Quarterly Activities Report

• New contractor ramp-up slower than expected but deferred production to be recovered in subsequent quarters
• Consistent mined grades and processed grades, reflecting well-established mining
• Forward gold sales commitments reduced by 11,150oz, targeting full extinguishment of hedge book in FY27

Bellevue Gold Ltd's September 2026 quarterly report shows a production of 35,585 ounces of gold, down from 41,643 ounces in the previous quarter. The mining contractor transition was completed as planned, but the ramp-up was slower than expected, impacting production. Gold sold totalled 35,979 ounces at an average realised price of A$4,980 per ounce. The hedge book was further reduced by 11,150 ounces through voluntary pre-deliveries, with the company targeting full extinguishment in FY27. Mined grades remained consistent, reflecting the established mining operations. FY27 production guidance remains at 150,000-170,000 ounces.

FY27 production guidance: 150,000-170,000 ounces; AISC: A$2,800-A$3,100 per ounce

Bellevue Gold Ltd anticipates recovering deferred production in subsequent quarters and achieving full extinguishment of the hedge book in FY27, which will set the stage for significant growth in free cash flow.