Announcement • Dec 22

Bellevue Gold Limited Provides an Update on Recent Activities Aimed at Accelerating Development of its Bellevue Gold Project

Bellevue Gold Limited provided an update on recent activities aimed at accelerating development of its Bellevue Gold Project. The first draw down of $35 million from the Project Loan Facility (PLF) with Macquarie Bank Limited (Macquarie) was completed on 21 December 2022 in line with first draw down requirements. The proceeds from the initial drawdown will be used to meet budgeted project expenditure requirements. The project remains fully funded with pro forma cash at bank of $142 million as at 30 November 2022 and total liquidity of $307 million. Recent works include further acceleration of the underground development with a third underground jumbo rig mobilised to site by contractor Develop Global Limited (Develop). The jumbo, which is being commissioned and is due to commence work at the start of January 2023, will be used to develop additional access in the Marceline area. Underground development rates are expected to continue increasing with the ramp up of ore drives starting in the new year. Single heading development at the Viago decline is also now switching to twin headings with the bifurcation of the Deacon decline reached. Overall development rates continue to exceed the project schedule, putting the project well on track to meet commercial production in the second half of calendar year 2023. Detailed design for the Tribune box cut, which has been brought forward in the schedule, is underway and works have been included in the open pit tender, which is on schedule to be awarded in January 2023. An additional underground diamond drill rig has been secured and will be mobilised to site in late January 2023. The additional diamond drilling will be conducting step out exploration and Resource definition drilling to grow the project Reserve base. Site works at the processing plant are progressing well with key infrastructure bulk earthworks and civils complete, including CIL, ball mill, crushers and thickeners. Over 1,100m of structural concrete has been poured over a five-week period, which more than half of the concrete required for the project. Tank construction has commenced and is progressing ahead of schedule, with tank floor and strake assembly and welding ongoing. Long lead items continue to arrive on site and into Perth, along with structural steel, grid mesh and platework. Having ordered long lead items as part of the initial early works agreement with GR Engineering Services Limited. Bellevue and Energy Developments Pty Ltd. (EDL) are continuing to progress negotiations in relation to a Power Purchase Agreement (PPA) for the project, which is a key step in Bellevue's strategy to be powered by a forecast average of 80% renewable energy each year using a wind, solar and battery hybrid power solution. The successful completion of the $60 million placement was announced on 6 December 2022 which will be used to fund the increased and accelerated underground mining plan and further growth drilling. Bellevue is offering eligible shareholders in Australia and New Zealand the opportunity to participate in a share purchase plan of up to $10 million which is open until 5.00pm (ASWT) on 13 January 2023. Recent works include further acceleration of the underground development with a third underground jumbo rig mobilised to site by contractor Develop. The jumbo, which is being commissioned and is due to commence work at the start of January 2023, will be used to bring forward access in the Marceline area and fast track development in the Deacon Main decline and access. Underground development rates are expected to continue increasing with the ramp up of ore drives starting in the new year. Single heading development at the Viago decline is also now switching to twin headings with the bifurcation of the Deacon decline reached. Two raisebore rigs have now been mobilised to site, with drilling continuing for escapeway access to the Northern mining district and an additional raisebore commissioned and drilling to develop a ventilation rise to the surface for the Southern mining district. Overall development rates continue to exceed the project schedule, putting the project well on track for commercial production in the second half of calendar year 2023. Development will focus on high-confidence, high-grade, sub-vertical mining areas to de-risk the production schedule. The additional development fast-tracks Marceline and Deacon, and opens additional mining areas earlier in the mine sequence. Detailed design for the Tribune box cut, which has been brought forward in the schedule, is underway and works have been included in the open pit tender, which is on schedule to be awarded in January 2023. An additional underground diamond drill rig has been secured and will be mobilised to site in late January 2023. The additional diamond drilling will be conducting step out exploration and Resource definition drilling to grow the project Reserve base. The additional drilling will fast-track grade control drilling at Marceline to support the accelerated mine plan, target Resource growth, and Reserve conversion from underground drilling platforms, and continue testing down hole conductive electromagnetic (DHEM) targets outside the current Resource. Site works at the processing plant are progressing well with key infrastructure bulk earthworks and civils complete, including CIL, ball mill, crushers and thickeners. Over 1,100m3 of structural concrete has been poured over a five-week period, which is more than half the concrete required for the project. Tank construction has commenced and is progressing ahead of schedule, with tank floor and strake assembly and welding ongoing. Long lead items continue to arrive on site and into Perth, along with structural steel, grid mesh and platework. Having ordered long lead items as part of the initial early works agreement with GRES, procurement is well ahead of construction schedule, allowing on site teams to continue unabated.

Announcement • Jun 24

Bellevue Gold Limited Announces Strong Infill and Extension Drilling Results Underpin A Proposed Upscaled Operation

Bellevue Gold Limited announced strong infill and extension drilling results which have the potential to significantly improve the forecast production rate and project economics at its Bellevue gold project while incurring minimal additional capital costs. Given this potential impact on the project's operating and financial forecasts, Bellevue has extended the cut-off date for the inclusion of drilling in the upcoming Stage 2 Feasibility Study to include all drilling results to date. As a result, this study is now scheduled for release in the September quarter. The latest results will be included in the Reserve and Resource update which will form part of the Stage 2 Feasibility Study. The infill drilling results are consistent with Bellevue's objective of converting further Inferred Resources to the Indicated category while the latest identified extensions to known mineralisation support the Company's strategy to grow the total inventory. Bellevue Managing Director Steve Parsons said the drilling results continued to demonstrate the strength of the Company's investment proposition on every level. With the addition of the Marceline Lode after the Stage 1 Feasibility study (total Resource of 0.31Moz @ 9.7g/t gold, including Indicated Resources of 0.13Moz at 10.1g/t - refer ASX announcement on 15 April 2021) and with the further significant extensional drilling results reported here from Deacon North, the Company has confidence in the potential to expand the planned 0.75Mtpa processing plant to 1.0Mtpa for project start-up. This larger plant design will form the basis for the upgraded Stage 2 Feasibility Study. Due to the significant exploration success and ongoing targets, the delivery timeframe for the upgraded study has been extended to the September quarter to allow the completion of drilling and engineering studies. The increase in plant size from 0.75Mtpa to 1.0Mtpa and the inclusion of all drilling completed since November 2020 (the cut-off date for the Stage 1 Feasibility Study) is anticipated to have a material positive impact on the project production profile and economics. Minimal change in capital expenditure is expected with the increased throughput as the original 0.75Mtpa plant was designed for expansion through an expanded crushing circuit and development was largely designed previously to access the new areas of Marceline and the expanded Deacon North. The currently reported exploration success has been from the Deacon North and Marceline areas (that are located at the northern end of the 2.2km Deacon lode) which, together with Deacon, hosted a combined Resource total of 0.99Moz @ 9.9g/t including 0.50Moz @ 11.9g/t of Indicated Resources and 0.50Moz @ 8.6g/t of Inferred Resources (refer to ASX announcement on 15 April 2021). This area remained open in all directions when the maiden Feasibility Study was released in February 2021. The 2.2km Deacon structure sits within the footwall of the 2.7Moz mineralised system. The Deacon North and Marceline intersections are analogous to the Bellevue Lode bonanza ore shoots which carried the historical production, with mineralisation remaining open. Recent drilling focussed on targeting further Indicated conversion and the up dip and down dip extensions of the mineralisation as well as the previously untested area between the Marceline and Deacon North areas. Recent extensional results from outside the existing Reserve have defined some of the best intersections on the project to date with results such as: (Deacon and Marceline areas); 5.6m @ 62.7g/t gold from 496.4m in DDUG0037; 12.5m @ 18.8g/t gold from 704.7m (including 0.3m @ 536.2g/t gold from 716.9m) and 0.3m @ 16.3g/t gold from 726.6m in DRDD684W3; 2.7m @ 113.2g/t gold from 450.9m in DDUG027; 10.1m @ 9.0g/t gold from 412.2m (including 2.6m @ 4.5g/t gold from 412.2m and 5.3m @ 14.9g/t gold from 417m) in DDUG0025; 14.3m @ 5.5g/t gold from 692.3m and 0.7m @ 19.0g/t gold from 743.2m in DRDD682W3; 0.8m @ 288.1g/t gold from 670.2m including 0.3m @ 768.8g/t gold from 670.2m in DRDD654W2; 3m @ 13.8g/t gold from 428m in DRDD625; 2.2m @ 22.0g/t gold from 482.4m and 3.6m @ 6.8g/t gold from 482.4m in DRDD670; 2.2m @ 22.9g/t gold from 447.7m and 2.7m @ 13.4g/t gold from 491.2m and 0.3m @ 70.5g/t gold from 579m in DRDD673; 2.3m @ 8.7g/t gold from 430.1m and 0.9m @ 21.1g/t gold from 454.1m in DRDD676; 1.4m @ 125.7g/t gold from 524.6m and 1.3m @ 4.3g/t gold from 546.1m in DRDD679; 0.3m @ 16.3g/t gold from 385.7 and 3.8m @ 11.5g/t gold from 495.6m in DRDD666; 1.8m @ 42.1g/t gold from 508.6m and 4.3m @ 15.6g/t gold from 696.6m in DRDD682; 3.6m @ 7.7g/t gold from 691.1m in DRDD682W1; 2.3m @ 19.6g/t gold from 693m in DRDD684W1; 0.6m @ 73.0g/t gold from 357.6 in DRDD694; 0.9m @ 97.0g/t gold from 376.3m in DRDD695; 1.6m @ 45.7g/t gold from 528.9m in DRDD698; 0.8m @ 47.4g/t gold from 616.2m in DDUG0029; 1.8m @ 38.0g/t gold from 498.8m in DDUG0031; 3.8m @ 25.4g/t gold from 579.3m in DDUG0015 (refer asx DDUG0015); 1.9m @ 21.4g t gold from 564.5m in DDUG0026; 1.8m @ 38.0g/t gold from 498.8m in DDUG031; 1.2m @ 21.1g/t gold from 477.6m and 0.8m @ 21.6g/t gold from 563.3 and 0.3m @ 12.8g/t gold from 573.5m in DDUG0032A; 1.7m @ 24.4g/t gold from 437m and 5.4m @ 2.1g/t gold from 456.4 and 0.4m @ 13.3g/t gold from 567.6m in DDUG0036; 0.3m @ 23.2g/t gold from 457.1m and 2.3m @ 15.0g/t gold from 476m in DRDD661. Exploration and geology activities at the Bellevue Project continue with the Company strategy of Resource/Reserve growth drilling to grow the global Resource and de-risking infill drilling ahead of production. Two surface and two underground diamond rigs are currently targeting further Resource growth and conversion from the Deacon corridor; including Deacon North and Marceline with Resources remaining open. Additionally, as reported to the ASX on 16 June 2021, grade control drilling has commenced with two surface rigs operating on infill grade control programs ahead of open pit and underground development. Exceptional grade and continuity of the high-grade ore shoots has been demonstrated, with the first results from Tribune showing the quality of the Bellevue orebody. This first round of grade control results demonstrates the robust ore characteristics of the proposed Tribune lode and the Tribune Open Pit.

Metals and Mining Industry Growth	22.33%
Revenue growth rate	74.01%
Return on equity	-6.66%
Net Margin	-12.53%
Last Earnings Update	31 Dec 2025

Date	Revenue	Earnings	G+A Expenses
31 Dec 25	441	-55	32
30 Sep 25	418	-51	30
30 Jun 25	395	-46	28
31 Mar 25	433	20	27
31 Dec 24	472	85	27
30 Sep 24	385	80	27
30 Jun 24	298	75	28
31 Mar 24	174	33	28
31 Dec 23	49	-10	28
30 Sep 23	25	-17	27
30 Jun 23	0	-25	27
31 Mar 23	0	-24	24
31 Dec 22	0	-23	22
30 Sep 22	0	-20	19
30 Jun 22	0	-18	16
31 Mar 22	0	-16	15
31 Dec 21	0	-15	13
30 Sep 21	0	-14	12
30 Jun 21	0	-12	10
31 Mar 21	0	-10	9
31 Dec 20	0	-8	8
30 Sep 20	0	-7	6
30 Jun 20	0	-6	5
31 Mar 20	0	-6	6
31 Dec 19	0	-7	7
30 Sep 19	0	-7	7
30 Jun 19	0	-7	7
31 Mar 19	0	-6	6
31 Dec 18	0	-5	5
30 Sep 18	0	-5	5
30 Jun 18	0	-6	6
31 Mar 18	0	-5	5
31 Dec 17	0	-5	5
30 Sep 17	0	-3	3
30 Jun 17	0	-2	2
31 Mar 17	0	-1	1
31 Dec 16	0	-1	1
30 Sep 16	0	-1	1
30 Jun 16	0	-1	0
31 Mar 16	0	-1	0
31 Dec 15	0	-1	0
30 Sep 15	0	-1	0

Data	Last Updated (UTC time)
Company Analysis	2026/06/04 19:45
End of Day Share Price	2026/06/04 00:00
Earnings	2025/12/31
Annual Earnings	2025/06/30

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

Analyst	Institution
Mollie Urquhart	Barrenjoey Markets Pty Limited
Dale Koenders	Barrenjoey Markets Pty Limited
Daniel Morgan	Barrenjoey Markets Pty Limited

Bellevue Gold Past Earnings Performance

Past criteria checks 0/6

Key information

Recent past performance updates

First half 2026 earnings released: EPS: AU$0.002 (vs AU$0.01 in 1H 2025)

Full year 2025 earnings released: AU$0.035 loss per share (vs AU$0.065 profit in FY 2024)

We Think That There Are Issues Underlying Bellevue Gold's (ASX:BGL) Earnings

First half 2025 earnings released: EPS: AU$0.01 (vs AU$0.002 in 1H 2024)

Recent updates

Barminco Secures Four Year Bellevue Gold Mining Contract With A$75m Capital Required By 2027

First half 2026 earnings released: EPS: AU$0.002 (vs AU$0.01 in 1H 2025)

Bellevue Gold Limited Completes an Updated Pre-Feasibility Study and Approves the Construction of A New 120m3/hr Wet Posting Plant for Post Fill in the High-Grade Deacon and Deacon North Mining Areas At the Bellevue Gold Project

Price target increased by 8.7% to AU$1.95

Price target increased by 12% to AU$1.71

Price target increased by 11% to AU$1.62

Price target increased by 8.3% to AU$1.52

New Forecasts: Here's What Analysts Think The Future Holds For Bellevue Gold Limited (ASX:BGL)

Price target increased by 7.5% to AU$1.45

We Take A Look At Why Bellevue Gold Limited's (ASX:BGL) CEO Has Earned Their Pay Packet

Is Bellevue Gold (ASX:BGL) Using Debt In A Risky Way?

Price target increased by 8.3% to AU$1.38

Price target increased by 9.7% to AU$1.35

Price target increased by 8.3% to AU$1.23

Improved Revenues Required Before Bellevue Gold Limited (ASX:BGL) Stock's 29% Jump Looks Justified

Bellevue Gold Limited, Annual General Meeting, Nov 20, 2025

Less than half of directors are independent

Full year 2025 earnings released: AU$0.035 loss per share (vs AU$0.065 profit in FY 2024)

Consensus EPS estimates fall by 12%

Bellevue Gold Limited's (ASX:BGL) Shares Lagging The Industry But So Is The Business

Consensus EPS estimates fall by 11%

New major risk - Revenue and earnings growth

Suitors Reportedly Consider to Buy Bellevue Gold

New minor risk - Shareholder dilution

Consensus EPS estimates fall by 40%

Price target decreased by 17% to AU$1.31

Bellevue Gold Limited has completed a Follow-on Equity Offering in the amount of AUD 156.454626 million.

Bellevue Gold Limited has filed a Follow-on Equity Offering in the amount of AUD 156.454626 million.

Investor sentiment deteriorates as stock falls 16%

Bellevue Gold Limited's (ASX:BGL) Price Is Right But Growth Is Lacking

We Think That There Are Issues Underlying Bellevue Gold's (ASX:BGL) Earnings

Consensus EPS estimates fall by 20%

First half 2025 earnings released: EPS: AU$0.01 (vs AU$0.002 in 1H 2024)

Are Investors Undervaluing Bellevue Gold Limited (ASX:BGL) By 38%?

Consensus EPS estimates fall by 12%

Consensus EPS estimates fall by 16%

Price target decreased by 7.3% to AU$1.66

Consensus EPS estimates fall by 11%

Investor sentiment deteriorates as stock falls 15%

Consensus EPS estimates increase by 14%

Investor sentiment improves as stock rises 15%

Bellevue Gold Limited, Annual General Meeting, Nov 21, 2024

Price target decreased by 7.0% to AU$1.80

Price target decreased by 7.1% to AU$2.02

Now 29% undervalued after recent price drop

Bellevue Gold Limited has completed a Follow-on Equity Offering in the amount of AUD 150.000001 million.

Is Bellevue Gold Limited (ASX:BGL) Trading At A 40% Discount?

Forecast breakeven date pushed back to 2025

Non-Executive Director recently sold AU$12m worth of stock

New major risk - Financial position

Price target increased by 7.4% to AU$2.07

New major risk - Financial position

Bullish: Analysts Just Made A Meaningful Upgrade To Their Bellevue Gold Limited (ASX:BGL) Forecasts

New major risk - Financial position

New minor risk - Shareholder dilution

Does Bellevue Gold (ASX:BGL) Have A Healthy Balance Sheet?

Now 20% undervalued

Is There An Opportunity With Bellevue Gold Limited's (ASX:BGL) 35% Undervaluation?

Bellevue Gold Limited, Annual General Meeting, Nov 23, 2023

Is There An Opportunity With Bellevue Gold Limited's (ASX:BGL) 31% Undervaluation?

Now 22% undervalued

Now 20% undervalued

Non-Executive Director recently bought AU$174k worth of stock

Price target increased by 8.5% to AU$1.59

Non-Executive Director recently sold AU$2.4m worth of stock

Is Bellevue Gold (ASX:BGL) Using Too Much Debt?

MD & Executive Director recently sold AU$18m worth of stock

Calculating The Fair Value Of Bellevue Gold Limited (ASX:BGL)

Bellevue Gold Limited Appoints Darren Stralow Bellevue as Managing Director, Effective 1 March 2023

Price target increased to AU$1.41

Bellevue Gold Limited Provides an Update on Recent Activities Aimed at Accelerating Development of its Bellevue Gold Project