13 May

North Amercian Roadshow Presentation

North American Roadshow High-grade Bellevue Gold Project in WA fully funded to first production 2 Disclaimers & Compliance Statements This Presentation has been prepared by Bellevue Gold Limited ( Company ) and is authorised by the Managing Director of Bellevue Gold Limited. DISCLAIMER This Presentation has been prepared by the Company based on information from its own and third party sources and is not a disclosure document. No party other than the Company has authorised or caused the issue, lodgement, submission, despatch or provision of this Presentation, or takes any responsibility for, or makes or purports to make any statements, representations or undertakings in this Presentation. Except for any liability that cannot be excluded by law, the Company and its related bodies corporate, directors, employees, servants, advisers and agents disclaim and accept no responsibility or liability for any expenses, losses, damages or costs incurred by you relating in any way to this Presentation including, without limitation, the information contained in or provided in connection with it, any errors or omissions from it however caused, lack of accuracy, completeness, currency or reliability or you or any other person placing any reliance on this Presentation, its accuracy, completeness, currency or reliability. Information in this Presentation which is attributed to a third-party source has not been checked or verified by the Company. This Presentation is not a prospectus, disclosure document or other offering document under Australian law or under any other law. It is provided for information purposes and is not an invitation nor offer of shares or recommendation for subscription, purchase or sale in any jurisdiction. This Presentation does not purport to contain all the information that a prospective investor may require in connection with any potential investment in the Company. It should be read in conjunction with, and full review made of the Company’s disclosures and releases lodged with the Australian Securities Exchange (ASX) and available at www .asx.com.au . Each recipient must make its own independent assessment of the Company before acquiring any shares in the Company. NOT INVESTMENT ADVICE This Presentation does not Company. Information in this Presentation is not intended to be relied upon as advice to investors or potential investors and has been prepared without taking account of provide investment advice or financial product advice. Each recipient of the Presentation should make its own enquiries and investigations regarding all information in this Presentation including but not limited to the assumptions, uncertainties and contingencies which may affect future operations of the Company and the impact that different future outcomes might have on the any person’s individual investment objectives, financial situation or particular needs. Before making an investment decision, prospective investors should consider the appropriateness of the information having regard to their own investment objectives, financial situation and needs and seek legal, accounting and taxation advice appropriate to their jurisdiction. The Company is not licensed to provide financial product advice in respect of its securities. INVESTMENT RISK There are a number of risks specific to the Company and of a general nature which may affect the future operating and financial performance of the Company and the value of an investment in the Company, including and not limited to the Company's capital requirements, the potential for shareholders to be diluted, risks associated with the reporting of resources and reserves estimates, budget risks, underwriting risk, risks associated with the COVID-19 pandemic and operational risk. An investment in Shares is subject to known and unknown risks, some of which are beyond the control of the Company. The Company does not guarantee any particular rate of return or the performance of the Company. Investors should have regard to the risk factors outlined in the Company’s FS2 presentation announced to the ASX on 2 September 2021 under the section titled “Risks” when making any investment decision. FORWARD LOOKING INFORMATION This Presentation contains forward-looking statements. Wherever possible, words such as “intends”, “expects”, “scheduled”, “estimates”, “anticipates”, “believes”, and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, have been used to identify these forward-looking statements. Although the forward-looking statements contained in this Presentation reflect management’s current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, the Company cannot be certain that actual results will be consistent with these forward-looking statements. A number of factors could cause events and achievements to differ materially from the results expressed or implied in the forward-looking statements. These factors should be considered carefully and prospective investors should not place undue reliance on the forward-looking statements. Forward-looking statements necessarily involve significant known and unknown risks, assumptions and uncertainties that may cause the Company's actual results, events, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although the Company has attempted to identify important risks and factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors and risks that cause actions, events or results not to be anticipated, estimated or intended, including those risk factors discussed in the Company’s public filings. There can be no assurance that the forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, prospective investors should not place undue reliance on forward-looking statements. Any forward-looking statements are made as of the date of this Presentation, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, unless otherwise required by law. This Presentation may contain certain forward-looking statements and projections regarding: • estimated resources and reserves; • planned production and operating costs profiles; • planned capital requirements; and • planned strategies and corporate objectives. The Company does not make any representations and provides no warranties concerning the accuracy of the projections, and disclaims any obligation to update or revise any forward looking statements/projects based on new information, future events or otherwise except to the extent required by applicable laws 3 Disclaimers & Compliance Statements JORC COMPLIANCE STATEMENTS It is a requirement of the ASX Listing Rules that the reporting of ore reserves and mineral resources in Australia comply with the Joint Ore Reserves Committee’s Australasian Code for Reporting of Mineral Resources and Ore Reserves ("JORC Code"). Investors outside Australia should note that while ore reserve and mineral resource estimates of the Company in this document comply with the JORC Code (such JORC Code-compliant ore reserves and mineral resources being "Ore Reserves" and "Mineral Resources" respectively), they may not comply with the relevant guidelines in other countries and, in particular, do not comply with (i) National Instrument 43-101 (Standards of Disclosure for Mineral Projects) of the Canadian Securities Administrators (the "Canadian NI 43-101 Standards"); or (ii) Industry Guide 7, which governs disclosures of mineral reserves in registration statements filed with the SEC. Information contained in this document describing mineral deposits may not be comparable to similar information made public by companies subject to the reporting and disclosure requirements of Canadian or US securities laws. In particular, Industry Guide 7 does not recognise classifications other than proven and probable reserves and, as a result, the SEC generally does not permit mining companies to disclose their mineral resources in SEC filings. You should not assume that quantities reported as “resources” will be converted to reserves under the JORC Code or any other reporting regime or that the Company will be able to legally and economically extract them. This Presentation contains references to Mineral Resource and Ore Reserves estimates, which have been extracted from the Company’s ASX announcements on 4 May 2022 titled “Resource Update” and on 2 September 2021 titled “Feasibility Study 2 - Fully Funded to Production”. See page 39 for a summary of the Project’s Mineral Resources and Ore Reserves. This Presentation also contains references to Exploration Results which have been extracted from various ASX announcements dated as indicated throughout this Presentation. The Company confirms that it is not aware of any new information or data that materially affects the information included in the said announcements, and in the case of estimates of Mineral Resources and Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not materially modified from the original market announcements. The Company first reported the production targets and forecast financial information derived from its production targets in accordance with Listing Rules 5.16 and 5.17 in its ASX announcement on 2 September 2021. The Company confirms that all material assumptions underpinning the production targets and the forecast financial information derived from the production targets continue to apply and have not materially changed. FINANCIAL DATA All dollar values are in Australian dollars (A$ or AUD) unless otherwise stated. The information contained in this Presentation may not necessarily be in statutory format. Amounts, totals and change percentages are calculated on whole numbers and not the rounded amounts presented. The pro forma historical financial information provided in this Presentation is for illustrative purposes only and is not represented as being indicative of the Company’s views on its future financial condition and/or performance. The pro forma historical financial information has been prepared by the Company in accordance with the measurement and recognition requirements, but not the disclosure requirements, of applicable accounting standards and other mandatory reporting requirements in Australia. 4 Investment Highlights The completed funding solution sees BGL fully funded into production with total liquidity of $351m as at 31 March 2022 to fund the $252m capex from Feasibility Study (FS2) released in September 2021 One of the highest-grade, lowest cost mines in Australia with the FS2 highlighting first 5 years forecast to produce over 200kozpa and a life of mine production of 183kozpa for over 8 years, 1Moz Reserve with grade of 6.1g/t and an All In Sustaining Cost of A$1,014/oz 1 FS2 highlighted sector leading EBITDA margins of 66% and A$1.8b of pre-tax free cash flow 1 and will be one of only 8 assets in Tier 1 jurisdictions that produce over 180kozpa at a head grade over 5g/t gold Significant upside potential with multiple drill rigs turning, low delivery costs of A$18 per Resource oz and a Resource that is growing at a Compound Annual Growth Rate (CAGR) of 81%; Recent MRE update to 1.7Moz @ 11.2g/t of Indicated and a Global Resource of 3.1Moz @ 9.9g/t to be incorporated into an upcoming project optimisation study and updated Reserve estimate 2 Committed to sustainable mining practices and forecast to be the lowest Greenhouse Gas emitting gold mine on a per ounce basis in Australia, with a vision to be one of Australia’s best-in-class ‘Green and Gold’ miners that will generate $2.3B of economic value add into the economy Significantly de-risked with over 4,570m of underground development already completed, 5 independent mining areas by first production and over 484,000m of diamond drilling completed at the project and with simple metallurgy and recoveries of 96.7% Fully funded to production with total liquidity of $351m as at 31 March 2022 to fund the dual track strategy of project development and exploration with $252m capex from the updated FS2 study 1. Based off FS2 study and assuming a A$2,400/oz gold price. 2. Refer ASX announcement dated 4 May 2022 The production targets in this Presentation are underpinned by approximately 29.8% Inferred Mineral Resources. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target itself will be realised. 5 The BGL Value Proposition: Exploiting Our Competitive Advantages GROWTH Only ~50% of the BGL Resource sits within the 1.5Moz mine plan. Further upside potential from conversion drilling, low discovery costs of A$18/oz STRATEGIC ESG FOCUS Forecast to be the lowest Greenhouse Gas emitter per ounce on the ASX with a vision to be one of Australia’s best-in-class ‘Green and Gold’ miners and well insulated for any future carbon tax legislation GRADE & SCALE One of the highest-grade, lowest cost mines with an All in Sustaining Cost of A$1,014/oz 1 ; and one of the fastest growing gold developments globally in a Tier 1 mining jurisdiction 10.0g/t PROFITABILITY The project is forecast to deliver sector leading EBITDA Margins of 66% and A$1.8b of free cashflow pre-tax (assuming a A$2,400/oz gold price) over the initial 8.1 year mine life 1 2.4 Moz + at 9.9g/t 3.1Moz 72% IRR A$1.8b FCF One of Australia’s highest-grade gold mines, with exciting exploration potential and an accelerated development timeline that is fully funded to production VALUE ACCRETION FROM CONSTRUCTION TO PRODUCTION Comparable single asset development companies experienced on average share price appreciation of +163% between announcing the start of construction and reaching commercial production (Slide 8) 1. Based off FS2 study and assuming a A$2,400/oz gold price. 6 Tier 1 location in world-class gold belt Bellevue has a major landholding of over 2,780km² Excellent infrastructure: • Services at Leinster, Leonora and Wiluna • Daily flights - Perth to Leinster (only 40km south) • Sealed roads • Water • Close proximity to grid power Globally recognised Tier 1 mining jurisdiction: • Western Australia ranked No 1 in Fraser Institute 2021 Mining Investment Attractiveness Index • Significant mines, infrastructure, Local & Government support for mining Past production with outstanding geology: • Granted Mining Licenses • Previously produced ~0.8Moz at ~15g/t gold between 1987 and 1997 • Underexplored and undeveloped for over 20 years • Simple metallurgy and excellent gold recoveries from recently released testwork averaging 96.7% and gravity recoveries from 58% - 85% Historically significant producing region: • Major gold deposits & producing gold mines in proximity to Bellevue’s Projects (Agnew Gold Fields , Jundee NST , Thunderbox NST , Gwalia SBM ) • Wiluna Belt endowment second only to Kalgoorlie globally (+40Moz endowment) • Bellevue has a major landholding of over 2,780km² Bellevue Mining Licence 7 BGL joining an exclusive gold club • There are only 7 other assets globally in Tier 1 jurisdictions that produce over 180kozpa with a head grade over 5g/t • FS2 will see the project produce over 200kozpa for the first 5 years and a LOM average of 183kozpa for 8.1 years • Further Resource conversion and Resource growth will also see the potential for the project to continue to grow the production and mine life as only ~50% of the 3.1Moz Resource currently sits within the mine plan Source: Bellevue Gold Project Stage 1 & 2 Feasibility Studies (LOM metrics shown), SNL, Company Filings. AISC for Agnico Eagle Mines shows ‘Total Cash Cost’ given AISC not disclosed. Companies shown based on SNL screen with CY2020 production >180koz, CY2020 head grade >5g/t and located in Tier 1 Frazer Institute rated jurisdictions of Australia, Canada or USA Fosterville Agnico Tanami Newmont Brucejack Newcrest Meliadine Agnico Agnew/Lawlers Gold Fields LaRonde Agnico Macassa Agnico 0 100 200 300 400 500 600 700 800 0 200 400 600 800 1,000 1,200 1,400 1,600 CY2020 Production (Koz) CY2020 All-in Sustaining Costs (AISC) (A$/oz) Gold Deposits in Tier 1 jurisdictions greater than 180kozpa production, over 5g/t head grade Size of bubble denotes CY2020 head grade (g/t) 10g/t In the last 6 months 5 of the 7 assets have been involved in mergers leaving the Bellevue project as the only project with these characteristics not owned by a global major 8 BGL on the cusp- Share Price Performance During Construction Share Price Performance of Selected Comparable Single Asset Development Companies During Construction Source: Company Filings, Bloomberg. Notes: See slide 40 for backing data Roxgold Declares Commercial Production (October 2016) Capricorn Declares Commercial Production (September 2021) Atlantic Gold Declares Commercial Production (March 2018) West African Resources Declares Commercial Production (June 2020) Pretium Declares Commercial Production (July 2017) Construction Period (average 18 Months) Single asset development companies experienced on average +163% share price appreciation between announcing construction and reaching commercial production • Post the announcement of construction development, the selected comparable companies experienced a significant re- rate or an average increase of 163% over this period • With the commencement of the camp construction this puts BGL on the construction period timeline (50.0) 0.0 50 100 150 200 250 300 350 Indexed Relative Share Price Performance (%) Capricorn Metals Pretium Roxgold West African Resources Atlantic Gold Average The commencement of the 338 person camp puts BGL on the pathway to production 9 Board and management – a proven team of mine builders Kevin Tomlinson Non- Executive Independent Chairman . ? Geologist ? 25yrs experience ? Founder Gryphon Minerals discovered 3 million oz Banfora (Wahgnion) gold Project, that was acquired by Endeavour Mining ? Member of the Health, Safety and Sustainability Committee Steve Parsons Managing Director Fiona Robertson Non-Executive Independent Director ? Investment Banking ? 35yrs experience ? Previously Centamin Plc, Orbis Gold, and Cardinal Resources ? Chair of Health, Safety and Sustainability Committee and a member of the Nomination and Remuneration Committee and Audit & Risk Management Committee ? Finance ? 40yrs experience ? Previously Chase Manhattan and prior Chief Financial Officer of Delta Gold. ? Chair of Audit & Risk Management Committee and a member of the Nomination and Remuneration Committee and Health, Safety and Sustainability Committee Shannon Coates Non-Executive Independent Director ? Lawyer ? 25yrs experience in corporate law and compliance across publicly listed companies and Chartered Secretary. ? Current Co-Sec at Mincor Resources (MCR) ? Chair of Nomination and Remuneration Committee and a member of the Audit & Risk Management Committee Michael Naylor Non- Executive Director ? Chartered Accountant ? 24yrs experience across corporate advisory and public company management ? Senior roles with Resolute Mining, Dragon Mining and Gryphon Minerals Daina Del Borrello GM People and Company Culture Darren Stralow Chief Executive Officer Sam Brooks Chief Geologist Luke Gleeson Corporate Development & Chief Sustainability Officer Amber Stanton General Counsel and Company Secretary Bill Stirling General Manager Bellevue Project ? 18yrs experience working in mining related HR Roles ? Supported CITIC Pacific and a lithium miner from development to pre- production ? Mining Engineer ? 20yrs experience ? Previous role of Chief Development Officer and GM of Operations at Northern Star Resources (NST) ? Led integration of NST’s Australian business units ? Geologist ? 20yrs experience ? Led the discovery of the 3.1 million oz Bellevue Gold project. ? Other discoveries include the 3 million oz Banfora (Wahgnion) gold Project. ? Chartered Accountant ? 20yrs experience ? Previously GM Finance at Northern Star Resources ? Instrumental KCGM Super pit acquisition & Saracen merger ? Perth Mint Group Finance Manager and involved in development of new products ? Corporate lawyer ? 20yrs experience ? Previously General Counsel/Co Sec at Resolute Mining (RSG) ? Prior was a partner at international legal firms specialising in M&A and capital markets ? Mining Engineer ? 15yrs experience ? Previously Northern Star Resources (NST) GM Jundee, GM Kalgoorlie Operations, and GM of Bronzewing ? Specialising in operational productivity and contract negotiations. Guy Moore Chief Financial Officer ? Finance, Geology & MSc in Mineral Economics ? 20yrs of experience in equity markets and Sustainability ? Raised over $1.3B in the last 4yrs at Bellevue and at Northern Star Resources. 10 5.6Mt 8.1Mt Million Tonnes Exploration development strategy delivering outperformance • BGL’s outperformance has been delivered by exploration growth and also by expanding the mining inventory • This process is set to continue in 2022 with further growth and optimisation studies occurring 1. Indicated Resource/ Reserve Growth (koz) † . 2,758% 2017 2018 2019 2020 2021 4. BGL outperformance vs GDXJ index BGL AU Equity GDXJ US Equity BGL outperforming GDXJ by 2,758% over the last 5 yrs through exploration success 2. Ore Tonnes Mined 45% increase in just 6 months 1.08B 1.78B 3. Net free cash flow from Feasibility Studies 65% increase in just 6 months FS1 1.4 Moz Indicated FS1 FS2 Increased Resources convert to Ore Tonnes Increase in value creates share price outperformance † Resources are reported inclusive of Reserves. Refer to page 39 for the current breakdown of Inferred and Indicated Resource s. FS2 0.69 Moz Reserve 1.04 Moz Indicated 1.7 Moz Indicated 0.86 Moz Indicated Reserve update pending 1.04 Moz Reserve Current Resource Q3 2021 Q1 2021 Q3 2020 11 A deposit that continues to grow in every direction • Since the Tribune discovery hole in November 2017, the Resource has grown at a compound annual growth rate of 81% • The recent Lucknow discovery extends the strike to over 5km and the Lucien discovery sits 300m beneath the Deacon lode; and the deposit remains open in every direction Source: Refer to ASX announcements dated 22 August 2016, 22 March 2018, 22 October 2018, 21 May 2019, 10 September 2019, 19 N ovember 2019, 17 December 2019, 7 July 2020, 8 October 2020, 18 February 2021, 23 June 2021, 3 August 2021 and 15 February 2022 for full details of previous exploration results. Indicated Resource Inferred Resource 12 Further growth potential- Mining Shape Optimiser shapes NOT currently in mine plan • Of the 3.1Moz Global Resource only ~50% of the Resource is in the current 1.5Moz mine plan • The areas in red highlight the immediate conversion potential based on the same economics from the Stage 2 Feasibility Study that are forecast to be converted into the mine plan with further infill drilling to convert to the Indicated category • The entire system remains open in every direction and exploration drilling will continue on the pathway to production Source: Refer to ASX announcements dated 21 September 2021 North 13 Bellevue Gold project Feb 2022 Fly-through click here 14 Optimising FS2 – Further enhancing the project economics Key de-risking events achieved on the project, focus shifted to optimisation and further de-risking, productivity and cost benefits Study Parameters FS2 Optimisation Outcome Potential Benefit MINING SEQUENCE Bottom Up Top Down Less up-front development Simplified top-down retreat mining = Immediate access to stoping De-risks ramp-up, improves project economics (cost) BACKFILL (Year 1 & 2) Cemented Rock Fill No Fill Removal of major cost driver Removal of step in sequence = Vastly improved productivity De-risks ramp-up, improves project economics (cost) ORE DRIVES 4.5mH x 4.2mW 4.5mH x 4.5mW Larger & more efficient loader in ore Standardised fleet = Vastly improved productivity De-risks ramp-up, improves project economics (productivity) LEVEL SPACING 10m 15-20m Larger drill, Improved accuracy Less levels required same ore = less metres per stope tonne De-risks ramp-up, improves project economics (cost) STOPE SLOTS Longhole Rise Mechanical boxhole Vastly improved success rate Less production drill metres required = Vastly improved productivity De-risks ramp-up, improves project economics (productivity) ADVANCE RATES 6mth ramp up to 1,600m/mth 12mth ramp up to 1600m/mth Less reliant on up front development Ability to open further mining areas = Vastly improved productivity De-risks ramp-up, improves project economics (cost) SUB- HORIZONTAL AREAS (first 3 years) 13% 0% Sequence facilitates access to stoping Ability to remove sub vertical = simplified & efficient mining De-risks ramp-up, improves project economics (cost) 15 4.5km of completed development provides access to multiple fronts Current Viago Decline Location ~277m below surface Current Armand & Marceline Decline ~230m below surface Red Development shown prior to first ore production as per FS2 Combined 4,570m development to date N • The Paris portal was fired in August 2020, with over 4,570m of development completed to May 2022 • Two production fronts have been established – North targeting Armand, Marceline and Deacon North, and South targeting Viago and Deacon. Both will have independent firing by the end of the June quarter allowing for increased production rates • Underground infrastructure will allow for further underground exploration as the deposit remains open in every direction 16 Secondary Tag Board installed allowing for increased metres • Independent tag board installed to allow for independent firing between the northern Armand/Marceline and southern Viago decline 17 Pathway to production: Mining contractor appointed • Recent award of ~$400M mining contract to ASX listed Develop (ASX: DVP) for approximately 4 years • Mobilisation and handover from the existing contractor is set to occur this quarter • Develop has established a highly experienced team of underground mining specialists who have worked for Western Australian contractors such as Byrnecut, Barminco and Northern Star Mining Services 18 Excellent ground conditions with first vertical rise pulled • First vertical rise was pulled using a longhole rig to create a return air rise • The 5mW x 6mL x 18mH performed exceptionally well • Cavity monitoring system (CMS) showed the final void (grey ) aligned very closely to the designed excavation (red) with limited deviation and minimal overbreak boding very well for future longhole open stoping 19 Positioned for high margin, low capital intensive growth beyond 1Mtpa Processing Plant • Total LOM recoveries forecasted at 96.7% • Process plant designed to recover high gravity component at the front end. Test work indicates between 58% and 85% is recoverable through gravity recovery methods. • Cyanide destruction circuit designed and costed to meet Global Tailings Standards • Designed for 1.0Mtpa – opportunity to increase throughput as design has allowed for readily expandable growth • Simple process flow sheet: o 3 stage crushing o Single ball mill grinding, p 80 @ 75um o Gravity separation and intensive leaching o Thicken prior to leaching with standard CIL processes o Thicken final tail with cyanide detoxification o Transfer to TSF (which has been located away from lake) o Recover water from TSF Plant Upgrade designed for future growth • A$12m expansion to 1Mtpa from 750ktpa • Possible future expansion above 1Mtpa planned for in infrastructure design layout • The current 1Mtpa plant was designed with the potential for further growth above the 1Mtpa nameplate capacity • The 33% upscaling to 1Mtpa from 750ktpa nameplate capacity was achieved for a total spend of $12m 20 2020 2021 2022 2023 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Existing Decline Rehabilitation Underground Exploration Access Approvals and Permitting Early Works Infrastructure Feasibility Studies FS1 and FS2 Resource Drilling Updated Reserve/Resource Financing, Documentation and (First Draw down) FEED, Tendering & Detailed Design Mill Delivery Stage 2 Underground Development Mill Construction R amp Up & Commissioning A consistent delivery of the project since July 2020 1 This timetable is indicative only and may change. Please refer to key risks that may cause changes to the timetable. Project Development Resource Growth Construction ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? • The company is continually delivering into the dual track development and exploration strategy by adding value through growth in the Resource and an upgraded FS2 study that has increased the value of the project by $701m in 6mths • Recent Indicated Resource upgrade to drive Reserve update that will form basis for optimisation study due this Qtr • Current development timetable with targeted first gold production June Q 2023 1 ? ? ? ? Upcoming catalysts Key Inputs tying into Project update due this quarter • Reserve upgrade • Preferred Power provider • Preferred EPC Mill build • Ordering of long lead items • Mining contract awarded • Indicated Resource Update ? ? ? ? 21 Project Advancement continues • 124 of the 338 person camp has been installed and due for completion in Q3CY 2022 • The first of two 14.9Kw solar arrays are being installed to power the borefield pumps; the pumps will be running at 100% solar power during daylight hours; both planned borefields will be commissioned in the next 4-6 weeks Bellevue is an industry leader in diversity Bellevue has a Cultural Heritage Management Plan and a Diversity Policy 22 • Bellevue is leading the Australian mining sector for gender diversity and has a -2% gender pay-gap for like-for-like roles • Key metrics of our diversity results include: o 40% female directors, which is well above the WGEA mining sector average 1 of 19.6% o 35.7% females in leadership positions, which is well above the WA mining sector average 2 of 22% o 50% female employees, which is well above the WGEA mining sector average of 18% 1 • We are maintaining strong relationships with Traditional Owners, such as through employment and providing Cultural Awareness training to our staff. Bellevue’s employment percentage of Aboriginal and Torres Strait Islanders people is 6.4%, which is 36% above the WA mining industry average 2 of 4.7% Overall female employment is 50%, which is above industry average Female Employment +177% Overall Aboriginal employment is which is 36% above the WA industry average Aboriginal Employment Mental Health Training 100% 1 – WGEA (2021) WGEA Data Explorer – Mining. Gender data as of April 2022 2 – CME (2019) Diversity in the Western Australian Resources Sector 2019 Report Aiming for Cultural Awareness training for of our staff Cultural Awareness Training 100% Leonora schools lunch program ? ? ? Mental health initiative aiming to be rolled out to of our staff within 12mths 6.4% 23 0 0.2 0.4 0.6 0.8 1 1.2 1.4 1.6 0 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 8,000,000 9,000,000 BGL - Forecast to be Australia’s lowest greenhouse gas emitter/oz • Bellevue is forecast to become the lowest emitter on a per ounce basis in Australia; the Stage 2 Feasibility Study shows a forecasted greenhouse gas intensity of 0.202 t CO 2 e / oz. This has improved by ~30% due to the planned integration of renewable energy and the increased plant throughput to 1 Mtpa • Bellevue is forecast to have the least total Scope 1 emissions of any major off-grid gold mine in Australia and to have one of the cleanest power supplies for any gold mine in Australia Bellevue (FS2) Agnew Granny Smith Jundee Tanami St Ives Carosue Dam Cracow Tropicana Sunrise Dam Kalgoorlie Mungari Duketon Westgold Ramelius Paddington Plutonic Tomingley Matilda-Wiluna Cowal Mt Rawdon Cadia Valley Telfer Boddington Ravenswood Costerfield Bellevue’s GHG Intensity is forecast to be 0.202 t CO 2 e / oz over the LOM Thunderbox Source: All data sourced from public company disclosures, with GHG emissions and annualized production averaged over the last 2-6 years of available reported data. Since the Stage 1 Feasibility Study, the Bellevue Gold figures have decreased, and recent data points from other mines have been added. S&P Global issued a report on 18 August 2021 which stated the average 2020 GHG emissions intensity in Australia to be 0.73 t CO2e / oz. Gwalia Fosterville Darlot Gruyere Peak Mt Morgans Mt Carlton KCGM Greenhouse Gas Intensity (CO 2 e/oz) for major Australian gold mines GHG Intensity (t CO 2 e / oz Au) Cumulative Gold Production per Year (oz) Bellevue (FS1) S&P Global estimated the 2020 emissions intensity for Australian gold mines to be 0.73 t CO 2 e / oz • For the same carbon emissions, Bellevue is forecast to produce 3.6 ounces compared to 1 ounce for the average Australian gold mine Appendices Click here for the 3D Inventum model 25 ASX Code ASX 300 BGL Shares on issue ~1,031m Unlisted performance rights unlisted ~34m Top 20 Shareholders ~61% Footnotes: 1. Unaudited as at 31 Mar 2021 2. As at 2 May 2022 3. Graph as at 12 May 2022 Shareholder Summary 2 Total Global & Australian Institutions Substantial shareholders - Blackrock - 1832 Asset Management LP - Van Eck Board & Management (on a fully diluted basis) ~ 71% 17% 9.1% 7.8% ~6% Corporate Summary Building Strong Foundations Current Share Price A$0.82 Market Capitalisation ~ A$845M Cash 1 ~ A$150.9m 26 Cash Balance Macqaurie Facility $155 m $376 m $600 m $832 m $1,130 m $1,364 m $1,623 m $1,853 m Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Debt Repayments including interest Free Cash Flow Bellevue gold project - Fully funded to production • Fully funded to production with total liquidity of $351m (31 st March 2022) to fund the dual track strategy of project development and exploration with $252m capex from the updated FS2 study • Macquarie was Bellevue’s first institutional investor and has elected to take the majority of upfront fees in Bellevue shares • Due to the forecast strong free cash flow generation, Bellevue will be in the enviable position to be able to consider capital allocation decisions early in the project’s mine life of; further aggressive exploration, retaining cash on balance sheet or distributing to shareholders Payback 1.4 years Forecast Free Cashflow Before Tax and after Debt Repayments (A$m) Cumulative excess free cash for capital allocation after all debt repayments Outcomes are based on Feasibility Study 2 results and assumes A$2,400/oz gold price as per the results from the Feasibility S tudy document Total Liquidity $351M $151m Cash $200m Debt 27 698 592 481 478 416 390 385 286 271 257 257 246 240 239 234 211 183 161 153 151 146 142 140 136 118 116 111 107 103 101 Boddington Fosterville Tanami KCGM Telfer Tropicana St Ives Jundee Duketon South Kalgoorlie Granny Smith Gruyere Sunrise Dam Agnew Lawlers Carosue Dam Cowal DFS 2 Mt Magnet Gwalia DFS 1 KOTH Mount Monger Thunderbox Bardoc Gold Karlawinda Mungari Edna May Mt Morgans Murchison Deflector BGL – Forecast to become a Top 20 Australian gold mine LTM production (koz) of Australian gold mines and forecast production of developers† Production growth of +21% in only 6 months Producer Developer Source: Public company disclosures for 12 months ended 30 June 2021. Note: Companies with production below 100koz and / or a material by-product credit were removed for comparison purposes. † Companies that have released a PFS or Feasibility study with LOM Average production used for comparison purposes. • The updated Stage 2 Feasibility Study shows BGL is forecast to enter the top 20 largest producing gold mines in Australia • 21% uplift in LOM average production compared to the Stage 1 Feasibility Study released in February 2021 • BGL is forecast to average 200koz pa of production over the first five years and 183koz pa over the LOM 28 473 924 1,014 1,042 1,079 1,094 1,165 1,174 1,188 1,195 1,221 1,229 1,230 1,278 1,290 1,304 1,311 1,368 1,385 1,415 1,420 1,436 1,437 1,453 1,483 1,496 1,507 1,513 1,552 1,629 1,672 1,744 1,769 1,942 1,964 2,034 2,104 Fosterville Thunderbox Bellevue DFS 2 Cowal Bellevue DFS 1 Tanami Karlawinda Duketon North Bardoc Gold Mt Magnet Deflector St Ives Cue Jundee Warrawoona Fortnum Carosue Dam Duketon South KCGM KOTH Agnew Lawlers Granny Smith Gruyere Mungari Cracow Edna May Boddington Mt Rawdon Mt Morgans Murchison Mount Monger Gwalia Tropicana Kalgoorlie Telfer Sunrise Dam Plutonic AISC reduced (6)% vs Stage 1 DFS BGL – Forecast to enter the bottom quartile on AISC vs peers • The Stage 2 DFS positions BGL in the bottom cost quartile with a forecast LOM All In Sustaining Cost (AISC) of A$1,014/oz • In the first 5 years of production the project will average an AISC of A$922/oz Developer Source: Public company disclosures for 12 months ended 30 June 2021. † Companies that have released a PFS or Feasibility study with LOM Average AISC used for comparison purposes. 29 FS2 vs FS1 – optimisation study post FS2 will add more value Stage 2 Study delivers a significant improvement in all key project metrics, including production, life of mine, costs, free cash flow, profit and return metrics; all without a material change in capital costs Key LOM Production Statistics FS1 FS2 ? Life of Mine 7.4 years 8.1 years +9% Ore tonnes mined 5.6Mt 8.1Mt +45% Ore processing rate 750,000tpa 1,000,000tpa +33% Average gold production (recovered) – years 1 - 5 160koz per annum 200koz per annum +25% Average gold production (recovered) – LOM 151koz per annum 183koz per annum +21% Recovered gold 1.1 Moz 1.5Moz +36% Pre-Production Capital Costs Feasibility Start Date (construction and development spend) January 2022 July 2022 n/a Pre-production capital costs A$255m A$252m (1%) Pre-production contingencies A$14m A$15m +7% Total capital costs (included in study) A$269m A$267m (1%) Key LOM Financial Statistics FS1 FS2 ? Gold price A$2,300/oz A$2,400/oz +4% Free cash flow (FCF) sensitivity to $100/oz variation in gold price A$100m A$140m +40% Revenue A$2,551m A$3,554m +41% All in sustaining costs – LOM A$1,079/oz A$1,014/oz (6%) Cost escalation factor (annualised) n/a 6.6% +7% Net free cashflow (pre-tax) A$1,081m A$1,782m +65% Net free cashflow (post-tax) A$795m A$1,289m +62% Average free cashflow (pre-tax) - LOM A$171m A$259m +51% EBITDA – LOM A$1,648m A$2,412m +46% Payback period (post-tax) 1.7 years 1.4 years +19% NPV 5% (pre-tax) A$876m A$1,311m +50% NPV 5% (post-tax) A$562m A$943m +68% Internal Rate of Return (pre-tax) 58% 72% +24% Internal Rate of Return (post-tax) 35% 62% +74% 30 On the pathway to production Bellevue has engaged industry leading experts to assist and drive the Feasibility Studies A Robust, Independent Feasibility Study Studies, mine design, scheduling Non-processing infrastructure Process plant and infrastructure Geotechnical engineering Metallurgical testwork Metallurgical testwork advice Tailings deposition and storage Gravity circuit testwork Regulatory and permitting process Power supply strategy and analysis Geochemical characterisation Hydrology and hydrogeology Assistance with taxation Thickener and rheology testwork Communications and IT Mineral Resource estimation International Resource Solutions Pty Ltd 31 BGL – Site Updated 3D Inventum video & Site Flyover Video https://bellevuegold.wistia.com/medias/w9cw1f5wk2 3D Inventum Link Click Below Project Flyover Link Click Below https://inventum3d.com/c/BGL/Bellevue 32 0 15,000 30,000 45,000 Diesel-only power station Gas-fired power station Renewables with gas BGL’s approach to ESG = no greenwashing • Our Stage 1 Feasibility Study estimated that the gas power station would contribute 73% of the mine’s overall emissions • The latest plans for the Bellevue power station will further reduce emissions, whilst maintaining reliability and meeting power demands • Current plans are based around a substantial emission reduction compared to gas-only; and a ~50% emission reduction compared to diesel • Over 90% of water used is from hypersaline underground water (an uncontested resource). No water will be discharged to the environment • Bellevue is forecast to be a low-water consumption mine, at ~0.6 m 3 of water consumed per tonne processed - which is leading-practice • Climate change is a serious consideration; hence Bellevue is taking a science-based approach to reducing emissions and mitigating impacts Annual power station GHG emissions (t CO2e) GHG / ounce Bellevue is forecast to have the least GHG emissions per oz of any gold mine in Australia Total emissions Bellevue is forecast to have the least total Scope 1 emissions of any major off- grid gold mine in Australia GHG / GJ Bellevue is forecast to have one of the cleanest power supplies for any gold mine in Australia ? ? ? 33 ESG & the opportunity to be ‘best in class’ corporate citizens BGL is evaluating all options on the pathway to development Bellevue is undertaking further assessments to identify additional risks and opportunities and develop best business cases - Smart blasting ? - Energy efficient grinding ? - Running compressors at full load and with cooler air intake - Waste heat recovery - Variable speed drive motors/high efficiency motors ? - Improving driver practices ? - Automation ? - Maintenance procedures ? Efficiency - Use of renewable electricity (eg. solar, batteries) to power operations ? - Using battery-powered electric vehicles instead of petrol, diesel or gas-powered vehicles - Future consideration: above- ground hydrogen powered haul trucks ? Fuel switching Climate consideration examples: - Bushfires ? - Flooding ? - Groundwater scarcity ? - Heatwaves ? General efficiency considerations: - Internal and external lighting ? - HVAC optimisation - Building design ? New infrastructure Bellevue Gold - Values and Vision At Bellevue we believe we have a unique opportunity to develop a standout gold mining company that is the benchmark for others to be measured against. We believe our four key values with safety embedded into these pillars are fundamentally important to the success of Bellevue. These values underpin the standards that we hold each other accountable to each and every day. “To create a standout gold mining and exploration company that is an industry benchmark” PASSION Each day we will safely pursue our mission with passion and belief – a fierce determination to succeed and an excitement about what we do. ACCOUNTABILITY We are all accountable for our safety and success – our people, our community and our stakeholders. We will always act with the highest level of integrity and respect to sustainably grow Bellevue. COMMUNITY The health, safety and wellbeing of our community is critical to our success. This includes respect for our people, stakeholders and the environment. EXCELLENCE We aim for the highest standards of safety, performance, behaviour and conduct in everything we do and support everyone in our team to achieve this in everything they do. 34 35 FY23 NOW Climate considerations for new infrastructure, efficiency options and fuel usage options TCFD phase 2: climate scenarios Stage 1 Feasibility Study (Feb 2021) Construction Operation FY21 FY22 Investigate a Science Based Target TCFD phase 3: integrate Refresh TCFD benchmarking Develop Sustainability Committee Charter Begin TCFD phase 1: identify Develop climate risks and opportunities register Power supply study TCFD gap analysis and staged action plan Check if NPI or NGER thresholds triggered Stage 2 Feasibility Study (Sep 2021) The sustainability pathway - a vision to be best in class Refined power supply study 1 This timetable is indicative only and may change. Please refer to key risks that may cause changes to the timetable. ? ? ? ? ? ? ? ? ? ? ? 36 0 50000 100000 150000 200000 250000 300000 • The annual greenhouse gas emissions of Australian gold mines is plotted below • Due to the project’s low carbon emission intensity, Bellevue will have one of the lowest total greenhouse gas emissions per year of any Australian gold mine • Bellevue Gold is forecast to have the least Scope 1 emissions of any major off-grid gold mine in Australia Scope 1 and Scope 2 emissions of Australian gold mines Grid Off-grid Wind PPA Solar Solar / Battery GHG emissions (t CO 2 e / year) Source: All data sourced from the most recent public company disclosures, with greenhouse gas emissions split by Scope 1 and Scope 2 emissions. Inclusion of logos denotes use of renewable energy. 37 0 0.05 0.1 0.15 0.2 Energy-emissions intensity – Bellevue is leading the way Gas • Energy-emissions intensity is the factor of emissions per unit of energy produced, such as tonnes of CO 2 e per GJ • This trend shows that off-grid mines, powered by a gas-fired power station have a lower energy-emissions intensity than grid-connected mines • WA gold mines are best performers on this energy-emissions intensity metric, due to high use of gas and some renewables • Bellevue’s base choice of gas is highly beneficial, which is bolstered by using renewable energy options Source: All data sourced from recent public company disclosures, with greenhouse gas emissions and total energy consumption from the last 5 years. Inclusion of logos denotes source of energy. Grid intensity (t CO 2 e / GJ) WA Vic NSW Qld NT Diesel Solar/Battery Grid-connection Bellevue’s community contributions and PACE values Our commitment to the Communities in which we operate is the ‘ C ’ in our PACE values BELLEVUE GOLD COMMUNITY PROGRAMS Community Service Program Clontarf Foundation Leonora High School Meals Program Nyunnga-Ku Woman's Group/ Yarning Circle St John Ambulance Mental Health Week (Leonora) Youth Centre Programs Goldfield Games 2019 January 2020 Breakfast Club Leonora Community Recreation Centre - Pool Activities / Community Day BBQ AFL Program + Jumpers and Coach Costs Leonora High School Funding Incentive Clean up Leonora Day Leonora Lives Matter for Suicide Prevention HOPE Leonora High School - School Term 2 Resources Leonora Shire Elder Care Packs Bellevue is committed to supporting Aboriginal people with pathways to employment. We offer trainees the opportunity to gain work experience in the mining industry and gain permanent employment. We have partnered with the Clontarf Foundation. The Nyunnga-Ku (meaning “Women Belonging Too”) Group, creates opportunities for women to learn new skills and have some fun. The group provides a place for women of all backgrounds to come together, support one another and discuss community-related issues. The sewing and craft group is held every Wednesday evening and is supported by Bellevue. In 2020, Bellevue supported CentreCare and Family First’s coordinator with the Leonora Mental Health Week. We provide sponsorship and an opportunity for community members to stay on site. Family First is an early intervention program designed to support vulnerable families who are showing early signs of, or are at risk of, developing mental illness. 38 39 Mineral Resource and Ore Reserve Estimates INDEPENDENT JORC 2012 RESERVE ESTIMATES FOR THE BELLEVUE GOLD PROJECT (Current September 2021) Ore Reserve Tonnes (Mt) Grade (g/t Au) Contained Ounces (Moz) Probable High Grade Underground Ore Reserve 3.6 7.7 0.90 Probable Low Grade Underground Ore Reserve 1.6 2.4 0.12 Probable Open Pit Ore Reserve 0.15 4.3 0.02 Total Ore Reserve 5.3 6.1 1.04 Stage 2 – Life of Mine (LOM) Resources and Reserves Tonnes (Mt) Grade (g/t Au) Contained Ounces (Moz) Probable Ore Reserve 5.3 6.1 1.04 Underground designed & scheduled inventory (Indicated) 0.22 7.6 0.05 Underground designed & scheduled inventory (Inferred) 2.4 5.8 0.46 Open Pits designed & scheduled inventory (Indicated) 0.05 3.7 0.01 Open Pits designed and scheduled Inventory (Inferred) 0.08 1.8 0.00 Total LOM Resources and Reserves Inventory (Indicated +Inferred) 8.1 6.0 1.56 Notes: The total LOM production includes 29.8% Inferred Resources ounces. Ore Reserves are reported using a A$1,750 AUD gold price basis for cutoff grade calculations. LOM excludes the Bellevue Surrounds Resource area. The Ore Reserve estimate is based on the August 2021 Stage 2 Feasibility Study. Figures may not add up due to rounding. For full details of the Mineral Resource, refer to ASX announcement titled “Resource Update” dated 4 May 2022. Resources reported at 3.5 g/t lower cutoff, totals may not add due to rounding. Mineral Resource Tonnes (Mt) Grade (g/t Au) Contained Ounces (Moz) Indicated Mineral Resources 4.6 11.2 1.7 Inferred Mineral Resources 5.2 8.8 1.5 Total Mineral Resources 9.8 9.9 3.1 INDEPENDENT JORC 2012 RESOURCE ESTIMATES FOR THE BELLEVUE GOLD PROJECT (Current May 2022) 40 Share Price Performance During Construction Capricorn Metals West African Resources Atlantic Gold Roxgold Pretium Resources Construction timeline Construction commences 13-Mar-20 01-Jan-19 03-Jun-16 07-Apr-15 19-Jan-16 Commercial production 02-Sep-21 30-Jun-20 05-Mar-18 04-Oct-16 01-Jul-17 At construction commencing Share price (Local currency) 0.96 0.25 0.62 0.60 6.07 Gold price (US$/oz) 1,517 1,278 1,253 1,212 1,093 At commercial production Share price (local currency) 2.38 0.91 1.62 1.42 12.49 Gold price (US$/oz) 1,809 1,801 1,318 1,276 1,267 Share price change (%) 148% 264% 161% 137% 106% Gold price change (%) 19% 41% 5% 5% 16% Source: Company Filings, Bloomberg.

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