Quarterly Activities Report June 2022

Balkan Mining and Minerals Ltd (BMM or the Company) (ASX: BMM) provides the Company’s quarterly activities report for June 2022. In addition to advancing the exploration at the Company’s Serbian flagship Rekovac lithium-boron project, the company successfully identified the Gorge Lithium project in Ontario, Canada aiming at derisking and complementing the Company’s Lithium portfolio.

Highlights

• Drill locations considered and identified across Rekovac, while preparation works continued along with associated land access agreements with the continued progression of stakeholder engagement.
• Diversification of the Company’s Lithium portfolio with the option to acquire the Gorge Lithium project in Ontario, Canada.
• $1,500,000 to be raised, subject to shareholder approval, to realise the potential of the Gorge project.
• Technical capabilities bolstered in the Balkan region with key personnel appointments, including geological and investor relations.

• CSA Global manadated as consultants to the Gorge project.
• Collaboration with Parvate Collective, the Company’s ESG specialist and trainer, has progressed continuing to assist with the development of a sustainable and responsible business model.
• Further project generation has progressed in line with the Company’s goals of increasing its access to further opportunities.

Lithium-Borate Assets
Gorge Lithium Project (Canada, under option to acquire, subject to shareholder approval)
As announced on 4 July 2022, the Company has secured an exclusive option to acquire up to 100% of the Gorge Lithium exploration project located in the Georgia Lake Area, Thunder Bay North Mining District of Ontario, Canada (the “Gorge Lithium Project” or “Project”). Due Diligence has progressed with the appointment of CSA Global. The Company expects to distribute a notice of shareholder meeting in the coming weeks. Refer to the Company’s announcement of 4 July 2022 for a summary of the key terms and conditions of the Gorge Lithium Project transaction.

The Gorge Lithium Project is located approximately 175km to the northeast of the City of Thunder Bay. The Project comprises of 7 active multi-cell mining claims covering a total area of approximately 20.8km2 and is located within the larger Georgia Lake pegmatite district which hosts potential for the discovery of lithium bearing pegmatites.

The Project area is accessible by bitumenised highways and dirt roads from Thunder Bay, proximate to railway networks with an international airport located at Thunder Bay.

The Port of thunder Bay is a major facility that ships a number of commodities and general cargo via the Great Lakes.

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