Bellevue Gold (BGL) investor relations material

Operational performance and production

• Achieved above-guidance FY26 production of 144koz at an AISC of A$2,827/oz, with two quarters at reserve grade of 4.7g/t, and set FY27 guidance at 150–170koz at steady costs.

• Five core mining areas—Marceline, Deacon North, Deacon Main, Viago, and Tribune—are fully operational, supporting a 10-year mine life out to the mid-2030s, with Deacon North now contributing high-grade ore.

• Seamless mining contractor transition from Develop Global to Barminco maintained safety and production guidance, establishing a long-term partnership.

• Processing plant, operational for under three years, achieves 95–96% recovery, ranking among the highest in Western Australia, with latent capacity for future growth.

• Total Ore Reserve is 8.57Mt @ 4.7g/t for 1.29Moz; total Mineral Resource is 10.7Mt @ 8.9g/t for 3.1Moz, underpinning long reserve life and future conversion potential.

Financial position and capital management

• Cash and gold holdings reached A$206M as of June 2026, with bank debt at A$100M and no mandatory repayments until 2027.

• Hedge book reduced to 68,000 ounces, with 83,000 ounces delivered into hedges in the past year, targeting a hedge-free position within 12 months.

• Free cash flow has been used to reduce liabilities, with increasing cash position and expectation of a free cash flow inflection point as all ounces will soon be sold at spot prices.

• Non-sustaining CapEx for the year is AUD 90–100 million, including major investments in a paste plant, camp expansion, and infrastructure, with normalized growth CapEx at AUD 40–50 million.

• Strong free cash flow and disciplined capital management underpin ongoing investment in exploration and debt reduction.

Growth strategy and exploration

• Exploration budget for FY27 set at A$25–30M, with drilling programs ongoing and high-grade mineralization intersected near existing mining areas.

• Focus shifting from grade control to exploration, targeting parallel lodes and southern extensions, with early drilling success indicating significant upside.

• Multiple lodes (Bellevue, Deacon, Tribune) remain open down plunge, with new targets identified through geophysical surveys and domain modeling.

• Planned infrastructure, such as the Southern Belle decline and paste fill plant, will enable access to new production fronts and unlock ~100koz of high-grade ore.

• Expansion opportunities under evaluation, including plant and underground mining capacity increases.