Bellevue Gold Limited · ASX:BGL
Bellevue Gold — Non-Deal Roadshow (February 2026)
28 slides from Bellevue Gold's roadshow presentation, Feb 23, 2026
Slide 1: Northern Hemisphere Roadshow
For personal use only Northern Hemisphere Roadshow Delivering, De-Risked & Unlocking Upside February 2026 PASSION-ACCOUNTABILITY-CARE-EXCELLENCE
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.) The carbon offsets (ACCUs) required for CY25 have been acquired and surrendered. The ACCUs acquired to date use the Savanna fire management methodologies, as certified by the Clean Energy Regulator. Bellevue continues to investigate and implement emission
Slide 5: Disclaimers & Compliance Statements (cont.)
Disclaimers & Compliance Statements (cont.) • All ore bearing structures are projected to continue to the south. • 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
Slide 6: Capital Structure, Board & Management
Capital Structure Board & Management Market Capitalisation1 A$2,605M US$1,850M Board Cash & Gold2 A$170M US$121M Kevin Tomlinson Non-Executive Chairman Bank Debt3 A$100M US$71M Darren Stralow Managing Director & CEO For personal use only Shannon Coates Non-Executive Director Shareholders4 Leigh Junk
Slide 7: Bellevue Positioned for growth
Bellevue Positioned for growth Positioned for growth in an established and fertile mining region, with a long life and strong cash flow ▪ Long-life & established asset: 1.3Moz ORE; 3.1Moz MRE1 underpinning long reserve life and significant potential for For personal use only Jundee future resource t
Slide 8: Establishing the platform for further growth
Establishing the platform for further growth FY26 focused on establishing higher grade mining areas following a ramp up year in FY25 Developing in high grade areas3 On-track to meet FY26 Guidance Ore Face at Deacon January 2026 Production of 130-150koz For personal use only AISC of A$2,600-2,900/oz
Slide 9: Production Growth: Delivering, De-risking & Growth
Production Growth: Delivering, De-risking & Growth Bellevue is on track to deliver FY26 guidance and is targeting increased production in FY27 & beyond FY26 FY27 onwards FY28 For personal use only Delivering FY26 Guidance Pay down hedge book & debt Unlock Exploration Upside On track to deliver FY26
Slide 10: Balance sheet strength & hedge book reduction
Balance sheet strength & hedge book reduction Strong cash position and continued hedge book pre-delivery to further de-risk the business ▪ Cash & Gold Growing ▪ Forward gold delivery commitments reducing ▪ As at 31 January 20261 the Group had the following ▪ Forward contracts reduced FY26 YTD2 by 39
Slide 11: 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 ▪ Consistent mining expected in these established mining areas going forward ▪ Orebody remains open at depth and down plunge For personal use only North Pari
Slide 12: Ounce density set to substantially increase – Deacon line of lode
Ounce density set to substantially increase – Deacon line of lode North Ounces per vertical metre: Deacon line of lode For personal use only Level 1390 1330 1270 1210 1150 1090 1030 970 910 850 790 730 670 Marceline oz density 0 2,000 4,000 6,000 significantly increases OUNCES PER METRE next level D
Slide 13: Ounce Density Set To Substantially Increase – Viago mining area
Ounce Density Set To Substantially Increase – Viago mining area North Ounces per vertical metre: Viago Level 0 OZPVM 2,000 For personal use only 1190 1150 1110 1070 1030 990 950 910 870 830 0 1,000 2,000 Ounces per metre Viago gentle dipping structure 200m and intersection with Bellevue Notes: Block
Slide 14: FY26 Deacon Main Mining Area
FY26 Deacon Main Mining Area ▪ Grade Control now well placed for FY26 & indicates better grades & widths to come North For personal use only 100m Notes: 1. Refer to the Company’s ASX announcements dated 5 August 2019, 2 October 2019, 19 November 2019, 17 December 2019, 18 February 2020, 24 February
Slide 15: FY26 Deacon North Mining Area
FY26 Deacon North Mining Area ▪ Access to major new mining area by end of FY26 to benefit production from FY27 onwards ▪ Grade control commenced, FY26 focus is development down to this new mining area North For personal use only 1067 Drill Drive – to be completed October 2025, will used to grade con
Slide 16: FY26 Viago Mining Area
FY26 Viago Mining Area ▪ Grade control mostly complete for FY26 & indicates better grades & widths to come ▪ Resolved Viago decline delays in March 2025 quarter with stoping underway in FY26 North For personal use only Notes: 1. Refer to the Company’s ASX announcements dated 17 July 2018, 27 July 20
Slide 17: FY26 Tribune Mining Area
FY26 Tribune Mining Area ▪ Portal, decline and infrastructure developed during FY25 ▪ Significant increase in stoping in FY26. For personal use only North Notes: 1. Refer to the Company’s ASX announcements dated 1 December 2017, 7 February 2018, 22 March 2018, 23 May 2018, 28 June 2018, 27 July 2018
Slide 18: Processing Plant
Processing Plant ▪ Standard gravity-CIL plant Crushing Circuit ▪ 3 stage crushing, ball milling FOB For personal use only ▪ Maintaining +95% recovery1 Ball Mill ▪ ~70% gravity recovery Gravity Circuit ▪ Target filling 1.35mtpa capacity ▪ Recent upgrades to gravity circuit & CIL oxygen sparging drivi
Slide 19: Paste plant feasibility study updated
Paste plant feasibility study updated Paste fill feasibility study update complete1 – Paste fill will increase long term value & de-risk operations at Bellevue Paste to maximise ore extraction to recover an additional ~100koz that would otherwise be lost to pillars. Any extension of Ore Reserves wil
Slide 20: Bellevue has Scale, Grade & Recovery
Bellevue has Scale, Grade & Recovery • Bellevue hosts a large high grade underground Ore Reserve with excellent metallurgical characteristics • High grade ore and strong plant recovery optimises revenue per tonne of ore processed • A long life & established high grade underground mine in Western Aus
Slide 21: Exploration has recommenced at Bellevue
Exploration has recommenced at Bellevue No exploration completed at Bellevue since FY22. Renewed focus on value-adding near-mine exploration ▪ Surface diamond drilling program underway ▪ Underground drilling set to recommence in late FY26 with resource to For personal use only reserve conversion ant
Slide 22: Exploiting the competitive exploration advantage
Exploiting the competitive exploration advantage ▪ Conductive mineralisation drives more efficient discovery and target appraisal through use of geophysics (DHEM) ▪ Several areas highlight the potential for future Resource growth with further drilling outside of known Resource areas For personal use
Slide 23: The Bellevue Gold Project is the world's first net zero gold mine
The Bellevue Gold Project is the world’s first net zero gold mine1 ▪ Bellevue achieved net zero (Scope 1 and Scope 2) greenhouse gas emissions for the Bellevue Gold Project for CY251. ▪ The Bellevue Gold Project is forecast to be the most renewably powered off-grid mine in Australia2. ▪ The jeweller
Slide 24: Investment Highlights
Investment Highlights Exceptional asset Optimised balance sheet For personal use only Long-life, high-grade gold mine in tier Optimised & de-risked balance one jurisdiction sheet with substantial cash balance & reducing hedge book Exploration upside Near term production growth Large exploration pote
Slide 25: 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 Au) (Moz) Probable High Grade Underground Ore Reserve 5.61 6.0 1.08 Probable Low Grade Underground Ore Reserve 2.86 2.1 0.20
Slide 26: Appendix 1: Ore Reserves – WA Underground Mines
Appendix 1: Ore Reserves – WA Underground Mines Contained Reserve Project Company Source Gold (Moz) Grade (g.t Au) For personal use only Bellevue Bellevue Gold 1.3 4.7 ASX Announcement dated 1 August 2025 "FY26 guidance & annual resource & reserve statement” Gwalia Genesis Minerals 1.1 5.3 ASX Annou
Slide 27: Appendix 2: Dec 2025 Qtr– Grade, Recovery & Ounces
Appendix 2: Dec 2025 Qtr– Grade, Recovery & Ounces Head Grade Recovery Production Project Company Source (g/t Au) (%) (koz) For personal use only Bellevue Bellevue Gold 3.7 96.1 32 ASX Announcement dated 20 January 2026 “Quarterly Activities Report” Deflector Vault Minerals 2.8 96.3 16 ASX Announcem
Slide 28: Appendix 2: Dec 2025 Qtr– Grade, Recovery & Ounces (cont)
Appendix 2: Dec 2025 Qtr– Grade, Recovery & Ounces (cont) Head Grade Recovery Production Project Company Source (g/t Au) (%) (koz) Thunderbox & For personal use only Northern Star Resources 1.2 84.0 48 ASX Announcement dated 22 January 2026 “December 2025 Quarterly Activities Report” Bronzewing Duke