Bellevue Gold (BGL) Capital Raise summary

Project Delivery and Operational Performance

• Achieved commercial production in May 2024, producing 80,043 ounces in 2H FY24 and generating AUD 41 million operational free cash flow in the June quarter, meeting all milestones on time and within budget.

• Underground mining and processing plant operating at 1 million TPA, with plans to expand to 1.6 million TPA by FY 2027.

• FY25 production guidance is 165,000–185,000 ounces at an AISC of AUD 1,750–1,850/oz, with production run rate expected to exceed 200,000oz pa from Q4 FY25.

• Recovery rates improving, targeting 95–96% with plant upgrades and robust mine plan with only 10% inferred material over five years.

• Seven independent mining areas expected in production by FY26, increasing operational flexibility and efficiency.

Five-Year Growth Plan and Production Targets

• Production to increase from 165,000–185,000 ounces in FY 2025 to 250,000 ounces by FY 2028, a 45% increase.

• Cost per ounce expected to decrease by AUD 250 by FY 2029, with AISC forecast to drop to AUD 1,500–1,600/oz.

• Expansion includes staged processing plant upgrades and increased mining fronts, targeting high-grade ore.

• Growth capital of ~AUD 255 million allocated over the next two years for mine expansion, infrastructure, and plant upgrades.

• FY25 capital investment of AUD 145 million and AUD 30 million for exploration, focusing on mining area and plant expansion.

Exploration and Resource Growth

• AUD 60 million allocated for exploration in FY25–26, targeting 1.5–2.5 million ounces at 8–10g/t gold in new resources.

• New underground drill platforms and step-out drilling to access previously undrilled high-grade targets, including Deacon North and Southern Belle.

• Resource growth expected to extend mine life and support higher production rates, with Indicated Resources at 2.0Moz @ 10.1g/t gold.

• Probable Ore Reserves increased 13% net of depletion to 1.51Moz @ 5.0g/t gold.

• The updated resource and reserve estimates incorporate 195,712m of underground grade control drilling since May 2022.