Bellevue Gold Limited · ASX:BGL
Bellevue Gold — Investor Presentation (July 2020)
35 slides from Bellevue Gold's investor presentation, Jul 9, 2020
Slide 1: Developing the high-grade 2.3Moz Bellevue Gold Project in WA
Developing the high-grade 2.3Moz Bellevue Gold Project in WA A$120m equity raising to accelerate the pathway to resource growth and development Equity Raising Presentation Follow us @bellevuego l d www.bellevuegold.com.au
Slide 2: Disclaimer & Cautionary Statements
Disclaimer & Cautionary Statements This presentation has been prepared by Bellevue Gold Limited (the Company) and is authorised by the Board of Directors FINANCIAL DATA of Bellevue Gold Limited. This presentation has been prepared in relation to a placement and security purchase plan All dollar valu
Slide 3: Disclaimer & Cautionary Statements
Disclaimer & Cautionary Statements DISCLAIMER particular, this Presentation may not be distributed or released in the United States. The Shares have not been, and will Macquarie Capital (Australia) Limited (ABN 79 123 199 548) and Canaccord Genuity (Australia) Limited (ABN 19 075 071 not be, registe
Slide 4: Disclaimer & Cautionary Statements
Disclaimer & Cautionary Statements JORC CODE It is a requirement of the ASX Listing Rules that the reporting of ore reserves and mineral resources in Australia comply with the Joint Ore Reserves Committee’s Australasian Code for Reporting of Mineral Resources and Ore Reserves ("JORC Code"). Investor
Slide 5: Investment Highlights
Investment Highlights A$120m equity raising aimed at exploiting the project’s competitive advantages to accelerate development and expansion of the high-grade Bellevue Gold Project Underground portal at Bellevue’s Paris pit marked up for re-entry One of the highest-grade new gold discoveries globall
Slide 6: Overview of equity raising
Overview of equity raising Bellevue Gold Limited is conducting a fully underwritten institutional placement to raise A$100 million and a non-underwritten Share Purchase Plan to raise up to A$20 million (collectively “the Offer”) Offer structure and size • Bellevue is conducting the Offer to raise up
Slide 7: Timetable and pro-forma capital structure
Timetable and pro-forma capital structure Indicative timetable Pro-forma financial impact and capital structure Event Date1 Shares on issue (m) Cash at bank (A$m)2 Record date for eligibility to participate in SPP 5.00pm, Wed 8 July 2020 30-June 2020 (unaudited) 685 23 Trading halt Thu 9 July 2020 P
Slide 8: Tier 1 location in world-class gold belt
Tier 1 location in world-class gold belt Excellent infrastructure: • Services at Leinster, Leonora and Wiluna ✓ Historically significant gold producing region: ✓ • Major gold deposits & producing gold • Daily flights - Perth to Leinster (only 40km mines in proximity to Bellevue’s Projects south) (Ag
Slide 9: Gold Resources (Moz)
A rapidly growing, multi-million ounce high-grade gold deposit Resource Update 7/07/20 2.3Moz Resource Update Resource at 10.0g/t 50,000 Update 24/02/20 2.5 • Maiden Indicated Resource of 860,000oz 2.2Moz at 11.6g/t at 11.3g/t 45,000 Resource Update • Includes high-grade core of 480,000oz at 15/07/1
Slide 10: Stage two drilling underway to grow maiden Indicated Resource
Stage two drilling underway to grow maiden Indicated Resource Indicated Resource (860koz at 11.6g/t) located (in blue) within existing discoveries, in close proximity to underground infrastructure and with all Resources remaining open 10 www.bellevuegold.com.au
Slide 11: Dual exploration and development strategy
Dual exploration and development strategy Maiden Indicated Resource combined with successful equity raising enables Bellevue to pursue the planned dual exploration and Reserve development strategy to accelerate project development in parallel with continued growth through exploration Invest in low c
Slide 12: Sources and uses of funds
Sources and uses of funds Proceeds from the Offer will be used to accelerate the development of the Bellevue Project: Ongoing exploration, underground development, non-process infrastructure and provide working capital Sources of funds A$m Uses of funds A$m Ongoing Resource growth & discovery drilli
Slide 13: Low capital intensive exploration and development
Low capital intensive exploration and development The $20m investment into re-establishing access will utilise existing infrastructure to accelerate development and reduce overall capital intensity of development and drilling • Existing Infrastructure - Over 28km of existing underground development
Slide 14: Exploration from underground a game changer
Exploration from underground a game changer Part of the $35m exploration spend will utilise existing infrastructure to accelerate exploration and significantly reduce capital intensity of exploration spend • Over 28km of existing underground infrastructure on site • High-grade core of maiden Indicat
Slide 15: Resource extension targets remain open in all directions
Resource extension targets remain open in all directions As part of the $35m exploration spend drilling will be targeted from surface and underground; all existing Resources remain open and the exploration strategy will target the Resource extensions along all existing lodes • In the near mine area,
Slide 16: 2020 EIS drilling: co-funded government exploration drilling
2020 EIS drilling: co-funded government exploration drilling Summary EIS drilling • 5,000m drill program designed to test for further repetitions of the known third-order high-grade mineralised Lodes (i.e. Bellevue, Tribune, Viago, Deacon) to the east of Deacon Lode • Proven DHEM surveying will also
Slide 17: Global Resource growth and new discovery potential
Global Resource growth and new discovery potential Existing Resources open in all directions as well as a range Kathleen Valley Government Well & Palmyra of exciting greenfield opportunities 17m at 4.2g/t gold from 19m 2m at 18.7 g/t gold from 32m 2m at 22.8 g/t gold from 8m Bellevue intends to grow
Slide 18: Current development timetable
1 Current development timetable Equity raising provides funding and flexibility to accelerate development and activities at Bellevue with a view to finalising economic studies in Q1 2021 Calendar Year 2020 Calendar Year 2021 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Dew
Slide 19: Key risk summary
Key risk summary Summary of key risks • Development and mining • Tenure • Estimates • Approval risk • Budget risk • Access risk • Commodity prices • Native Title risk • COVID-19 • Payment obligations risk • Additional requirements for capital • Environmental risks • Exploration risk • Contractual ri
Slide 20: Conclusion: Exploiting our competitive advantages
Conclusion: Exploiting our competitive advantages One of Australia’s highest-grade gold mines, with exciting exploration potential and an accelerated development timeline 10.0g/t 2.3Moz GRADE SCALE GROWTH LOW CAPITAL CASH One of the highest- A globally Further upside INTENSITY Strong cash grade new
Slide 21: Other Information
21 Other Information Follow us @bellevuego l d www.bellevuegold.com.au
Slide 22: Corporate Summary (pre offer)
CORPORATE SUMMARY (pre offer) BUILDING STRONG FOUNDATIONS Proforma Current (post-offer / offer price)3 Current Share Price A$1.12 A$1.00 ASX Code BGL ASX 300 (September 2019) Market Capitalisation A$767m A$805m Shares on issue 685m Cash1 ~A$23m ~ A$143m Management & consultant options & performance
Slide 23: Board of Directors
BOARD OF DIRECTORS A TRACK RECORD OF CORPORATE SUCCESS Executive Director & Non-Executive Independent Non-Executive Independent Director Non-Executive Independent Managing Director Company Secretary Chairman Ms. Fiona Robertson Director Mr. Steve Parsons Mr. Michael Naylor Mr. Kevin Tomlinson Ms. Sh
Slide 24: Executive Management Team
EXECUTIVE MANAGEMENT TEAM BUILDING A TEAM WITH A TRACK RECORD OF DISCOVERY THROUGH TO MULTI-MINE PRODUCTION GM People and Company Culture Chief Operating Officer Head of Corporate Development Chief Geologist Ms Daina Del Borrello Mr. Craig Jones Mr. Luke Gleeson Mr. Sam Brooks Daina is an experience
Slide 25: Depth Potential of Archean Gold Systems: A lot further to go
Depth Potential of Archean Gold Systems: A lot further to go Bellevue Jundee Darlot Kanowna Belle Agnew Gwalia Bellevue Gold Northern Star Red 5 Northern Star Goldfields St Barbara surface (previously Goldfields) surface ~800koz produced Historically Historically Historically Historically Historical
Slide 26: Key De-risking Events
Key De-risking Events A pathway to realising and unlocking shareholder value KEY DE-RISKING EVENTS ACHIEVED ON THE PROJECT TO DATE ►Key Building Blocks and achievements ✓ Demonstrate the quality of the asset – drill out a maiden Indicated Resource ✓ Demonstrate standout exploration capabilities and
Slide 27: Resource Estimate Bellevue Gold Project
Resource Estimate Bellevue Gold Project Independent JORC 2012 resource estimate for the Bellevue Gold Project (ASX 7 July 2020): 3.5 g/t gold lower cut-off, totals rounded to reflect acceptable precision Indicated Inferred Tonnes (Mt) Grade Gold Tonnes (Mt) Grade Gold (g/t) (Moz) (g/t) (Moz) Viago 0
Slide 28: Key risks and international restrictions
28 Key risks and international restrictions Follow us @bellevuego l d www.bellevuegold.com.au
Slide 29: Key risks
Key risks Risk factors scope of its operations and scale back its programs or enter into joint venture arrangements to reduce expenditure and this could have a material adverse effect on the Company's activities. This section identifies the areas that the directors regard as the major risks associat
Slide 30: Key risks
Key risks Budget risk Development and mining The exploration and development costs of the Company are based on certain assumptions with Ultimate and continuous success of the Company's activities is dependent on a number of factors respect to the method and timing of exploration and development. By
Slide 31: Key risks
Key risks Access to infrastructure Approval risks Mining, processing, development and exploration activities depend, to a significant degree, on The Company will be reliant on heritage, environmental and other approvals in Western Australia to adequate infrastructure. In the course of developing fut
Slide 32: Key risks
Key risks Commodity price volatility Competition If the Company achieves success leading to mineral production, the revenue it will derive through the The Company will compete with other companies, including major gold companies in Australia and sale of commodities exposes the potential income of th
Slide 33: International offer restrictions
International offer restrictions This document does not constitute an offer of new ordinary shares ("New Shares") of the Company in any Statutory rights of action for damages and rescission jurisdiction in which it would be unlawful. In particular, this document may not be distributed to any person,
Slide 34: International offer restrictions
International offer restrictions Canada (British Columbia, Ontario and Quebec provinces) (cont.) • is an investment business within the meaning of clause 37 of Schedule 1 of the FMC Act; Language of documents in Canada. Upon receipt of this document, each investor in Canada hereby confirms • meets t
Slide 35: International offer restrictions
International offer restrictions Switzerland (cont.) that are not US persons and for which they exercise investment discretion, within the meaning of Rule No offering or marketing material relating to the New Shares has been, nor will be, filed with or approved by any 902(k)(2)(i) of Regulation S un