Bellevue Gold (BGL) investor relations material

Project overview and operational highlights

• High-quality, long-life gold project in Western Australia with 1 million ounces in reserves and nearly 3 million ounces in resources, updated to March 2026.

• Mine transitioned from construction to steady-state, sustainable production, achieving record FY26 output of 144koz at an AISC of A$2,827/oz and targeting 150–170koz in FY27.

• Five established mining areas provide operational visibility through 2035, supporting stable production and reducing risk.

• Processing plant operates at 1.2Mtpa with over 95% recovery, among the highest in the region.

• Deacon North established as a new high-grade mining area, contributing to higher grade ore feed.

Growth, exploration, and future plans

• Growth CapEx for the year is $90–$100 million, including one-off investments in a paste plant and camp.

• FY27 exploration budget set at A$25–30M, targeting extensions at Westralia and Tribune South with high-grade intersections.

• Bellevue, Deacon, and Tribune lines of lode remain open, with drilling platforms established for further resource growth.

• Mine designs extend to the mid-2030s, with six to seven years of reserve life and potential for further extension.

• Multiple pathways for disciplined, value-accretive growth identified, including optimizing current operations and assessing expansion opportunities.

Contractor transition and operational resilience

• Transitioned mining contractor from Develop to Barminco, a tier one operator, with minimal short-term production impact; transition completed in August 2026, with full ramp-up expected by December 2026 quarter.

• Initial transition period saw minor production dips, but performance is expected to normalize and recover during the year.

• Contractor change attributed to workforce availability and operational learning curve, now stabilized.

• Processing plant designed for high sulfide ore, ensuring robust recoveries and operational efficiency.

• No contractual hedge book delivery required until June 2027, maintaining optionality for further investment.