Quarterly Activities/Appendix 5B Cash Flow Report

Balkan Mining and Minerals Ltd (“BMM” or “the Company”) (ASX: BMM) provides the Company’s quarterly activities report for three months ending 30 June 2023 (“Quarter”).

Lithium portfolio continues to expand in Canada, consists of ~22km2 in the emerging lithium district of James Bay in Quebec and ~120km2 of highly prospective ground in Ontario. Key strategic and operational milestones were achieved during the period, outlined below.

HIGHLIGHTS

• Assay results from stepped out systematic Gorge project soil sampling program return strong anomalous Li, Cs, and Ta results identifying ~2.6 km of trend strike prospective for lithium bearing pegmatites.
• In total, 651 soil samples taken across the enlarged area of 5 km2 returning a positive correlation for Li, Cs and Ta and a negative correlation for ratios K/Rb and K/Cs indicating a fertile LCT pegmatite environment.
• Soil sampling data has been integrated with previous exploration results (including rock chip and pegmatite channelling programs) confirming targets for drill testing.
• Tango channel samples confirmed the presence of lithium mineralisation across the pegmatite exposure with the highest value up to 3.4% Li2O, averaging 1.49 % Li2O.

Following the diversification strategy, BMM continued to increase its interest in prospective projects in Canada, completing the acquisition of a new prospect in Ontario, the Barbara Lake Project, adding a further ~42km2 to the Company’s Canadian project portfolio, increasing the Company’s Ontario portfolio footprint to approximately 120km2, as depicted below.

During the Quarter, the Company continued its analysis of data collected on its expanded Canadian project portfolio. With the start of the spring field season, the Company accelerated its field work programs on high priority targets identified at the Gorge and Tango projects and to initiate preliminary exploratory works on Arrel, Barbara and Corvette North and Northwest Projects.

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