# Annual Report

Source Brief: https://evesgoldminers.com/research/source-briefs/bellevue-gold-ltd-2025-08-28-annual-report-ec6bcd26
Original source: https://bellevuegold.com.au/wp-content/uploads/2025/08/Annual-Report-2025.pdf
Original published: 2025-08-28
EGM generated: 2026-09-04
Company: Bellevue Gold Ltd (BGL)

## Use Note

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## Extracted Document Text

# Annual Report

Source: https://bellevuegold.com.au/wp-content/uploads/2025/08/Annual-Report-2025.pdf
Published: 2025-08-28T00:00:00+00:00
Fetched: 2026-05-12T14:12:16.768+00:00
Source artifact: ec6bcd26-d5fc-4f64-aff7-efe14a990772
Normalizer input: text

## Content

# Annual Report
Annual Report
2025
Contents
ACKN OWLEDGEM ENT OF CO U NTRY
Bellevue Gold acknowledges and respects
the Tjiwarl Traditional Owners of the country
on which we operate and recognises their
continuing connection to Tjukurrpa/culture
and Parna/country.
Bellevue Gold acknowledges and respects
the Noongar Traditional Owners of the country
where our office in Boorloo/Perth is located Vision, Purpose, Objectives, Values 2
and recognises their continuing connection
to this Boodja/country. Bellevue Gold Snapshot 4
Chairman’s Letter 6
Looking Ahead 8
Operating and Financial Review 10
Competent Persons’ Statements, JORC Compliance Statements 26
and Cautionary Statements
Directors’ Report 30
Remuneration Report (Audited) 41
Auditor’s Independence Declaration 64
Financial Statements 66
Consolidated Entity Disclosure Statement 106
Directors' Declaration 107
Independent Auditor's Report 108
Corporate Information 114
Corporate Directory 119
1
VISION, PURPOSE, BELLE VUE GOLD O P E R AT I N G A N D DIRECTORS’ R E M U N E R AT I O N FINANCIAL
OBJECTIVES AND VALUES LOOKING AHE AD FINANCIAL REVIEW REPORT REPORT S TAT E M E N T S
Vision, Purpose,
Objectives, Values
Bellevue Gold is committed to operating
sustainably, with respect to environmental,
social, governance and sustainable business
practices in line with its PACE core values of
Passion, Accountability, Care and Excellence
PA S S I O N
Each day we will pursue our purpose with
passion and belief – a fierce determination to
succeed and an excitement about what we do.
A C C O U N TA B I L I T Y OUR VISION
We are all accountable to deliver value for our To be a sustainable gold mining company that
shareholders, community and people. We will enriches our shareholders, community and people.
always act with the highest level of integrity.
CARE OUR PURPOSE
We care for the health, safety and wellbeing
To create a high-performance organisation that delivers
of our community and people. Respect for our
superior shareholder value, positive ESG outcomes and
people, stakeholders and the environment is
an environment for our people to thrive.
critical to our success.
E XCELLEN CE OUR OBJECTIVE
We aim for the highest standards of To maximise the value of the Bellevue Gold Project
performance and conduct in everything in order to create growth opportunities for the Company
we do and support everyone in our team and our people.
to achieve this.
2 3
VISION, PURPOSE, BELLE VUE GOLD O P E R AT I N G A N D DIRECTORS’ R E M U N E R AT I O N FINANCIAL
OBJECTIVES AND VALUES LOOKING AHE AD FINANCIAL REVIEW REPORT REPORT S TAT E M E N T S
Bellevue Gold Snapshot
The Bellevue Gold Project is one of Australia’s highest-grade gold mines. Gold production
commenced in October 2023 and commercial production was declared in May 2024.
The Bellevue Gold Project became the world’s first net zero greenhouse gas emissions INCLUSIVIT Y Women comprise 31% of our workforce, above the
(Scope 1 and Scope 2) gold mine in 20253. Following a ramp-up year in FY25, the industry average for the Australian mining sector.
Bellevue Gold Project is looking ahead to production growth through FY26 and FY27. Maintaining a
diverse workforce
PRODUCTION 130Koz of gold sold in first full year of production. NET ZERO Following the commissioning of four wind turbines
and the solar farm, the power station is now able to
First full year $67 million free cash flow1 generated in June
2025 quarter. Finishing the year with an improved World’s first net operate for long periods on 100% renewable energy.
Bellevue Gold achieved net zero (Scope 1 and Scope 2)
of production balance sheet with $152 million of cash on hand.
zero gold mine greenhouse gas emissions for the Bellevue Gold Project
for H1 calendar year 2025 (CY25).3
completed
GRADE AND SCALE One of Australia’s highest-grade gold mines, E X P L O R AT I O N U P S I D E Underground development in FY26 to provide
with a Mineral Resource of 3.1Moz2 at 8.9g/t gold, access to drill test the 1.5Moz-2.5Moz exploration
3.1Moz with potential for growth and the deposit open
in all directions.
Open down plunge target4 immediately to the south and down plunge
of the mine.
at 8.9g/t gold Global Resource2 and at depth
& 1.3Moz at 4.7g/t gold Ore Reserve
A STRONG PL ATFORM FOR GROWTH With underground infrastructure now largely in 1. Free cash flow (FCF) = sum of operating and investing cash flows (excluding forward contract close out loss and restricted cash
place, following a year of ramping up through movements), plus or minus the movement in bullion awaiting settlement, gold dore and bullion value. All lease payments are
Finished the year FY25, the strong mining and production rates
recorded towards the end of the year position
included as outflows in the calculation of FCF, rather than a portion of the outflows being treated as principal lease repayments
within financing activities (the required statutory reporting treatment).
well positioned the operation favourably going into FY26.
2. 3.1Moz global Resource consists of 6.3Mt @ 9.7g/t gold for 2.0Moz Indicated & 4.4Mt @ 7.9 g/t gold for 1.1Moz Inferred. Refer the
Company’s ASX announcement dated 1 August 2025 titled “FY26 guidance and annual Resource & Reserve statement”
for a stronger FY26 3. Refer to the section titled ‘Net zero greenhouse gas emissions (Scope 1 and Scope 2) achieved at the Bellevue Gold Project’ on
page 28 for further information.
4. Refer to the section titled ‘Exploration Target’ on page 26 for the cautionary statement regarding the exploration target.
4 5
VISION, PURPOSE, BELLE VUE GOLD O P E R AT I N G A N D DIRECTORS’ R E M U N E R AT I O N FINANCIAL
OBJECTIVES AND VALUES LOOKING AHE AD FINANCIAL REVIEW REPORT REPORT S TAT E M E N T S
Chairman’s Annual Report for the year to 30 June,
2025. This report outlines in some detail
the status and outlook for our company
28 August 2025 and is available
at (https:// bellevuegold.com.au/
investor-centre/).
Letter and the Bellevue Gold Project.
FY25 saw gold sales of 130Koz that
As I said at the outset, FY26 benefits
from increased knowledge of the
generated, before accounting for the underground mining, processing and
post-tax effect of the forward contract orebody performance from the first
close out and credit fee during the year, full year of production. In FY26, mining
Dear Fellow Shareholder, a profit after income tax of $39.0 million will transition to higher grade ore from
and free cash flow1 of $22.2 million. The the Viago and Deacon North mining
balance sheet finished the year with areas, as well as ongoing production
Your company has now completed its
$151.6 million of cash and equivalents from Deacon. The recent addition
first full year of production. FY25 was a
and closing cash net of bank debt of of the Tribune mine will also further
year focused on ramping up the mine
$51.6 million. The improving operational complement ore feed to the recently
and setting it up for the future. It’s fair
performance combined with this optimised and ramped up processing
to say that FY25 has been a year of
balance sheet places us in a solid plant. All of this supports our target to
both achievement and challenges.
position to deliver on our growth lift production further in FY27.
While we successfully completed
ambitions going forward.
construction and transitioned into While the focus of the past financial
steady-state production at the In terms of sustainability focused year has been very much on mining
Bellevue Gold Project, we did not meet initiatives, FY25 has been a watershed and processing ramp-up, and the
our original production guidance for year, finishing the construction of the challenges that come with it, it is
the year. We acknowledge, and share, wind turbines, and achieving net zero important to emphasise that the
the disappointment this will cause our (Scope 1 and Scope 2) greenhouse ongoing exploration upside at
stakeholders. Mining and pouring gold gas emissions at the Bellevue Gold the Bellevue Gold Project remains
is what we do, and this underpins all Project for the first half of the 2025 immense, with huge scope for further
of our plans, and therefore we must calendar year2. Becoming the world's growth in the inventory, production
– and already are – getting back on first net zero greenhouse gas emissions rate and mine life. As well as creating
track with production. (Scope 1 and Scope 2) gold mine is value for shareholders via discovery,
something all stakeholders should be this would also enable us to further
Pleasingly, we close the year in a
proud of. These outcomes reflect the leverage our existing infrastructure.
stronger position than when we started
core of Bellevue Gold's vision “To be a
it. We finished the year with record Our main competitive advantage, as
sustainable gold mining company that
processed tonnes in the June 2025 always, lies with our people. On behalf
enriches our shareholders, community
quarter and with mining development of the Board, I thank all staff and
and people”. The year also saw us
rates ahead of those used in setting stakeholders who helped us overcome
partner with ABC Refinery and Single
the FY26 mine plan. With underground the challenges of the year and close
Mine Origin (SMO) to sell some of our
infrastructure now largely in place, the the year on a high with June 2025
gold to both jewellers and bullion
strong mining and production rates not only delivering record mined and
buyers that wish to source gold that
recorded towards the end of the year processed tonnes, but the quarter also
has been mined sustainably, at a small
position the Company favourably delivering record free cash flow.
premium to spot gold prices.
going into FY26.
In FY25, we built on a strong safety FY25 tested our resilience, but it also
The 1.35Mtpa processing plant reaffirmed our long-term commitment
culture achieving a LTIFR (lost time
upgrade is now mostly complete. to sustainable and profitable gold
injury frequency rate) of zero in the
Following the plant upgrade, milled production. I am happy to close FY25
last quarter of FY25. We maintained
tonnes reached record throughput with the Bellevue Gold Project well
diverse representation with women
rates in June 2025 and maintained established and positioned to drive
comprising 31.3% of our workforce
improved average metallurgical forward into FY26 and beyond as
and strong Indigenous employee
recoveries of ~95%. we look to deliver sustainable value
participation of 6.4% - both metrics
In facing a number of challenges over are above industry averages for the to all stakeholders.
the past 12 months, we have also taken Australian mining sector. With that
and continue to embed the learnings said, I would encourage you to also
that come with them. With that in mind read our 2025 Sustainability Report
I welcome you to the Bellevue Gold that will be released to the ASX on
1. Free cash flow (FCF) = sum of operating and investing cash flows (excluding forward contract close out loss and restricted cash movements), Kevin Tomlinson
plus or minus the movement in bullion awaiting settlement, gold dore and bullion value. All lease payments are included as outflows in the Independent
calculation of FCF, rather than a portion of the outflows being treated as principal lease repayments within financing activities (the required
Non-Executive
statutory reporting treatment).
Chairman
2. Refer to the section titled ‘Net zero greenhouse gas emissions (Scope 1 and Scope 2) achieved at the Bellevue Gold Project’ on page 28 for
further information.
6 7
VISION, PURPOSE, BELLE VUE GOLD O P E R AT I N G A N D DIRECTORS’ R E M U N E R AT I O N FINANCIAL
OBJECTIVES AND VALUES LOOKING AHE AD FINANCIAL REVIEW REPORT REPORT

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