Bellevue Gold Ltd.

Bellevue Gold Ltd. is a junior gold producer headquartered in West Perth, Australia, operating primarily in Australia. The company's portfolio consists of 1 operating mine. Key assets include Bellevue. The company's business model is centered on being a high-grade, low-cost producer, having successfully transitioned from an explorer to a producer in under 6 years. A key operational characteristic is the on-time and on-budget delivery of its processing facility, which was designed to accommodate low-capital-intensity throughput capacity increases. The operational approach emphasizes a rapid development cycle, moving from discovery to production, and now focuses on margin expansion and organic growth. The organization leverages downhole electromagnetic surveys as a significant technical advantage in exploration, which has led to multiple blind discoveries due to the conductive nature of the mineralization. This technical capability supports a competitive strategy focused on resource growth and extending operational life through continued discovery. The business is underpinned by a culture defined by core values of Passion, Accountability, Care, and Excellence (PACE), which guides its high-performance objectives.

The organization's forward strategy is centered on a 5-year growth plan designed to maximize asset value through increased scale and productivity enhancements. A primary objective is to accelerate underground development to expand from 5 to 7 active mining areas by FY26, supported by investment in major life-of-mine infrastructure for ventilation, pumping, and power. The growth plan includes a staged, low-capital intensity expansion of processing capacity. A key strategic shift involves recommencing significant investment in near-mine exploration activities, which were minimized during the construction phase. This renewed focus will utilize dedicated underground diamond drill rigs to target resource growth and accelerate development to access high-priority drilling targets. The exploration approach leverages downhole electromagnetic surveys to test numerous identified plates outside of known mineralization, capitalizing on a system that remains open along strike, down plunge, and at depth. This dual focus on operational expansion and aggressive exploration is intended to drive shareholder returns through organic growth and mine life extensions.

Executive leadership is headed by a Managing Director & CEO with over 20 years of industry experience, including a decade in senior management at Northern Star Resources where he was involved in significant M&A transactions and operational oversight. The Board of Directors is composed of 6 members, including a Non-Executive Chairman, the Managing Director & CEO, and 4 Non-Executive Directors. Board oversight is structured through 3 specialized committees: the Audit & Risk Management Committee, the Nomination & Remuneration Committee, and the Health, Safety & Sustainability Committee. A key governance practice includes a Minimum Shareholding Policy requiring each director to hold shares equivalent in value to 100% of their annual fees or TFR within a 3-year timeframe. The Nomination and Remuneration Committee engages external independent consultants, such as Remsmart, for market benchmarking of executive and director remuneration to ensure alignment with peer companies and to support talent retention.

The sustainability strategy is underpinned by a commitment to achieve net-zero Scope 1 and Scope 2 emissions by 2026. This is supported by a long-term Power Purchase Agreement for an 89 MW hybrid power station, which includes a 27 MW solar farm and a 24 MW wind farm, targeting up to 80% renewable energy penetration. The company has a strong focus on workplace diversity and inclusion, achieving 34.8% female participation in its workforce, which is 58% above the mining industry average, and 6.3% Indigenous employee participation. A comprehensive Native Title Agreement with the Tjiwarl Traditional Owners is foundational to community relations, incorporating principles of free, prior, and informed consent (FPIC) and a co-designed Cultural Heritage Management Plan. A peak cultural advisory body, the Parna Committee, reviews all proposed activities. Safety and wellbeing are prioritized, reflected in a Lost Time Injury Frequency Rate (LTIFR) of 0.6 for FY24, significantly below the industry average of 2.0, alongside robust mental health support programs.

The corporate structure includes several wholly-owned, operationally significant subsidiaries that hold the company's tenements, including Golden Spur Resources Pty Ltd, Giard Pty Ltd, Weebo Exploration Pty Ltd, and Green Empire Pty Ltd. A key structural arrangement is a long-term Power Purchase Agreement with a subsidiary of Zenith Energy Operations Pty Ltd for the construction and operation of a hybrid power facility. In FY24, the company issued shares to a related entity of Zenith as a direct contribution towards capital construction costs and as a prepayment for future tariffs. The company has also entered into a comprehensive Native Title Agreement with the Tjiwarl Aboriginal Corporation, which provides a framework for collaboration and benefit sharing. An Employee Share Trust is established to administer the company's employee equity incentive plans. The shareholder base includes significant institutional ownership, with entities such as HSBC Custody Nominees, J P Morgan Nominees, and Citicorp Nominees listed as the top 3 holders.