Recent gold IPO Ballard Mining is seen as a potential 100,000-ounce-per-annum miner in the next 2–3 years, according to an assessment by capital markets firm Bell Potter.
The firm believes a one-million-tonne-per-annum development at Mt Ida, north of Kalgoorlie in Western Australia, could have capex of $250 million and average annual production of nearly 100,000 ounces at all-in sustaining costs of $2241/oz.
It also believes construction of such a development could begin at the back end of next year.
That would see first production in FY28.
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Very advantageously, Mt Ida already features a granted mining lease.
Ballard's main deposit, Baldock, is currently estimated to contain 7Mt at 4.1 grams per tonne gold for 940,000oz.
A 130,000m drill campaign recently began, with Ballard having 3–4 rigs in action at Mt Ida.
As well as the standard re-rates expected upon resource updates and feasibility results, Bell Potter highlighted the location of Mt Ida within 100km of established mining operations, including those owned by Ora Banda Mining, Vault Minerals and Genesis Minerals.
At trading levels today, Ballard has an enterprise value of about $135–140 million.
Ballard completed its $30 million IPO last month, with the explorer's parent Delta Lithium and associates holding about 56% of the company.
Shares in that IPO were priced at 25c each.
Speaking to MNN on the sidelines of Diggers and Dealers 2025, Brennan said Ballard was pleasantly surprised at the institutional support for the IPO.
"We expected there would probably be mainly retail investors, but we've certainly had some cornerstone, well-known institutional investors come onto the register," Brennan said.
"That's a great result for Ballard; build the register to build the mine."
Ballard's shares were up 10% to 48.5c in morning trade, capitalising it at $165 million.
As of early this week, Bell Potter had a valuation of 65c/share.
