Announcement • Feb 17
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 Bellevue Gold Limited has completed an updated pre-feasibility study and approved the construction of a new 120m3/hr wet paste plant for paste fill in the high-grade Deacon and Deacon North mining areas at the Bellevue Gold Project. Construction will commence in fiscal year26 with completion estimated by mid fiscal year27, with paste filling to commence immediately thereafter.aste fill provides long term value, greater production consistency, and increased safety. A wet paste plant involves taking tailings directly from the processing plant tailings thickener discharge, dewatering them via a filter and then mixing the tailings with binder (cement) before depositing the resulting paste into the underground voids. The estimated capital cost of construction of the paste plant is $35-40 million (including 10% contingency) to be spent during CY26 and will be funded from operational cash flows. GR Engineering Services Limited are expected to be appointed to construct the plant, with long-lead items such as disc filters, paste mixer and cement silo already on order. Two previously drilled bore holes will be used to deliver the paste underground. Construction of the paste plant will not impact FY26 production or AISC guidance. The current remaining hedge book commitment stands at 112,675 ounces of future gold sales at an average hedge price of AUD 2,886/oz, representing a 26% year-to-date reduction of 39,325 ounces. Bellevue expects to continue using positive free cash flow generated from operations to continue accelerating forward gold sale contract pre-deliveries throughout the remainder of H2 fiscal year26. The combination of balance sheet strength and increasing financial flexibility provide an excellent derisked platform for future growth activities. The business holds increasing optionality to build cash, pre-deliver hedges, invest in near-mine exploration activities and/or reduce debt. Exploration Program. With a strengthened balance sheet, the Company is entering a position of significant strategic flexibility, allowing a renewed focus on value-adding near-mine exploration. A detailed review of the CY26 exploration program is underway, targeting increased drilling capacity, accelerated drill drive development and the rapid advancement of high- confidence targets. The Bellevue mineralised system presents a growing opportunity, with the next phase of exploration expected to support the discovery of additional ounces and enhance long-term shareholder value. Announcement • Sep 04
Bellevue Gold Limited, Annual General Meeting, Nov 20, 2025 Bellevue Gold Limited, Annual General Meeting, Nov 20, 2025. Reported Earnings • Aug 28
Full year 2025 earnings released: AU$0.035 loss per share (vs AU$0.065 profit in FY 2024) Full year 2025 results: AU$0.035 loss per share (down from AU$0.065 profit in FY 2024). Revenue: AU$395.0m (up 32% from FY 2024). Net loss: AU$45.9m (down 161% from profit in FY 2024). Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Metals and Mining industry in Australia. Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Announcement • May 26
Suitors Reportedly Consider to Buy Bellevue Gold Evolution Mining Limited (ASX:EVN), Northern Star Resources Limited (ASX:NST) and Regis Resources Limited (ASX:RRL) are three of the groups believed to be in a data room considering a deal to buy Bellevue Gold Limited (ASX:BGL), sources say. Exactly how serious the parties are remains to be seen, with sources suggesting most would look at the business to assess what was on offer as an educational -exercise at the very least. However, of those, Northern Star was thought to be the most likely buyer. Offshore groups were also taking a look. Given that Bellevue Gold was out of the money on its hedge book, it made a deal difficult to stack up, market experts say. Already, Bellevue, advised by UBS, has said it has had informal approaches, and rather than running a formal sale process, it is offering certain parties access to a data room. The $1 billion gold company that has the Bellevue Gold Project in Western Australia is considering a sale after downgrading its production guidance, closing out part of its goldmining hedge book, raising equity and flagging changes to the group's board and executive team. Australian peers are now interested in buying Bellevue to secure more production at a time when gold's price increases show no sign of abating, rather than for synergies. The management of Regis Resources is conservative and is bidding for the EMR Capital-backed Ravenswood goldmine near-by. It would have capacity to buy one or the other, but not both. Northern Star would be one of the only Australian groups with synergies, because it could shut down the Bellevue Gold mill and feed ore into its WA Thunderbox gold facility, which is under--utilised, say experts. Northern Star's challenge is that it has just purchased De Grey Mining. Announcement • Apr 15
Bellevue Gold Limited has completed a Follow-on Equity Offering in the amount of AUD 156.454626 million. Bellevue Gold Limited has completed a Follow-on Equity Offering in the amount of AUD 156.454626 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 184,064,266
Price\Range: AUD 0.85
Discount Per Security: AUD 0.02975
Transaction Features: Subsequent Direct Listing Announcement • Apr 14
Bellevue Gold Limited has filed 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.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 184,064,266
Price\Range: AUD 0.85
Discount Per Security: AUD 0.02975
Transaction Features: Subsequent Direct Listing Valuation Update With 7 Day Price Move • Oct 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to AU$1.47, the stock trades at a forward P/E ratio of 13x. Average trailing P/E is 12x in the Metals and Mining industry in Australia. Total returns to shareholders of 71% over the past three years. Announcement • Sep 12
Bellevue Gold Limited, Annual General Meeting, Nov 21, 2024 Bellevue Gold Limited, Annual General Meeting, Nov 21, 2024. Buy Or Sell Opportunity • Jul 27
Now 29% undervalued after recent price drop Over the last 90 days, the stock has fallen 16% to AU$1.45. The fair value is estimated to be AU$2.03, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 162% over the last 3 years. Earnings per share has declined by 8.8%. Breakeven Date Change • Jun 30
Forecast breakeven date pushed back to 2025 The 6 analysts covering Bellevue Gold previously expected the company to break even in 2024. New consensus forecast suggests the company will make a profit of AU$254.5m in 2025. Average annual earnings growth of 34% is required to achieve expected profit on schedule. Recent Insider Transactions • May 02
Non-Executive Director recently sold AU$12m worth of stock On the 29th of April, Stephen Parsons sold around 7m shares on-market at roughly AU$1.76 per share. This transaction amounted to 29% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of AU$15m more than they bought in the last 12 months. New Risk • Apr 23
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$281m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-AU$281m free cash flow). Minor Risk Shareholders have been diluted in the past year (4.2% increase in shares outstanding). New Risk • Apr 08
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$281m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-AU$281m free cash flow). Minor Risk Shareholders have been diluted in the past year (4.3% increase in shares outstanding). New Risk • Feb 03
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$262m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$262m free cash flow). Revenue is less than US$1m. Minor Risk Shareholders have been diluted in the past year (4.3% increase in shares outstanding). New Risk • Jan 31
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 4.3% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risks Less than 1 year of cash runway based on current free cash flow (-AU$262m). Shareholders have been diluted in the past year (4.3% increase in shares outstanding). Breakeven Date Change • Jan 29
Forecast to breakeven in 2024 The 5 analysts covering Bellevue Gold expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of AU$82.6m in 2024. Earnings growth of 52% is required to achieve expected profit on schedule. Buying Opportunity • Dec 07
Now 21% undervalued Over the last 90 days, the stock is up 20%. The fair value is estimated to be AU$2.28, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Announcement • Sep 14
Bellevue Gold Limited, Annual General Meeting, Nov 23, 2023 Bellevue Gold Limited, Annual General Meeting, Nov 23, 2023. Buying Opportunity • Jul 28
Now 22% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be AU$1.82, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Buying Opportunity • Jul 07
Now 20% undervalued Over the last 90 days, the stock is up 1.5%. The fair value is estimated to be AU$1.73, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Recent Insider Transactions • Jun 20
Non-Executive Director recently bought AU$174k worth of stock On the 16th of June, Stephen Parsons bought around 147k shares on-market at roughly AU$1.18 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold AU$20m more in shares than they bought in the last 12 months. Recent Insider Transactions • Apr 29
Non-Executive Director recently sold AU$2.4m worth of stock On the 21st of April, Michael Naylor sold around 2m shares on-market at roughly AU$1.36 per share. This transaction amounted to 78% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth AU$18m. Insiders have been net sellers, collectively disposing of AU$20m more than they bought in the last 12 months. Recent Insider Transactions • Feb 22
MD & Executive Director recently sold AU$18m worth of stock On the 20th of February, Stephen Parsons sold around 17m shares on-market at roughly AU$1.05 per share. This transaction amounted to 50% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of AU$18m more than they bought in the last 12 months. Announcement • Feb 20
Bellevue Gold Limited Appoints Darren Stralow Bellevue as Managing Director, Effective 1 March 2023 Bellevue Gold Limited announced Darren Stralow, who has been Bellevue Chief Executive since December 2021, has been appointed Managing Director and Chief Executive Officer with effect from 1 March 2023. Mr. Stralow is a Mining Engineer with extensive commercial and operational experience. Prior to joining Bellevue, he was Chief Development Officer at Northern Star Resources. He also held several other senior positions at Northern Star and led the integration of that Company's Australian business units. As Bellevue Chief Executive Officer, Mr. Stralow has led the project development team, including the appointment of key contractors, continuing to implement the Company's industry leading ESG strategy, the acquisition of major equipment and camp construction. He has also played a leading role in ongoing funding activities, including the recentcapital raising and debt draw-down. As part of the transition to production, Bellevue has also appointed Bill Stirling as Chief Operating Officer with effect from 1 March 2023. Mr. Stirling, who is a distinguished mining engineer, has been Bellevue General Manager since January 2022. He previously held senior positions at Northern Star, including General Manager of the Jundee gold mine, General Manager of the Kalgoorlie Operations (Kanowna Belle, Kundana, SKO) and General Manager of Bronzewing. He was also responsible for significant operational expansion projects at Jundee, contract negotiations, capital projects, team development and systems implementation. The changes will see Steve Parsons end his six-year tenure as Bellevue Managing Director, where he led the business from the initial Tribune lode discovery through to development and construction of the Project, and will now moveto a Non-executive Director role at the Company with effect from 1 March 2023. Bellevue Chairman Kevin Tomlinson said the appointments reflected the Company's immense achievements and the strength of its management team. Mr. Tomlinson said the appointment would enable Mr. Parsons to move to a Non-executive position at Bellevue. Buying Opportunity • Dec 10
Now 20% undervalued Over the last 90 days, the stock is up 43%. The fair value is estimated to be AU$1.43, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non-Executive Director Fiona Robertson was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Jun 28
MD & Executive Director recently bought AU$85k worth of stock On the 24th of June, Stephen Parsons bought around 125k shares on-market at roughly AU$0.68 per share. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non-Executive Director Fiona Robertson was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Breakeven Date Change • Apr 17
Forecast breakeven date pushed back to 2024 The analyst covering Bellevue Gold previously expected the company to break even in 2023. New forecast suggests losses will reduce by 20% per year to 2023. The company is expected to make a profit of AU$80.5m in 2024. Average annual earnings growth of 128% is required to achieve expected profit on schedule. Breakeven Date Change • Sep 23
Forecast to breakeven in 2023 The 2 analysts covering Bellevue Gold expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of AU$6.92m in 2023. Average annual earnings growth of 119% is required to achieve expected profit on schedule. Recent Insider Transactions • Feb 20
MD & Executive Director recently bought AU$227k worth of stock On the 19th of February, Stephen Parsons bought around 300k shares on-market at roughly AU$0.76 per share. This was the largest purchase by an insider in the last 3 months. This was Stephen's only on-market trade for the last 12 months. Is New 90 Day High Low • Feb 13
New 90-day low: AU$0.99 The company is down 28% from its price of AU$1.37 on 13 November 2020. The Australian market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 19% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is AU$11.46 per share. Is New 90 Day High Low • Jan 28
New 90-day low: AU$1.00 The company is down 12% from its price of AU$1.14 on 30 October 2020. The Australian market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 27% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is AU$10.90 per share. Is New 90 Day High Low • Jan 08
New 90-day low: AU$1.10 The company is down 5.0% from its price of AU$1.16 on 09 October 2020. The Australian market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 24% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is AU$10.71 per share. Announcement • Nov 27
Bellevue Gold Limited Appoints Maddison Cramer as Joint Company Secretary Bellevue Gold Limited announced the appointment of Ms Maddison Cramer as a Company Secretary of Bellevue, effective 27 November 2020. Ms. Cramer will be a joint company secretary with Mr. Michael Naylor, the current Company Secretary, Chief Financial Officer and Executive Director of Bellevue. Maddison is a corporate lawyer with experience in both the listed and unlisted space, advising entities across a variety of different sectors, but with a focus on mining and resources. Going forward, Maddison will be jointly responsible for communication with the ASX in relation to listing rule matters, pursuant to ASX Listing Rule 12.6. Is New 90 Day High Low • Nov 07
New 90-day high: AU$1.34 The company is up 16% from its price of AU$1.16 on 07 August 2020. The Australian market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is down 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is AU$0.68 per share. Is New 90 Day High Low • Oct 13
New 90-day high: AU$1.23 The company is up 17% from its price of AU$1.05 on 15 July 2020. The Australian market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is AU$0.66 per share. Announcement • Oct 08
Bellevue Gold Limited Discovers New High-Grade Gold Shoot Confirmed at Bellevue Gold Project Bellevue Gold announced that it has discovered a new shallow high-grade shoot at its Bellevue Gold Project in Western Australia. The company has also hit gold in the first Western Australian government-funded Exploration Incentive Scheme (EIS) hole drilled to the east of the high-grade Deacon lode, highlighting the potential for repeat structures. Further drilling at the largely untested northern extent of the Bellevue project has continued to intersect high-grade mineralisation across a total of 450m of strike in a newly defined high-grade shoot position analogous to the previously mined high-grade mineralisation at the historic Bellevue Gold Mine. The new shoot has the same interpreted gentle southerly plunge and remains open down dip. The Company has named the new shoot position the Armand shoot and is currently working to infill drill the shoot to 40m centres from the broader spaced 80m- 140m current centres. Recent significant results 1 from the Armand shoot in the Bellevue Lode include: 4.6m @ 13.8 g/t gold from 364.8m in DRDD517; 1.9m @ 58.0 g/t gold from 380.5m in DRDD513; 2.3m @ 27.0 g/t gold from 416.3m in DRDD508; 1.9m @ 29.7 g/t gold from 378.8m in DRDD524; 2.1m @ 9.8 g/t gold from 369.1m in DRDD516; 1.5m @ 14.6 g/t gold from 352.2m in DRDD506; 6.1m @ 14.5 g/t gold from 457.5m in DRDD505; 3.7m @ 26.2 g/t gold from 372.3m in DRDD496. Additionally, a further infill hole DRDD521 has been completed which has also returned significant visible gold mineralisation associated with the shoot with assays pending. Three holes have been drilled recently as extensions of existing drill holes, testing the potential for conjugate faulting repeats of the Bellevue Lode system to the east of Deacon lode. The holes were co-funded as part of the West Australian Government, EIS and are located 300m apart and drilled to a depth of approximately 850m below surface and 1,000m downhole. Significant mineralisation that is analogous to the Bellevue, Deacon and Viago lodes was intersected in two of the three holes with new biotite, sulphide shear zones with associated quartz veins and visible gold logged. Results include: 1.2m @ 9.0 g/t gold from 1057m and 1.6m at 9.3g/t gold from 1096m downhole in DRDD327 extension; 0.4m @ 42.3 g/t gold from 646.7m downhole in DRDD309 extension. As a first pass drill program into this area, the results from the first two holes are highly encouraging and indicate significant potential for further discovery in this direction and at depth. Underground access has successfully been established with the creation of the new Paris Decline portal to establish the decline to connect with the historic workings which have now been complete. The project has advanced over 180m in the first month to achieve this result. The decline has been advanced at a size suitable for modern production equipment (5.5mW x 5.8mH). The historical decline will be stripped and supported to support the same dimensions. Announcement • Oct 03
Bellevue Gold Limited Announces Extensional and Infill Exploration Drilling At the Bellevue Gold Project in Western Australia Bellevue Gold Limited announced that extensional and infill exploration drilling at the Bellevue Gold Project in Western Australia has intersected high-grade mineralisation both outside and within the existing know Resource boundary. Drilling has been continuing on site and has included infill drilling to upgrade the Indicated Resource later in the December quarter and the resumption of exploration step out drilling at the project. Step out drilling at the Deacon Lode has resulted in three new extensions to the known mineralisation. Following a review of the potential offset across the cross-cutting alphabet faults, drill hole DRDD487 was completed targeting the interpreted offset position of the Deacon Main lode. The hole intercepted strong pyrrhotite mineralisation at the projected position and returned an assay of 3.5m @ 10.6 g/t gold from 387.5m. The nearest drill holes are over 200m in every direction. Drill hole DRDD495 was drilled at the northern-most end of currently defined Deacon structure and intercepted 1.4m @ 63.2 g/t gold from 434.9m associated with a large and previously untested Down Hole Electromagnetic (DHEM) plate (Figures 1 and 3). Mineralisation remains completely open to the north and up dip in this direction. Finally, hole DRDD466 was drilled down-dip at Deacon North at the deepest position to date and intersected 9.3m @ 5.8 g/t gold from 757.3m, again mineralisation remains open down dip. Infill drilling at Deacon to 40m x 40m centres has also continued to deliver significant intersections in advance of a scheduled upgrade of the Indicated Resource category in Fourth Quarter 2020. Resources at Deacon currently stand at 430,000oz @ 18.0 g/t for 250,000oz of Indicated and 1.5Mt @ 9.2 g/t for 440,000oz of Inferred. Announcement • Sep 21
Bellevue Gold Limited(ASX:BGL) dropped from S&P/ASX Emerging Companies Index Bellevue Gold Limited(ASX:BGL) dropped from S&P/ASX Emerging Companies Index Is New 90 Day High Low • Sep 18
New 90-day high: AU$1.21 The company is up 27% from its price of AU$0.95 on 19 June 2020. The Australian market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is per share. Announcement • Aug 12
Bellevue Gold Limited has completed a Follow-on Equity Offering in the amount of AUD 35 million. Bellevue Gold Limited has completed a Follow-on Equity Offering in the amount of AUD 35 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 35,000,000
Price\Range: AUD 1
Transaction Features: Regulation S 
