Bellevue Gold Limited · ASX:BGL
Bellevue Gold — BMO Conference 2023
30 slides from Bellevue Gold's conference presentation, Feb 27, 2023
Slide 1: BMO Conference: High-grade Bellevue Gold Project in WA
For personal use only BMO Conference High-grade Bellevue Gold Project in WA Building Australia’s next Major Gold Mine February 2023
Slide 2: Disclaimers & Compliance Statements
Disclaimers & Compliance Statements 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 For personal u
Slide 3: 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. For personal use only DISCLAIMER This Presentation has been prepared by the Company based on information from its own and th
Slide 4: Bellevue Gold Overview
Bellevue Gold Overview A globally significant high-grade, high margin, growth focused gold project in Australia For personal use only Project has significant grade, scale and margin in a tier one jurisdiction Significant and proven growth potential vs peer group Forecast +10yr mine life produc
Slide 5: Board and management – a proven team of mine builders
Board and management – a proven team of mine builders For personal use only Darren Stralow Mining Engineer 20yrs experience Managing Director Previous role of Chief Development Officer and GM of Operations & CEO (from 1 at Northern Star Resources (NST) Investment Banking 35yrs experience March
Slide 6: Sustainability is core to BGL's vision and purpose
Sustainability is core to BGL’s vision and purpose Vision To be a sustainable gold mining company that enriches our shareholders, community and people For personal use only To create a high-performance organisation that delivers superior shareholder value, positive ESG outcomes and an environment fo
Slide 7: Exploration targeting continued organic growth to deliver outperformance
Exploration targeting continued organic growth to deliver outperformance For personal use only Since the discovery hole in November 2017, the Resource has grown at a compound annual growth rate of 63% Reserve conversion - further growth potential to grow the 1.34Moz Reserve Exploration potenti
Slide 8: 10-year mine life with organic growth potential
10-year mine life with organic growth potential Multiple opportunities for organic growth: For personal use only 1. Nameplate 1Mtpa - crushing circuit has been designed to process higher throughput rates than 1Mtpa 2. Resource conversion - another 40% of the Resource sits outside the current mine
Slide 9: Project delivery, de-risking and growth on world class system
Project delivery, de-risking and growth on world class system Continued delivery of several major milestones for the development of the globally significant Project: For personal use only Liquidity1 (A$m) Process plant construction well advanced with plant construction designed for future production
Slide 10: Project Delivery
For personal use only Project Delivery
Slide 11: Consistently delivering since July 2020
Consistently delivering since July 2020 Since development commenced in July 2020 and BGL has consistently delivered on time and is on-track to achieve first production in H2 CY23 For personal use only Project execution is significantly de-risked to cost escalation with all major pre-production c
Slide 12: Camp complete and operational
Camp complete and operational The 343-room camp is now complete and operational For personal use only Designed for worker comfort, health and safety with dependable phone reception, high speed internet, well-lit outdoor areas, large modern gym, sports court and other recreational facilities, roo
Slide 13: Processing Plant construction progress 26/02/2023
For personal use only Processing Plant construction progress 26/02/2023 13
Slide 14: Construction progress on track
Conveyor Assembly For personal use only Mill Shell End Construction progress on track First delivery of mill components currently being transported to site Bulk and detailed earthworks completed in key areas Civil concrete works completed on crusher, mill and CIL foundations Structural c
Slide 15: Mining development ahead of schedule
Mining development ahead of schedule Develop Global Ltd (ASX:DVP) mining fleet - ramp up to 3 Jumbos operating at full utilisation ~8km of underground development completed on site to date For personal use only Open pit mining contract awarded to NRW (ASX:NWH) one of Australia’s leading op
Slide 16: Derisking and Growth
For personal use only Derisking and Growth
Slide 17: Vrify 3D presentation
Vrify 3D presentation – play here For personal use only https://vrify.com/decks/12830
Slide 18: 3.1Moz high-grade lode system - Open for growth
3.1Moz high-grade lode system- Open for growth Bellevue Lode system is open down plunge and at depth with high potential for repeat structures in the footwall For personal use only Current Resource Current Resource Bellevue Lode Mined 1986-1997 700k ounces @ +11g/t Current Resource Westralia and V
Slide 19: Funded for increased exploration
Funded for increased exploration Dedicated Resource step out and conversion Underground Diamond Rig mobilised to site Jan 2023; +50,000m Program For personal use only Progress in underground development opening up new areas for drill testing along strike and at depth Bellevue Lode system remai
Slide 20: Geology - Grade control delivering positive reconciliation
Geology- Grade control delivering positive reconciliation For personal use only Recent grade control drilling at Upper Armand has delivered improving geological confidence An 86% increase in Indicated metal, a 17% increase in contained metal and an increase of 3.3% in Indicated gold grade, resul
Slide 21: Armand 1251 - Ore Drive
Armand 1251- 100 Ore Drive Face 10 Face 24 Face grade of 14.5g/t using a 50g/t topcut For personal use only Refer asx 27/02/23
Slide 22: Processing – Derisking and growth
Processing – Derisking and growth De-risked flow sheet and execution on track For personal use only Reagents Simple layout and orientation - 1Mtpa nameplate Gold Room Simple metallurgy – 97% total recovery, including Thickeners CIL >60% gravity recovery Crushing Circuit Ball Mill Admin & Stores
Slide 23: Why own Bellevue Gold?
Why own Bellevue Gold? High grade organic growth potential versus a sector backdrop of declining grade, production and exploration discoveries For personal use only Development companies typically re-rate from trading at a discount to P/NAV to cashflow EV/EBITDA trading multiples; Bellevue is curr
Slide 24: Investment highlights
Investment highlights For personal use only World class potential Resource Growth Production Growth ESG Leader De-risking Forecast to be a Since the discovery Project mine life Project is forecast 78% through top 20 Australian hole in November has grown 25% to to have the lowest development timeline
Slide 25: Appendix
For personal use only Appendix
Slide 26: Project Cost Update
Project Cost Update1 (A$m) A + B = C For personal use only June 22 Total Spend to date Remaining Updated Total Pre-commercial production project Project Spend (Nov 22) Project Spend Project Spend costs updated to include additional Site capital 732 27 44 71 spend on accelerated underground developme
Slide 27: Accelerating Underground Development
Accelerating Underground Development Additional 4,000m - 5,000m of development to be completed prior to 30 September 2023 (in excess of June 2022 Project Update plan) For personal use only Development will focus on high-confidence, high-grade, sub-vertical mining areas in order to de-risk first
Slide 28: Tribune Early Development
Tribune Early Development Fast Tracking Tribune – additional mining front earlier than planned For personal use only Cost benefit to mining Tribune early – ability to utilise open pit mining equipment when on site for Vanguard. Avoid additional mob/de-mob costs & lower unit rates when mining bot
Slide 29: Mineral Resource and Ore Reserve Estimates
Mineral Resource and Ore Reserve Estimates INDEPENDENT JORC 2012 RESERVE ESTIMATES FOR THE BELLEVUE GOLD PROJECT (Current June 2022) Tonnes Grade Contained Ounces Ore Reserve (Mt) (g/t Au) (Moz) For personal use only Probable High Grade Underground Ore Reserve 4.5 7.9 1.14 Probable Low Grade Undergr
Slide 30: Peer Comparison Information
Peer Comparison Information For personal use only Enterprise FY25E Market Cap Net Debt FY25E EBITDA Source Document Value EV/EBITDA A$m A$m A$m A$m x FactSet Peers consensus Newcrest 21,092 2,484 23,576 3,079 7.66x Newcrest 1H FY23 report, released on 16 February 2023 Evolution 5,285 1,478 6,763 1,2