Ann: First assays from Torpys confirm exceptional Ag-Zn-Pb grades, page-2

Better than I thought -- Silver worth 45% of value. And with silver demand far ahead of global supply price could double again very quickly.

Well done Sir!

“With silver doubling in price in 2025 and currently sitting at historic highs of US$57/oz, these results confirm Torpy’s potential as a very valuable high-grade silver-lead-zinc discovery. Silver represents around 45% of the assay’s in-situ value.

Indium’s growing demand in electronics, particularly as a transparent conductive coating for flat-panel displays, touchscreens, and solar cells, further enhances the project’s strategic importance.The current indium price is ~US$820/kg (99.99% indium) and has performed well over recent years due to increasing industrial demand and constrained supply, making it a strategic criticalmetal.

ASX Announcement Page 2
To date, two lenses of high-grade silver-lead-zinc-indium have been encountered at Torpy’s but there is high potential to locate more. To this end, drilling has been briefly paused to do downholeEM surveys on the first three holes and delineate potential extensions and nearby lenses.

Pending new results at Torpy’s, the drill rig will complete a small initial drill program at ourManiopota prospect, located west of Torpy’s. This is another exciting lead-zinc-silver-copper-gold prospect in a major skarn alteration zone within the same corridor as the Red Dome and Mungana gold-base metal mines. Drilling also continues at Seventy Mile Mount, near Charters Towers and development continues at the Dittmer mine. All of this work is setting the platform for an exciting 2026 for Ballymore Resources."