Bellevue Gold Limited · ASX:BGL
Bellevue Gold — Citi Resources Conference 2025
27 slides from Bellevue Gold's conference presentation, Oct 14, 2025
Slide 1: Citi Resources Conference
For personal use only Citi Resources Conference New, modern mine with growing production October 2025 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.) - JORC
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 2012 Edition of the Joint Ore Reserves Committee’s Australasian Code for Reporting of Mineral Reso
Slide 5: Disclaimers & Compliance Statements (cont.) - Investment Risk
Disclaimers & Compliance Statements (cont.) INVESTMENT RISK There are a number of risks specific to the Company and of a general nature which may affect the future operating and financial performance of the Company and the value of an investment in the Company, including and not limited to the Compa
Slide 6: Capital Structure, Board & Management
Capital Structure Board & Management Market Capitalisation1 A$1,814M Board Cash & Gold2 A$156M Kevin Tomlinson Non-Executive Chairman Debt2 A$100M Darren Stralow Managing Director & CEO For personal use only Shannon Coates Non-Executive Director Shareholders3 Leigh Junk Non-Executive Director Mike N
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 For personal use only Jundee Northern Star ▪ Strong balance sheet: A$156 million cash and gold2, A$100 Wilu
Slide 8: Building a platform for further growth
Building a platform for further growth FY25 ramp up and mine establishment complete. FY26 focus on establishing higher grade Deacon North & Viago FY25 Production FY26 Guidance FY25 production of 126koz, 130koz sold FY26 production of 130-150koz1 FY25 AISC of A$2,422/oz gold FY26 AISC of A$2,600-2,90
Slide 9: Growing production: FY25 – FY27
Growing production: FY25 – FY27 FY25 ramp up complete. FY26 establishing higher grade mining areas. FY27 harvesting high grade mineralisation. Platform established for further growth through exploration and/or further upgrades. Start of FY25: ▪ Start of FY26: Start of FY272: Operational challenges a
Slide 10: Development rates drive operational performance
Development rates drive operational performance Mine development advance ahead of budgeted development rates of ~270m per jumbo per month Key timeline for underground: ▪ Development only mine from August 2020 – Quarterly Development Metres per Jumbo per month October 2023 For personal use only 400 G
Slide 11: Development rates drive operational performance
Development rates drive operational performance Development performance in early FY26 at higher, more consistent rates than achieved in FY25 Development rates: ▪ Development rates improved through For personal use only FY25 as key infrastructure projects completed ▪ Normal distribution curve of H1 F
Slide 12: Balance sheet strength & hedge book reduction
Balance sheet strength & hedge book reduction Sunk capital provides platform for strong cash flow generation ▪ Cash & Gold growing ▪ Hedge commitments reduced ▪ As at 30 September 2025 the Group had the following ▪ Near-term forward contracts have been reduced by For personal use only available cash
Slide 13: 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 going forward relative to more challenging areas developed in FY25 ▪ Orebody remains open at depth and down
Slide 14: Ounce density set to substantially increase – Deacon mining area
Ounce density set to substantially increase – Deacon mining area 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 De
Slide 15: 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 16: FY26 Deacon Main Mining Area
FY26 Deacon Main Mining Area ▪ Grade Control now completed 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 20
Slide 17: FY26 Viago Mining Area
FY26 Viago Mining Area ▪ Grade control mostly complete for FY26 & indicates better grades & widths to come ▪ Resolved Viago decline delays late in March 2025 quarter with stoping of this high-grade area to commence in FY26 North For personal use only Notes: 1. Refer to the Company’s ASX announcement
Slide 18: 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 to be completed, 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 gra
Slide 19: FY26 Tribune Mining Area
FY26 Tribune Mining Area ▪ New mining area. Portal, decline and infrastructure developed during FY25 ▪ Significant increase in stoping in FY26. Grade control currently underway for FY26 For personal use only North Notes: 1. Refer to the Company’s ASX announcements dated 1 December 2017, 7 February 2
Slide 20: Processing Plant
Processing Plant ROM Pad ▪ Standard gravity-CIL plant Crushing Circuit ▪ 3 stage crushing, ball milling FOB For personal use only ▪ ~70% gravity recovery Ball Mill ▪ Targeting 1.35mtpa ▪ September 2025 quarter recovery achieved >95% following improvements to gravity circuit and CIL oxygen delivery s
Slide 21: Record processing throughput & recovery
Record processing throughput & recovery ▪ Plant upgrade demonstrates its capability of achieving throughput rates equivalent to 1.35Mtpa ▪ Mill upgrade included (4th) Knelson concentrator to improve gravity circuit efficiency and significant increase in oxygen delivery capacity to the CIL circuit Fo
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: 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 24: Sustainability is core to Bellevue's vision
Sustainability is core to Bellevue’s vision Renewable Energy ▪ 90 MW hybrid power station consisting of: 24 MW wind, 27 MW solar, 24 MW thermal and 15 MW/ 29 MWh Battery Energy Storage Solution (BESS) For personal use only ▪ Industry leading renewable energy penetration with thermal ‘engine off’ cap
Slide 25: 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 H1 CY251. ▪ The Bellevue Gold Project is forecast to be the most renewably powered off-grid mine in Australia2. ▪ The jewel
Slide 26: Investment Highlights
Investment Highlights Exceptional asset Optimised balance sheet For personal use only Long-life, high-grade, new gold mine Optimised & de-risked balance in tier one jurisdiction sheet with reducing hedge book & growing cash flow to support growth Exploration upside Near term production growth Large
Slide 27: 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