Bellevue Gold : Project Production, De-risking & Growth Update Presentation

onlyProject Production, De-risking and Growth Update

useExecuting the plan:

~90% of capital costs locked in Reserves up 29% to 1.3Moz

ersonalUnderground mining advanced

7 June 2022

ASX:BGL

ASX3001

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, onlyservants, 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 omissions 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 co ju ction 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 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.

useINVESTMENT RISK

Th 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, but 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, risks associated with the COVID-19 pandemic and operational risks. An investment in shares in the Company 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 presentation announced to the ASX on 2 September 2021 titled "FS2 Presentation - Fully Funded to Production" 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 ersonal

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 nd f ctors 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 f ctors discussed 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 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 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

Forward looking All-In-Sustaining Cost estimates have been prepared on a real basis at a project level.

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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 Joint Ore Reserves Committee's Australasian Code for Reporting of Mineral Resources and Ore Reserves (JORC Code). Investors outside Australia

onlySlides 12 and 14 contain reference to drill holes refer to ASX announcements on 20 November 2017, 22 March 2018, 30 May 2018, 7 July 2018, 6 August 2018, 9 October 2018, 21 May 2019, 11 July 2019, 6 September 2019, 10 September 2019, 2 October 2019, 19 November 2019, 24 February 2020, 27 May 2020, 7 July 2020, 1 October 2020, 11 November 2020, 18 February 2021, 16 March 2021, 15 April 2021, 16 June 2021, 2 August 2021, 21 September 2021, 14 October 2021, 15 February 2022 and 5 April 2022.

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) Industry Guide 7,

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. 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 4 May 2022 titled "Resource Update" and on 7 June 2022 titled "Project Production, De-risking and Growth Update". This Presentation also contains references to Exploration Results which have been extracted from various 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 the said announcements, and in the case of estimates of Mineral Resources and Ore Reserves, that all material assumptions and technical parameters
use
und	rpinning 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
mark	t 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 titled "Feasibility Study 2 - Fully
Fund	d to Production". The Company confirms that all material 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 presented. 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.

ersonal	3

Bellevue Gold Overview

The "Standout" high-grade, high margin growth gold project in Australia

only		•	Project has significant grade, scale and margin in a tier one jurisdiction
	•	Significant and proven growth potential vs peer group
		•	Forecast +10yr mine life producing over 200,000 ounces for first 5
World Class		years and with over 1.8Moz life of mine (LOM) inventory
•	Bottom quartile AISC cost of A$1,000-$1,100/oz†
Potential
use		•	Project mine life has grown 25% to +10yrs in the last 10 months
	•	Free Cashflow of $2.1B life of mine (pre-tax)†
		•	Average Free Cashflow generation of $254m p.a. for the first five years
Growth &		of production (pre-tax)†
ersonal	Margin	•	Internal Rate of Return of 68% (pre-tax)†
	•	Pre-production Capital is >90% contracted and tendered
		•	Fully funded to production with $351m of liquidity (31 March 2022)
		•	Exceptional management team with proven mine builders
Significantly	•	Tier 1 contractors engaged; Develop and GR Engineering appointed
De-risked	•	Production on track for 2nd half 2023

	The total LOM production includes 27.6% Inferred Resources ounces, and the remaining 72.4% is underpinned by Probable Ore Reserves. There is a low level
	of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of
† $2,500/oz gold price	Indicated Mineral Resources or that the production target itself will be realised.

Leading the way in ESG

• Clear ESG strategy being enacted; focused on best-
onlygold mines on the ASX on a per ounce basis
	in-class ESG results
• Greenhouse gas intensity is forecast to be in the
use	range of 0.150 to 0.202 t CO2e / oz - the lowest of all
Aspiration of becoming a net zero greenhouse gas
•
	emissions gold producer

• Sector leading diversity statistics across all levels of the business:

ersonal	•	43% females employed

• 40% female board representation

• 36% females in senior leadership positions

• Economic value add of ~$3B over the life of mine

Bellevue's PACE Core Values

PASSION

Each day we will safely pursue our mission with passion and belief - a fierce determination to succeed and an excitement about what we do.

ACCOUNTABILITY

We are all accountable for our safety and success - our people, our community and our stakeholders. We will always act with the highest level of integrity and respect to sustainably grow Bellevue.

COMMUNITY

The health, safety and wellbeing of our community is critical to our success. This includes respect for our people, stakeholders and the environment.

EXCELLENCE

We aim for the highest standards of safety, performance, behaviour and conduct in everything we do and support everyone in our team to achieve this in everything they do.