Bellevue Gold (BGL) Resources Rising Stars Gold Coast Conference summary

Operational highlights

• Achieved steady-state production from high-grade ore, with consistent delivery expected over the next 5–10 years.

• Mine is fully ramped up, with five established mining areas and a focus on high-margin, stable-cost operations.

• Infrastructure is 90% renewable, making the operation a net-zero gold mine with energy security and reduced diesel exposure.

• Processing plant upgraded for 70% gravity recovery, now among the highest recovery rates in Western Australia.

• Surrounded by large, long-life operations in Western Australia’s gold fields, with over 1 million ounces in reserves and triple that in resources.

Financial and strategic outlook

• Hedge book, set at lower gold prices, will be fully closed by FY2027, unlocking significant free cash flow.

• Last year, 83,000 ounces of the hedge book were eliminated, with 68,000 ounces remaining to be closed this year.

• Free cash flow potential is strong, with up to AUD 158 million possible per quarter once hedging ends.

• Growth CapEx focused on a new paste plant in the first half of the year to increase high-grade ore extraction.

• Exploration and future returns to shareholders are prioritized as balance sheet strength increases.

Exploration and growth initiatives

• Exploration has restarted with six underground drill rigs, shifting focus from grade control to resource expansion.

• Downhole EM technology aids in identifying high-grade sulfide zones, making new discoveries more efficient.

• Recent drilling at Westralia and Tribune South yielded high-grade results, indicating strong upside potential.

• Underground infrastructure now enables drilling for extensions under Lake Miranda and at Southern Belle.

• Exploration aims to increase production and grade, not just extend mine life, with potential to expand processing capacity.