Bellevue Gold Limited · ASX:BGL
Bellevue Gold — Non-Deal Roadshow (May 2022)
40 slides from Bellevue Gold's roadshow presentation, May 13, 2022
Slide 1: North American Roadshow
For personal use only North American Roadshow High-grade Bellevue Gold Project in WA fully funded to first production
Slide 2: Disclaimers & Compliance Statements
Disclaimers & Compliance Statements This Presentation has been prepared by Bellevue Gold Limited (Company) and is authorised by the Managing Director of Bellevue Gold Limited. DISCLAIMER For personal use only This Presentation has been prepared by the Company based on information from its own and th
Slide 3: Disclaimers & Compliance Statements: JORC Compliance
Disclaimers & Compliance Statements JORC COMPLIANCE STATEMENTS For personal use only 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 Mineral Resources
Slide 4: Investment Highlights
Investment Highlights The completed funding solution sees BGL fully funded into production with total liquidity of $351m as at 31 March 2022 to fund the $252m capex from Feasibility Study (FS2) released in September 2021 For personal use only One of the highest-grade, lowest cost mines in Australia
Slide 5: The BGL Value Proposition: Exploiting Our Competitive Advantages
The BGL Value Proposition: Exploiting Our Competitive Advantages One of Australia’s highest-grade gold mines, with exciting exploration potential and an accelerated development For personal use only timeline that is fully funded to production 3.1Moz 2.4 MozFCF A$1.8b + 10.0g/t at 9.9g/t 72% IRR VALU
Slide 6: Tier 1 location in world-class gold belt
Tier 1 location in world-class gold belt Bellevue has a major landholding of over 2,780km² 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 7: BGL joining an exclusive gold club
BGL joining an exclusive gold club • There are only 7 other assets globally in Tier 1 jurisdictions that produce over 180kozpa with a head grade over 5g/t • FS2 will see the project produce over 200kozpa for the first 5 years and a LOM average of 183kozpa for 8.1 years • Further Resource conversion
Slide 8: BGL on the cusp - Share Price Performance During Construction
BGL on the cusp- Share Price Performance During Construction • Post the announcement of construction development, the selected comparable companies experienced a significant re- rate or an average increase of 163% over this period • With the commencement of the camp construction this puts BGL on the
Slide 9: Board and management – a proven team of mine builders
Board and management – a proven team of mine builders For personal use only Kevin Tomlinson Steve Parsons Fiona Robertson Shannon Coates Michael Naylor Non- Executive Independent Managing Director Non-Executive Independent Non-Executive Independent Non- Executive Director Chairman Director Director
Slide 10: Exploration development strategy delivering outperformance
Exploration development strategy delivering outperformance • BGL’s outperformance has been delivered by exploration growth and also by expanding the mining inventory • This process is set to continue in 2022 with further growth and optimisation studies occurring For personal use only 4. BGL outperfo
Slide 11: A deposit that continues to grow in every direction
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 81% • The recent Lucknow discovery extends the strike to over 5km and the Lucien discovery sits 300m beneath the Deacon lode; For person
Slide 12: Further growth potential - Mining Shape Optimiser shapes NOT in mine plan
Further growth potential- Mining Shape Optimiser shapes NOT currently in mine plan • Of the 3.1Moz Global Resource only ~50% of the Resource is in the current 1.5Moz mine plan For personal use only • The areas in red highlight the immediate conversion potential based on the same economics from the S
Slide 13: Bellevue Gold project Feb 2022 Fly-through
Bellevue Gold project Feb 2022 Fly-through click here For personal use only 13
Slide 14: Optimising FS2 – Further enhancing the project economics
Optimising FS2 – Further enhancing the project economics Key de-risking events achieved on the project, focus shifted to optimisation and further de-risking, productivity and cost benefits For personal use only Study FS2 Optimisation Outcome Potential Benefit Parameters Less up-front development MIN
Slide 15: 4.5km of completed development provides access to multiple fronts
4.5km of completed development provides access to multiple fronts • The Paris portal was fired in August 2020, with over 4,570m of development completed to May 2022 • Two production fronts have been established – North targeting Armand, Marceline and Deacon North, and South targeting Viago and Deaco
Slide 16: Secondary Tag Board installed allowing for increased metres
Secondary Tag Board installed allowing for increased metres • Independent tag board installed to allow for independent firing between the northern Armand/Marceline and southern Viago decline For personal use only 16
Slide 17: Pathway to production: Mining contractor appointed
Pathway to production: Mining contractor appointed • Recent award of ~$400M mining contract to ASX listed Develop (ASX: DVP) for approximately 4 years • Mobilisation and handover from the existing contractor is set to occur this quarter For personal use only • Develop has established a highly experi
Slide 18: Excellent ground conditions with first vertical rise pulled
Excellent ground conditions with first vertical rise pulled • First vertical rise was pulled using a longhole rig to create a return air rise • The 5mW x 6mL x 18mH performed exceptionally well For personal use only • Cavity monitoring system (CMS) showed the final void (grey ) aligned very closely
Slide 19: Positioned for high margin, low capital intensive growth beyond 1Mtpa
Positioned for high margin, low capital intensive growth beyond 1Mtpa • The current 1Mtpa plant was designed with the potential for further growth above the 1Mtpa nameplate capacity • The 33% upscaling to 1Mtpa from 750ktpa nameplate capacity was achieved for a total spend of $12m For personal use o
Slide 20: A consistent delivery of the project since July 2020
A consistent delivery of the project since July 2020 • The company is continually delivering into the dual track development and exploration strategy by adding value through growth in the Resource and an upgraded FS2 study that has increased the value of the project by $701m in 6mths For personal us
Slide 21: Project Advancement continues
Project Advancement continues • 124 of the 338 person camp has been installed and due for completion in Q3CY 2022 • The first of two 14.9Kw solar arrays are being installed to power the borefield pumps; the pumps will be running at 100% solar power For personal use only during daylight hours; both p
Slide 22: Bellevue is an industry leader in diversity
Bellevue is an industry leader in diversity Bellevue has a Cultural Heritage Management Plan and a Diversity Policy For personal use only • Bellevue is leading the Australian mining sector for gender diversity and has a -2% gender pay-gap for like-for-like roles • Key metrics of our diversity result
Slide 23: BGL - Forecast to be Australia's lowest greenhouse gas emitter/oz
BGL - Forecast to be Australia’s lowest greenhouse gas emitter/oz • Bellevue is forecast to become the lowest emitter on a per ounce basis in Australia; the Stage 2 Feasibility Study shows a forecasted greenhouse gas intensity of 0.202 t CO2e / oz. This has improved by ~30% due to the planned integr
Slide 24: Appendices
For personal use only Appendices Click here for the 3D Inventum model
Slide 25: Corporate Summary
Corporate Summary Building Strong Foundations For personal use only ASX Code Current Share Price A$0.82 BGL ASX 300 Market Capitalisation ~ A$845M Shares on issue ~1,031m Cash1 ~ A$150.9m Unlisted performance rights unlisted ~34m Top 20 Shareholders ~61% Shareholder Summary2 Total Global & Australia
Slide 26: Bellevue gold project - Fully funded to production
Bellevue gold project - Fully funded to production • Fully funded to production with total liquidity of $351m (31st March 2022) to fund the dual track strategy of project For personal use only development and exploration with $252m capex from the updated FS2 study • Macquarie was Bellevue’s first in
Slide 27: BGL – Forecast to become a Top Australian gold mine
BGL – Forecast to become a Top 20 Australian gold mine • The updated Stage 2 Feasibility Study shows BGL is forecast to enter the top 20 largest producing gold mines in Australia For personal use only • 21% uplift in LOM average production compared to the Stage 1 Feasibility Study released in Februa
Slide 28: BGL – Forecast to enter the bottom quartile on AISC vs peers
BGL – Forecast to enter the bottom quartile on AISC vs peers • The Stage 2 DFS positions BGL in the bottom cost quartile with a forecast LOM All In Sustaining Cost (AISC) of A$1,014/oz For personal use only • In the first 5 years of production the project will average an AISC of A$922/oz 2,104 2,034
Slide 29: FS2 vs FS1 – optimisation study post FS2 will add more value
FS2 vs FS1 – optimisation study post FS2 will add more value Stage 2 Study delivers a significant improvement in all key project metrics, including production, life of mine, costs, free cash flow, profit and return metrics; all without a material change in capital costs For personal use only Key LOM
Slide 30: 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 Studies For personal use only Studies, mine design, scheduling Non-processing infrastructure Process plant and infrastructure Geotechnical engineerin
Slide 31: 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/w9cw1f5wk2 31
Slide 32: BGL's approach to ESG = no greenwashing
BGL’s approach to ESG = no greenwashing • Our Stage 1 Feasibility Study estimated that the gas power station would contribute 73% of the mine’s overall emissions For personal use only • The latest plans for the Bellevue power station will further reduce emissions, whilst maintaining reliability and
Slide 33: 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 (eg. Climate consideration examples: - Energy efficient grinding ✓ solar, batteries) to power - Bushfires
Slide 34: Bellevue Gold - Values and Vision
Bellevue Gold - Values and Vision “To create a standout gold mining and 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 35: The sustainability pathway - a vision to be best in class
The sustainability pathway - a vision to be best in class For personal use only Begin TCFD TCFD gap Develop climate Climate considerations analysis and risks and for new infrastructure, TCFD phase 3: phase 1: integrate identify Refresh TCFD staged action opportunities efficiency options and benchmar
Slide 36: Scope 1 and Scope 2 emissions of Australian gold mines
Scope 1 and Scope 2 emissions of Australian gold mines • The annual greenhouse gas emissions of Australian gold mines is plotted below personal use only • Due to the project’s low carbon emission intensity, Bellevue will have one of the lowest total greenhouse gas emissions per year of any Australia
Slide 37: Energy-emissions intensity – Bellevue is leading the way
Energy-emissions intensity – Bellevue is leading the way • Energy-emissions intensity is the factor of emissions per unit of energy produced, such as tonnes of CO2e per GJ intensity (t CO e / GJ) use only • This trend shows that off-grid mines, powered by a gas-fired power station have a lower energ
Slide 38: Bellevue's community contributions and PACE values
Bellevue’s community contributions and PACE values Our commitment to the Communities in which we operate is the ‘C’ in our PACE values For personal use only Bellevue is committed to supporting Aboriginal BELLEVUE GOLD people with pathways to employment. We offer trainees the opportunity to gain work
Slide 39: Mineral Resource and Ore Reserve Estimates
Mineral Resource and Ore Reserve Estimates INDEPENDENT JORC 2012 RESERVE ESTIMATES FOR THE BELLEVUE GOLD PROJECT (Current September 2021) Tonnes Grade Contained Ounces Ore Reserve (Mt) (g/t Au) (Moz) For personal use only Probable High Grade Underground Ore Reserve 3.6 7.7 0.90 Probable Low Grade Un
Slide 40: Share Price Performance During Construction
Share Price Performance During Construction For personal use only Capricorn Metals West African Resources Atlantic Gold Roxgold Pretium Resources Construction timeline Construction commences 13-Mar-20 01-Jan-19 03-Jun-16 07-Apr-15 19-Jan-16 Commercial production 02-Sep-21 30-Jun-20 05-Mar-18 04-Oct-