Balkan Mining and Minerals Quarterly Activities Report December 2022

Balkan Mining and Minerals Ltd (ASX: BMM; “Balkan Mining” or “the Company”) provides the Company’s quarterly activities report for three months ending 31 December 2022 (“Quarter”). Following the diversification strategy via the strategic earn-in agreement on the Gorge Lithium exploration project located in the Georgia Lake Area, Thunder Bay North Mining District of Ontario, Canada (the “Gorge Lithium Project” or “Gorge Project”), Balkan Mining continued to solidify its interest in prospective projects across both Ontario, with Tango and Arrel and also Quebec, with Corvette North and Corvette Northwest. Field work carried out during the Quarter included mapping and sampling at Gorge and Tango, airborne geophysics at Tango and channel sampling at Gorge which returned Li2O values reaching 1.8m @3.75% (see announcement 16 December 2022), following on from the sampling grades returned at 5.75% and 6.80% Li2O during the September Quarter (see announcement 28 September 2022).

• Highly experienced mining executive Karl Simich agreed to join the Board as a Director, tasked with a particular focus on strategy, corporate development and growth.
• Two projects, Corvette North and Corvette Northwest, covering ~22km2 and situated in the emerging lithium district of James Bay in Quebec, were staked by the Company.
• The Gorge lithium project (situated in the Georgia Lake Area, Ontario) returned high-grade lithium assays from channel samples taken at the Koshman and Nelson pegmatite showings, including 1.8m @ 3.75% Li2O confirming the significant potential of the project.
• 5 new additional claims totalling ~22km2 were included into the Gorge lithium Project area. The new claims increased the Gorge Project land size to ~43.0km2.
• Balkan Mining secured an exclusive option to acquire 100% of the Tango Lithium Project located in the Georgia Lake Area, Ontario, covering ~9km2.
• Initial mapping identified a new pegmatite field at Tango lithium Project.
• Heliborne geomagnetic survey completed over the Tango lithium project.
• The Arrel lithium project was acquired, covering a further ~27km2 in the Georgia Lake lithium district, situated in between the Company’s Gorge and Tango projects, further solidifying the Company’s strong presence in the region. Balkan Mining and Minerals,

Managing Director, Ross Cotton commented: “Our CY22 finished in a great way with the transformative acquisitions of Tango, Arrel, Corvette North and Northwest and the doubling of the Gorge land position to 43km2. Additionally, with Karl Simich agreeing to join the board and taking an active role in the strategy and development of Balkan Mining and its assets is something that we believe will help to deliver significant value for shareholders in 2023 and beyond”.

Highly experienced mining executive Mr Karl Simich agreed to join the Board as a Director, with a particular focus on strategy and development. Mr Simich’s tenure will begin on the satisfactory completion of the resolutions to be considered at the Company’s General Meeting of shareholders being held on Monday, February 13.

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