Bellevue Gold Limited · ASX:BGL
Bellevue Gold — Non-Deal Roadshow (November 2021)
53 slides from Bellevue Gold's roadshow presentation, Nov 9, 2021
Slide 1: November Non Deal Roadshow
For personal use only November Non Deal Roadshow High-grade Bellevue Gold Project in WA fully funded to first production
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. DISCLAIMER For personal use only This Presentation has been prepared by the Company based on information from its own and th
Slide 3: Disclaimers & Compliance Statements - JORC
Disclaimers & Compliance Statements JORC COMPLIANCE STATEMENTS For personal use only 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
Slide 4: The BGL Value Proposition: Exploiting Our Competitive Advantages
The BGL Value proposition: Exploiting Our Competitive Advantages One of Australia’s highest-grade gold mines, with exciting exploration potential and an accelerated development For personal use only timeline that is fully funded to production: “Real People, Real Profits, Real Growth” 3.0Moz 2.4 MozF
Slide 5: Investment Highlights
Investment Highlights The recent A$106m underwritten placement and A$200m debt facility ensures Bellevue is fully funded to first production and on track to deliver the project in the June quarter of 2023, whilst continuing the exploration program For personal use only One of the highest-grade, lowe
Slide 6: Dual track strategy delivering value with the FS2 study
Dual track strategy delivering Value with the FS2 study • Bellevue’s dual track strategy of exploration and a pathway to production continues to unlock value • In only 6 months FS2 has added A$701m, or a 65% increase in free cash flow and increased the IRR to 72% (pre-tax) For personal use only • Fu
Slide 7: BGL on the cusp - Share Price Performance During Construction
BGL on the cusp- Share Price Performance During Construction • Post the announcement of construction development the selected comparable companies experienced a significant re- rate or an average increase of 163% over this period For personal use only Share Price Performance of Selected Comparable S
Slide 8: BGL joining an exclusive gold club
BGL joining an exclusive gold club • There are only 7 other assets globally in Tier 1 jurisdictions, that produce over 180kozpa with a head grade over 5g/t • FS2 will see the project produce over 200kozpa for the first 5 years and a LOM average of 183kozpa for 8.1 years • Further Resource conversion
Slide 9: BGL - Forecast to become a Top Australian gold mine
BGL – Forecast to become a Top 20 Australian gold mine • The updated Stage 2 Feasibility Study shows BGL is forecast to enter the Top 20 largest producing gold mines in Australia For personal use only • 21% uplift in LOM average production compared to the Stage 1 Feasibility Study released in Februa
Slide 10: BGL - Forecast to enter the bottom quartile on AISC vs peers
BGL – Forecast to enter the bottom quartile on AISC vs peers • The Stage 2 DFS positions BGL in the bottom cost quartile with a forecast LOM All In Sustaining Cost (AISC) of A$1,014/oz For personal use only • In the first 5 years of production the project will average an AISC of A$922/oz 2,104 2,034
Slide 11: FS2 vs FS1 - adding immediate value to the project
FS2 vs FS1 – adding immediate value to the project Stage 2 Study delivers a significant improvement in all key project metrics, including production, life of mine, costs, free cash flow, profit and return metrics; all without a material change in capital costs For personal use only Key LOM Productio
Slide 12: FS1 vs FS2 - What's Changed?
FS1 vs FS2 - What’s Changed? Key de-risking events achieved on the project since underground activities commenced Study Parameters FS1 FS2 Outcome For personal use only Mill Size 750 ktpa 1 Mtpa (and repriced) 33% Improvement Decreased risk with additional Independent Mining Areas Three areas and
Slide 13: A Resource that continues to grow rapidly
A Resource that continues to grow rapidly • Since the discovery hole in November 2017, the Resource has grown at a compound annual growth rate of 81% at a For personal use only discovery cost of A$18/oz BGL Resource Growth (koz) † BGL Resource per Share (oz/Msh) † † . 3,000 koz 2,410 koz 1,040 koz 3
Slide 14: A deposit that continues to grow in every direction
A deposit that continues to grow in every direction • Since the Tribune discovery hole in November 2017, the Resource has grown at a compound annual growth rate of 81% • The recent Lucknow discovery extends the strike to over 5km and the Lucien discovery sits 300m beneath the Deacon lode; For person
Slide 15: Further growth potential - Mining Shape Optimiser shapes
Further growth potential- Mining Shape Optimiser shapes NOT currently in mine plan • Of the 3Moz Global Resource only 50% of the Resource is in the current 1.5Moz mine plan For personal use only • The areas in red highlight the immediate conversion potential based off the same economics from the Sta
Slide 16: Bellevue Gold Project Fly-through
Bellevue Gold Project Fly-through- Click here For personal use only 16
Slide 17: BGL - Lowest capital intensity vs global developer peer group
BGL – Lowest capital intensity vs global developer peer group • BGL’s capital intensity of A$1,459/oz ranks it as the least capital intense development gold projects of scale For personal use only Capital Intensity (A$/koz) of key large scale development projects 13,080 7,800 5,825 4,867 4,346 3,427
Slide 18: BGL - Forecast to be Australia's lowest greenhouse gas emitter/oz
BGL - Forecast to be Australia’s lowest greenhouse gas emitter/oz • Bellevue is forecast to become the lowest emitter on a per ounce basis in Australia; the Stage 2 Feasibility Study shows a For personal use only forecasted greenhouse gas intensity of 0.202 t CO2e / oz. This has improved by ~30% due
Slide 19: BGL - FS2 delivers substantial production growth
BGL – FS2 delivers substantial production growth • Updated Stage 2 Feasibility Study provides for a production increase of 21% over the life of the project • Significant increase to production demonstrated within six months of previous study, with significant cashflow generation from For personal us
Slide 20: BGL - Forecast to deliver sector-leading financial returns
BGL – Forecast to deliver sector-leading financial returns • BGL’s production is forecast to commence in FY23 and set to deliver sector-leading profitability compared to its ASX For personal use only listed peer group • BGL will be leading the peer group in EBITDA Margin and AISC margin on a per oun
Slide 21: A$200M Fully Underwritten Credit Approved Project Finance
A$200M Fully Underwritten Credit Approved Project Finance • Macquarie was Bellevue’s first institutional investor and has elected to take the majority of upfront fees in Bellevue shares For personal use only • Due to the forecast strong free cash flow generation Bellevue will be in the enviable posi
Slide 22: Development & de-risking continues a rapidly growing Resource
Development & de-risking continues a rapidly growing Resource • FS2 further de risks the project with 5 independent mining areas accessed prior to production. Deacon, Viago, Armand, Marceline and Tribune with the total A$1,502m of capital and operating costs incorporated into the A$1,014/oz AISC For
Slide 23: Current Development timetable with targeted first gold production
Current Development timetable with targeted first gold production June Q 20231 For personal use only 2021 2022 2023 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Existing Decline Rehabilitation Development Underground Exploration Access Project Approvals and Permitting Early Works Infrastruc
Slide 24: Appendices
For personal use only Appendices Click here for the 3D Inventum model
Slide 25: Share Price Performance During Construction
Share Price Performance During Construction For personal use only Capricorn Metals West African Resources Atlantic Gold Roxgold Pretium Resources Construction timeline Construction commences 13-Mar-20 01-Jan-19 03-Jun-16 07-Apr-15 19-Jan-16 Commercial production 02-Sep-21 30-Jun-20 05-Mar-18 04-Oct-
Slide 26: Outstanding forecast EBITDA and free cash flow generation
Outstanding forecast EBITDA and free cash flow generation The Bellevue mine design and project has been optimised on profitability and free cash flow and not grade and the For personal use only project generates an average LOM FCF/oz of A$1,405/oz (pre tax and post commissioning) Pre-tax and at a sp
Slide 27: A Robust, Independent Feasibility Study
A Robust, Independent Feasibility Study On the pathway to production Bellevue has engaged industry leading experts to assist and drive the Feasibility Studies For personal use only Studies, mine design, scheduling Non-processing infrastructure Process plant and infrastructure Geotechnical engineerin
Slide 28: Fully Funded to Production
Fully Funded to Production For personal use only Pre-Production Capital Expenditure (A$M) Site and Sustaining Capital 66 Processing Plant 82 Open Pit 14 Underground1 132 Capitalised operating costs 19 Capitalised revenue (61) Sub Total 252 Contingency2 15 Total 267 Variations to FS1 include optimisa
Slide 29: Conventional Processing Facility - to deliver LOM recoveries of 96.7%
Conventional Processing Facility – to deliver LOM recoveries of 96.7% For personal use only Processing Plant • Total LOM recoveries forecasted at 96.7% • Process plant designed to recover high gravity component at the front end. Test work indicates between 58% and 85% is recoverable through gravity
Slide 30: Conventional mining methods
Conventional mining methods For personal use only Sub Horizontal Lodes (13% LOM Ounces) • Areas with footwall dips < 45o utilise a modified cut and fill method with sub level stoping • Primary development is driven along strike of the ore zones, the ore is then stripped out (up to 4.2m) • The primar
Slide 31: Project Operating Costs
Project Operating Costs For personal use only Operating Costs A$M A$/T Milled A$/oz Produced Operating Costs (post-production) • Underground & Open Pit Mining – Rates supplied by UG & OP Mining 649 81.99 438 competitive Request for Quotation (RFQ) processes. Costs include recovery of ore and deliver
Slide 32: BGL - Site Updated 3D Inventum video & Site Flyover Video
BGL – Site Updated 3D Inventum video & Site Flyover Video For personal use only 3D Inventum Link Click Below Project Flyover Link Click Below https://inventum3d.com/c/BGL/Bellevue https://bellevuegold.wistia.com/medias/w9cw1f5wk2 32
Slide 33: Corporate Summary
Corporate Summary Building Strong Foundations For personal use only ASX Code Current Share Price (as at 30 August 2021) A$0.91 BGL ASX 300 (September 2019) Market Capitalisation ~ A$897M Shares on issue ~985m Cash1 ~ A$168m Management & consultant options & Hits up to 163g/t New high grade Stage 1 F
Slide 34: Management Team with a proven track record
Management Team with a proven track record For personal use only Daina Del Borrello Craig Jones Sam Brooks Luke Gleeson Maddison Cramer Rod Jacobs Amber Stanton GM People and Company Culture Chief Operating Officer Chief Geologist Head of Corporate Development Joint Company Secretary Project Directo
Slide 35: Board of Directors
Board of Directors For personal use only Kevin Tomlinson Steve Parsons Fiona Robertson Shannon Coates Michael Naylor Executive Independent Chairman Managing Director Non-Executive Independent Director Non-Executive Independent Director Executive Director Mr Tomlinson has over 30 years’ Mr Parsons is
Slide 36: Tier 1 location in world-class gold belt
Tier 1 location in world-class gold belt Bellevue has Major Landholding of Over 2,780km² For personal use only Excellent infrastructure: Historically significant producing region: • Services at Leinster, Leonora and Wiluna • Major gold deposits & producing gold mines in proximity to Bellevue’s Proje
Slide 37: A$23-28m exploration budget: An organic pipeline of growth
A$23-28m exploration budget: An organic pipeline of growth Bellevue discovery to resource growing at a compound annual growth rate of 81%. Armand Lode discovered August 2020, Marceline Lode discovered recently post the first Feasibility Study, multiple advanced targets ready for further For personal
Slide 38: Bellevue's economic contributions to society to grow with FS2
Bellevue’s economic contributions to society to grow with FS2 • Since the ‘discovery hole’ in November 2017, Bellevue has injected over A$88m into the Australian economy For personal use only • During construction and operation, our Stage 1 Feasibility Study forecasts to generate A$2.3 billion into
Slide 39: BGL's approach to ESG = no greenwashing
BGL’s approach to ESG = no greenwashing • Our Stage 1 Feasibility Study estimated that the gas power station would contribute 73% of the mine’s overall emissions For personal use only • The latest plans for the Bellevue power station will further reduce emissions, whilst maintaining reliability and
Slide 40: ESG & the opportunity to be 'best in class' corporate citizens
ESG & the opportunity to be ‘best in class’ corporate citizens BGL is evaluating all options on the pathway to development For personal use only - Smart blasting ✓ - Use of renewable electricity (eg. Climate consideration examples: - Energy efficient grinding ✓ solar, batteries) to power - Bushfires
Slide 41: Bellevue is an industry leader in diversity
Bellevue is an industry leader in diversity Bellevue has a Cultural Heritage Management Plan and a Diversity Policy For personal use only • Bellevue is leading the Australian mining sector for gender diversity and has a 0% gender pay-gap for like-for-like roles • Key metrics of our diversity results
Slide 42: Why Bellevue?
Why Bellevue?- Click Here For personal use only 42
Slide 43: Values and Vision
Values and Vision “To create a standout gold mining and exploration company that is an industry benchmark” For personal use only At Bellevue we believe we have a unique opportunity to develop a standout gold mining company that is the benchmark for others to be measured against. We believe our four
Slide 44: The sustainability pathway - a vision to be best in class
The sustainability pathway - a vision to be best in class For personal use only Begin TCFD TCFD gap Develop climate Climate considerations analysis and risks and for new infrastructure, TCFD phase 3: phase 1: integrate identify Refresh TCFD staged action opportunities efficiency options and benchmar
Slide 45: Bellevue's leading commitment on efficient energy use
Bellevue’s leading commitment on efficient energy use • The Bellevue Gold Project has been designed to optimize energy use and reduce environmental impact use only • Modeling places the project as of one of the most efficient gold mines, based on forecast energy use (GJ) per ounce produced • Since t
Slide 46: Energy-emissions intensity - Bellevue is leading the way
Energy-emissions intensity – Bellevue is leading the way • Energy-emissions intensity is the factor of emissions per unit of energy produced, such as tonnes of CO2e per GJ intensity (t CO e / GJ) use only • This trend shows that off-grid mines, powered by a gas-fired power station have a lower energ
Slide 47: Scope 1 and 2 emissions of Australian gold mines
Scope 1 and Scope 2 emissions of Australian gold mines • The annual greenhouse gas emissions of Australian gold mines is plotted below personal use only • Due to the project’s low carbon emission intensity, Bellevue will have one of the lowest total greenhouse gas emissions per year of any Australia
Slide 48: Bellevue's community contributions and PACE values
Bellevue’s community contributions and PACE values Our commitment to the Communities in which we operate is the ‘C’ in our PACE values For personal use only Bellevue is committed to supporting Aboriginal 2020 BELLEVUE GOLD people with pathways to employment. We offer trainees the opportunity to gain
Slide 49: Processing Plant Overview
Processing Plant Overview For personal use only 49
Slide 50: Non Process Infrastructure
Non Process Infrastructure For personal use only Infrastructure requirements • New office and facilities to support the mine activities • New 300-person camp located north of the project area with access from the Goldfields Highway • Potable water sourced, treated and distributed around the site (ha
Slide 51: Project Finance Key Terms
Project Finance Key Terms For personal use only Loan Facility Facility Amount A$200,000,000 (Fully Underwritten) Tenor 31 December 2027 (6 years) Repayment Period Quarterly, March 2024 - December 2027 Interest Rate 3.50% per annum pre-Project Completion and 3.00% per annum post Project Completion Ea
Slide 52: Opportunities & Risks
Opportunities & Risks For personal use only Opportunities Risks • Mill throughput increase to process lower grade stockpiles of mined • Gold price volatility and exchange rate risk material. Infrastructure design has allowed for readily expandable • Resource and Reserve estimates growth. • Risks as
Slide 53: Mineral Resource and Ore Reserve Estimates
Mineral Resource and Ore Reserve Estimates INDEPENDENT JORC 2012 RESOURCE AND RESERVE ESTIMATES FOR THE BELLEVUE GOLD PROJECT 3.5g/t gold lower cutoff, totals rounded to reflect acceptable position For personal use only Tonnes Grade Contained Ounces Mineral Resource (Mt) (g/t Au) (Moz) Indicated Min