Bellevue Gold Limited advised that it is studying options to toll treat the anticipated ore stockpile at its Bellevue Gold Project in WA ahead of commissioning the processing plant. The decision to review toll treating options was made in light of the strong progress being made on underground development, which is comfortably ahead of schedule at 6.7km. The progress rate has been further enhanced with the delivery of a second jumbo in October 2022.

Mining is scheduled to start ore driving in the Upper Armand areas this month which will in turn will increase the number of available headings and increase development rates. Sequential opening up of the five independent work areas is on track, with Armand reached in late July and Bellevue South scheduled for early 2023. Bellevue Managing Director Steve Parsons said: "It is increasingly clear that may have an opportunity to accelerate the start of cashflow due to the significant ore stockpile expect to accumulate before plant commissioning gets underway.

The forecast stockpile is set to exceed 200,000 tonnes at 5g/t gold, which will be partly the result of mining the planned Vanguard open pit that is set to commence in the first quarter of next year and will consist of ~100kt at >3.5g/t gold. The mined Vanguard pit will then be transformed into the tailings dam for plant commissioning. In addition to the rapid rate of underground development, plant construction is also advancing quickly, putting Bellevue on track for first production in the second half of CY2023.

The project remains well funded with $277.3m of available liquidity as at 30 September 2022. Significant de-risking of the plant construction has been achieved with the bulk earthworks that commenced in September 2022 now complete. Critical path concrete pours are also complete, including ball mill raft, CIL ring beams and crusher pocket.

Critical path and long lead items for the processing plant are under manufacture with key items starting to arrive in Perth. Construction Activities: Following the receipt of all relevant approvals, construction activities at the processing plant and civil works have been progressing steadily towards the delivery of the project to commercial production. All works remain on time and in line with the project schedule, targeting delivery of commercial production in the second half of CY2023.

Key items relating to the progress of the construction and procurement activities are: GR Engineering Services Limited (GR Engineering) (and subcontractors) fully mobilised and advancing construction on site as per the EPC agreement. GR Engineering is a major West Australian based design and construct contractor with a track record of recent successful delivery of similar projects; Construction activities are progressing well with bulk earthworks completed at the processing plant site; · Detailed earthworks completed for all critical path areas of the processing plant, with ancillary areas well advanced; and Structural concrete commenced, with critical path pours complete; including ball mill raft, CIL ring beams and crusher pocket. Critical path and long lead items are under manufacture with key items starting to arrive in Perth: Project has benefited from efficient supply chain with no disruptions, with key critical path processing plant components arriving ahead of requirements; Components were ordered ahead of time, securing project delivery timeline; Platework fabricated and other ancillary plant ready for transport to site ahead of schedule ­ chutes, lime silo, screens; Crushers ­ landed in Australia; and · Mill ­ fabrication on schedule ­ due for arrival in Australia in March 2023, well ahead of critical path requirement.

Mining Activities: Underground mining activities continue to progress well and ahead of schedule with an excellent safety record and quality standards maintained. At the end of October 2022, a total of 6.7km of total development has been completed since underground activities commenced in August 2020. Development continues on both the northern and southern declines with access to the second production centre at Bellevue South expected in January 2023, having accessed first ore in Armand in July.

Key progress relating to the underground mine currently progressing includes: An additional jumbo from underground mining contractor Develop commenced capital development in October 2022, with separate north and south production centres providing adequate headings to support an additional machine. All second-hand underground machinery on site has now been replaced with brand-new machines following the arrival of a second brand new 421 jumbo on 26 October. All equipment in the Develop fleet is now new and all crews are fully staffed.

Total development advance rates continue to exceed development rates used in the project studies. A third jumbo is due to commence in January 2023, with all personnel ready to mobilise in line with schedule. Mining is scheduled to commence ore driving in the upper Armand areas this month.

The start of ore driving will increase the number of available headings which is expected to result in a corresponding increase in development rates. Raisebore drilling contractor RUC Cementation Mining Contractors Ltd. is currently on site and drilling the pilot hole for the Marceline/Armand escapeway. A second raisebore rig is mobilising to site in late November 2022 to begin drilling the southern ventilation rise.

All underground works and surface clearing required for both raisebores is complete.