Bellevue Gold : Macquarie WA Forum Presentation

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Macquarieersonal WA Forum

High-grade Bellevue Gold Project in WA fully funded to first production

Disclaimers & Compliance Statements

This Presentation has been prepared by Bellevue Gold Limited (Company) and is authorised by the Managing Director of Bellevue Gold Limited.

DISCLAIMER

This Presentation has been prepared by the Company based on information from its own and third party sources and is not a disclosure document. 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 you relating in any way to this Presentation including, without limitation, the information contained in or provided in connection with it, any errors or onlyomissions from it however caused, lack of accuracy, completeness, currency or reliability or you 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. This Presentation is not a prospectus, disclosure document or other offering document under Australian law or under any other law. It is provided for information purposes and is not an invitation nor offer of shares or recommendation for subscription, purchase or sale in any jurisdiction. 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 the Presentation should make its own enquiries and investigations regarding all information in this Presentation including but not limited to the assumptions, uncertainties and c ntingencies 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 with ut 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

bjectives, 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.

INVESTMENT RISK

useTh re 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 pot ntial for shareholders to be diluted, risks associated with the reporting of resources and reserves estimates, budget risks, underwriting risk, risks associated with the COVID-19 pandemic and operational risk. An investment in 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 risk factors outlined in the Company's FS2 presentation announced to the ASX on 2 September 2021 under the section titled "Risks" when making any investment decision.

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. 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 risk factors ersonaldiscussed in the Company's 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

pl ce 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 resources and reserves;

• planned production and operating costs profiles;

• planned capital requirements; and

• planned strategies and corporate objectives.

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/projects based on new information, future events or otherwise except to the extent required by applicable laws

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Disclaimers & Compliance Statements

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 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 document 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) Industry Guide 7, which onlygoverns 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. In particular, Industry Guide 7 does not recognise classifications other than proven and probable reserves and, as a result, the SEC generally does not permit mining companies to disclose their mineral resources in SEC filings. You should not assume that quantities reported as "resources" will be converted to reserves under the JORC Code or any other reporting regime or that the Company will be able to legally and economically extract them.

This Presentation contains references to Mineral Resource and Ore Reserves estimates, which have been extracted from the Company's ASX announcements on 8 July 2021 titled "Bellevue Increases Total Resources to 3.0Moz at 9.9g/t" and on 2 September 2021 respectively. See page 53 for a summary of the Project's Mineral Resources and Ore Reserves. This Presentation also contains references to Exploration Results which have been extracted from various ASX announcements dated as indicated throughout this Presentation. For full details of previously announced metallurgical test results, refer ASX announcements on 24 June 2020 titled "Metallurgical Tests Return Exceptionally High Recoveries". The Company notes that these metallurgical results have been updated to correct an immaterial calculation error. While

the verall gravity recoveries are still high and there are no material changes in the metallurgical testwork results as the testwork hardness, final tails residue and reagent consumptions remain unchanged) and on 15 April 2021 titled "Global Resource increases to 2.7Moz at 9.9g/t".

The Company confirms that it is not aware of any new information or data that materially affects the information included in the said 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 market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons' findings are presented have not materially modified from the original

market announcements. The Company first reported the production targets and forecast financial information derived from its production targets in accordance with Listing Rules 5.16 and 5.17 in its ASX announcement on 2 September 2021. The Company confirms that all usemat rial assumptions underpinning the production targets and the forecast financial information derived from the production targets continue to apply and have not materially changed.

FINANCIAL DATA

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 pre ented. 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. The pro forma historical financial information has been prepared by the Company in accordance with the measurement and recognition requirements, but not the disclosure requirements, of applicable accounting standards and other mandatory reporting requirements in Australia.

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The BGL Value proposition: Exploiting Our Competitive Advantages

One of Australia's highest-grade gold mines, with exciting exploration potential and an accelerated development timeline that is fully funded to production: "Real People, Real Profits, Real Growth"

onlyuseVALUE ACCRETION FROM

CONSTRUCTION TO

PRODUCTION

ersonalComparable single asset development companies

experienced on average share price appreciation of +163% between announcing the start f c nstruction and reaching commercial production (Slide 8)

GROWTH

Only 50% of the 3Moz BGL

Resource sits within the

1.5Moz mine plan. Further

upside potential from conversion drilling, low discovery costs of A$18/oz and a resource that has grown at a CAGR of 81%

3.0Moz	2.4 Moz +
10.0g/t	A$1.8b FCF
at 9.9g/t	72% IRR

GRADE & SCALE	PROFITABILITY
One of the highest-grade,	The project is forecast to
lowest cost mines with an All	deliver sector leading EBITDA
in Sustaining Cost of	Margins of 66% and A$1.8b
A$1,014/oz; and one of the	of free cashflow pre-tax
fastest growing gold	(assuming a A$2,400/oz gold
developments globally in a	price) over the initial 8.1yr
Tier 1 mining jurisdiction	mine life

STRATEGIC ESG FOCUS

Forecast to be the lowest GHG emitter per ounce on the ASX with a vision to be one of Australia's best-in- class 'Green and Gold' miners and well insulated for any future carbon tax legislation

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Investment Highlights

The recently completed funding solution now see BGL fully funded into production with total liquidity of $382m to fund the $254m capex from FS2 and a budget of $21m-$26m for further exploration over the coming 18 months

One of the highest-grade, lowest cost mines in Australia with the first 5 years expected to produce over 200kozpa and a life of mine production of 183kozpa for over 8 years, 1Moz Reserve with grade of 6.1g/t and an All In Sustaining Cost of A$1,014/oz

lyno		Expected to deliver sector leading EBITDA margins of 66% and A$1.8b of pre-tax free cash flow1 and will be one of only 8 assets in Tier 1
	jurisdictions that produce over 180kozpa at a head grade over 5g/t gold
use		Significant upside potential with multiple drill rigs turning, low delivery costs of A$18 per Resource oz and a Resource that is growing at a
	Compound Annual Growth Rate (CAGR) of 81%; one of the fastest growing gold developments globally in a Tier 1 mining jurisdiction with a
	future focus of converting the other 1.5Moz (50% of total Resources) that sit outside the current 1.5Moz life of mine
	Committed to sustainable mining practices and forecast to be the lowest GHG emitting gold mine on a per ounce basis in Australia, with a
	vision to be one of Australia's best-in-class 'Green and Gold' miners generating A$2.3b of economic value
		Significantly de-risked with over 3,450m of underground development already completed, 5 independent mining areas by first production and
		over 464,000m of diamond drilling completed at the project and with simple metallurgy

Fully funded to production with total liquidity of $382m to fund the dual track strategy of project development and exploration with $254m capex from the updated FS2 study and $21m-$26m budgeted for exploration

The production targets in this Presentation are underpinned by approximately 29.8% Inferred Mineral Resources. There is a low level of geological confidence a ociated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target itself will be realised.

ersonal	1. Assuming a A$2,400/oz gold price	5