Bellevue Gold Limited · ASX:BGL
Bellevue Gold — Investor Presentation (March 2021)
48 slides from Bellevue Gold's investor presentation, Mar 22, 2021
Slide 1: Investor Roadshow
For personal use only Investor Roadshow Developing the high-grade Bellevue Gold Project in WA
Slide 2: Disclaimers & Compliance Statements
Disclaimers & Compliance Statements This Presentation has been prepared by Bellevue Gold Limited (the Company) and is authorised by the Board of Directors of Bellevue Gold Limited. DISCLAIMER For personal use only This Presentation has been prepared by the Company based on information from its own a
Slide 3: Investment Highlights
Investment Highlights The Bellevue Gold strategy is aimed at exploiting the project’s competitive advantages to accelerate development and For personal use only expansion of the high-grade Bellevue Gold Project. One of the highest-grade new gold discoveries globally with a 2.4Moz at 10g/t Mineral Re
Slide 4: Corporate Summary
Corporate Summary BUILDING STRONG FOUNDATIONS For personal use only ASX Code Current Share Price (as at 19 March 2021) A$0.85 BGL ASX 300 (September 2019) Market Capitalisation ~ A$727M Shares on issue ~850m Cash1 ~ A$127.6m Management & consultant options & performance rights unlisted ~20m (prices
Slide 5: Board of Directors
Board of Directors For personal use only Kevin Tomlinson Steve Parsons Fiona Robertson Shannon Coates Michael Naylor Executive Director & Joint Company Executive Independent Chairman Managing Director Non-Executive Independent Director Non-Executive Independent Director Secretary Mr Tomlinson has ov
Slide 6: Management Team
Management Team For personal use only Daina Del Borrello Craig Jones Sam Brooks Luke Gleeson Maddison Cramer Rod Jacobs GM People and Company Culture Chief Operating Officer Chief Geologist Head of Corporate Development Joint Company Secretary Project Director Daina is an experienced Human Mr. Jones
Slide 7: Tier 1 location in world-class gold belt
Tier 1 location in world-class gold belt BELLEVUE HAS MAJOR LANDHOLDING, OF OVER 2,780km ² For personal use only Excellent infrastructure: Historically significant producing region: • Services at Leinster, Leonora and Wiluna • Major gold deposits & producing gold mines in proximity to Bellevue’s Pro
Slide 8: A Robust, Independent Feasibility Study
A Robust, Independent Feasibility Study On the pathway to production Bellevue has engaged industry leading experts to assist and drive the Feasibility Study For personal use only Studies, mine design, scheduling Non-processing infrastructure Process plant Geotechnical engineering Metallurgical testw
Slide 9: On track to become one of the most profitable 'Green & Gold' mines in Australia
On track to become one of the most profitable ‘Green & Gold’ mines in Australia Bellevue Gold’s Stage 1 Feasibility Study highlights the potential for a sector-leading level of profitability for ASX-listed For personal use only goldminers, best in class ESG metrics and an enviable organic growth pat
Slide 10: BGL – Site Updated 3D Inventum video & Site Flyover Video
BGL – Site Updated 3D Inventum video & Site Flyover Video For personal use only 3D Inventum Link Click Below Project Flyover Link Click Below https://inventum3d.com/c/BGL/Bellevue https://bellevuegold.wistia.com/medias/5fflxxhgnc 10
Slide 11: BGL – Forecast to become a Top Australian gold mine
BGL – Forecast to become a Top 25 Australian gold mine • The Stage 1 Feasibility Study shows BGL is forecasted to enter the Top 25 largest producing gold mines in Australia, with For personal use only the potential for future production growth in an updated Feasibility Study due in the June Quarter
Slide 12: BGL – Forecast to enter the bottom quartile on AISC vs peers
BGL – Forecast to enter the bottom quartile on AISC vs peers The BGL Stage 1 Feasibility Study positions the Bellevue Gold Project in the bottom cost quartile with a forecast LOM For personal use only AISC of A$1,079/oz compared to producers and current developers in PFS or FS study level LTM AISC o
Slide 13: BGL – Grade is King
BGL – Grade is King The BGL Maiden Probable Ore Reserve of 690,000oz at 8.0g/t from 2.7Mt sits as the second highest reserve grade of For personal use only all current Australian gold mines 21.8g/t Reserve Grade of Top 20 Australian Gold Mines of publicly-listed companies 8.0g/t 6.3g/t 6.2g/t 5.8g/t
Slide 14: BGL – Forecast to deliver sector-leading financial returns
BGL – Forecast to deliver sector-leading financial returns BGL’s production is forecast to commence in FY23 and set to deliver sector-leading profitability compared to the ASX For personal use only listed peer group with an EBITDA Margin of 63% and an AISC Margin of 53% (based on a gold price of A$2
Slide 15: Outstanding forecast cash generation
Outstanding forecast cash generation Pre-tax and at a spot gold price scenario of A$2,300/oz, the project delivers consistent earnings of over $1.63B at an For personal use only EBITDA Margin of 63% in the Stage 1 Life of Mine and $734m of EBITDA in the first 3 years. Cumulative Gold Production and
Slide 16: Forecast Production Summary - a focus on free cashflow
Forecast Production Summary - a focus on free cashflow Pre-tax and at a spot gold price scenario of A$2,300/oz, the project is forecast to deliver over $1.1B of Free Cash Flow For personal use only (FCF) over the initial 7.4yr mine life, achieve project payback in 1.4 years and deliver FCF (includin
Slide 17: BGL – A resource that continues to grow rapidly
BGL – A resource that continues to grow rapidly Since the discovery hole in November 2017, the Resource has grown at a compound annual growth rate of 92% at a For personal use only discovery cost of A$21/oz BGL Resource Growth (koz) † Years of continuous operations of other WA underground gold mines
Slide 18: A deposit that continues to grow in every direction
BGL - A deposit that continues to grow in every direction • Since the Tribune discovery hole in November 2017, the resource has grown at a compound annual growth rate of 92% For personal use only • The recent Lucknow discovery extends the strike to over 5km and the Lucien discovery sits 300m beneath
Slide 19: Long section view of the Mine Plan
Long section view of the Mine Plan MINE PLAN HIGHLIGHTING GRAPHICAL ANNUAL LOM SCHEDULE 1 For personal use only Stage 1 Decline rehabilitation Tribune Open Already +1,350 meters advanced from Current Decline Advance ~1,100m Pit portal (see image) • 28kms of existing underground Tribune infrastructur
Slide 20: Marceline & Deacon Growth Potential
Marceline & Deacon Growth Potential Open in Every Direction • Multiple Step Out targets – Open in every direction Long Section view through Marcelene & Deacon (looking east) • Multiple Follow Up targets – Existing untested DHEM plates For personal use only • Entire shear zone open for DHEM and Frame
Slide 21: BGL - A low capital intensive growth story
BGL - A low capital intensive growth story • All of the total 111km of underground development (capital & operating) has been factored into the LOM expenditure of For personal use only $551m; allowing for a reduced level of capital intensity/oz for further ounces that are discovered within the proje
Slide 22: Conventional Processing Facility – to deliver LOM recoveries of 97%
Conventional Processing Facility – to deliver LOM recoveries of 97% For personal use only Processing Plant • Total LOM recoveries forecasted at 97.0% • Process plant designed to recover high gravity component at the front end. Test work indicates between 58% and 85% is recoverable through gravity re
Slide 23: Project financing well underway- debt advisors appointed
Project financing well underway- debt advisors appointed • BGL has a current cash balance of $127.6m as at 31 Dec 2020 and is well funded through 2021; robust financials and For personal use only rapid project payback of 1.4yrs (pre-tax) provides for potential standard debt financing • Leading Perth
Slide 24: Current Development timetable
Current Development timetable1 For personal use only 1 This timetable is indicative only and may change. Please refer to key risks that may cause changes to the timetable. 24
Slide 25: $35m Exploration Budget: Near Mine & Greenfields targets
$35m Exploration Budget: Pipeline Near Mine & Greenfields targets Bellevue discovery to resource growing at a compound annual growth rate of 92%. Armand Lode discovered August 2020, Marceline Lode discovered recently post the Feasibility Study, multiple advanced targets ready for further Resource gr
Slide 26: The Sustainability pathway- a vision to be best in class
The Sustainability pathway- a vision to be best in class For personal use only Climate considerations Develop climate Begin TCFD TCFD gap analysis for new infrastructure, risks and TCFD phase 3: phase 1: and staged action efficiency options and opportunities integrate identify Refresh TCFD plan fuel
Slide 27: Forecast to be Australia's 2nd lowest greenhouse gas emitter /oz
Forecast to be Australia’s 2nd lowest greenhouse gas emitter /oz and a vision to be best in class • In line with our PACE core values, the Stage 1 Feasibility Study had a strong focus on our environmental impact, and this For personal use only was taken into consideration in the design of our projec
Slide 28: Bellevue Gold: Exploiting Our Competitive Advantages
Bellevue Gold: Exploiting Our Competitive Advantages One of Australia’s highest-grade gold mines, with exciting exploration potential and an accelerated For personal use only development timeline 2.4 MozFCF $1.1b + 2.4Moz 10.0g/t at 10.0g/t 58% IRR GRADE & SCALE PROFITABILITY GROWTH STRONG ESG FOCUS
Slide 29: Appendices
For personal use only Appendices Click here for the 3D Inventum model
Slide 30: Capitalising on De-risking Events – since September 2020
Capitalising on De-risking Events – since September 2020 Key De-risking Events Achieved on the Project since underground activities commenced For personal use only Setting the project up for success - Key Building Blocks and Achievements to date • Greater understanding of the ground conditions at th
Slide 31: Conventional mining methods
Conventional mining methods For personal use only Sub Horizontal Lodes (18% LOM Ounces) • Areas with footwall dips < 45o utilise a modified cut and fill method with sub level stoping • Primary development is driven along strike of the ore zones, the ore is then stripped out (up to 4.2m) • The primar
Slide 32: Power supply options - choosing green
Power supply options - choosing green • The current BGL gas-fired power solution is forecast to deliver a 32% reduction in emissions compared to diesel-only For personal use only power generation • Emissions vs cost – despite the higher capital required for gas fired power, BGL has chosen this optio
Slide 33: Bellevue's economic contributions to society
Bellevue’s economic contributions to society • Since the ‘discovery hole’ in November 2017, BGL has injected over $88m into the Australian economy For personal use only • During construction and operation, our Stage 1 Feasibility Study forecasts to generate $1.8 billion into the economy, including c
Slide 34: Continued dual exploration and development strategy
Continued dual exploration and development strategy Stage 1 Maiden Feasibility Study demonstrates that the dual track pathway to production is generating value for For personal use only shareholders; Continued exploration scheduled to see an updated Stage 2 Feasibility Study in June Quarter 2021 Sta
Slide 35: Feasibility Study Strategy - Key deliverables achieved
Feasibility Study Strategy - Key deliverables achieved For personal use only • Ongoing execution of the dual track strategy of exploration and development delivering outstanding results • Objectives of the Stage 1 Feasibility Study targeting: o +7 year mine life with defined opportunities for future
Slide 36: Bellevue Gold - Values and Vision
Bellevue Gold - Values and Vision “ To create a standout gold mining & exploration company that is an industry benchmark ” For personal use only At Bellevue we believe we have a unique opportunity to develop a standout gold mining company that is the benchmark for others to be measured against. We b
Slide 37: ESG & the opportunity to be 'best in class' corporate citizens
ESG & the opportunity to be ‘best in class’ corporate citizens BGL IS EVALUATING ALL OPTIONS ON THE PATHWAY TO DEVELOPMENT For personal use only - Smart blasting - Use of renewable electricity Climate consideration examples: - Energy efficient grinding (solar, batteries) to power - Bushfires - Runni
Slide 38: BGL – The green behind the gold
BGL – The green behind the gold • The Project has been designed to optimize our energy use and reduce our environmental impact For personal use only • Bellevue’s modeling places us as of one of the most efficient mines, based on forecast energy use (GJ) per ounce produced 25 Telfer Energy Use (GJ/oz
Slide 39: Social and Community
Social and Community SOCIAL, COMMUNITY AND ENVIRONMENTAL For personal use only • Maiden Sustainability Report released November 2020 ✓ • Ongoing support of Clontarf Foundation with working opportunities provided for Indigenous personnel looking to start in the resources industry ✓ • Leonora High Sch
Slide 40: Processing Plant Overview
Processing Plant Overview For personal use only 40
Slide 41: Crushing Circuit 3D Rendered Model
Crushing Circuit 3D Rendered Model For personal use only 41
Slide 42: Non Process Infrastructure
Non Process Infrastructure For personal use only Infrastructure requirements • New office and facilities to support the mine activities • New 300 person camp located north of the project area with access from the Goldfields Highway • Potable water sourced and treated and distributed around the site
Slide 43: Project Capital and Operating Costs
Project Capital and Operating Costs For personal use only Pre-Production Post-production Capital Expenditure ($M) (construction and (Years 1 to 91) Total Capital Costs ramp-up periods) Included in AISC • Site and Sustaining Capital – Starter TSF, Site and Sustaining Capital 75 26 101 evaporation pon
Slide 44: Project Capital and Operating Costs
Project Capital and Operating Costs For personal use only Operating Costs (post-production) $M $/T Milled $/oz Produced Operating Costs • Underground Mining – Rates supplied by a Underground Mining 466 85.85 425 competitive Request for Quotation (RFQ) process. Grade Control 72 13.27 66 Costs include
Slide 45: Opportunities & Risks
Opportunities & Risks1 For personal use only Opportunities Risks • Mill throughput increase to process lower grade stockpiles • Gold price volatility and exchange rate risk of mined material. This is being evaluated with update to • Resource and Reserve estimates FS in Q2 2021 • Funding Risks • Past
Slide 46: Mineral Resource and Ore Reserve Estimates
Mineral Resource and Ore Reserve Estimates INDEPENDENT JORC 2012 RESOURCE AND RESERVE ESTIMATES FOR THE BELLEVUE GOLD PROJECT For personal use only 3.5g/t gold lower cutoff, totals rounded to reflect acceptable position Tonnes Grade Contained Ounces Mineral Resource (Mt) (g/t Au) (Moz) Indicated Min
Slide 47: Australian Gold Mine Peers Data Set (Page 1)
Australian Gold Mine Peers Data Set (Page 1) For personal use only Resources Reserves Deposit Reporting Resources Reserves Deposit Reporting (Developer) Code (Developer) Code Category Mt g/t Moz Category Mt g/t Moz Category Mt g/t Moz Category Mt g/t Moz Measured 4.6 5.35 0.8 Measured - - - Proven 0
Slide 48: Australian Gold Mine Peers Data Set (Page 2)
Australian Gold Mine Peers Data Set (Page 2) For personal use only Resources Reserves Resources Reserves Deposit Reporting Deposit Reporting (Developer) Code Category Mt g/t Moz Category Mt g/t Moz (Developer) Code Category Mt g/t Moz Category Mt g/t Moz Measured 3.2 3.3 0.3 Proven 2.5 3.00 0.2 Meas