Bellevue Gold (BGL) 2024 Precious Metals Summit Beaver Creek summary

Project delivery and operational achievements

• Delivered the project on time and on budget, achieving first gold production and reaching operational run rate within the past twelve months.

• Achieved AUD 40 million free cash flow in the June quarter and completed an AUD 150 million equity raise to support a five-year growth plan.

• Current pro forma balance sheet includes AUD 100 million cash and AUD 100 million debt due in 2027, providing financial flexibility.

• Produced 80,000 ounces in the first half of the year, meeting guidance.

• Infrastructure upgrades, including new ventilation systems and additional mining areas, are enhancing productivity and operational efficiency.

Growth strategy and resource potential

• Five-year plan targets 250,000 ounces per annum by increasing underground throughput from 1 million to 1.6 million tonnes per year.

• Only 10% of the five-year plan relies on inferred resources, with the rest fully backed by reserves and detailed mine design.

• Exploration targets could expand the system to over 5 million ounces, with a current resource of 3.2 million ounces and a 2 million ounce exploration target to the south.

• AUD 30 million exploration budget for the year, with new drill drives and AI targeting to accelerate resource growth.

• High-grade ore body and strong grade control drilling underpin confidence in the mine plan and future production.

Market positioning and competitive advantages

• One of only seven global assets producing over 200,000 ounces per year at over 5g/t in a Tier One jurisdiction.

• Only asset of its kind owned by a single-asset company, with 45% production growth potential in the coming years.

• Trading below recent equity raise value, presenting a high-value opportunity due to de-risked operations and strong asset quality.

• Located in Western Australia's Northern Goldfields, surrounded by major multi-million ounce systems, indicating strong geological potential.

• Robust mine design and infrastructure investments are expected to drive productivity and support the growth plan.