Name of the Project
Bellevue gold project.

Location
Western Australia.

Project Owner/s
Bellevue Gold.

Project Description
The Stage 2 feasibility study has shown that the project will rank among the world’s leading gold projects, based on the key criteria of grade, production, location and free cash-flow generation.

The indicated resource has increased from one-million ounces in the Stage 1 feasibility study to 1.4-million ounces in the Stage 2 feasibility study.

Reserves have increased from 690 000 oz to 1.04-million ounces.

This expanded inventory has enabled Bellevue to increase the planned throughput rate from 750 000 t/y to one-million tonnes a year, resulting in forecast production over the life-of-mine (LoM) increasing from 151 000 oz/y in the Stage 1 feasibility study to 183 000 oz/y in the Stage 2 feasibility study.

The Stage 2 feasibility study forecasts an LoM of 8.1 years, compared with an LoM of 7.4 years in the Stage 1 feasibility study.

The project will use conventional mechanised underground mining methods.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
Th project has a pretax net present value, at a 5% discount rate, of $1.31-billion and an internal rate of return of 72% at A$2 400/oz, with a payback of 1.4 years.

Capital Expenditure
Total capital costs for the project have declined slightly from A$269-million in the Stage 1 feasibility study to A$267-million in the Stage 2 feasibility study.

Planned Start/End Date
First production is targeted for the June quarter of 2023.

Latest Developments
Clean metals producer Develop’s underground services division has been awarded a A$400-million mining contract at the Bellevue gold mine.

Over the four-year contract period, the underground services division will undertake construction, development and production activities at the underground mine. The contract will start in the June quarter of 2022.

The company was awarded the contract following a robust six-month competitive tender process that included rigorous analysis of the tenders by an independent third party at every stage.

Key Contracts, Suppliers and Consultants
Entech (mine design and scheduling, mine ventilation, power, pumping and underground infrastructure design, mining cost estimation and cash flow modelling); Increva (nonprocessing infrastructure and project implementation planning); GR Engineering Services (process plant and associated infrastructure design, processing capital and operating cost estimation); MineGeoTech (geotechnical engineering); ALS and Extreme Metallurgy (metallurgical testwork); Resource Engineering Consultants (tailings deposition and storage); Gekko (gravity circuit testwork and assessment); Blueprint Environmental Strategies (regulatory and permitting assessment); WAPGC (power supply and strategy analysis); MBS Environmental (materials geochemical characterisation); RPS (hydrology, hydrogeology, and water balance); KPMG (assistance with taxation); Fremantle Metallurgy (thickener and rheology testwork); DynamicIT (communications and information technology); and International Resource Solutions (mineral Resource estimation).

Contact Details for Project Information
Bellevue Gold, tel +61 8 6373 9000 or email investors@bellevuegold.com.au.