Slide 1: Bellevue Gold Project Investor Site Visit Presentation
For personal use only Bellevue Gold Project Investor Site Visit Presentation 30 April 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 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 Joint Ore Reserves Committee’s Australasian Code for Reporting of Mineral Resources and Ore Reserv
Slide 5: Disclaimers & Compliance Statements (cont.)
Disclaimers & Compliance Statements (cont.) • By multiplying the ounce intensity of the Northern recently drilled portion of the lode system for the additional strike extent that will be accessible from the Southern Drill drive and providing suitable range around the mid- point an ounce target of 1.
Slide 6: West Australian high-grade gold producer
West Australian high-grade gold producer Long life high-grade asset 1.5 Moz @ 5.0 g/t gold Ore Reserve 3.2 Moz @ 9.0 g/t global gold Resource1 For personal use only Underground mining ramp up nearing completion Target development and mining production rates achieved; major infrastructure complete Ph
Slide 7: Key Infrastructure all in place
Bellevue Gold Project Solar farm Key Infrastructure all in place – Cosmos all infrastructure <5 years old Village For personal use only Westralia Pit Wind Farm TSF Airstrip Paris Portal Process Plant Bellevue Operations Highway Admin Tribune Power plant Box Cut Lake Vent Fans Miranda
Slide 8: Re-positioned with lower risk mine plan
Re-positioned with lower risk mine plan Lower than planned production in March 2025 Revised mine plan significantly de-risked – focus on cash ▪ Three stopes on the outer edges of the orebody mined in generation mid-March 2025 delivered lower grades and production ▪ Revised mine plan conservatively d
Slide 9: March 2025 Quarter – Summary Results
March 2025 Quarter – Summary Results1 Mining & processing throughput targets achieved – March 2025 production (ounces) lower than expected ▪ January and February 2025 successfully ramped up mine development Metric Unit Q3 FY25 Q2 FY25 Q1 FY25 to establish stope production to support a stronger finis
Slide 10: Month of March head grade performance
Month of March head grade performance ▪ One off events impacted March Significant lift in mined tonnage experienced, but loss in expected grade 2025 grade performance vs performance, largely fixable or localised mining plan Addressed through ▪ Mining tonnage increased improved mining significantly b
Slide 11: Mine reconciliation to date
Mine reconciliation to date Orebody performance for previous 12 months has performed to expectation Mining in middle of orebody = localised +ve reconciliation 140% For personal use only 120% Weighted Average 100% Ounces 97% Weighted Average 80% Grade 94% 60% Open pit stockpile low grade Grade = loca
Slide 12: Mining
For personal use only Mining 12
Slide 13: Lower risk production & cash flow
Lower risk production & cash flow Stage 2 plant expansion on hold, reduced underground expansion in FY26 ▪ Processing plant optimised to 1.35Mtpa with gravity circuit upgrade underway ▪ Preliminary FY26 production is targeted at ~150koz pa2 with formal FY26 For personal use only guidance to be annou
Slide 14: 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 relative to more challenging areas in FY25 ▪ Orebody remains open at depth and down plunge For personal use
Slide 15: Mining now at run rate
Mining now at run rate ▪ Successfully lifting development rates and setting mine up for cash flow generation ▪ Mine development achieved rate of >275m per jumbo per month across fleet of six jumbos. Jumbo fleet now reduced to five, increasing available work areas per jumbo, with conservative rates u
Slide 16: Operational performance is improving
Operational performance is improving Mining and processing rates in March provide a platform for a stronger June 2025 Quarter & life of mine – inflection point is imminent March 2025 Quarter Challenges Solutions For personal use only Ramping up mining and development equipment Successful ramp up of
Slide 17: Mine Planning & Operating changes
Mine Planning & Operating changes ▪ Building Consistency: De-mobilisation of 6th jumbo will allow the mine to focus on consistent delivery of mine plan rather than expansion works For personal use only ▪ Improved Local Knowledge: Refinement of mine plan with increased knowledge base of past mining a
Slide 18: Geology
Geology FY25 learnings from ramp up ▪ Time pressures for geologists to complete UG processes/mapping etc ▪ Time pressures on grade control turnaround ahead of mining For personal use only ▪ Time pressures on resource geologists to produce models Continuous improvement ▪ Mining dilution is being addr
Slide 19: Deacon June 2025 quarter schedule
Deacon June 2025 quarter schedule ▪ Grade Control drilling indicates better grades & widths to come ▪ Significant increase in stope mining2 and ounces in June 2025 quarter compared to March 2025 quarter ▪ Blind stope1 on the edge of orebody underperformed in March 2025 North For personal use only 2.
Slide 20: Bellevue South/Viago June 2025 quarter schedule
Bellevue South/ Viago June 2025 quarter schedule ▪ Grade control indicates better grades & widths to come Delays in decline ▪ Setting up for FY26. Resolved Viago decline delays late in March 2025 quarter experienced in Q3 due to localised Fault as ▪ Blind stope1 on the edge of orebody underperformed
Slide 21: Armand June 2025 quarter schedule
Armand June 2025 quarter schedule ▪ Grade control indicates better grades & widths to come ▪ Significant increase in stope mining and ounces in June 2025 quarter compared to March 2025 quarter2 3.7m @ 36.0 g/t ▪ Blind stope1 on the edge of orebody underperformed in March 2025 Gram metres 5.5m @ 37.1
Slide 22: Tribune June 2025 quarter schedule
Tribune June 2025 quarter schedule ▪ New mining area. Portal, decline and infrastructure developed during H1 FY25 ▪ Only development tonnes mined during March 2025 quarter ▪ Stoping to commence in June 2025 quarter, increasing during FY26 For personal use only North 7.0m @ 7.8 g/t North 5.0m @ 16.5
Slide 23: Processing
For personal use only Processing 23
Slide 24: Processing Plant
Processing Plant ROM Pad ▪ 1.35 Mtpa expansion almost Crushing complete Circuit (1.7Mtpa Capacity) FOB ▪ Maintaining ~94% recovery For personal use only ▪ >70% gravity recovery Ball Mill Gravity ▪ Gravity circuit upgrade Upgrade Thickener Underway ▪ Standard CIL plant CIL Modifications Complete ▪ In
Slide 25: Record processing throughput – grades lifting in Q4
Record processing throughput – grades lifting in Q4 ▪ Phase 1 of mill upgrade1 successfully completed with processing plant reaching rates equivalent to 1.35Mtpa ▪ Mill upgrade includes increased leach pump capacity, thickener controls and an improved oxygen delivery system For personal use only ▪ P
Slide 26: Geology & Growth
For personal use only Growth Geology & 26
Slide 27: 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 28: Exploiting the competitive exploration advantage
Exploiting the competitive exploration advantage ▪ Southern decline development opens up a major ~1.5-2.5Moz at 8-10 g/t gold Exploration Target 1 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% untested
Slide 29: 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 Deacon Shear ▪ 1.6m @ 9.3 g/t gold and 1.2m @ 9.0 1.5Moz g/t gold structure at depth ▪ Target area can now be cost effectively d
Slide 30: 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 31: Investment Highlights
Investment Highlights Exceptional asset Optimised balance sheet For personal use only Long-life, high-grade gold mine in tier Optimised for near term cash flow one jurisdiction generation and de-risked via reduced hedge book Near term production Exploration upside growth Large exploration potential
Slide 32: 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 (Moz) Au) Probable High Grade Underground Ore Reserve 6.83 6.1 1.33 Probable Low Grade Underground Ore Reserve 2.32 2.1 0.15
Slide 33: Regional Geology
Regional Geology Wiluna Blackham Agnew-Wiluna Belt Geology ▪ Hosted in the Yakabindie domain of N the Agnew-Wiluna Greenstone Belt For personal use only 25 Kilometers ▪ Yakabindie domain consists of the layered Kathleen Valley gabbro Yilgarn Craton overlain by the tholeiitic Mt Goode Mt Keith Ni Ins
Slide 34: Local Geology
Local Geology Pillow Basalt Geology and Lithology Summary Integrated Surface Geology Clearly defined pillow rims with amygdales. Pillowed texture varies from intense to widely spaced rims, often containing inter ▪ Site geology is dominated by the Mount For personal use only pillow sulphide and bioti