Bellevue Gold Limited · ASX:BGL
Bellevue Gold — Corporate Update (December 2022)
51 slides from Bellevue Gold's corporate update, Dec 6, 2022
Slide 1: Progress Update and Capital Raising Presentation
Progress Update and Capital Raising Presentation High-grade Bellevue Gold Project in WA Building Australia’s next Major Gold Mine December 2022
Slide 2: Disclaimers & Compliance Statements
Disclaimers & Compliance Statements This Presentation has been prepared by Bellevue Gold Limited (Company) and is authorised by the Managing Director of Bellevue Gold Limited. Not for release to US wire services or distribution in the United States. DISCLAIMER This Presentation has been prepared by
Slide 3: Disclaimers & Compliance Statements
Disclaimers & Compliance Statements JORC COMPLIANCE STATEMENTS 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 ("JOR
Slide 4: Disclaimers & Compliance Statements (cont.)
Disclaimers & Compliance Statements (cont) DISCLAIMER Macquarie Capital (Australia) Limited (ABN 79 123 199 548) and Canaccord Genuity (Australia) Limited (ABN 19 075 071 466) are acting as joint lead managers and underwriters (Joint Lead Managers) to the Placement. To the maximum extent permitted b
Slide 5: Contents
Contents 01 Executive Summary and Project Update 02 Equity Raising Overview Appendix A Project Overview B Company Overview C Key Risks D International Offer Restrictions
Slide 6: Executive Summary and Bellevue Gold Project Update
01 Executive Summary and Bellevue Gold Project Update
Slide 7: Overview
Overview Bellevue Gold Project (Project) is on-track for first production in H2 CY23. Up to A$70 million equity raising (before costs) to accelerate underground development and exploration, and increase financial flexibility during construction and ramp-up Equity • Fully underwritten placement to so
Slide 8: Uses of Offer Proceeds
Uses of Offer Proceeds Additional funding de-risks execution post production and increases financial flexibility during construction Funding uses A$m Additional funding facilitates: Accelerated underground development 25 a) Most efficient mining unit rates Tribune early development 10 b) Further de-
Slide 9: Project Cost Update
Project Cost Update1 (A$m) A + B = C June 22 Total Spend to date Remaining Updated Total Pre-commercial production project Project Spend (Nov 22) Project Spend Project Spend costs updated to include additional Site capital 732 27 44 71 spend on accelerated underground development Processing plant 92
Slide 10: Developing ahead of schedule
Developing ahead of schedule Since June 2022, Bellevue has achieved a 32% uplift on underground development rates vs planned development This has the benefit of increased cost efficiencies through generating a lower cost of development on a per metre basis (more metres per jumbo) and economies o
Slide 11: Accelerating Underground Development
Accelerating Underground Development Additional 4,000m - 5,000m of development to be completed prior to 30 September 2023 (in excess of June 2022 Project Update plan) Development will focus on high-confidence, high-grade, sub-vertical mining areas in order to de-risk first and ongoing production
Slide 12: Tribune Early Development
Tribune Early Development Fast Tracking Tribune – additional mining front earlier than planned Cost benefit to mining Tribune early – ability to utilise open pit mining equipment when on site for Vanguard. Avoid additional mob/de-mob costs & lower unit rates when mining both areas (utilise equip
Slide 13: Grade control schedule to production and beyond
Grade control schedule to production and beyond Next 12 months ~90,000m of underground diamond grade control drilling, de-risking Ore Reserve and converting Inferred Resources Additional funds allow completion of ~18,000m of grade control drilling at Marceline, supporting accelerated mine plan N
Slide 14: Reserve development drilling from underground development
Reserve development drilling from underground development ~1.8Moz Inferred Resource sits outside current Ore Reserve - targeted to convert to Indicated to grow the 1.34Moz Reserve Underground drill platforms allow Resource conversion at significant cost savings relative to surface drilling, esta
Slide 15: Exploration targeting from underground development
Exploration targeting from underground development Underground drill platforms provide the ability to continue testing conductive down hole electromagnetic (DHEM) targets outside the current Resource Includes the southern extents of Deacon, Bellevue, Viago and Tribune which have been previously
Slide 16: Exploration targeting continued organic growth to deliver outperformance
Exploration targeting continued organic growth to deliver outperformance Since the discovery hole in November 2017, the Resource has grown at a compound annual growth rate of 63% Reserve conversion - further growth potential to grow the 1.34Moz Reserve Exploration potential - the current 3.1Mo
Slide 17: Consistently delivering since July 2020
Consistently delivering since July 2020 The company is continually delivering on time, we are on-track to achieve first production in H2 CY23 Project execution is significantly de-risked to cost escalation with 90% of the project capital committed Tier 1 contractors appointed and work underway
Slide 18: Equity Raising Overview
cA BELLEVUE GOLD O2 Equity Raising Overview
Slide 19: Overview of equity raising
Overview of equity raising Bellevue is conducting an underwritten institutional placement to raise A$60 million and a non- underwritten Share Purchase Plan to raise up to A$10 million to raise up to A$70 million (before costs) (together, the Offer) Offer structure • Bellevue is conducting the Offer
Slide 20: Equity raising timetable
Equity raising timetable Event Date1 Placement Trading halt Tuesday, 6 December 2022 Launch of Offer and Investor Presentation Tuesday, 6 December 2022 Trading halt lifted and announcement of completion of Placement Thursday, 8 December 2022 Settlement of Placement Shares Monday, 12 December 2022 Al
Slide 21: Sources and uses of funds
Sources and uses of funds Offer proceeds to de-risk production and increase financial flexibility Sources of Funds2 A$m during construction and ramp-up, including: Accelerate underground development Fully underwritten institutional placement 60 • Accelerate 4,000 – 5,000m of underground development
Slide 22: Pro-forma financial position
Pro-forma financial position Pro-forma capital structure 1 Additional funding de-risks execution post production, in addition to pro-forma cash and undrawn debt facility, we also have a number of levers available which will increase our financial flexibility (if required): Shares Cash at bank (m) (A
Slide 23: Rapidly de-risking towards production
Rapidly de-risking towards production Continued delivery of several major milestones for the development of the globally significant Project: Liquidity1 (A$m) Construction well advanced with critical path lead items under manufacture and components arriving in Perth A$60-70m A$47m A$307- Mine develo
Slide 24: Investment highlights
Investment highlights World class potential Resource Growth Production Growth ESG Leader De-risking Forecast to be a Since the discovery Project mine life Project is forecast 75% through top 20 Australian hole in November has grown 25% to to have the lowest development timeline gold producer 2017, t
Slide 25: A Project Overview
cn BELLEVUE GOLD A APPENDIX Project Overview
Slide 26: Mine Life Extension
10-year mine life with organic growth potential Multiple opportunities for organic growth: 1. Nameplate 1Mtpa - crushing circuit has been designed to process higher throughput rates than 1Mtpa 2. Resource conversion - another 40% of the Resource sits outside the current mine plan 3. Further explor
Slide 27: Construction Progress on track
CIL ringbeams November 2022 Chutes ready for transport November 2022 Raisebore commenced November 2022 Construction Progress on track GRES fully mobilised and advancing construction activities Bulk earthworks completed Detailed earthworks complete for all critical path areas Structural
Slide 28: Mining Development ahead of schedule
New Sandvik LH517 Development bogger November 2022 New Normet charge up rig November 2022 Mining Development ahead of schedule Develop Global Ltd Mining fleet updated with new equipment landed on site 6.7km of underground development completed on site to date Second jumbo commenced October, th
Slide 29: Development milestones achieved
Development milestones achieved Development intersects first ore First high-grade Armand lode intersected in July 2022 – 7g/t face The first of >5 independent mining areas to be accessed for commercial production Multiple production fronts will allow for maximum flexibility and scalability for
Slide 30: Grade control delivering positive reconciliation
Grade control delivering positive reconciliation Recent grade control drilling at Upper Armand has delivered improving geological confidence An 86% increase in Indicated metal, a 17% increase in contained metal and an increase of 3.3% in Indicated gold grade, resulting in an 80% increase in Indi
Slide 31: Camp complete and operational
Camp complete and operational The 343 room camp is now complete and operational Designed for worker comfort with dependable phone reception, high speed internet, large modern gym, sports court and other recreational facilities, rooms are 20% bigger than industry standard Service area tanks (wate
Slide 32: EWA signed for 80% renewable hybrid power
EWA signed for 80% renewable hybrid power Bellevue has signed an Early Works Agreement with Energy Developments Pty Ltd (EDL), a Tier-1 provider of sustainable distributed energy, for an off-grid hybrid power station The EWA is a pivotal step in Bellevue’s strategy to minimise greenhouse gas emi
Slide 33: Processing – Infrastructure allows for growth
Processing – Infrastructure allows for growth Reagents Current Simple layout and orientation - 1Mtpa nameplate Gold Room Simple metallurgy – 97% total recovery, including Thickeners CIL >60% gravity recovery Crushing Circuit Ball Mill Admin & Stores Simple flowsheet – tried and tested ROM Pad
Slide 34: Growing in a world class mining jurisdiction
Growing in a world class mining jurisdiction Host to > 200Moz of gold endowment in a tier 1 location West Australia globally recognised tier 1 mining jurisdiction, ranked #1 on the Fraser Index 2021 for BELLEVUE GOLD PROJECT Mining Attractiveness 3.9Moz Endowment Agnew/Wiluna Belt Large and expe
Slide 35: B Corporate Overview
B APPENDIX Corporate Overview
Slide 36: Corporate Summary
Corporate Summary Delivering results to our shareholders A$/sh On track ~4,740% 1.4 ASX Code Shares on issue ~1,048m BGL Current Share Price Market Capitalisation A$1.21/sh A$1,268m 14 for first 1.2 Unlisted performance rights ~44m Cash A$107 - 117m2 since 6 January 2017 (from A$0.025/sh) production
Slide 37: Sustainability is core to BGL’s vision and purpose
Sustainability is core to BGL’s vision and purpose Vision To be a sustainable gold mining company that enriches our shareholders, community and people To create a high-performance organisation that delivers superior shareholder value, positive ESG outcomes and an environment for our people to Purpos
Slide 38: Board and management – a proven team of mine builders
Board and management – a proven team of mine builders Darren Stralow Mining Engineer 20yrs experience Chief Executive Previous role of Chief Development Officer and GM of Operations Investment Banking Officer at Northern Star Resources (NST) 35yrs experience Led integration of NST’s Australi
Slide 39: C Key Risks
cn BELLEVUE GOLD APPENDIX Key Risks
Slide 40: Key risks
Key risks In this risks section, Company refers to Bellevue Gold Limited and its subsidiaries where the context permits. The project has continued to be de-risked by the following events being achieved since the June 2022 Project Study Update release: • Ongoing drilling of the Mineral Resources with
Slide 41: Key risks (cont.)
Key risks (cont.) Financing risks Macquarie Bank Limited (Macquarie) has signed finance documents to provide a A$200m Project Loan Facility (PLF). The PLF will be secured and utilised for the development, construction, operation and working capital and associated costs of the project. As at 30 Novem
Slide 42: Key risks (cont.)
Key risks (cont.) It is possible that an individual knowledge holder under the Aboriginal Cultural Heritage Act 2021 (WA) or an individual Aboriginal person under the Aboriginal and Torres Strait Islander Heritage Protection Act 1983 (Cth) could take action for a declaration which could, if it succe
Slide 43: Key risks (cont.)
Key risks (cont.) The occurrence of any one of these circumstances could result in the Company not realising its operational or development plans or in such plans costing more than expected or taking longer to realise than expected. Any of these outcomes could have an adverse effect the Company's fi
Slide 44: Key risks (cont.)
Key risks (cont.) Changes in law, government policy and accounting standards Adverse changes in government policies or legislation may affect ownership of mineral interests, taxation, royalties, land access, labour relations, and mining and exploration activities of the Company. It is possible that
Slide 45: Key risks (cont.)
Key risks (cont.) Occupational, health and safety Mining and exploration activities have inherent risks and hazards. The Company is committed to providing a safe and healthy workplace and environment for its personnel, contractors and visitors. The Company provides appropriate instructions, equipmen
Slide 46: Key risks (cont.)
Key risks (cont.) Underwriting risk The Company has entered into an underwriting agreement with the Joint Lead Managers who have agreed to fully underwrite the Placement, subject to certain terms and conditions (Underwriting Agreement). If certain conditions are not satisfied or certain events occur
Slide 47: Key risks (cont.)
Key risks (cont.) Potential for Dilution and Control Risk 6.4% of all the issued shares in the Company immediately following completion of the Placement and the SPP. This means that to the extent Shareholders do not participate in the Placement or the SPP their holdings. Upon completion of the Place
Slide 48: D International Offer Jurisdictions
D APPENDIX International Offer Jurisdictions
Slide 49: International Offer Restrictions
International Offer Restrictions This document does not constitute an offer of new fully paid ordinary shares of the Company ("New Shares") in any jurisdiction in which it would be unlawful. In particular, this document may not be distributed to any person, and the New Shares may not be offered or s
Slide 50: International Offer Restrictions (cont.)
International Offer Restrictions (cont.) Hong Kong WARNING: This document has not been, and will not be, registered as a prospectus under the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong, nor has it been authorised by the Securities and Futures Commission in H
Slide 51: International Offer Restrictions (cont.)
International Offer Restrictions (cont.) Switzerland The New Shares may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange or on any other stock exchange or regulated trading facility in Switzerland. Neither this document nor any other offering or marketing mater