Bellevue Gold Limited · ASX:BGL
Bellevue Gold — Diggers and Dealers 2021
51 slides from Bellevue Gold's conference presentation, Aug 3, 2021
Slide 1: Bellevue Gold Project demonstrating world class potential
Bellevue Gold Project demonstrating world class potential Previously released 132 Hig h g ra d e Drillin g re s u lts in ju s t th e la s t 12 m o n th s a t th e p ro je c t For personal use only High Grade Gold High Grade Gold High Grade Gold High Grade Gold High Grade Gold High Grade Gold High Gr
Slide 2: Diggers and Dealers - Real People, Real Profits, Real Growth
For personal use only Diggers and Dealers- “Real People, Real Profits, Real Growth” Developing the high-grade Bellevue Gold Project in WA
Slide 3: Welcome to Country
Welcome to Country - https://bellevuegold.wistia.com/medias/61ojj6ren6 For personal use only 3
Slide 4: Disclaimers & Compliance Statements
Disclaimers & Compliance Statements This Presentation has been prepared by Bellevue Gold Limited (the 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 an
Slide 5: Investment Highlights
Investment Highlights The Bellevue Gold strategy is aimed at exploiting the project’s competitive advantages to accelerate development and For personal use only expansion of the high-grade Bellevue Gold Project. Upgraded Stage Two Feasibility Study imminent One of the highest-grade new gold discover
Slide 6: Tier 1 location in world-class gold belt
Tier 1 location in world-class gold belt BELLEVUE HAS MAJOR LANDHOLDING OF OVER 2,780km ² 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 Proj
Slide 7: Corporate Summary
Corporate Summary BUILDING STRONG FOUNDATIONS For personal use only ASX Code Current Share Price (as at 30 July 2021) A$1.07 BGL ASX 300 (September 2019) Market Capitalisation ~ A$918M Shares on issue ~858m Cash1 ~ A$94m Management & consultant options & ~19m performance rights unlisted Top 20 Share
Slide 8: BGL has outperformed the ASX by 2,498% over the last 5yrs
BGL has outperformed the ASX 300 by 2,498% over the last 5yrs with more to come BGL is expected to benefit from the transition from the typical developer DCF valuation to a cash flo w va lu a tio n o n its p a th wa y to p ro d u c tio n For personal use only • Based on a A$2,300/oz gold price, the
Slide 9: Value Creation Journey
Value Creation Journey Like all mining companies transitioning from Exploration to Production there will be natural stages of valuation and the basis by which Bellevue will be valued will change from a Net Asset Value basis to Cash flow multiples For personal use only WANT TO MAXIMISE VALUE AT ALL T
Slide 10: 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 0% gender pay-gap for like-for-like roles • Key metrics of our diversity results
Slide 11: Management Team
Management Team For personal use only Daina Del Borrello Craig Jones Sam Brooks Luke Gleeson Maddison Cramer Rod Jacobs Amber Stanton GM People and Company Culture Chief Operating Officer Chief Geologist Head of Corporate Development Joint Company Secretary Project Director General Counsel and Joint
Slide 12: Why Bellevue?
Why Bellevue?- https://bellevuegold.wistia.com/medias/ttdm6020b8 For personal use only 12
Slide 13: Forecast to be Australia's 2nd lowest greenhouse gas emitter per oz
Forecast to be Australia’s 2nd lowest greenhouse gas emitter /oz and a vision to be best in class • In line with our PACE core values, the Stage 1 Feasibility Study had a strong focus on our environmental impact, and this For personal use only was taken into consideration in the design of our projec
Slide 14: Bellevue's economic contributions to society to grow with FS2
Bellevue’s economic contributions to society to grow with FS2 • Since the ‘discovery hole’ in November 2017, BGL has injected over $88m into the Australian economy For personal use only • During construction and operation, our Stage 1 Feasibility Study forecasts to generate $1.8 billion into the eco
Slide 15: 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 Geotechnical engineering Metallurgical tes
Slide 16: Capitalising on De-risking Events since September 2020
Capitalising on De-risking Events – since September 2020 Key De-risking Events Achieved on the Project since underground activities commenced For personal use only • Setting the project up for success - Key Building Blocks and Achievements to date • Greater understanding of the ground conditions at
Slide 17: Forecast to become a Top Australian gold mine
BGL – Forecast to become a Top 25 Australian gold mine • The Stage 1 Feasibility Study shows BGL is forecasted to enter the Top 25 largest producing gold mines in Australia, with For personal use only the potential for future production growth in an updated Feasibility Study due in the June Quarter
Slide 18: Forecast to enter the bottom quartile on AISC vs peers
BGL – Forecast to enter the bottom quartile on AISC vs peers The BGL Stage 1 Feasibility Study positions the Bellevue Gold Project in the bottom cost quartile with a forecast LOM For personal use only AISC of A$1,079/oz compared to producers and current developers in PFS or FS study level LTM AISC o
Slide 19: Forecast to deliver sector-leading financial returns
BGL – Forecast to deliver sector-leading financial returns BGL’s production is forecast to commence in FY23 and set to deliver sector-leading profitability compared to the ASX For personal use only listed peer group with an EBITDA Margin of 63% and an AISC Margin of 53% (based on a gold price of A$2
Slide 20: 3D Inventum Fly through
3D Inventum Fly through - Click Here For personal use only 20
Slide 21: A resource that continues to grow rapidly
BGL – A resource that continues to grow rapidly Since the discovery hole in November 2017, the Resource has grown at a compound annual growth rate of 84% at a For personal use only discovery cost of A$21/oz BGL Resource Growth (koz) † Years of continuous operations of other WA underground gold mines
Slide 22: Exploiting Our Competitive Advantages
Bellevue Gold: Exploiting Our Competitive Advantages One of Australia’s highest-grade gold mines, with exciting exploration potential and an accelerated For personal use only development timeline: “Real People, Real Profits, Real Growth” 2.4 MozFCF $1.1B + 3.0Moz 10.0g/t at 9.9g/t 58% IRR GRADE & SC
Slide 23: Appendices
For personal use only Appendices Click here for the 3D Inventum model
Slide 24: On track to become one of the most profitable Green & Gold mines
On track to become one of the most profitable ‘Green & Gold’ mines in Australia Bellevue Gold’s Stage 1 Feasibility Study highlights the potential for a sector-leading level of profitability for ASX-listed For personal use only goldminers, best in class ESG metrics and an enviable organic growth pat
Slide 25: Board of Directors
Board of Directors For personal use only Kevin Tomlinson Steve Parsons Fiona Robertson Shannon Coates Michael Naylor Executive Independent Chairman Managing Director Non-Executive Independent Director Non-Executive Independent Director Executive Director Mr Tomlinson has over 30 years’ Mr Parsons is
Slide 26: 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 27: Current Development timetable
Current Development timetable1 For personal use only 1 This timetable is indicative only and may change. Please refer to key risks that may cause changes to the timetable. 27
Slide 28: The De-Risking and Development continues to deliver
The De-Risking and Development continues to deliver Armand intercept OUTSIDE Resource of: 7.5m at 53.3g/t in c lu d in g 4.1m at 91.6g/t ; Trib u n e Gra d e c o n tro l For personal use only d rillin g d e live rin g re s u lts : 5m at 76.4g/t, 5m at 31.7g/t, 8m at 21.6g/t 5m at 30.5g/t, 2m at 48.9
Slide 29: Forecast Production Summary - a focus on free cashflow
Forecast Production Summary - a focus on free cashflow Pre-tax and at a spot gold price scenario of A$2,300/oz, the project is forecast to deliver over $1.1B of Free Cash Flow For personal use only (FCF) over the initial 7.4yr mine life, achieve project payback in 1.4 years and deliver FCF (includin
Slide 30: Outstanding forecast cash generation
Outstanding forecast cash generation Pre-tax and at a spot gold price scenario of A$2,300/oz, the project delivers consistent earnings of over $1.63B at an For personal use only EBITDA Margin of 63% in the Stage 1 Life of Mine and $734m of EBITDA in the first 3 years Cumulative Gold Production and E
Slide 31: Grade is King
BGL – Grade is King The BGL Maiden Probable Ore Reserve of 690,000oz at 8.0g/t from 2.7Mt sits as the second highest reserve grade of For personal use only all current Australian gold mines 21.8g/t Reserve Grade of Top 20 Australian Gold Mines of publicly-listed companies 8.0g/t 6.3g/t 6.2g/t 5.8g/t
Slide 32: 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/5fflxxhgnc 32
Slide 33: $35m Exploration Budget: Near Mine & Greenfields targets
$35m Exploration Budget: Pipeline Near Mine & Greenfields targets Bellevue discovery to resource growing at a compound annual growth rate of 84%. Armand Lode discovered August 2020, Marceline Lode discovered recently post the Feasibility Study, multiple advanced targets ready for further Resource gr
Slide 34: Project financing well underway - debt advisors appointed
Project financing well underway- debt advisors appointed • BGL has a current cash balance of $94m as at 30 June 2021 and is well funded through 2021; robust financials and rapid For personal use only project payback of 1.4yrs (pre-tax) provides for potential standard debt financing • Leading Perth a
Slide 35: Conventional Processing Facility
Conventional Processing Facility – to deliver LOM recoveries of 97% For personal use only Processing Plant • Total LOM recoveries forecasted at 97% • Process plant designed to recover high gravity component at the front end. Test work indicates between 58% and 85% is recoverable through gravity reco
Slide 36: Conventional mining methods
Conventional mining methods For personal use only Sub Horizontal Lodes (18% LOM Ounces) • Areas with footwall dips < 45o utilise a modified cut and fill method with sub level stoping • Primary development is driven along strike of the ore zones, the ore is then stripped out (up to 4.2m) • The primar
Slide 37: The Sustainability pathway - a vision to be best in class
The Sustainability pathway- a vision to be best in class For personal use only Climate considerations Develop climate Begin TCFD TCFD gap analysis for new infrastructure, risks and TCFD phase 3: phase 1: and staged action efficiency options and opportunities integrate identify Refresh TCFD plan fuel
Slide 38: The green behind the gold
BGL – The green behind the gold • The Project has been designed to optimize our energy use and reduce our environmental impact For personal use only • Bellevue’s modeling places us as of one of the most efficient mines, based on forecast energy use (GJ) per ounce produced 25 Telfer Energy Use (GJ/oz
Slide 39: 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 2020 BELLEVUE GOLD people with pathways to employment. We offer trainees the opportunity to gain
Slide 40: Power supply options - choosing green
Power supply options - choosing green • The current BGL gas-fired power solution is forecast to deliver a 32% reduction in emissions compared to diesel-only For personal use only power generation • Emissions vs cost – despite the higher capital required for gas fired power, BGL has chosen this optio
Slide 41: 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 Climate consideration examples: - Energy efficient grinding (solar, batteries) to power - Bushfires - Runni
Slide 42: Continued dual exploration and development strategy
Continued dual exploration and development strategy Stage 1 Maiden Feasibility Study demonstrates that the dual track pathway to production is generating value for For personal use only shareholders; Continued exploration scheduled to see an updated Stage 2 Feasibility Study in September Quarter 202
Slide 43: Feasibility Study Strategy - Key deliverables achieved
Feasibility Study Strategy - Key deliverables achieved For personal use only • Ongoing execution of the dual track strategy of exploration and development delivering outstanding results • Objectives of the Stage 1 Feasibility Study targeting: o +7 year mine life with defined opportunities for future
Slide 44: Social and Community
Social and Community SOCIAL, COMMUNITY AND ENVIRONMENTAL For personal use only • Maiden Sustainability Report released November 2020 ✓ • Ongoing support of Clontarf Foundation with working opportunities provided for Indigenous personnel looking to start in the resources industry ✓ • Leonora High Sch
Slide 45: Processing Plant Overview
Processing Plant Overview For personal use only 45
Slide 46: Non Process Infrastructure
Non Process Infrastructure For personal use only Infrastructure requirements • New office and facilities to support the mine activities • New 300 person camp located north of the project area with access from the Goldfields Highway • Potable water sourced and treated and distributed around the site
Slide 47: Project Capital and Operating Costs
Project Capital and Operating Costs For personal use only Operating Costs (post-production) $M $/T Milled $/oz Produced Operating Costs • Underground Mining – Rates supplied by a Underground Mining 466 85.85 425 competitive Request for Quotation (RFQ) process. Grade Control 72 13.27 66 Costs include
Slide 48: Opportunities & Risks
Opportunities & Risks1 For personal use only Opportunities Risks • Mill throughput increase to process lower grade stockpiles • Gold price volatility and exchange rate risk of mined material. This is being evaluated with update to • Resource and Reserve estimates FS in Q2 2021 • Funding Risks • Past
Slide 49: Mineral Resource and Ore Reserve Estimates
Mineral Resource and Ore Reserve Estimates INDEPENDENT JORC 2012 RESOURCE AND RESERVE ESTIMATES FOR THE BELLEVUE GOLD PROJECT For personal use only 3.5g/t gold lower cutoff, totals rounded to reflect acceptable position Tonnes Grade Contained Ounces Mineral Resource (Mt) (g/t Au) (Moz) Indicated Min
Slide 50: Australian Gold Mine Peers Data Set (Page 1)
Australian Gold Mine Peers Data Set (Page 1) For personal use only Resources Reserves Deposit Reporting Resources Reserves Deposit Reporting (Developer) Code (Developer) Code Category Mt g/t Moz Category Mt g/t Moz Category Mt g/t Moz Category Mt g/t Moz Measured 4.6 5.35 0.8 Measured - - - Proven 0
Slide 51: Australian Gold Mine Peers Data Set (Page 2)
Australian Gold Mine Peers Data Set (Page 2) For personal use only Resources Reserves Resources Reserves Deposit Reporting Deposit Reporting (Developer) Code Category Mt g/t Moz Category Mt g/t Moz (Developer) Code Category Mt g/t Moz Category Mt g/t Moz Measured 3.2 3.3 0.3 Proven 2.5 3.00 0.2 Meas