Bellevue Gold (BGL) investor relations material

Executive summary

• Achieved record ore tonnes mined and record recovery rates, with 307k tonnes mined at 3.8g/t gold and a half-yearly recovery of 95.9% as of December 2025.

• Mine development is ahead of schedule, positioning for increased stoping in higher-grade areas.

• Positive free cash flow enabled accelerated reduction of hedge book commitments, increasing future spot gold price exposure.

• Achieved net zero (Scope 1 and 2) emissions for CY25, powered by 87% renewable energy, and received major sustainability awards.

Financial highlights

• Gold sold: 61,575 oz at an average realised price of $4,364/oz (H1 FY25: 65,635 oz at $3,388/oz).

• Revenue: $268.7 million, up from $222.3 million year-over-year.

• Profit after tax: $2.6 million (H1 FY25: $12.1 million), impacted by pre-delivery of 22,120 oz into future hedge commitments.

• Free cash flow: $17.5 million for the half-year.

• Total available liquidity: $165.1 million as of 31 December 2025 (30 June 2025: $151.6 million).

Outlook and guidance

• Expectation to continue using positive free cash flow to accelerate delivery into shorter-dated forward gold sale commitments.

• Plans to maintain at least one quarter hedge-free for each subsequent quarter end and target further reduction in forward gold sales commitments.

• Anticipate increased stoping and higher grades in the second half of FY26.