Ballard Mining said its September 2026 update increased the Mt Ida global Mineral Resource by 658,000 ounces, or 56%, from the February 2026 estimate. The company attributed the increase to 124,626m of reverse-circulation and diamond drilling, with contributions from Baldock, West Knell and Golden Vale, plus maiden resources at Neptune, Pluto and Astro-Quasar.
The company reported an open-pit Mineral Resource of 12.4Mt at 2.4g/t gold for 970,000oz and an underground Mineral Resource of 7.9Mt at 3.4g/t gold for 866,000oz. Baldock accounted for 53% of the open-pit resource and 98% of the underground resource, according to Ballard.
During the quarter, the West Knell mining lease was granted, bringing Mt Ida to seven granted mining leases. Ballard said feasibility-level geotechnical assessments had been completed for the Baldock open pits and underground mine, and for the Kestrel open pit. It is targeting a maiden Ore Reserve and Feasibility Study by mid-2027, ahead of a financial investment decision.
Ballard also completed a placement in October, after quarter end, raising approximately A$45 million before costs. The company said it had A$44.1 million in cash at 30 September and a pro-forma cash balance of A$94.1 million inclusive of placement proceeds and the planned A$5 million share purchase plan.
Source: Download BM1 official ASX announcement, 2026-10-26.
Mt Ida project map from Ballard Mining's 26 October 2026 quarterly activities announcement.