Bellevue Gold : Colorado Gold Conferences Presentation

Colorado Gold Conferences 2024

Realgrowthfromahigh-gradeWAasset

10 September 2024

Disclaimers & Compliance Statements (cont)

Forward-lookingAll-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 assume an FY25 gold price of A$3,500/oz of gold, declining to A$3,000/oz from FY27. Certain mining related costs are considered expansionary in nature and allocated to growth and mine expansionary capital costs that are not included in all-in-sustaining costs. Any All-In-Sustaining Cost in this presentation are based on the economic assumptions contained in the Company's ASX announcement dated 25 July 2024 titled "5 Year Growth Plan and Equity Raising Technical Document".

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 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 25 July 2024 titled "5 Year Growth Plan and Equity Raising Technical Document". 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 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 been materially modified from the original market announcements.

Information in this presentation that relates to production targets (including subsets of such targets) was first reported in the Company's ASX announcement dated 25 July 2024 titled "5 Year Growth Plan and Equity Raising Technical Document". Bellevue confirms that all the material assumptions underpinning the production targets, and the forecast financial information derived from the production targets, continue to apply and have not materially changed. The total 5 year plan production includes 10% Inferred Mineral Resources and 90% Indicated Mineral Resources (first three years of the plan are 5% 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.

EXPLORATION TARGET

This presentation refers to the following Exploration Target based on the southern plunge extent of the Bellevue Lode system to 800m of depth:

Tonnes	Grade	Ounces
4-10MT	8-10 g/t gold	1.5-2.5Moz

The potential quantity and grade of the Exploration Target is conceptual in nature and, as such, there has been insufficient exploration drilling conducted to estimate a Mineral Resource. At this stage it is uncertain if further exploration drilling will result in the estimation of a Mineral Resource. The Exploration Target has been prepared in accordance with the JORC Code (2012).

The Exploration Target for the 1.3km of strike south of the current edge of recent drilling which will be accessible has been based on:

• The current MRE totals 3.2Moz of Indicated and Inferred, total historic depletion from mining activities of 0.8Moz is additional to current Resources.

• The current MRE covers 2.6km of strike (excluding Southern Belle), by removing Southern Belle the assumed ounce intensity per m of strike to 800m vertical depth is 1,600 ounces.

• The Southern strike extension is a further 1.3km which includes very broadly spaced (250m) drilling which has intersected numerous historic intersections.

• Downhole electromagnetic surveys conducted on both modern and historic drilling has returned significant conductors on the edge of detection radius.

• All ore bearing structures are projected to continue to the south.

• By multiplying the ounce intensity of the Northern recently drilled portion of the lode system for the additional strike extent that will be accessible from the Southern Drill drive and providing suitable range around the mid-point an ounce target of 1.5Moz-2.5Moz was estimated.

• Grade and tonnage ranges were back estimated from the ounce range on the basis of assumed grades based on the current MRE and suitable ranges applied.

3

Disclaimers & Compliance Statements (cont)

Information in this presentation that relates to Exploration Targets is based on and fairly represents information and supporting documentation compiled by Mr Sam Brooks. Mr Brooks is a Competent Person who is a full-time employee of and holds securities in Bellevue Gold Limited. Mr Brooks is a Member of the Australian Institute of Geoscientists. Mr Brooks has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (2012 JORC Code). Mr Brooks consents to the inclusion in this announcement of all technical statements based on his information in the form and context in which they appear.

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 risk factors outlined in the Company's ASX announcement dated 25 July 2024 titled "5 Year Growth Plan and Equity Raising Presentation under the section titled "Key Risks" when making their investment decision.

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. 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. 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. 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 any information made available to you is, or shall be relied upon as a promise, representation, warranty or guarantee, whether as to the past, present or future.

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Strong execution to date… strategy underway to accelerate growth

Following the successful delivery of the Bellevue Gold Project, the focus is now on growth and margin expansion - Bellevue's accelerated 5 Year Growth Plan to deliver low risk expansion to 250koz1 pa by FY28

Successful project delivery 

5 Year Growth Plan to +250koz1 pa 

Successfully delivered the project from discovery to production in under 6 years

5 Year Growth Plan provides organic pathway to 250koz1 pa by FY28, while also delivering a reduced AISC:

• Delivered on time and within budget
• Commercial Production declared May 2024
• 80koz gold production in H2 FY24, guidance achieved.
  A$41m operational free cash flow generated in June Quarter FY24 (despite still being in ramp-up)
• Key aspects of project performing well
• Mineral Resource and Ore Reserve expansion
• • Probable Ore Reserves have increased +13% net of depletion to 1.51Moz
  • Indicated Mineral Resources have grown +18% to 2.0Moz
• Current underground development and planned decline development creates the platform for exploration to grow the current high-grade 3.2Moz Resource

• FY25 production guidance of 165koz-180koz at a project AISC of A$1,750 - 1,850/oz
• Post the 5 Year Growth Plan, Bellevue to be a leading +250koz1 pa ASX producer, with first-quartile cost positioning
• • Increase in underground ore movement from ~1Mtpa in FY25 to +1.6Mtpa from FY27
  • Increase in processing capacity from 1.0Mtpa to ~1.6Mtpa in FY27, with low capital cost
• Cost profile set to decrease by ~A$250/oz by FY28 through increasing scale and productivity benefits
• Exploration program targeting Resource growth (1.5-2.5Moz at 8-10 g/t gold exploration target2)
• Recent equity raise and proposed debt amendment to unlock cashflows to self-fund the 5 Year Growth Plan

Notes:	5
1.	Refer to page 3 for cautionary statements regarding production targets.
2.	Refer to pages 3-4 for cautionary statements regarding the exploration target.

Profitability combined with a derisked balance sheet

FY24 NPAT of $75m and June 2024 quarter free cash flow of $41m highlights cash generating potential Recent capital raising has de-geared balance sheet and created a platform for self-funding growth

De-gearing facilitates self-funding of 5yr growth plan

• Maiden profit in FY24 of $75m
• June 2024 Qtr operational Free Cash Flow of $41m3
• Proforma available liquidity of $102m after proposed debt repayment
• Life of mine plan submitted to Macquarie for review (in line with standard process). Debt restructure finalisation expected October 2024
• Restructured debt profile significantly de-risks project execution and allows for self-funding of 5 year growth plan through deferral of remaining principal repayments until 2027

De-risked balance sheet post-equity raise

Pro-forma capital	a)	b)		Net
Bank	c)		2	Gearing
Liquidity1
structure &	(A$m)	Cash/
Debt	Equity	(Debt)		[b/b+c]
funding		(A$m)		[a-b]
Pro-forma post-	102	99	706	3		12.3%
equity raise

~70% exposure to spot gold price through to 31 Dec 274

Financial Year	Ounces (Au)	Price (A$)	% mid-point
production
				guidance
2025	(from 1 Oct-24)	47,800	2,805	36%
2026		67,200	2,698	32%
2027		53,550	2,705	24%
2028	(to Dec-27)	41,250	2,906	33%
Total Forwards	209,800	2,765	30%

Notes:
1.	As at 30 June 2024. Liquidity includes cash, restricted cash, bullion awaiting settlement and gold on hand at market value. Proforma after proposed debt retirement ($120m) and net equity raise proceeds
2.	($146m)
Includes cash, restricted cash, gold on hand and bullion awaiting settlement less bank debt.	6
3.	FCF calculated as the sum of operating and investing cash flows, plus or minus the movement bullion awaiting settlement, gold dore and bullion value (at traded price or market value, as applicable).
4.	Table excludes 31.5koz zero cost collars with maturities over the 9 months from October 2024 to June 2025, fixed floor pricing of $3,500/oz and ceiling prices increasing from $3,750/oz in Oct 2024 to

$3,919/oz in June 2025.

Production Growth of +45% by FY28 in a Tier 1 mining district

Production is set to grow at a 13% CAGR to FY283

Bellevue to become the only pureplay 200koz2 pa+ gold producer with >5g/t gold head grade in Tier 1 jurisdiction

500

Tier 1 gold deposits with >200koz production & 5g/t Au head grade1,2

Bellevue production growth2

10g/t

Tanami

Bellevue remains the only

project with these

characteristics not owned

FY28+

2023 production (koz)

400

300

200

100

Size of bubble denotes 2023 head grade (g/t)

			Granny Smith
					Pogo
		(Long-Term)
			Agnew/Lawlers
Macassa	LaRonde
45%
		production
		growth over
	Bellevue (Long-Term)
		FY25-282		(FY25 Guidance)
			Bellevue
			14% decrease in
			AISC to
			A$1,550/oz2

by a global gold major

250koz2

FY25

173koz

Jan 00

-

										+45% over FY25-28,
750	1,250	1,750	2,250	2,750
growing to 250koz

2023 All-in Sustaining Costs (AISC) (A$/oz)	pa2,3

Source: Company Filings. AISC for Agnico Eagle Mines shows 'Total Cash Cost' given AISC not disclosed. Notes:

1. Companies shown based on S&P Market Intelligence screen with 2023 production >200koz, 2023 head grade >5g/t gold and located in Tier 1 Fraser Institute rated province / state (see page 30 for more details).

2. Refer to page 3 for cautionary statements regarding production targets.7

3. From mid-point of FY25 guidance range of 165koz - 180koz (midpoint: 172.5koz) to long-term production target of 250koz from FY28.

Successful project delivery

Commercial production achieved in May 2024 with H2 FY24 production of 80,043 ounces in line with guidance, delivering free cash flow of A$41m in the June 2024 Qtr

June 2024 quarterly highlights

• H2 FY24 gold production of 80,043 ounces - guidance achieved
• 42,705oz produced in June 2024 quarter at an average head grade of 6.1 g/t gold
• Record stope production - continued improvements in UG movement
• Continued refinement to mill processing and maintenance functions
• Strong start to commercial gold production with A$41 million of operational free cashflow during Q4 FY241

Gold Produced (oz)

40,000

30,000

20,000

10,000

0

Dec Q

Mar Q

Jun Q

7 Processed Head Grade (g/t)

6

5

4

3

2

Dec Q

Mar Q

Jun Q

200,000

Stope Tonnes (t)

150,000

100,000

50,000

0

Dec Q

Mar Q

Jun Q

Notes:

1. Free cash flow calculated as the sum of operating and investing cash flows, plus or minus the movement in opening and closing gold dore and bullion value (at closing month end gold prices). Debt8 service costs excluded. Creditor payments up to date and in accordance with payment terms.

Investment in infill grade control drilling

A$23 million investment in infill drilling over past 24 months, excellent resource to mining reconciliation Delivers a robust high-grade and high confidence Reserve

Marceline

MiningArea

1.8m @ 123.3 g/t gold

1.9m @ 85.1 g/t gold

3.1m @ 21.8 g/t gold

2.2m @ 19.4 g/t gold

Paris Portal

TribuneMining

Area

2.7m @ 13.5 g/t gold

1.6m @ 19.4 g/t gold

4.0m @ 25.6 g/t gold

7.3m @ 26.9 g/t gold

Armand Mining

Area

18.4m @ 52.9 g/t gold

11.7m @ 47.9 g/t gold

10.2m @ 61.1 g/t gold

5.7m @ 36.3 g/t gold

7.8m @ 21.9 g/t gold

4.2m @ 34.9 g/t gold

10.4m @ 36.9 g/t gold

4.6m @ 42.1 g/t gold

6.8m @ 21.3 g/t gold

1.7m @ 64.1 g/t gold

Completed

Development

FY25 planned

500m

14.0m @ 49.4 g/t gold
10.9m @ 20.5 g/t gold
10.8m @ 66.8 g/t gold	Deacon Main
8.9m @ 71.1 g/t gold
8.4m @ 50.1 g/t gold
7.5m @ 49.8 g/t gold	Majorhigh-grade
9.5m @ 35.3 g/t gold	Oreshoot
7.8m @ 33.7 g/t gold
0.3m @ 3501.0 g/t gold
5.3m @ 96.7 g/t gold
1.9m @ 88.5 g/t gold
5.2m @ 30.5 g/t gold

10m @ 15.4 g/t gold

5m @ 76.4 g/t gold

5m @ 15.4 g/t gold

5m @ 31.7 g/t gold

5m @ 17.1 g/t gold

2m @ 48.9 g/t gold

BellevueSouth/Viago

MiningArea

1.9m @ 99.2 g/t gold

4.0m @ 35.6 g/t gold

6.2m @ 11.1 g/t gold

2.3m @ 24.7 g/t gold

1.8m @ 92.2 g/t gold

6.3m @ 18.7 g/t gold

3.1m @ 21.0 g/t gold

2.1m @ 52.6 g/t gold

9

For drilling results refer to ASX announcements dated 14 October 2021, 24 November 2022, 1 May 2023, 3 August 2023, 12 September 2023, 19 March 2024 and 15 July 2024.

Increasing ore headings to drive production growth

Deacon Main 1058 200

Bellevue 1095 200

Five independent mining areas in ore development during Q1 FY25 with multiple development levels

0.2g/t

110.2g/t

10.4g/t

129.0g/t

35.0g/t

37.8g/tTotalFace grade(Au cut)

Armand Upper 1181 200

23.4 g/tTotalFace grade (Aucut)

33.7g/tTotalFace grade(Au cut)

MarcelineArmandUpper12021001201 100

19.3g/tTotalFace grade(Au cut)

• Growth investment in FY25 opens two additional development areas: Deacon North and Tribune
• Ventilation upgrade complete Q1 FY25 - key debottleneck in underground mining
• Excellent ground conditions - standard ground support regime - bolt & mesh

All areas grade control drilled on at least 20 x 10m spacing ahead of ore

development

Excellent reconciliation from project due to grade control

July/August 2024 average development
~24% higher than H1 CY24 average	10

For drilling results refer to ASX announcements dated 1 May 2023, 3 August 2023 and 19 March 2024.