Maiden Drill Program at Gorge Lithium Project Intersects Spodumene

Balkan Mining and Minerals Ltd ("BMM" or "the Company") (ASX: BMM) is pleased to provide an exploration update at the Gorge Lithium Project located in Ontario, Canada (the "Gorge Lithium Project" or the "Project").

HIGHLIGHTS

• Pegmatites with visible spodumene (5-15% content1) intersected in first lithium- focused drill hole from 7.6m depth at Nelson.
• Mechanical stripping identifies additional extensions of spodumene pegmatite at both Nelson and Koshman occurrences.
• Exposed spodumene pegmatites at Nelson provide an extension over 200m along known strike.
• Recently identified spodumene pegmatite dyke SP-23-2 extends over 50m along the strike with pegmatite dyke width varying between 2.6-5m at surface and containing visible spodumene ranging from 5 to 20% content¹.
• Newly discovered spodumene pegmatite outcrops are a major breakthrough for the Company and demonstrate the potential scale of mineralisation – to be tested by ongoing drilling.

"Our exploration team is extremely pleased to have intersected visible spodumene at the Nelson pegmatite in our very first drill hole from the Gorge Lithium Project. This is only the start of our drilling activity targeting pegmatite occurences which have been identified from field work.

This prospect, along with an abundance of other targets at Gorge - including the Koshman and newly identified SP-23-2 pegmatites - warrant further investigation. Drilling is continuing and we look forward to updating shareholders as results come to hand"

The drill hole NL-23-001 intersected spodumene pegmatite from 7.6m to 11.0m down hole confirming the extension of the Nelson outcropping spodumene pegmatite at the depth. The pegmatite is composed of very coarse spodumene crystals embedded into a quartz-rich matrix. Based on a visual inspection of the mineralised interval visible spodumene content ranges from 5 to 15% of spodumene mineral content1. Drill assay results are expected in 4-6 weeks.

Figure 1 – DH NL-23-001 - Spodumene pegmatite intercept

Table 1 – Mineralised interval - Intervals are down hole length, true width not known. Spodumene % are based on visual estimates1

Figure 2 – Geology Map of Nelson pegmatite showing drill hole locations and newly exposed spodumene pegmatites SP-23-1 and SP-23-2

Figure 3 – Cross section through drill hole NL-23-001

In parallel to drilling the company continued mechanical striping of both Nelson and Koshman pegmatites.

Surface stripping at Nelson has revealed new spodumene pegmatites along an extent of 200m along the strike identifying a much larger system. Newly exposed spodumene pegmatite (SP-23- 2) has an extension over 50m in length with a pegmatite width ranging from 2.6 to 5 meters at the surface and contains visible spodumene ranging from 5 to 15% content¹.

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