Quarterly Activities/Appendix 5B Cash Flow Report

Lithium portfolio continues to expand in Canada having secured a new prospect in Ontario covering ~42km2. BMM is poised for growth during 2023, with exploration programs planned across the entire portfolio consisting of ~22km2 in the emerging lithium district of James Bay in Quebec and ~120km2 of highly prospective ground in Ontario, with the addition of the Barbara Lake Project. Key strategic and operational milestones were achieved during the period, outlined below.

HIGHLIGHTS

• BMM entered into agreement to acquire 100% ownership of the Barbara Lake Project, covering ~42km2 and situated in the well-known Georgia Lake spodumene-bearing pegmatite district of Thunder Bay North Mining District of Ontario, Canada, in Quebec. Acquisition completed in April 2023.
  
• This acquisition has expanded BMM’s Ontario portfolio footprint to ~120km2.
• Expansion of management team with the appointment of Karl Simich as a director of the Company in February 2023.
• Canadian visit by senior management inclusive of site visits, stakeholder and investor engagement.

Balkan Mining and Minerals, Managing Director, Ross Cotton commented:

“The strategic acquisition of the Barbara Lake Project fits in almost perfectly with planned field programs at our northwest Ontario and Quebec projects. Furthermore, the Barbara Lake acquisition enhances the prospectivity of exploration planned across our northwestern Ontario portfolio which will include modern investigation of these previously mapped areas in the 1950s and 1960s, techniques which have lead to recent significant discoveries in the region."

Canadian Projects (Ontario and Quebec)

Following the diversification strategy incorporating the strategic earn-in agreement on the Gorge Lithium exploration project and option agreement secured over the Tango Lithium exploration project located in the Georgia Lake Area, Thunder Bay North Mining District of Ontario, Canada, BMM continued to increase its interest in prospective projects in Canada, securing a new prospect in Ontario, the Barbara Lake Project, adding a further ~42km2 to the Company’s Canadian project portfolio.

The Barbara Lake Project is in the central portion of the Barbara Lake Area and encompasses the southwestern part of Georgia Lake. The Project is located approximately 37 km northeast of Nipigon and 150 km northeast of Thunder Bay, Ontario.

Figure 1 – Barbara Lake Project Geology Map

Above shows the geology map of the newly acquired Barbara Lake Project, and below the Company’s broader Ontario Projects and Thunder Bay mining district (excluding Corvette North and Northwest Projects which are located in Quebec).

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