Bellevue Gold (BGL) Investor Presentation summary

Strategic positioning and growth

• Located in a prolific mining region with established infrastructure and a long-life, high-grade gold asset, holding 3.1Moz in Mineral Resources and 1.3Moz in Ore Reserves.

• Ramp-up phase completed in FY25, with production set to increase as higher-grade mining areas are accessed in FY26 and FY27.

• Strong balance sheet with A$156M in cash and gold, A$100M debt, and no mandatory repayments until 2027.

• Hedge book significantly reduced, increasing exposure to spot gold prices and reducing risk.

• Exploration upside with a 1.5-2.5Moz target down plunge from known mineralisation, supported by geophysical targeting.

Operational performance and production outlook

• FY25 production reached 126koz with an AISC of A$2,422/oz; FY26 guidance is 130-150koz at A$2,600-2,900/oz AISC.

• Development rates exceeded targets, averaging 322m/jumbo/month in Q1 FY26, supporting operational resilience.

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

• Processing plant upgrades completed, achieving >95% recovery and 1.35Mtpa throughput.

• FY27 production targeted at 175-195koz as high-grade areas are fully accessed.

Financial and risk management

• Cash and gold holdings at A$156M as of September 2025, with net cash position of A$56.1M.

• Hedge commitments reduced by 9,500oz in Q1 FY26, with a remaining hedge book of 142,500oz at A$2,857/oz.

• Growth capex of A$80-90M planned for FY26, including exploration and plant upgrades.

• Strong cash flow generation expected to further strengthen the balance sheet and support future growth.

• Investment risks include capital requirements, resource estimation, and operational risks.