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Citi Resources Conference October 2025 New, modern mine with growing production PASSION-ACCOUNTABILITY-CARE-EXCELLENCE For personal use only
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This presentation has been prepared by Bellevue Gold Limited (ABN 99 110 439 686) (Company or Bellevue) (ASX: BGL) and is authorised by the Managing Director & Chief Executive Officer of the Company. 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. NOT AN OFFER This presentation is not a prospectus, disclosure document or other offering document under Australian law or under any other law. 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 of shares 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 its 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. Disclaimers & Compliance Statements 2 For personal use only
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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 assume a gold price of A$5,000/oz of gold, which has an effect on the value of royalties assumed in all-in sustaining cost estimates. 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. NET ZERO GREENHOUSE GAS EMISSIONS (SCOPE 1 AND SCOPE 2) ACHIEVED AT THE BELLEVUE GOLD PROJECT Bellevue’s achievement of net zero greenhouse gas emissions for H1 CY25 is limited to onsite (Scope 1 and Scope 2) greenhousegas emissions at the Bellevue Gold Project. Net zero greenhouse gas emissions (Scope 1 and Scope 2) 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 (ie, LGCs) and voluntarily purchasing and surrendering high-quality carbon credits (ie, 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 are not the primary method for achieving net zero greenhouse gas emissions but have been used for hard-to-abate greenhouse gas emissions. Refer to the Company’s 2025 Sustainability Report released to the ASX on 28 August 2025 for further information on the Company’s net zero strategy. Total CY25 emissions (and surrender of both LGCs and ACCUs (acquired to compensate for hard-to-abate emissions)) will be calculated by carbon accounting specialists and then undergo reasonable assurance (which is an independent review by auditors). The renewable energy credits (LGCs) and carbon offsets (ACCUs) for H1 CY25 have been acquired and will be surrendered for H1 CY25. The ACCUs used for H1 CY25 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 net zero strategy. Bellevue prioritises high-quality offsets, with a preference for co-benefits for Traditional Owners and biodiversity. Removal based carbon credits will be preferred where practicable and considered by Bellevue to be of sufficient quality. Disclaimers & Compliance Statements (cont.) 3 For personal use only
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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 1 August 2025 titled “FY26 guidance 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. 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. 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 3.1Moz of Indicated and Inferred, 0.22Moz of Bellevue production to date and total historic (pre-Bellevue) 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 perm 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 andsuitable ranges applied. Information in this presentation that relates to the exploration target is based on and fairly represents information and supporting documentation compiled by Mr Sam Brooks. Mr Brooks is a full-time employee of Bellevue Gold Limited and competent person for the reporting of an exploration target. Mr Brooks 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 JORC Code. Mr Brooks has reviewed this presentation and consents to the inclusion in this presentation of all technical statements based on his information in the form and context in which they appear. Disclaimers & Compliance Statements (cont.) 4 For personal use only
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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 NOT 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. Disclaimers & Compliance Statements (cont.) 5 For personal use only
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Capital Structure Notes: 1. As at last closing price of $1.225 on 9 October 2025. 2. Refer to the Company’s ASX announcement dated 7 October 2025 titled “Strong development quarter builds platform for growth”. 3. As sourced from Nasdaq on 30 September 2025 6 Board & Management Market Capitalisation1 A$1,814M Cash & Gold2 A$156M Debt2 A$100M Argonaut Barrenjoey Canaccord Goldman Sachs Jarden JPM Macquarie Moelis RBC UBS Australia United Kingdom Europe (excluding UK) North America Asia Rest of World Shareholders3 37% 15% 30% 4% Kevin Tomlinson Non-Executive Chairman Darren Stralow Managing Director & CEO Shannon Coates Non-Executive Director Leigh Junk Non-Executive Director Mike Naylor Non-Executive Director Steve Parsons Non-Executive Director Fiona Robertson Non-Executive Director Board Management Guy Moore Chief Financial Officer Duncan Hughes Chief Corporate Development Officer Sam Brooks Chief Geologist Amber Stanton General Counsel & Company Secretary Daina Del Borello GM People & Culture Analyst Coverage 10% 4% For personal use only
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7 Bellevue Positioned for growth ▪ Long-life & established asset: 1.3Moz ORE; 3.1Moz MRE1 ▪ Strong balance sheet: A$156 million cash and gold2, A$100 million of debt with no mandatory repayments until 2027 ▪ Ramp-up largely complete with production set to increase: Recent grade control drilling provides support ▪ Positioned for growth: New, modern mine with growing production and reduced hedge book ▪ Strong exploration potential: Untested exploration target of 1.5-2.5Moz3 down plunge from known mineralisation ▪ Established infrastructure: All key infrastructure recently built. Powered by renewable energy with net zero (Scope 1 and Scope 2) greenhouse gas emissions achieved at the Bellevue Gold Project in 20254 ▪ LOM optionality: Through plant & mine expansion Positioned for growth in an established and fertile mining region, with a long life and strong cash flow Notes: 1. 3.1Moz global Resource consists of 6.3Mt @ 9.7 g/t gold for 2.0Moz Indicated & 4.4Mt @ 7.9 g/t gold for 1.1Moz Inferred. Refer the Company’s ASX announcement dated 1 August2025 titled “FY26 guidance and annual Resource & Reserve statement”. 2. As at 30 September 2025 and reported in to the Company’s ASX announcement dated 7 October 2025 titled “Strong development quarter builds platform for growth”. 3. Refer to slide 4 for cautionary statements regarding the exploration target. 4. Refer to slide 3 for further information. Wiluna/Matilda Wiluna Mining Bronzewing Northern Star Thunderbox Northern Star Darlot Vault Minerals Agnew / Lawlers Gold Fields King of the Hills Vault Minerals Sons of Gwalia Genesis Jundee Northern Star Bellevue Project Yandal Project For personal use only
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8 Building a platform for further growth FY25 ramp up and mine establishment complete. FY26 focus on establishing higher grade Deacon North & Viago FY26 Guidance FY26 production of 130-150koz1 FY26 AISC of A$2,600-2,900/oz gold Growth capex of A$80-90M2 ▪ FY26: Building the platform for growth▪ FY25 : Ramp up largely complete • First full year of production completed - 130koz gold sold • Finished the year at development & production rates required for future growth • Key underground infrastructure in place – vent rises, dewatering. Declines ahead of production levels • Established strong grade control and mine planning practices to drive lower risk cash flow generation • 5 mining areas now established – Deacon, Tribune, Marceline, Armand, Bellevue South/Viago. Tribune only contributed stope tonnes in late-Q4 FY25 • Processing plant upgrades largely complete with throughput & recoveries improving • Balance sheet strengthened closing the year with A$152 million cash and minimal hedge commitments during the remainder of CY25 • Production to increase through FY26 with a stronger H2 FY26 guided as Viago and Deacon North are accessed • FY26 guidance assumes development rates of ~270m per jumbo per month. Development rates in Q1 FY26 exceeded 320m per jumbo per month providing an opportunity to outperform production guidance for FY26 • Mining will transition to 5 long-term production areas – Deacon, Viago, Deacon North, Marceline & Tribune • Deacon, Deacon North & Viago will deliver increased grade and ounces that drives uplift in production in FY27 • Operational resilience and production derisking a core part of FY26 mine plan • A feasibility study update is underway to assess options for paste fill to support more profitable long-term ore extraction3 • Further plant upgrades and refinement - A$5-10M in growth capex budgeted for FY26 FY25 Production FY25 production of 126koz, 130koz sold FY25 AISC of A$2,422/oz gold Growth capex2 of A$148M Notes: 1. Refer to the Company’s ASX announcement dated 1 August 2025 titled “FY26 guidance and annual Resource & Reserve statement” and the Company’s ASX announcement dated 7 October 2025 titled “Strong development quarter builds platform for growth”. 2. Growth capex includes any exploration spend. 3. PFS on paste plant completed in 2023, will be reviewed and updated in FY26. Not included in growth capex guidance. For personal use only
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9 Growing production: FY25 – FY27 FY25 ramp up complete. FY26 establishing higher grade mining areas. FY27 harvesting high grade mineralisation. Platform established for further growth through exploration and/or further upgrades. Start of FY25: Operational challenges and infrastructure delays • Life of mine infrastructure in place • Historic workings dewatered • Main high grade area Deacon fully established. Deacon North online H2 • Development rate expectation reset to 270m/jumbo/month • >6 months ahead on grade control drilling • Tribune established & stoping • Processing throughput lifted to 1.35Mtpa and metallurgical recoveries ~95% • Mine plan based on productivity targets already achieved • Cash balance more than doubled • Debt reduced by >50% and long dated • Hedge book reduction program underway: significantly reduced to 31 Dec 25 1. Refer to the Company’s ASX announcement dated 1 August 2025 titled “FY26 guidance and annual Resource & Reserve statement”. FY27 is a target & should not be considered as guidance. 2. Targeted position for start of FY27 following delivery of FY26 guidance and budget. Refer to slide 3 for cautionary statements regarding forward-looking statements. ▪ Start of FY26: ▪ Infrastructure complete. ▪ Mine plan reset • Main infrastructure (vent, pumping power) not yet established • Historic workings flooded • Behind on development & yet to reach main ore bodies • Behind on grade control drilling • Tribune Mine not established • Processing plant bottleneck & recoveries ~90% • Mine plan based on optimistic productivity targets • Low cash balance with restricted cash • Near-term debt repayments due • Near-term hedge commitment Start of FY272: 5 Key mining areas established. Balance sheet & operational strength • Harvesting 5 established long life mining areas (Deacon, Deacon North, Viago, Tribune, Marceline) – en echelon mining • Development several levels ahead of production • Production ramped up with consistent cost & production performance • Grade control 12-18 months ahead of production • Exploration & Resource/Reserve growth recommences • Lower unit costs as production lifts • Balance sheet strength through cash flow generation – strong $A gold price • Further reduction of hedge book through delivery = reduced commitment profile FY25: 130koz sold FY26: 130-150koz guided1 FY27: 175-195koz target1 FY24: 94koz sold For personal use only
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10 100 150 200 250 300 350 400 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Quarter Quarterly Development Metres per Jumbo per month Average quarterly development metres per jumbo per month Average December 2022 –October 2023 = 310m/mth, fleet of 3 & 4 jumbos Budgeted rate per Jumbo* Water ingress & infrastructure upgrades adversely effected development rates** Key timeline for underground: ▪ Development only mine from August 2020 – October 2023 ▪ Commenced stopingin October 2023 ▪ Rain event January/March 2024 (+ primary pump failure) required water storage in old workings. Adverse effect on primary ventilation system, restricting underground operations & development advance ▪ Primary infrastructure upgrades (vent, power, pumping) completed October 2024 ▪ H2 FY25 development rate achieved >285m/jumbo/month ▪ September 2025 quarter averaged 322m/jumbo/month ▪ Overachieving target development metre rates will bring additional ounces into the FY26 mine plan Development rates drive operational performance Mine development advance ahead of budgeted development rates of ~270m per jumbo per month Sept 25 Qtr avge 322m/jumbo/month * Target rate ~270m/month/jumbo used for FY26 mine planning and guidance. ** Lower than forecast development rates were a key contributor to operational underperformance in FY25 Gold production commenced Primary infrastructure complete For personal use only
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11 Development rates drive operational performance Development performance in early FY26 at higher, more consistent rates than achieved in FY25 Period Mean STD Metre/jumbo/ month H1 FY25 8.7m/day/jumbo 2.0m 261 H2 FY25 9.4m/day/jumbo 1.7m 282 Q1 FY26 10.5m/day/jumbo 1.7m 322 Development rates: ▪ Development rates improved through FY25 as key infrastructure projects completed ▪ Normal distribution curve of H1 FY25 vs H2 FY25 shows improvement in Mean and Standard Deviation (STD) – equates to more metres on a more consistent basis ▪ Development rate in Q1 FY26 shows further improvement in Mean development rates whilst maintaining consistency ▪ Key is ensuring additional metres are in priority areas, maintain QAQC ▪ Reminder - overachieving target development metre rates (270m/jumbo/month) will bring additional ounces into the FY26 mine plan For personal use only
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12 ▪ As at 30 September 2025 the Group had the following available cash and gold balances: ▪ Near-term forward contracts have been reduced by 9,500 ounces, as shown in the chart below Units 30 Sept-25 a) Cash A$m 152.8 b) Restricted Cash A$m - c) Bullion awaiting settlement A$m 1.7 d) Gold on hand A$m 1.6 e) Total Liquidity (a + b + c + d) A$m 156.1 f) Bank Debt A$m (100.0) g) Net Cash/(Debt) (e+f) A$m 56.1 Balance sheet strength & hedge book reduction Sunk capital provides platform for strong cash flow generation ▪ Hedge commitments reduced▪ Cash & Gold growing Notes: 1. Refer to the Company’s ASX announcement dated 7 October 2025 titled “Strong development quarter builds platform for growth”. ▪ Strong balance sheet further de-risks business and provides strong platform for FY26 growth ▪ Management’s ongoing confidence in the mine schedule facilitated pre-delivering 9,500 ounces of near-term hedge book commitments during 1Q FY26; increasing future spot gold price exposure & reducing risk ▪ Through FY26 Bellevue expects to use increasing production and positive cash flow to accelerate delivery into shorter dated forward gold sale commitments. Focusing on near-term contracts first: de-risks short term production and provides optionality for future cash build, hedge pre-delivery and/or debt reduction ▪ Hedge book reduced to 142,500 ounces at an average contract price of A$2,857 per ounce For personal use only
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Moving into more consistent mining areas 13 Mining to become more focused in core of the ore bodies ▪ Following establishment of infrastructure, stoping now focused on 5 key mining areas from FY26-FY29 ▪ More consistent mining expected in these areas going forward relative to more challenging areas developed in FY25 ▪ Orebody remains open at depth and down plunge 1km Deacon Main Viago Tribune Deacon North Marceline Armand Paris Portal Southern Belle North Notes: 1. 3.1Moz global Resource consists of 6.3Mt @ 9.7 g/t gold for 2.0Moz Indicated & 4.4Mt @ 7.9 g/t gold for 1.1Moz Inferred. Refer the Company’s ASX announcement dated 1 August 2025 titled “FY26 guidance and annual Resource & Reserve statement”. For personal use only
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14 Deacon Main high-grade area Marceline oz density significantly increases next level Deacon North major high-grade area Notes: Block model ounce accumulation onto vertical plane Deacon and Deacon North 20m x 20m block size. 0 2,000 4,000 6,000 670 730 790 850 910 970 1030 1090 1150 1210 1270 1330 1390 OUNCES PER METRE Ounces per vertical metre: Deacon line of lode 500m Level North Ounce density set to substantially increase – Deacon mining area For personal use only
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15 Ounce Density Set To Substantially Increase – Viago mining area 200m Viago gentle dipping structure and intersection with Bellevue Ounces per vertical metre: Viago Level 0 2,000 1190 1150 1110 1070 1030 990 950 910 870 830 OZPVM Notes: Block model ounce accumulation onto vertical plane Viago 20m x 20m block size. North 0 1,000 2,000 Ounces per metre For personal use only
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16 Notes: 1. Refer to the Company’s ASX announcements dated 5 August 2019, 2 October 2019, 19 November 2019, 17 December 2019, 18 February2020, 24 February 2020, 27 May 2020, 7 July 2020, 1 October 2020, 15 February 2022, 5 April 2022, 12 September 2023, 19 March 2024, 15 July 2024, 25 July 2024, 21 January 2025 and 13 October 2025. 2. Recent grade control results labelled in red. Refer to the Company’s ASX announcement dated 1 August 2025 titled “FY26 guidance and annual Resource & Reserve statement”. FY26 Deacon Main Mining Area ▪ Grade Control now completed for FY26 & indicates better grades & widths to come North 100m For personal use only
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17 FY26 Viago Mining Area ▪ Grade control mostly complete for FY26 & indicates better grades & widths to come ▪ Resolved Viago decline delays late in March 2025 quarter with stoping of this high-grade area to commence in FY26 Notes: 1. Refer to the Company’s ASX announcements dated 17 July 2018, 27 July 2018, 6 August 2018, 26 September 2018, 9 October 2018, 14 March 2019, 21 May 2019, 11 July 2019, 5 August 2019, 19 November 2019, 17 December 2019, 18 February 2020, 27 May 2020, 1 May 2023, 25 July 2024, 21 January 2025 and 13 October 2025. 2. Recent grade control results labelled in red - Refer to the Company’s ASX announcement dated 1 August 2025 titled “FY26 guidance and annual Resource & Reserve statement”. North For personal use only
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18 FY26 Deacon North Mining Area ▪ Access to major new mining area by end of FY26 to benefit production from FY27 onwards ▪ Grade control to be completed, FY26 focus is development down to this new mining area Notes: 1. Refer to the Company’s ASX announcements dated 5 August 2019, 17 December 2019, 24 February 2020, 27 May 2020, 1 October 2020, 18 February 2021, 16 March 2021, 15 April 2021, 23 June 2021, 21 September 2021, 15 February 2022, 5 April 2022, 4 May 2022 and 25 July 2024. 100m North 1067 Drill Drive – to be completed October 2025, will used to grade control drill Deacon North mining area For personal use only
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19 FY26 Tribune Mining Area ▪ New mining area. Portal, decline and infrastructure developed during FY25 ▪ Significant increase in stoping in FY26. Grade control currently underway for FY26 Notes: 1. Refer to the Company’s ASX announcements dated 1 December 2017, 7 February 2018, 22 March 2018, 23 May 2018, 28 June 2018, 27July 2018, 28 August 2018, 26 September 2019, 14 March 2019, 21 May 2019, 11 July 2019, 5 August 2019, 19 November 2019, 18 February 2020, 27 May 2020, 1 October 2020, 16 June 2021, 3 August 2021 , 14 October 2021, 1 August 2025 and 13 October 2025. North For personal use only
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20 ROM Pad Crushing Circuit Ball Mill FOB Gold room CIL Gravity Circuit Processing Plant ▪ Standard gravity-CIL plant ▪ 3 stage crushing, ball milling ▪ ~70% gravity recovery ▪ Targeting 1.35mtpa ▪ September 2025 quarter recovery achieved >95% following improvements to gravity circuit and oxygen delivery systemFor personal use only
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21 ▪ Plant upgrade demonstrates its capability of achieving throughput rates equivalent to 1.35Mtpa ▪ Mill upgrade included (4th) Knelson concentrator to improve gravity circuit efficiency and significant increase in oxygen delivery capacity to the CIL circuit ▪ Increasing plant recovery - targeting 95% recovery in FY26 (FY26 Guidance based on 93.5%) 5.0 6.1 4.8 3.1 3.1 4.5 3.2 89.8 90.0 91.5 93.6 93.7 94.4 95.6 76 78 80 82 84 86 88 90 92 94 96 98 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Production (oz) Head Grade (g/t) Recvovery (%) Record processing throughput & recovery Higher throughput & recovery now achievable after plant upgrade Quarterly ounces Recovery (%) / Grade (g/t Au) Notes: 1. Refer to the Company’s ASX quarterly reports for the relevant period.For personal use only
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22 ▪ Viago, Deacon Main and Deacon North Lodes – are all blind discoveries resulting from downhole electromagnetic (DHEM) application ▪ Southern drill drive opens ability to test high-priority DHEM plates to the South on the down plunge continuation of the ore system ▪ Conductive mineralisation drives more efficient discovery and target appraisal through use of geophysics (DHEM) ▪ Several areas highlight the potential for future Resource growth with further drilling outside of known Resource areas Armand Marceline DeaconNorth Southern Belle DeaconMain Tribune Cataclastic Remobilised Sulphide Quartz clast milled within sulphide matrix – highest level of remobilisation. Often associated with highest grades. Viago UntestedDHEMPlate ModelledDHEMPlate Open Open Open Open Open Open Open Core from Deacon Main DDUG1613 8.9m @ 71.1g/t gold Deacon Main vein texture, DRDD237 667.1m STRONG DHEM CONDUCTOR Exploiting the competitive exploration advantage Refer to the Company’s ASX announcement dated 19 March 2024 for details of DDUG1613 and 2 October 2019 for DRDD237 (inset core photo). North For personal use only
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23 North Vlad Marceline Armand Deacon North Deacon Main Viago North BVS Tribune Southern Belle Deacon South Untested Drill drive will open 1.3km of high-grade plunge extent- OPEN 4km strike length - 3.1Moz Resource2 + 1.0Moz mined3 Deacon North Gap Exploration Target of 1.5-2.5Moz1 ▪ Untested down plunge & down dip – Resource currently constrained by limit of drilling ▪ Orebody targeting aided by DHEM (geophysical) targeting that shows strong anomalies in target areas ▪ Southern drill drive extension will allow for staged exploration to explore the additional 1.5-2.5Moz exploration target1 and open up the 1.3km high-grade plunge extent and access to Southern Belle mining area Exploration Upside: Open down plunge & down dip Depth extensions Notes: 1. Refer to slide 4 for cautionary statements regarding the exploration target. 2. 3.1Moz global Resource consists of 6.3Mt @ 9.7 g/t gold for 2.0Moz Indicated & 4.4Mt for 7.9 g/t gold Inferred. Refer the Company’s ASX announcement dated 1 August 2025 titled “FY26 guidance and annual Resource & Reserve statement”. 3. 800koz of historical production, 0.22Moz of Bellevue production to date.For personal use only
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24 Renewable Energy ▪ 90 MW hybrid power station consisting of: 24 MW wind, 27 MW solar, 24 MW thermal and 15 MW/ 29 MWh Battery Energy Storage Solution (BESS) ▪ Industry leading renewable energy penetration with thermal ‘engine off’ capability ▪ Forecasting annualised 80-90% renewable energy penetration1 Sustainability is core to Bellevue’s vision Solar -27MW solar installation commissioned Windfarm – turbine installation commissioned Notes: 1. Subject to the mine’s power demand and seasonality of the solar and wind resources. After commissioning of wind assets. For personal use only
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Renewable Energy GHG Emissions 0 1000 2000 3000 4000 5000 Jan Feb Mar Apr May Jun Jul Aug Sep GHG emissions (tCO2e) 0% 20% 40% 60% 80% 100% Jan Feb Mar Apr May Jun Jul Aug Sep Energy source (%) Renewable energy Thermal energy The Bellevue Gold Project is the world’s first net zero gold mine1 Notes: 1. Limited to onsite (Scope 1 and Scope 2) greenhouse gas emissions at the Bellevue Gold Project. Bellevue is not aware of any gold mines to have claimed to have achieved net zero status for its on-site (Scope 1 and Scope 2) emissions. Achieved by having significant on-site renewable energy and emissions reduction measures, receiving and surrendering renewable energy credits (ie, LGCs) and voluntarily purchasing and surrendering high-quality carbon credits (ie, 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 are not the primary method for achieving net-zero greenhouse gas emissions but have been used for hard-to-abate greenhouse gas emissions. Refer to the Company’s 2025 Sustainability Report released to the ASX on 28 August 2025 for further information on the Company’s net zero strategy. Total CY25 emissions (and surrender of both LGCs and ACCUs (acquired to compensate for hard-to-abate emissions)) will be calculated by carbon accounting specialists and then undergo reasonable assurance (which is an independent review by auditors). The renewable energy credits (LGCs) and carbon offsets (ACCUs) for H1 CY25 have been acquired and will be surrendered for H1 CY25. The ACCUs used for H1 CY25 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 net zero strategy. Bellevue prioritises high-quality offsets, with a preference for co-benefits for Traditional Owners and biodiversity. Removal based carbon credits will be preferred where practicable and considered by Bellevue to be of sufficient quality. 2. Subject to the mine’s power demand and seasonality of the solar and wind resources. Based on off-grid mines with on-site renewable energy generation in Australia as reported to the Clean Energy Regulator. 3. World Gold Council, Gold Demand Trends | Q4 and Full Year 2024. ▪ Bellevue achieved net zero (Scope 1 and Scope 2) greenhouse gas emissions for the Bellevue Gold Project for H1 CY251. ▪ The Bellevue Gold Project is forecast to be the most renewably powered off-grid mine in Australia2. ▪ The jewellery market comprises ~40% of the world’s gold demand3 – ethical buyers are now requesting sustainably mined gold. Bellevue is working in partnership with ABC Refinery and Single Mine Origin (SMO) to sell gold to ethical buyers. For personal use only
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Exceptional asset Long-life, high-grade, new gold mine in tier one jurisdiction Near term production growth Following several quarters of mine development & plant upgrades Bellevue Gold Mine is set to deliver increasing production and cash flow Optimised balance sheet Optimised & de-risked balance sheet with reducing hedge book & growing cash flow to support growth Exploration upside Large exploration potential expected to grow the current high-grade 3.1Moz Resource1 Investment Highlights 26Notes: 1. 3.1Moz global Resource consists of 6.3Mt @ 9.7 g/t gold for 2.0Moz Indicated & 4.4Mt for 7.9 g/t gold Inferred. Refer the Company’s ASX announcement dated 1 August 2025 titled “FY26 guidance and annual Resource & Reserve statement”. Net Zero Emissions World’s first net zero emissions gold producer For personal use only
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Notes: For full details of the Mineral Resource, refer to the Company’s ASX announcement dated 1 August 2025 titled “FY26 guidance and annual Resource & Reserve statement”.. Resources reported at 2.5 g/t gold lower cutoff. Totals may not add due to rounding. Resource reviews completed by independent consultant during CY25. Notes: The current Resource and Reserve statement has been reported with mining depletion to 1 March 2025. JORC 2012 RESOURCE ESTIMATES FOR THE BELLEVUE GOLD PROJECT JORC 2012 RESERVE ESTIMATES FOR THE BELLEVUE GOLD PROJECT Ore Reserve Tonnes (Mt) Grade (g/t Au) Contained Ounces (Moz) Probable High Grade UndergroundOre Reserve 5.61 6.0 1.08 Probable Low Grade Underground Ore Reserve 2.86 2.1 0.20 Total Probable UG Reserves 8.48 4.7 1.28 Total Stockpiles & GIC 0.02 6.1 0.00 Total Open Pit 0.07 3.5 0.01 Total Ore Reserve 8.57 4.7 1.29 Mineral Resource Tonnes (Mt) Grade (g/t Au) Contained Ounces (Moz) Indicated Mineral Resources 6.3 9.7 2.0 Inferred Mineral Resources 4.4 7.9 1.1 Total Mineral Resources 10.7 8.9 3.1 Mineral Resource and Ore Reserve Estimates Notes: Ore Reserves are reported using a A$2,750 gold price basis for cutoff grade calculations. For full details of the Ore Reserve, refer to the Company’s ASX announcement dated 1 August 2025 titled “FY26 guidance and annual Resource & Reserve statement”.. 27 For personal use only