Bellevue Gold Limited · ASX:BGL
Bellevue Gold — BMO Global Metals & Mining Conference 2025
26 slides from Bellevue Gold's conference presentation, Feb 24, 2025
Slide 1: BMO Global Metals & Mining Conference
For personal use only BMO Global Metals & Mining Conference Real growth from a high-grade Australian gold mine February 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 Bellevue. DISCLAIMER This presentation has been prepared by the Company based
Slide 3: Disclaimers & Compliance Statements (cont.)
Disclaimers & Compliance Statements (cont.) Forward-looking All-In-Sustaining Cost estimates have been prepared on a real basis at a project level (i.e. not adjusted for possible future inflation and do not include the effects of corporate costs) and assume an H2 FY25 gold price of A$4,150/oz of gol
Slide 4: Disclaimers & Compliance Statements (cont.)
Disclaimers & Compliance Statements (cont.) EXPLORATION TARGET This presentation refers to the following Exploration Target based on the southern plunge extent of the Bellevue Lode system to 800m of depth: Tonnes Grade Ounces 4-10MT 8-10 g/t gold 1.5-2.5Moz For personal use only The potential quanti
Slide 5: West Australian high-grade gold producer
West Australian high-grade gold producer Underground mining ramp up nearing completion at a major gold operation in one of the world’s great gold producing regions Significant gold producer For personal use only Ramping up production to ~200koz per annum from June 2025 quarter1 Simple business: sing
Slide 6: Capital Structure, Board & Management
Capital Structure Board & Management Market Capitalisation1 A$1,520M US$960M Board Cash & Gold2 A$81M US$51M Kevin Tomlinson Non-Executive Chairman Debt2 A$100M US$63M Darren Stralow Managing Director & CEO For personal use only Shannon Coates Non-Executive Director Shareholders Mike Naylor Non-Exec
Slide 7: H2 FY25 Focus - final stages of project ramp-up
H2 FY25 Focus- final stages of project ramp-up Underground mining ramp-up well advanced with production rate reaching inflection point in H2 Successful project delivery ✓ Underground ramp-up to set platform for growth For personal use only Successfully delivered the project from discovery to Transit
Slide 8: Profitability with a de-risked balance sheet
Profitability with a de-risked balance sheet Operational leverage, increasing grade and sunk capital provides platform for strong free cash flow generation Strong balance sheet to support production growth Hedge commitments For personal use only ▪ 31 Dec 24 cash and gold of $81m ▪ 13% of Reserves an
Slide 9: Production growth of +50% by FY28
Production growth of +50% by FY28 Bellevue to become the only pureplay >200koz2 pa+ gold producer with ~5g/t gold head grade in Tier 1 jurisdiction Tier 1 gold deposits with >200koz production & 5g/t Au head grade1,2 Bellevue production For personal use only 500 growth2 Tanami Bellevue remains the o
Slide 10: Ramping up for a stronger second half
Ramping up for a stronger second half Infrastructure upgrades and fully mobilised mining fleet sets the platform for increase in production Processing Mining Production & Guidance1 Consistently operating at 1.0-1.2Mtpa >1Mtpa Achieved month Dec 24 H1 FY25: 65,635oz sold @ project AISC A$2,240/oz For
Slide 11: Grade control drilling delivers strong results
Grade control drilling delivers strong results Grade control drilling underpins guidance and growth plans +820k metres of diamond drilling For personal use only Marceline Paris Portal MiningArea 1.8m @ 123.3 g/t gold 1.9m @ 85.1 g/t gold 3.1m @ 21.8 g/t gold TribuneMining 2.2m @ 19.4 g/t gold Area 2
Slide 12: H2 FY25 mine schedule returns to high-grade areas
H2 FY25 mine schedule returns to high-grade areas Deacon Main continues in high grade Void model North Drill piercement gram metres 2H 25FY Schedule +10 gm For personal use only +25 gm +50 gm +100 gm 2.9m @ 64.5 g/t 1.9m @ 61.7 g/t 4.6m @ 24.7 g/t 1.4m @ 42.8 g/t 3.2m @ 17.5 g/t 1.5m @ 64.4 g/t 1.6m
Slide 13: H2 FY25 mine schedule returns to high-grade areas
H2 FY25 mine schedule returns to high-grade areas Dec 24 Bellevue 1000 Bellevue South moves to Deacon Main analogue North For personal use only 66.4 g/t 35.2 g/t 4.4m @ 12.5 g/t 1.5m @ 89.8 g/t 1.9m @ 28.1 g/t 3.2m @ 15.9 g/t 3.6m @ 41.2 g/t 6.9m @ 18.0 g/t 4.0m @ 35.6 g/t 5.0m @ 39.5 g/t 1.9m @ 99.
Slide 14: H2 FY25 mine schedule returns to high-grade areas
H2 FY25 mine schedule returns to high-grade areas Armand returns to high grade Dec 24 Armand 1176 3.7m @ 36.0 g/t 5.5m @ 37.1 g/t North Drill piercement gram metres For personal use only +10 gm +25 gm +50 gm +100 gm Void model 2H 25FY Schedule 2.5m @ 82.4 g/t 2.7m @ 63.4 g/t 4.1m @ 53.1 g/t 6.1m @ 2
Slide 15: H2 FY25 mine schedule returns to high-grade areas
H2 FY25 mine schedule returns to high-grade areas Second portal at Tribune established and now in high-grade development ore, first stoping in Q4 North 7.0m @ 7.8 g/t North 5.0m @ 16.5 g/t 5.0m @ 14.5 g/t 6.0m @ 8.5 g/t 5.0m @ 12.5 g/t 2.0m @ 48.9 g/t 12m @ 12.0 g/t For personal use only 10.0m 14.4g
Slide 16: Multiple near term, high grade mining areas
Multiple near term, high grade mining areas Current Deacon Main 2025FY- high-grade mining 1 Future Deacon Main 2026FY + 5 years 4.3m @ 55.2 g/t area (DRDD106W1) 53.5g/t 4.3g/t Multiple high-grade 0.8g/t 8.6g/t areas coming on line For personal use only 343.6g/t 18.9g/t FY26 and beyond 10.3g/t 164.8g
Slide 17: Planned growth in process capacity to 1.6Mtpa
Planned growth in process capacity to 1.6Mtpa For personal use only Stage 2 – Stage 1 - Gravity Upgrade Extra Ball Mill Stage 1 - Thickener Consistently operating at 1.0-1.2Mtpa Modifications Recovery 94% in Dec 2024 Upgrades will deliver 60% increase in processing capacity from FY25 to FY27 Stage 2
Slide 18: 5 Year Growth Plan to ~250koz pa and lower costs
5 Year Growth Plan to ~250koz1 pa and lower costs Investment in Life of Mine infrastructure 300 Multi-year Production & Cost Guidance $2,500 ▪ Facilitates increase in underground ore movement from ~1Mtpa in FY25 to 1.6Mtpa in FY27 $2,300 ▪ Allows increase in processing capacity from 1.0Mtpa to ~1.6M
Slide 19: Vrify 3D presentation
Vrify 3D presentation – play here For personal use only 19 https://vrify.com/decks/16463
Slide 20: Exploration Upside: Investing now for the future
Exploration Upside: Investing now for the future Benefits of investing in life of mine infrastructure in FY25-FY26 ▪ Investment across FY25-FY26 will create life of mine platform to be a long life ~250koz1 pa producer ▪ Develop 3 exploration drill drives For personal use only ▪ Southern drill drive
Slide 21: Exploiting the competitive exploration advantage
Exploiting the competitive exploration advantage ▪ FY25-FY26 - decline development opens up a major ~1.5-2.5Moz at 8-10 g/t gold Exploration Target1 to the south covering down plunge extent of ore system ▪ Current MRE 3.2Moz2 covers 2.8km of strike - new drill platforms covering an extra ~50% untest
Slide 22: 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 ▪ 1.6m @ 9.3 g/t gold and 1.2m @ 9.0 g/t gold Deacon Shear structure at depth 1.5Moz ▪ Target area can now be cost effectively d
Slide 23: Exploration to underpin Resource growth
Exploration to underpin Resource growth Project continues to grow – following successful commissioning and ramp up. Exploration spend expected to add low-cost ounces to mining inventory Mineral Resource over time (Moz) For personal use only Successful commissioning and ramp up 1.5-2.5Moz Exploration
Slide 24: 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, For personal use only 24 MW thermal and 15 MW/ 29 MWh Battery Energy Storage Solution (BESS) – completio
Slide 25: Investment Highlights
For personal use only Investment Highlights Exceptional Production Experienced Fully funded Exploration asset growth management for growth upside Bellevue forecast to 5 Year Growth plan Experienced Balance sheet Underground be the only delivers production management team optimised and de- developmen
Slide 26: Peer comparison data
Peer comparison data Production Grade AISC2 Basis of data Source Document koz g/t A$/oz X Peers1 For personal use only Agnew/Lawlers 245 5.7 1,761 CY23A Gold Fields 2023 Annual Financial Report, released on 28 March 2024 Granny Smith 284 5.0 1,610 CY23A Gold Fields 2023 Annual Financial Report, rele
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