Bellavista Resources Ltd · ASX:BVR
Bellavista Resources — Merger or Acquisition (February 2026)
56 slides from Bellavista Resources's merger presentation, Feb 2, 2026
Slide 1: Ontario Gold Projects Acquisition
2 February 2026 Ontario Gold Projects Acquisition Transformational gold acquisition in Ontario: Size, Grade, Camp-scale Upside Contemporaneous A$25.0m Placement Not for release to US wire services or distribution in the United States and not for distribution to Canadian newswire services or for rele
Slide 2: Important Information and Disclaimer
IMPORTANT INFORMATION AND DISCLAIMER The following notice and disclaimer applies to this investor presentation (Presentation) and investors are correct or update the content of this Presentation regardless of whether new information, future events or results or other advised to read this carefully b
Slide 3: Important Information and Disclaimer
IMPORTANT INFORMATION AND DISCLAIMER Investment risks Financial data There are a number of risks specific to the Acquisition, the Placement, the Company and of a general nature All financial information in this Presentation is in Australian dollars (A$ or AUD) unless otherwise stated. Amounts, which
Slide 4: Important Information and Disclaimer
IMPORTANT INFORMATION AND DISCLAIMER JORC Code Mineral Resource Estimate and Exploration Results 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 Minera
Slide 5: Transformational Acquisition
TRANSFORMATIONAL ACQUISITION Acquisition of 70% interest (+ option to 80%) in the large, high grade Pickle Crow Gold Project and exploration assets in Ontario, Canada World Class Asset • 2.8Moz @ 7.2g/t gold1 Inferred Mineral Resource open along strike and down dip Acquisition • Located in tier 1 ju
Slide 6: Ontario Gold Projects – Tier 1 Location
ONTARIO GOLD PROJECTS – TIER 1 LOCATION Superior Craton Greenland PICKLE CROW 2.8Moz @ 7.2g/t Gold Resource 1.5Moz @ 16.1g/t Mined SIOUX LOOKOUT Early-stage exploration Yellowknife High grade Superior strategic gold CANADA Craton ONTARIO assets located RED LAKE CAMP +40Moz within the richly ABITIBI
Slide 7: Uchi and Wabigoon Sub-Provinces
Uchi and Wabigoon Sub-Provinces Camp-scale exploration upside backed by world-scale resource SPRINGPOLE 5.6Moz Resource 3.1Moz Reserve MUSSELWHITE ~6Moz Produced PICKLE CROW +25 Years of mining 2.8Moz @ 7.2g/t Au Resource 1.5Moz @ 16.1g/t Mined RED LAKE 2.0Moz Reserve 7.2Moz Resource GOLDEN PATRICIA
Slide 8: Pickle Crow
PICKLE CROW Project Highlights • High grade gold in prolific Uchi sub-province Ontario, Canada • 2.8Moz @ 7.2g/t gold1 Inferred Mineral Resource on top of historical production of 1.5Moz @ 16g/t Au • Resource remains open along strike and down dip • Strategic landholding with excellent Regional expl
Slide 9: Rare Combination of Scale & Grade
RARE COMBINATION OF SCALE & GRADE Pickle Crow stands out as a large 2.8Moz, high-grade 7.2g/t Au asset amongst its ASX-listed gold asset peers Contained Gold (Moz) Grade (g/t Au) 4.50 1Moz @ 4.1g/t Au >0.5g/t Au in top 250m 2Moz @ 4.2g/t Au >0.5g/t Au in top 550m 7.20 Compelling comparative investme
Slide 10: Sioux Lookout
SIOUX LOOKOUT Project Highlights • Acquired by FireFly Metals in 2021 • 25km prospective strike within 160km2 tenement package • Within the Wabigoon sub-province, Ontario, Canada • First pass exploration identified surface samples up to 73.6g/t Au1 • Immediately along strike of NexGold’s 2.9Moz Goli
Slide 11: Corporate Summary
CORPORATE SUMMARY Post Completion1 9 Post Completion1 Proforma Capital Structure Expected Shareholder Summary2 ASX Code BVR Steve Parsons 1 6.6% Listed 25 May 2022 Mark Clark 2 5.1% Price of Shares @ 30 January 2026 A$0.79 Michael Naylor 1 3.2% Proforma Cash @ Completion3 ~A$22M Kim Massey 2 2.7% Pr
Slide 12: Team with Exceptional Track Record
TEAM WITH EXCEPTIONAL TRACK RECORD Mel Ashton Glenn Jardine Peter Canterbury Mick Wilson Maddison Cramer Non-Executive Chair Managing Director Finance Director Non-Executive Director Company Secretary Mr. Ashton is a former fellow of Mr. Jardine has extensive experience Mr. Canterbury is a seasoned
Slide 13: The World Class Pickle Crow Deposit
THE WORLD CLASS PICKLE CROW DEPOSIT Pickle Crow has one of the highest grade 2.8Moz1 gold resources globally in addition to significant district-scale discovery potential LOCATION THE ASSET GROWTH STRATEGY • Stable Tier 1 mining jurisdiction, • Historical production of 1.5Moz at 16.1g/t • Continue M
Slide 14: Exceptional Unmined Drill Intersections
EXCEPTIONAL UNMINED DRILL INTERSECTIONS HIGH GRADE QUARTZ VEIN MINERALISATION (Red Lake Style) Exceptional Grades & Simple Metallurgy • 5.6m @ 33.4g/t Au • 7.8m @ 17.0g/t Au • 2.0m @ 68.3g/t Au • 4.0m @ 11.0g/t Au • 3.3m @ 15.9g/t Au • 2.1m @ 31.8g/t Au • 0.4m @ 1,020g/t Au • 1.6m @ 73.2g/t Au • 1.8
Slide 15: An Area of Significant Corporate Activity
AN AREA OF SIGNIFICANT CORPORATE ACTIVITY >US$2 Billion worth of transactions since 2019 in the same belt of rocks that hosts Pickle Crow ASSET DIXIE Musselwhite RED LAKE PHOENIX Exploration, STAGE Production Production Feasibility No resource LOCAL SELLER/TARGET TRANSACTIONS Near Pickle Crow1 ACQUI
Slide 16: 2.8 Million Ounces and Growing
2.8 MILLION OUNCES AND GROWING Strong Inferred Mineral Resource Growth 3,000,000 2.8Moz1 2,500,000 2.2Moz 2,000,000 1.7Moz 1,500,000 1.0Moz 1,000,000 0.8Moz 500,000 0 Jun-20 Sep-20 Jun-21 Dec-21 Dec-22 1935 to March 2020 March 2020 to June 2023 HISTORICAL DATASET PRE-FIREFLY FIREFLY DATASET 170,000
Slide 17: Overlooked Near Surface Potential
OVERLOOKED NEAR SURFACE POTENTIAL NEAR SURFACE OPPORTUNITIES • Over 1Moz @ 4.1g/t Au above 0.5g/t Au in top 250 metres1 • Previous drilling identified significant Mineral Resource extension opportunities to previous vein style mining • Previous drilling demonstrates significant upside outside previo
Slide 18: Underground Resource Upside and Demonstrated Continuity
UNDERGROUND RESOURCE UPSIDE AND DEMONSTRATED CONTINUITY UNDERGROUND OPPORTUNITIES • Historical mining of 1.5Moz @ 16g/t1 demonstrates high • Mining of vein style mineralisation within the Uchi sub- grade mineralisation continuity to at least 1,500m province currently extends to over ~2,000m • Inferr
Slide 19: Exceptional Regional Discovery Potential
EXCEPTIONAL REGIONAL DISCOVERY POTENTIAL Mineralisation controlled by major structures underexplored outside project area GEOLOGY AND KEY RESULTS1 HELI-MAG DATA 20221 GEOLOGY LEGEND Drill Targets Previous Intersection 15km from Mill 2.8Moz @ 7.2g/t ASX: BVR BELLAVISTARESOURCES.COM 1. Refer Bellavist
Slide 20: Key Growth Opportunities
KEY GROWTH OPPORTUNITIES RESOURCE REGIONAL NEAR-MINE GROWTH DISCOVERY DISCOVERY • 2.8Moz @ 7.2g/t Inferred • Compelling regional drill-ready • Rapid expansion of key Mineral Resource remains targets prospects within 3km of the OPEN in all directions • Exceptional structural and main UG mine1 • Poten
Slide 21: A Compelling Investment Opportunity
A COMPELLING INVESTMENT OPPORTUNITY High grade +2Moz Inferred Mineral Resource with strong potential to grow • Tier One Mining Jurisdiction in Ontario, Canada • Rare combination of SCALE and GRADE • At 2.8Moz @ 7.2g/t, Pickle Crow is one of the Highest-Grade undeveloped gold Resources in the world •
Slide 22: Pickle Crow in 3D
Pickle Crow in 3D • Land Holding • Infrastructure • Mine Development • Drilling • Near-Mine Potential • Regional Exploration Upside The following slides are available in 3D through VRIFY: https://vrify.com/decks/21063?slide=682568 22
Slide 23: District-Scale Land Holding with Excellent Infrastructure
DISTRICT-SCALE LAND HOLDING WITH EXCELLENT INFRASTRUCTURE 500Km2 REGIONAL HOLDING INFRASTRUCTURE TO SUPPORT A POTENTIAL MINE OPERATION • Adjacent to a fully serviced town with 365 days a year access • Regular flight through Thunder Bay to/from Toronto • 230kV Hydro generated power runs through the p
Slide 24: Near Mine Discovery Potential & Accessibility
NEAR MINE DISCOVERY POTENTIAL & ACCESSIBILITY POTENTIAL IN THE SHADOW OF THE HEADFRAME2 UNDERGROUND INFRASTRUCTURE • Strong intersections within 3km of the Inferred Mineral Resource1 • Historical 750ft level may represent future drill platform CLICK TO EXPLORE INTERACTIVE 3D SLIDE: CLICK TO EXPLORE
Slide 25: A Large-Scale High-Grade Mineralised System
A LARGE-SCALE HIGH-GRADE MINERALISED SYSTEM Extensive mineralisation outside of historical mining CLICK TO EXPLORE INTERACTIVE 3D SLIDE: https://vrify.com/decks/21063?slide=669947 ASX: BVR BELLAVISTARESOURCES.COM 25
Slide 26: Outstanding Unmined Intersections
OUTSTANDING UNMINED INTERSECTIONS1 Potential to significantly grow the Inferred Mineral Resource within 3km of the mill CLICK TO EXPLORE INTERACTIVE 3D SLIDE: https://vrify.com/decks/21063?slide=669949 ASX: BVR BELLAVISTARESOURCES.COM 1. Refer Bellavista Resources ASX Announcement 2 February 2026 26
Slide 27: Camp-Scale Discovery Potential
CAMP-SCALE DISCOVERY POTENTIAL The limited historical drilling1 completed shows the major structures are gold-rich fluid corridors further enhancing the potential for discovery • District scale exploration play • Significant indicators of mineralisation well outside of current Inferred Mineral Resou
Slide 28: Acquisition Overview
Acquisition Overview 28
Slide 29: Acquisition Overview
ACQUISITION OVERVIEW Structure • Bellavista and FireFly have entered into a binding Share Sale & Purchase Deed under which Bellavista will acquire FireFly’s 70% interest in the Pickle Crow Gold Project (and exercise the option to increase the interest to 80%) and a parcel of highly prospective explo
Slide 30: Acquisition Overview
ACQUISITION OVERVIEW In-Specie Distribution • Immediately following completion, FireFly will undertake an in-specie distribution of 100% of the Consideration Shares to its eligible shareholders on a pro-rata basis, subject to receiving FireFly shareholder approval. Conditions Precedent • Completion
Slide 31: Equity Raising Overview
Equity Raising Overview 31
Slide 32: Equity Raising Overview
EQUITY RAISING OVERVIEW Offer Size & Structure • Two-tranche non-underwritten institutional placement seeking to raise approximately A$25 million (before costs) (with the ability to accept oversubscriptions at the Company’s discretion) ("Placement" or "Offer") • The Placement will comprise the issue
Slide 33: Sources and Uses
SOURCES AND USES1 Placement proceeds are intended to be used primarily to fund the following:1 • Exercise of the First Mining 10% Option2 - A$3.2m Sources A$m • Revel Resources (JV Projects) currently holds Existing Cash (as at 31-Dec) 2.3 70% of the PC Gold JV. BVR will exercise the Placement Proce
Slide 34: Pro-Forma Capital Structure
PRO-FORMA CAPITAL STRUCTURE Sources Units Current Equity Raising1 Acquisition2 Pro-Forma Ordinary Shares on Issue3 m 101.8 33.3 60.0 195.1 Performance Rights on Issue m 15.0 - 50.0 65.0 Options on Issue at 25c m 27.5 - - 27.5 Market Capitalisation at Offer Price A$m 76.4 25.0 45.0 146.4 Cash & Equiv
Slide 35: Indicative Placement & Acquisition Timetable
INDICATIVE PLACEMENT & ACQUISITION TIMETABLE Event Date Trading Halt Monday, 2 February 2026 Announcement of Acquisition and Placement Monday, 2 February 2026 Bookbuild completed, trading halt lifted and Bellavista Shares recommence trading on ASX Wednesday, 4 February 2026 Settlement of New Shares
Slide 36: Appendices
Appendices • Appendix 1: Pickle Crow Mineral Resource Estimate • Appendix 2: ESG • Appendix 3: Uchi and Wabigoon Sub- Provinces • Appendix 4: Peer Comparison Data • Appendix 5: Corporate Transaction Data • Appendix 6: Edmund Basin Projects • Appendix 7: International Offer Restrictions • Appendix 8:
Slide 37: Appendix 1 – Pickle Crow Gold Project
APPENDIX 1 – PICKLE CROW GOLD PROJECT Inferred Mineral Resource Estimate as at 31 December 2022 Lower Tonnes Gold Grade Gold Mineralisation Domain Cut-off (Mt) (g/t) (Moz) Quartz Lodes 3.0g/t 6.7 9.8 2.1 Bulk (BIF, Porphyry) 2.0g/t 4.2 3.8 0.5 Satellite (East Pat, Cohen Mac) 2.0g/t 1.0 4.1 0.1 TOTAL
Slide 38: Appendix 2 – Environment and Community
APPENDIX 2 – Environment and Community The cornerstone of the Pickle Crow Project • Continued First Nation employment Inclusion (Security, Field activities) • Exploration agreement • Progressive rehab completed signed with • Baseline monitoring ongoing Mishkeegogamang Ojibway Community Environment •
Slide 39: Appendix 3 – Uchi and Wabigoon Sub-Provinces
APPENDIX 3 – UCHI AND WABIGOON SUB-PROVINCES SOURCE: 1. Kinross (TSX:K) News Release 24/2/2023 – 'Kinross completes acquisition of Great Bear Resources’ and Great Bear PEA announced 10/09/2024 2. Evolution Mining (ASX:EVN) ASX Release 06/06/2025 – ‘Annual Mineral Resources and Ore Reserves Statement
Slide 40: Appendix 4 – Peer Comparison: Further Information
APPENDIX 4 – PEER COMPARISON: FURTHER INFORMATION Peer Overview Flagship Project JORC Mineral Resource Measured Indicated Inferred Total Company Flagship Australian Development Mining Market Grade Contained Grade Contained Grade Contained Grade Contained Ticker Source Date Name Project State Stage T
Slide 41: Appendix 5 – Corporate Transaction Details
APPENDIX 5 – CORPORATE TRANSACTION DETAILS TRANSACTION SOURCE DATE ASSET TARGET / SELLER ACQUIRER TRANSACTION TYPE VALUE 1 24/02/2022 Dixie Great Bear Resources Kinross Company acquisition US$1.4B 2 26/11/2019 Red Lake Newmont Mining Evolution Mining Asset Transaction to US$475M 3 20/05/2021 Phoenix
Slide 42: Appendix 6 – Edmund Basin Projects
APPENDIX 6 – EDMUND BASIN PROJECTS Critical and strategic minerals opportunity • Upper Gascoyne/Capricorn Orogen - Emerging Critical and Strategic Mineral Karratha District • Broad range of mineral occurrences in the Edmund Basin Newman • Copper, silver, zinc, vanadium, gallium, REE’s, nickel, EDMUN
Slide 43: Appendix 6 – Underexplored Basin
APPENDIX 6 Underexplored Basin ( ) Major crustal-scale faults and lineaments Hemi Dev Project • Located between Pilbara and Yilgarn Paulsens Gold Ops Cratons • The Edmund Basin is considered one of the last underexplored terranes in Ashburton Gold WA, presenting strong potential for future discoveri
Slide 44: Appendix 6 – Bellavista Tenure
APPENDIX 6 Bellavista Tenure • Strategic Basin-wide holding in the Edmund Basin • Substantial Growth and Regional Scalability Opportunities • Total Tenement Area - 1,867km² • Same stratigraphy, under similar structural settings to Brumby within 140km of Strike. HEBS Mineralisation Footprint ASX: BVR
Slide 45: Appendix 7 - International Offer Restrictions
APPENDIX 7 - INTERNATIONAL OFFER RESTRICTIONS This Presentation does not constitute an offer of new ordinary shares (New Shares) of the Company in any jurisdiction in which it would be unlawful. In particular, this Presentation may not be distributed to any person, and the New Shares may not be offe
Slide 46: Appendix 7 - International Offer Restrictions (cont.)
APPENDIX 7 - INTERNATIONAL OFFER RESTRICTIONS (cont.) Hong Kong No advertisement, invitation or document relating to the New Shares has been or will be issued, or has been or will be in the possession of any person for the purpose of issue, in Hong Kong or elsewhere that is directed at, or the conte
Slide 47: Appendix 7 - International Offer Restrictions (cont.)
APPENDIX 7 - INTERNATIONAL OFFER RESTRICTIONS (cont.) United Kingdom Any invitation or inducement to engage in investment activity (within the meaning of section 21 of the FSMA) received in connection with the issue or sale of the New Shares has only been communicated or caused to be communicated an
Slide 48: Appendix 8 - Key Risks
APPENDIX 8 - KEY RISKS This Key Risks section details important factors and potential risks associated with the Company, the Acquisition, the Placement, the industry in which the Company operates and an investment in fully paid ordinary shares in the Company (Shares). Together, the Acquisition and t
Slide 49: Appendix 8 - Key Risks (cont.)
APPENDIX 8 - KEY RISKS (cont.) Transaction Overview Risk Due diligence The Company undertook customary due diligence investigations in respect of the Acquisition. While the Company considers that this review was adequate in the circumstances, the risk information reviewed was largely provided by Fir
Slide 50: Appendix 8 - Key Risks (cont.)
APPENDIX 8 - KEY RISKS (cont.) Transaction Overview Risk Integration risk The long-term success of the Company will depend, amongst other things, on the success of management in integrating and progressing the Pickle Crow Gold and Sioux Lookout projects and associated Canadian operating structures a
Slide 51: Appendix 8 - Key Risks (cont.)
APPENDIX 8 - KEY RISKS (cont.) Project Specific Overview and BVR Risk Third party risk If Completion occurs, the Company will acquire FireFly’s current 70% interest in the Pickle Crow Gold Project via PC Gold Inc., together with the option to increase that interest to 80% by paying CAD$3 million to
Slide 52: Appendix 8 - Key Risks (cont.)
APPENDIX 8 - KEY RISKS (cont.) Project Specific Overview and BVR Risk Future capital The Company's capital requirements depend on numerous factors. Following completion of the Placement, the Company may require further financing to fund its existing projects requirements and the Pickle Crow and Siou
Slide 53: Appendix 8 - Key Risks (cont.)
APPENDIX 8 - KEY RISKS (cont.) Project Specific Overview and BVR Risk Exploration and .Advancing towards development may require studies, permits, funding and construction and involves risks relating to approvals, infrastructure, metallurgy, cost escalation, scheduling, resource risk availability of
Slide 54: Appendix 8 - Key Risks (cont.)
APPENDIX 8 - KEY RISKS (cont.) Project Specific Overview and BVR Risk Climate change There are a number of climate-related factors that may affect the Company's business. Climate change or prolonged periods of adverse weather and climatic conditions (including and nature rising sea levels, floods, h
Slide 55: Appendix 8 - Key Risks (cont.)
APPENDIX 8 - KEY RISKS (cont.) Project Specific Overview and BVR Risk Other In addition to the Acquisition, the Company may actively pursue the acquisition of other exploration, development and production assets consistent with its acquisition and growth acquisitions strategy. From time to time, the
Slide 56: Appendix 8 - Key Risks (cont.)
APPENDIX 8 - KEY RISKS (cont.) Project Specific Overview and BVR Risk Community The Company’s relationship with the communities in which it operates is important to ensure the future success of its existing operations and the construction and development of its relations and projects. While the Comp
Bellavista Resources — Merger or Acquisition (February 2026) on 6ix