Delta Lithium

BALLARD MINING IPO

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Delta has announced the demerger of its gold assets at the Mount Ida Gold Project into a new company, 

, to be listed through an IPO. Ballard will focus solely on gold exploration and development, marking a strategic separation from Delta’s lithium operations.

: The decision to spin off Ballard stems from a strong gold asset base developed with modest capital, against a backdrop of weaker lithium markets.

: Ballard will offer 100–120 million new shares at $0.25 per share, targeting $25–$30 million in capital. Post-IPO, Ballard will have an undiluted market cap of $80–$85 million, with Delta retaining 46–49% ownership.

: Eligible Delta shareholders will receive Ballard shares through an in-specie distribution (1 Ballard share per 11.25 Delta shares). Small holdings under 2,000 Ballard shares will be sold via a facility unless opted out by 27th June.

: Shareholders as of 6th June 2025, may apply for additional Ballard shares under a priority offer.

: Ballard will be led by Simon Lill as Chair and Paul Brennan, Delta’s CDO, as Managing Director.

The companies aim to establish themselves as distinct leaders in lithium and gold exploration. Further information is provided in the Notice of Meeting and IPO prospectus.