Operator: Bellevue Gold Limited

Location: Western Australia, Australia

Royalty: 2.0% NSR (all metals)

Term of Royalty: Life of Mine

Bellevue is a gold development project owned by Golden Spur Resources Pty Ltd., a wholly-owned subsidiary of Bellevue Gold Limited. Bellevue is located in North Eastern Goldfields, Western Australia, approximately 430 kilometers north of Kalgoorlie and 40 kilometers north of the regional town of Leinster.

The Bellevue gold deposit lies to the west of the Miranda shear, a dextral strike-slip shear with an eastern block-down component. Bellevue is located in an area of greenstone belt constriction, and associated structural complexities, with evidence of multi-scale shear zones and controlling faults coupled with a long and complex intrusion history. To the west, lie high-Ca granites and granitic gneiss. The main Bellevue lode can be traced at surface along a strike length of over 1,500 meters. The hosting shear zone strikes north-south and dips from 45° to 85° west. Further gold mineralization occurs in hanging wall and footwall structures both sub-parallel to the Bellevue Lode and in conjugate low angle mineralized shears.

Since restarting exploration at the project, three significant new high-grade gold discoveries have been made, all close to existing historical development: Deacon Lode, Viago High Grade Lode, and the Tribune Lode High Grade Discovery.

A Feasibility Study (FS) was completed for the Bellevue project in February 2021 and reported a maiden Probable Ore Reserve of 2.7 million tonnes at 8.0 grams per tonne for 690,000 ounces of gold. The FS stated all ore reserves are planned to be mined using conventional underground methods, however the 7.4 year Life of Mine (LOM) plan includes small open pits on the Tribune and Vanguard lodes. The FS forecasts that Bellevue will produce at an average annual rate of 151,000 ounces of gold over the LOM and all-in-sustaining cost of $1,079 per ounce.

Bellevue also has significant growth potential, with new discoveries and additional high-grade mineralization identified subsequent to the FS cut-off of November 2020. This recent exploration success is expected to be incorporated into a Stage Two Feasibility Study, which is already well-advanced and on track for completion in the June quarter of 2021.