N e w D i s c o v e r y I n a H i s t o r i c H i g h G r a d e - - PowerPoint PPT Presentation

N e w D i s c o v e r y I n a H i s t o r i c H i g h G r a d e G o l d F i e l d T h r o u g h t h e A p p l i c a t i o n o f M o d e r n E x p l o r a t i o n T e c h n i q u e s

BELLEVUE GOLD PROJECT | WESTERN AUSTRALIA

WWW.BELLEVUEGOLD.COM.AU | ASX: BGL Follow us @bellevuegold November 2019 NEW GEN GOLD CONFERENCE

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DISCLAIMER

This presentation has been prepared by Bellevue Gold Limited (the Company) based on information from its own and third party sources and is not a disclosure document. No party

• ther 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 (Affiliates) 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. 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. Each recipient must make its own independent assessment of the Company

before acquiring any shares in the Company (Shares). The Company has made reference to historic drilling and exploration results from a variety of Exploration company's over the past 30 years that had previously explored the Project.

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 release 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 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.

Such forward looking statements/projections are estimates for discussion purposes only and should not be relied upon. They are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors many of which are beyond the control of the Company. The forward looking statements/projections are inherently uncertain and may therefore differ materially from results ultimately achieved. The Company does not make any representations and provides no warranties concerning the accuracy of the projections, and disclaims any

• bligation

to update

• r

revise any forward looking statements/projects based on new information, future events or otherwise except to the extent required by applicable laws.

NO NEW INFORMATION OR DATA

This presentation contains references to Mineral Resource estimates, all of which have been cross referenced to previous market announcements made by the Company. The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcements and, in the case of estimates of Mineral Resources that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. Exploration results – Refer to ASX announcement on that said date for full details on these exploration results. Bellevue Gold is not aware of any new information or data that materially effects the information in the said announcement.

DISCLAIMER

CAUTIONARY STATEMENTS AND DISCLAIMER

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Bellevue Gold Project Location and Overview

North Eastern Goldfields Region of Western Australia’s Yilgarn Craton

• Located 430km North of Kalgoorlie and 40km North of Leinster,

adjacent to the Goldfields Highway.

• Brownfields Gold Discovery.
• Narrow vein high grade gold project which historically produced

800k ounces @ ~15 g/t to a depth of 450m.

• Project is currently in the exploration/resource development phase

with a resource of 1.8 MOZ @ 11.1 g/t Inferred Category and several new discoveries currently being drilled.1

• Currently +6 diamond rigs operating double shift

Footnotes: 1. refer ASX Resource Estimate 11/7/2019

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• Bellevue sits within the Yakabindie domain of the Agnew-Wiluna Greenstone

Belt of the Eastern Goldfields Superterrane.

• The Yakabindie Greenstone belt consists of the layered Kathleen Valley

Gabbro overlain by the tholeiitic Mt Goode sequence. A mixed sequence of metamorphosed ultramafics and felsic volcanics overly the Mt Goode units. These in turn are overlain by an unconformable late basin Conglomerate (Jones Creek).

• Bounded by Perseverance fault to the E and the Ida Lineament to the W.
• Late basin conglomerates within 5km (Jones Creek).

The belt has a complex deformation history but relevant features include:

Regional Geology

• D1: Broadly a long period of progressive extension – basin

formation.

• D2: Broadly E-W Compression – Upright folding and N-S

trending foliation – reactivation of extensional structures.

• D3: Progressive NW-SE compression –sinistral shear activation

(overprints earlier fold axis).

• D4: Progressive NE-SW compression – Planar faults and minor

shears.

• D5: Orogenic Collapse.

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Project History

Mining for over 100 years off and on but very limited exploration

• Mineralisation first exploited in the turn of the 20th century with

shallow quartz reefs exploited at the project.

• Historic town of Sir Samuel located on the leases early mining

centre.

• Modern exploration and Mining at the Property commenced in

1985 with Spargos Mining.

• 300 ktpa plant producing mainly from ore derived from the

Bellevue Underground.

• Bellevue Lode mined to 450m below surface and the projected

intersection with the Highway Fault.

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16th of December 1988

Bellevue Mine- 1986-1997

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Forsyth NL

Plutonic Spargos

Queen Charlotte Mines

Ownership History…………..Since 1986

Transferred through a series of mergers into Jubilee Nickel for dewatering Cosmos

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Forsyth NL

Plutonic Spargos

Queen Charlotte Mines Exploration gap with no drilling for 21 years Opportunity to revisit with modern exploration

Ownership History…………..Actual Exploration

68,000 meters of Surface Diamond drilling only

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Recent Project History Continued

REBRANDED TO BELLEVUE GOLD IN 2018

• Change of Management

in March 2017.

• Initial placement to fund

exploration.

• Low cost data review

and reconstruction of the geological model

• Drilling commenced in

September 2017

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Bellevue Gold Exploration

• Total= 142,000 metres of Diamond Core

Footnotes: 1. refer ASX Resource Estimate 11/7/2019

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Vanguard Corridor Bellevue Corridor Western Corridor Waroonga Corridor

• Local geology is dominated by a suite of tholeiitic mafic extrusive

rocks (basalts and dolerites) belonging to the Mt Goode sequence

• f the Yakabindie Domain.
• Units dip steeply to W and NW, are overturned and younging to the

SE.

• Bounded to East by the W dipping Miranda Fault which separates

the Mt Goode sequence from the younger felsic volcaniclastics and ultramafics.

• Bounded to the W by Granites.
• Upper greenschist – amphibolite facies metamorphism.
• Away from the shears rocks are little deformed.

1 Kilometer

N Granite

The Mt Goode sequence has been subdivided into separate ‘panels’ divided by the NNW trending, steeply NE dipping, D3 Sinistral Shear Zones:

• West Shear.
• Highway Shear.
• Canberra Shear.

Local Geology

Mineralisation generally is associated mainly with:

• Bellevue/Tribune: N- NNW trending, W dipping shear zones (dip c60o) of 1-20m

thickness.

• Viago Lode: Low angle shear zone at 500m depth, gently plunging to the

South.

• Westralia/Vanguard Lodes: Dipping c 45o to the NE.

Summary

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Country Rock:

Mafic volcanics of the Mt Goode Mafic succession are the dominant lithologies in the Bellevue Mine Area

• Broadly divided into:
• Lower (older) series of Pillow Basalts with multiple medium and

coarse grained dolerites with a Feldspar Phyric Marker horizon.

• Upper (younger) series dominated by coarse grained basalts

(variably pillowed), ‘Cat Rock’ and ‘Spotty’, coarse dolerites.

• Western Series: Dominated by Vesicular Basalt with narrow

BIF/Metasedimentary horizon observed in West Shear.

• Most of the mineralisation to date sits within the lower stratigraphy.

Intrusions

• Within Tribune-Bellevue series felsic intrusions

include:

• Quartz-Feldspar Porphyry, up to 30m thick, SW

dipping intrusions.

• Fine Grained ‘Blue Eyed Qz’ Porphyry’s.

Multiple, 1-5m fine grained porphyry’s with mafic-intermediate groundmass and <3mm, blue qz eyes.

• A coarse grained Granodiorite unit is also
• bserved at depth in the Western Series.

Tribune-Bellevue Rocks West Shear Intrusions

Lithology

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All rocks have been metamorphosed to Upper Greenschist/Lower Amphibolite facies

Alteration is typically narrow, focused in and around shears: Observed alteration minerals include:

• Chlorite: Both early (shear foliation parallel) and late (shear foliation
• verprinting).
• Amphibole: Both early (shear foliation parallel) and late (shear foliation
• verprinting). Amphibole Intensity often has a -ve association to Au values.
• Biotite: Early phase, dark – foliation parallel and a very late phase (light

brown, matted, unoriented, overprints late chlorite). Biotite Intensity has a +ve association to Au values.

• Albite/Silica: Often observed in Tribune and Bellevue lodes, absent in Viago

Lode.

• Late, sericite-epidote-FeCO3 assemblage.

No Assay

Biotite Intensity

Viago G*m Au vs Biotite

Alteration

Of these the dark, foliation parallel biotite is the most effective vector to mineralisation, but often on a limited scale (20-50cm around mineralised intercepts and associated with shear intensity.

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Veins: Two types of Mineralised veins observed within 1-20m wide zones of high strain:

• Type 1: Smokey Grey, highly strained, often highly folded and boudinaged with pyrrhotite

and chalcopyrite remobilised to boudin interstices. Visible gold observed in late fractures.

• Type 2: Opaque (sometimes partially recrystalised) quartz veins, frequently observed x-cutting

Type 1 veins. Pyrrhotite and Chalcopyrite observed as fracture fill in opaque veins and visible gold observed in late fractures. Contrasting quartz vein styles create rheological complexities for sulphide remobilisation and later gold bearing fluids - often coincident with the best gold intercepts. Visible gold is often in late fractures within both smokey and opaque quartz veins indicating coarse gold formed relatively late (thought to be from a pre-existing gold budget around smokey quartz veins). Mineralisation is highly conductive making DHEM effective For direct targeting of gold mineralization.

Mineralisation

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Ore Shoot Control

• Established Shear Lodes and Veins have been folded.
• Mineralised Veins are Folded and Boudinaged up to 10-20m in scale with

the Lineations/Fold Axes plunging c10-20o to the S – Similar to High Grade Shoots.

• Sulphides have remobilised to boudin interstices and fold hinges and gold is

concentrated in these lower strain domains.

4.4m @ 64.2 g/t in DRDD218 refer asx 10th of September 2019

Folding Geometry Key Control

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Historically excellent conventional gravity and cyanide recoveries New discoveries very consistent mineralology with historic production

• Testwork completed by Bellevue

Gold returned total recoveries of up to 98.8% including gravity recoveries up to 82.5%.1

Gold Deportment

• Reported historical Au

recoveries in the high +97%.

• Fine free gold deportment .

Footnotes: 1. For full metallurgical test results, refer to ASX on 29/6/2018

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Two Observed sets:

• Alphabet Shears: Moderately south dipping normal shears (movement

sense from S/C fabric) observable displacements of Bellevue Lode over c20-50m.

• Bellevue Faults: Low Angle wrench Faults with a well developed stretching

lineation indicating sinistral strike slip. Displaced by Alphabet Shears. Both Shears can have Biotite – amphibole alteration and be weakly mineralised (from ‘smearing out’ mineralised veins).

Historic Mine Section Looking E Paris Pit: Bellevue Fault Looking N Oblique View NE Showing Belleview Fault(RED) and Alphabet Shears (BLUE) Foliation Asymmetry (S-Fabric) indicating normal slip in

• ne of the Alphabet Shears (258860mE/6940585mN)

With thanks to Dr Paul Stenhouse – Polyphase Consulting

Post-Mineralisation Faulting

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Lake Miranda

• Mineralisation terminated or displaced at the 12th

level by the highway shear.

• The Western Corridor was inherently less prospective

for significant Gold mineralization.

• Visible gold was rare.
• The Bellevue lode was largely closed off to the South.
• DHEM had been identified as a critical targeting tool

by Plutonic – but this was late in life of the mine and so had not been fully utilized. The prevailing Geological thought in the literature and in discussions with previous owners was that:

ASX 16th November 2017: Schematic map of the multiple mineralised Lodes at the Bellevue Project. Mineralisation to the west of the Highway Fault is known as the ‘Western Mineralised Corridor’.

Bellevue Gold approached Exploration with an open mind and ‘segmentation model’:

• Mineralisation was open in all directions.
• A lot of the drilling had been done from underground (lack
• f hangingwall coverage).
• Took the drilling back to an exploration framework to see

the strike rate (what would Bellevue look like on a 80m or 160m grid).

• Identify under drilled areas.
• High grade shoots could fit within the drill spacing.
• There was no reason why the Western Corridor should be less

prospective.

Tribune identified as an underdrilled area with historical ‘sniffs’ that could represent something more significant.

A Shift in Exploration Paradigm at Bellevue

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Start of Drilling and the Tribune Discovery

Lake Miranda

• 3m @ 13.97g/t Au from 32m downhole in DRC00191 at Hamilton,

Underexplored Bellevue Hanging wall. Tribune Discovery:

• Tribune Discovery: 7m @ 27.4g/t Au (inc 5m @ 37.5g/t Au) from 92m

downhole in DRRC0024.2

• Recognition that the ‘Western Mineralised Corridor’ is a major target area

with relatively little drilling.

• Implementation of DHEM as a major vectoring tool.

Hamilton DRC0019:

3m @ 13.97g/t Au from 32m

Tribune DRRC002 7m @ 27.4g/t Au from 92m

Maiden Drilling Commenced September 2017

Early breakthrough in the restart of exploration

1.Refer ASX 16th November 2017 2.Refer ASX 20th November 2017

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Long Section at Tribune

Refer asx 19/11/19

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First Hole from Viago Discovery May 2018 Viago Drilling Motivation

• Initially targeting displaced Bellevue Lode to the South-East.
• EIS funded.
• 3.4m @ 10.4g/t Au from 576.2m in DRDD059.1

DRDD059 diamond drill core mineralised intersection with semi-massive pyrrhotite and brecciated quartz similar in style and widths to the Bellevue Lode. Abundant fine grained visible gold is observed in the mineralised interval. Cross section through Bellevue underground lode showing mined (yellow) with historic drill holes and the Tribune Lode discovery mineralised zone (Blue). New Intercept below the historic underground workings is annotated.

Less than 200m from existing development. Western Australia Government Exploration Incentive Scheme funding for deeper diamond hole to test for Bellevue main lode

• ffset

Leading to the Viago Gold Discovery

• 1. Refer asx 20th of May 2018

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Lake Miranda

Viago Exploration Approach:

Framework drilling (250m spaced) to establish continuity of structure and provide DHEM platform to vector onto shoot positions 250m drill spacing

• 3.4m @ 10.4g/t Au 1
• 2.5m @ 13.1g/t Au 1
• 1.4m @ 9.6g/t Au 1
• 0.5m @ 16.2g/t Au 1
• 0.3m @ 35.9g/t Au1

Down hole EM conducted on all holes – large, high tenor conductors

Plan View of the New Discovery showing drill piercements and DHEM plates. Long Section View of the new gold discovery, Bellevue Gold Project (looking east).

Viago First Pass Definition

1: Refer asx 1st of August 2018:

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Lake Miranda Viago Infill Drilling to an 80m x 80m Grid:

Vectored to shoot position by DHEM:

• 4.3m @ 58.8 g/t Au from 575.5m in DRDD0131
• 3.35m @ 37.4 g/t Au from 562.4m in DRDD0702
• 3.0m @ 85.9g/t Au from 597 in DRDD0692
• 6.4m @ 27.9 g/t Au from 587.6m in DRDD0731
• 6.9m @ 18.0 g/t Au from 535.9m in DRCDW0201
• 2.4m @ 36.3 g/t Au from 606.8m in DRCD0721

Ongoing Tribune Drilling:

• 10.1m @ 29g/t Au from 188m in DRDD0692
• (Highest gm*m intercept on the project to date)

Plan View of Viago Lode 900m strike so far and open – Located OUTSIDE resource area 4.3m @ 58.8g/t Au from 575.5m in DRDD013

Viago High Grade Discovery

1: Refer asx 9th of October 2018 2: Refer asx 26th of September 2018

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Realization Structure open to the north

• 2.6m @ 15.4 g/t Au in DRDD1111
• 2.4m @ 15.4 g/t Au in DRDD1291
• Extension of Viago Mineralisation to the north and total strike to

1400m.

• Broad spaced and unsampled exploration drilling and

remainder from underground in the plane of the orebody.

Plan View of Viago Lode 1400m strike so far and open

Viago High Grade Discovery- Extension to the North into Bellevue Hangingwall

Cross section looking North

1: Refer asx 14th of March 2019

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Targeting of deeper conductors– the continuation of the Bellevue Lode system?

• Significant NEW high grade gold discovery of scale.
• Currently Drilling……

And the new major Deacon Trend……..

750m

Cross Section of Bellevue Lode System looking north

DRDD130 3.6m @ 18.3 g/t1 DRDD218 4.4m @ 62.4 g/t3 DRDD237 3.8m @ 13.9 g/t2

1: Refer asx 5th of August 2019 2: Refer asx 10th of September 2019 3: Refer asx 2nd of October 2019

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Opening up a new discovery……..

refer asx 2nd of October 2019

Long Section Looking East through the Deacon Discovery showing broad spaced drill hits

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Factors in Exploration Success at Bellevue….

Fortune Favours the Lucky… and other pearls of wisdom

• Key factors from project selection phase Bellevue:
• Exceptional grade in old drilling/mine.
• Very limited drilling outside of mine area, little attempt

at follow up beyond Highway Fault.

• Significant exploration gap since low gold price.
• Compartmentalised mineralisation- more panels to

be found.

• Fearless drilling…………. And all diamond core.
• Ability to raise capital to explore, momentum through

exploration.

• DHEM gamechanger for Bellevue exploration.

ASX: BGL | 28 The information in this presentation that relates to mineral resources at Viago/Viago North, Tribune/Tribune North and Southern Belle is based on, and fairly represents, information and supporting documentation prepared by Mr. Brian Wolfe, an independent consultant specialising in mineral resource estimation, evaluation and exploration.

• Mr. Wolfe is a Member of the

Australian Institute of Geoscientists. Mr. Wolfe has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person (or “CP”) as defined in the 2012 Edition of the Australasian Code for Reporting of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code. Mr. Wolfe has reviewed the contents of this presentation and consents to the inclusion in this announcement of all technical statements based on his information in the form and context in which they appear. Information in this presentation that relates to mineral resources at the Bellevue Surrounds is based on, and fairly represents, information and supporting documentation prepared by Mr. Sam Brooks, an employee of Bellevue Gold.

• Mr. Brooks is a Member of the Australian Institute of

Geoscientists.

• Mr. Brooks is a Member of the Australian Institute of
• Geoscientists. Mr. Brooks has sufficient experience which is relevant to the

style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person (or “CP”) as defined in the 2012 Edition of the Australasian Code for Reporting of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code. Mr. Brooks has reviewed the contents of this presentation and consents to the inclusion in this announcement of all technical statements based on his information in the form and context in which they appear. Information in this presentation that relates to exploration results and QAQC is based on, and fairly represents, information and supporting documentation prepared by Mr. Sam Brooks, an employee of Bellevue Gold. Mr. Brooks is a Member of the Australian Institute of Geoscientists. Mr. Brooks has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person (or “CP”) as defined in the 2012 Edition of the Australasian Code for Reporting of Information in this announcement that relates to mineral

• resources. Mr. Brooks is an employee and holds securities in Bellevue Gold

Limited and consents to the inclusion in this announcement of all technical statements based on his information in the form and context in which they appear.

COMPETENT PERSONS’ STATEMENT

ASX: BGL | 29 3.5 g/t gold lower cut-off, totals rounded to reflect acceptable precision

Note: Rounding has been applied to represent appropriate precision Sub domains may not equal total estimate due to rounding

JORC 2012 Inferred resource estimate at selected lower cut-off grades at the Bellevue Gold Project

Lower Cut-Off Tonnes (Mt) Grade Gold g/t Gold Million oz

2.0 g/t Au 6.5 9.2 1.9 3.5 g/t Au 5.0 11.1 1.8 5.0 g/t Au 3.8 13.3 1.6

Domain Tonnes (Mt) g/t gold Gold Million oz

Bellevue Surrounds 2.3 9.6 0.7 Viago and Viago North Lode 1.3 16.1 0.7 Tribune and Tribune North Lode 1.0 8.1 0.3 Southern Belle Lode 0.4 10.4 0.1 TOTAL 5.0 11.1 1.8

Resource Estimate Bellevue Gold Project

Independent JORC 2012 resource estimate for the Bellevue Gold Project (ASX 11 July 2019):

Suite 3, Level Suite 3, Level

Suite 3, Level 3, 24 Outram Street West Perth| T: + 61 (08) 6424 8077| E: admin@bellevuegold.com.au Appendices follow

Photo April 2019: Senior Wati from the Western Desert invited Bellevue Gold to a cultural event on Country with senior Wati & senior elders of Tjiwarl Warning: This photo contains the image of deceased Aboriginal persons.