Bellevue Gold Limited · ASX:BGL
Bellevue Gold — BMO Conference 2023
30 slides from Bellevue Gold's conference presentation, February 2023
Slide 1: BMO Conference: High-grade Bellevue Gold Project in WA
BMO Conference High-grade Bellevue Gold Project in WA Building Australia’s next Major Gold Mine February 2023
Slide 2: 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 (JORC
Slide 3: 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 This Presentation has been prepared by the Company based on information from its own and third party sources and
Slide 4: Bellevue Gold Overview
Bellevue Gold Overview A globally significant high-grade, high margin, growth focused gold project in Australia Project has significant grade, scale and margin in a tier one jurisdiction Significant and proven growth potential vs peer group Forecast +10yr mine life producing over 200,000 ounce
Slide 5: Board and management – a proven team of mine builders
Board and management – a proven team of mine builders Darren Stralow Managing Director Mining Engineer 20yrs experience Previous role of Chief Development Officer and GM of Operations & CEO (from 1 at Northern Star Resources (NST) Investment Banking 35yrs experience March 2023) Led integrati
Slide 6: 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 7: 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 8: 10-year mine life with organic growth potential
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 9: Project delivery, de-risking and growth on world class system
Project delivery, de-risking and growth on world class system Continued delivery of several major milestones for the development of the globally significant Project: Liquidity1 (A$m) Process plant construction well advanced with plant construction designed for future production growth above 1Mtpa $1
Slide 10: Project Delivery
cn BELLEVUE GOLD Project Delivery
Slide 11: Consistently delivering since July 2020
Consistently delivering since July 2020 Since development commenced in July 2020 and BGL has consistently delivered on time and is on-track to achieve first production in H2 CY23 Project execution is significantly de-risked to cost escalation with all major pre-production capital contracts commi
Slide 12: Camp complete and operational
Camp complete and operational The 343-room camp is now complete and operational Designed for worker comfort, health and safety with dependable phone reception, high speed internet, well-lit outdoor areas, large modern gym, sports court and other recreational facilities, rooms are 20% bigger than
Slide 13: Processing Plant construction progress 26/02/2023
Processing Plant construction progress 26/02/2023 13
Slide 14: Construction progress on track
Conveyor Assembly Mill Shell End Construction progress on track First delivery of mill components currently being transported to site Bulk and detailed earthworks completed in key areas Civil concrete works completed on crusher, mill and CIL foundations Structural concrete completed on p
Slide 15: Mining development ahead of schedule
Mining development ahead of schedule Develop Global Ltd (ASX:DVP) mining fleet - ramp up to 3 Jumbos operating at full utilisation ~8km of underground development completed on site to date Open pit mining contract awarded to NRW (ASX:NWH) one of Australia’s leading open pit mining contacto
Slide 16: Derisking and Growth
cn BELLEVUE GOLD Derisking and Growth
Slide 17: Vrify 3D presentation – play here
Vrify 3D presentation – play here https://vrify.com/decks/12830
Slide 18: 3.1Moz high-grade lode system- Open for growth
3.1Moz high-grade lode system- Open for growth Bellevue Lode system is open down plunge and at depth with high potential for repeat structures in the footwall Current Resource Current Resource Bellevue Lode Mined 1986-1997 700k ounces @ +11g/t Current Resource Westralia and Vanguard- +600,000 metr
Slide 19: Funded for increased exploration
Funded for increased exploration Dedicated Resource step out and conversion Underground Diamond Rig mobilised to site Jan 2023; +50,000m Program Progress in underground development opening up new areas for drill testing along strike and at depth Bellevue Lode system remains OPEN along strike a
Slide 20: Geology- Grade control delivering positive reconciliation
Geology- 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% increas
Slide 21: Armand 1251 Ore Drive
Armand 1251- 100 Ore Drive Face 10 Face 24 Face grade of 14.5g/t using a 50g/t topcut Refer asx 27/02/23
Slide 22: Processing – Derisking and growth
Processing – Derisking and growth Reagents De-risked flow sheet and execution on track 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 – t
Slide 23: Why own Bellevue Gold?
Why own Bellevue Gold? High grade organic growth potential versus a sector backdrop of declining grade, production and exploration discoveries Development companies typically re-rate from trading at a discount to P/NAV to cashflow EV/EBITDA trading multiples; Bellevue is currently trading at a sig
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 78% through top 20 Australian hole in November has grown 25% to to have the lowest development timeline gold producer 2017, t
Slide 25: Appendix
cn BELLEVUE GOLD Appendix
Slide 26: 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 27: 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 28: 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 29: Mineral Resource and Ore Reserve Estimates
Mineral Resource and Ore Reserve Estimates INDEPENDENT JORC 2012 RESERVE ESTIMATES FOR THE BELLEVUE GOLD PROJECT (Current June 2022) Tonnes Grade Contained Ounces Ore Reserve (Mt) (g/t Au) (Moz) Probable High Grade Underground Ore Reserve 4.5 7.9 1.14 Probable Low Grade Underground Ore Reserve 2.2 2
Slide 30: Peer Comparison Information
Peer Comparison Information Enterprise FY25E Market Cap Net Debt FY25E EBITDA Source Document Value EV/EBITDA A$m A$m A$m A$m x FactSet Peers consensus Newcrest 21,092 2,484 23,576 3,079 7.66x Newcrest 1H FY23 report, released on 16 February 2023 Evolution 5,285 1,478 6,763 1,293 5.23x Evolution 1H