Bellevue Gold Limited reported that the latest grade control drilling in the Upper Armand area has outlined +17% more gold than contained in the Resource estimate and successfully converted the majority of the Inferred Resources to Indicated. Upper Armand Grade Control Drilling: A grade control model has been completed using ordinary kriging incorporating the results received to date from Upper Armand. The model has then been compared against the MRE which was used to inform the Project Update Study within the area of 290mE x 240mN x 190m RL that has been subjected to the infill drilling.

The grade control model has been estimated to a 10m x 5m x 5m block size. The grade control drilling area has seen a significant conversion of the Inferred Category to Indicated Category, and an overall increase of +17.0% metal when considering Indicated and Inferred. The grade of the Indicated Category Resources has been maintained with +3.3% Indicated Grade relative to the MRE.

The Upper Armand area is accessed from the Northern Decline and is located above the main Armand orebody and is one of the five work areas that will be accessed from the Paris Portal. The orebody has already been reached by development, to the first ore heading in July 2022. Mineralisation is hosted in parallel shears around the northern edge of the historic Bellevue gold mine.

The upper levels of Armand are a periphery zone, accessed to reach the main Armand Lode and covers an area of the MRE with a high percentage of Inferred category Resources. The first levels of the planned mine design at Upper Armand have been drilled on 20 x 10m centres, with drilling covering a strike length of ~ 290m. Results are reported for a total of 151 underground diamond drill holes for 27,189m of drilling.

High-grade diamond drill results from the infill drilling that have been used to inform the grade control model at Upper Armand include: 4.6m @ 59.7 g/t gold, 2.3m @ 34.4g/t gold, 3.7m @ 46.7g/t gold, 1.7m @ 41.9g/t gold, 1.9m @ 67.7g/t gold, 2.0m @ 33.2 g/t gold, 4.6m @ 24.5g/t gold, 1.5m @ 40.8g/t gold, 2.8m @ 34.7g/t gold, 1.7m@ 35.1g/t gold, 3.1m @ 31.6g/t gold, 3.7m @ 16.0 g/t gold, 0.8m @ 118.3g/t gold, 1.3m @ 44.7g/t gold, 2.8m @ 30.2g/t gold, 1.1m@ 47.3g/t gold. Of note during the infill drilling, was the definition of an additional high-grade lode between the Armand lode and the Hamilton Lode. The new lode and the additional metal in the existing lodes will be accessible by already planned and costed development meaning the positive reconciliation should result in a reduction of overall capital intensity at the Upper Armand Area relative to the Project model.

Results from the new lode between Armand and Hamilton include: 0.4m @ 92.9g/t gold, 0.3m @ 115.6g/t gold, 1.2m@ 22.4g/t gold, 1.5m @ 17.3g/t gold Infill drilling to grade control spacing ahead of underground development is an important part of the Company's de-risking strategy as production areas begin to be sequentially opened. The support of the additional drill density prior to development access allows substantially improved controls of the local block grades and accurate mine design. In October 2021 the Company reported the first grade control drill results from the Tribune Lode which had been drilled from surface drill pads.

At the 3.5g/t gold reporting cut off, the Tribune grade control model results show a 3.7% increase in grade and a 2.2% reduction in tonnes for a 1.4% increase in contained metal in the area compared with the original Indicated and Inferred Resource model. The reported grade control drilling covers a small sample of the global 3.1Moz Indicated and Inferred MRE and is wholly within the previously reported MRE for the Bellevue Gold Project and does not materially change the tonnage of the Project MRE.