March 2024 Quarterly Activities Report

Balkan Mining and Minerals Ltd (ASX: BMM; "BMM" or "the Company") provides the Company’s quarterly activities report for the nine months ended 31 March 2024 (“Quarter”).

HIGHLIGHTS

• Balkan Mining and Minerals Ltd (“BMM”) exploration activities during the quarter was primarily focused on evaluation of the Gorge Lithium Project (Ontario, Canada)
• BMM evaluated the data received from exploration completed at the Tango Lithium Project with a view to progress the project during the upcoming field season
• Currently BMM is awaiting assays from a 1,500m diamond drill program completed at Gorge in Q2 FY24. The company is working on the delivery of the assays with the contactor responsible and will release the results as soon as possible
• BMM continues to conserve capital with limited on-ground exploration and is evaluating opportunities outside the Ontario region to identify assets complementary to the Company’s existing portfolio and skillsets with potential to add significant shareholder value

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

“Whilst we are frustrated by delays in receiving the assays from our maiden diamond drilling activity conducted at the Gorge Lithium Project in Ontario, we have nevertheless conducted valuable analysis of the data collected to date during the quarter. We are attempting to resolve the issues preventing us access to the assays with a third party and intend to release the assay results as soon as they are received.

In the meantime, we are assessing several exciting opportunities to improve and diversify our project portfolio and will advise our shareholders of any new potentialities if and when appropriate.”

Gorge Lithium Project (Ontario, Canada)

As reported in the December 2023 Quarterly Activities Report, a maiden 2,500m diamond drill program was completed at the Gorge Lithium Project during December 2023. The drilling activity focused on known pegmatite occurrences at the Nelson and Koshman prospects with wide visual spodumene mineralisation observed in drill core at the Koshman Prospect (see ASX Announcement dated 12 December 2023).

BMM has been seeking to obtain the assays from this drill campaign from a third party. The Company is attempting to resolve the issues preventing access to this information and will advise shareholders of the assay results as soon as they are received.

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