Name of the Project
Mt Ida lithium project.

Location
Mt Ida gold mining district, Western Australia.

Project Owner/s
Delta Lithium demerged its Mt Ida gold assets into a new independent company, Ballard Mining, in May 2025, which listed on the ASX in July 2025 following a $30 million initial public offering. This spin-out enables Delta to focus purely on lithium, while Ballard develops Mt Ida.

Project Description
Mt Ida comprises 30 tenements. The project has Joint Ore Reserves Committee-compliant mineral resources of 14.6-million tonnes at 1.2% lithium oxide. The project also has gold resources of 3.1-million tonnes grading 4.1 g/t gold.

The Western Australia government approved the mining proposal and mine closure plan for the project in November 2023, marking the final approval needed for the project to begin operating.

The proposed project has a potential ten-year mine life.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
Not stated.

Capital Expenditure
Not stated.

Planned Start/End Date
A final investment decision on the concentrate project is expected in the second half of 2024.

Latest Developments
Ballard Mining has secured firm commitments for A$61-million through a single-tranche share placement to fund an expanded drilling and development programme. 

The company reported on January 23 that it would issue 76.25-million fully paid ordinary shares at A$0.80 a share, raising A$61-million before costs. The issue price represents a 14% discount to Ballard’s last closing price of A$0.93 on January 20, a 6% discount to the five-day volume-weighted average price and a 4.2% premium to the 15-day volume weighted average price.

Ballard had initially targeted A$50-million under its existing placement capacity, but exercised an oversubscription option after receiving strong demand from existing shareholders and new institutional investors, particularly from North America, Europe and Australia.

Following the placement, Ballard expected to have pro-forma cash of A$86.2-million at the end of December 2025, after costs.

The placement shares will rank equally with existing ordinary shares and will be issued under the company’s existing ASX Listing Rules 7.1 and 7.1A capacity. Settlement is expected on January 30, with shares to be issued on or close to February 2.

The placement will fund the company’s extensive 2026 work programme and position Mt Ida for a final investment decision.

Proceeds from the placement will be used to accelerate a planned 220 000 m drilling programme in 2026, advance development studies and fund early works, including accommodation camp upgrades, bore field installations and a minor road diversion.

Funds will also support mining, metallurgical and geotechnical studies, stamp duty payments, and general corporate and working capital requirements.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
Delta Lithium, tel +61 8 6109 0104 or email info@deltalithium.com.au.