Quarterly Activities Report March 2022

Balkan Mining and Minerals Ltd (Balkan or the Company) (ASX: BMM) provides the Company’s quarterly activities report for March 2022. The primary focus of the Company’s activities over this period has been the continued exploration at the Company’s Serbian lithiumboron projects and reviewing complementary projects as well as the appointment of key consultants.

• Drill locations considered across Rekovac while preparation works continued, associated access agreements negotiated and stakeholder engagement progressed.
• Gravity survey has identified two major parallel deep-seated faults that may have acted as pathways for mineral-bearing fluids.
• X-ray Diffraction (XRD) and Scanning Electron Microscopy (SEM) sample analysis have confirmed the presence of Greigite, an iron-rich magnetic sulphide, which has been found in associated boron deposits.
• Boron assays received from initial sampling program at Dobrinja yielding encouraging results with up to 2,300 ppm of B2O3 (avg. 497 ppm B2O3) indicating a permissive environment for mineralisation.

Corporate

• ESG specialists, Parvate Collective, were appointed to support and advise on the development and implementation of the Company’s ESG strategy.
• BMM is committed to developing a resilient and sustainable business based on strong ESG values.
• Project generation progressed with the review of potential opportunities.

Serbian Lithium-Borate Assets

Rekovac Lithium-Borate Project (100%)

In the December quarter, the Company completed gravity and magnetic geophysics interpretation over the entire Rekovac Lithium-Borate Project1. Geophysics interpretation aided in defining deep-seated fault zones within the project area.

With this data, the Company continued an aggressive progress review of drill sites for follow-up testing. This included the preparation of the planned drilling campaign, together with the continued stakeholder engagement and community consultation, aided by the assistance of Pasala Exploration and Mining and its wealth of Serbian mining knowledge and expertise.

Gravity Interpretation Results

The Rekovac basin likely contains a gravity range representing a thick sedimentary section. This information provided the Company with a detailed image of the geometry of the basement surface cut by the fault and thus an estimate of the vertical offset.

The boratiferous sediment section, which occupies the southwestern rim, likely extends to the northeast into a thick section of younger sedimentary cover.

Magnetic Survey Interpretations

The purpose of the airborne magnetic survey interpretation was to gather data that would help identify areas with the presence of “blind” Calc – Alkaline volcanic formations that may serve as a source of the volatile elements.

Growth faults are believed to have channelled mineral-rich fluids (brines) to the host strata during early basin development. The overall magnetic field over the northern portion of the project area has been found to be low to moderately low, with values diminishing to the north of the project area, likely due to the thickening of nonmagnetic younger sedimentary cover.

Within this context, a slightly higher magnetic pattern (10nT above background) may indicate a spring source. The spring water broadly discharged elevated elements into the playa lake waters along faulted margins. These types of subaqueous springs have long been held as an explanation for lithium borate origins in the Rekovac basin.

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