Bellevue Gold Limited · ASX:BGL
Bellevue Gold — Shareholder Meeting (November 2025)
20 slides from Bellevue Gold's shareholder meeting presentation, Nov 20, 2025
Slide 1: Bellevue Gold Ltd AGM
For personal use only Bellevue Gold Ltd AGM New, modern mine with growing production 20 November 2025 PASSION-ACCOUNTABILITY-CARE-EXCELLENCE
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: Capital Structure, Board & Management
Capital Structure Board & Management Market Capitalisation1 A$1,895M Board Cash & Gold2 A$156M Kevin Tomlinson Non-Executive Chairman Debt2 A$100M Darren Stralow Managing Director & CEO For personal use only Shannon Coates Non-Executive Director Shareholders3 Leigh Junk Non-Executive Director Mike N
Slide 7: Bellevue Positioned for growth
Bellevue Positioned for growth Positioned for growth in an established and fertile mining region, with a long life and strong cash flow ▪ Long-life & established asset: 1.3Moz ORE; 3.1Moz MRE1 ▪ Strong balance sheet: A$156 million cash and gold2, A$100 For personal use only Jundee Northern Star mill
Slide 8: Growing production: FY25 – FY27
Growing production: FY25 – FY27 FY25 ramp up complete. FY26 establishing higher grade mining areas. FY27 harvesting high grade mineralisation. Platform established for further growth through exploration and/or further upgrades. Start of FY25: ▪ Start of FY26: Start of FY272: Operational challenges a
Slide 9: 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: ▪ Development only mine from August 2020 – Quarterly Development Metres per Jumbo per month October 2023 For personal use only 400 G
Slide 10: Balance sheet strength & hedge book reduction
Balance sheet strength & hedge book reduction Sunk capital provides platform for strong cash flow generation ▪ Cash & Gold growing ▪ Hedge commitments reduced ▪ As at 30 September 2025 the Group had the following ▪ Near-term forward contracts have been reduced by For personal use only available cash
Slide 11: 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 going forward relative to more challenging areas developed in FY25 ▪ Orebody remains open at depth and down
Slide 12: Ounce density set to substantially increase – Deacon mining area
Ounce density set to substantially increase – Deacon mining area North Ounces per vertical metre: Deacon line of lode 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 level De
Slide 13: 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 14: Processing Plant
Processing Plant ROM Pad ▪ Standard gravity-CIL plant Crushing Circuit ▪ 3 stage crushing, ball milling FOB For personal use only ▪ Maintaining +94% recovery Ball Mill ▪ ~70% gravity recovery ▪ Targeting 1.35mtpa ▪ Recoveries improving following CIL oxygen sparging improvement Gravity Circuit 14
Slide 15: Record processing throughput & recovery
Record processing throughput & recovery ▪ Plant upgrade demonstrates its capability of achieving throughput rates equivalent to 1.35Mtpa ▪ Mill upgrade included (4th) Knelson concentrator to improve gravity circuit efficiency and significant increase in oxygen delivery capacity to the CIL circuit Fo
Slide 16: 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 17: Sustainability is core to Bellevue's vision
Sustainability is core to Bellevue’s vision 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 (BESS) For personal use only ▪ Industry leading renewable energy penetration with thermal ‘engine off’ cap
Slide 18: The Bellevue Gold Project is the world's first net zero gold mine
The Bellevue Gold Project is the world’s first net zero gold mine 1 ▪ Bellevue achieved net zero (Scope 1 and Scope 2) greenhouse gas emissions for the Bellevue Gold Project for H1 CY251. ▪ The Bellevue Gold Project is forecast to be the most renewably powered off-grid mine in Australia2. ▪ The jewe
Slide 19: Investment Highlights
Investment Highlights Exceptional asset Optimised balance sheet For personal use only Long-life, high-grade, new gold mine Optimised & de-risked balance in tier one jurisdiction sheet with reducing hedge book & growing cash flow to support growth Exploration upside Near term production growth Large
Slide 20: 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