More annual reports from Bellevue Gold Limited:
2023 ReportPeers and competitors of Bellevue Gold Limited:
Duke RealtyAnnual
Report
2022
CO N T E N T S
Vision, Purpose, Objective & Values
Bellevue Gold Snapshot
Chairman’s Letter
Operating & Financial Review
Development & Exploration
Sustainability
People & Culture
Resources & Reserves Statement
2
4
6
9
12
16
18
28
Competent Persons’ Statements, Notes & Cautionary Statements
30
Directors’ Report
Remuneration Report
Financial Statements
Corporate Information
Corporate Directory
33
46
67
108
113
1
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022 V I S I O N , P U R P O S E , O B J E C T I V E & VA LU E S
PAS S I O N
Each day we will pursue our purpose
with passion and belief – a fierce
determination to succeed and an
excitement about what we do.
ACCO U NTA B I LIT Y
We are all accountable to deliver
value for our shareholders, community
and people. We will always act with
the highest level of integrity.
C A R E
We care for the health, safety and
wellbeing of our community and people.
Respect for our people, stakeholders and
the environment is critical to our success.
E XC E LLE N C E
We aim for the highest standards of
performance and conduct in everything
we do and support everyone in our
team to achieve this.
2
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022 O U R
V I S I O N
To be a sustainable gold
mining company that
enriches our shareholders,
community and people.
O U R
P U R P O S E
To create a high-performance
organisation that delivers
superior shareholder value,
positive ESG outcomes
and an environment for our
people to thrive.
O U R
O B J E C T I V E
To deliver returns to shareholders
and other stakeholders by
bringing the Bellevue Gold Project
into production and to create
opportunities for future growth.
V I S I O N , P U R P O S E , O B J E C T I V E & VA L U E S
3
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022 B E LLE V U E G O LD S N A PS H OT1
One of Australia’s highest-grade gold mines, with
a Mineral Resource of 3.1Moz; fully funded and
on-track for production in the second half of CY23.
G R A D E
A N D S CA LE
3.1Moz
at 9.9g/t gold Global Resource
Forecast to be one of the highest-grade, lowest cost mines with Life of
Mine All-in Sustaining Costs of A$1,000/oz - $1,100/oz and one of the fastest
growing, high-grade gold developments globally in a Tier 1 mining jurisdiction.
$2.1B*
Net Free Cashflow, 68% IRR*
PR O F ITA B I LIT Y
The Bellevue Gold Project is forecast to deliver sector leading margins, A$2.1B
of free cashflow (pre-tax) and an outstanding Internal Rate of Return of 68%
(pre-tax and assuming a A$2,500/oz gold price) over the initial 10 year mine life.
*Free Cashflow and IRR are based on pre-tax figures.
$317.5m
Total Liquidity
F U LLY F U N D E D
Total liquidity of $317.5M with $117.5m in cash and equivalents and an underwritten
and credit-approved project loan facility of A$200M from leading resource
specialist bank Macquarie Bank Limited (as at 30 June 2022).
1 All-In-Sustaining Cost and pre-tax free cashflow are based on the economic assumptions detailed in the section
titled “Material assumptions” on page 8 of the ASX announcement dated 10 June 2022 titled “Project Production,
De-risking and Growth Update-update”.
4
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022 B E L L E V U E G O L D S N A P S H O T
+1Mtpa
T H R O U G H P U T
C A PAC I T Y
The processing plant is being designed for a 1 million tonne per annum (Mtpa)
throughput, with a conventional gravity and CIL processing flowsheet.
Internal modelling shows potential growth to 1.2 Mtpa with no additional
capital, which will further increase efficiencies.
TOP
20
F O R E C A S T
P R O D U C T I O N
200koz/pa2
Forecasted annual production of 200,000 ounces per annum, which
would place Bellevue Gold within the top twenty Australian gold mines.
S TR O N G
E S G F O C U S
Target Net
Zero by 2026
Bellevue Gold has the ambitious goal of net zero greenhouse gas (GHG)
emissions for the Bellevue Gold Project by 2026.
This will be underpinned by a sector-leading renewable energy power
station, with a forecast 70-80% renewable energy penetration rate.
Our ability to produce ‘green gold’ will be a world-first and the Company is
exploring opportunities to generate a ‘green premium’ for the sale of its gold.
2 The total life-of-mine (LOM) production is underpinned by 72.4% Probable Ore Reserves and the remaining 27.6% is
Inferred Mineral Resources. There is a low level of geological confidence associated with Inferred Mineral Resources
and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources
or that the production target itself will be realised
5
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022 C H A I R M A N ’ S L E T T E R
Dear Shareholders
It is my pleasure to present to you the
Annual Report of your Company for the
2022 financial year.
Over the past 12 months, Bellevue
Gold has continued to execute on its
dual track strategy of development
and exploration.
The successful execution of this dual
track strategy will continue to unlock
value for our stakeholders and the
project continues to exhibit world
class potential.
Resources have grown to over 3Moz
and we now have a 10 year mine life in
a Tier 1 jurisdiction with sector leading
margins. We are fully funded and
on-track for gold production in the
2023 calendar year.
The countdown to production and
cashflow at our Bellevue Gold Project
in Western Australia is well and truly
on. After several years of hard work,
and well over half a million metres of
drilling and exhaustive technical and
economic studies, your Company is
preparing to join the ranks of ASX-
listed gold producers.
At the time of writing, we had just
signed the contract to build the
processing plant. Not only does this
agreement with GR Engineering
Services Limited (GRES) mark a major
milestone for the project, but it means
we have added another highly
regarded member to our development
team while also further insulating the
project against rising costs.
GRES joins a host of leaders in their
specialist fields, including mining
contractor Develop Global Limited
(Develop), who are working with our
world-class team at Bellevue Gold to
maximise the immense opportunity
offered to us by our exceptional asset.
With the plant construction
agreement signed, we had 90% of the
project’s pre-production costs locked
in via contracts or at advanced
tender stage. These de-risk the
project significantly, particularly given
the inflationary environment in which
we are immersed.
We are also making rapid progress
with the underground development.
This is being carried out by a world-
class team of underground mining
specialists comprising contractor
Develop, led by former Northern
Star Resources Executive Chair, Bill
Beament, and our highly experienced
in-house team.
The outstanding achievements both
above and below ground ensure that
we are on track for production in the
second half of next calendar year.
Developing the Bellevue Gold Project
constitutes one of our two clearly
designated strategies for creating
shareholder value. The other avenue
is through mineral inventory growth,
which we aim to achieve by investing in
ongoing exploration.
The past financial year saw Bellevue
Gold enjoy much success on this
latter front. Our drilling campaigns
have culminated in the project now
boasting a total resource of 3.1Moz at
9.9g/t gold. We have also established
the 10 year mine life considered very
valuable in investment circles.
By continuing to expand and upgrade
the inventory, we not only create value
by virtue of the additional ounces,
but we stand to generate increased
returns on the mining and processing
infrastructure we are putting in place.
As we prepare for the transition to
production and cashflow, I believe
it is important to emphasise that
the Bellevue Gold Project is not just
another gold mine. Upon completion
of the ramp-up, Bellevue Gold is
expected to be a 200,000oz a year
gold miner with low all-in sustaining
costs of A$1,000/oz-1,100/oz. This will
make it a top-20 Australian gold mine
and one of only eleven gold mines
6
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022 C H A I R M A N ’ S L E T T E R
in the world with production of more
than 180,000oz a year at more than
5g/t gold in a Tier-one location.
This strong production and highly
competitive cost base will sit against
a backdrop of substantial scope for
ongoing inventory growth. And to cap
it all off, Bellevue Gold is forecast to
be Australia’s lowest carbon emitting
gold mine as measured by carbon
emissions per ounce of any ASX listed
gold producer.
These metrics mean Bellevue Gold is
poised to be one of the most financially
and environmentally successful
Australian gold miners, ensuring the
Company is highly attractive to global
investors and generates strong returns
for all stakeholders.
For the enviable position in which we
now find the Company, I would like
to thank our exceptionally talented
and committed staff, contractors and
management team. Your skills and
hard work are much appreciated.
I would also like to thank the Tjiwarl
Aboriginal Corporation, which represents
the Traditional Owners of the lands
on which we operate. Your help and
co-operation has been invaluable as
we seek to protect areas of important
Aboriginal cultural significance.
And on behalf of the Board, I would
also like to thank our shareholders for
their strong support over the past year.
We look forward to ongoing execution
of our growth and development
strategy in FY23.
Kevin Tomlinson
Non-Executive Chairman
"Upon completion of the ramp-up,
Bellevue Gold will be a 200,000oz
a year gold miner with low all-in
sustaining costs of A�1,000/oz-1,100/oz.
This will make it a top-20 Australian
gold mine and one of only eleven gold
mines in the world with production of
more than 180,000oz a year at more
than 5g/t gold in a Tier-one location."
7
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022
8
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022 Operating &
Financial
Review
9
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022 O P E R AT I N G & F I N A N C I A L R E V I E W
During the 2022 financial year, significant milestones were achieved on
the pathway towards production at the Bellevue Gold Project (Project).
The delivery of the Stage Two Feasibility Study (FS2) provided the
platform for a strongly bid debt funding process, with the result being
acceptance of a �200 million underwritten and credit-approved project
loan from leading resource specialist bank Macquarie Bank Limited
(Macquarie). This debt facility combined with an equity raising and a
heavily subscribed share purchase plan, totalling �142.7 million, placed
the Company in a fully funded position through to production.
The completion of FS2 and access
to capital allowed your Company to
embark on its journey from an explorer
to a mid-tier, low cost, low carbon
intensity gold producer. Progress across
all critical paths to production has
been made during the year, including
exploration, underground mine
development, contractor tender and
selection processes and construction.
Commercial production is forecast for
the second half of CY23. Sustainability
has also been at the forefront of the
Company’s strategic planning and
has been integrated into the decision-
making processes supporting each of
these activities.
84km of drilling was completed at
the Project during the year, with a
key focus on Resource conversion.
During May 2022, an updated Mineral
Resource Estimate (MRE) was released
incorporating all drilling completed
up until that date. Notably, Indicated
Resources increased 0.3Moz to 4.6Mt @
11.2g/t gold for 1.7Moz and the global
MRE now standing at 9.8Mt @ 9.9g/t
gold for 3.1Moz of contained gold.
During June 2022, the Company
reported a 29% increase in Reserves to
6.8Mt @ 6.1g/t for 1.34Moz of contained
gold. The Reserves were independently
verified by leading mining consultant
Entech and were estimated at a
conservative gold price of A$1,750/
oz. This work underpinned a broader
Project update, which incorporated
updated assumptions using
information from executed contracts
and advanced stage tenders
(representing ~90% of pre-production
capital expenditure). This Project
update resulted in the estimated
life-of-mine extending to 10 years
(from 8 years in FS2) with an average
annual gold production of 200koz
for the first five years and enviable
forecast free cash flow generation.
Underground development continues,
with an additional 3.1km completed
during the year and making significant
advance towards production
areas. Develop Global Limited
(Develop) (ASX:DVP) were awarded
the underground mining services
contract in May 2022 and completed
325 metres of development during
June 2022, a record for the Project.
Subsequent to year-end, during July
2022, the first development ore was
intersected as expected in the Armand
area of the mine. The Company will
commence stockpiling ore from this
point onwards, which will significantly
de-risk commissioning and create
maximum flexibility and optionality
pre-production.
On the surface, construction of the
339-person accommodation village
has progressed well, as planned, with
the remaining camp construction
expected to be completed in the
September 2022 quarter. An early
works construction contract was
signed with GR Engineering Services
Limited (GRES) for construction of the
1Mtpa gold processing plant during
May 2022. This allowed for ordering
of critical long lead items. The full
contract was signed after year end
during July 2022.
A substantial amount of work has
also been completed across other
areas, including developing and
implementing systems, processes,
policies and procedures to support
realisation of the Company’s strategy
and becoming a sustainable gold
mining company that enriches our
shareholders, community and people.
Some of these policies can be found in
the Corporate Governance section of
the Company’s website.
Financial Review
The Group’s cash position as at
30 June 2022 was $117.5 million and
the Company’s market capitalisation
was $660 million.
During the year the Company made an
after tax loss of $17,770,000 for the year
ended 30 June 2022 (2021: after tax loss
$12,243,000), which included investment
in its employee base, implementation
of new systems and development of
processes to support growth of the
Company through the development
phase and beyond into production.
The Group’s net assets increased to
$350,524,000 (2021: $220,676,000).
The growth in net assets was
principally due to the equity raisings
during the year ($142.7 million as noted
below) that were part used to fund
project development activities, less the
retained loss for the period.
10
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022 O P E R AT I N G & F I N A N C I A L R E V I E W
Equity Raising
Fully Funded
On 3 September 2021, the Company
successfully completed a $106 million
fully underwritten share placement
(before costs) to institutional investors
at $0.85 per share. The placement
was fully underwritten by Macquarie
Capital (Australia) Limited, Canaccord
Genuity (Australia) Limited and
Goldman Sachs Australia Pty Ltd.
In November 2021, the Company
completed an associated share
purchase plan (SPP) with subscriptions
totalling approximately $36.6 million,
well ahead of the original $25 million
target. In light of the overwhelming
demand, Bellevue Gold used its
discretion under the terms of the SPP
to accept all valid applications in full,
meaning there was no scale-back.
All Directors took up their maximum
SPP entitlement of $30,000 worth
of shares.
On 30 November 2021, the Company executed its Project Loan Facility (PLF)
of $200 million with Tier-1 Australian resource specialist bank Macquarie Bank
Limited (Macquarie). The Company anticipates initial drawdown of the PLF
during the remainder of calendar 2022.
The key terms to the facility are as follows:
Facility Amount
A$200,000,000
Tenor
31 December 2027 (~6 years from date of PLF execution)
Repayment Period Quarterly, March 2024 – December 2027
Interest Rate
BBSY plus 3.50% per annum pre-Project Completion and
BBSY plus 3.00% per annum post Project Completion
Early Repayment
Allowed without penalties or charges
Conditions &
Warranties
Entry into the 135,000oz hedging facility and a number
of customary conditions precedent (CPs) to be satisfied
before the first PLF draw down, including obtaining all the
necessary project approvals, entering into key project
contracts and completing the minimum hedge requirement.
Mandatory
Hedging
First drawdown subject to the implementation of the Gold
Hedging Facility outlined below.
Security
A registered first-ranking general security over all the
assets and undertakings of Bellevue Gold Limited, Golden
Spur Resources Pty Ltd, Giard Pty Ltd and Green Empire
Resources Pty Ltd.
The completion of the PLF, combined with Bellevue Gold’s existing cash reserves
means development of the Project is fully funded through to production and
cashflow.
In connection with the PLF, Macquarie has required modest mandatory hedging
of 135,000 ounces of gold (Gold Hedging Facility). The Gold Hedging Facility
represents only 17% of the first four years of production and represents 10% of the
Company’s Reserves. The key terms of the Gold Hedging Facility are:
Mandatory Hedging 135,000 ounces of gold
Minimum hedge
price
A$2,250 per ounce
Delivery dates
Quarterly from March 2024 to December 2027
Margin Call
Free of margin calls
Conditions &
Warranties
Customary for a project financing facility of this nature
As at 30 June 2022, Bellevue Gold has committed hedging of 112,500 ounces of
gold at a flat average hedge price of $2,571/oz.
11
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022 D E V E LO P M E N T & E X P LO R AT I O N
Bellevue Gold Project
The Company continues to
make steady and meaningful
progress towards delivering
the Bellevue Gold Project to
commercial gold production
on time and on budget,
with production on track to
commence in the second
half of CY23.
12
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022 Development activities are proceeding
comfortably in line with all the key
financial and technical forecasts and
the Project is substantially
de-risked putting it firmly on track to
be a leading 200,000oz per annum
gold producer by the second half of
the 2023 calendar year. The Project is
fully funded through to production with
the current $117.5 million cash reserves
and the undrawn $200 million debt
facility with Macquarie at 30 June 2022.
Ongoing drilling has also continued to
deliver Resource/Reserve growth with
an updated Resource and Reserve
released before the end of the reporting
period, increasing project Reserves by
+300,000 ounces to 1.34Moz @ 6.1 g/t
gold. Underground development has
continued on schedule with the first
development ore intersected subsequent
to year-end, during July 2022, and
site capital works continuing to build
momentum, with the accommodation
village largely completed and key
material contracts around the plant
construction in place.
Safety Performance
There were no Loss Time Injuries (LTIs)
during FY22. The LTIFR currently sits at
0.0, while TRIFR rate is 3.35 against an
industry average of 9.2.
The establishment and implementation
of safety systems and processes has
continued to be embedded over the
reporting period, aided by the recruitment
of a Principal – Health & Safety managing
this core function. Emergency response
capability has also been strengthened
throughout the reporting period, with
an upgrade to facilities and purchase of
specialised emergency response vehicle
and equipment.
COVID-19 management plans have
been in effect through the course of the
pandemic, with controls and operational
practices ensuring there have been no
material adverse affects on the operation.
Key Executive
Appointments
The executive management team
has been bolstered by several key
appointments of proven West Australian
mine builders and operators including
the appointment of Mr Darren Stralow
as Chief Executive Officer. Mr Stralow
was most recently Chief Development
Officer at Northern Star. Prior to this he
held several other senior positions at
Northern Star and led the integration
of the Company’s Australian business
units (Jundee, Kanowna Belle and EKJV
Operations).
Mr Bill Stirling has joined the Company
as General Manager of Operations.
Mr Stirling's previous roles included
General Manager of Jundee, and
General Manager of the Kalgoorlie
Operations and General Manager
of Bronzewing all operated by
Northern Star.
Mr Guy Moore has joined the company
as Chief Financial Officer. Mr Moore
has more than 20 years’ experience
as a chartered accountant and was
most recently the General Manager
of Finance at Northern Star and was
previously Group Finance Manager at
the Perth Mint and also spent over a
decade with PricewaterhouseCoopers.
Ms Amber Stanton joined the company
as General Counsel and Company
Secretary. Ms Stanton has more than 20
years of legal and commercial, strategic
and corporate governance experience.
Ms Stanton has been a partner at two
international legal firms and was most
recently General Counsel and Company
Secretary at Resolute Mining Limited.
Material Contracts
The Company has secured a number of
key contracts to advance development
of the Project with more than 90% of
the pre-production capital expenditure
either contracted or at advanced
tender stage as at 30 June 2022.
This significantly de-risks the Project's
exposure to inflationary cost pressures
currently being experienced across the
industry.
In April 2022 the Company awarded the
underground mining services contract to
a wholly owned subsidiary of Develop.
The contract, which is valued at ~A$400
million and covers a period of almost
four years, provides for Develop’s
underground mining services division to
undertake development and production
activities at the Project. Develop has
established a highly experienced team
of underground mining specialists which
includes senior managers who have
worked for West Australian contractors
such as Byrnecut, Barminco and
Northern Star Mining Services.
D E V E L O P M E N T & E X P L O R AT I O N
Develop mobilised to site in May 2022 and
is currently conducting all underground
mining services at the project.
Grade control drilling services
have been secured by Australian
Underground Drilling (AUD) Services
until December 2023.
Subsequent to the end of financial year,
the Company awarded the engineering,
procurement and construction contract
for the 1Mtpa gold processing plant to
GR Engineering Services Limited (ASX:
GNG) for a total fixed price of $87.8
million, allowing the capital required for
the key plant components to be fixed.
Long lead items including the ball mill,
crushing equipment, screens, agitators
and leach and tailings thickeners have
been ordered.
Development &
Early Works
Work on site continues to build
momentum with the establishment of a
339 person accommodation village to
support mining at the Project. Village
construction is progressing well with more
than 65% of the mine camp established
by the end of the reporting period.
By the end of the financial year a total
of 5.1km of preproduction underground
development has been completed.
Underground mining continues to
experience excellent development
rates, supported by robust geotechnical
conditions. Development is progressing
both to the northern and southern mining
districts, accessed from the Paris Portal,
with first high grade development ore
from the northern decline occurring
subsequent to year-end, during July 2022.
In the June 2022 quarter, the surface
primary fans were split and moved to
underground primary fan chambers
in both the southern mining district
and in the northern mining district. The
two mining areas now have separate
ventilation systems, which allows for
independent firing and facilitates a
high degree of operational productivity.
The increase in total primary airflow will
accommodate the required mining fleet
during the ramp-up in development
intensity in FY23, with the new primary
system configuration such that it can be
advanced progressively with each of the
declines, which in turn further de-risks
the project.
13
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022 D E V E L O P M E N T & E X P L O R AT I O N
As noted, first development ore occurred
subsequent to year-end in July 2022 from
the northern production front, with the
remaining production areas expected to
be opened during the next 12 months.
The Project has been optimised and
updated with the inclusion of the
completed material contracts and a
change to a top-down mining sequence.
Pre-production capital costs have not
materially changed since FS2 forecasts
despite cost escalations experienced
across the industry during the
financial year. This has been achieved
incorporating increased efficiencies
associated with the top-down mining
method, increased development
rates based on performance from
the underground mine to date and a
switch to more productive 4.5m x 4.5m
development profile.
The optimised project exhibits the same
financial and technical robustness as
FS2 with first gold production forecast
for the second half of CY23. During
the first 12 months of commercial
production, the Project is forecast to
produce between 180,000 to 200,000
ounces3 at an AISC of A$1,000/oz-
$1,100/oz. Production for the first five
years of mine life is forecast to average
200,000 ounces3 at an AISC of A$1,000-
$1,100 per ounce of gold. The Company
expects pre-tax free cashflow to
average $254 million annually for the
first five years of production and total
pre-tax free cashflow of $2.1 billion is
forecast over the 10-year life-of-mine
(LOM) based on the 1.85Moz inventory
and a $2,500/oz gold price.
Project Reserves have increased at
a CAGR of 29% to 6.8Mt @ 6.1g/t gold
for 1.34Moz and the Project LOM has
increased to 10 years and 9.9Mt @ 5.8g/t
gold for 1.85Moz. Reserves have been
estimated at a A$1,750/oz gold price.
5.6m @ 62.7g/t gold from 496.4m
12.5m @ 18.8g/t gold from 704.7m
2.7m @ 113.2g/t gold from 450.9m
10.1m @ 9.0g/t gold from 412.2m
14.3m @ 5.5g/t gold from 692.3m and
0.7m @ 19.0g/t gold from 743.2m
Geology & Exploration
0.8m @ 288.1g/t gold from 670.2m
Reserve growth at the Project has
continued with an exceptional Inferred
Resource conversion to Reserve cost of
less than $25 per ounce delivered since
the previous reporting period. Reserve
conversion drilling has benefited from
the establishment of the underground
access, which has resulted in increased
drilling rates, reduced metres to target
and a substantially reduced unit cost
when compared to surface drilling.
The advancing underground
development has opened numerous drill
platforms along the main strike of the
orebody allowing underground drilling to
deliver continued Resource conversion
and growth drilling. A total of 63,027m
of underground drilling has been
completed during the financial year.
The drilling has been focussed on the
Deacon North/Marceline and Deacon
Main areas where high grade results
reported 23 June 2021 included:
2.2m @ 22.0g/t gold from 482.4m and
3.6m @ 6.8g/t gold from 482.4m
2.2m @ 22.9g/t gold from 447.7m and
2.7m @ 13.4g/t gold from 491.2m and
0.3m @ 70.5g/t gold from 579m
1.4m @ 125.7g/t gold from 524.6m
The ongoing drilling at the Deacon
Shear continues to expand the
boundaries of the Resource/Reserve
area and demonstrate the ongoing
growth potential from the deposit.
While drilling during FY23 will be
focussed on Resource development
and grade control ahead of commercial
production, the exploration pipeline
of high priority targets including
down plunge to the south that will be
opened for exploration targeting by
the underground development, point
to excellent potential to continue to
Site underground development capital works & Resource development drilling
Last 12 Months
June Qtr. 2022 March Qtr. 2022
Dec Qtr. 2021
Sep Qtr. 2021
Capital Decline Advance (m)
Capital Level Advance (m)
Rehabilitation Advance (m)
Total Development Advance (m)
1,597
1,340
166
3,103
211
544
47
802
467
244
0
711
384
307
-
691
535
245
119
899
Operational physicals for the preceding 12 months
Last 12 Months
June Qtr. 2022 March Qtr. 2022
Dec Qtr. 2021
Sep Qtr. 2021
Underground Drilling (m)
Surface Drilling DD (m)
Surface Drilling RC (m)
63,027
19,017
2,046
15,042
17,778
2,368
-
17,687
-
-
12,520
16,649
2,046
3 The total life-of-mine (LOM) production is underpinned by 72.4% Probable Ore Reserves and the remaining 27.6% is Inferred Mineral Resources.
There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work
will result in the determination of Indicated Mineral Resources or that the production target itself will be realised.
14
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022
organically grow the Resource and
Reserve inventory. The processing plant
which is being constructed has been
designed to allow throughput to be
increased to 1.2Mtpa with no additional
capital required, allowing the Company
to target production beyond the
forecast 200,000 ounces per annum
with potential Resource growth. With
multiple working faces from two main
mining areas (northern and southern) the
Project is also capable of comfortably
exceeding the forecast 1Mtpa mining
rate. The processing plant has also
been designed to be expandable up
to 1.5Mtpa throughput with additional
capital requirements.
The Company continues to invest in
de-risking the Reserve ahead of
production with surface grade control
drilling already been completed at
Tribune. The grade control model
demonstrates an excellent correlation
and confirms the robustness of the
Resource model. Drill results reported 16
June 2021 and 2 August 2021 from the
grade control confirm the high-grade
nature of the Bellevue Lode system with
reported results including:
10m @ 15.4g/t gold from 115m
2.4m @ 46.2g/t gold from 146.1m
2.2m @ 24.8g/t gold from 73m
4.7m @ 10.0g/t gold from 81.2m
5m @ 76.4g/t gold from 55m, including
2m @ 176.6g/t gold from 56m
3m @ 15.0g/t gold from 35m
2m @ 48.9g/t gold from 20m
5m @ 9.6g/t gold from 55m
The Company has an extensive grade
control program commencing in the
September 2022 quarter targeting
10m x 10m and 20m x 10m spaced
drilling of the underground areas.
Drilling has been designed in advance
of the underground development.
Project Resources/
Reserves
During the reporting period Project
Reserves increased 29% to 6.8Mt @
6.1g/t gold for 1.34Moz (previously
5.3Mt @ 6.1g/t gold for 1.04Moz). The
updated Reserve was completed
on the May 2022 reported Mineral
Resource Estimate (MRE), which saw the
underground drilling results reflected
in growth of the Indicated Resources
to 4.6Mt @ 11.2g/t gold for 1.7Moz and
also includes optimisations to the mine
design and schedule. Global Inferred
and Indicated Resources now total 9.8Mt
@ 9.9 g/t gold for 3.1Moz.
The Project LOM inventory (including
Inferred resources) has also been
materially expanded to 9.8Mt @ 5.8g/t
gold for 1.85Moz delivering a 10-year
mine life (previously an 8.1 year LOM
and 1.56Moz of production) from the
nameplate 1.0Mtpa processing plant.
The key mining areas are materially
unchanged from the previous reporting
period with a similar capital development
design. The schedule is based around
two production centres accessed by a
northern decline and a southern decline
from the Paris portal and the latter via
the separate Tribune portal. Each decline
has multiple working faces accessible
from the infrastructure, which provides
significant flexibility for growth and de-
risks production.
1m @ 39.1g/t gold from 101m
Classification
5m @ 31.7g/t gold from 43m
3m @ 24.8g/t gold from 42m
5m @ 30.5g/t gold from 28m
5m @14.5g/t gold from 27m
5m @ 12.5g/t gold from 35m
4m @ 6.6g/t gold from 25m
6m @ 7.3g/t gold from 40m
The Mineral Resource has been
classified as a combination of Indicated
and Inferred. The classification is based
on the relative confidence within the
mineralised domain and is tempered
by the drill spacing. In areas where the
drill spacing is better than 40m strike
by 40m down dip, relative confidence
in the geological and mineralisation
interpretations allow for classification
of the grade estimates as Indicated.
In other areas where the drilling has
a greater spacing than 40m strike by
40m down dip where the confidence
D E V E L O P M E N T & E X P L O R AT I O N
in the geological and mineralisation
interpretation can only be considered
low to moderate, the grade estimates
have been classified as Inferred.
Review of material
changes
The new Resource is based on a
significant amount of infill drilling
within existing Resource areas and
new extensional drilling at the known
lodes, and supersedes the previous
estimate completed on the 8 July 2021
(refer to ASX announcement titled
“Bellevue Increases total Resources
to 3.0Moz at 9.9g/t”).
The substantial underground drilling
completed during the year has resulted
in a material change to both the
Global Resource and classification
relative to that contained in the 2021
Annual Report. The Resource has been
independently estimated or reviewed
(see Competent Person statement).
The estimate has been produced by
3D modelling of the lode systems and
grade estimation using ordinary kriging
for all lodes except Southern Belle which
used an inverse distance algorithm.
The Company reported an updated
Ore Reserve on June 10 2022.
15
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022 S U STA I N A B I LIT Y
Bellevue Gold is committed to operating sustainably, and it
aims to be Australia’s ‘Green and Gold’ miner. With the Project
ramping up into production in the second half of CY23, our
vision, purpose and PACE core values have been updated to
ensure they continue to evolve with the business.
The creation of the Health, Safety
and Sustainability Committee in 2021
ensures that the Board has oversight
on all sustainability matters, including
climate risks.
In alignment with our pathway
to production, new policies were
developed and published in 2022,
including our first ever Human Rights
Policy, Climate Change Policy and
Environmental Policy. Meanwhile, our
Sustainability Policy and Health and
Safety Policies were updated.
Our strong commitment to sustainability
is driving suppliers and contractors to
want to work with us and to deliver truly
sustainable and innovative designs. This,
in-turn, attracts prospective employees
who want to work for Bellevue Gold.
We are well on our way to production
and proud to say that sustainability has
been considered at all steps along the
design and construction of the project.
The last 12 months have seen Bellevue
Gold continue to build on its strategic
focus on sustainability and the green
economy. Since the Company embarked
upon our pathway to production in 2020,
the concept of sustainability has been
embedded in our Vision, Purpose and
the Company’s PACE core values. The
Company embraces the concept of
shared value for all its stakeholders.
The Board has set the aspirational
target of net zero emissions by 2026
and has aligned all our employees
in the pursuit of this goal through
incentives. Pleasingly, the issue of
performance rights to Executive
Directors linked to net zero emissions
by 2026 was overwhelmingly approved
by our shareholders at the 2021 AGM.
This mandate puts Bellevue Gold at
the forefront of the global challenge
of decarbonisation. An off-grid power
station with forecasted annualised
70-80% renewable energy, will see
the mine run on 100% renewable
energy for days at a time, with
engine-off capability when the solar,
wind and batteries provide all of the
power needs for the mine. This is a
world-leading design.
The Company is also leading the sector
on employee diversity. We set a target
to achieve 30% female engagement
and ensure we maintain that level during
the project ramp up where we will be
employing over 100 new employees
into the Organisation. In March 2022 our
gender diversity proudly hit 50%, which
is well above the industry average of
18% female employment in the mining
sector. The company was at 44% female
employment across all roles in June 2022.
Bellevue Gold recognises that shared
value is paramount. We believe shared
value is creating economic value in a
way that also creates value for society
by addressing its needs and challenges;
this then creates a more prosperous
society in which to operate, making a
business more sustainable and resilient.
The Health, Safety and Sustainability
Committee was formed in 2021 and
is guided by a Charter. The Health,
Safety and Sustainability Committee is
responsible for overseeing all aspects
of sustainability at Bellevue Gold,
including our sustainability strategy,
target-setting, risk assessments and
initiatives pursued in line with our
sustainability ambitions and PACE core
values. Recently, the sustainability
team was bolstered with the expansion
of Luke Gleeson’s role as the Chief
Sustainability Officer.
By embedding climate change and
sustainability considerations into
our pre-production efforts, we are
confident that the Project can set a
positive example in our industry. We are
fortunate to be starting with a clean
slate, without legacy issues, which should
translate to improved opportunities to
implement climate risk reduction options
at the Project. All climate risks were
re-evaluated in early 2022 as we continue
to adhere to the recommendations made
by the Task Force on Climate-Related
Financial Disclosures (TCFD), through our
TCFD Action Plan.
The project will generate over $3B of
economic value add into the economy
in the first 10 years of its operation
(assuming no economic multiplier) and
the vast majority of that spend will
remain in the state of Western Australia
through employment, royalties and
taxes paid. The project will employ up
to 380 personnel over construction, and
275 personnel on a steady-state basis.
Emissions and climate change impacts
are being assessed. Our recent Project
update was based on the assumption of
70-80% renewable energy. The emissions
intensity is forecast to be between
0.15 - 0.202 t CO2e/gold ounce, however
this figure will likely continue to improve
due to increased renewable energy and
other emissions-reduction initiatives
along our journey to net zero by 2026.
We seek to maintain our strong track
record of discovery success while
progressing the Bellevue Gold Project
towards production. Sustainability
was a key weighting in all tender
evaluations, such as Indigenous
engagement, emissions, safety, and
modern slavery risks.
Sustainability
Reporting
Bellevue Gold is committed to operating
sustainably and transparently disclosing
and promoting our ESG data.
16
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022 This means reporting on material topics
to our business and on topics relevant to
our stakeholders. Sustainability reporting
is an ever-evolving field and Bellevue
Gold aims to be best in class. Our 2022
Sustainability Report, (to be released in
Q4 CY2022), will be aligned with leading
sustainability frameworks, such as the
UN Sustainable Development Goals
(SDGs), the Task Force on Climate-
Related Financial Disclosures (TCFD),
the Global Reporting Initiative (GRI) and
the Sustainability Accounting Standards
Board’s (SASB) reporting for the ‘Metals
and Mining’ sector.
We aim to report on all of these
material ESG topics in an open and
transparent manner. This will show our
current figures on gender diversity,
emissions and safety – but also show
our design process that will ensure
that once we are operating, we are
doing so with the best endeavours to
minimise our impacts and to maximize
our sustainability and community
opportunities.
Net zero by 2026
Our 2021 AGM was a significant step
in our sustainability journey, with
shareholders approving a resolution
which provides incentives to key
management personnel on achieving
net zero by 2026. Bellevue Gold is
intending on aligning all employees with
Sustainability Performance Shares to
encourage and incentivise all staff to
collectively work towards achieving net
zero by 2026.
Renewable energy
We are working towards a Power
Purchase Agreement (PPA) for 70-80%
renewable energy – which will enable
Bellevue Gold to have the highest
renewable power penetration of any
off-grid mine. Power will be generated
with wind turbines and a large solar
farm and supported by Battery Energy
Storage Systems (BESS). Gas turbines will
only be used when there is not enough
solar and wind – therefore, the power
station is being designed for ‘engine
off’ capabilities, but still having the
base-load reliability of gas-fired power
generation to provide a stable power
supply for the mine, plant and village.
S U S TA I N A B I L I T Y
Forecast life of mine economic contributions by Bellevue Gold,
based on the Project update released in June 2022.
A$3.0
billion
Procurement (goods & services)
Bellevue Gold salary and wages
State and Federal taxes and government fees
Royalties, donations and community investment
17
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022 PEO PLE & C U LT U R E
At Bellevue Gold we believe
our main competitive
advantage lies with our people
- we don’t take for granted
how lucky we are to have
such a dedicated workforce
of employees whose personal
values align to our core
Company values of PACE:
Passion, Accountability,
Care and Excellence.
“At Bellevue Gold we have
placed an emphasis on
building a workplace culture
that brings out the best in
our people, a culture that
embraces diversity and
inclusion and is an environment
which all employees feel safe
to speak up and have their
voices heard”
Daina
General Manager
People & Company Culture
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BELLEVUE GOLD LIMITED ANNUAL REPORT 2022 P E O P L E & C U LT U R E
We believe that our Human Resources
strategy of becoming an ‘Employer
of Choice’ through building an
organisation with a great workplace
culture and environment has enabled
us to attract and retain our high
calibre workforce. We outline in
more detail below how we have
implemented policies and practices to
support us achieving our objective.
Recruitment Process
Bellevue Gold continues to be successful
in its efforts to recruit a high calibre
workforce through the use of our
recruitment methodology that identifies
preferred candidates who suit the
Company’s culture and core values,
and have the right technical knowledge
required for their role. Our employees
play an essential role in supporting
the Company to achieve its objectives
and vision of becoming a sustainable
gold mining company that enriches our
shareholders, community and people.
With the mining and resources sector
currently experiencing unprecedented
skills shortages and Western Australia
experiencing the lowest unemployment
rate of all the states of just 2.9%
(as at April 2022), now more than ever
employees have an opportunity to be
selective about their next role and career
move and the type of organisation
they want to work for. Throughout
the year Bellevue Gold continued to
place an emphasis on its employee
value proposition to ensure we remain
competitive within the industry.
The Bellevue Gold hiring group ensure we
are selective about the type of people
who are joining our team to maintain
the great culture we have built to date.
In exchange, Bellevue Gold offers a truly
progressive workplace, with some of the
highlights mentioned below:
— Bellevue Gold is committed to
operating sustainably. We seek
to minimise our environmental
footprint as we progress the Project
into production and are on track
to be one of the “greenest” gold
operations in Australia.
— Gender diversity is currently at 44%
female employment across all roles,
and Indigenous diversity is at 5% -
which is above the industry average.
We value and promote diversity,
equality and inclusion, and seek to
build an organisation which reflects
the diversity representative in the
general population.
— Bellevue Gold is a truly inclusive
workplace where everyone’s
ideas are welcomed, valued
and considered. Our positive
workplace culture was rated highly
by employees in the 2022 Bellevue
Gold Culture Survey.
— The Company offers ongoing job
security, with our feasibility studies
and Project updates outlining a
robust long-life Project and an
exciting future for the Company.
— The Company has an employee
commitment to conducting a formal
annual remuneration review each
year to ensure we continue to offer
competitive remuneration to our
employees aligned to above-market
rates. During this process we complete
a thorough review, considering both
internal and external comparisons, to
support Bellevue Gold in attracting
and retaining a highly skilled workforce.
This is a way for Bellevue Gold to
recognise and reward employees and
demonstrate our investment in each of
our employees’ future.
incentive program which offers
employees equity in the Company,
linked to performance, so that
all employees get to share in the
success of the organisation and
are rewarded for their efforts
and hard work. As of June 2022,
almost 100% of our employees are
currently holding performance
rights in the Company.
During the annual remuneration
review process, we also conduct a
gender pay gap audit to ensure we
are reducing the gender pay gap
and have ongoing evaluation of
any gender biases which may occur
throughout the employment cycle to
reduce the chance of this occurring.
Bellevue Gold is committed to workplace
diversity and inclusion at all levels of the
Company, and to creating a working
environment that values the contribution
of all its employees. Throughout the
recruitment process Bellevue Gold
places an emphasis on ensuring:
— People are recruited based on
their ability to perform the role in
question and are not discriminated
against on the basis of race, ethnic
origin, religion, cultural background,
colour, age, gender, sexual
orientation, marital or family status,
gender identity, disability
or political affiliation.
— That the Equal Employment
Opportunity & Diversity Policy
is applied, which recognises the
many benefits to be realised
by increasing and maintaining
diversity in our Company.
— We are attracting the right
individuals to the Company by
conducting a fair and thorough
recruitment process.
— A positive experience for
applicants that will enhance
the Company’s reputation.
Remuneration strategy
As competition increases within the
labour market, Bellevue Gold takes
proactive steps to attract, retain and
motivate top talent. Bellevue Gold
has an Employee Remuneration and
Benefits Policy, which outlines our
Employee short-term
incentive program
Bellevue Gold is committed to
ensuring it recognises the efforts of
employees and rewards them for
their contributions as this will be
crucial in sourcing and retaining
employees who live the Bellevue Gold
values and will drive the Company’s
success. In support of this, Bellevue
Gold offers performance rights to
eligible employees under a short-term
incentive program on an annual basis.
Under the program, eligible employees
are entitled to additional remuneration
in the form of performance rights which
equate to a percentage of their total
fixed remuneration and which vest
based on continued employment and
employee performance in the annual
performance review process.
The program is aimed at promoting
and increasing employee share
ownership. Furthermore, this creates an
opportunity for everyone who performs
well to be rewarded and is designed to
develop a clear line of sight between
business objectives and reward at all
levels in the Company. We will soon be
rolling out an exciting initiative where
all employees will be incentivised
and rewarded for their contribution in
helping the Company achieve certified
net zero emissions by 2026.
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BELLEVUE GOLD LIMITED ANNUAL REPORT 2022 P E O P L E & C U LT U R E
Equal employment
opportunity & diversity
commitments
At Bellevue Gold we promote
diversity, equality, and inclusion in
all that we do, and we seek to build
an organisation which reflects the
diversity representative of the general
population. Diversity refers to all the
characteristics that make individuals
different from each other, including
attributes such as religion, race,
ethnicity, language, gender, sexual
orientation, disability and age. The
ages of our employees range from
19 to 64, with an average age of 38.5
years old. Our workforce is made up
of over 15 various nationalities working
together to collectively deliver on the
Company objectives.
Bellevue Gold currently has fourteen
Diversity Ambassadors within the
Company who meet regularly to
promote diversity initiatives within
the Company and work in alignment
with Human Resources to ensure our
commitment to inclusion and diversity
is at the forefront of all we do. Activities
undertaken during the year include:
— Participating in a high school
education program through
the Gold Industry Group which
promotes careers in mining and
particularly gold mining, with
a focus on targeting young
females to enter the industry. This
program involved Bellevue Gold
employees facilitating interactive
presentations with high school
aged students regarding gold
exploration and mining. Bellevue
Gold employees also talked to
students about their personal
experiences working in the
industry and promoted careers
in mining with an emphasis on
opportunities for women.
— Ensuring the Bellevue Gold
diversity statement is included
in all Bellevue Gold employment
advertisements.
— Providing cultural awareness
training to Bellevue Gold
leaders managing First Nations
employees (with specific regard
to cultural specifications and
communication).
— Attending university career days.
Employees from Bellevue Gold
met with university students to
promote careers in mining, with a
particular focus on highlighting
opportunities for women.
— Regular policy reviews to
ensure inclusive, gender-neutral
language is used throughout
Company documents.
It is a priority for Bellevue Gold to
ensure that we continue to place
an emphasis on diversity within the
Company. During the year, the Board
set measurable objectives for female
and Indigenous employment, which
are disclosed publicly on the principle
that “what gets measured, gets done”.
We believe our success can be
attributed to the Company-wide
commitment and energy focused
on delivering on these objectives.
Bellevue Gold has put policies in place
which demonstrate our commitment
to diversity which aligns with our
PACE core values. We have in place
a paid Parental Leave Policy which
supports both primary and secondary
carers to take paid time off work
to focus on family responsibilities.
We also have a Flexible Work Policy
which enables employees to create
a balance between their family
caring responsibilities and their
work responsibilities, which we know
supports mums (in particular) to return
to and/or stay in the workforce.
By setting measurable objectives
and reporting on them, Bellevue
Gold is demonstrating its genuine
commitment to creating a diverse
and inclusive workplace and building
an organisation which provides equal
opportunities for all its employees.
To ensure meaningful and lasting
changes take place, Bellevue Gold
is committed to working towards
implementing long term strategies to
be embedded across the organisation.
It is important these strategies
(including policies, processes, culture
and ways of working) consider how
Bellevue Gold can best support
and enable diverse talent, increase
retention and build a stronger and
more diverse leadership pipeline.
The results of all these efforts are
reflected in the table below which
illustrates how Bellevue Gold currently
stands against the Workplace Gender
Equality Agency’s (WGEA) averages for
the mining sector.
Diversity at Bellevue Gold as at 30 June 2022 in comparison to current mining industry averages
Diversity
Bellevue Gold
Mining Sector
Employee female participation
Board female representation
Females in leadership roles
Overall Gender Pay Gap*
Indigenous participation
44%
40%
28%
20%
5%
18%4
19.2%4
19%4
14.2%4
4.7%5
* Gender Pay Gap measures the difference between the average earnings of women and men in the workplace.
This is an internationally established measure of women’s position in the economy in comparison to men.
4 2021 WGEA Report Mining Division
5 2019 WA Resources Sector CME Report
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BELLEVUE GOLD LIMITED ANNUAL REPORT 2022 P E O P L E & C U LT U R E
Overall total employee female
participation at Bellevue Gold as
at 30 June 2022 was 44%, and the
proportion peaked at 50% across the
company in March 2022 - which is an
amazing achievement. These sector-
leading diversity metrics compare very
well to the WGEA national averages,
including the Mineral, Metal and
Chemical Wholesaling sector which
has an average of 18.3% women, and
the Gold Ore Mining Sector6 which
has 19.7% women. Bellevue Gold
has a goal to have employment of
Indigenous employees at a higher rate
than the industry average, which is
currently benchmarked at 4.7% in the
WA Resources Sector, according to a
report by the Chamber of Minerals and
Energy of Western Australia. The recent
report – Woort Koorliny Australian
Indigenous Employment Index 20227
– estimated that the Indigenous
employment rate across surveyed
employers is 2.2%. Bellevue Gold strives
to do better than the mining sector
and we are pleased to report that we
are outperforming on this metric.
6
7
https://data.wgea.gov.au/
comparison/?id1=461&id2=396
https://cdn.minderoo.org/content/
uploads/2022/05/22105150/Woort-
Koorliny-Australian-Indigenous-
Employment-Index-2022.pdf
People Strategy
In addition to the above-mentioned strategies and policies, Bellevue Gold also has:
Annual performance reviews
for all employees
Annual remuneration reviews
for all employees
Annual gender pay
equity audit
Employee development
Training and upskilling
opportunities, study support,
annual succession planning
Awareness training – ensure
all employees attend
training on:
— Inclusion and Diversity
— Bullying and Harassment
— Sexual Harassment
Awareness
— Mental Health First Aid
Training
— Indigenous Cultural
Awareness
Indigenous Trainee Program
Ongoing partnership with
Clontarf Foundation
Paid Primary and Secondary
Parental Leave for both
women and men
We also implemented a
Flexible Work Policy in 2020,
which enables employees to
create a balance between their
family caring responsibilities and
their work responsibilities, which we
know supports primary care givers
to return to/ stay in the workforce.
Established facilities to
support primary carers
returning to work such as
parent rooms
Employee Reward and
Recognition Program
Employee Referrals Program,
to support employees who
successfully refer new
applicants
Leadership Training
to encourage internal
promotions
Mentoring Program
Select employees take part in
mentoring programs each year.
Where possible Bellevue Gold
focuses on succession planning
and creating pathways for
internal promotion, and as such
we need to ensure we have the
right guidance and mentoring in
place for employees to develop.
We currently have four Bellevue
Gold employees participating in
the AusIMM mentoring program.
21
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022 P E O P L E & C U LT U R E
Graduate & Vacation Student Program
Our passionate and dynamic leaders
at Bellevue Gold are focused on
building and developing a great team
to share in Bellevue Gold’s success
and to be part of the Company’s
exciting future. Critical to our success
is the recruitment and development of
university graduates. In 2021, Bellevue
Gold employed three graduate
geologists (two women and one man)
who were the first to complete the
Bellevue graduate program which
involves on-the-job learning through
a rotation schedule in various areas of
the organisation. These employees are
now on a pathway to promotion upon
completion of their graduate programs
in late 2022.
Training & Upskilling Programs
Bellevue Gold has a Learning
and Development Policy and is
committed to providing learning
and development opportunities to
employees. Bellevue Gold employees
are encouraged to increase their
knowledge, develop their skills and
broaden their experience within their
respective roles and the Learning
and Development Policy supports
the Company to:
— Improve performance of
employees in their current roles;
— Prepare employees for future roles
and career development;
— Enable employees to adapt to
meet the changing requirements
of the company;
— Maintain and enhance the quality
of service in all areas; and
— Increase job satisfaction.
“From the mentoring program I have gained an
understanding of how I can achieve my short-term goal
of becoming a project geologist with Bellevue Gold and
determining what skills I need to develop in order to move
into that role. I have also received advice to support my
longer-term plans, I aspire to have a family one day and
would need to be in a role which permits flexible around this,
I am confident that this is achievable with Bellevue Gold as I
have seen firsthand how they accommodate flexible working
arrangements and support their employees”
Verity, Mine Geologist.
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BELLEVUE GOLD LIMITED ANNUAL REPORT 2022 P E O P L E & C U LT U R E
The Bellevue Gold & Clontarf Indigenous
Employment Program
Bellevue Gold has partnered with the
Clontarf Foundation and the Clontarf
Aboriginal College since 2019 to
provide opportunities for pathways
to employment for young Aboriginal
and Torres Strait Islander men.
We offer trainees the opportunity to
gain work experience in the mining
industry to improve their chances
of gaining permanent employment.
Where an opportunity may become
available at Bellevue Gold, we look
to progress employees who have
successfully completed the program
into permanent work.
"While participating in Bellevue’s graduate program I've
had the opportunity to develop my skills and experience as
a geologist, having been exposed to multiple aspects of
exploration and mine geology. I'm grateful to have access
to many people at Bellevue who not only want to see the
project succeed, but who are genuinely invested in helping me
achieve success in my own career aspirations"
Jordan, Graduate Geologist.
“I started working with Bellevue in July 2021, joining the
Geology department as a trainee Field Technician. It was
my first time ever working in the mining industry and it has
been an amazing experience working with a supportive and
encouraging group of people, who have helped me grow
and thrive in this position. I am extremely grateful for this
opportunity and looking forward to moving on to a new role
next year as a Purchasing and Stores Officer. I am excited
for this opportunity to upskill and grow in this role.”
Marika, Field Technician
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BELLEVUE GOLD LIMITED ANNUAL REPORT 2022 P E O P L E & C U LT U R E
Mental Health &
Wellness Strategies
Employee wellness is an important
aspect of our commitment to health
and safety. Bellevue Gold believes
that the wellbeing of our employees
is key to our organisational success
and sustainability. Bellevue Gold has
a wellness program in place which
delivers initiatives to encourage
overall employee wellbeing.
The Company is committed to
supporting employee wellness from
both a physical and mental health
point of view and has implemented
a number of initiatives.
employee. The amount will cover the
cost of the employee’s membership
at a gym, pilates, yoga, boxing or
other health and fitness club/institute.
This is a direct benefit for employee
which assists with happy and healthy
lifestyles.
RU OK? DAY
Bellevue Gold holds events at
both the Perth office and on site to
acknowledge RUOK? Day, to raise
awareness of the importance of
mental health and to encourage
meaningful conversations between
colleagues to check in on each other.
GYM CONTRIBUTION
Bellevue Gold took on feedback from
our employee engagement survey and
has been reviewing and upgrading
the Bellevue Gold Health and Wellness
Program including the introduction of
a $1,000 per annum Health & Fitness
Membership reimbursement for each
EMPLOYEE ASSISTANCE
PROGR AM
From the very early stages of the Project,
Bellevue Gold has engaged the support
of an Employee Assistance Program
(EAP) provider to ensure all employees
have access to a confidential
counselling service to help individuals
deal with personal or work-related
issues in a positive way. This involves
short-term counselling to assist
employees in overcoming life’s
challenges and return them to a better
state of emotional well-being. Bellevue
Gold is currently using the services
with PeopleSense. The EAP is a free,
professional and confidential counselling
service. The service can be used for any
personal or work-related issues that may
be impacting your general wellbeing.
MENTAL HE ALTH FIRST AID
TR AINING
With 1 in 5 Australian adults
experiencing a common mental health
challenge each year and, being
equipped with mental health first aid
skills will enable individuals to support
a friend, family member or co-worker
when they are experiencing a mental
health challenge or are in a mental
health crisis, which can make a real
difference in a person’s life. Bellevue
Gold is endeavouring to have all
employees trained and qualified as
24
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022 P E O P L E & C U LT U R E
Mental Health First Aiders, with multiple
training sessions already delivered
throughout 2021 and 2022. Through
open dialogue, we aim to reduce the
stigma associated with mental illness
and ensure our people feel comfortable
asking for help when needed.
Over 60% of Bellevue Gold employees
have completed the training and are
officially Mental Health First Aiders.
COVID-19 Response
Bellevue Gold continued to review its
working practices due to the outbreak
of COVID-19. In response to COVID-19,
Bellevue Gold swiftly adopted a
COVID-19 Response Guideline which
included implementing work from
home practices during government
mandated lockdowns. The option to
work from home to support flexible
working arrangements and to reduce
the health risk associated with
COVID-19 continues to be exercised by
employees and we have adapted our
work styles to accommodate remote
working options for employees where
requested and possible.
Where required, Bellevue Gold
upgraded its systems and practices
to enable employees to work remotely
and remain equally as productive to
ensure the workforce continued to
thrive during these unprecedent
times and ongoing disruptions
caused by COVID-19.
In 2022, Bellevue Gold has continued
to implement interventions targeted at
reducing transmission risk of COVID-19.
These measures were tailored to
different work areas, including
transportation of workers, mining,
accommodation, and logistics, both
for site and Perth office. The pandemic
has required Bellevue Gold to develop
an agile approach, with our teams
adjusting to different processes and
workplace practices. This dynamic
environment continues to evolve with
the pandemic.
NAIDOC Week
Bellevue Gold is proud to celebrate
NAIDOC Week each year, and
recognise the history, culture and
achievements of Aboriginal and Torres
Strait Islander peoples.
We recognise that the Bellevue Gold
Project is located on the lands of the
Tjiwarl native title holders, and our head
office is on the lands of the country of
Whadjuk nation of the Noongar people.
Interestingly, the word “Tjiwarl” means
“something shining” in the local
language – which has parallels to
our gold mine.
Mr Zac James is a Tjiwarl native title
holder and hosted a workshop with
all Bellevue Gold office staff, to help
us understand what culture means
to us and to delve into our collective
understanding of what belonging,
independence, mastery, generosity
mean. Mr James related this to how
25
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022 Employees provided feedback on key
focus areas which included, health
and safety, employee engagement,
job satisfaction, our culture, the
PACE core values, work life balance,
remuneration and benefits, personal
career objectives, relationship with
manager/supervisor and executive
leadership team. This feedback will
be used to shape the development
of future internal People and Culture
related initiatives across
the organisation.
Bellevue Gold also offers all employees
who leave the business the
opportunity to participate in an exit
survey. This is to gain insight into their
experience working at Bellevue Gold
as well as an understanding of their
motivation to leave the organisation,
which can then be used to review
our practices if required.
P E O P L E & C U LT U R E
our backgrounds may differ and hence
we may have various views of culture,
and it is important to understand an
Aboriginal perspective, and specifically
a Tjiwarl-centric view of culture and
traditions. Mr James played a short
video showing the importance for
caring for country, with some stories
from his family and footage of Ngurlu
Wiriwiri (Jones Creek), which is where
the Federal Court of Australia sat
in 2017 to deliver the Tjiwarl Native
Title Determination, which was a very
important step for the Tjiwarl people.
Mr Talbot and Mr Zabar Muir are
Tjiwarl native title holders and hosted
a NAIDOC Week presentation for our
Bellevue Gold site staff, and explained
the theme of the 2022 NAIDOC Week,
which is: Get Up! Stand Up! Show Up!
Mr Talbot and Mr Zabar Muir gave a
presentation which included a Welcome
to Country and a presentation on
tjukurrpa (dreaming) in the area.
Bellevue Gold is proud to be working
with Tjiwarl native title holders, on
the protection of culturally significant
sites, conducting Aboriginal Culture
Awareness training for staff and to
work together on other opportunities in
NAIDOC Week and throughout the year.
Culture Survey
& Engagement
The management team at Bellevue
Gold believe it is essential that we
regularly obtain feedback from our
people on how we are performing as
an organisation, with the view that
we can only strengthen our culture
and employee working experience if
we know what we are doing well and
where we need to improve.
In support of this, HR conducted
a Employee Culture Survey of the
whole workforce in May 2022 and
encouraged all employees to
participate, with an overall response
rate of 97%.
26
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022 P E O P L E & C U LT U R E
E M P LOY E E
E N GAG E M E N T
S CO R E S
K E Y
T H E M E S
The ‘Net Promoter Score’ reflects how positively
employees speak about the business and the
likelihood they would recommend the Company
to a friend or colleague. Bellevue Gold employees
rated the organisation very positively overall,
with an average score of 7.4 out of 10.
7.4/10
average Net
Promoter Score
72%
overall employee
engagement score
82%
rated Bellevue Gold
as embracing diversity
& inclusiveness
95%
rated Bellevue Gold as
providing good support
& access to mental
health resources
82%
are inspired to go
above & beyond
Friendly, inclusive,
progressive & positive
were the top associations
employees made of the
Bellevue Gold culture
27
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022 R E S O U R C E S & R E S E R V E S S TAT E M E N T
Updated Mineral Resources & Ore Reserve estimates – Bellevue Gold Project
The current Mineral Resource estimate for the Bellevue Gold Project is reported below:
Global Mineral Resource estimate at 30 June 2022
Mineral Resource
Tonnes (Mt)
Grade (g/t Au)
Contained Ounces (Moz)
Indicated Mineral Resources
Inferred Mineral Resources
Total Mineral Resources
4.6
5.2
9.8
11.2
8.8
9.9
1.7
1.5
3.1
Notes: Figures may not add up due to rounding. Mineral Resources are reported at a 3.5g/t lower cut-off and include Ore Reserves.
Domain breakdown of Indicated & Inferred Mineral Resource estimate
Domain
Marceline/Deacon North
Deacon Main
Viago
Tribune
Hamilton/Henderson/Armand
Bellevue Remnant
Vanguard Pit
Southern Belle
Total
Indicated
Inferred
Tonnes
(Mt)
Au Grade
(g/t)
Gold
(Moz)
Tonnes
(Mt)
Au Grade
(g/t)
Gold
(Moz)
1.8
0.6
0.9
0.6
0.6
-
0.09
-
4.6
10.3
16.0
11.3
9.0
11.5
-
6.8
-
11.2
0.59
0.32
0.33
0.19
0.21
-
0.02
-
1.65
1.2
0.7
0.6
0.3
1.0
1.00
0.04
0.36
5.2
7.4
11.2
8.2
5.9
7.6
10.8
5.4
10.4
8.8
0.28
0.24
0.15
0.07
0.25
0.34
0.01
0.12
1.46
Notes: Figures may not add up due to rounding. Mineral Resources are reported at a 3.5g/t lower cut-off and include Ore Reserves.
The Ore Reserve estimates for the Bellevue Gold Project (based on the 10 June 2022 Project Update) is reported below:
Ore Reserve estimate – Project Update Study at 30 June 2022
Ore Reserve
Tonnes (Mt)
Grade (g/t Au)
Contained Ounces (Moz)
Proved Ore Reserve
Probable Ore Reserve
Total Ore Reserve
-
6.8
6.8
-
6.1
6.1
-
1.34
1.34
Notes: Figures may not add up due to rounding. Ore Reserves are reported using a $1,750 AUD gold price basis for cut-off grade calculations.
28
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022 R E S O U R C E S & R E S E R V E S S TAT E M E N T
Previous Mineral Resource estimate - Bellevue Gold Project
The previous Mineral Resource estimate for the Bellevue Gold Project (as at 30 June 2021) is reported below:
Global Mineral Resource estimate
Mineral Resource
Tonnes (Mt)
Grade (g/t Au)
Contained Ounces (Moz)
Indicated Mineral Resources
Inferred Mineral Resources
Total Mineral Resources
3.9
5.6
9.4
11.0
9.0
9.9
1.4
1.6
3.0
Notes: Figures may not add up due to rounding. Mineral Resources are reported at a 3.5g/t lower cut-off.
Domain breakdown of Indicated & Inferred Mineral Resource estimate
Domain
Marceline/Deacon North
Deacon Main
Viago
Tribune
Hamilton/Henderson/Armand
Bellevue Remnant
Vanguard Pit
Southern Belle
Total
Indicated
Inferred
Tonnes
(Mt)
Au Grade
(g/t)
Gold
(Moz)
Tonnes
(Mt)
Au Grade
(g/t)
Gold
(Moz)
1.30
0.56
0.89
0.64
0.43
-
0.09
-
3.9
9.9
15.6
11.4
8.1
11.8
-
6.8
-
11.0
0.41
0.28
0.33
0.18
0.16
-
0.02
-
1.4
1.49
0.70
0.53
0.39
0.84
1.28
0.04
0.36
5.6
7.8
9.6
8.5
5.8
8.4
11.1
5.4
10.4
9.0
0.38
0.22
0.14
0.07
0.23
0.46
0.01
0.12
1.6
Notes: Figures may not add up due to rounding. Mineral Resources are reported at a 3.5g/t lower cut-off and include Ore Reserves.
The previous Ore Reserve estimate for the Bellevue Gold Project (as at 30 June 2021, based on the Stage 2 Feasibility Study)
is reported below:
Ore Reserve estimate – from the Stage 2 feasibility study
Ore Reserve
Tonnes (Mt)
Grade (g/t Au)
Contained Ounces (Moz)
Proved Ore Reserve
Probable Ore Reserve
Total Mineral Resources
-
5.3
5.3
-
6.1
6.1
-
1.04
1.04
Notes: Figures may not add up due to rounding. Ore Reserves are reported using a $1,750 AUD gold price basis for cut-off grade calculations.
The 2022 Resource figure is based upon an extra 101 underground drillholes for 42,425m completed since the 2021FY Resource
Statement and an updated Resource statement was released to the ASX on the 4th of May 2022.
Governance controls
The Competent Persons have reviewed all data used in the estimation of the Resources/Reserves and consider the data to have
been collected using appropriate industry standard practices and which, to the most practical degree possible are representative,
unbiased, and collected with appropriate QA/QC practices in place. All Mineral Resource estimates quoted above have been
estimated by independent consultant Mr Brian Wolfe and Bellevue Gold full time employee Mr Sam Brooks in accordance with the
2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code).
All Ore Reserves estimates are prepared by Competent Persons using data that they have reviewed and applied appropriate
modifying factors. All Ore Reserves quoted above are based on and fairly represent information and supporting documentation
compiled by independent consultant Mr Shane McLeay in accordance with the JORC Code.
29
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022 CO M P E T E N T P E R S O N S ’ S TAT E M E N T S ,
N OT E S & C AU T I O N A RY S TAT E M E N T S
COMPETENT PERSONS’
STATEMENTS
The information in this report that
relates to Mineral Resources at the
Bellevue Gold Project is based on
and fairly represents information and
supporting documentation compiled
by Mr Brian Wolfe and Sam Brooks.
Mr Wolfe is a Competent Person
who is an independent consultant
specialising in Mineral Resource
estimation, evaluation and exploration.
Mr Wolfe is a Member of the Australian
Institute of Geoscientists and is an
employee of International Resource
Solutions Pty Ltd, a company engaged
by Bellevue Gold. Mr Wolfe does not
hold securities in Bellevue Gold.
Mr Wolfe has sufficient experience
which is relevant to the style of
mineralisation and type of deposit
under consideration and to the activity
being undertaken to qualify as a
Competent Person as defined in the
2012 Edition of the Australasian Code
for Reporting of Exploration Results,
Mineral Resources and Ore Reserves
(JORC Code). Mr Wolfe consents to
the inclusion in this report of all
technical statements based on his
information in the form and context
in which they appear.
Mr Brooks is a Competent Person
is a full-time employee of Bellevue
Gold Limited and a competent
person for the reporting of Mineral
Resource estimation. Mr Brooks is a
Member of the Australian Institute of
Geoscientists. Mr Brooks has sufficient
experience which is relevant to the
style of mineralisation and type of
deposit under consideration and to
the activity which being undertaken
to qualify as a Competent Person as
defined in the JORC Code. Mr Brooks
holds securities in Bellevue Gold and
consents to the inclusion in this report
of all technical statements based on
his information in the form and context
in which they appear.
Information in this report that relates
to Ore Reserves at the Bellevue
Gold Project is based on, and fairly
represents, information and supporting
documentation compiled by Mr Shane
McLeay, a Competent Person who is
a full-time employee of Entech Pty
Ltd, a company engaged by Bellevue
Gold. Mr McLeay is a Fellow of the
Australasian Institute of Mining and
Metallurgy. Mr McLeay does not hold
securities in Bellevue Gold.
Mr McLeay has sufficient experience
which is relevant to the style of
mineralisation and type of deposit
under consideration and to the activity
which being undertaken to qualify
as a Competent Person as defined in
the JORC Code. Mr McLeay consents
to the inclusion in this report of all
technical statements based on his
information in the form and context
in which they appear.
Information in this report that relates
to Exploration Results is based on
and fairly represents information and
supporting documentation compiled
by Mr Sam Brooks, a Competent
Person who is a full-time employee of
and holds securities in Bellevue Gold
Limited. Mr Brooks is a Member of the
Australian Institute of Geoscientists.
Mr Brooks has sufficient experience
which is relevant to the style of
mineralisation and type of deposit
under consideration and to the activity
being undertaken to qualify as a
Competent Person as defined in the
JORC Code. Mr Brooks consents to
the inclusion in this report of all
technical statements based on his
information in the form and context
in which they appear.
The annual Mineral Resources and Ore
Reserves Statement disclosed in this
Annual Report is based on, and fairly
represents, information and supporting
documentation prepared by a
competent person or persons.
The Mineral Resources and Ore
Reserves Statement as a whole has
been approved by Mr Sam Brooks.
Mr Brooks is a full-time employee of
Bellevue Gold Limited and a Member of
the Australian Institute of Geoscientists.
Mr Brooks has provided his prior written
consent as to the form and context in
which the Mineral Resources and Ore
Reserves Statement appears in this
Annual Report.
NOTES
The information in this report that
relates to production targets
(including subsets of such targets)
was first reported in accordance
with ASX Listing Rule 5.16 in the ASX
announcement dated 10 June 2022
titled "Project Production, De-risking
and Growth Update-update”.
The Company confirms that all the
material assumptions underpinning the
production targets, and the forecast
financial information derived from the
production targets, continue to apply
and have not materially changed.
DISCL AIMER
This report has been prepared by
the Company based on information
from its own and third party sources
and is not a disclosure document.
No party other than the Company
has authorised or caused the issue,
lodgement, submission, despatch
or provision of this report, or takes
any responsibility for, or makes or
purports to make any statements,
representations or undertakings in
this report. Except for any liability
that cannot be excluded by law,
the Company and its related bodies
corporate, directors, employees,
servants, advisers and agents disclaim
and accept no responsibility or liability
for any expenses, losses, damages or
costs incurred by you relating in any
way to this report including, without
limitation, the information contained
in or provided in connection with
it, any errors or omissions from it
however caused, lack of accuracy,
completeness, currency or reliability or
you or any other person placing any
reliance on this report, its accuracy,
completeness, currency or reliability.
Information in this report which is
attributed to a third-party source
has not been checked or verified
by the Company. This report is not
a prospectus, disclosure document
or other offering document under
Australian law or under any other
law. It is provided for information
purposes and is not an invitation nor
offer of shares or recommendation
for subscription, purchase or sale in
30
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022 C O M P E T E N T P E R S O N S ’ S TAT E M E N T S , N O T E S & C A U T I O N A R Y S TAT E M E N T S
Forward looking All-In-Sustaining Cost
estimates have been prepared on a
real basis at a project level.
Any All-In-Sustaining Cost, pre-tax
free cashflow and IRR estimates in this
report are based on the economic
assumptions detailed in the section
titled “Material assumptions” on page
8 of the ASX announcement dated
10 June 2022 titled “Project Production,
De-risking and Growth Update-update”.
any jurisdiction. This report does not
purport to contain all the information
that a prospective investor may require
in connection with any potential
investment in the Company. It should be
read in conjunction with, and full review
made of, the Company’s disclosures
and releases lodged with the Australian
Securities Exchange (ASX) and available
at www.asx.com.au. Each recipient must
make its own independent assessment
of the Company before acquiring any
shares in the Company.
FORWARD LOOKING
INFORMATION
This report contains forward-looking
statements. Wherever possible,
words such as “intends”, “expects”,
“scheduled”, “estimates”, “anticipates”,
“believes”, and similar expressions
or statements that certain actions,
events or results “may”, “could”, “would”,
“might” or “will” be taken, occur or be
achieved, have been used to identify
these forward-looking statements.
Although the forward-looking
statements contained in this report
reflect management’s current beliefs
based upon information currently
available to management and based
upon what management believes
to be reasonable assumptions, the
Company cannot be certain that
actual results will be consistent with
these forward-looking statements.
A number of factors could cause events
and achievements to differ materially
from the results expressed or implied
in the forward-looking statements.
These factors should be considered
carefully and prospective investors
should not place undue reliance on the
forward-looking statements. Forward-
looking statements necessarily involve
significant known and unknown
risks, assumptions and uncertainties
that may cause the Company’s
actual results, events, prospects and
opportunities to differ materially from
those expressed or implied by such
forward-looking statements. Although
the Company has attempted to identify
important risks and factors that could
cause actual actions, events or results
to differ materially from those described
in forward-looking statements, there
may be other factors and risks that
cause actions, events or results not to
be anticipated, estimated or intended,
including those risk factors discussed
in the Company’s public filings. There
can be no assurance that the forward-
looking statements will prove to be
accurate, as actual results and future
events could differ materially from
those anticipated in such statements.
Accordingly, prospective investors
should not place undue reliance
on forward looking statements. Any
forward-looking statements are made
as of the date of this report, and the
Company assumes no obligation
to update or revise them to reflect
new events or circumstances, unless
otherwise required by law. This report
may contain certain forward- looking
statements and projections regarding:
— estimated Resources and
Reserves;
— planned production and
operating costs profiles;
— planned capital requirements; and
— planned strategies and corporate
objectives.
Such forward looking statements/
projections are estimates for
discussion purposes only and should
not be relied upon. They are not
guarantees of future performance
and involve known and unknown risks,
uncertainties and other factors many
of which are beyond the control of
the Company. The forward-looking
statements/projections are inherently
uncertain and may therefore differ
materially from results ultimately
achieved. The Company does not
make any representations and
provides no warranties concerning
the accuracy of the projections
and disclaims any obligation to
update or revise any forward-looking
statements/projects based on new
information, future events or otherwise
except to the extent required by
applicable laws.
31
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022 32
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022 Directors'
Report
33
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022 D I R E C TO R S ' R E P O R T
D I R EC TO R S ’ D E TA I L S
The Directors present their report on the consolidated
financial statements of Bellevue Gold Limited
(Company or Bellevue) and the entities controlled
(together, the Group), for the year ended 30 June 2022.
The following persons were Directors of the Company during or since the end of the financial year:
Mr Tomlinson is currently an
Independent Non-Executive Director
of TSXV- listed Kodiak Copper
Corp, where he chairs the Health,
Safety, Environment and Community
Committee, and was previously a
director of Centamin Plc and Chairman
of Medusa Mining, as well as a member
of the gold producers’ respective
Health, Safety and Environment
Committees. Former directorships
also include ASX/TSX-listed Cardinal
Resources Ltd and ASX-listed Burkina
Faso gold developer Orbis Gold Ltd,
where he was a member of their
respective Technical Committees and
was involved with environmental and
community studies. He was the chair
of the Remuneration Committee and
a member of the Audit Committee
at Samco Gold Ltd, a member of the
Audit Committee at Kodiak Copper
and a member of the Remuneration
Committee at Centamin Plc.
Mr Tomlinson is a Fellow of the
Chartered Institute of Securities and
Investment (CISI) and a Liveryman of the
Worshipful Company of International
Bankers (UK). He holds a Bachelor
of Science (Honours) and a Masters
degree in Structural Geology and
has a Graduate Diploma in Finance
and Investment, Banking, Corporate,
Finance and Securities Law from the
Securities Institute of Australia.
Director since 9 September 2019
Mr Tomlinson chairs Bellevue’s Health,
Safety & Sustainability Committee and
is a member of Bellevue’s Nomination
& Remuneration Committee and the
Audit & Risk Management Committee.
Current Listed Directorships:
— Kodiak Copper Corp
(Appointed 14 December 2020)
— Churchill Resources Inc
(Appointed 21 June 2021)
Past Listed Directorships
(last 3 years):
— Cardinal Resources Limited
(from 7 November 2016 to
31 January 2021)
— Xanadu Mines Limited
(from 29 May 2017 to
30 April 2019)
— Infinity Lithium Corporation
(from 8 June 2017 to
27 November 2019)
— Samco Gold Limited
(from 15 January 2012 to
15 April 2021)
— C3 Metals Inc
(from 5 January 2021 to
30 June 2022)
Kevin Tomlinson
Non-Executive Chairman – HBSc.
MSc. Geology, Grad Dip. Finance
and Investment, Banking, Corporate,
Finance and Securities Law
Mr Tomlinson has over 36 years’
experience in exploration,
development and financing of
mining projects globally in the North
American, Australasian and European
markets. He was previously Managing
Director of Investment Banking at
Westwind Partners and Stifel Nicolaus
(2006-2012) raising significant equity
and providing M&A corporate advice,
and is the former Chairman of Cardinal
Resources Ltd, leading its C$587
million sale to Shandong Gold.
He graduated as a structural geologist
and completed his MSc on narrow
high-grade gold veins in Victoria,
Australia, has worked in technical
and senior management roles for
mining companies including Plutonic
Resources, and was Head of Research
at Hartley’s stockbroking.
34
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022 D I R E C TO R S ' R E P O R T
D I R E C TO R S ' D E TA I L S
Mr Parsons is a geologist with over
20 years’ experience in the mining
industry. He has a proven track
record of mineral discoveries,
corporate growth, international
investor relations, creating
shareholder wealth and advocating
for the future generation through
ensuring sustainability, diversity and
inclusion remain a priority within the
mineral industry.
Prior to Bellevue Mr Parsons has
held a number of directorships and
consultant roles with ASX mineral
resource companies, including
Gryphon Minerals Ltd that he founded
as Managing Director and oversaw to
becoming an ASX 200 company.
Mr Parsons has an honours degree
in Geology.
Director since 31 March 2017
Mr Parsons is a member of Bellevue’s
Health, Safety & Sustainability Committee.
Current Listed Directorships:
— Auteco Minerals Limited
(Appointed 28 January 2020)
Past Listed Directorships
(last 3 years):
— Centaurus Metals Limited
(from 31 March 2017 to
28 February 2019)
— African Gold Limited
(from 1 February 2018 to 1 April 2020)
— Blackstone Minerals Ltd
(from 30 October 2017 to
24 December 2020)
risk management and compliance,
regulation and corporate governance,
both in Australia and internationally.
Ms Coates is currently Executive
Director of Emerson CoSec, a national
corporate advisory, compliance and
governance service provider, with clients
predominantly in the mineral exploration,
development and production sector.
In this role, Ms Coates has advised on
numerous IPO and M&A transactions,
and equity capital raisings.
Ms Coates is company secretary to
a number of ASX- listed companies,
including Mincor Resources NL and
ASX 200 Nearmap Limited. She is
also a Non-Executive Director of
ASX-listed Vmoto Limited, an electric
vehicle company with manufacturing
operations in China and a global
distribution network.
Ms Coates is a qualified lawyer,
Chartered Secretary and graduate of the
Australian Institute of Company Directors’
(AICD) Company Directors course.
She is a past recipient of the
West Australian Women in Mining
scholarship and was selected for the
AICD Chairman’s Mentoring Program.
Director since 13 May 2020
Ms Coates chairs Bellevue’s
Nomination & Remuneration
Committee and is a member of the
Audit & Risk Management Committee.
Current Listed Directorships:
— Vmoto Limited
(Appointed 22 May 2014)
Past Listed Directorships
(last 3 years):
— Flinders Mines Limited
(from 20 June 2018 to
25 November 2019)
— Enrg Elements Limited
(formerly Kopore Metals Limited)
(from 14 October 2015 to
16 March 2020)
35
Stephen Parsons
Managing Director – BSc (Hons)
Geology, MAusIMM
Shannon Coates
Non-Executive Director – LLB, BJuris,
GAICD, AGIA/ACG
Ms Coates has more than 25 years’
experience in corporate law, compliance
and the provision of corporate advisory
services to publicly listed companies
across a variety of industries including
resources, manufacturing and
technology. Her significant experience
in representing and advising boards of
public companies has equipped her with
skills in a wide range of corporate and
commercial matters, including strategy,
remuneration, mergers and acquisitions,
debt and equity capital markets,
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022 D I R E C TO R S ' R E P O R T
Michael Naylor
Non-Executive Director – BCom., CA
Mr Naylor has 26 years’ experience
in corporate advisory and public
company management since
commencing his career and qualifying
as a chartered accountant with
Ernst & Young.
Mr Naylor has been involved in the
financial management of mineral
and resources focused public
companies serving on the board
and in the executive management
team focusing on advancing and
developing mineral resource assets
and business development.
Mr Naylor has worked in Australia and
Canada and has extensive experience
in financial reporting, capital raisings,
debt financings and treasury
management of resource companies.
Director since 24 July 2018
Mr Naylor was Company Secretary
from 1 December 2017 to 26 July 2021.
Mr Naylor ceased as Chief Financial
Officer and an Executive Director
effective from 1 April 2022 but
remained as a Non-Executive Director
from 1 April 2022.
From 1 April 2022, Mr Naylor has been a
member of Bellevue’s Nomination and
Remuneration Committee.
Current Listed Directorships:
— Auteco Minerals Limited
(Appointed 30 November 2018)
— Midas Minerals Ltd
(Listed 7 September 2021)
— Cygnus Gold Limited
(appointed 25 May 2022)
36
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022 D I R E C TO R S ' R E P O R T
D I R E C TO R S ' D E TA I L S
Director since 13 May 2020
Ms Robertson chairs Bellevue’s
Audit & Risk Management Committee
and is a member of the Nomination
and Remuneration Committee and
the Health, Safety & Sustainability
Committee.
Current Listed Directorships:
— Whitehaven Coal Limited
(Appointed 16 February 2018)
— 29Metals Limited
(Appointed 27 May 2021)
Past Listed Directorships
(last 3 years):
— Heron Resources Limited
(from 9 April 2015 to 31 July 2020)
She is currently a Non-Executive
Director of ASX- listed Whitehaven
Coal Limited and 29Metals Limited,
where she chairs the Audit & Risk
Committees for both companies
as well as being a member of
their respective Health, Safety &
Environment Committees. Prior NED
roles include ASX-listed Drillsearch
Energy Limited (2009-2016) where
she was Chair of the Audit & Risk
Committee and a member of the
People, Remuneration, & Health,
Safety, Environment and Community
Committee.
Fiona was an active member of the
leadership team of WIMnet, the
AusIMM’s Women in Mining Network,
from 2012 to 2017 and remains a strong
advocate for diversity and inclusion in
optimizing workforce effectiveness.
Ms Robertson was recognised as
one of the 100 Global Inspirational
Women in Mining in 2020 by WIM UK
and named 2017 Gender Diversity
Champion in Australian Resources
by ‘Women in Mining & Resources
National Awards’ & 2017 Gender
Diversity Champion in NSW Mining in
the NSW Minerals’ Council’s Women in
Mining Awards.
Ms Robertson holds a Masters degree
in Geology from the University of
Oxford, is a Fellow of the Australian
Institute of Company Directors and is a
Member of the Australasian Institute of
Mining and Metallurgy.
Fiona Robertson
Non-Executive Director – MA (Oxon)
Geology, FAICD, MAusIMM
Ms Robertson is a professional
non-executive director specialising
in the resources sector. She has over
40 years’ experience in corporate
finance, including more than 30 years
working with emerging and mid-tier
mining and oil & gas companies as
a banker, CFO and non-executive
director, guiding growth-oriented
resource companies through major
transitions. She has worked previously
for The Chase Manhattan Bank in
London, New York and Sydney, and
as CFO of ASX-listed Delta Gold
Limited. Her executive experience
in resources spans exploration,
development and producing projects
across Australia, North America,
Africa and Asia, and includes finance,
strategy, mergers and acquisitions,
corporate governance and risk
management (including health, safety
and environmental risk oversight),
and management of stakeholder
engagement spanning investor, public
and local community relations.
37
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022 D I R E C TO R S ' R E P O R T
E XEC U TI V E M A N AG E M E NT TE A M
Darren Stralow
Amber Stanton
Luke Gleeson
Guy Moore
Chief Executive Officer - BEng
Mining, MAusIMM, GAICD
General Counsel & Company
Secretary – LLB
Ms Stanton has more than
20 years of legal, commercial,
strategic and corporate
governance experience.
Ms Stanton was most
recently General Counsel
and Company Secretary at
Resolute Mining Limited and
was previously a partner in
two international law firms.
During this time, she played
key roles in an extensive range
of transactions, including
mergers and acquisitions and
capital market raisings, and
provided advice on mining
law, corporate governance
and general corporate and
commercial matters.
Ms Stanton commenced
as General Counsel and
Company Secretary on
26 July 2022.
Mr. Stralow is an experienced
mining executive and qualified
mining engineer with over
20 years’ industry experience.
Prior to commencing at
Bellevue, he was a member
of the senior management
team at Northern Star
Resources for over 10 years,
with roles including head
of operations and head of
business development during
a period of exceptional
growth. He has extensive
experience in strategy
development and execution,
building and operating
modern underground
mining operations,
business integration and
transformation, and building
high performing teams.
Darren has a Bachelor
of Engineering (Mining
Engineering) from the Western
Australian School of Mines,
is a member of the AusIMM
and a Graduate of the AICD.
Mr Stralow commenced as
Chief Executive Officer on
6 December 2021.
38
Chief Financial Officer - CA
Mr Moore is a chartered
accountant Mr Moore is
a Chartered Accountant
with more than 20 years
of experience in financial
management and reporting,
treasury activities and
mergers and acquisitions.
Mr Moore was previously
GM Finance at Northern
Star Resources (ASX: NST)
during which time he was
instrumental in financial
due diligence, post-
acquisition and divestment
activities stemming from
the Company’s merger
and acquisition activities.
Previously he was Group
Finance Manager at the Perth
Mint and spent 13 years at
PricewaterhouseCoopers
between Perth and London as
a senior manager in Financial
Assurance and Capital
Markets and Accounting
Consulting Services.
Mr Moore commenced as
Chief Financial Officer on
21 March 2022.
Chief Sustainability Officer
& Head of Corporate
Development – Bachelor of
International Finance, Grad
Dip Mineral Exploration
Geoscience, MSc Mineral
Economics, MAusIMM
Mr Gleeson has 20 years of
experience in the industry
and was previously head
of Investor Relations and
Business Development Officer
with ASX listed gold producer
Northern Star Resources
(ASX:NST). At Northern Star,
he was involved with their
asset acquisitions and played
key roles in securing equity
funding and communicating
with the global analyst and
investment community.
He has a Bachelor of
International Finance from
Griffith University QLD &
post- graduate qualifications
in Mineral Exploration
Geoscience (WASM) and a
Masters of Science (MSc) in
Mineral Economics, Western
Australian School of Mines and
is also a Member of AusIMM.
Mr Gleeson is also a member
of the Australian Defence
Force where he is an active
member of the Australian
Army Reserve serving as a
Patrolman with the Regional
Force Surveillance Group
(RFSG) 3 Squadron Pilbara
Regiment.
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022 D I R E C TO R S ' R E P O R T
E X E C U T I V E M A N A G E M E N T T E A M
Sam Brooks
Daina Del Borrello
Bill Stirling
GM People & Company
Culture – B(Psych)
General Manager Operations
- BEng Mining
Mr Stirling is a Mining Engineer
with more than 15 years of
experience.
Mr Stirling was previously
Northern Star Resources
(ASX: NST) General Manager
Jundee, General Manager
Kalgoorlie Operations
and General Manager
of Bronzewing. Mr Stirling
specialises in operational
productivity and contract
negotiations.
Mr Stirling commenced at
Bellevue on 10 January 2022.
Daina is an experienced
Human Resources professional
with over 20 years’ experience
working in mining HR
developing and implementing
strategies and initiatives
which align with the overall
business strategy. Daina
has extensive experience
in managing employee
relations issues, workplace
grievances, the development
and management of
company culture, employee
development and the
recruitment and selection
process.
Daina holds a Bachelor
of Psychology Degree
specialising in Organisational
Psychology.
Chief Geologist – BSc.
Geology, PGcert
Geostatistics
Mr Brooks is a geologist with
over 20 years of experience in
gold and mineral exploration,
resource estimation and
project development. He led
the discovery of the Wahgnion
Gold deposit and was involved
in the Bankable Feasibility
study. The Wahgnion deposit is
now one of Endeavour Mining’s
key assets.
He has been instrumental in
leading geological teams
to over 7 million oz of gold
discoveries globally
including leading the
geology team at Bellevue
since the commencement
of exploration.
Mr Brooks holds a Bachelor
of Science degree majoring
in Geology, Otago University,
with postgraduate
geostatistics and is a
member of the AIG.
39
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022 D I R E C TO R S ' R E P O R T
Director & Executive Changes
Ms Amber Stanton commenced as General Counsel and Company Secretary on 26 July 2021.
Mr Darren Stralow commenced as Chief Executive Officer on 6 December 2021.
Ms Maddison Cramer stepped down as Joint Company Secretary effective from 24 December 2021.
Mr Guy Moore commenced as Chief Financial Officer on 21 March 2022.
Mr Michael Naylor transitioned from the roles of Executive Director and Chief Financial Officer to Non-Executive Director
effective from 1 April 2022.
Interests in the shares, options & performance rights of
the Company & related bodies corporate
At the date of this report, the interest of the Directors in the shares and performance rights of Bellevue Gold were:
Name
Stephen Parsons
Michael Naylor
Fiona Robertson
Shannon Coates
Kevin Tomlinson
Ordinary Fully Paid Shares
Performance Rights
34,032,932
2,266,199
141,324
75,294
175,294
8,329,157
3,060,602
-
-
600,000
No options are held by Directors of the Bellevue Gold Limited.
Directors’ Meetings
The number of Directors’ meetings (including meetings of Committees of Directors) held during the year, and the number of
meetings attended by each Director is as follows:
Director
meetings
Audit & Risk
Management
Committee
Nomination &
Remuneration
Committee
Health, Safety
& Sustainability
Committee
Held While
Director
Attended
Held while
Committee
Member
Attended
as a
Committee
Member
Held while
Committee
Member
Attended
as a
Committee
Member
Held while
Committee
Member
Attended
as a
Committee
Member
13
13
13
13
13
13
13
12
13
13
7
N/A
N/A
7
7
7
N/A
N/A
7
7
5
2
5
2
N/A
N/A
5
5
5
5
N/A
N/A
N/A
3
3
N/A
N/A
N/A
3
3
Director Name
Shannon Coates
Michael Naylor
Stephen Parsons
Fiona Robertson
Kevin Tomlinson
All Directors were eligible to attend all meetings held. Mr Parsons and Mr Naylor8 were invitees to the Audit & Risk
Management Committee and Nomination and Remuneration Committee meetings and Mr Naylor and Ms Coates
were invitees to the Health, Safety and Sustainability Committee meetings. (except for those parts of the meetings
held "in camera" from management, at which Mr Parsons and Mr Naylor (while an Executive Director) did not attend).
8 While Mr Naylor was an Executive Director until 1 April 2022. From 1 April 2022, Mr Naylor was a member of the Nomination and Remuneration
Committee and attended meetings as a member of that Committee.
40
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022 D I R E C TO R S ' R E P O R T
Principal Activities
The Group’s principal activities include the development of the Bellevue Gold Project located approximately 40km to the
north-west of Leinster in the Goldfields region of Western Australia. The Group also undertakes other regional exploration
and evaluation activities within Western Australia.
Shares & Options
UNISSUED SHARES
At the date of this report no unissued shares of the Company under option are outstanding.
SHARE PL ACEMENTS & ISSUES
During FY22, the Company issued the following shares, excluding options and performance rights exercised:
Details
Date
No. of Shares
Price per Share $
Amount raised
before costs $
Placement
7 September 2021
124,825,609
$0.85
106,101,768
Underwriting fee
7 September 2021
2,000,000
Gap STI Shares
22 September 2021
89,433
Underwriting fee
19 October 2021
1,000,000
-
-
-
-
-
-
Share Purchase Plan
18 November 2021
43,102,455
$0.85
36,637,087
CY20 STI Shares
1 December 2021
63,543
Underwriting fee
1 December 2021
1,000,000
Consultant shares
7 December 2021
100,000
-
-
-
-
-
-
SHARES ISSUED ON EXERCISE OF OPTIONS
During FY22, the Company issued the following shares on exercise of options:
Date
No. of Shares
Price per Share $
Amount raised
before costs $
24 January 2022
50,000
0.60
30,000
SHARES ISSUED ON VESTING OF PERFORMANCE RIGHTS
During FY22, the Company issued the following shares on vesting of performance rights:
Date
30 July 2021
28 September 2021
22 November 2021
24 February 2022
22 April 2022
4 May 2022
10 May 2022
No. of shares
75,000
150,000
108,246
23,426
10,000
25,000
21,719
41
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022 D I R E C TO R S ' R E P O R T
OPTIONS ISSUED
During FY22, no options were granted over the ordinary shares of the Company.
PERFORMANCE RIGHTS GR ANTED
During FY22, the Company granted the following performance rights which
convert to shares subject to the satisfaction of certain performance and/or
retention milestones:
Performance Rights
Grant date
Expiry date
1,053,952
25,000
928,075
1,207,454
1,300,000
5,145,655
6,171,424
1,512,835
40,767
53,871
466,045
392,216
70,628
145,115
156,285
739,015
130,356
6/08/2021
20/08/2026
19/08/2021
31/12/2024
31/08/2021
30/06/2023
31/08/2021
30/09/2024
24/09/2021
31/12/2024
3/12/2021
3/12/2021
3/12/2021
31/07/2025
30/11/2026
10/01/2026
4/01/2022
31/07/2025
4/01/2022
30/11/2026
10/01/2022
30/11/2026
10/01/2022
10/01/2026
1/03/2022
30/06/2023
1/03/2022
30/09/2024
21/03/2022
31/07/2025
21/03/2022
30/11/2026
7/06/2022
2/06/2026
RE VIEW OF OPER ATIONS
Information on the operations and financial position of the Group is set out in the
Operating and Financial Review section on pages 9 to 11 of this Annual Report.
SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS
Other than the matters referred to in the review of operations, there were no
significant changes in the state of affairs of the Group during the year.
E VENTS SUBSEQUENT TO
REPORTING DATE
Subsequent to the end of financial
year, the Company awarded the
engineering, procurement and
construction contract for the
1Mtpa gold processing plant to
GR Engineering Services Limited
(ASX: GNG) for a total fixed price of
$87.8 million, allowing the capital
required for the key plant components
to be fixed. Long lead items including
the ball mill, crushing equipment,
screens, agitators and leach and
tailings thickeners have been ordered.
In August 2022, Bellevue paid $7.5M of
the contract price through the issue
of 12,318,305 ordinary shares, aligning
GR Engineering with the project and
reducing Bellevue’s pre-production
cash funding requirement.
Subsequent to year-end, the Group
executed the remainder of the initial
hedge program and also added a
further 50,000 ounces of gold forwards;
resulting in the Group’s current hedge
position being 185,000 ounces of
gold sold forward at a flat average
price of $2,632.05 per ounce.
This takes the overall hedged position
to 13.8% of Reserves hedged. The
Group considered the opportunity to
add to the hedge book as sensible
and prudent from a risk mitigation
perspective when taking into account
a variety of factors, including: the
increased cash flow certainty afforded
by hedging over the Group’s debt
service period, which may allow
the business to accelerate loan
repayments, increased volatility in
USD gold prices and exchange rates,
the relatively high achievable forward
prices, and the potential for future
increases in production above the
Bellevue Project’s nameplate 1 million
tonnes per annum processing capacity.
Other than the above, there are no
set matters or circumstances that
have arisen since the end of the
financial period that have significantly
affected or may significantly affect the
operations of the Group, the results of
those operations, or the affairs of the
Group in future financial years.
42
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022 D I R E C TO R S ' R E P O R T
LIKELY DE VELOPMENTS
The Company will continue to advance
all necessary exploration, evaluation
and development activities at the
Bellevue Gold Project necessary to
achieve commercial production at the
operation’s mine and processing plant.
Regional exploration and evaluation
activities will continue.
ENVIRONMENTAL REGUL ATION
& COMPLIANCE
Bellevue Gold is committed to ensuring
compliance with environmental laws
and minimising the environmental
impacts of its exploration and
operation of the Bellevue Gold Project,
with an appropriate focus placed
on compliance with environmental
regulations.
A potential environmental incident
was notified to Bellevue Gold on
31 August 2020 which was investigated
by Bellevue Gold and the Department of
Water and Environmental Regulation of
Western Australia and remains ongoing.
No other material breaches have
occurred or have been notified by
any Government agencies during
the year ended 30 June 2022.
INDEMNIFICATION &
INSUR ANCE OF DIRECTORS &
OFFICERS
The Company has entered into a Deed
of Indemnity, Insurance and Access with
each of the Directors and Officers which
will indemnify them against liabilities
incurred to a third party (not being the
Company or a related body corporate
of the Company) as a Director or Officer
of the Company or a related body
corporate of the Company.
The liability insured is the
indemnification of the Company
against any legal liability to third
parties arising out of any Directors'
or Officers' duties in their capacity
as a Director or Officer other than
indemnification not permitted by law.
The Company has, during the financial
year, paid an insurance premium in
respect of an insurance policy for the
benefit of the Directors, secretaries,
executive officers and employees
of the Company and any related
bodies corporate as defined in the
insurance policy.
The insurance grants indemnity against
liabilities permitted to be indemnified
by the Company under Section 199B of
the Corporations Act 2001 (Cth).
In accordance with commercial practice,
the insurance policy prohibits disclosure
of the terms of the policy, including the
nature of the liability insured against
and the amount of the premium.
No liability has arisen under this
indemnity as at the date of this report.
PROCEEDINGS ON BEHALF OF
THE COMPANY
No person has applied to the Court
under section 237 of the Corporations
Act 2001 (Cth) for leave to bring
proceedings on behalf of the Company,
or to intervene in any proceedings to
which the Company is a party, for the
purpose of taking responsibility on
behalf of the Company for all or part of
those proceedings.
Details of the amounts paid or payable
to the auditor Ernst & Young and related
entities for audit and non-audit services
provided during the year are set out in
Note 22 to the financial statements.
The Board has considered the non-
audit services provided during the year
by the auditor, and is satisfied that the
provision of those non-audit services
during the year is compatible with,
and did not compromise, the auditor
independence requirements of the
Corporations Act 2001 (Cth) for the
following reasons:
— all non-audit services were subject
to the corporate governance
procedures adopted by the
Company and have been reviewed
by the Board to ensure they do not
impact upon the impartiality and
objectivity of the auditor
— none of the services undermine
the general principles relating
to auditor independence as set
out in APES 110 Code of Ethics for
Professional Accountants.
DIVIDENDS
No dividend was paid or declared by
the Company in the financial period
and up to the date of this report.
INDEMNIT Y OF AUDITORS
The Company has agreed to indemnify
its auditors, Ernst & Young, to the extent
permitted by law, against any claim by
a third party arising from the Group’s
breach of its agreement. The indemnity
requires the Company to meet the full
amount of any such liabilities including
a reasonable amount of legal costs.
ROUNDING
The company is of a kind referred
to in ASIC Legislative Instrument
2016/191, relating to the ‘rounding off’
of amounts in the financial statements.
Amounts in the financial statements
have been rounded off in accordance
with the instrument to the nearest
thousand dollars, or in certain cases,
the nearest dollar.
NON-AUDIT SERVICES
The Company may decide to employ
the auditor on assignments additional
to their statutory audit duties where
the auditor has relevant expertise and
experience and where the auditor’s
independence is not compromised.
AUDITOR’S INDEPENDENCE
DECL AR ATION
The auditor’s independence
declaration, as required under section
307C of the Corporations Act 2001 (Cth),
is set out on page 65 and forms part of
this report.
43
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022 L E T T E R F R O M O U R N O M I N AT I O N &
R E M U N E R AT I O N CO M M I T T E E C H A I R
Dear Shareholders
On behalf of the Board, I am pleased to
present the Remuneration Report for the
year ended 30 June 2022.
This Remuneration Report seeks
to provide our shareholders and
stakeholders with a clear understanding
of our approach to remunerating Key
Management Personnel (KMP), including
Executive and Non-Executive Directors,
for the year ended 30 June 2022.
OUR YE AR
During FY22, Bellevue Gold made
significant progress towards
delivering the Bellevue Gold Project
to commercial gold production on
time and on budget, with production
scheduled to commence in the
second half of CY23.
Key achievements included:
— Indicated Resources increased
to 4.6Mt @ 11.2 g/t gold for 1.7Moz,
with the Global Resource now
totalling 9.8Mt @ 9.9 g/t gold
for 3.1Moz.
— Credit-approved project loan
facility of A$200M from leading
resource specialist bank
Macquarie Bank Limited.
— Award of the underground mining
services agreement to a wholly
owned subsidiary of Develop
Global Limited.
F Y22 REMUNER ATION
OVERVIEW
Bellevue Gold is committed to being
able to attract and retain high calibre
employees. Central to this are the
KMP who are responsible for planning,
directing and controlling the activities
of the Company to deliver on the
Company’s strategic objectives, as
set by the Board. How the Company
chooses to pay its KMP must be
aligned with the Company’s strategic
objectives and will underpin the type
of people it attracts and the results
they deliver. It is therefore important
that the KMP remuneration framework
is developed with the Company’s
strategic objectives in mind and that
KMP are remunerated competitively
for the work that they perform.
For FY22, the Board implemented the
remuneration framework detailed in
this Remuneration Report for its KMP.
In setting the remuneration framework,
the Board considered individual
performance and roles, independent
remuneration benchmarking for
peer mining developer and mining
producer companies and the
Company’s short and long term
strategic objectives.
— Preliminary works agreement
entered into with GR Engineering
Services Limited (GRES) for the
engineering, procurement and
construction of the 1Mtpa gold
processing plant. Subsequent
to the end of the financial year,
the Company awarded the
engineering, procurement and
construction contract for the
processing plant to GRES.
— More than 65% of the
accommodation village is
completed. The remaining
camp construction is expected
to be completed in the
September 2022 quarter.
— Scope for cost escalation has
significantly reduced, with more
than 90% of pre-production
project costs locked in via
contracts or at advanced
tender stage.
— Project forecast to be the lowest
carbon emitter per ounce of
ASX-listed gold producers with
a forecast range of 0.15 to
0.202 t CO2e per ounce.
All of this was achieved without
any serious safety or environmental
incident and against a backdrop
of the continued disruption of the
COVID-19 pandemic as the West
Australian State border opened, a
testament to the Executive leadership
and the alignment that all Bellevue
Gold employees demonstrate towards
our common vision and values.
44
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022 L E T T E R F R O M O U R N O M I N AT I O N & R E M U N E R AT I O N C O M M I T T E E C H A I R
Gold shareholders voted strongly
in favour of the introduction of
sustainability performance rights
to its Executive Directors. These
sustainability performance rights
were subsequently cascaded down
throughout the Company to ensure all
employees are equally aligned with
this ambitious goal.
On the following pages you will
find the Remuneration Report in its
entirety. I am pleased to engage with
all shareholders about the matters set
out in this report and I look forward to
receiving your views and support at
the 2022 Annual General Meeting.
Your sincerely
Shannon Coates
Nomination and Remuneration
Committee Chair
LOOKING FORWARD
Bellevue Gold production is forecast
to commence in the second half of
CY23. As the Company transitions
from developer to producer, there
are a number of factors that have
been considered when setting the
executives pay approach. These
include:
— Continuity and retention of key
executives at a critical time in the
Company’s journey to production,
when these skills are becoming
increasingly scarce in the market.
— The COVID-19 pandemic, which
has led to travel disruption both
nationally and internationally,
and has made it increasingly
difficult for companies to attract
and retain competent and proven
executives.
— Significant shifts in remuneration
frameworks due to the societal
and psychological impact of
COVID-19, which has resulted in
people re-evaluating what is
important to them, in work and
in non-work fields. As a result,
many companies are introducing
incentives that support work-
life balance and longer-term
retention.
— The increasingly positive outlook
of the resources market and the
buoyant commodity upswing in
conjunction with the reduced
number of the ‘right’ calibre
of executives, necessitating a
long-term approach to executive
incentivisation and retention.
45
Fixed Remuneration – For the
executives in place at the start of
the reporting period Bellevue Gold
awarded a fixed remuneration
increase of 4.5% to the Executive
Directors and an increase of 5.26%
to the then Chief Operating Officer.
Bellevue Gold also absorbed the
0.5% superannuation guarantee
contribution to KMP as mandated by
the Australian Government, now being
a 10% superannuation contribution
over the reporting period.
Short-Term Incentive Program (STIP)
The STIP is designed to incentivise
and reward executives who meet
specific short-term Company
objectives. STIP performance hurdles
for FY22 were based on critical short-
term objectives that were considered
crucial to the Company’s longer-term
strategy of becoming a significant
gold producer in CY23. In FY22, all STIP
performance hurdles were achieved
in full and the maximum STIP bonus
incentive was paid to executives post
the end of FY22.
Long-Term Incentive Program (LTIP) -
The LTIP is designed to recognise and
reward executives performance over a
longer-term horizon. The FY22 LTIP was
equity-based, aligning executives
interests to those of shareholders,
as well as being used as an effective
means of attracting and retaining
executives, and driving performance.
Sustainability Long-Term
Incentive Award - Bellevue Gold is
committed to limiting its effect on
the environment and has set the
ambitious goal of the Bellevue Gold
Project having net zero emissions by
2026. This is linked to Bellevue Gold’s
longer-term overall ESG objectives
and aligned to the concept of shared
value, which if achieved will have
the added benefit of minimising
our environmental impact and also
potentially maximising shareholder
returns. In November 2021, Bellevue
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022
R E M U N E R ATI O N R E P O R T ( AU D ITE D)
Remuneration Report Overview
The Directors of Bellevue Gold Limited present the Remuneration Report for the Company and its
controlled entities (collectively, the Group) for the year ended 30 June 2022. This report forms part of
the Directors’ Report and has been audited in accordance with section 300A of the Corporations Act
2001 (Cth). This report details the remuneration arrangements for the Company’s key management
personnel (KMP). KMP are those persons who, directly or indirectly, have authority and responsibility
for planning, directing and controlling the major activities of the Company and Group. For FY22,
Bellevue Gold's KMPs comprised:
— Non-Executive Directors (NEDs); and
— Managing Director, Chief Executive Officer, Chief Operating Officer (where appointed), and
Chief Financial Officer (Executives).
KMP of the Group & their movements during FY22
Name
Position
Term as KMP
Non-Executive Directors
Kevin Tomlinson
Shannon Coates
Fiona Robertson
Executive Directors
Stephen Parsons
Michael Naylor
Non-Executive Chair
Non-Executive Director
Non-Executive Director
Managing Director
Executive Director, Chief Financial Officer & Company
Secretary / Non-Executive Director1
Key Management Personnel (Executives)
Darren Stralow2
Chief Executive Officer
Craig Jones3
Guy Moore4
Chief Operating Officer
Chief Financial Officer
Full financial year
Full financial year
Full financial year
Full financial year
Full financial year
Part financial year
Part financial year
Part financial year
1 Michael Naylor ceased as Company Secretary effective from 26 July 2021 and ceased as an Executive Director and Chief Financial Officer
effective from 1 April 2022 but remained as a Non-Executive Director from 1 April 2022.
2 Darren Stralow commenced employment with Bellevue Gold effective from 6 December 2021.
3 Craig Jones ceased employment with Bellevue Gold effective from 15 November 2021.
4 Guy Moore commenced employment with Bellevue Gold effective from 21 March 2022.
Remuneration Governance
The Nomination and Remuneration Committee (NRC) is responsible for making recommendations to the Board on
remuneration arrangements for Non-Executive Directors and Executives. Non-Executive Director and Executive
remuneration is reviewed annually, taking into consideration not only independently sourced benchmarking data, but also
factors such as the surrounding market conditions and sentiment, the Company's growth trajectory, strategic objectives,
competency and skillset of individuals, scarcity of talent, changes in role complexities and geographical spread of the
company. The NRC is also tasked with determining and setting performance targets linked to remuneration and measuring
outcomes against these targets.
46
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022 R E M U N E R AT I O N R E P O R T ( A U D I T E D )
The roles and responsibilities of the Board, NRC and external advisors in relation to remuneration for KMP and employees at
Bellevue Gold are outlined below:
Board
— Maintains overall responsibility for ensuring that the Company’s remuneration policies are aligned with the Company’s
purpose, values, strategic objectives and risk appetite.
— Reviews and, as appropriate, approves recommendations from the NRC.
Nomination & Remuneration Committee
— Assists the Board in satisfying its responsibilities to the Company’s shareholders, by reviewing and recommending to
the Board for approval, a remuneration policy for Non-Executive Directors and Executives.
— Reviews and recommends to the Board for approval, the proposed remuneration (including incentive awards, equity
awards and service contracts) of each Executive.
— Considers and makes recommendations to the Board on the remuneration for each Non-Executive Director, having
regard to the remuneration policy and the maximum remuneration pool as determined by the Company’s shareholders.
Managing Director
The Managing Director makes recommendations to the NRC regarding remuneration for Executives such as:
— Incentive targets and outcomes.
— STIP and LTI participation.
— Individual remuneration and contractual arrangements.
External Advisors
The Company, via the NRC or management, may engage external advisors.
External advisors provide independent information and/or recommendations relevant to remuneration-related issues,
including benchmarking and market data.
During FY22, the Board engaged the services of independent external remuneration consultants, BDO Remuneration
Consultants (BDO), to review the Company’s Executive remuneration framework including fixed remuneration, short-term
incentives and long-term incentives. BDO undertook a market benchmarking review and provided a tailored report to
support the business in its implementation of the Executive remuneration framework for FY22. In addition to using BDO for
the Executive fixed remuneration review, the Company engaged BDO for the collection and analysis of market data used in
the remuneration framework for all employees. The NRC considered the data from BDO, along with other relevant factors, in
making its remuneration recommendations to the Board for Executive total fixed remuneration increases during FY22.
In 2021 the Chair of the Nomination and Remuneration Committee oversaw an independent review of Executive
remuneration, which informed the Company’s remuneration framework for FY22. This was undertaken by specialist
remuneration consultant The Reward Practice with a view to ensure that the remuneration framework utilised was fit for
purpose and consistent with market practice. During the year, advisors did not provide a remuneration recommendation
as defined in section 9B of the Corporations Act 2001 (Cth). The Board is satisfied that any input from BDO and The Reward
Practice was made free from undue influence from any of the KMP.
Members of the NRC during the year were:
Name
Shannon Coates
Michael Naylor
Fiona Robertson
Kevin Tomlinson
Position
Committee Chairperson
Committee Member
Committee Member
Committee Member
Appointment
1 June 2020
1 April 2022
1 June 2020
1 June 2020
47
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022 R E M U N E R AT I O N R E P O R T ( A U D I T E D )
Historical Performance, Shareholder Wealth & Remuneration
Historical performance, shareholder wealth and remuneration at 30 June 2022.
1,233%
Share Price
Over the last five years Bellevue Gold has
achieved a share price increase of 1,233% vs
the ASX 300 return of 16%, through Resource
discovery and more recently through the
development of the Bellevue Gold Project.
BGL vs ASX 300 Index & GDXJ
3.1Moz
Discovery
The Global Resource has grown at an impressive
compound annual growth rate of 63% to 3.1Moz
of gold at 9.9g/t since the discovery drill hole
in November 2017, making it one of the highest
grade and fastest growing deposits in a Tier 1
jurisdiction globally.
The Probable Ore Reserve has grown by a
compound annual growth rate of 68% to 1.34Moz
of gold at 6.1g/t since the maiden Reserve
announced on the ASX in February 2021.
1,233%
3%
16%
FY17
FY18
FY19
FY20
FY21
FY22
BGL AU Equity
ASX 300 Index
GDXJ
3,500
3,000
2,500
2,000
1,500
1,000
500
0
48
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022 R E M U N E R AT I O N R E P O R T ( A U D I T E D )
Resource growth evolution (koz)
Resource quoted on exclusive basis
63% Resource CAGR
2,410koz
2,700koz
1,800koz
1,040koz
1,200koz
3,000koz
3,110koz
1,400koz
1,650koz
1,040koz
500koz
1,370koz
1,500koz
1,600koz
1,460koz
Maiden
Resource
Q4
2018
Q3
2019
Q4
2020
Q2
2021
Q3
2021
Q4
2022
Inferred Resources (koz)
Indicated Resource (koz)
Business performance
Share Price as at 30 June1 ($)
Share Price Increase / (Decrease) (%)
from prior year
Market Capitalisation1 ($M)
2022
0.7795
(10%)
804
2021
0.8675
(10%)
745
2020
0.9638
48%
660
2019
0.6508
281%
326
Inferred Resources
Indicated Resources
Total Mineral Resources
Probable Ore Reserve
1.47m ounces @
8.8g/t gold from
5.2Mt2
1.52m ounces @
9.1g/t gold from
5.2Mt
2.22m ounces @
11.3 g/t gold from
6.1Mt
1.53m ounces @
11.8 g/t gold from
4Mt
1.66m ounces @
11.2g/t gold from
4.6Mt2
1.20m ounces @
11.0g/t gold from
3.4Mt
Nil
Nil
3.13m ounces @
9.9g/t gold from
9.8Mt2
2.72m ounces @
9.9g/t gold from
8.6Mt
2.22m ounces @
11.3 g/t gold from
6.1Mt
1.53m ounces @
11.8 g/t gold from
4Mt
1.34m ounces @
6.1g/t gold from
6.8Mt2
0.70m ounces @
8.0g/t gold from
2.7Mt
Nil
6
Nil
7
Loss After Income Tax ($M)
18
12
1 20 day VWAP
2 Reserve and Resource at the Bellevue Gold Project as at 30 June 2022, based on the 10 June 2022 ASX announcement.
2018
0.1710
283%
68
Nil
Nil
Nil
Nil
6
49
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022 R E M U N E R AT I O N R E P O R T ( A U D I T E D )
Executive Remuneration
Bellevue Gold engaged the services of BDO to benchmark the current remuneration packages of its Executives against
the Company’s peers to determine the competitiveness of the Company’s pay structures as compared to market as it
advances from a project development company to a producer company. The Company rewards its Executives with a
level and mix of remuneration appropriate to their position and the complexity of the role, responsibilities, experience and
skillset, and performance to best align with the Company’s strategic objectives.
For the year ended 30 June 2022, the Company implemented a remuneration framework for its Executives which comprised
Fixed Remuneration, Short Term Incentives (STIP) and Long-Term Incentives (LTI), including the Sustainability long term
incentive award.
The objectives and principles of the Company's Executive remuneration strategy include:
— to attract, motivate and retain a highly skilled executive team, at a critical stage in the Company’s development, who
are motivated and rewarded for successfully delivering the short and long-term objectives of the Company to link
remuneration with performance, based on long term objectives and shareholder return, as well as critical short-term
objectives which are aligned with the Company’s business strategy;
— to be fair and competitive against the market and with a defined industry peer group;
— to reward individual performance and group performance - thus promoting a balance of individual performance and
teamwork across the KMP and the organisation.
FY23 Executives potential maximum annual remuneration 9, 10
STI
LTI
FIXED
15%
54%
31%
STI
LTI
FIXED
15%
54%
31%
STI
LTI
FIXED
17%
48%
35%
The graph represents the typical annual potential remuneration package at stretch/maximum for Executives11. The performance
period for the LTIP commenced on 1 July 2022 and runs for 3 years. Detailed information pertaining to the LTIP plan and performance
hurdles for the FY23 issue will be disclosed within the 2022 Notice of Annual General Meeting and the FY23 annual report.
9 These figures have been rounded. The graph above is a voluntary disclosure included in this report to improve transparency around how Bellevue
Gold rewards Executives and has not been prepared in accordance with Australian Accounting Standards.
10 Stephen Parsons FY23 maximum opportunity = FAR (100%), STI (50% of FAR) and LTI (175% of FAR)
Darren Stralow FY23 maximum opportunity = FAR (100%), STI (50% of FAR) and LTI (175% of FAR)
Guy Moore FY23 maximum opportunity = FAR (100%), STI (50% of FAR) and LTI (140% of FAR)
11 Excludes Mr Craig Jones and Mr Michael Naylor who were not Executives at the end of the reporting period.
50
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022 R E M U N E R AT I O N R E P O R T ( A U D I T E D )
Performance Linked Remuneration
FIXED REMUNER ATION
All Executives receive a fixed base cash salary as well as a superannuation guarantee contribution as required by
Australian legislation (which from 1 July 2021 increased to 10% of base salary (subject to the concessional contributions
cap)), together the Total Fixed Remuneration (TFR). The TFR of Executives is set by the Board each year and is based on
market relativity, individual performance and level of experience.
Market relativity is benchmarked against a defined “remuneration peer group”, which for this reporting period comprised of
a mix of listed mining project developer and mining producer companies.
Name
Position
FY21
FY22
% Increase
Stephen Parsons
Managing Director
$530,000
$553,850
4.50%
Michael Naylor1
Executive Director, Chief Financial Officer &
Company Secretary Non-Executive Director1
(Full-time equivalent FTE2)
$350,000
$365,750
4.50%
Darren Stralow3
Chief Executive Officer
N/A
$495,000
Craig Jones4
Chief Operating Officer
$380,000
$400,000
Guy Moore5
Chief Financial Officer
N/A
$330,000
N/A
5.26%
N/A
1 Michael Naylor ceased as Company Secretary effective from 26 July 2021 and ceased as an Executive Director and Chief Financial Officer
effective from 1 April 2022 but remained as a Non-Executive Director from 1 April 2022. The amounts included in this table are for Mr Naylor in his
role as an Executive Director and Chief Financial Officer until 1 April 2022, and do not include fees as a Non-Executive Director from 1 April 2022.
2 Michael Naylor was working as an Executive as an 0.8 FTE.
3 Darren Stralow commenced employment with Bellevue Gold effective from 6 December 2021.
4 Craig Jones ceased employment with Bellevue Gold effective from 15 November 2021.
5 Guy Moore commenced employment with Bellevue Gold effective from 21 March 2022.
PEER GROUP
The Company has utilised a number of comparator markets that serves to capture the ‘size’ of Bellevue Gold from a sustained
market capitalisation perspective as well as its current stage of ‘business maturity’, which is that of a non-producer project
development company. The comparator group therefore is representative of companies with similar skills and competency
sets to and/or required by Bellevue Gold (i.e. where skills may be lost to or recruited from). Other criteria include number
of sites, employee numbers, location and revenues (i.e. complexity of operations). The majority of the companies in the
comparator group generally face similar risks and market conditions as Bellevue Gold which include common value drivers
such as commodity price, wage and funding costs.
Comparator market data alone is not sufficient to be utilised for remuneration benchmarking purposes but rather, has been
utilised to inform Bellevue Gold’s pay approach which is based on role accountability over the next 12 to 18 months, and
internal relativities. The Board is confident that the approach adopted is sufficient to attract, retain and motivate the right
calibre of individual for Bellevue Gold. BDO assisted the Board in their development of this peer group which was deemed
appropriate cognisant of factors which included the scarcity of executive and senior management skills within the West
Australian market.
SHORT-TERM INCENTIVE (STI) PROGR AM
The STI Program is an annual incentive program designed to reward Executives for meeting or exceeding performance-
based objectives over a one-year period. The STI Program has been designed to support the objective of short term
outperformance in all areas of the business through the use of annual measures linked to the business strategy and set at
levels that are achievable yet challenging. These performance-based outcomes are designed to be an appropriate link
between Executive remuneration and the potential for creation of shareholder wealth.
51
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022 R E M U N E R AT I O N R E P O R T ( A U D I T E D )
The below table outlines the details of the FY22 STI Program (FY22 STIP).
How is it paid?
STI bonuses under the FY22 STIP were paid in cash, other than Darren Stralow who was paid 50% in cash and 50% in fully
paid ordinary shares in Bellevue Gold Limited (Shares) in accordance with the terms of his employment contract. Shares
were issued under Bellevue Gold’s Employee Securities Incentive Plan (Plan).
The number of Shares issued was calculated based on a deemed issue price equal to the volume weighted average price
(VWAP) of Shares for the five trading days up to and including 30 June 2022 (being the last day of the performance period).
How much can Executives earn?
Under the FY22 STIP, Executives had a maximum STI opportunity of 10% of total fixed remuneration (TFR), other than Darren
Stralow who had a maximum STI opportunity of 25% of TFR.
What was the performance period?
1 July 2021 to 30 June 2022.
How was performance measured?
Performance targets were derived from the Company’s critical short term (12 month) objectives that are critical to the
Company’s longer-term strategy of becoming a significant gold producer. These performance targets are detailed below.
When is it paid?
The STI bonuses paid under the FY22 STIP were determined after the end of the performance period following a review by
the NRC and Board of performance during the performance period against the STI performance targets.
The Board approved the final STI bonus based on this assessment of performance, with each STI bonus paid in cash and/
or Shares (as applicable) following the end of the performance period.
What happens if an Executive leaves?
For retention purposes, the Executive must remain an employee, office-bearer or consultant of the Company to the date
that the STI bonus is paid.
However, if an Executive’s employment or consultancy with the Company is terminated prior to this time, the Board retains
the discretion to award or forfeit any STI bonus on a case-by-case basis, taking into account longevity in the role and the
reasons for leaving.
What happens if there is a change of control?
If there is change of 'control' (as defined in the Corporations Act 2001 (cth)), or the Company sells the whole or a substantial
part of the Bellevue Gold Project, before the end of the performance period, the Board may, in its discretion, determine
whether and in what amount to pay any STI bonuses. When determining whether and in what amount to pay any STI
bonuses, the Directors will take into consideration a number of criteria, but in particular the value to shareholders as a
result of the event.
Malus & Clawback
The Board retains the discretion to adjust any STI bonus payable under the FY22 STIP prior to payment (malus) or to reclaim
any STI bonus within 12 months after payment or issue (clawback), such where the Executive has:
— acted fraudulently or dishonestly;
— willfully breached his/her duties to the Company;
— been knowingly involved in a material misstatement of financial statements; or
— breached the Company Code of Conduct.
52
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022
R E M U N E R AT I O N R E P O R T ( A U D I T E D )
FY22 STIP targets & performance outcomes
Performance Target
Weighting
Target Opportunity
(50% weighting)
Stretch Opportunity
(100% weighting)
Safety and environmental
objectives
33.33%
No loss of life or serious injury
No serious environmental or heritage breaches
Completion of the Stage 2
Feasibility Study
33.33%
50% higher net present
value (NPV) than prior
feasibility report (FS1).
Further optimisation
work prior to 30 June
2022 to further enhance
the NPV above 50%
higher NPV than prior
feasibility report (FS1).
Outcomes
Achieved
Stretch
achieved
Funding
33.33%
Debt and equity raise completed to enable the Board to
make a Final Investment Decision based on funding.
Achieved
FY22 STIP bonus payments
Executive
Maximum STI bonus
available as a
% of FAR
Total STI bonus
available for FY22
($)
Total STI bonus
awarded
($)
Role
MD
CFO
CEO
COO
CFO
Total
Stephen Parsons
Michael Naylor2
Darren Stralow3
Craig Jones4
Guy Moore5
10%
10%
25%
10%
10%
55,385
29,260
123,750
20,000
9,222
237,617
Cash
($)
55,385
21,965
61,875
20,000
9,222
Shares1
($)
-
-
61,875
-
-
55,385
21,965
123,750
20,000
9,222
230,322
168,447
61,875
1 The number of Shares issued was calculated based on a deemed issue price equal to the volume weighted average market price of Shares for
the 5 trading days (as defined by the ASX Listing Rules) up to and including 30 June 2022.
2 Michael Naylor ceased as Company Secretary effective from 26 July 2021 and ceased as an Executive Director and Chief Financial Officer
effective from 1 April 2022. Mr Naylor’s total STI bonus was based on 0.8 FTE and pro-rated for the year based on him ceasing as an Executive
effective from 1 April 2022.
3 Darren Stralow commenced employment with Bellevue Gold effective from 6 December 2021.
4 Craig Jones ceased employment with Bellevue Gold effective Gold from 15 November 2021.
5 Guy Moore commenced employment with Bellevue Gold effective from 21 March 2022. Mr Moore’s total STI bonus was pro-rated for the year
based on him commencing employment on 21 March 2022.
LONG-TERM INCENTIVE (LTI) PROGR AM
Under the Company’s LTI program, annual grants of performance rights are made to Executives to align remuneration
with the creation of shareholder value over the long term, whilst also attracting, motivating and retaining Executives.
The performance targets set represent challenging, but achievable, progression for Bellevue Gold. It is through the
achievement of these milestones, and continued development of the Bellevue Gold Project, that shareholder value
will be aligned with the growth of the Company.
53
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022 R E M U N E R AT I O N R E P O R T ( A U D I T E D )
PERFORMANCE RIGHTS GR ANTED TO EXECUTIVES DURING F Y22
At the Company’s Annual General Meeting held on on 24 November 2021, shareholders approved the issue of an annual
LTI award (Annual LTI Performance Rights) and a one-off long-term award linked to carbon reduction (Sustainability
Performance Rights) to Executive Directors as follows:
Executive Director
Annual LTI
Performance Rights1
Sustainability
Performance Rights2
Total no. of
Performance Rights4
No.
% of total fixed
remuneration (TFR)3
No.
% of TFR
Stephen Parsons
1,588,845
Michael Naylor5
665,343
240%
190%
1,240,312
655,259
185%
185%
2,829,157
1,320,602
1 The measurement period for the Increase in Economic Reserves Vesting Condition is from 1 July 2021 to 30 June 2024. The measurement period
for the Shareholder Return Vesting Condition is from 28 September 2021 to 30 June 2024.
2 The Sustainability Performance Rights will only vest upon the Company being independently verified and assured by an appropriately qualified
assurance provider to have reached the specified levels of carbon emissions at the Bellevue Gold Project over a 12-month period post first gold
pour, by 1 January 2026.
3 The FY22 annual LTI award represented 170% of TFR for Mr Parsons and 140% of TFR for Mr Naylor for the performance period from 1 July 2021 to 30
June 2024. The percentages above include an additional LTI award which represented 70% of TFR for Mr Parsons and 50% of TFR for Mr Naylor to
compensate for the six month period from 1 January 2021 to 30 June 2021 during which there was no annual LTI award due to the transition in the
Company’s incentive remuneration period from a calendar year to a financial year.
4 The number of Performance Rights granted was calculated based on a deemed issue price equal to the 5-day VWAP of Shares up to and
including 28 September 2021, being $0.8261. The rights were granted on 3 December 2021, with a fair value at grant date of $0.76.
5 Mr Naylor ceased as an Executive Director, and commenced as a Non-Executive Director, on 1 April 2022.
ANNUAL LTI PERFORMANCE RIGHTS
Quantum of Annual FY22 LTI Performance Rights
Executive
No. of Annual LTI Performance Rights
% of total fixed remuneration (TFR)1
Stephen Parsons
Michael Naylor2
Darren Stralow3
Craig Jones4
Guy Moore5
1,588,845
665,343
Nil
Nil
156,285
240%
190%
Nil
Nil
140%
1 The FY22 annual LTI award represented 170% of TFR for Mr Parsons and 140% of TFR for Mr Naylor for the performance period from 1 July 2021 to 30
June 2024. The percentages above include an additional LTI award which represented 70% of TFR for Mr Parsons and 50% of TFR for Mr Naylor to
compensate for the six month period from 1 January 2021 to 30 June 2021 during which there was no annual LTI award due to the transition in the
Company’s incentive remuneration period from a calendar year to a financial year.
2 Michael Naylor ceased as Company Secretary effective from 26 July 2021 and ceased as an Executive Director and Chief Financial Officer
effective from 1 April 2022. The number of Annual LTI Performance Rights issued to Mr Naylor equates to 190% of his TFR, based on 0.8 FTE.
3 Darren Stralow commenced employment with Bellevue Gold effective from 6 December 2021. Please refer the CEO Performance rights package
detailed within page 57 of this report.
4 Craig Jones ceased employment with Bellevue Gold effective from 15 November 2021.
5 Guy Moore commenced employment with Bellevue Gold effective from 21 March 2022. The number of Annual LTI Performance Rights issued to Mr
Moore equates to 140% of his TFR, pro-rated from his commencement date of 21 March 2022 to 30 June 2022.
54
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022 R E M U N E R AT I O N R E P O R T ( A U D I T E D )
VESTING CONDITIONS
The Annual LTI Performance Rights will vest based on the achievement of two vesting conditions, total shareholder return and
increase in economic Reserves, as set out below.
TOTAL SHAREHOLDER RETURN – 50%
The ‘Shareholder Return’ vesting condition will be based on the Total Shareholder Return (TSR) of the Company over the
measurement period from 28 September 2021 to 30 June 2024 (Measurement Period) (equivalent to the change in Share Price
(as described below), plus dividends declared assumed to be reinvested), compared to the TSR of the All-Ords Gold Index. The
performance required will be proportional to the index growth, as below. The ‘Share Price’ will be measured using a 10-day VWAP
for the 10 trading days (as defined by the ASX Listing Rules) up to and including the first day of the period and the 10 trading days
up to and including the last day of the period.
Performance Level
Below Threshold
Threshold
Company’s TSR Relative to All Ords Gold
Index over measurement period
Percentage vesting
<100% of index growth
100% of index growth
Nil
50%
Between Threshold and Stretch
>100% and <150% of index growth
Pro rata between 50% and 100%
Stretch
≥ 150% of index growth
100%
The TSR of Bellevue Gold must be positive (a positive TSR gateway will apply) over the Measurement Period before any of the
‘Shareholder Return’ vesting condition can vest. In the instance where the All-Ords Gold Index TSR performance is negative
and the Company’s TSR performance is positive, Board discretion will apply in determining the final vesting outcome. The
Board will only apply discretion in a manner that aligns with shareholder experience, with significant outperformance of the
All-Ords Gold Index required to achieve 100% vesting of the ‘Shareholder Return’ vesting condition in such a circumstance.
INCRE ASE IN ECONOMIC RESERVES – 50%
The ‘Increase in Economic Reserves’ vesting condition will be based on Bellevue Gold realising certain economic Reserve
targets over the 3-year measurement period from 1 July 2021 to 30 June 2024 (Measurement Period).
This performance measure will be key to continuing to grow Shareholder value over the long-term. It aligns with Bellevue
Gold’s strategy, along with further drilling, to convert existing Resources into Reserves, which will drive further potential
increases in production rate and extensions of mine life. Adding an additional 300,000oz Reserve would result in a material
increase in Reserves of 29% from the 1.04Moz Reserve base at the start of the performance period (assuming no depletion).
Additional Reserves above current 1.04Moz
Percentage vesting
< 150,000oz added
150,000oz added
Nil
50%
> 150,000oz but < 300,000oz added
Pro rata between 50% and 100% vest
300,000oz or more added
100% vest
55
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022 R E M U N E R AT I O N R E P O R T ( A U D I T E D )
EXPIRY DATE
The Annual LTI Performance Rights expire at 5pm (WST) on 31 July 2025.
The value at grant date for performance rights granted during the year as part of remuneration is calculated in
accordance with AASB 2 Share-based payment. Refer to note 21 for details of the valuation techniques used.
Grant Date
3 December 20211
3 December 20212
21 March 20221
21 March 20222
1 Total Shareholder Return
2
Increase in Economic Reserves
Number
1,127,094
1,127,094
78,143
78,143
Fair value at Grant date
$0.76
$0.46
$0.96
$0.63
SUSTAINABILIT Y PERFORMANCE RIGHTS
Bellevue Gold has set the ambitious goal of achieving net zero emissions by 2026 and has introduced a one-off net zero
emissions incentive for Executives and all employees (with employees below KMP receiving an opportunity of between
15% and 30% of total fixed remuneration under this award) in support of this. With the increase in extreme climate events
globally and growing international consensus on the need to act, sustainability has become a key focus for governments,
investors and organisations around the world. Bellevue Gold is committed to its goal of limiting its impact on the
environment and the goal of net zero emissions is linked to the longer-term overall ESG objectives of the Company, whilst
also maximising returns to shareholders.
Bellevue Gold is aiming to be ahead of the trend with its ambitious timeline of significant carbon reduction versus its peers
and ultimately net zero emissions by 2026. Bellevue Gold is proud of this near-term commitment and believes that the
Sustainability Performance Rights will ensure alignment, with Executives being incentivised to achieve this important ambition.
The Board and senior management are aligned in their intent for Bellevue Gold to be a sector leader in its approach to
sustainable mining and believe this goal aligns directly with the Company's core purpose and values.
On Bellevue Gold's pathway to reducing carbon emissions the Company will be focussed on not sacrificing profitability
to do so. The Company believes it can achieve financial benefits for the Company and shareholders through producing a
premium 'green' gold as well as mine efficiencies that will reduce carbon emissions. Efficiency based initiatives that will be
considered include smart blasting, energy efficient grinding, variable speed drive motors / high efficiency motors, improving
driver practices, automation and maintenance procedures. Such initiatives, as well as reducing energy use and carbon
emissions, will result in a reduction in mining costs. The purchase of carbon offsets is not intended to be the Company's
primary strategy for achieving net zero emissions.
The intent of the Sustainability Performance Rights is for the incentive for the Bellevue Gold Project to proactively avoid,
then reduce and offset the Project's Scope 1 and Scope 2 greenhouse gas emissions. Bellevue Gold is also investigating the
quantification of the upstream and downstream Scope 3 emissions, but the target to reach net zero emissions does not include
Scope 3 emissions. The intent of the Sustainability Performance Rights is to reach net zero Scope 1 and Scope 2 emissions at the
Bellevue Gold Project. These are the vast majority of the Company's emissions and are under the Company's operational control.
Quantum of Sustainability Performance Rights
Executive
Stephen Parsons
Michael Naylor1
Darren Stralow2
Craig Jones3
Guy Moore4
No. of Sustainability Performance Rights
% of total fixed remuneration (TFR)1
1,240,312
655,259
1,108,521
Nil
739,015
185%
185%
185%
N/A
185%
1 Michael Naylor ceased as Company Secretary effective from 26 July 2021 and ceased as an Executive Director and Chief Financial Officer
effective from 1 April 2022. The number of Sustainability Performance Rights issued to Mr Naylor equates to 185% of his TFR, based on 0.8 FTE.
2 Darren Stralow commenced employment with Bellevue Gold effective from 6 December 2021.
3 Craig Jones ceased employment with Bellevue Gold effective from 15 November 2021.
4 Guy Moore commenced employment with Bellevue Gold effective from 21 March 2022.
56
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022 R E M U N E R AT I O N R E P O R T ( A U D I T E D )
VESTING CONDITIONS
The Sustainability Performance Rights will vest upon Bellevue Gold being independently verified and assured by an
appropriately qualified assurance provider to have reached the following levels of carbon emissions at the Bellevue Gold
Project over a 12-month period post first gold pour, by 1 January 2026:
CO2 emissions per ounce at the Bellevue Gold Project
Percentage vesting
> 50% of the most recent annual average CO2e/oz of
Australian gold mining companies as reported by S&P Global*
< 50% of the most recent annual average CO2e/oz of
Australian gold mining companies as reported by S&P Global
but > 0 tCO2e/oz
Nil
Pro rata between 50% and 100% vest
0 tCO2e/oz or negative emissions (ie. net zero emissions)
100% vest
* or if not available at the time of testing, another reputable external authority, such as Wood Mackenzie.
EXPIRY DATE
The Sustainability Performance Rights expire at 5pm (WST) on 30 November 2026.
3,004,092 rights were granted 3 December 2021 with a fair value on grant date of $0.76, 739,015 rights were granted 21
March 2022 with a fair value on grant date of $0.96.
CEO PERFORMANCE RIGHTS
Mr Stralow was appointed CEO effective 6 December 2021. Due to the highly competitive talent market and the timing
of Mr Stralow’s appointment, the Board identified the importance in granting equity awards to ensure there was effective
'skin in the game' and alignment with shareholders for the new CEO. Further, there was a retention award to compensate
Mr Stralow’s forgone equity that would have otherwise been received at his previous role. Mr Stralow did not receive any
Annual LTI Performance Rights.
In addition to being issued Sustainability Performance Rights, Mr Stralow has been issued with:
a) 1,008,557 retention performance rights, equating to 200% of his TFR (CEO Retention Performance Rights);
b) 252,139 project incentive performance rights, equating to 50% of his TFR (Project Incentive Performance Rights); and
c) 252,139 operational readiness incentive performance rights, equating to 50% of his TFR (Operational Readiness
Incentive Performance Rights),
(together, the CEO Performance Rights).
The number of CEO Performance Rights was calculated based on a deemed issue price of $0.9816 per Performance Right,
being the 5-day volume weighted average market price of fully paid ordinary shares in Bellevue Gold (Shares) up to and
including 16 November 2021 (being the date of Mr Stralow’s Executive Services Agreement with the Company).
The rights were granted 3 December 2021, with an average fair value of $0.54 on grant date which was determined using
the Monte Carlo Simulation. Refer to note 21 for details of the valuation techniques used.
VESTING CONDITIONS
CEO Retention Performance Rights
336,185 of the CEO Retention Performance Rights will vest on 31 December 2024 subject to:
a) Mr Stralow remaining an employee, office-bearer or consultant of Bellevue Gold (or a wholly-owned subsidiary); and
b) the volume weighted average market price (VWAP) of Shares as traded on the ASX equalling or exceeding $1.00 per
Share for a period of not less than 20 consecutive trading days on which Shares have actually traded at any time
between 10 January 2022 and 31 December 2022.
57
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022 R E M U N E R AT I O N R E P O R T ( A U D I T E D )
336,185 of the CEO Retention Performance Rights will vest on 31 December 2024 subject to:
a) Mr Stralow remaining an employee, office-bearer or consultant of Bellevue Gold (or a wholly-owned subsidiary); and
b) the VWAP of Shares as traded on the ASX equalling or exceeding $1.10 per Share for a period of not less than
20 consecutive trading days on which Shares have actually traded at any time between 10 January 2022 and
31 December 2023.
336,187 of the CEO Retention Performance Rights will vest on 31 December 2024 subject to:
a) Mr Stralow remaining an employee, office-bearer or consultant of Bellevue Gold (or a wholly-owned subsidiary); and
b) the VWAP of Shares as traded on the ASX equalling or exceeding $1.20 per Share for a period of not less than
20 consecutive trading days on which Shares have actually traded at any time between 10 January 2022 and
31 December 2024.
PROJECT INCENTIVE PERFORMANCE RIGHTS
The Project Incentive Performance Rights will vest subject to:
a) Mr Stralow remaining an employee, office-bearer or consultant of Bellevue Gold (or a wholly-owned subsidiary) until
31 December 2024; and
b) the Company successfully announcing on the ASX Market Announcements Platform on or before 10 January 2025 total
Ore Reserves with a minimum grade of at least 5.0 g/t for total gold located within the Bellevue Gold Project as follows:
Total Ore Reserve contained ounces of gold
% of Performance Rights to vest
Less than 1.15 million ounces
1.15 million ounces
Nil
50%
Greater than 1.15 million ounces but equal to or less than 1.3 million ounces
Pro rata between 50% and 100%
Greater than 1.3 million ounces
100%
OPER ATIONAL RE ADINESS INCENTIVE PERFORMANCE RIGHTS
The Operational Readiness Incentive Performance Rights will vest subject to:
a) Mr Stralow remaining an employee, office-bearer or consultant of Bellevue Gold (or a wholly-owned subsidiary) until
31 December 2024; and
b) achievement of all of the following operational readiness targets between 10 January 2022 and the later of
30 June 2023 and 12 months following the Final Investment Decision by the Board (Measurement Period):
(i) the building and development of the Bellevue Gold Project to achieve operational readiness (including all
processing infrastructure, mine design and key non-processing infrastructure, and all key contracts required for the
Bellevue Gold Project to commence production being in place);
(ii) subject to an Immediately Reported Exception, no serious safety incidents occurring over the Measurement Period;
and
(iii) subject to an Immediately Reported Exception, no serious environmental incidents occurring over the
Measurement Period.
To encourage the immediate reporting of potentially serious safety or environmental incidents, if a serious safety
or environment incident is immediately reported to the Board by Mr Stralow, the Board may decide in its sole and
absolute discretion to vest the Operational Readiness Incentive Performance Rights notwithstanding the occurrence
of the relevant incident
58
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022 R E M U N E R AT I O N R E P O R T ( A U D I T E D )
EXPIRY DATE
The CEO Performance Rights expire at 5pm (WST) on 10 January 2026.
The rights were granted 3 December 2021 with a fair value on grant date of $0.76.
Other terms applying to all Performance Rights
Leavers
Where an Executive becomes a leaver, all unvested Performance Rights will automatically be forfeited and lapse, subject
to any determination otherwise by the Board in its sole and absolute discretion. The Board may take into account
the Executive’s longevity in the role and the reasons for leaving. For example, the Board may, at its sole and absolute
discretion, determine that unvested performance rights vest upon the Executive becoming a leaver due to their role being
made redundant.
Change of control
If the Bellevue Gold Project is sold or a “Change of Control Event” (as defined in the Plan) occurs or the Board determines that
either event is likely to occur before the Vesting Conditions are met, the Board will have discretion as to whether to allow the
vesting of the Performance Rights and on what terms. When determining the vesting of the Performance Rights, the Directors
will take into consideration a number of criterion, but in particular the value to shareholders as a result of the event.
What was the performance period?
1 July 2021 to 30 June 2022.
Retesting
There is no retesting of Performance Rights.
Malus/Clawback
Any unvested rights will automatically lapse on the date of the cessation of employment, subject to any determination
otherwise by the Board in its sole and absolute discretion.
Where, in the opinion of the Board, the Executive:
— acts fraudulently or dishonestly;
— wilfully breaches his/her duties to a Group company;
— is knowingly involved in a material misstatement of financial statements; or
— breaches the Company’s Code of Conduct,
the Board may, in its sole and absolute discretion, deem some or all of the unvested, or vested but unexercised,
Performance Rights to have lapsed.
LTI OUTCOMES
No Performance Rights held by current Executives vested during FY22.
59
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022 R E M U N E R AT I O N R E P O R T ( A U D I T E D )
General Information
MINIMUM SHAREHOLDING REQUIREMENT
The Company has a minimum shareholding policy under which each Director (Executive and Non-Executive) is required to
acquire and hold a minimum number of Shares, the value of which is equal to 100% of the Directors' annual directors’ fees (in
the case of Executive Directors, annual TFR) or such amount fixed by the Board from time to time, calculated in accordance
with the Policy (Minimum Holding).
Directors’ fees include committee fees and superannuation contributions. Increases in a Director’s fees will result in an
increase in the Minimum Holding requirement.
Each Director must meet the Minimum Holding requirement within a reasonable time frame, generally the later of:
— three years after the date of the Director’s appointment to the Board; or
— three years from the date the Policy was adopted by the Board (being 23 September 2020).
Directors’ satisfaction of Minimum Holding requirements as at 30 June 2022
Shares held at
30 June 20221
Year Minimum Holding
needs to be met
Shareholding
% of TFR2
Minimum Holding
requirement
Director
Shannon Coates
Michael Naylor
75,294
2,266,199
Stephen Parsons
34,032,932
Fiona Robertson
Kevin Tomlinson
141,324
175,294
2023
2023
2023
2023
2023
42%
1,107%
4,975%
70%
53%
On target
Meets
Meets
On target
On target
1 Fully paid ordinary shares in Bellevue Gold held either directly, indirectly or beneficially by each Director, including their related entities.
2 Share value based on the higher of the acquisition cost at the time of purchase, and the closing price of Shares on 30 June 2022 (being $0.64 per Share).
Executives are encouraged, but not required, to acquire or hold Shares.
CONTR ACTUAL ARR ANGEMENTS FOR EXECUTIVES
Remuneration and other terms of employment for Executives are formalised in service agreements. The service agreements
specify the components of remuneration, benefits and notice periods. Participation in short term and long term incentives
are at the discretion of the Board. Other major provisions of the agreements relating to remuneration are set out below.
Contractual Arrangements for Executives
Name and Position
Term of Agreement
Company / Employee
Termination Notice Period
Termination
Benefit
Stephen Parsons
Managing Director
Ongoing
(commenced 1 October 2018)
12 / 3 months
Michael Naylor
Executive Director/Chief Financial Officer/
Company Secretary1
Darren Stralow
Chief Executive Officer
Craig Jones
Chief Operating Officer
Guy Moore
Chief Financial Officer
Ongoing1
(commenced 1 February 2019)
Ongoing
(commenced 6 December 2021)
Employment ceased effective
15 November 2021
(commenced 9 December 2019)
Ongoing
(commenced 21 March 2022)
6 / 3 months
6 / 3 months
6 / 3 months
6 / 3 months
12 months’
base salary
6 months’
base salary
6 months’
base salary
6 months’
base salary
6 months’
base salary
1 Michael Naylor ceased as Company Secretary effective from 26 July 2021 and ceased as an Executive Director and Chief Financial Officer effective from
1 April 2022 but remained as a Non-Executive Director from 1 April 2022. The termination notice period and termination benefit only applied to Mr Naylor
in his roles as Chief Financial Officer and Company Secretary, and have not applied since Mr Naylor commenced as a Non-Executive Director.
60
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022 R E M U N E R AT I O N R E P O R T ( A U D I T E D )
Non-Executive Directors Remuneration
The NRC charter states that the NRC must:
a) consider and make recommendations to the Board on the remuneration for each Non-Executive Director (as distinct
from the remuneration structures of Executive Directors and Executives) having regard to the remuneration policy and
the maximum remuneration pool as determined by the Company’s shareholders; and
a) review the on-going appropriateness and relevance of the remuneration policy for Non-Executive Directors.
Board and Board committee fees were reviewed during FY22. The NRC engaged BDO to review Bellevue Gold’s Non-
Executive Director remuneration arrangements so as to determine the appropriateness of their current pay structures to
market as the Company evolves from mining project developer to mining producer.
Board & Committee fees (including superannuation & any applicable GST) for FY21 & FY22
Non-Executive
Director
Annual Board Fee
Annual Committee Fees
Total
NRC
ARMC
HSSC2
FY21
FY22
FY21
FY22
FY21
FY22
FY21
FY22
FY21
FY22
Kevin Tomlinson
$180,000 $220,000 $10,000
$11,000
$10,000
$11,000
N/A
$14,000 $200,000 $256,000
Shannon Coates
$80,000 $120,000 $10,000
$14,000
$10,000
$11,000
N/A
Michael Naylor1
N/A
$120,000
N/A
$11,000
N/A
-
N/A
-
-
$100,000 $145,000
N/A
$131,000
Fiona Robertson
$80,000 $120,000 $10,000
$11,000
$10,000
$14,000
N/A
$11,000
$100,000 $156,000
Total
$340,000 $580,000 $30,000
$47,000
$30,000
$36,000
N/A
$25,000 $400,000 $688,000
1 Michael Naylor moved from an Executive Director role to Non-Executive Director with effect from 1 April 2022. Mr Naylor commenced as a member of the
NRC on 1 April 2022. Amounts shown are for FY22 however amounts actually paid to Mr Naylor were pro-rated.
2 The HSSC was established in July 2021.
Bellevue Gold annually undertakes a review and evaluation of its Non-Executive Director remuneration. The Board
considers a number of key inputs that contribute to the overall assessment when determining if any changes to
remuneration are appropriate, such as, but not limited to, the business’ goals, size and expectations, the stage of the mine
life, and ensuring remuneration operates to attract, motivate and retain the right calibre of individual for the Company.
Bellevue Gold requires experienced Non-Executive Directors that have demonstrated mining and business experience in
a number of areas including strategic financial planning, budget oversight, funding arrangements, project management
and the ability to provide oversight to management for the delivery of strategic objectives. When undertaking our annual
benchmarking exercise and forming an appropriate peer group, Bellevue Gold has considered a number of factors, with
a key focus on what organisations individuals with the requisite skills and experience may be ‘recruited from’ or ‘lost to’, as
well as businesses with projects of a similar size and scale relative to Bellevue Gold. The benchmarking data reflected that
it was appropriate to increase the fees which Bellevue pays to its Non-executive Directors, including its Chair, to ensure
they are remunerated appropriately in a manner which will attract and retain. Bellevue Gold engaged BDO Remuneration
and Reward to provide the benchmarking data for its review of Non-Executive Director remuneration.
61
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022 R E M U N E R AT I O N R E P O R T ( A U D I T E D )
Statutory Disclosures
FY21 & FY22 Executive Statutory Remuneration Disclosures
Short-term benefits ($)
Post-
employment
benefits ($)
Share-based
payment ($)
Salary
Cash
Bonus
Other
Benefits1
Movement
in leave
provisions2
Superannuation
benefits
STI
LTI
Total
Remuneration
($)
Performance
Related
(%)
71%
79%
72%
69%
62%
0%
Executive Directors
Stephen Parsons – Managing Director
FY22
FY21
503,500
148,135
-
52,826
428,967
89,403
4,769
73,500
50,350
45,534
-
1,329,187
2,083,998
20,415
2,031,607
2,694,195
Michael Naylor – Executive Director/Chief Financial Officer/Company Secretary3
FY22
FY21
229,264
88,138
6,776
240,135
37,083
8,894
(7,549)
27,049
22,926
25,715
-
562,552
902,107
10,009
628,102
976,987
Executives
Darren Stralow – Chief Executive Officer4
FY22
FY21
222,439
61,875
-
-
-
-
Craig Jones – Chief Operating Officer5
20,104
13,750
61,875
290,058
670,101
-
-
-
-
-
-
FY22
FY21
155,556
24,700
229,790
6,253
323,757
31,642
4,769
37,372
13,750
34,661
Guy Moore – Chief Financial Officer6
(274,945)7
155,104
-161%7
29,797
229,499
691,497
42%
FY22
FY21
Total
FY22
FY21
83,871
9,222
68,182
8,429
15,205
-
-
-
-
-
-
-
80,870
265,779
-
-
1,194,630
332,070
304,748
80,063
992,859
158,128
18,432
137,921
115,981
105,910
61,875
1,987,722
4,077,089
60,221
2,889,208
4,362,679
34%
0%
49%
71%
1 Other benefits includes sign on bonuses, gym membership subsidy, private health insurance and termination payments.
2 Recognised in accordance with the Company’s long service leave policy. Refer to Note 9 to the Financial Statements for further details.
3 Michael Naylor moved from an Executive Director role to Non-Executive Director with effect from 1 April 2022.
4 Darren Stralow commenced employment with Bellevue Gold effective from 6 December 2021.
5 Craig Jones ceased employment with Bellevue Gold effective from 15 November 2021.
6 Guy Moore commenced employment with Bellevue Gold effective from 21 March 2021.
7 LTI and Performance related percentage were calculated on the share-based payment expense net of rights forfeited during the period.
62
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022 R E M U N E R AT I O N R E P O R T ( A U D I T E D )
Non-Executive Director FY21 & FY22 remuneration
Non-Executive
Directors
Year
Short term
benefits ($)
Post-
employment
benefits ($)
Share-based
payments1 ($)
Total
remuneration ($)
Performance
Related (%)
Kevin Tomlinson
Shannon Coates
Michael Naylor2
Fiona Robertson
Total
FY22
FY21
FY22
FY21
FY22
FY21
FY22
FY21
FY22
FY21
Board &
Committee fees
Superannuation
256,000
200,000
131,818
91,326
29,773
-
141,818
91,326
559,409
382,652
-
-
13,182
8,676
2,977
-
14,182
8,676
30,341
17,352
50,153
180,474
-
-
-
-
-
-
50,153
180,474
306,153
380,474
145,000
100,002
32,750
-
156,000
100,002
639,903
580,478
16%
47%
0%
0%
0%
-
0%
0%
8%
31%
1 Relates to rights over ordinary shares issued to Directors. The fair value of rights granted shown above is non-cash and was determined in accordance
with applicable Accounting Standards and represents the fair value calculated at the time rights and options were granted and not when shares were
issued. These Performance Rights were issued in November 2019 when Bellevue Gold subsequently changed its policy and no longer issues Performance
Rights to Non-Executive Directors.
2 Michael Naylor moved from an Executive Director role to Non-Executive Director with effect from 1 April 2022.
SHAREHOLDINGS OF DIRECTORS & EXECUTIVES
The number of ordinary shares in Bellevue Gold held by each Director and Executive, including their personally related
entities, are set out below.
Directors/
Executives
Balance at start
of the year
Received during
the year on
achievement of STI
On-market
purchases
Held at Cessation
as KMP
Held
30 June 2022
Directors
Shannon Coates
40,000
Michael Naylor
2,210,000
Stephen Parsons
33,830,000
Fiona Robertson
Kevin Tomlinson
106,030
140,000
Executives
Darren Stralow
Craig Jones
Guy Moore
Total
10,000
65,000
-
36,401,030
63,543
-
20,905
42,638
-
-
-
-
-
35,294
35,294
160,294
35,294
35,294
340,000
-
30,000
671,470
-
-
-
-
-
-
(65,000)
-
75,294
2,266,199
34,032,932
141,324
175,294
350,000
-
30,000
(65,000)
37,071,043
63
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022
R E M U N E R AT I O N R E P O R T ( A U D I T E D )
OTHER TR ANSACTIONS WITH EXECUTIVES
During the current financial year, there were no other transactions with Executives or their related parties.
PERFORMANCE RIGHTS HELD BY DIRECTORS & EXECUTIVES
The table below shows the number of performance rights that were granted, vested and forfeited during the year.
Directors/
Executives
Balance at start
of the year
Granted
during the year
Vested
during the year
Forfeited
during the year
Balance at the
end of the year
Maximum value
yet to vest
Number
Number
Number
%
Number
%
Number Number
Unvested Vested
Directors
Shannon Coates
-
-
Michael Naylor
1,740,000
1,320,602
Steve Parsons
5,500,000
2,829,157
Fiona Robertson
-
Kevin Tomlinson
600,000
-
-
Executives
Darren Stralow
-
2,621,356
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
$
-
1,175,472
2,692,576
-
-
3,060,602
8,329,157
-
-
-
-
-
-
-
-
-
-
200,000 400,000
20,752
Craig Jones
2,799,998
-
(108,246)
4%
(2,691,752)
96%
-
Guy Moore
-
895,300
-
-
-
-
895,300
-
2,621,356
-
-
-
1,475,453
-
752,979
Total
10,639,998
7,666,415
(108,246)
(2,691,752)
15,106,415 400,000
6,117,232
Each performance right converts, at the holder’s election, to one ordinary share in the Company upon satisfaction of the
performance and service conditions linked to the rights. The rights do not carry any other privileges. The determination of
the fair value of the performance rights granted is outlined in note 21.
64
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022
AU D I TO R ’ S I N D E P E N D E N C E D E C L A R AT I O N
Ernst & Young
11 Mounts Bay Road
Perth WA 6000 Australia
GPO Box M939 Perth WA 6843
Tel: +61 8 9429 2222
Fax: +61 8 9429 2436
ey.com/au
Auditor’s independence declaration to the directors of Bellevue Gold Limited
As lead auditor for the audit of the financial report of Bellevue Gold Limited for the financial year
ended 30 June 2022, I declare to the best of my knowledge and belief, there have been:
a. No contraventions of the auditor independence requirements of the Corporations Act 2001 in
relation to the audit;
b. No contraventions of any applicable code of professional conduct in relation to the audit; and
c. No non-audit services provided that contravene any applicable code of professional conduct in
relation to the audit.
This declaration is in respect of Bellevue Gold Limited and the entities it controlled during the financial
year.
Ernst & Young
Russell Curtin
Partner
28 September 2022
A member firm of Ernst & Young Global Limited
Liability limited by a scheme approved under Professional Standards Legislation
65
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022
66
B E L L E V U E G O L D L I M I T E D A N N U A L R E P O R T 2 0 2 2
Financial
Statements
B E L L E V U E G O L D L I M I T E D A N N U A L R E P O R T 2 0 2 2
67
CO N S O L I DAT E D S TAT E M E N T O F P R O F I T O R
LO S S A N D OT H E R CO M P R E H E N S I V E I N CO M E
For the year ended 30 June 2022
Income
Other income
Total Income
Expenses
Accounting and audit
Consultants and contractors
Corporate costs
Depreciation and amortisation expense
Employee benefits
Exploration expenditure expensed and written off
Listing and compliance
Office rental and outgoings
Share-based payments
Travel and accommodation
Finance costs
Loss before income tax for the year
Income tax benefit/(expense)
Loss after income tax for the year
Total comprehensive loss for the year attributable to the
equity holders
Loss per share attributable to equity holders of Bellevue Gold:
Basic and diluted loss per share (cents per share)
The above should be read in conjunction with the accompanying notes.
Notes
30 June 2022
$’000
30 June 2021
$’000
2
21
3
4
5
354
354
(105)
(374)
(2,776)
(1,073)
(5,964)
(494)
(1,011)
(160)
(5,646)
(348)
(173)
557
557
(115)
(512)
(1,753)
(841)
(3,506)
(8)
(1,348)
(240)
(4,210)
(125)
(142)
(17,770)
(12,243)
-
(17,770)
(17,770)
-
(12,243)
(12,243)
(1.80)
(1.46)
68
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022FINANCIAL STATEMENTS CO N S O L I DAT E D S TAT E M E N T O F
F I N A N C I A L P O S I T I O N
As at 30 June 2022
Assets
Current assets
Cash and cash equivalents
Trade and other receivables
Other assets
Inventory
Total current assets
Non-current assets
Other assets
Property, plant and equipment
Exploration and evaluation assets
Mine properties in development
Total non-current assets
Total assets
Liabilities
Current liabilities
Trade and other payables
Borrowings
Provisions
Total current liabilities
Non-current liabilities
Borrowings
Provisions
Total non-current liabilities
Total liabilities
Net assets
Equity
Contributed equity
Reserves
Accumulated losses
Total equity
The above should be read in conjunction with the accompanying notes.
Notes
30 June 2022
$’000
30 June 2021
$’000
6
7
7.1
7.1
10
11
12
8
13
9
13
9
14.1
14.2
117,473
1,554
1,109
291
94,088
1,151
929
81
120,427
96,249
5,590
31,382
8,623
203,597
249,192
369,619
12,779
121
1,948
14,848
888
3,359
4,247
19,095
350,524
415,624
9,053
(74,153)
350,524
-
5,839
139,916
-
145,755
242,004
16,320
106
1,006
17,432
1,008
2,888
3,896
21,328
220,676
273,555
3,504
(56,383)
220,676
69
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022FINANCIAL STATEMENTS CO N S O L I DAT E D S TAT E M E N T O F
C A S H F LOWS
For the year ended 30 June 2022
Operating Activities
Payment to suppliers and employees
(11,470)
(6,411)
Notes
30 June 2022
$’000
30 June 2021
$’000
Interest received
Interest paid on leases
Other income
280
(80)
9
498
(78)
68
Net cash flows used in operating activities
6.1
(11,261)
(5,923)
Investing Activities
Payment for exploration and evaluation (capitalised)
Payments for property, plant and equipment
Refund of term deposit
Other
(77,446)
(25,186)
-
(79)
(58,422)
(3,824)
5,000
(121)
Net cash flows used in investing activities
(102,711)
(57,367)
Financing Activities
Proceeds from issue of shares and exercise of options
14.1
Capital raising costs for issue of shares
Principal elements of lease payments
Net cash flows from financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at 1 July
Cash and cash equivalents at 30 June
6
The above should be read in conjunction with the accompanying notes.
142,769
(5,227)
(185)
137,357
23,385
94,088
117,473
139,046
(5,743)
(165)
133,138
69,848
24,240
94,088
70
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022FINANCIAL STATEMENTS CO N S O L I DAT E D S TAT E M E N T O F
C H A N G E S I N E Q U I T Y
For the year ended 30 June 2022
Balance as at 30 June 2020
135,205
4,445
(44,140)
95,510
Contributed
equity
$’000
Notes
Share-based
payments
reserve
$’000
Accumulated
losses
$’000
Total equity
$’000
Loss for the year
Other comprehensive income/(loss)
Total comprehensive loss for the year
Transactions with owners in their capacity as owners:
Shares and options issued during the year
Transfer from reserve upon exercise of options
Transfer from reserve upon exercise of
performance rights
Share-based payments expensed
Share issue costs
Balance as at 30 June 2021
Loss for the year
Other comprehensive income/(loss)
Total comprehensive loss for the year
-
-
-
139,149
2,260
-
-
-
-
(2,260)
2,684
(2,684)
-
4,003
(5,743)
138,350
273,555
-
-
-
-
(941)
-
-
-
-
Transactions with owners in their capacity as owners:
Shares and options issued during the year
14.1
146,997
Share-based payments expensed
-
5,549
Share issue costs
Other
Balance as at 30 June 2022
14.1
(5,220)
292
142,069
415,624
-
-
5,549
9,053
The above should be read in conjunction with the accompanying notes.
3,504
(56,383)
220,676
(12,243)
(12,243)
-
-
(12,243)
(12,243)
-
-
-
-
-
-
139,149
-
-
4,003
(5,743)
137,409
(17,770)
(17,770)
-
-
(17,770)
(17,770)
-
-
-
-
-
146,997
5,549
(5,220)
292
147,618
(74,153)
350,524
71
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022FINANCIAL STATEMENTS N OT E S TO T H E CO N S O L I DAT E D
F I N A N C I A L S TAT E M E N T S
Basis of Preparation
Note 9 Provisions
Note 11 Exploration and
evaluation expenditure
Note 12 Mine properties
in development
Note 17 Commitments – own
use exemption
Note 21 Share based payments
Going Concern
The Directors believe it is appropriate
to prepare the consolidated financial
report on a going concern basis, which
contemplates continuity of normal
business activities and the realisation of
assets and settlement of liabilities in the
ordinary course of business.
The Group’s principal activities include
the development of the Bellevue Gold
Project located approximately 40km
to the north-west of Leinster in the
Goldfields region of Western Australia.
As at 30 June 2022 the Group had
current assets of $120.4 million and
current liabilities of $14.8 million and,
as outlined in Note 13, access to a
$200 million undrawn debt facility
subject to ongoing compliance with
debt covenants and meeting
remaining conditions precedent to
initial utilisation, which are customary
for the project financing.
Management has prepared cash
flow forecasts for the next twelve
months under various scenarios. These
scenarios anticipate the Group will
be able to meet its commitments and
pay its debts as and when they fall
due. Key assumptions in the cash flow
forecasts include:
— Delivery of mine plans occur as
forecast, including extraction of
ore in expected quantities and
grade (supported by Reserve
and Resource models);
The financial statements cover the
consolidated group comprising of
Bellevue Gold Limited (the Company),
and its subsidiaries, together referred to
as Bellevue Gold or the Group. Bellevue
Gold is a for-profit company limited by
shares and incorporated in Australia,
whose shares are publicly traded on
the Australian Securities Exchange.
These general-purpose financial
statements have been prepared in
accordance with Australian Accounting
Standards, other authoritative
pronouncements of the Australian
Accounting Standards Board (AASB),
including Australian Interpretations,
the Corporations Act 2001 and also
comply with International Financial
Reporting Standards (IFRS) as issued
by the International Accounting
Standards Board.
The consolidated financial statements
for the year ended 30 June 2022
(including comparatives) were
approved and authorised for issue
by the Board of Directors on
28 September 2022.
Key estimates and judgements
The preparation of financial statements
requires management to use estimates,
judgements and assumptions.
Application of different assumptions
and estimates may have a significant
impact on Bellevue Gold’s net assets
and financial results. Estimates and
assumptions are reviewed on an
ongoing basis and are based on the
latest available information at each
reporting date. Actual results may differ
from the estimates.
The areas involving a higher degree of
judgement and complexity, or areas
where assumptions and estimates
are significant to the financials, are
disclosed in the following notes:
72
— Remaining permits and licences
required to facilitate ongoing
critical activities to support the
pathway to cash generation are
materially achieved in line with
forecasts;
— Remaining conditions precedent to
initial utilisation of the debt facility
with Macquarie Bank Limited are
satisfied and the Group maintains
ongoing compliance with facility
conditions;
— Construction contracts are
delivered in line with agreed
timelines and forecast
expenditure commitments,
including commissioning of the
processing plant in the second
half of calendar 2023.
If required, the Group has a number of
options available to manage liquidity,
including:
— Adjusting the mine plan to defer
development expenditure in
response to any changes in
construction or other schedules.
— Toll-treating stockpiled ore prior
to process plant commissioning.
— Raising additional funding through
debt, equity or a combination of
both, which the Group considers it
has the ability to do, should it be
required.
Should the Group not achieve the
matters set out above, there may be
material uncertainty about whether
it would be able to realise its assets
in the normal course of business and
at the amounts stated in the financial
report. The financial statements do
not include any adjustment relating
to the recoverability or classification
of recorded asset amounts or to the
amounts or classification of liabilities
that might be necessary should the
Group not be able to continue as a
going concern.
Notwithstanding the risks associated
with the key assumptions noted above,
the Directors are confident that the
Group has sufficient working capital for
at least twelve months from the date
this financial report is approved.
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022FINANCIAL STATEMENTS N OT E S TO T H E CO N S O L I DAT E D
F I N A N C I A L S TAT E M E N T S
Historical cost
The financial statements have been prepared under the historical cost convention, except for certain financial instruments,
which have been measured at fair value.
Functional and presentation currency
The financial statements are presented in Australian dollars, which is Bellevue Gold’s presentation currency and the
functional currency of the Company and its subsidiaries.
Rounding of amounts
The Company is of a kind referred to in ASIC Legislative Instrument 2016/191, relating to the ‘rounding off’ of amounts in the
financial statements. Amounts in the financial statements have been rounded off in accordance with the instrument to the
nearest thousand dollars, or in certain cases, the nearest dollar.
1. Segment information
Bellevue Gold has identified its operating segments based on the internal reports that are reviewed and used by the
Directors (chief operating decision makers) in assessing performance and determining the allocation of resources.
Bellevue Gold operates in one segment being Exploration and Evaluation of Minerals and Mine Development in Australia.
2. Other income
Covid 19-Government Grant
Sundry Income
Interest income
Recognition and measurement
Interest Income
30 June
2022
$’000
-
9
345
354
30 June
2021
$’000
68
8
481
557
Interest income comprises bank interest on funds invested and is recognised as it accrues, using the effective interest method.
Other Income
Other income is recognised when it is received or when the right to receive payment is established.
Government grants
Government grants are recognised when there is a reasonable assurance that conditions attached to the grant will be
complied with and that the grant will be received.
73
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022FINANCIAL STATEMENTS N OT E S TO T H E CO N S O L I DAT E D
F I N A N C I A L S TAT E M E N T S
3. Finance costs
Interest on lease liabilities
Provisions: unwinding of discount
Other costs
Recognition and measurement
Provision – unwinding of discount
30 June
2022
$’000
30 June
2021
$’000
80
52
41
173
80
-
62
142
Bellevue Gold records the present value of the estimated costs of legal and constructive obligations to rehabilitate
operating locations and decommission assets in the period in which the obligation is incurred. The unwinding of the effect
of discounting the provision is recorded as a finance charge in the profit or loss.
Interest on lease liabilities
Lease payments are allocated between principal and finance costs. The finance costs are charged to the profit or loss over
the lease period to produce a constant periodic rate of interest on the remaining balance of the liability for each period.
74
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022FINANCIAL STATEMENTS N OT E S TO T H E CO N S O L I DAT E D
F I N A N C I A L S TAT E M E N T S
4. Income tax
A reconciliation between income tax expense and the loss before tax is
as follows:
Loss subject to tax
Income tax on loss at standard rate of 30% (2021 30%)
Tax effects of amounts which are not deductible / (taxable) in calculating
taxable income:
Non-deductible expenses
Share-based payment expense
Net deferred tax assets not brought to account
Income tax (benefit)/expense
Components of tax benefit comprise of:
Current tax
Deferred tax – temporary differences
Income tax (benefit)/expense
Unrecognised deferred tax assets
Deferred tax assets have not been recognised in respect of the following:
Deferred tax assets temporary differences
Deferred tax assets losses
Deferred tax liabilities
30 June 2022
$’000
30 June 2021
$’000
(17,770)
(5,331)
-
37
1,694
3,600
-
-
-
-
4,442
52,690
(40,501)
16,631
(12,243)
(3,673)
-
17
1,263
2,393
-
-
-
-
3,844
46,922
(40,362)
10,403
75
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022FINANCIAL STATEMENTS N OT E S TO T H E CO N S O L I DAT E D
F I N A N C I A L S TAT E M E N T S
Recognition and measurement
Current taxes
The income tax expense/(benefit) for the year comprises current income tax expense/(income) and deferred income
tax expense/(income). Current income tax expense charged to the profit or loss is the tax payable on taxable income
calculated using applicable income tax rates enacted at reporting date. Deferred income tax expense reflects movements
in deferred tax asset and deferred tax liability balances during the year as well as unused tax losses if recognised.
Current and deferred income tax (expense)/benefit is charged or credited directly to equity instead of the profit or loss
when the tax relates to items that are credited or charged directly to equity.
Deferred taxes
Deferred tax assets and liabilities are ascertained based on temporary differences arising between the tax bases of assets
and liabilities and their carrying amounts in the financial statements. Deferred tax assets also result where amounts have
been fully expensed but future tax deductions are available.
No deferred income tax will be recognised from the initial recognition of an asset or liability, excluding a business
combination, where there is no effect on accounting or taxable profit or loss.
Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised, or liability is
settled. Deferred tax is credited in the Statement of Profit or Loss and Other Comprehensive Income except where it relates
to items that may be credited directly to equity, in which case the deferred tax is adjusted directly against equity. Deferred
income tax assets are recognised to the extent that it is probable that future taxable profits will be available against which
deductible temporary differences can be utilised. The amount of benefits brought to account or which may be realised in
the future is based on the assumption that no adverse change will occur in income taxation legislation and the anticipation
that Bellevue Gold will derive sufficient future assessable income to enable the benefit to be realised and comply with the
conditions of deductibility imposed by the law.
Bellevue Gold determines whether to consider each uncertain tax treatment separately or together with one or more other
uncertain tax treatments and uses the approach that better predicts the resolution of the uncertainty.
Offsetting deferred tax balances
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and
liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities
are offset where the entity has a legally enforceable right to offset and intends to either settle on a net basis, or to realise
the asset and settle the liability simultaneously.
76
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022FINANCIAL STATEMENTS N OT E S TO T H E CO N S O L I DAT E D
F I N A N C I A L S TAT E M E N T S
5. Loss per share
Net loss attributable to ordinary shareholders of Bellevue Gold used in
calculating basic and diluted loss per share
(17,770)
(12,243)
Weighted average number of ordinary shares outstanding during the
year used in calculation of basic and dilutive loss per share
Loss per share (cents per share)
987,111
(1.80)
836,509
(1.46)
30 June 2022
$’000
30 June 2021
$’000
The balance of unexercised options at the end of the period is nil (2021: 50,000). The balance of performance rights that
are outstanding at the end of the period was 33,758,198 (2021: 19,405,406). As Bellevue Gold incurred a loss for each year
presented, these options and performance rights are anti-dilutive and are not included in the determination of diluted
earnings per share for the current and comparative periods.
Recognition and measurement
Basic loss per share is calculated by dividing the loss attributable to equity holders of Bellevue Gold, excluding any costs
of servicing equity other than ordinary shares, by the weighted average number of ordinary shares outstanding during the
financial year, adjusted for bonus elements in ordinary shares issued during the year.
Diluted loss per share adjusts the figures used in the determination of basic loss per share to take into account the after-
income tax effect and other financing costs associated with dilutive potential ordinary shares and the weighted average
number of additional ordinary shares that would have been outstanding assuming the conversion of all dilutive potential
ordinary shares.
Working Capital and Provisions
This section of the notes provides further information about Bellevue Gold’s working capital and provisions, including
accounting policies and key judgements and estimates relevant to understanding these items.
6. Cash and cash equivalents
Cash at bank
30 June 2022
$’000
30 June 2021
$’000
117,473
117,473
94,088
94,088
All cash balances are available for use by Bellevue Gold, the Group’s exposure to interest rate risk and sensitivity analysis
for financial assets and liabilities are disclosed in note 15.
77
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022FINANCIAL STATEMENTS N OT E S TO T H E CO N S O L I DAT E D
F I N A N C I A L S TAT E M E N T S
Recognition and measurement
Cash and cash equivalents include cash on hand, deposits held at call with financial institutions with original maturities of
three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of
changes in value.
6.1 Reconciliation of cash flows used in operating activities
Loss for the year
Adjustments for:
Depreciation and amortisation
Share-based payments
Exploration expenditure written off
Loss on disposals
Rehabilitation provision-unwind of discount
Other non-cash items
Changes in assets and liabilities
Change in trade and other receivables
Change in other assets
Change in provisions
Change in trade and other payables
Net cash used in operating activities
7. Trade and other receivables
Current
Accrued interest
Net GST receivable
Fuel tax credit
Other receivables
78
30 June 2022
$’000
30 June 2021
$’000
(17,770)
(12,243)
1,073
5,646
444
198
52
45
(256)
(2,399)
884
822
841
4,210
8
63
-
33
284
(370)
547
704
(11,261)
(5,923)
30 June 2022
$’000
30 June 2021
$’000
68
1,392
75
19
1,554
3
750
128
270
1,151
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022FINANCIAL STATEMENTS N OT E S TO T H E CO N S O L I DAT E D
F I N A N C I A L S TAT E M E N T S
7.1 Other assets
Current
Prepayments
Security and term deposits
Non-current
Prepaid debt issuance costs
Recognition and measurement
Trade and other receivables
30 June 2022
$’000
30 June 2021
$’000
577
532
1,109
5,590
5,590
493
436
929
-
-
Trade receivables are recognised initially at transaction cost, less any allowance for expected credit losses. There were no
expected credit losses on trade and other receivables, therefore no provision has been recognised at 30 June 2022 (2021: Nil).
Prepaid debt issuance costs
Please refer to note 13 for the accounting policy.
8. Trade and other payables
Current
Trade payables
Other payables
Accrued expenses
Recognition and measurement
Trade and other payables
30 June 2022
$’000
30 June 2021
$’000
808
1,703
10,268
12,779
11,068
556
4,696
16,320
Trade and other payables represent the liability outstanding at the end of the reporting period for goods and services
received by Bellevue Gold during the period which remains unpaid. Trade and other payables are presented as current
liabilities unless payment is not due within 12 months from the reporting date. They are recognised initially at their fair value
and subsequently measured at amortised cost.
79
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022FINANCIAL STATEMENTS N OT E S TO T H E CO N S O L I DAT E D
F I N A N C I A L S TAT E M E N T S
9. Provisions
Current
Provision for annual leave
Provision for short-term incentives
Other
Non-current
Provision for long service leave
Rehabilitation and restoration
Recognition and measurement
Provisions
Provisions are recognised when
Bellevue Gold has a legal or
constructive obligation, as a result of
past events, for which it is probable
that an outflow of economic benefits
will results, and that outflow can be
reliably measured.
Provisions are measured at the present
value of management’s best estimate
of the expenditure required to settle
the present obligation at the end of
the reporting period. The discount rate
used to determine the present value is a
pre-tax rate that reflects current market
assessments of the time value of money
and the risks specific to the liability.
Rehabilitation and restoration
In accordance with the applicable
legal requirements, a provision
for site rehabilitation in respect of
returning the land to its original state
is recognised when land is disturbed.
Rehabilitation costs are recognised
in full based on the net present value
of the estimated cost of rehabilitating
and restoring the environmental
disturbance that has occurred up to
the reporting date. To the extent that
future economic benefits are expected
80
30 June 2022
$’000
30 June 2021
$’000
844
504
600
1,948
70
3,289
3,359
563
443
-
1,006
128
2,760
2,888
to arise, these costs are capitalised
and amortised over the remaining life of
the mine and the provision is accreted
periodically as the discounting of the
liabilities unwinds. The unwinding of the
discount is recorded as a finance cost.
Any changes in the estimates for
the costs or other assumptions
against the cost of relevant assets
are accounted for on a prospective
basis. In determining the costs for
site restoration there is uncertainty
regarding the nature and extent
of restoration due to community
expectations and future legislation.
Employee leave benefits
Provision is made for Bellevue Gold’s
liability for employee benefits arising
from services rendered by employees
up to reporting date.
Short-term employee benefits are
expected to be settled wholly within
12 months after the end of the period
in which employees render the related
service, are recognised in respect of the
employee’s services up to the end of the
reporting period and are measured at
the amounts expected to be paid when
the liabilities are settled. The amounts
are presented as current employee
entitlements in the balance sheet.
The liability for long service leave is
measured at the present value of the
estimated future cash outflows to
be made by Bellevue Gold for those
employees with greater than 5 years
of service up to the reporting date.
Long-term benefits not expected
to be settled within 12 months are
discounted by using rates attached to
high quality corporate bonds at the
end of the reporting period with terms
that match, as closely as possible,
the estimated future cash outflows.
Related on-costs are also included in
the liability.
Key estimates and judgements
Rehabilitation provision
Bellevue Gold assesses its mine
rehabilitation provision annually.
Significant judgement is required in
determining the provision for mine
rehabilitation and closure as there
are many factors that could impact
the ultimate liability payable to
rehabilitate the mine site including
changes in legislation, technology
or other circumstances. When these
factors change or become known in
the future, such differences will impact
the mine rehabilitation in the period in
which the change becomes known.
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022FINANCIAL STATEMENTS N OT E S TO T H E CO N S O L I DAT E D
F I N A N C I A L S TAT E M E N T S
Invested Capital
This section of the notes provides further information about property, plant and equipment, leases, mine properties in
development and exploration and evaluation assets and the carrying amount of these non-financial assets, including
accounting policies, key judgements and estimates relevant to understanding these items.
10. Property, plant and equipment
Furniture &
equipment
Computer &
office
equipment
Plant &
equipment
Mobile
equipment Buildings
Right
of use
Asset
Assets
under
construction
Total
$’000
$’000
$’000
$’000
$’000
$’000
$’000
$’000
Net carrying values
Balance at 1 July 2020
Additions
Depreciation
Disposals
Balance at 30 June 2021
Cost
Accumulated depreciation
Net carrying values
Balance at 1 July 2021
Additions
Depreciation
Transfer to mine properties
Disposals
Balance at 30 June 2022
Cost
Accumulated depreciation
57
609
(78)
(46)
542
609
(67)
542
7
(124)
-
-
425
616
(191)
Recognition and measurement
Property, plant and equipment
105
853
390
270
362
324
551
632
-
-
1,201
1,388
(208)
(139)
(149)
(129)
(138)
-
-
-
-
1,465
5,277
(841)
(62)
(16)
734
963
-
521
811
-
537
796
1,054
1,063
1,388
5,839
1,285
1,201
1,388
7,053
(229)
(290)
(259)
(231)
(138)
-
(1,214)
734
97
521
369
537
192
1,054
1,063
1,388
5,839
18
-
30,079
30,762
(325)
(172)
(173)
(161)
(150)
-
(1,105)
-
(1)
505
1,059
(554)
-
-
718
1,180
(462)
-
(42)
514
946
-
-
-
-
(3,916)
(3,916)
(155)
(198)
911
913
27,396
31,382
1,303
1,201
27,396
33,701
(432)
(392)
(288)
-
(2,319)
Property, plant and equipment are measured at historical less accumulated depreciation. Historical cost includes
expenditure that is directly attributable to the acquisition of the items.
Subsequent costs are included in the asset’s carrying value or recognised as a separate asset as appropriate, only when
it is probable that future economic benefits will flow to Bellevue Gold and the cost of the item can be measured reliably.
81
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022FINANCIAL STATEMENTS N OT E S TO T H E CO N S O L I DAT E D
F I N A N C I A L S TAT E M E N T S
The carrying amount of any component accounted for as a separate asset is derecognised when replaced. All repairs and
maintenance are charged to the profit or loss during the reporting period in which they are incurred.
Depreciation
Depreciation of non-mine specific property, plant and equipment is calculated using straight-line depreciation as follows:
Class of Fixed asset
Depreciation rate
Furniture & equipment
3-5 years
Computer & office equipment
2–5 years
Plant & equipment
Mobile equipment
2-10 years
3-5 years
Buildings & infrastructure
5-10 years
Depreciation is expensed as incurred, unless it relates to an asset or operation in the construction phase, in which it is
capitalised.
Please refer to note 24(iii) for the treatment of depreciation of right-of-use assets.
Derecognition
An item of property, plant and equipment is derecognised when it is sold or otherwise disposed of, or when its use is no
longer expected to bring about future economic benefits to Bellevue Gold. Any gain or loss from derecognising the asset is
included in the profit or loss in the period the item is derecognised.
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of the reporting period.
Assets under construction
The value of assets under construction is measured at the cost of the asset less impairment. The cost of the asset also
includes the cost of assembly and replacement parts that are eligible for capitalisation. Depreciation does not commence
until the asset is in the location and condition necessary for it to be capable of operating in the manner intended by
management.
11. Exploration and evaluation assets
Carrying amount at the beginning of the year
Expenditure for the period
Change in rehabilitation provision
Transfer to mine properties in development
Impairment
EIS Grant Co-funded Exploration Drilling Program
Carrying amount at the end of the year
82
30 June 2022
$’000
30 June 2021
$’000
139,916
64,881
-
(195,730)
(444)
-
8,623
75,028
64,626
435
-
(8)
(165)
139,916
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022FINANCIAL STATEMENTS N OT E S TO T H E CO N S O L I DAT E D
F I N A N C I A L S TAT E M E N T S
Impairment
At each reporting date Bellevue Gold undertakes an assessment of the carrying amount of its exploration and evaluation
assets. Bellevue Gold identified indicators of impairment on certain exploration and evaluation assets. As a result of the
review, $444,000 (2021: $8,000) has been recognised as an impairment loss and has been recognised in the statement of
profit or loss and other comprehensive income in relation to areas of interest where no future exploration and evaluation
activities are expected.
Recognition and measurement
Exploration and evaluation costs include acquisition of rights to explore, and costs associated with exploration and
evaluation in relation to separate areas of interest for which rights of tenure are current. The balance is carried as a
non-current asset on the statement of financial position where it is expected that the expenditure will be recovered through
the successful development and exploitation of an area of interest, or by its sale; or exploration activities are continuing
in an area and activities have not reached a stage which permits a reasonable estimate of the existence or otherwise of
economically recoverable Ore Reserve. Costs incurred before Bellevue Gold has obtained the legal rights to explore an
area are recognised in the statement of profit or loss and other comprehensive income.
Upon approval for the commercial development of an area of interest, exploration and evaluation assets are tested for
impairment and transferred to ‘Mine properties in development’. No amortisation is charged during the exploration and
evaluation phase.
Payments for exploration and evaluation expenditure are recorded net of any government grants and partner
contributions.
Key estimates and judgements
Exploration and evaluation assets
Key judgements are applied to make certain estimates as to future events and circumstances, in particular whether an
economically viable extraction operation can be established. Any such estimates and assumptions may change as new
information becomes available. To the extent that capitalised exploration and evaluation expenditure is determined not to
be recoverable in the future, profits and net assets will be reduced in the period in which the determination is made.
12. Mine properties in development
Carrying amount at the beginning of the year
Transfer from exploration and evaluation
Transfer from property, plant and equipment
Change in rehabilitation provision estimate
Capitalised borrowing costs
Carrying amount at the end of the year
30 June 2022
$’000
30 June 2021
$’000
-
195,730
3,916
477
3,474
203,597
-
-
-
-
-
-
83
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022FINANCIAL STATEMENTS N OT E S TO T H E CO N S O L I DAT E D
F I N A N C I A L S TAT E M E N T S
Recognition and measurement
Mine properties in development
Mine properties in development
represent expenditure incurred when
technical feasibility and commercial
viability of extracting a mineral
resource have been demonstrated,
and includes the costs incurred up until
such time as the asset is capable of
being operated in a manner intended
by management. These costs are not
amortised but the carrying value is
assessed for impairment whenever
facts and circumstances suggest that
the carrying amount may exceed its
recoverable amount.
Mine development represents
expenditure in respect of exploration
and evaluation, overburden removal
based on underlying mining activities
and related mining data and
construction costs and development
incurred by the Group previously
accumulated and carried forward
in relation to properties in which
mining has now commenced. Such
expenditure comprises direct costs
and an appropriate allocation of
directly related overhead expenditure.
All expenditure incurred prior to
commencement of production is
carried forward to the extent to which
recoupment out of future revenue
from the sale of production, or from
the sale of the property, is reasonably
assured. When further development
expenditure is incurred in respect of a
mine property after commencement
of commercial production, such
expenditure is carried forward as part
of the cost of the mine property only
when future economic benefits are
reasonably assured, otherwise the
expenditure is classified as part of
the cost of production and expensed
as incurred. Such capitalised
development expenditure is added
to the total carrying value of mine
development being amortised.
Mine development costs
(as transferred from exploration
and evaluation and or assets under
construction) are amortised on a
units-of-production basis over the
life of mine to which they relate. In
applying the units of production
method, amortisation is calculated
using the expected total contained
ounces as determined by the
life of mine plan specific to that
mine property. For development
expenditure undertaken during
production, the amortisation
rate is based on the ratio of total
development expenditure (incurred
and anticipated) over the expected
total contained ounces as estimated
by the relevant life of mine plan to
achieve a consistent amortisation
rate per ounce. The rate per ounce is
typically updated annually as the life
of mine plans are revised.
At each reporting date, Bellevue
Gold assesses whether there is any
indication that an asset, or group
of assets is impaired. If any such
indication exists, the recoverable
amount of the asset is estimated
to determine the extent of the
impairment loss (if any) which is the
amount by which the assets value
exceeds its recoverable amount.
Where the asset does not generate
cash-in-flows that are independent
from other assets, Bellevue Gold
estimates the recoverable amount
of the cash-generating unit (CGU) to
which the asset belongs.
The recoverable amount is the higher
of ‘fair value less costs of disposal’
(FVLCOD) and ‘value in use’. The asset
is then written down to its recoverable
amount and the impairment lossess
are recognised in the profit or loss.
Where an impairment loss subsequently
reverses for assets other than goodwill,
the carrying amount of the asset is
increased, but only to the extent that
the increased carrying amount does
not exceed the carrying amount that
would have been determined had no
impairment loss been recognised for
the asset in prior years. A reversal of the
an impairment loss is recognised in the
profit or loss immediately.
Key estimates and judgements
Proved and probable Ore Reserves
Bellevue Gold estimates its Mineral
Resources and Ore Reserves in
accordance with the Australasian
Code of Reporting for Mineral
Resources and Ore Reserves 2012 (the
“JORC Code”). The information on
mineral resources and ore reserves was
prepared by or under the supervision
of Competent Persons as defined
under the JORC Code. The estimate
of these resources and ore reserves,
by their nature, require judgements,
estimates and assumptions.
There are numerous uncertainties
inherent in estimating mineral
resources and ore reserves, and
assumptions that are valid at the
time of estimation that may change
significantly when new information
becomes available.
Changes in forecast prices or
commodities, exchange rates,
production costs or recovery rates
may change the economic status of
reserves and may ultimately results in
reserves being restated. Such changes
in the ore reserve or mineral resource
estimate may impact on the value of
exploration and evaluation assets,
mine properties, property plant
and equipment, provision for
rehabilitation and depreciation
and amortisation charges.
84
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022FINANCIAL STATEMENTS N OT E S TO T H E CO N S O L I DAT E D
F I N A N C I A L S TAT E M E N T S
Capital Structure, Financial Instruments and Risk
This section provides further information about Bellevue Gold’s contributed equity, financial liabilities, related financing
costs and its exposure to various financial risks. It explains how these risks affect Bellevue Gold’s financial position and
performance and what Bellevue Gold does to manage these risks.
13. Borrowings
Lease liability
30 June 2022
$’000
30 June 2021
$’000
1,009
1,009
1,114
1,114
Bellevue Gold has lease contracts for an office rental used in its operations. The building has a lease term of five years plus
a three-year option to extend.
Set out below are the carrying amounts of lease liabilities recognised and the movements during the period:
30 June 2022
$’000
30 June 2021
$’000
Carrying amount at the beginning of the year
Additions
Accretion of interest
Payments
Carrying amount at the end of the year
Current
Non-current
1,114
-
80
(185)
1,009
121
888
-
1,201
78
(165)
1,114
106
1,008
85
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022FINANCIAL STATEMENTS N OT E S TO T H E CO N S O L I DAT E D
F I N A N C I A L S TAT E M E N T S
On 30 November 2021, Bellevue Gold
entered into a Syndicated Facility
Agreement (Facility Agreement) for
$200,000,000, which remains undrawn
as at 30 June 2022. The facility
attracts an undrawn facility fee of 1.4%
and, once drawn, an interest rate of
BBSY plus 3.5% per annum (reducing to
BBSY plus 3% per annum post Project
Completion). As at 30 June 2022
Bellevue Gold was in compliance with
facility covenants and the drawdown
of the facility remains conditional
upon the satisfaction of a number of
conditions precedent.
The conditions precedent include a
requirement to hedge 135,000 ounces
of gold at a minimum hedge price
of A$2,250 per ounce of gold prior
to first draw down, which is currently
forecast for the first half of the 2023
financial year. As at 30 June 2022,
Bellevue Gold has committed hedging
of 112,500 ounces of gold sold at a flat
average hedge price of A$2,571 per
ounce of gold.
The Facility Agreement has a
registered first-ranking general
security over all the asset and
undertakings of Bellevue Gold Limited,
Golden Spur Resources Pty Ltd, Giard
Pty Ltd and Green Empire Resources
Pty Ltd. The facility must be used
for the development, construction,
operation and working capital and
associated costs of the Bellevue Gold
Project and is not available to be used
for general corporate purposes.
Transaction costs are incremental costs
that are directly attributable to the
loan and include loan origination fees,
commitment fees and legal fees.
At 30 June 2022 the amount of
transaction costs which were
unamortised was $5,590,000 (June
2021: Nil). The total borrowing costs
capitalised to Mine Properties in
development during the year to 30 June
2022 was $3,474,000 (June 2021: Nil).
Recognition and measurement
Borrowings
Borrowings are initially recognised
at fair value, net of transaction costs
incurred. Borrowings are subsequently
measured at amortised cost. Any
difference between the proceeds
(net of transaction costs) and the
redemption amount is recognised in
profit or loss over the expected period
of the borrowings (if shorter than
the contractual loan term) using the
effective interest method.
Fees paid on the establishment of loan
facilities are recognised as transaction
costs of the loan to the extent that
it is probable that some or all of the
facility will be drawn down. Prior to
draw-down on the facility these costs
are classified as prepayments and are
reclassified to borrowings as draw-
down on the respective facility occurs.
Transaction costs are accounted for
under the effective interest method.
Once transferred to borrowings such
costs are incorporated as part of
the borrowing’s amortised cost, as
noted above. Bellevue Gold accounts
for transaction costs incurred as a
prepaid asset less amortisation.
Borrowing costs
All borrowing costs are recognised in
the Statement of Profit or Loss using
the effective interest rate method in
the period in which they are incurred
except for borrowing costs that are
directly attributable to the acquisition,
construction and production of a
qualifying asset that necessarily takes
a substantial period to get ready for
its intended use or sale. In this case,
borrowing costs are capitalised as
part of the qualifying asset, which is
Mine properties in development.
86
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022FINANCIAL STATEMENTS N OT E S TO T H E CO N S O L I DAT E D
F I N A N C I A L S TAT E M E N T S
14. Contributed equity and reserves
14.1 Contributed equity
Fully paid ordinary shares
1,031,431,826
858,787,395
415,624
273,555
30 June 2022
Shares
30 June 2021
Shares
30 June 2022
$’000
30 June 2021
$’000
Movement in ordinary shares on issue
Balance at 30 June 2020
Shares issued
Shares issued upon achievement of STI
Exercise of options
Vested performance rights
Transfers from the reserve upon exercise of options
Share issue costs
Balance at 30 June 2021
Shares issued
Shares issued upon achievement of STI
Exercise of options
Vested performance rights1
Shares issued to consultants in lieu of service2
Debt financing underwriting fee3
Share issue costs
Other
Balance at 30 June 2022
Number of Shares
$’000
684,551,731
135,045,742
89,922
32,500,000
6,600,000
-
-
858,787,395
167,928,064
152,976
50,000
413,391
100,000
4,000,000
-
-
135,205
135,046
103
4,000
2,684
2,260
(5,743)
273,555
142,739
151
30
-
77
4,000
(5,220)
292
1,031,431,826
415,624
1 All performance rights were vested using the non-cash exercise feature available under the employee share plan rules.
2 100,000 shares were issued to Read Corporate and were valued at the grant date being 7 December 2021 ($0.77).
3
During the period 4,000,000 shares were issued to Macquarie Bank Limited in lieu of services provided in relation to the
underwriting of the debt facility. The shares were valued at the fair value of the services provided.
Recognition and measurement
Ordinary shares are classified as equity. Transaction costs directly attributable to the issue of shares or options are
recognised as a deduction from equity, net of any income tax effects.
87
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022FINANCIAL STATEMENTS N OT E S TO T H E CO N S O L I DAT E D
F I N A N C I A L S TAT E M E N T S
14.2 Reserves
The Share Based Payments Reserve records the fair value of the options and performance rights issued to Directors,
employees, consultants and other third parties.
Share-based payments reserve
Balance at the beginning of the year
Share-based payment transactions
Performance rights issued
Shares to be issued to Executive management and consultants
Transfer from reserves
Balance at the end of the year
15. Financial Risk Management
30 June 2022
$’000
30 June 2021
$’000
3,504
4,445
5,178
371
-
9,053
4,436
-
(5,377)
3,504
This note presents information about Bellevue Gold’s exposure to financial risks (credit, liquidity and market risk), Bellevue
Gold’s objectives, policies and processes for measuring and managing risk, and Bellevue Gold’s management of capital.
Bellevue Gold’s Board of Directors with the assistance of the Audit and Risk Management Committee has overall
responsibility for the establishment and oversight of the Bellevue Gold’s risk management framework. This includes the
approval of Bellevue Gold’s Treasury Risk Management Policy, which outlines policies in relation to the Group’s financial risk
exposures, financial risk monitoring and response to those risks, and roles and responsibilities in relation to management of
these risks.
a) Credit Risk
Credit risk is the risk of financial loss to Bellevue Gold if a customer or counterparty to a financial instrument fails to meet its
contractual obligations and arises principally from Bellevue Gold’s receivables and term deposits.
Bellevue Gold holds all of its cash and cash equivalents with banks and financial institution counterparties approved by
the Board typically with a minimum credit rating of A (or equivalent) as determined by a reputable credit rating agency.
The carrying amount of financial assets represents the maximum credit exposure at the reporting date.
88
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022FINANCIAL STATEMENTS N OT E S TO T H E CO N S O L I DAT E D
F I N A N C I A L S TAT E M E N T S
The maximum credit exposure to credit risk at the end of the reporting period was as follows:
Financial Assets
Cash and cash equivalents
Trade and other receivables
Total
Notes
6
30 June 2022
$’000
30 June 2021
$’000
117,473
160
117,633
94,088
401
94,489
Bellevue Gold does not have any impaired Trade and other receivables as at 30 June 2022 (2021: nil).
b) Liquidity Risk
Liquidity risk arises from the possibility that Bellevue Gold might encounter difficulty in settling its debts or otherwise
meeting its obligations related to financial liabilities. Bellevue Gold manages liquidity risk by monitoring forecasted cash
flows and ensuring adequate cash and liquid reserves are maintained to pay debts as and when they fall due. This includes
taking into account the availability of committed credit facilities.
The Audit and Risk Management Committee meets on a regular basis to analyse financial risk exposure, liquidity
management and evaluate treasury management strategies in the context of the most recent economic conditions and
forecasts. The Board’s overall risk management strategy seeks to assist Bellevue Gold in managing its cash flows.
The following table details Bellevue Gold’s remaining contractual maturity for its non-derivative financial liabilities:
6 months
$’000
6-12 months
$’000
1-5 years
$’000
>5 years
$’000
Total
$’000
30 June 2022
Non-derivative financial liabilities
Trade and other payables
Lease liabilities
30 June 2021
Non-derivative financial liabilities
Trade and other payables
Lease liabilities
12,779
59
11,624
52
-
62
-
54
-
869
-
775
-
19
-
233
12,779
1,009
11,624
1,114
89
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022FINANCIAL STATEMENTS N OT E S TO T H E CO N S O L I DAT E D
F I N A N C I A L S TAT E M E N T S
c) Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates, commodity and security prices and
interest rates that can affect Bellevue Gold’s income, expenses or the value of its holdings of financial instruments. The
objective of market risk management is to manage and control market risk exposures within acceptable parameters.
I) Currency Risk
Bellevue Gold is not exposed to significant foreign currency risk on transactions that are denominated in a currency other
than the respective functional currencies of Bellevue Gold’s entities, being the Australian Dollar (AUD).
ii) Commodity Price Risk
Bellevue Gold’s exposure to commodity price risk arises largely from Australian dollar gold price fluctuations on expected
future gold sales. Bellevue Gold’s exposure in movements in the gold price is managed through the use of Australian dollar
gold forward contracts. The gold forward sale contracts do not meet the definition of financial instruments for accounting
purposes on the basis that they meet the ‘own-use-exemption’ because it is expected physical gold will be delivered into
the contract. Further information relating to these forward sale contracts is included in note 17. No sensitivity analysis is
provided as these contracts are outside the scope of AASB 9 Financial Instruments.
iii) Interest Rate Risk
Bellevue Gold’s exposure to market risk for changes in interest rates relates primarily to Bellevue Gold’s cash and cash
equivalents. The interest-bearing cash and cash equivalents and the respective weighted average interest rates as at
each balance sheet date are:
Financial Assets
Cash and cash equivalents
Total
Interest rate
30 June 2022
$’000
30 June 2021
$’000
117,473
117,473
1.35%
94,088
94,088
0.10%
Interest rate risk also arises on Bellevue Gold’s $200 million debt facility with Macquarie Bank Limited, which remains
undrawn as at 30 June 2022 (refer to note 13 for further details).
Interest rate sensitivity
The sensitivity analysis in the following table illustrates the impact of 100 basis points in variable interest rates, with all
other variables held constant, and would have resulted in an increase/(decrease) in Bellevue Gold’s loss before tax and
equity as follows:
30 June 2022
$’000
30 June 2021
$’000
1,175
(1,175)
941
(941)
100bp increase
100bp decrease
90
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022FINANCIAL STATEMENTS N OT E S TO T H E CO N S O L I DAT E D
F I N A N C I A L S TAT E M E N T S
Capital Management
The Board's policy is to maintain a capital base to maintain investor, creditor and market confidence and to sustain future
development of the business. Capital consists of ordinary share capital, retained earnings (or accumulated losses) and
long-term committed bank debt (whether drawn or undrawn). The Board of Directors manages the capital of Bellevue Gold
to ensure that Bellevue Gold can fund its operations and continue as a going concern and incorporates the management
of debt levels, share issues and any distributions or returns to shareholders.
Total capital is equity, as shown in the statement of financial position, plus access to a $200 million undrawn debt facility
(as outlined further in note 13).
Bellevue Gold Structure
This section of the notes provides information which will help users understand how the Group's structure affects the
financial position and performance of Bellevue Gold as a whole.
16. Interests in Subsidiaries
a) Investments in subsidiaries
The following list contains the particulars of all of the subsidiaries of Bellevue Gold:
Name of Entity
Country of Incorporation
Golden Spur Resources Pty Ltd
Australia
Bellevue Gold Holdings 1
Bellevue Gold Holdings 2
Bellevue Gold Holdings 3
Giard Pty Ltd
Weebo Exploration Pty Ltd
Green Empire Pty Ltd
Australia
Australia
Australia
Australia
Australia
Australia
Ownership Interest held by Bellevue Gold
30 June 2022
%
30 June 2021
%
100
100
100
100
100
100
100
100
-
-
-
100
100
100
91
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022FINANCIAL STATEMENTS N OT E S TO T H E CO N S O L I DAT E D
F I N A N C I A L S TAT E M E N T S
Principles of consolidation
Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity
where the Group has power over the investee, is exposed to, or has rights to, variable returns from its involvement with
the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries
are consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that
control ceases.
Intercompany transactions, balance and unrealised gains and losses on transactions between Group companies
are eliminated.
The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Bellevue Gold Limited
(‘Company’ or ‘parent entity’) as at 30 June 2022 and the results of all subsidiaries for the year then ended. Bellevue Gold
Limited and its subsidiaries together are referred to in this financial report as the Group or the consolidated entity.
Changes in Bellevue Gold’s interest in a subsidiary that do not result in a loss of control are accounted for as equity
transactions.
Other Information
This section of the notes includes other information that must be disclosed to comply with accounting standards and other
pronouncements but are not considered critical in understanding the financial performance or position of Bellevue Gold.
17. Commitments
a) Capital commitments
Significant capital expenditure contracted for at the end of the reporting period but not recognised as liabilities is as follows:
Property, plant and equipment
Total
30 June 2022
$’000
30 June 2021
$’000
18,054
18,054
-
-
30 June 2022 capital commitments included $9.06 million in relation to the processing plant and $8.99 million in relation to
the camp construction.
b) Physical Gold Delivery Commitments
As part of the risk management policy of Bellevue Gold and in compliance with the conditions required by Bellevue Gold’s
financier Macquarie Bank Limited (MBL), Bellevue Gold has entered into a gold forward contract to manage the gold price
of a proportion of anticipated gold sales, as there is a requirement to hedge 135,000 ounces of gold at a minimum hedge
price of A$2,250 per ounce. The contracts are accounted for as sale contracts with revenue recognised once gold has been
delivered to MBL or its agent. The physical gold delivery contracts are considered a contract to sell a non-financial item
and therefore do not fall within the scope of AASB 9 Financial Instruments. They are accounted for using the ‘own-use-exemption’
and no mark to market valuation is recognised in the financial statements in relation to the undelivered ounces. The use of
the ‘own-use-exemption’ is a significant judgement and in the event the contracts no longer continue to be held for the
purpose of delivery of the non-financial item (gold bullion) in line with the entity’s expected sale requirements, financial
assets and/or liabilities would require recognition.
92
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022FINANCIAL STATEMENTS N OT E S TO T H E CO N S O L I DAT E D
F I N A N C I A L S TAT E M E N T S
Australian dollar gold delivery commitments as at 30 June 2022 were as follows:
More than one year but less than two years
More than two years but less than three years
More than three years but less than four years
More than four years but less than five years
More than five years but less than six years
Total
Gold for physical
delivery
Weighted
average price
Value of
Committed Sales
ozs
11,961
31,229
31,248
25,962
12,100
112,500
$/oz
$2,571
$2,571
$2,571
$2,571
$2,571
$2,571
$’000
30,752
80,290
80,339
66,748
31,109
289,238
Bellevue Gold has no other AUD gold sale commitments (June 2021: nil)
c) Exploration expenditure commitments
Bellevue Gold has certain obligations for payment of tenement rent and minimum spend requirements that are required to
be met under the relevant legislation should Bellevue Gold wish to retain tenure on all its current tenements in which Bellevue
Gold has an interest. These obligations may vary over time, depending on Bellevue Gold’s exploration programmes.
The estimated exploration expenditure commitment for the ensuing years, but not recognised as a liability in the statement
of financial position is as follows:
30 June 2022
$’000
30 June 2021
$’000
1,687
6,748
8,435
1,462
5,848
7,310
Within one year
More than one year but less than five years
Total
18. Contingent liabilities
There are no contingent liabilities to disclose as at 30 June 2022.
19. Events subsequent to reporting date
Subsequent to the end of financial year, the Company awarded the engineering, procurement and construction contract
for the 1Mtpa gold processing plant to GR Engineering Services Limited (ASX: GNG) for a total fixed price of $87.8 million,
allowing the capital required for the key plant components to be fixed. Long lead items including the ball mill, crushing
equipment, screens, agitators and leach and tailings thickeners have been ordered. In August 2022, Bellevue paid $7.5M of
the contract price through the issue of 12,318,305 ordinary shares, aligning GR Engineering with the project and reducing
Bellevue’s pre-production cash funding requirement.
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BELLEVUE GOLD LIMITED ANNUAL REPORT 2022FINANCIAL STATEMENTS N OT E S TO T H E CO N S O L I DAT E D
F I N A N C I A L S TAT E M E N T S
Subsequent to year-end, the Group executed the remainder of the initial hedge program and also added a further 50,000
ounces of gold forwards; resulting in the Group’s current hedge position being 185,000 ounces of gold sold forward at a flat
average price of $2,632.05 per ounce.
Other than the above, there are currently no matters or circumstances that have arisen since the end of the financial period
that have significantly affected or may significantly affect the operations of Bellevue Gold, the results of those operations,
or the affairs of the consolidated entity in future financial years.
20. Related party disclosures
a) Subsidiaries
Interests in subsidiaries are set out in note 16a.
b) Key Management Personnel
Disclosures relating to Key Management Personnel are set out in the remuneration report in the Directors’ Report.
Key-management personnel compensation
Short term employee benefits
Employee entitlements
Post-employment benefits
Share-based payments (non-cash)
Total
c) Transactions with related parties
30 June 2022
$’000
30 June 2021
$’000
2,392
80
146
2,799
5,417
2,453
228
199
4,017
6,897
Other than intercompany transactions there were no other transactions with related parties for the year ended 30 June 2022.
In the year ended 30 June 2021 Blackstone Minerals Limited were paid ($61,000) for the provision of the office rent,
outgoings and office furniture and supplies from 1 July 2020 to October 2020. Mr Parsons ceased to be a Non-Executive
Director of Blackstone Minerals Limited on 24 December 2020. Blue Leaf Corporate Pty Ltd, a company of which Mr Naylor
is a Director, provided accounting services to Bellevue Gold ($86,000). The contract with Mr Naylor with regard to these
services ceased on 1 April 2021.
Transactions with related parties in the prior year were on normal commercial terms and at conditions no more favourable
than those available to other parties, unless otherwise stated.
There were no amounts payable or loaned to or from related parties at the current and previous reporting date.
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BELLEVUE GOLD LIMITED ANNUAL REPORT 2022FINANCIAL STATEMENTS N OT E S TO T H E CO N S O L I DAT E D
F I N A N C I A L S TAT E M E N T S
21. Share-based payments
Bellevue Gold provides benefits to employees (including Executive Directors) through the Employee Equity Incentive Plan.
Information relating to these plans are set out below.
The Employee Equity Incentive Plan was approved by shareholders at the Annual General Meeting of Bellevue Gold in
November 2019. The Plan incorporates broad based equity participation for eligible employees, as well as key executive
incentive schemes designed to provide long-term incentives to the Executive Management Team (including executive
directors) to deliver long-term shareholder returns.
The Employee incentive plan comprised of the following schemes:
–
–
Long-term incentive (LTI) Performance rights
Short-term incentive (STI)
a) Long-term incentive Performance rights
Under the scheme, eligible employees are granted performance rights which will only vest if certain performance conditions
are met and the employees are still employed by Bellevue Gold at the end of the vesting period. Participation in the plans
is at the Board’s discretion.
The performance rights granted under the Employee Equity Incentive Plan are granted for nil cash consideration.
14,804,830 performance rights were granted to employees during the period. Each performance right converts to
one ordinary share in Bellevue Gold upon satisfaction of the non-market performance conditions linked to the rights.
The rights do not carry any other privileges. The fair value of the performance rights granted is determined based on
the number of rights awarded multiplied by the share price of Bellevue Gold on the date of grant. The performance
rights have a contained service period of 1-4 years.
During the year, Bellevue Gold issued 4,733,863 performance rights to the Executive Management Team
(including Executive Directors) which were subject to certain market conditions. The rights do not carry any other
privileges and the fair value was determined using the Monte Carlo simulation as shown in the table below. Please
refer to the remuneration report for the general terms and conditions of the schemes.
The following table illustrates the number of, and movements in, Performance Rights during the year:
30 June 2022
Number
Weighted
average fair
value at grant
date
30 June 2021
Number
Weighted
average fair
value at grant
date
Outstanding at the beginning of the year
19,405,406
$0.44
23,784,798
Performance Rights granted
19,538,693
$0.76
3,561,477
Performance Rights vested
(413,391)
$0.21
(6,600,000)
Lapsed/forfeited during the year
(4,772,510)
$0.53
(1,340,869)
Outstanding at the end of the year
33,758,198
$0.36
19,405,406
Vested and exercisable
400,000
$0.55
200,000
$0.34
$1.05
$0.41
$0.32
$0.44
$0.55
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BELLEVUE GOLD LIMITED ANNUAL REPORT 2022FINANCIAL STATEMENTS N OT E S TO T H E CO N S O L I DAT E D
F I N A N C I A L S TAT E M E N T S
The fair value of the granted performance rights subject to market conditions were independently valued using the Monte
Carlo simulation model, and takes into account the following inputs:
Fair value inputs
Class AE
Class AE Class AG Class AH
Class AI
Class X*
Class Y*
Class Z*
Grant date
21/03/22
3/12/21
3/12/21
3/12/21
3/12/21
6/08/21
6/08/21
6/08/21
Underlying share price at
measurement date
Exercise price
Term (years)
Dividend yield
Risk free rate
Volatility
Valuation per right
$0.96
$0.76
$0.76
$0.76
$0.76
$1.03
$1.03
$1.03
Nil
2.3
Nil
1.52%
65%
$0.63
Nil
2.6
Nil
0.74%
63%
$0.456
Nil
3.1
Nil
0.94%
63%
$0.49
Nil
3.1
Nil
0.94%
63%
$0.55
Nil
3.1
Nil
0.94%
63%
$0.58
Nil
1.4
Nil
0.02%
64%
$0.98
Nil
2.4
Nil
0.04%
64%
$0.94
Nil
3.4
Nil
0.32%
64%
$0.94
* The amount of performance rights that will vest under class X, Y and Z depends on completion of the service condition and on the
volume weighted average market price (VWAP) of Shares as traded on the ASX equalling or exceeding specific share prices for a
period of not less than 20 consecutive trading days between 26 July and 31 December 2022, 26 July 2021 and 31 December 2023
and 26 July 2021 and 31 December 2024 respectively.
During the period, the Group recorded a share-based payment expense of $7,703,000 (30 June 2021: $4,436,000)
equivalent to the total fair value of the performance rights amortised straight-line over any existing vesting period or
service period. In this respect, the Group has judged that each individual will achieve the performance milestones and
meet any service condition criteria.
Forfeited rights resulted in a reversal of previously recognised expense through the profit or loss. These amounted to
$2,525,000 during the year (30 June 2021: $433,000).
b) Short-term incentive plan (STI)
The STI program & GAP STI program was subject to Bellevue Gold’s short-term strategic performance targets by 30 June 2022
and 31 August 2021 respectively, which are disclosed in detail in the remuneration report. The share-based payment expense
relating to the equity portion of the STI was $184,000 for the year (30 June 2021: $207,000). The equity portion relates to fully
paid ordinary shares in Bellevue Gold Limited, which were issued following the end of the performance period.
c) Consultant services
100,000 shares were issued to consultants for services provided to the Group in lieu of cash. These were valued using
the grant date on the date of issue or acceptance of the contract. 500,000 Shares are expected to be issued post
30 June 2022 on the completion of a consulting contract, the corresponding share-based expense has been recognised
over the period of the contract for services received as at 30 June 2022. The share-based expense relating to consulting
services during the year was $284,000 (30 June 2021: Nil).
Recognition and measurement
Share-based payments
Share-based compensation benefits are provided to employees via the Bellevue Employee Equity Incentive Plan (Plan).
The objective of the Plan is to assist in the recruitment, reward, retention and motivation of eligible persons of Bellevue Gold.
The fair value of performance rights granted under the Plan are recognised as a share-based payment expense with a
corresponding increase in equity. The fair value is measured at grant date and recognised over the period of service during
which the employees become unconditionally entitled to the performance rights.
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BELLEVUE GOLD LIMITED ANNUAL REPORT 2022FINANCIAL STATEMENTS N OT E S TO T H E CO N S O L I DAT E D
F I N A N C I A L S TAT E M E N T S
Non-market-based conditions
The fair value of the performance rights at grant date excludes the impact of any non-market vesting conditions
(for example, profitability and sales growth targets). These non-market vesting conditions are included in assumptions
about the number of performance rights that are expected to vest. At each statement of financial position date, the entity
revises its estimate of the number of performance rights that are expected to vest. The share-based payment expense
recognised each period considers the most recent estimate. The impact of the revision to original estimates, if any, is
recognised in the statement of profit or loss and other comprehensive income with a corresponding adjustment to equity.
Market based conditions
The estimated fair value of the long-term share rights was determined using Monte Carlo simulation which utilises the
Binomial Option Pricing Model, where market conditions exist. The fair value estimation takes into account the exercise
price, the effective life of the right, the impact of dilution, the share price at grant date, expected price volatility of the
underlying share, the effect of additional market conditions, the expected dividend yield, estimated share conversion
factor and the risk-free interest rate for the term of the right.
Key estimates and judgements
Share options and performance rights
The Group measures the cost of equity-settled transactions with employees by reference to the fair of the equity instruments at
the date at which they are granted. The fair value is determined using an appropriate valuation model. The valuation basis and
related assumptions are detailed above.
22. Auditors’ remuneration
The following information relates to the parent entity, Bellevue Gold Limited, as at and for the year ended 30 June 2022:
30 June 2022
$’000
30 June 2021
$’000
Audit services
Current auditors of the company – Ernst & Young
Audit and review of financial statements
Other assurance services
Other services
Tax advice and compliance services – Ernst & Young
1 A portion of these services were provided prior to the appointment of EY as auditors.
87
10
40
137
71
5
771
153
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BELLEVUE GOLD LIMITED ANNUAL REPORT 2022FINANCIAL STATEMENTS N OT E S TO T H E CO N S O L I DAT E D
F I N A N C I A L S TAT E M E N T S
23. Parent entity disclosure
The following information relates to the parent entity, Bellevue Gold Limited, as at and for the year ended 30 June 2022:
Result of the parent entity
Loss for the year
Other comprehensive expenses
Total Comprehensive loss for the year
Financial Position of parent entity at year end:
Current assets
Non-current assets
Total assets
Current liabilities
Non-current liabilities
Total liabilities
Total equity of the parent entity comprising of:
Contributed equity
Reserves
Accumulated losses
Total equity
30 June 2022
$’000
30 June 2021
$’000
(16,540)
(11,700)
-
-
(16,540)
(11,700)
118,340
240,157
94,643
129,451
358,497
224,094
3,983
958
4,941
415,623
9,053
(71,120)
353,556
2,282
1,136
3,418
273,555
3,504
(56,383)
220,676
Recognition and measurement
The financial information for the parent entity, Bellevue Gold Limited, has been prepared on the same basis as the consolidated
financial statements, other than investments in subsidiaries, which have been recorded at cost less any impairments.
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BELLEVUE GOLD LIMITED ANNUAL REPORT 2022FINANCIAL STATEMENTS N OT E S TO T H E CO N S O L I DAT E D
F I N A N C I A L S TAT E M E N T S
24. Summary of significant accounting policies
I) Financial instruments
Financial assets and financial liabilities are recognised when Bellevue Gold becomes a party to the contractual provisions
of the financial instrument and are measured initially at fair value adjusted by transactions costs, except for those carried
at fair value through profit or loss, which are measured initially at fair value. Subsequent measurement of financial assets
and financial liabilities are described below.
Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or when
the financial asset and all substantial risks and rewards are transferred. A financial liability is derecognised when it is
extinguished, discharged, cancelled or expires.
Classification and measurement of financial assets
Bellevue Gold initially measures a financial asset at fair value adjusted for transaction costs (where applicable). These
are then subsequently measured at fair value through profit or loss (“FVTPL”), amortised cost, or fair value through other
comprehensive income (“FVOCI”).
Bellevue Gold’s financial assets of cash and cash equivalents and trade and other receivables are classified as ‘financial
assets at amortised cost’. This is unchanged from prior year.
In order for a financial asset to be classified and measured at amortised cost, it needs to give rise to cash flows that are
‘solely payments of principal and interest (“SPPI”)’ on the principal amount outstanding. This assessment is referred to as the
SPPI test and is performed at an instrument level. Balances within receivables do not contain impaired assets, are not past
due and are expected to be received when due.
Due to the short-term nature of these receivables, their carrying value is assumed to approximate fair value.
Impairment
Expected credit losses (“ECLs”) are based on the difference between the contractual cash flows due in accordance with the
contract and all the cash flows that Bellevue Gold expects to receive. For trade and other receivables, Bellevue Gold has
applied the standard’s simplified approach and has calculated ECLs based on lifetime expected credit losses.
Classification and measurement of financial liabilities
Bellevue Gold’s financial liability is in trade and other payables is recognised initially at fair value. A financial liability is
derecognised when the obligation under the liability is discharged or cancelled or expires.
Due to the short-term nature of these payables, their carrying value is assumed to approximate fair value. Financial liabilities
are initially measured at fair value, and, where applicable, adjusted for transaction costs unless Bellevue Gold designated a
financial liability at fair value through profit or loss.
Subsequently, financial liabilities are measured at amortised cost using the effective interest method except for derivatives
and financial liabilities designated at fair value through profit or loss, which are carried subsequently at fair value with
gains or losses recognised in profit or loss (other than derivative financial instruments that are designated and effective as
hedging instruments).
All interest-related charges and, if applicable, changes in an instrument’s fair value that are reported in profit or loss are
included within finance costs or finance income.
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BELLEVUE GOLD LIMITED ANNUAL REPORT 2022FINANCIAL STATEMENTS N OT E S TO T H E CO N S O L I DAT E D
F I N A N C I A L S TAT E M E N T S
ii) Goods and services tax
Revenues, expenses and assets are recognised net of the amount of goods and services tax (GST), except where the amount of
GST incurred is not recoverable from the Australian Tax Office (ATO). In these circumstances the GST is recognised as part of the
cost of acquisition of the asset or as part of the expense.
Receivables and payables are stated in the Statement of Financial Position inclusive of GST. The net amount of GST
recoverable from, or payable to, the ATO is included as a current asset or liability in the Statement of Financial Position.
Cash flows are included in the Statement of Cash Flows on a gross basis. The GST components of cash flows arising from
investing and financing activities which are recoverable from, or payable to, the ATO are classified as operating cash flows.
iii) Leases
The nature of Bellevue Gold’s leasing activities includes office leasing.
An assessment is made, at inception or when contract terms are changed, to determine whether the contract is, or contains
a lease. A contract contains a lease if the contract conveys a right to control the use of an identified asset for a period of
time in exchange for consideration.
Bellevue Gold assesses whether a contract contains a lease, at inception of the contract, if the contract conveys the right
to control the use of an identified asset for a period of time in exchange for consideration. Bellevue Gold recognises a right-
of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement
date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, Bellevue Gold uses its
incremental borrowing rate.
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net
present value of the following lease payments:
— fixed payments (including in-substance fixed payments), less any lease incentives receivable
— variable lease payment that are based on an index or a rate
— amounts expected to be payable by the lessee under residual value guarantees
— the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and
— payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.
Lease payments to be made under reasonably certain extension options are also included in the measurement
of the liability.
The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability
(using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The lease
liability is measured with reference to an estimate of the lease term.
Right-of-use assets are measured at cost comprising of the following:
— the amount of the initial measurement of the lease liability
— any lease payment made at or before the commencement date less any lease incentives received
— any initial direct costs
— any restoration costs.
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The right-of-use asset is subsequently depreciated using the straight-line method over the term of the lease or the
estimated useful life of the asset, whichever is the shorter. Where Bellevue Gold expects to obtain ownership of the leased
asset at the end of the lease term, the depreciation is over its estimated useful life. Right-of use assets are subject to
impairment or adjusted for any re-measurement of lease liabilities.
Short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value asset lease payments
are recognised as an operating expense on a straight-line basis.
iv) New Accounting Standards and Interpretation
Bellevue Gold has adopted all new or amended Accounting Standards and Interpretations issued by the AASB that are
mandatory for the current reporting year. Any new or amended Accounting Standards or Interpretations that are not yet
mandatory have not been early adopted.
v) Impact of standards issued but not yet applied
A number of new standards, amendment of standards and interpretation that have recently been issued but not yet
effective have not been adopted by Bellevue Gold as at the financial reporting date. Bellevue Gold has reviewed these
standards and interpretations and has determined that none of the new or amended standards will significantly affect
Bellevue Gold’s accounting policies, financial position or performance.
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BELLEVUE GOLD LIMITED ANNUAL REPORT 2022FINANCIAL STATEMENTS D I R E C TO R S ’ D E C L A R AT I O N
In accordance with a resolution of the Directors of Bellevue Gold Limited, declare that:
1. In the opinion of the Directors:
a) The financial statements, notes and additional disclosures included in the Directors’ Report designated as audited, of
the Company and the Group are in accordance with the Corporations Act 2001, including:
i. Giving a true and fair view of the consolidated entity’s financial position as at 30 June 2022 and of its performance
for the financial year ended on that date; and
ii. Complying with Accounting Standards and the Corporations Regulations 2001; and
b) There are reasonable grounds to believe that the Company and Group will be able to pay its debts as and when they
become due and payable.
2. The Directors have been given the declarations required by Section 295A of the Corporations Act 2001 from the
Managing Director and Chief Financial Officer for the financial year ended 30 June 2022.
3. The Directors draw attention to the notes to the consolidated financial statements, which include a statement of
compliance with International Financial Reporting Standards.
On behalf of the Board
Stephen Parsons
Managing Director
28 September 2022
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BELLEVUE GOLD LIMITED ANNUAL REPORT 2022
I N D E P E N D E N T AU D I TO R S ’ R E P O R T
Ernst & Young
11 Mounts Bay Road
Perth WA 6000 Australia
GPO Box M939 Perth WA 6843
Tel: +61 8 9429 2222
Fax: +61 8 9429 2436
ey.com/au
Independent auditor’s report to the members of Bellevue Gold Limited
Report on the audit of the financial report
Opinion
We have audited the financial report of Bellevue Gold Limited (the Company) and its subsidiaries
(collectively the Group), which comprises the consolidated statement of financial position as at
30 June 2022, the consolidated statement of comprehensive income, the consolidated statement of
changes in equity and the consolidated statement of cash flows for the year then ended, notes to the
financial statements, including a summary of significant accounting policies, and the Directors’
declaration.
In our opinion, the accompanying financial report of the Group is in accordance with the Corporations
Act 2001, including:
a. Giving a true and fair view of the consolidated financial position of the Group as at 30 June 2022
and of its consolidated financial performance for the year ended on that date; and
b. Complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under
those standards are further described in the Auditor’s responsibilities for the Audit of the Financial
Report section of our report. We are independent of the Group in accordance with the auditor
independence requirements of the Corporations Act 2001 and the ethical requirements of the
Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional
Accountants (including Independence Standards) (the Code) that are relevant to our audit of the
financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with
the Code.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Material uncertainty related to going concern
We draw attention to the going concern section of the basis of preparation of the financial report,
which describes the principal conditions that raise doubt about the Group’s ability to continue as a
going concern. These events or conditions indicate that a material uncertainty exists that may cast
significant doubt on the Group’s ability to continue as a going concern. Our opinion is not modified in
respect of this matter.
A member firm of Ernst & Young Global Limited
Liability limited by a scheme approved under Professional Standards Legislation
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2
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in
our audit of the financial report of the current year. These matters were addressed in the context of
our audit of the financial report as a whole, and in forming our opinion thereon, but we do not provide
a separate opinion on these matters. In addition to the matter described in the Material uncertainty
related to going concern section, we have determined the matter described below to be the key audit
matter to be communicated in our report. For the matter below, our description of how our audit
addressed the matter is provided in that context.
We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the
financial report section of our report, including in relation to these matters. Accordingly, our audit
included the performance of procedures designed to respond to our assessment of the risks of
material misstatement of the financial report. The results of our audit procedures, including the
procedures performed to address the matter below, provide the basis for our audit opinion on the
accompanying financial report.
1. Carrying Amount of the Bellevue Gold Project Cash Generating Unit
Why significant
How our audit addressed the key audit matter
During the year, the Group determined technical
feasibility and commercial viability of the
Bellevue Gold Project had been demonstrated
and, in accordance with the requirements of the
Australian Accounting Standards, the carrying
amount of exploration & evaluation expenditure
relating to the Bellevue Gold Project, totalling
$195.7 million was required to be transferred to
mine properties under development. At 30 June
2022, the carrying amount of the Bellevue Gold
Project cash generating unit (Bellevue CGU),
including the exploration and evaluation
expenditure transferred was $231.0 million.
A requirement of AASB6 Exploration and
Evaluation is exploration and evaluation assets
be assessed for impairment, and any impairment
loss recognised, before being reclassified to
mine properties. The Group performed an
impairment test for the Bellevue CGU at 30 June
2022 and based on this assessment concluded
no impairment was required.
We considered this to be a key audit matter
because of the:
► Significance of the carrying amount of the
exploration and evaluation expenditure
transferred to mine properties under
development at 30 June 2022
Our audit procedures included:
► Evaluated the Group’s assessment of the
criteria for the transfer from exploration and
evaluation assets to mine properties under
development in accordance with the
requirements of Australian Accounting
Standards.
For the Bellevue CGU, we:
► Evaluated the Group’s methodology for
measuring recoverable amount for
consistency with Australian Accounting
Standards.
► With the involvement from our valuation
specialists, considered the key assumptions
used in the Group’s cash flows forecasts,
including gold prices, foreign exchange rates
with reference to external market data.
► Agreed assumptions around the timing and
an amount of future capital and operating
expenditure to the Group’s feasibility
analysis for the project and the latest Board
approved life of mine plan.
► Assessed the work of the Group’s internal
and external experts with respect to the
capital and operating expenditure
assumptions.
A member firm of Ernst & Young Global Limited
Liability limited by a scheme approved under Professional Standards Legislation
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3
Why significant
► Significant judgment and estimates
involved in the determination of the
recoverable amount of the Bellevue CGU,
including assumptions relating to future
gold prices, exchange rates, operating and
capital costs and an appropriate discount
rate to reflect the risk associated with the
forecast cash flows having regard to the
current status of the project
How our audit addressed the key audit matter
► Assessed the work of the Group’s experts
with respect to the mineral reserve
quantities recovered as part of the life of
mine plan. This included understanding the
reserve estimation process and evaluating
the competence, qualifications and
objectivity of the Group’s experts.
► Tested the mathematical accuracy of the
Group’s discounted cash flow impairment
model.
► Assessed the impact of a range of
sensitivities to the economic assumptions
underpinning the Group’s recoverable
amount assessment.
We also assessed the adequacy of disclosures in
the financial report.
Information other than the financial report and auditor’s report thereon
The directors are responsible for the other information. The other information comprises the
information included in the Company’s Annual Report, but does not include the financial report and
our auditor’s report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not
express any form of assurance conclusion thereon, with the exception of the Remuneration Report
and our related assurance opinion.
In connection with our audit of the financial report, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the financial
report or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this
other information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the directors for the financial report
The directors of the Company are responsible for the preparation of the financial report that gives a
true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001
and for such internal control as the directors determine is necessary to enable the preparation of the
financial report that gives a true and fair view and is free from material misstatement, whether due to
fraud or error.
In preparing the financial report, the directors are responsible for assessing the Group’s ability to
continue as a going concern, disclosing, as applicable, matters relating to going concern and using the
going concern basis of accounting unless the directors either intend to liquidate the Group or to cease
operations, or have no realistic alternative but to do so.
A member firm of Ernst & Young Global Limited
Liability limited by a scheme approved under Professional Standards Legislation
105
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Auditor’s responsibilities for the audit of the financial report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with the Australian Auditing Standards will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material
if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of this financial report.
As part of an audit in accordance with the Australian Auditing Standards, we exercise professional
judgment and maintain professional scepticism throughout the audit. We also:
►
Identify and assess the risks of material misstatement of the financial report, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for one resulting from
error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control.
► Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Group’s internal control.
► Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the directors.
► Conclude on the appropriateness of the directors’ use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to
events or conditions that may cast significant doubt on the Group’s ability to continue as a going
concern. If we conclude that a material uncertainty exists, we are required to draw attention in
our auditor’s report to the related disclosures in the financial report or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up
to the date of our auditor’s report. However, future events or conditions may cause the Group to
cease to continue as a going concern.
► Evaluate the overall presentation, structure and content of the financial report, including the
disclosures, and whether the financial report represents the underlying transactions and events
in a manner that achieves fair presentation.
► Obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business activities within the Group to express an opinion on the financial report. We are
responsible for the direction, supervision and performance of the Group audit. We remain solely
responsible for our audit opinion.
We communicate with the directors regarding, among other matters, the planned scope and timing of
the audit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit.
A member firm of Ernst & Young Global Limited
Liability limited by a scheme approved under Professional Standards Legislation
106
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022
I N D E P E N D E N T AU D I TO R S ’ R E P O R T
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We also provide the directors with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, actions
taken to eliminate threats or safeguards applied.
From the matters communicated to the directors, we determine those matters that were of most
significance in the audit of the financial report of the current year and are therefore the key audit
matters. We describe these matters in our auditor’s report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, we determine that a matter
should not be communicated in our report because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest benefits of such communication.
Report on the audit of the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in the directors’ report for the year ended 30
June 2022.
In our opinion, the Remuneration Report of Bellevue Gold Limited for the year ended 30 June 2022,
complies with section 300A of the Corporations Act 2001.
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the
Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our
responsibility is to express an opinion on the Remuneration Report, based on our audit conducted in
accordance with Australian Auditing Standards.
Ernst & Young
Russell Curtin
Partner
Perth
28 September 2022
A member firm of Ernst & Young Global Limited
Liability limited by a scheme approved under Professional Standards Legislation
107
BELLEVUE GOLD LIMITED ANNUAL REPORT 2022
CO R P O R AT E I N F O R M AT I O N
As at 23 August 2022
Top 20 Holders of Ordinary Shares
Rank Holder name
No. of
Shares
% of issued
capital
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
CITICORP NOMINEES PTY LIMITED
J P MORGAN NOMINEES AUSTRALIA PTY LIMITED
BNP PARIBAS NOMS PTY LTD
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