• Gold production of 29,120oz, ahead of internal budgets
• Underground development rates averaged 322m/jumbo/month, above FY26 guidance
• Grade control drilling supports expectations for increased production and margins

Bellevue Gold Ltd reported strong results for the September 2025 quarter, with gold production of 29,120oz, ahead of internal budgets. Gold sold totaled 29,670oz at an average realised price of A$4,443/oz, with an all-in sustaining cost (AISC) of A$3,293/oz. Underground development rates averaged 322 metres per jumbo per month during the quarter, significantly above the rate assumed in FY26 guidance (~270m). This strong development progress is setting the platform for increasing production through FY26 as the operation moves to higher-grade stoping areas in the Deacon, Viago and Deacon North mining areas. Grade control drilling results continue to reinforce the company's outlook for increasing grades through FY26 and FY27, with highlights including 3.2m at 137.8 g/t gold, 4.9m at 24.9 g/t gold and 7.3m at 21.4 g/t gold. The company's free cash flow of A$33 million for the quarter was used to pre-deliver 9,500 ounces into the hedge book, reducing near-term commitments and increasing future spot gold price exposure. Bellevue's Board and executive management team have also been strengthened with the appointments of Leigh Junk as an independent Non-Executive Director and Peter Ganza as Chief Operating Officer.

FY26 annual production guidance unchanged at 130-150koz at AISC of A$2,600-2,900/oz and growth capex of A$80-90m.