hancock Prospecting with 5.9% and Board and Management with 4.6% on a fully diluted basis.
  • The presentation includes extensive disclaimers and key risks, including tenure arrangements with Delta, future funding needs, exploration and development risk, commodity price volatility, environmental and regulatory risks, operational hazards and non-underwriting risk.
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.