Operator: Bellevue Gold Limited

Location: Western Australia, Australia

Royalty: 2.0% NSR (all metals); 2.0% NSR (gold); 1.5% NSR (all other metals)

Term of Royalty: Life of Mine

Bellevue is an open-pit and underground gold mine owned by Golden Spur Resources Pty Ltd., a wholly-owned subsidiary of Bellevue Gold Limited (“Bellevue Gold”). Bellevue is located in North Eastern Goldfields, Western Australia, approximately 430 kilometers north of Kalgoorlie and 160 kilometers north of Leonora.

Bellevue Gold announced that the Bellevue mine achieved production on-time and on-budget with its gold pour on October 25, 2023. Underground mining at Bellevue utilizes long-hole open-stoping. The Bellevue Processing facility is a nameplate 1.0 Mtpa conventional Carbon-in-Leach (CIL) and gravity plant. Ore will be predominantly derived from underground extraction with 5 separate work areas in the underground reflecting the new lode discoveries:  Tribune, Deacon, Viago, Marceline and Armand.

The Bellevue mine is now in the commissioning phase, with plant throughput forecast to ramp up to consistent production at the nameplate processing capacity of 1 Mtpa. Internal modelling shows potential growth to 1.2 Mtpa with no additional capital, which will further increase efficiencies.