Bellevue Gold (BGL) Diggers & Dealers Mining Forum 2025 summary

Key project milestones and financials

• Acquired a globally significant antimony and gold mine in late 2023 for AUD 3 million, targeting 7% of global antimony supply with first production in early 2026.

• Raised AUD 105 million through a bond and AUD 60 million in equity, achieving full project funding and FID within 14 months of acquisition.

• DFS highlights include AUD 251 million annual EBITDA, AUD 1.2 billion NPV at spot prices, 153% IRR, and payback in as little as 8 months, with a 20-year mine life potential.

• Plant upgrade and mine development are imminent, with construction and commissioning underway and production expected to commence in April next year.

• Project will also produce tungsten, with plans to double plant capacity and ongoing exploration targeting significant resource expansion.

Operational and community strategy

• Focus on responsible local employment, with senior staff based in Armidale and active community engagement, including a local shop and recruiting center.

• Clean capital structure, major supportive shareholders, and recent recognition for performance and share price appreciation.

• Ongoing exploration upside with 20 km of strike and flexibility to mine for antimony or gold depending on market conditions.

Strategic positioning and growth plans

• Located in a prolific mining region with established infrastructure and a long-life, high-grade asset, targeting production growth to 175-195koz per annum by FY27.

• Five key mining areas established, with Deacon, Viago, and Deacon North expected to deliver higher grades and increased ounces from FY26 onward.

• FY25 marked the first full year of production, achieving 126koz produced and 130koz sold, with ramp-up largely complete and platform set for future growth.

• FY26 guidance targets 130-150koz production at A$2,600-2,900/oz AISC, with growth capex of $80-90M and further plant upgrades planned.

• Exploration upside includes a 1.5-2.5Moz target down plunge from known mineralisation, with new drill drives opening high-priority targets.