Bellevue Gold Limited · ASX:BGL
Bellevue Gold — Diggers and Dealers 2025 Investor Site Visit
39 slides from Bellevue Gold's conference presentation, Aug 1, 2025
Slide 1: Bellevue Gold Project Investor Site Visit Presentation
For personal use only Bellevue Gold Project Investor Site Visit Presentation 1 August 2025
Slide 2: Disclaimers & Compliance Statements
Disclaimers & Compliance Statements This presentation has been prepared by Bellevue Gold Limited (ABN 99 110 439 686) (Company or Bellevue) (ASX: BGL) and is authorised by the Managing Director & Chief Executive Officer of the Company. DISCLAIMER This presentation has been prepared by the Company ba
Slide 3: Disclaimers & Compliance Statements (cont.)
Disclaimers & Compliance Statements (cont.) FORWARD-LOOKING INFORMATION This presentation contains forward-looking statements. Wherever possible, words such as “intends”, “expects”, “scheduled”, “estimates”, “anticipates”, “believes”, and similar expressions or statements that certain actions, event
Slide 4: Disclaimers & Compliance Statements (cont.)
Disclaimers & Compliance Statements (cont.) 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 2012 Edition of the Joint Ore Reserves Committee’s Australasian Code for Reporting of Mineral Reso
Slide 5: Disclaimers & Compliance Statements (cont.)
Disclaimers & Compliance Statements (cont.) INVESTMENT RISK There are a number of risks specific to the Company and of a general nature which may affect the future operating and financial performance of the Company and the value of an investment in the Company, including and not limited to the Compa
Slide 6: Bellevue at a glance
Bellevue at a glance Positioned for growth in an established and fertile mining region, with a long life and strong cash flow For personal use only ▪ Long-life asset: 1.3Moz ORE; 3.1Moz MRE1 Jundee Northern Star Wiluna/Matilda Wiluna Mining ▪ Positioned for growth: New modern mine with growing produ
Slide 7: Bellevue Gold Project
Bellevue Gold Project Solar farm Cosmos Key infrastructure all in place – <5 years old Village For personal use only Westralia Pit Wind Farm TSF Airstrip Paris Portal Process Plant Bellevue Operations Highway Admin Tribune Power plant Box Cut Lake Vent Fans Miranda
Slide 8: Safety – LTIFR 0.00
Safety – LTIFR- 0.00 Embedded culture of safety and continuous improvement which is shaped by Bellevue’s core values Bellevue – 12MMA TRIFR / LTIFR 10 9.3 5 For personal use only Embedded Values-Based 8.7 8.6 8.7 Safety Systems Deliver 9 4.5 8.0 8.0 8.1 Positive Outcomes 8 7.4 4 PACE Core Values — P
Slide 9: Bellevue Mine ramped up following first full year
Bellevue Mine ramped up following first full year FY25 first full year of production complete. Building a platform for strong cash flow & production growth Built mine, built infrastructure to exit FY25 at production rates required for future growth For personal use only • Development rates Recovery
Slide 10: Balance sheet strength following strong close to FY25
Balance sheet strength following strong close to FY25 Sunk capital provides platform for strong free cash flow generation ▪ Cash & Gold ▪ Hedge commitments ▪ As at 30 June 2025 the Group had the following available ▪ Minimal forward contracts for remainder of CY25 For personal use only cash and gold
Slide 11: Building a platform for further growth
Building a platform for further growth FY25 ramp up and mine establishment complete. FY26 focus on establishing higher grade Deacon North & Viago FY25 Production FY26 Guidance FY25 production of 126koz, 130koz sold FY26 production of 130-150koz1 FY25 AISC of A$2,422/oz gold. Growth capex2 of $148M F
Slide 12: Mining
For personal use only Mining 12 12
Slide 13: Mining
Mining Long hole open stoping of 5 main mining areas. Paste fill PFS completed in CY23 with update planned for FY26 Mining overview Mining equipment For personal use only Two Underground Mines Fleet Make Number ▪ Paris Decline: South: Accesses the Deacon, Deacon North, Viago. North: Marceline and Ar
Slide 14: Development rates drive operational performance
Development rates drive operational performance Mine development advance ahead of budgeted development rates of ~270m per jumbo per month Key Timeline for underground: Quarterly Development Metres per Jumbo per month ▪ Development only mine from August 2020 – October 2023 For personal use only 400 G
Slide 15: Recent improvements to mine planning and ops
Recent improvements to mine planning and ops Building Consistency: Five jumbos for five mining areas allows the mine to focus on consistent delivery of mine plan Improved Local Knowledge: Refinement of mine plan with increased knowledge base of past mining and For personal use only geology, complexi
Slide 16: Moving into more consistent mining areas
Moving into more consistent mining areas ▪ Following establishment of infrastructure, stoping now focused on 5 key mining areas from FY26-FY29 ▪ More consistent mining expected in these areas relative to more challenging areas developed in FY25 ▪ Orebody remains open at depth and down plunge For per
Slide 17: Ounce density set to substantially increase – Deacon mining area
Ounce density set to substantially increase – Deacon mining area North Ounces per vertical metre: Deacon and Deacon North For personal use only Level 1390 1330 1270 1210 1150 1090 1030 970 910 850 790 730 670 Marceline oz density 0 2,000 4,000 6,000 significantly increases OUNCES PER METRE next leve
Slide 18: Ounce Density Set To Substantially Increase – Viago mining area
Ounce Density Set To Substantially Increase – Viago mining area North Ounces per vertical metre: Viago Level 0 OZPVM 2,000 For personal use only 1190 1150 1110 1070 1030 990 950 910 870 830 0 1,000 2,000 Ounces per metre Viago gentle dipping structure 200m and intersection with Bellevue Notes: Block
Slide 19: FY26 Deacon Main Mining Area
FY26 Deacon Main Mining Area ▪ Grade Control now completed for FY26 & indicates better grades & widths to come North For personal use only 100m Notes: 1. Refer to the Company’s ASX announcements dated 5 August 2019, 2 October 2019, 19 November 2019, 17 December 2019, 18 February 2020, 24 February 20
Slide 20: FY26 Viago Mining Area
FY26 Viago Mining Area ▪ Grade control functionally completed for FY26 & indicates better grades & widths to come ▪ Resolved Viago decline delays late in March 2025 quarter with stoping of this high-grade area to commence in FY26 For personal use only North Notes: 1. Refer to the Company’s ASX annou
Slide 21: FY26 Deacon North Mining Area
FY26 Deacon North Mining Area ▪ Access to major new mining area by end of FY26 to benefit production from FY27 onwards ▪ Grade control to be completed, FY26 focus is development down to this new mining area North For personal use only 100m Notes: 1. Refer to the Company’s ASX announcements dated 5 A
Slide 22: FY26 Tribune Mining Area
FY26 Tribune Mining Area ▪ New mining area. Portal, decline and infrastructure developed during H1 FY25 ▪ Significant increase in stoping in FY26. Grade control currently underway for FY26 For personal use only North Notes: 1. Refer to the Company’s ASX announcements dated 1 December 2017, 7 Februar
Slide 23: Paste plant feasibility study
Paste plant feasibility study Paste fill feasibility study update in FY26 – could materially increase long term value at Bellevue ▪ Option being considered is a targeted paste fill plan filling lower For personal use only Deacon and Deacon North only – ~115koz of material previously left in pillars
Slide 24: Processing
For personal use only Processing 24
Slide 25: Processing Plant
Processing Plant ROM Pad ▪ Standard gravity-CIL plant Crushing Circuit FOB ▪ 3 stage crushing, ball milling For personal use only ▪ Maintaining +94% recovery Ball Mill ▪ ~70% gravity recovery Gravity Upgrade ▪ 1.35 Mtpa expansion almost complete Complete Thickener includes: Modifications ▪ Gravity c
Slide 26: Record processing throughput
Record processing throughput ▪ Plant upgrade demonstrates its capability of achieving throughput rates equivalent to 1.35Mtpa ▪ Mill upgrade includes (4th) Knelson concentrator to improve gravity circuit efficiency and significant increase in oxygen delivery capacity to the CIL circuit For personal
Slide 27: Exploration & Growth
Exploration & Growth For personal use only 27
Slide 28: Underground access opens up exploration potential
Underground access opens up Southern Limit of Surface exploration potential Drilling post 1997 4.0moz1 921,000m of 0.12moz 11,800m of For personal use only NORTH of gold NEW drilling of gold historic drilling Deacon SHEAR Deacon SHEAR OPEN Bellevue SHEAR Bellevue SHEAR OPEN TRIBUNE SHEAR TRIBUNE SHE
Slide 29: Exploiting the competitive exploration advantage
Exploiting the competitive exploration advantage ▪ Conductive mineralisation drives more efficient discovery and target appraisal ▪ Several areas highlight the potential for future Resource growth with further drilling outside of known Resource areas For personal use only North STRONG DHEM CONDUCTOR
Slide 30: Exploration Upside: Open down plunge & down dip
Exploration Upside: Open down plunge & down dip ▪ Untested down plunge & down dip – Resource currently constrained by limit of drilling ▪ Orebody targeting aided by DHEM (geophysical) targeting that shows strong anomalies in target areas ▪ Southern drill drive extension will allow for staged explora
Slide 31: System remains OPEN for repeat discovery
System remains OPEN for repeat discovery Bellevue System remains open at depth Shear 1.4Moz For personal use only ▪ Parallel structure at depth in deep EIS funded drilling Deacon Shear ▪ 1.6m @ 9.3 g/t gold and 1.2m @ 9.0 1.5Moz g/t gold structure at depth ▪ Target area can now be cost effectively d
Slide 32: Plant expansion option ~1.6Mtpa
Plant expansion option ~1.6Mtpa ▪ Stage 1 expansion to 1.35Mtpa plant ✓ For personal use only Stage 1 - ✓ Stage 2 – substantially complete – gravity screen ✓ Gravity upgrade and additional gravity Extra BallMill Stage 1 - Upgrade concentrator, thickener modifications, O2 Thickener Modifications Spar
Slide 33: Sustainability
For personal use only Sustainability 33
Slide 34: Sustainability is core to Bellevue's vision
Sustainability is core to Bellevue’s vision Bellevue set to achieve net-zero greenhouse gas emissions by CY26 Renewable Energy ▪ 90 MW hybrid power station consisting of: 24 MW wind, 27 MW solar, 24 MW thermal and 15 MW/ 29 MWh Battery Energy Storage Solution For personal use only (BESS) ▪ Industry
Slide 35: Power generation
Power generation ▪ Bellevue Gold is forecasting annualised 80%-90% renewable energy penetration now that all four wind turbines are operating ▪ Pending the mine’s power demand and seasonality of solar and wind, the mine is forecast for 89% RE in FY26, therefore likely to be the most renewably powere
Slide 36: Investment Highlights
Investment Highlights Exceptional asset Optimised balance sheet For personal use only Long-life, high-grade gold mine in tier Optimised for cash flow generation one jurisdiction and de-risked via reduced hedge book until December 2025 Near term production Exploration upside growth Large exploration
Slide 37: Regional Geology
Regional Geology Wiluna Blackham Agnew-Wiluna Belt Geology ▪ Hosted in the Yakabindie domain of N the Agnew-Wiluna Greenstone Belt For personal use only 25 Kilometers ▪ Yakabindie domain consists of the layered Kathleen Valley gabbro Yilgarn Craton overlain by the tholeiitic Mt Goode Mt Keith Ni Ins
Slide 38: Local Geology
Local Geology Pillow Basalt Geology and Lithology Summary Integrated Surface Geology Clearly defined pillow rims with amygdales. Pillowed texture varies from intense to widely spaced rims, often containing inter ▪ Site geology is dominated by the Mount For personal use only pillow sulphide and bioti
Slide 39: Mineral Resource and Ore Reserve Estimates
Mineral Resource and Ore Reserve Estimates JORC 2012 RESERVE ESTIMATES FOR THE BELLEVUE GOLD PROJECT Tonnes Grade Contained Ounces Ore Reserve For personal use only (Mt) (g/t Au) (Moz) Probable High Grade Underground Ore Reserve 5.61 6.0 1.08 Probable Low Grade Underground Ore Reserve 2.86 2.1 0.20
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