Slides
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Mining Forum Americas September 2026 Delivering, De-Risked & Unlocking Upside Passion • Accountability • Care • Excellence
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2 Disclaimers & Compliance Statements Disclaimer This presentation has been prepared by the Company based on information from its own and third-party sources available at the date of this presentation. 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 any recipient or reader of this presentation 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 a recipient of this presentation 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. Disclaimers & Compliance Statements Not an Offer This presentation is not a prospectus, disclosure document or other offering document under Australian law or under any otherlaw. This presentation will not be lodged with the Australian Securities and Investments Commission (ASIC) or any other foreign regulator. It is provided for information purposes and is not an invitation to subscribe for or purchase or sell shares, nor an offer ofshares or recommendation for subscription, purchase or sale, in any jurisdiction. Summary Information This presentation contains summary information about the Company and its subsidiaries (together, the Bellevue Group) and the activities of the Bellevue Group, which is current as at the date of this presentation, unless otherwise indicated. 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 their own independent assessment of the Company before acquiring any shares in the Company. Not Investment Advice This presentation does not provide investment advice or financial product advice. Each recipient of this 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 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 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. This presentation has been prepared by Bellevue Gold Limited (ABN 99 110 439 686) (Company or Bellevue) (ASX: BGL) and is aut horised by the Managing Director & Chief Executive Officer of the Company.
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3 Disclaimers & Compliance Statements 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, but not always. 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 risks discussed in the Company’s ASX announcements (including in Appendix B titled 'Key Risks' of the investor presentation released to the ASX on 14 April 2025) and other 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 Mineral Resources and Ore Reserves; • planned production and operating costs profiles, including life of mine plans and associated projections or targets in respect of production outlook; • planned capital requirements; and • planned strategies and corporate objectives. Such forward-looking statements/projections are estimates for illustrative purposes only and should not be relied upon. They are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company. The forward-looking statements/projections are inherently uncertain and may therefore differ materially from results ultimately achieved. 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/projections based on new information, future events or otherwise except to the extent required by applicable laws. Forward-looking All-In Sustaining Cost estimates have been prepared on a real basis at a project level (i.e. not adjusted for possible future inflation and do not include the effects of corporate costs) and FY27 guidance assumes a gold price of A$5,700/oz for determining the value of royalties. Certain mining related costs are considered expansionary as part of accessing new mining areas or non-recurring in nature and allocated to non-sustaining capital and are not included in All-In Sustaining Costs. Disclaimers & Compliance Statements Net Zero (Scope 1 and Scope 2) Greenhouse Gas Emissions Achieved at the Bellevue Gold Project Bellevue’s achievement of net zero (Scope 1 and Scope 2) greenhouse gas emissions for CY25 and FY26 is limited to onsite greenhouse gas emissions at the Bellevue Gold Project. Net zero (Scope 1 and Scope 2) greenhouse gas emissions at the Bellevue Gold Project has been achieved by having significant on-site renewable energy and emissions reduction measures, receiving and surrendering renewable energy credits (i.e., LGCs) and voluntarily purchasing and surrendering high-quality carbon credits (i.e., ACCUs). Bellevue uses significant amounts of renewable energy. Given that Bellevue designed the Bellevue Gold Project (including the power station) to achieve net zero (Scope 1 and Scope 2) greenhouse gas emissions by 2026, there is no ‘baseline’ of fossil fuel use and emissions against which to measure direct emissions reductions from renewable energy. Carbon offsets were not the primary method for achieving net-zero greenhouse gas emissions but were used for hard- to-abate greenhouse gas emissions. Total CY25 and FY26 emissions (and surrender of both LGCs and ACCUs (acquired to compensate for hard-to-abate emissions)) were calculated by carbon accounting specialists. Total CY25 emissions also underwent reasonable assurance (which is an independent assurance process undertaken by auditors). Refer to the Company’s 2026 Sustainability Report released to the ASX on 22 September 2026 for further information. The renewable energy credits (LGCs) for CY25 and FY26 have been received and surrendered. The carbon offsets (ACCUs) required for CY25 and FY26 have also been acquired and surrendered. The ACCUs acquired use the Savanna fire management methodologies, as certified by the Clean Energy Regulator. Bellevue continues to investigate and implement emission reduction measures, however while there remain hard-to- abate greenhouse gas emissions, Bellevue considers such ACCUs an important part of its carbon mitigation strategy. Bellevue prioritises high-quality offsets, with a preference for co-benefits for Traditional Owners and biodiversity.
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4 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 2012 Edition of 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 presentation 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) Item 1300 of Regulation S-K, 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. This presentation contains references to Mineral Resource and Ore Reserves estimates, which have been extracted from the Company's ASX announcement dated 21 September 2026 titled 'Exploration Update and Annual Resource & Reserve Statement'. This presentation also contains references to Exploration Results which have been extracted from various Company 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 those 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 ASX announcements continue to apply and have not materially changed. Disclaimers & Compliance Statements 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, development risk and operational risk. An investment in new 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 risks outlined in the investor presentation released to the ASX on 14 April 2025 (refer to Appendix B titled 'Key Risks') when making their investment decision. Financial Data and Past Performance n ot a Reliable Indicator 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 actual calculation of these figures may differ from the figures set out in this presentation. Past performance, including past share price performance of the Company and 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. Any pro forma historical financial information has been prepared by the Company for illustrative purposes only in accordance with the measurement and recognition requirements, but not the disclosure requirements, of applicable accounting standards and other mandatory reporting requirements in Australia and does not purport to be in compliance with Article 11 of Regulation S-X of the rules and regulations of the U.S. Securities and Exchange Commission. Past performance of the Company cannot be relied upon as an indicator of (and provides no guidance as to) the future performance of the Company. Nothing contained in this presentation nor in any other information made available to any recipient or reader of it is, or shall be relied upon as, a promise, representation, warranty or guarantee, whether as to the past, present or future. The financial data included in this presentation has not been audited. Effect of Rounding A number of figures, amounts, percentages, estimates, calculations of value and fractions in this presentation are subject to the effect of rounding.
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5 Market Capitalisation 1 A$2,407M US$1,715M Cash & Gold 2 A$206M US$147M Bank Debt 2 A$100M US$71M Shareholders3 Board Kevin Tomlinson Non-Executive Chairman Darren Stralow Managing Director & CEO Shannon Coates Non-Executive Director4 Debra Counsell Non-Executive Director5 Leigh Junk Non-Executive Director Fiona Robertson Non-Executive Director Tanya Rybarczyk Non-Executive Director5 Management Guy Moore Chief Financial Officer Peter Ganza Chief Operating Officer Duncan Hughes Chief Corporate Development Officer Shaun Hackett Chief Geologist Amber Stanton General Counsel & Company Secretary Kellie Randell GM People & Culture Analyst Coverage Index Inclusions & Liquidity ASX200, GDX, GDXJ Capital Structure Board & Management Australia (Insto) Retail/Other Rest of the world (Insto) Asia (Insto) North America (Insto) Europe (Insto) United Kingdom (Insto) Notes: FX throughout presentation 1AUD = 0.71USD 1. As at last closing price of $1.625 on 22 September 2026. 2. Refer to the Company’s ASX announcement dated 28 July 2026 titled 'Quarterly Activities Report'. 3. As sourced from Nasdaq on 19 August 2026. 4. Ms Coates has informed the Board that she does not intend to stand for re -election at the 2026 AGM. 5. Appointment to the Board took effect on 23 September 2026. 33% 13%19% 24% 6%
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6 00 m 200 m A long-life, high-grade gold producer in one of Australia's premier gold districts Notes: 1. MRE – 2.7Moz global Resource consists of 5.5Mt @ 9.3g/t gold for 1.6Moz Indicated & 4.3Mt @ 7.8g/t gold for 1.1Moz Inferred. ORE – Total Ore Reserve 6.8Mt @ 4.5g/t for 1.0Moz. Refer to the Company’s ASX announcement dated 2 September 2026 titled ‘Exploration Update and Annual Resource & Reserve’ Statement '. 2. As at 30 June 2026. Refer to the Company’s ASX announcement dated 28 July 2026 and titled 'Quarterly Activities Report’. 3. Refer to the Company’s ASX announcement dated 22 September 2026 and titled ‘FY26 Financial Results’. 4. Refer to slide 3 for further information. Bellevue: A high-quality gold business built for growth Long - life and established high - grade asset. 1.0Moz ORE; 2.7Moz MRE1 underpinning long reserve life & significant potential for future resource to reserve conversion Strong balance sheet & increasing cash generation. A$206 million cash & gold2. Record production & free cash flow in FY263 Established infrastructure. Powered by renewable energy with net zero (Scope 1 and 2) greenhouse gas emissions achieved in CY254 Strong exploration potential. Growing exploration program with increased budget Positioned for further growth. Modern mine with multiple pathways for disciplined growth Growth optionality. Potential for future plant & mine expansions Wiluna/Matilda Jundee Northern Star Bronzewing Northern Star Darlot Vault Thunderbox Northern Star Sons of Gwalia Genesis King of the Hills Vault Agnew/Lawlers Gold Fields Bellevue Project Au Deposits/Plants Ni Deposits Greenstone Granites Yilgarn Craton Yandal Project
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7 7 Deliver Guidance Five established mining areas to support consistent FY27 delivery. Proven Performance Established operation with high performing team. Operate Efficiently Stable production and operating cost base. Strengthen Balance Sheet Generate cash, reduce debt and become hedge free during FY27. Grow the Resource Strong exploration potential down plunge with exploration re-started Disciplined Capital Management Strong free cash flow creates capital allocation flexibility. Bellevue has transitioned from building the operation to generating sustainable production, cash flow and long-term shareholder value FY27 Priorities: Delivering, De-Risked & Unlocking Upside Operational Delivery Delivering De-Risking Growth & Returns Financial Strength Shareholder Returns
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8 • Life of mine infrastructure in place • Development ahead of plan • Grade control drilling ahead • Plant recoveries consistently ~95% Notes: 1. Refer to the Company’s ASX announcement dated August 2025 titled 'FY26 guidance and annual Resource & Reserve statement’. Refer to the Company’s ASX announcement dated 7 February 2026 titled 'Paste plant approval & further hedge boo reduction'. 2. Refer to the Company’s ASX announcement dated 28 July 2026 and titled 'Quarterly Activities Report'. 3. Refer to the Company’s ASX announcement dated 3 May 2026 titled 'Bellevue awards mining contract’. 4. PFS on paste plant completed in 2023, has been reviewed and updated in FY26. Refer to the Company’s ASX announcement dated 7 February 2026 titled 'Paste plant approval & further hedge boo reduction'. Established the long-term mining platform FY26. Built the Foundation 144koz produced AISC of A$2,827/oz Growth Capex: A$113M Delivered To Guidance 1 FY26: Infrastructure complete. Higher-grade areas established. • Underground contractor changeover Q13 • Majority of growth capex to be spent in H1 • Paste fill plant commissioning Q34 • Focus on consistent delivery Five established mining areas drive production growth FY27. Growing Production FY27 Guidance 2 Production: 150 - 170koz AISC of A$2,800 – 3,100/oz Growth Capex: A$90 - 100M Exploration Budget: $25 - 30M FY27: Five established mining fronts support higher, more consistent production.
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9 North Notes: 1. Refer to the Company’s ASX announcement dated 28 July 2026 titled 'Quarterly Activities Report '. • Five established mining areas with mine designs extending to ~2035 provide exceptional operational visibility • Multiple active mining fronts reduce operational risk & support consistent delivery • Orebody remains open with drilling platforms established & growing Delivering: Established in Consistent Mining Areas Tribune Viago Southern Belle Deacon Main Deacon North Marceline Armand Paris Portal Long-term mine established with multiple production fronts 1km FY28 - 29 FY30 - 35 FY27 Old Bellevue Mine Mined
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10 0% 20% 40% 60% 80% 100% 120% Week -4 Week -3 Week -2 Week -1 Week 1 Week 2 Week 3 Week 4 Week 5 Week 6 Week 7 Actual vs Plan - Ounces Mined Mining contractor transition complete, with operating performance recovering towards plan Delivering: Contractor Transition & Ramp-up ▪ Ramp up advanced ▪ Mobilisation completed as planned on 1 Aug 2026 ▪ Slower ramp-up in initial 6 weeks ▪ Mined grade performing to plan ▪ Performance approaching plan during Sept 2026 ▪ Full ramp-up expected in December 2026 quarter ▪ Barminco: Strong long-term partner ▪ Tier one global underground contractor ▪ Four-year partnership ▪ Greater scale and fleet capability ▪ Strong safety culture ▪ Supports future growth ambitions 0% 20% 40% 60% 80% 100% 120% Week -4 Week -3 Week -2 Week -1 Week 1 Week 2 Week 3 Week 4 Week 5 Week 6 Week 7 Actual vs Plan - Mined Ore Tonnes 0% 20% 40% 60% 80% 100% 120% Week -4 Week -3 Week -2 Week -1 Week 1 Week 2 Week 3 Week 4 Week 5 Week 6 Week 7 Actual vs Plan - Haulage 0% 20% 40% 60% 80% 100% 120% Week -4 Week -3 Week -2 Week -1 Week 1 Week 2 Week 3 Week 4 Week 5 Week 6 Week 7 Actual vs Plan - Development Contractor Changeover Contractor Changeover Contractor Changeover Contractor Changeover July August September July August September July August September July August September Notes: 1. Chart data includes first 3 weeks of September 2026 only. Chart data shows actual performance against company plan before and after contractor changeover on 1 August 2026. FY27 guidance unchanged, with delayed production expected to be recovered during the year
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11 Defining high-grade shootsDeacon & Deacon North delivering high-grade ore1 Notes: 1. Refer to the Company’s ASX announcement dated 2 September titled “Exploration Update and Annual Resource & Reserve Statement '. • New high-grade mining area at Deacon North delivering ore – on schedule • Stoping to ramp up through FY27 – a key contributor to consistent higher grade ore feed with Deacon Main already established Delivering: Deacon North Established * • 9.3m @ 62.1g/t gold • 8.9m @ 31.0g/t gold Recent infill drilling results include1; • 4.6m @ 50.3g/t gold • 5.2m @ 32.1g/t gold • 6.7m @ 23.5g/t gold • 5.1m @ 27.4g/t gold • 6.4m @ 20.0g/t gold • 5.3m @ 21.9g/t gold
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12 Gravity Circuit Crushing Circuit 89.8% 90.0% 91.5% 93.6% 93.7% 94.4% 95.6% 96.1% 94.6% 96.0% Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Delivering: Processing Notes: 1. Refer to the Company’s ASX announcement dated 28 July 2026 titled 'Quarterly Activities Report'. • Standard gravity-CIL plant • 3 stage crushing, ball milling • Maintaining ~95% recovery1 • ~70% gravity recovery • Utilising ~1.2Mtpa of 1.35Mtpa capacity • Upgrades to gravity circuit and increased oxygen injection driving improved performance Higher throughput & recovery following plant upgrade FY26 Ball Mill FOB CIL 12
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13 De-Risked Operations FY27 mining flexibility substantially improved 1 ▪ Multiple mining fronts ahead of schedule ▪ Decline development well ahead of production across all major orebodies ▪ Developed ore stocks tripled ▪ Decline stocks doubled FY26 operational performance exceeded plan ▪ Development metres ▪ Ore tonnes (development and stoping) ▪ Haulage (TKMs) ▪ Plant recovery Strong results delivered by an experienced, high - performing team Notes: 1. When compared to the start of FY26. Bellevue in a position of operational strength
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14 Forward contracts reduced in FY26 by 83.3koz, 68.7koz remaining As at 30 June 20261 the Group had the following available cash and gold balances: Units 30 Jun 26 Cash & Gold A$M 206.4 Bank Debt A$M (100.0) Net Cash/(Debt) A$M 106.4 Remaining Hedges koz 68.7 Average contract price $/oz 3,004 Notes: 1. Refer to the Company’s ASX announcement dated 28 July 2026 titled 'Quarterly Activities Report'. 2. Refer to Hedge Book Profile chart which illustrates contracts pre -delivered during June 2026 quarter & hedge book profile at 30 June 2026. • Balance sheet continues to strengthen • No contractual hedge book delivery until 30 June 2027 Strong cash position and continued hedge book pre-delivery to further de-risk the business De-Risked: Strong balance sheet with growing flexibility Targeting hedge-free position during FY27 Maintain optionality to build cash, invest in exploration and/or further reduce debt Cash & Gold Growing Hedge exposure reduced by >50% during FY26 Hedge Book Profile - 30 June 2026 showing 23koz pre - delivery during June quarter 2026. Remaining hedge book: 68.7Koz @ average contract price of $3,004/oz 20,625 20,625 17,875 9,525 Dec 26 Mar 27 Jun 27 Sep 27 Dec 27 Mar 28 2,721 ⚫ 2,904 ⚫ 3,380 ⚫ 2,909 ⚫ 10.5Koz pre - delivered 11.0Koz pre - delivered 1.5Koz pre - delivered ⚫ Contracted Gold Price (A$/oz)⚫ Gold Sales Hedged (Oz)
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15 $67 $33 $62 $158 $110 152,000 142,500 124,155 91,650 68,650 $- $20 $40 $60 $80 $100 $120 $140 $160 $180 4QFY25 1QFY26 2QFY26 3QFY26 4QFY26 Net Cash balance & underlying FCF ( A$m ) Underlying FCF per qtr Net Cash Hedge Book trend Hedge Book trend Net Cash trend oz M Notes: 1. Refer to the Company’s ASX announcement dated 28 July 2026 titled 'Quarterly Activities Report'. 2. Refer to Hedge Book Profile chart on the previous slide which illustrates contracts pre -delivered during June 2026 quarter & hed ge book profile at 30 June 2026. Dotted extensions to net cash trend and hedge book trend are for demonstration only and shou ld not be considered a forecast. 3. Underlying free cash flow = sum of operating and investing cash flows (including the effects of any contracted current quarte r hedge book deliveries), plus or minus the movement in bullion awaiting settlement, gold dore and bullion value (at traded price or closing quarter end gold price as appropriate) before any non -mandatory debt repayments or future quarter hedge book deliveries. Deliveries into forward contract s involve receiving the relevant contract price (as adjusted for actual delivery date versus contract maturity) and estimates of FCF before pre -deliveries have, consequently, been estimated using the average daily spot price for the quarter. Strong cash position and continued hedge book pre-delivery to further de-risk the business De-Risked: Growing balance sheet, shrinking liabilities Financial inflection point underway. Growing cash balance, significantly reduced hedge exposure Growing Cash Reducing Hedge Target: Hedge free during FY27oz oz oz oz M M M M
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16 Notes: 1. Refer to the Company's ASX announcement dated 29 April 2026 titled 'Quarterly Activities Report'. 2. 2.7Moz global Resource consists of 5.5Mt @ 9.3g/t gold for 1.6Moz Indicated & 4.3Mt @ 7.8g/t gold for 1.1Moz Inferred. Refer to the Company’s ASX announcement dated 2 September titled ‘Exploration Update and Annual Resource & Reserve Statement ’. ~ .2Moz of historical production. 3. Refer to Company’s ASX announcement dated 6 June 2026 and titled 'Operations on trac & drilling commenced at Tribune South' . Growth: Exploration has recommenced at Bellevue • Diamond drilling program ongoing • High-grade mineralisation intersected at Westralia includes 3.4 metres at 18.45g/t Au 1 intersected ~140m from Marceline Mining Area • High grade mineralisation intersected at Tribune South includes 3.5 metres at 44.96g/t Au down plunge of Tribune3 • Orebody targeting to be aided by DHEM (geophysical) survey Westralia Program ~4Moz mined & defined to date with mineralisation open down plunge2. Bellevue Exploration Domains Mine grid Tribune South
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17 Notes: 1. 2.7Moz global Resource consists of 5.5Mt @ 9.3g/t gold for 1.6Moz Indicated & 4.3Mt @ 7.8g/t gold for 1.1Moz Inferred. Refer to the Company’s ASX announcement dated 2 September titled “Exploration Update and Annual Resource & Reserve statemen t’. 2. Area of 800koz of historical Bellevue mine production incorporated within Resource outline of this slide. Exploration Upside: Bellevue Line of Lode • Bellevue Lode extends down plunge under lake • Untested DHEM plates up plunge from Southern Belle Resource • Southern Belle Decline & Viago Drill Drive will test Bellevue 'line of lode' extensions under Lake Miranda DHEM Plates Development Existing + Planned Flat Lodes Interpreted position Mine grid
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18 • Deacon & Deacon North are highest grade mining areas at Bellevue • Deacon South defined by DHEM target and historical drilling from surface DHEM Plates Development Existing + Planned Flat Lodes Interpreted position Exploration Upside: Deacon Line of Lode Notes: 1. 2.7Moz global Resource consists of 5.5Mt @ 9.3g/t gold for 1.6Moz Indicated & 4.3Mt @ 7.8g/t gold for 1.1Moz Inferred. Refer to the Company’s ASX announcement dated 2 September 2026 titled ‘Exploration Update and Annual Resource & Reserve Stat ement’. Mine grid
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19 Exploration Upside: Tribune Line of Lode • Underground drilling recommenced at Tribune South • Sixth underground drilling rig arriving • Southern Belle Decline will allow for staged exploration to explore plunge continuation of mineralisation under Lake Miranda DHEM Plates Development Existing + Planned Flat Lodes Interpreted position Notes: 1. 2.7Moz global Resource consists of 5.5Mt @ 9.3g/t gold for 1.6Moz Indicated & 4.3Mt @ 7.8g/t gold for 1.1Moz Inferred. Refer to the Company’s ASX announcement dated 2 September 2026 titled ‘Exploration Update and Annual Resource & Reserve Stat ement’. 2. Refer to Company’s ASX announcement dated 6 June 2026 and titled 'Operations on trac & drilling commenced at Tribune South' . 3.50m @ 44.96g/t 1.71m @ 7.80g/t Extensional drilling June Quarter 20262 Drilling June Qtr 2026 Mine grid
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20 2. Develop expansion opportunities 1. Optimise the current operation • Leverage established mining fronts and operating platform • Optimise operations to 'fill the mill' at 1.35Mtpa • Increase underground mining rates Unlocking Upside: Disciplined Growth With the operation established & financial flexibility increasing, Bellevue is now planning its next phase of growth. • Assess incremental plant capacity • Assess underground mining capacity • Evaluate infrastructure requirements 3. Grow the mine • Exploration defines future mining areas • Resource conversion • Reserve growth The Bellevue platform provides multiple pathways to disciplined, value - accretive growth
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21 Sustainability: Better for business Attracting the next generation workforce Green gold premium Energy security & resilience Lower greenhouse gas emissions Increased investor appetite Lower fuel cost & supply risk Building a more resilient business CO2 A net zero gold producer1 Notes: 1. Scope 1 and Scope 2 greenhouse gas emissions. Refer to slide 3 for further information.
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22 De-Risked • Established operating platform • Strong balance sheet • Reduced execution risk Unlocking upside • Growing free cash flow • Disciplined growth • Exploration upside Delivering • Consistent execution • Guidance delivered
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Appendices Mineral Resource & Ore Reserve
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24 Notes: For full details of the Mineral Resource, r efer to the Company’s ASX announcement dated 2 September titled “Exploration Update and Annual Resource & Reserve Statement ’'. Resources reported at 2.5g/t gold lower cutoff. Totals may not add due to rounding. The current Resource and Reserve statement has been reported with mining depletion to 1 March 2026. Resource Estimates for the Bellevue Gold ProjectReserve Estimates for the Bellevue Gold Project Notes: Ore Reserves are reported using a A$3,250 gold price basis for cutoff grade calculations. For full details of the Ore Reserve, refer to the Company’s ASX announcement dated 2 September titled “Exploration Update and Annual Resource & Reserve Statement ’'. Mineral Resource & Ore Reserve Estimates Mineral Resource Tonnes (Mt) Grade (g/t Au) Contained Ounces (Moz) Indicated Mineral Resources 5.5 9.3 1.6 Inferred Mineral Resources 4.3 7.8 1.1 Total Mineral Resources 9.8 8.6 2.7 Ore Reserve Tonnes (Mt) Grade (g/t Au) Contained Ounces (Moz) Proved Ore Reserve - - - Probable Ore Reserve 6.8 4.5 1.0 Total Stockpiles and GIC <0.1 6.3 <0.1 Total Ore Reserve 6.8 4.5 1.0
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Investor Contact: Duncan Hughes Chief Corporate Development Officer T: +61 8 6373 9000 E: investors@bgl.gold