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2023 ReportPeers and competitors of Bellevue Gold Limited:
PVW Resources LimitedAnnual
Report
2023
Contents
Vision, Purpose, Objective & Values
Bellevue Gold Snapshot
Chairman’s Letter
Operating & Financial Review
Development & Exploration
Sustainability
People & Culture
Resources & Reserves Statement
Competent Persons’ Statements, Notes & Cautionary Statements
Directors’ Report
Remuneration Report
Financial Statements
Corporate Information
Corporate Directory
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4
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1
BELLEVUE GOLD LIMITED ANNUAL REPORT 2023 Vision, Purpose, Objective & Values
Vision, Purpose,
Objective & Values
PA S 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.
AC C O U N TA B I L I T 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 L L E 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
Operating & Financial Review 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.
3
Directors' ReportRemuneration ReportFinancial Statements Vision, Purpose, Objective & Values
Operating & Financial Review
Bellevue Gold snapshot
One of Australia’s highest-grade gold mines, with
a Mineral Resource of 3.1Moz; fully funded and
on-track for production in the December 2023 quarter.
G R A D E
A N D S C A L E
3.1Moz
at 9.9g/t gold Global Resource
Forecast to be one of the highest grade gold mines in Australia,
with potential for growth.
$134.7M
Total Liquidity
30 June 2023 total available liquidity of $134.7M consisting of $64.7M cash
and $70.0M undrawn debt.
On track for production in December 2023 quarter.
ASX200
Inclusion
Significant increase in market capitalisation elevated Bellevue into the
ASX200 index in April 2023.
F U L LY F U N D E D
4
BELLEVUE GOLD LIMITED ANNUAL REPORT 2023 Directors' Report
Remuneration Report
Financial Statements
+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.
I N C L U S I V I T Y
S T R O N G
E S G F O C U S
Diverse
Workforce
Full workforce recruited for production comprising 40% women and above
average Indigenous employee participation.
Target Net
Zero by 2026
Bellevue has the ambitious goal of net zero greenhouse gas emissions for the
Bellevue Gold Project by 2026.
This will be underpinned by a sector-leading renewable energy power station,
with forecast up to 70-80% renewable energy penetration rate.
The potential to produce ‘green gold’ could be a world-first and the Company
is exploring opportunities to generate a ‘green premium’ for the sale of its gold.
5
BELLEVUE GOLD LIMITED ANNUAL REPORT 2023 Chairman’s Letter
Dear Fellow Shareholder
It is my pleasure to present to you
the Annual Report of your Company
for the 2023 financial year.
As I gather my thoughts in preparation
for my annual letter to our highly
supportive shareholders, many of whom
I have come to know so well, my eye
is drawn repeatedly to our recently
received final material permit for the
Bellevue Gold Project. It is, on one level,
just another permit, albeit a vital one.
But for everyone who has been on the
Bellevue journey, it is so much more.
In many respects, it marks the end of
a chapter, the culmination of a huge
amount of work spanning exploration,
project studies, fund raisings and
approval processes. But at the same
time it heralds the next instalment of
our story. It was somewhat apt that we
announced receipt of this permit on 5
June 2023, as the sun was setting on
the financial year. In this context, there
was an overwhelming message: the
countdown to production is on.
The permit allows for commissioning
and full operation of the Bellevue Gold
Project. And given the rapid progress
we have made on site, it could not
have been more warmly welcomed. At
the time of writing to you, the project is
on schedule for first production in the
December 2023 quarter. Given the daily
avalanche of headlines concerning
massive cost blowouts and delays
at resource projects, not to mention
shortages of equipment and people,
this is an exceptional result.
Put simply, the past financial year
has been one of doing what we said
we would do. We moved early to lock
in our construction costs against a
background of rising inflation. This
strategy was designed to de-risk the
project and ensure we could maximise
the huge opportunity we have at
Bellevue prior to entering production.
The list of the year’s major
achievements is simply too long to
wade through in this correspondence,
and they are outlined elsewhere in
this report. However, there were some
milestones which are well worthy
of additional prominence. These
include completion of the Native Title
Agreement with the Tjiwarl Native Title
Holders. We are proud of the benefits
which the Tjiwarl Native Title holders
and Traditional Owners stand to receive
from our project and we look forward
to a strong and successful partnership
with them for many years.
We are also proud of our power supply
agreement with Zenith Energy, which
will play a key role in helping Bellevue to
achieve its goal of becoming Australia’s
first net zero gold producer. This hybrid
power solution will utilise wind and solar
energy as well as thermal generation
6
Vision, Purpose, Objective & ValuesOperating & Financial ReviewBELLEVUE GOLD LIMITED ANNUAL REPORT 2023 and battery energy storage. The aim
is to meet up to 80 per cent of the
project’s power requirements from
renewable energy. This will in turn pave
the way for Bellevue to market “green
gold”, a product which we believe has
the potential to attract a price premium.
For the position we are now in,
I would like to thank our management
team, staff, contractors and suppliers.
Their commitment, diligence and
teamwork have enabled us to not only
meet our ambitious targets, but in
many cases exceed them.
“Put simply, the past
financial year has been
one of doing what we
said we would do.”
As we enter the new financial year,
we turn our minds to ramping up
underground development, final
construction and the start of
commissioning. It is a pivotal phase
in any project and its success is
determined by the preparations made
months and years in advance. I have
no doubt that our project is extremely
well-positioned as we enter this period.
We have endeavoured to leave no
stone unturned and nothing to chance
to help ensure we unlock the full value
of our outstanding asset.
I also thank our shareholders and all our
stakeholders for their strong ongoing
support. On behalf of the Board, I
assure you we are focused, committed
and determined to finish the job.
Yours sincerely
Kevin Tomlinson
Chairman
7
Directors' ReportRemuneration ReportFinancial StatementsBELLEVUE GOLD LIMITED ANNUAL REPORT 2023 Vision, Purpose, Objective & Values
Operating & Financial Review
8
Operating and
Financial Review
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 3
9
Directors' ReportRemuneration ReportFinancial Statements The 2023 financial year has been a period of
significant progress towards Bellevue’s goal of
becoming Australia’s next high-grade and low-
carbon gold producer.
Building upon the achievements of the
past 12 months, Bellevue is on track to
commission the plant and achieve first
gold production before the end of the
December 2023 quarter.
Water and Environmental Regulation
(DWER) and the Department of Mines,
Industry Regulation and Safety (DMIRS),
completing the last material regulatory
hurdle before production.
Notably, despite the substantial increase
in the workforce size and work hours
due to ongoing construction, Bellevue
is delighted to report an outstanding
safety performance, with a Lost Time
Injury Frequency Rate (LTIFR) of 1.5 for
FY23, which is significantly below the
industry average.
By the end of FY23, Bellevue had made
substantial strides in reaching the full
workforce required for steady-state
production. During this recruitment
phase, whilst recruiting nearly 100 new
employees, Bellevue has maintained
a workforce of which women comprise
40%. Additionally, Bellevue has
surpassed the industry average in
Indigenous employee participation. At the
core of our people and culture strategy
is the goal of becoming an employer of
choice, cultivating a workplace culture
that enhances our positive reputation and
enables us to attract and retain top talent.
Construction activities commenced with
the establishment of the 332-person
camp, which was fully completed
and commissioned in October 2022.
This state-of-the-art facility includes
wet and dry mess areas, as well as
significant recreational facilities,
catering to both the construction and
operation phases of the project.
Bellevue successfully obtained all
material permits for the commissioning
of the project from the Department of
At the plant site, construction of the
1.0Mtpa processing facility is in full
swing, with activities now entering the
final stages of completion. All major
components, including crushing, grinding,
CIL and gravity circuits, have been
installed. Furthermore, the mine office
and administration complex has been
completed, with staff now operating from
the new facility. The plant is on schedule
for commissioning in the upcoming
December 2023 quarter.
Underground mine development
continues to make significant progress,
with four jumbos fully utilised and
achieving excellent development
rates. The mining areas at Armand,
Marceline and Bellevue South
have been reached, enabling ore
development in these production
areas. Over 8.4km of underground
development was completed during
FY23. Ventilation and secondary egress
have been established, facilitating the
commencement of stoping activities
which began shortly after the end
of FY23. With the establishment of
underground drill platforms, three
underground drill rigs have completed
over 100,000m of grade control and
resource development drilling. Grade
control drilling continues to significantly
mitigate risks associated with ore
production and reinforces the
robustness of the resource model used
in the project design.
Open pit mine activities at the Vanguard
site are well advanced, with ore being
delivered to the Run-of-Mine (ROM)
pad. Waste material from Vanguard
is being utilised in the construction of
the tailings storage facility (TSF) walls,
which are also progressing well and
nearing completion in preparation for
processing plant commissioning. The ore
from the Vanguard open pit will form a
proportion of the ore to be toll treated
at the Genesis Minerals Ltd (ASX:GMD)
Gwalia mill in Leonora, generating cash
flow ahead of the commissioning of the
Bellevue processing facility.
Importantly, Bellevue’s aspirational goal
to be a net zero (Scope 1 and Scope 2)
emission gold mine by 2026 has made
significant progress with the signing
of a Power Purchase Agreement with
a subsidiary of Zenith Energy
Operations Pty Ltd for a hybrid power
station on-site.
The hybrid power solution will consist
of wind and solar generation, as well
as thermal generation and battery
energy storage. The hybrid power
station has been designed to run
‘engines-off’ for extended periods.
Bellevue has also recently joined the
Electric Mine Consortium, which consists
of highly respected and progressive
ASX-listed and private mining and
services companies. The consortium
aims to further decarbonise the industry,
allowing us to collaborate with other
companies in seeking ways to reduce
greenhouse gas emissions at the
Bellevue Gold Project. Additionally,
Bellevue has executed a refining
agreement with ABC Refinery (Australia)
Pty Ltd. This refining agreement provides
a pathway for Bellevue’s gold to be
refined separately, enabling it to be
marketed as a ‘green’ product. This
opens the door to Bellevue potentially
receiving a premium price for its gold.
10
Vision, Purpose, Objective & ValuesOperating & Financial ReviewBELLEVUE GOLD LIMITED ANNUAL REPORT 2023 F I N A N C I A L R E V I E W
Performance
and Position
Bellevue’s total available liquidity as
at 30 June 2023 was $134.7 million
(consisting of $64.7 million cash and
$70.0 million undrawn debt). This
liquidity position does not include
potential early pre-production
cash flows from the toll treatment
arrangement with Genesis Minerals
Ltd (executed shortly after year end),
cash inflows from the novation and/or
sale of all or a portion of power related
infrastructure (~$7.0 million executed
subsequent to year-end), nor the
$25.0 million additional debt facility
limit entered into after year end as part
of providing working capital flexibility,
should it be required (refer to the Debt
Funding section below).
Cash and cash equivalents as at 30 June
2023 were $64.7 million (30 June 2022:
$117.5 million). The following key items
contributed to the movement in cash and
cash equivalents during the year:
• $261.7 million spent on operating and
investing activities, predominantly
related to advancement of
underground development and
surface construction activities
at the Bellevue Gold Project, as
well corporate costs. Surface
construction expenditure is forecast
to have peaked during the June
2023 quarter and is expected to
reduce over subsequent quarters as
Bellevue nears first production.
• $85.0 million of proceeds (before
costs) from the institutional equity
placement (Placement) completed
in December 2022 and the non-
underwritten Share Purchase Plan
accompanying the Placement that
closed in January 2023 (refer to the
Capital Raising section below).
• $130.0 million of proceeds drawn
on the Project Loan Facility over
the course of the year
(30 June 2022: nil drawn).
The loss after income tax incurred
by Bellevue for the year ended 30
June 2023 was $24.8 million (2022:
$17.8 million). While the Bellevue Gold
Project remains under construction, the
majority of expenditure is capitalised on
the balance sheet and, accordingly, the
result for the period principally consists
of indirect corporate and centralised
business costs. The loss for the period
included the following key items:
• Administration and other costs
of $15.0 million (2022: $10.7 million),
including employee benefits
expenses of $9.8 million
(2022: $6.0 million);
• Share-based payments of
$10.0 million (2022: $5.6 million).
The loss does not include:
• Nil recognition of net deferred tax
assets that are expected to be
recognised once Bellevue Gold
Limited (Company) and the entities
controlled (collectively, the Group)
enters production and demonstrates
that there is convincing evidence
of sufficient future taxable profits
against which to utilise unused tax
losses and credits.
As at 30 June 2023, Bellevue’s net
assets increased to $427.5 million
(2022: $350.5 million). The growth in net
assets was principally due to the equity
raising outlined above. The business
continued to utilise its available
resources to advance the development
of the Bellevue Gold Project towards
production and achieve the key
milestones, outlined in other sections
of this report, during the year.
11
Directors' ReportRemuneration ReportFinancial StatementsBELLEVUE GOLD LIMITED ANNUAL REPORT 2023 Prospects for
the Coming
Financial Year and
Associated Risks
In FY24, Bellevue anticipates entering
production and therefore commencing
the recognition of revenues and
expenses associated with sale
of gold, such as mining, drilling,
processing costs and depreciation
and amortisation of the Bellevue Gold
Project’s assets. These revenues
and costs will be recognised from sale
of first gold, with the exception
of depreciation and amortisation,
which is currently expected to
commence being charged to profit
or loss on reaching commercial
production. First gold (excluding any
toll treatment sales) is forecast for the
December 2023 quarter.
The generation of profit or loss will vary
based on a range of factors; however,
earnings are expected to be most
influenced by the following key items:
• volume and grade of ore produced
from the Bellevue Gold Project’s
underground mine;
• Australian Dollar realised gold prices;
•
the quantity and price of goods and
services used in the production of
gold and any upward or downward
pressures resulting from inflation or
deflation; and
•
throughput and recovery achieved
in the processing plant.
Variability in each of the above key
drivers represents the possibility
for positive and negative risk to
business results, including the level of
profitability, unit costs and margins.
Over the short-term, completion
of surface construction activities
and plant commissioning remain a
fundamental focus. The production
and sale of gold will fundamentally
change Bellevue’s cash flow profile
and, consequently, the timing of
the processing plant’s practical
completion will also be a key driver of
FY24 earnings, liquidity and Bellevue’s
balance sheet.
Once the processing plant is
successfully commissioned, the focus
will turn to delivering consistent quarter
on quarter production performance,
and targeted investment in the Bellevue
Gold Project aimed at maximising its
value, whether through the drill bit or
otherwise.
As noted in the section above, where
Bellevue has convincing evidence
about the ability to use previously
unrecognised deferred tax assets,
a credit to profit or loss on initial
recognition of these previously
unrecognised amounts is likely to occur.
12
Vision, Purpose, Objective & ValuesOperating & Financial ReviewBELLEVUE GOLD LIMITED ANNUAL REPORT 2023 Cultural Heritage Management
Plan and ongoing compliance
requirements. Compliance with
these arrangements is key to the
success of Bellevue’s business
activities. Ongoing and regular
monitoring and engagement with
TAC occurs to ensure compliance
with the Company’s obligations.
Due to the tax shield afforded by these
items, cash tax is not expected to be
payable for some time.
Other key risks to the business that can
create opportunities or threats include:
• Safety performance. The health and
safety of our people is Bellevue’s
first priority and Bellevue has
implemented a range of measures
and controls to reduce the risk of
harm (refer further to Safety section).
Leading and lagging indicators are
monitored on an ongoing basis and
form part of Bellevue’s framework of
continual improvement.
• A major operational failure,
disruption, key contractor failure or
other supply chain risk.
• Drilling and exploration activities
constantly provide additional
geological information that has the
potential to continue to enhance
(or reduce) the volume and grade
of ore contained in the life-of-mine
plan and therefore future profitability
and business value. Refer also to
Resource and Reserve estimates
section for further information.
• Changing government regulations,
including mining regulations (and
maintenance of permits and
approvals), environmental and
greenhouse gas emission legislation
(noting Bellevue’s sustainability
strategy is focussed on minimising
emissions), taxes and royalties, and
employment laws.
• Continued adherence to tenement
and land holding conditions.
• Continued adherence to ongoing
compliance ratios, conditions and
warranties and other ongoing
information requirements customary
to and contained in Bellevue Gold’s
Project Financing Facilities.
• The Company has entered into
a Mining Agreement with Tjiwarl
Aboriginal Corporation (TAC),
which includes a comprehensive
13
Directors' ReportRemuneration ReportFinancial StatementsBELLEVUE GOLD LIMITED ANNUAL REPORT 2023 C A P I TA L S T R U C T U R E
& H E D G I N G
As at 30 June 2023, Bellevue had total equity of $427.5 million (2022: $350.5 million) and gearing ratio of 23%1 (2022: nil), after
cumulative utilisations on the Bellevue Gold Project’s Project Loan Facility during the year of $130.0 million (refer below). The
sections below provide a summary of Bellevue’s funding arrangements and hedging activities during the period.
Debt Funding
The Key terms of the Project Loan Facility are as follows:
On 30 November 2021, Bellevue
executed a Project Loan Facility (PLF)
of $200.0 million with Macquarie Bank
Limited (MBL or Macquarie). The Project
Loan Facility is being used for the
development, construction, operation
and working capital and associated
costs of the Bellevue Gold Project.
The first PLF utilisation was made in
December 2022 and throughout the
year utilisations totalling $130.0 million
were made.
Facility Amount
$200,000,000
Tenor
31 December 2027
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 and
Warranties
The PLF and its continued utilisation remains subject
to conditions and warranties customary for project
financing and includes ongoing information requirements
in accordance with specified timelines.
Mandatory Hedging
Minimum hedge requirements have been achieved (refer
below for current hedge position)
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, Green Empire
Resources Pty Ltd, Bellevue Gold Holdings 1 Pty Ltd,
Bellevue Gold Holdings 2 Pty Ltd and Bellevue Gold
Holdings 3 Pty Ltd.
Subsequent to year end, Bellevue obtained an additional $25.0 million debt facility
limit (Facility) from Macquarie. This Facility is separate to the existing $200.0 million
PLF, outlined above, and provides a source of contingent funds and further balance
sheet flexibility. The Facility will expire if unused on 31 March 2024, or earlier if
otherwise voluntarily cancelled. The Facility contains terms and conditions similar to
the existing PLF facility. Should Bellevue choose to utilise the Facility, draw down is
subject to conditions and warranties customary for a financing facility of this nature
plus a requirement to hedge forward gold sales in proportion to the amount of the
Facility utilised (25,000 ounces of forward gold sales if $25.0 million was drawn, or
lower amount as applicable), at a minimum forward gold price of $3,000/oz.
1 Gearing ratio defined as bank debt divided by total capital, where total capital equals bank debt plus total equity
14
Vision, Purpose, Objective & ValuesOperating & Financial ReviewBELLEVUE GOLD LIMITED ANNUAL REPORT 2023 Hedging
As at 30 June 2023, Bellevue had
committed hedging of 200,000 ounces
of gold sold with a delivery profile
over the PLF tenor between March 2024
to December 2027 and an average
price of $2,678/oz (30 June 2022: 112,500
ounces of gold sold forward at $2,571/
oz). This represented an increase of
87,500 ounces of gold sold and an
improvement in the total hedge book
price of $107/oz during the year.
The total overall hedged position
represents ~15% of total Project
Reserves as at 30 June 2023.
Capital Raising
During December 2022, Bellevue
announced the successful completion
of a fully underwritten institutional
placement of new fully paid ordinary
shares to raise $60.0 million (before costs)
(Placement). The Placement received
very strong demand from existing and
new domestic and offshore institutions.
A non-underwritten share purchase
plan accompanying the Placement
closed on 13 January 2023 and raised
$25.0 million, which was received on 20
January 2023.
The total equity raise proceeds are
being applied towards accelerating
underground development and
exploration at the Bellevue Gold
Project in WA, further de-risking the
production outlook and increasing
financial flexibility during construction
and ramp-up.
Compared to the Project Update Study
announced on 10 June 2022 on the ASX,
the accelerated development strategy
allows Bellevue to:
• Accelerate 4,000m – 5,000m of
underground development to open
additional production fronts and
de-risk post-production run-rate,
and reduce development costs
during ramp-up;
• Fast-track the independent Tribune
mining front earlier than scheduled
and leverage on-site open pit
mining equipment for construction of
the portal development;
• Fund additional grade control drilling
to improve geological confidence
and continue to build on the success
to date in identifying meaningful
upside to May 2022 Mineral
Resource; and fund additional
exploration step out and Resource
definition drilling targeting growth of
the project Resource and Reserve
Inventory; and
• Provide additional balance sheet
flexibility to commercial production.
15
Directors' ReportRemuneration ReportFinancial StatementsBELLEVUE GOLD LIMITED ANNUAL REPORT 2023 Vision, Purpose, Objective & Values
Operating & Financial Review
Development
& exploration
16
Safety
Bellevue is pleased to report excellent
safety performance during FY23
through a period of substantial
workforce growth and with an
increasing contractor presence on site.
Bellevue reported a 1.5 LTIFR for FY23,
which is significantly lower than the
industry gold average.
The health and wellbeing of our
workforce continues to be a focus with
an organisational review to develop
a strategy for a mentally healthy
workplace, focusing on prevention,
promotion, response, and recovery.
The design and construction of
recreational facilities reflects Bellevue’s
commitment to creating a safe and
inclusive environment for all workers.
Risk management is prioritised through
the implementation of a robust risk
register, which identifies key risks and
assigns preventative and mitigating
controls. Critical hazard management
is emphasised through the ongoing
development and review of Critical
Hazard Standards, complemented
by a best practice Critical Control
Verification program. This ensures
that our critical hazard standards
are aligned with in-field work to protect
our people from fatality.
Bellevue has established a
three-tiered response to emergency
response and crisis management,
comprising the Crisis Management
Team (CMT), Incident Management
Team (IMT), and Operations
Emergency Response Team (ERT).
This comprehensive approach ensures
swift and effective responses to prevent
loss of life, minimise harm, and protect
the environment and property. Overall,
Bellevue’s safety management aspires
to be a holistic and proactive approach
to safeguarding the health, wellbeing,
and safety of its workforce.
Through continuous improvement
initiatives and strategic measures,
Bellevue continues to maintain its
commitment to a strong safety culture
founded in our PACE core values.
Key Management
Changes
Darren Stralow, who has been Bellevue’s
Chief Executive Officer since December
2021, was appointed to the role of
Managing Director & Chief Executive
Officer with effect from 1 March 2023.
This appointment marked the end
of Stephen Parsons’ six-year tenure
as Managing Director at Bellevue,
who from 1 March 2023 has continued
supporting Bellevue in a Non-Executive
Director role.
Mr Stralow is a mining engineer with
extensive commercial and operational
experience. Prior to joining Bellevue,
he was Chief Development Officer
at Northern Star Resources Limited
(ASX:NST). He also held several other
senior positions at Northern Star and
led the integration of that company’s
Australian business units (Jundee,
Kanowna Belle and EKJV Operations).
As Bellevue Chief Executive Officer,
Mr Stralow led the project development
team, including the appointment
of key contractors, continuing to
implement Bellevue’s industry leading
ESG strategy, the acquisition of major
equipment and camp construction.
As part of the transition to production,
Bellevue also appointed William Stirling
as Chief Operating Officer with effect
from 1 March 2023. Mr Stirling, who is
a distinguished mining engineer, has
been Bellevue General Manager since
January 2022.
Construction Activities
Construction activities delivering the
1.0Mtpa processing facility commenced
in November 2022, with the mobilisation
of EPC contractor GR Engineering
Services Limited (ASX:GNG) followed by
ground clearance and site preparation.
By the end of FY23, the installation of
all key components of the plant and
support infrastructure were substantially
completed. Importantly project
execution remains on time for handover
to operations and commissioning in
the December 2023 quarter. Works
completed include:
• Completion and commissioning
of the 332-person mine camp with
state-of-the-art infrastructure.
Bellevue placed a high priority on
mental health and wellbeing during
the camp design, with particular
attention paid to lighting design and
room dimensions.
• Completion and commissioning of
the mine office and administration
complex, which is now fully operational.
•
Installation of all critical components
of the processing plant, including
crushing, grinding, CIL and gravity
circuits. Work is ongoing with
minor piping works and electrical
terminations continuing.
• Establishment of the ROM pad.
• Commencement of the tailings
storage facility using waste material
mined from the Vanguard open pit.
• Commencement of the thermal
power station construction, including
high voltage reticulation network
with installation of power poles and
foundations. The thermal power plant
will be the first phase of the hybrid
power station, before renewable
energy is added soon afterwards.
At the end of FY23, Bellevue is well
positioned to deliver construction
completion ready for commissioning
in the December 2023 quarter and
subsequent commercial operation.
17
Directors' ReportRemuneration ReportFinancial StatementsBELLEVUE GOLD LIMITED ANNUAL REPORT 2023 Underground Mining
Underground development remains on schedule to deliver ore to the ROM to support commissioning of the Bellevue
processing facility in the December 2023 quarter. Mine development has undergone a full pre-production ramp-up from one
underground jumbo at the end of FY22 to four jumbos operating by 30 June 2023. Development has been achieved with full
staffing levels and excellent development rates. The mining areas at Armand, Marceline, and Bellevue South have all been
reached, allowing for ore development to commence from each of the individual production areas, providing flexibility and
supporting operational efficiency. A total of 8.4km of underground development has been completed during FY23, taking total
project development advance to date of 13.5km.
Ventilation and secondary egress have been established to allow the commencement of stoping activities, which began
shortly after the end of FY23.
Last
12 Months
3,147
4,465
57
775
8,444
June
Qtr 2023
659
1,852
-
451
2,962
Mar
Qtr 2023
721
1,539
28
324
2,612
Dec
Qtr 2022
1,193
600
29
-
1,822
Sept
Qtr 2022
574
474
-
-
1,048
Capital Decline Advance (m)
Capital Level Advance (m)
Rehabilitation Advance (m)
Operating Advance (m)
Total Development Advance (m)
Geology and Exploration
Geology activities during FY23 have focused on building operational readiness and de-risking of the Ore Reserve ahead of
underground development. Drilling has focused on grade control and resource conversion drilling with three underground
drill rigs operating by year end. Over 100,000m of underground drilling has been completed during FY23. Grade control has
now been completed at the Armand, Marceline and Bellevue South production centres with the fourth area at Deacon Main
scheduled for drilling early in FY24.
Underground Drilling (m)
Surface Drilling DD (m)
Last
12 Months
100,658
458
June
Qtr 2023
33,234
Mar
Qtr 2023
24,963
-
Dec
Qtr 2022
19,532
458
Sept
Qtr 2022
22,929
-
18
Vision, Purpose, Objective & ValuesOperating & Financial ReviewBELLEVUE GOLD LIMITED ANNUAL REPORT 2023 In general, grade control results have
continued to confirm the robustness of
the Bellevue Resource model with high-
grade results returned from all areas
drilled to date. At Armand, where the
majority of reported drilling to date has
been completed, metal reconciliation
showed a positive upgrade with the
definition of new previously unmodelled
lodes in the mining area. Grade control
results reported during FY23 include:
4.6m @ 59.7 g/t gold
3.7m @ 46.7g/t gold
1.9m @ 67.7g/t gold
4.6m @ 24.5g/t gold
2.8m @ 34.7g/t gold
3.1m @ 31.6g/t gold
0.8m @ 118.3g/t gold
2.8m @ 30.2g/t gold
4.9m @ 91.5 g/t gold
(including 0.3m @ 1,130.0 g/t gold)
7.7m @ 26.3 g/t gold
4.1m @ 36.9 g/t gold
2.3m @ 30.0 g/t gold
1.8m @ 35.0 g/t gold
3.0m @ 14.2 g/t gold
2.3m @ 34.4g/t gold
1.7m @ 41.9g/t gold
2.0m @ 33.2 g/t gold
1.5m @ 40.8g/t gold
1.7m@ 35.1g/t gold
3.7m @ 16.0 g/t gold
1.3m @ 44.7g/t gold
1.1m@ 47.3g/t gold
1.6m @ 142.5 g/t gold
(including 0.4m @ 599.0 g/t gold)
7.3m @ 26.9 g/t gold
5.4m @ 14.0 g/t gold
3.1m @ 22.2 g/t gold
0.8m @ 59.9 g/t gold
Grade control drilling has also
commenced at the Marceline mining
area with the first reported results
including very high-grade gold
associated with quartz sulphide lode
positions. Results from grade control
drilling at Marceline include:
1.9m @ 85.1 g/t gold
(including 0.7m @ 156.9 g/t gold)
1.8m @ 123.3 g/t gold
3.1m @ 21.8 g/t gold
2.2m @ 19.4 g/t gold
2.7m @ 13.5 g/t gold
1.6m @ 19.4 g/t gold
4.0m @ 25.6 g/t gold
(including 1.9m @ 53.4 g/t gold)
7.3m @ 26.9 g/t gold
3.2m @ 18.0 g/t gold
1.4m @ 26.5 g/t gold
1.8m @ 19.4 g/t gold
2.4m @ 10.8 g/t gold
The progress of the Southern decline
past the bifurcation into the Deacon
Main decline and the Viago decline
has also allowed grade control drilling
to begin into the Bellevue South/Viago
area. At the end of the reporting period,
only the margins of the Bellevue South
Lode have been drilled with results
received including:
2.1m @ 52.6 g/t gold
7.5m @ 10.7 g/t gold
1.5m @ 36.8 g/t gold
2.0m @ 20.5 g/t gold
2.7m @ 28.1g/t gold
6.2m @ 11.1 g/t gold
3.2m @ 17.0 g/t gold
3.5m @ 10.8 g/t gold
Project Resources/
Reserves
There was no material change to
the Ore Reserve or Mineral Resource
Estimate during FY23 as the Company
prepared for production. The project
Probable Ore Reserve currently stands
at 6.8Mt @ 6.1g/t gold for 1.34Moz.
The updated Reserve was completed
on the May 2022 reported Mineral
Resource Estimate (MRE) containing
Indicated Resources of 4.6Mt @ 11.2g/t
gold for 1.7Moz. Global Inferred and
Indicated Resources total 9.8Mt @ 9.9
g/t gold for 3.1Moz.
Classification
The Mineral Resource has been
classified as a combination of
Indicated and Inferred Resources. 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
category. In other areas where the
drilling has a greater spacing than
40m strike by 40m down dip where
the confidence in the geological and
mineralisation interpretation can only
be considered low to moderate, the
grade estimates have been classified
as Inferred category.
Review of
material changes
There was no material change to the
project Resource or Reserve estimate
reported in May 2022.
19
Directors' ReportRemuneration ReportFinancial StatementsBELLEVUE GOLD LIMITED ANNUAL REPORT 2023 Vision, Purpose, Objective & Values
Operating & Financial Review
Sustainability
20
Bellevue is committed to operating sustainably
and aims to be Australia’s ‘Green and Gold’ miner.
Sustainability is embedded within our vision,
purpose and PACE core values.
Over the last twelve months, Bellevue
has continued to implement the
sustainability strategy, signed a power
purchase agreement for a hybrid power
station that is forecast to deliver up to
80% renewable energy, completed an
inaugural materiality assessment of
sustainability priorities and aligned our
sustainability reporting with
best-practice ESG frameworks.
The Health, Safety and Sustainability
Committee (HSSC) ensures that the
Board has oversight on all sustainability
matters. At Bellevue, sustainability is
everyone’s responsibility, and is led by
the Chief Sustainability Officer.
Bellevue is proud that sustainability
has been considered at all steps along
the design and construction of the
project, which includes implementing
our policies on human rights, health
and safety, climate change, the
environment and sustainability.
Our strong commitment to
sustainability is driving suppliers and
contractors to want to collaborate
with us and to deliver truly sustainable
and innovative designs. This, in-turn,
is attracting prospective employees
who want to work for Bellevue. Even in
a tight labour market, Bellevue is able
to attract and retain staff – because
people want to work for a company
where their values are aligned.
Bellevue is a sector leader on employee
diversity. Bellevue set a target to
achieve 30% female representation
and as at 30 June 2023, 40% of its
workforce comprised women. Bellevue
was honoured to win the 2022 AMEC
Diversity and Inclusion Award, for
providing outstanding diversity and
inclusion strategies in the mining and
exploration industry.
Bellevue expects that the Bellevue
Gold Project will generate significant
economic value add into the economy
over the first 10 years of its operation
and the vast majority of that spend
will remain in Western Australia through
employment, royalties and taxes paid.
The project employed up to 380 personnel
during construction, and 275 personnel
on a steady-state basis.
Bellevue finalised the construction of
the 332-person camp in October 2022.
Bellevue considered mental health and
wellbeing during the mine and camp
design and aligned the majority of
its employee working rosters to family
friendly rosters. Bellevue has continued
to roll out training to support employees
to become qualified as Mental Health
First Aiders.
Bellevue signed a Native Title
Agreement (NTA) with Tjiwarl (Aboriginal
Corporation) RNTBC (Tjiwarl) in
September 2022. The agreement
process involved extensive community
consultation and gave the opportunity
for Traditional Owners to visit country,
engage with the Bellevue team and
review the proposed project layouts and
designs. Tjiwarl and Bellevue worked
together to ensure that Aboriginal
cultural heritage considerations were
in the fundamental design layout of
the project, protected sensitive areas,
and developing a co-designed Cultural
Heritage Management Plan to manage
future activities.
The NTA embodies a spirit of genuine
collaboration and respect, facilitating
project development while protecting
heritage and country and providing
opportunities for the Tjiwarl people
through both direct employment
opportunities and engagement with
Aboriginal businesses for the supply
of goods and services.
Sustainability
reporting
In January 2023, Bellevue published
its second Sustainability Report, which
included transparent disclosures in
alignment with best-practice ESG
frameworks, including TCFD, GRI,
SASB and the UN SDGs. Bellevue’s
internal and external stakeholders
were surveyed to determine Bellevue’s
material topics. The Sustainability
Report openly addressed these
important topics, including health and
safety, Aboriginal cultural heritage
and climate change. It was pleasing
to see the strong alignment between
internal and external stakeholders
and those stakeholders agreeing that
Bellevue is addressing the material
ESG sustainability priorities. The
Sustainability Report discloses our
current figures on gender diversity,
emissions and safety, and other ESG
topics. It also explains our design
process which was aimed at ensuring
Bellevue will minimise its environmental
impacts and maximise its sustainability
and community opportunities once
operating.
21
Directors' ReportRemuneration ReportFinancial StatementsBELLEVUE GOLD LIMITED ANNUAL REPORT 2023 TA R G E T I N G N E T Z E R O
BY 2 02 6
R E N E WA B L E
E N E R GY
Since 2022, all employees have been offered Sustainability
Performance Rights to encourage and incentivise all staff
members to collectively work towards achieving net zero
(Scope 1 and Scope 2) emissions by 2026. Bellevue believes
that it is a first mover in creating a direct long-term value
alignment between a sustainability outcome and a financial
incentive for its employees. The target of net zero emissions
by 2026 is ambitious, but achievable – and requires all staff
to work together collectively, to achieve this goal.
Bellevue has signed a Power Purchase Agreement (PPA) with
a subsidiary of Zenith Energy Operations Pty Ltd (Zenith) for
the construction of a hybrid renewable power solution. Zenith
will finance, design, build, own, operate and maintain the
88MW power station for an initial 15 year term. The hybrid
power solution will include wind, solar, gas and diesel and
battery energy storage, with the aim of meeting up to 80% of
the project’s power needs from renewable energy. The hybrid
power station is expected to enable the project to operate
on 100% renewable energy via ‘engine-off’ mode during
periods of high renewable energy generation.
“The renewable power station will contribute
to a large emissions reduction, and our latest
forecasts project ~0.2 tCO2e/oz – which is
expected to be the lowest carbon emission
intensity of any major Australian gold mine.”
Luke Gleeson, Chief Sustainability Officer
& Head of Corporate Development
22
Vision, Purpose, Objective & ValuesOperating & Financial ReviewBELLEVUE GOLD LIMITED ANNUAL REPORT 2023 D E C A R B O N I S AT I O N
R E F I N I N G
AG R E E M E N T
Bellevue has executed a refining agreement with the ABC
Refinery. The refining agreement provides a pathway in
which Bellevue’s gold can be refined separately. This may
enable Bellevue’s gold to be marketed as a differentiated
‘green’ product through being batch treated and
maintaining supply chain provenance from mining to
refining, reflecting its anticipated net zero status, which will
in turn allow Bellevue to potentially receive a premium price
for its gold.
The renewable power station will contribute to a large
emissions reduction, and our latest forecasts project
~0.2 tCO2e/oz – which is expected to be the lowest carbon
emission intensity of any major Australian gold mine.
The full inventory of emission sources has been evaluated,
which includes heating, ventilation, underground vehicles,
surface vehicles and ancillary equipment. Emissions are
being tracked and accounted for, with individual business
cases developed for their decarbonisation options. For
example, Bellevue’s processing circuit has been designed
to maximise the use of wind and solar power, by providing
a direct cost reduction and emission-free energy use, by
potentially time-shifting crushing to times of low-cost and
zero-emission renewable energy.
Ventilation is typically one of the largest power uses in
underground mining, which is why Bellevue is implementing
a state-of-the-art mine ventilation control system, which is
being installed to reduce annual power consumption by up
to ~30%. The on-demand ventilation system is equipped with
a variable speed drive (VSD) for secondary fans – which will
reduce power demand and emissions.
During FY23 Bellevue joined the Electric Mine Consortium
(EMC), which consists of highly respected and progressive
mining companies whose aim is to further decarbonise the
industry. This will allow Bellevue to collaborate with peers
to continue to decarbonise the Bellevue Gold Project by
avoiding, eliminating and reducing emissions.
23
Directors' ReportRemuneration ReportFinancial StatementsBELLEVUE GOLD LIMITED ANNUAL REPORT 2023 Vision, Purpose, Objective & Values
Operating & Financial Review
People and culture
24
Bellevue believes
that its main
competitive advantage
lies with its people.
Bellevue has worked hard to deliver
on its Human Resources strategy of
becoming an ‘Employer of Choice’
through building an organisation
with a great workplace, culture and
environment. This has enabled the
company to attract and retain a
high calibre workforce of dedicated
employees whose personal values
align to Bellevue’s core company
values of PACE:
PA S S I O N
A C C O U N TA B I L I T Y
C A R E
E X C E L L E N C E
Recruitment
During FY23 Bellevue made significant
progress towards reaching the full
workforce number of personnel required
for production. During this time,
Bellevue has been able to maintain 40%
female representation whilst recruiting
close to 100 new employees, as well
as maintaining Indigenous employee
participation at an above industry
average.
From the moment Bellevue starts
engaging with candidates who are
being considered for roles, it is a priority
to ensure that the process is a positive
experience for applicants that will
enhance Bellevue’s reputation.
Throughout the recruitment process
Bellevue 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
organisation.
• A fair and thorough recruitment
process that attracts individuals with
similar values to the organisation.
• Candidates are kept updated and
informed through the recruitment
process with regular communication
and are provided with honest and
timely feedback.
Through efficient recruitment
practices Bellevue continues to be
successful in its efforts to recruit a high
calibre workforce. Our recruitment
methodology identifies preferred
candidates who suit Bellevue’s
culture, core values and have the right
technical knowledge required for their
role. Our employees play an essential
role in supporting the organisation
to achieve its objectives and vision
of becoming a sustainable gold
mining company that enriches our
shareholders, community and people.
“We are really proud of the workforce we have built, the focus on attracting the
right people, both technically and culturally, who will enhance the positive culture
of the organisation has delivered great results! To be heading towards production
and having maintained 40% female engagement, and outstanding broader
diversity metrics is a reflection of the organisation’s commitment to diversity and
inclusion and the results translate to a great workplace environment which our
employees enjoy and rate highly.”
Daina, General Manager, People and Company Culture
25
Directors' ReportRemuneration ReportFinancial StatementsBELLEVUE GOLD LIMITED ANNUAL REPORT 2023 Remuneration
strategy
As competition increases within the
labour market, Bellevue has taken
proactive steps to attract, retain
and motivate top talent. Bellevue’s
Employee Remuneration and Benefits
Policy outlines the company’s
commitment to conducting a
formal annual remuneration review,
considering both internal and external
comparisons, to ensure employees are
offered competitive remuneration which
is aligned to above-market rates. The
annual remuneration review process
also includes a gender pay gap audit
to ensure that Bellevue continues to
reduce the gender pay gap.
Employee
incentive program
Bellevue is committed to ensuring that
it recognises employees’ efforts and
rewards them for their contributions
as it believes this is crucial to sourcing
and retaining employees who live
the Bellevue values and will drive
Company success. In support of this,
Bellevue offers performance rights
(convertible into shares upon meeting
certain performance hurdles) to eligible
employees under its remuneration
framework. Under the program, eligible
employees are entitled to performance
rights with a value on issue, which
equates to a percentage of their total
fixed remuneration and vest based on
continued employment and employee
performance as measured through 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 throughout the organisation.
Bellevue also recently introduced an
exciting industry leading incentive,
whereby all employees, from executives
to trainees have been incentivised
to work towards Bellevue achieving
certified net zero emissions by
2026. This forms a key part of the
organisation’s ESG strategy, ensures
the entire workforce is focused on
contributing towards the company’s
ambitious objective of operating at net
zero emissions in the very near future.
Equal employment
opportunity & diversity
commitments
Bellevue promotes diversity, equality,
and inclusion in all that it does, and
seeks to build an organisation reflective
of diversity in 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 18 to 65, with an average
age of 37. Our workforce is made up of
over 25 various nationalities working
together, to collectively deliver on
Bellevue’s objectives.
Bellevue currently has 14 Diversity
Ambassadors within the organisation
who meet regularly to promote diversity
initiatives and work in alignment with
Human Resources activities undertaken
during the year, which 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 encouraging young women to
enter the industry. This program
involved Bellevue employees
facilitating interactive presentations
with high school aged students
regarding gold exploration and
mining. Bellevue 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 diversity
statement is included in all Bellevue
employment advertisements.
• Providing resources to Bellevue
leaders for appropriately engaging
with and supporting First Nations
employees (with specific regard
to cultural specifications and
communication).
• Employees from Bellevue met with
university students at university
career days to promote careers in
mining, with a particular focus on
encouraging opportunities for women.
• Regular policy reviews to ensure
inclusive, gender-neutral language
is used throughout Company
documents.
• Diversity and Inclusion Calendar which
highlights and promotes dates of
significance for various cultural events
and encourages employees to share
any days of importance to them.
26
Vision, Purpose, Objective & ValuesOperating & Financial ReviewBELLEVUE GOLD LIMITED ANNUAL REPORT 2023 During FY23, the Board set measurable objectives for female and Indigenous
employment, which are disclosed publicly on the principle that “what gets
measured, gets done”. Table 1 below illustrates how Bellevue currently stands
against the industry averages for the mining sector. As at 30 June 2023, overall
total employee female participation at Bellevue was 40.2% and Indigenous
participation was 6.1%, both above the industry average.
TA B L E 1 : D I V E R S I T Y AT B E L L E V U E A S AT 3 0 J U N E 2 0 2 3
I N C O M PA R I S O N T O C U R R E N T M I N I N G I N D U S T R Y AV E R A G E S
Diversity
Employee female participation
Board representation women
Gender Diversity in leadership roles (inc EMT)
Gender pay gap full-time (like for like)
Gender Pay Gap
Indigenous participation
1 December 2022 WGEA Report Mining Division
2 2021 WA Resources Sector CME Report
To ensure meaningful and lasting
change, Bellevue is working towards
implementing long-term strategies to
be embedded across the organisation.
These strategies (including policies,
processes, culture and ways of working)
consider how Bellevue can best
support and enable diverse talent,
increase retention and build a stronger
and more diverse leadership pipeline.
Bellevue believes that its success can
be attributed to the company-wide
commitment and energy that has
been focused on delivering on these
objectives. Bellevue has put policies
in place which demonstrate our
commitment to diversity and aligns
with our PACE core values.
Bellevue
40.2%
33.3%
34.4%
10.0%
11.6%
6.1%
Mining
sector
20%1
21%1
21%1
N/A
14.4%1
5.2%2
27
Directors' ReportRemuneration ReportFinancial StatementsBELLEVUE GOLD LIMITED ANNUAL REPORT 2023 During the year Bellevue was honoured
to win the 2022 AMEC Diversity and
Inclusion Award. Bellevue has been
a long-standing member of the
Association of Mining and Exploration
Companies (AMEC) along with
over 500 member companies from
across Australia. The inaugural AMEC
Diversity and Inclusion Award reflects
the importance of encouraging and
providing for diversity and inclusion in
the mining and exploration industry.
The award recognises a company that
has made an outstanding effort to
encourage diversity and foster inclusion
in our industry. By embracing and
encouraging diversity, the mining and
exploration industry can attract and
retain skilled and talented employees
that contribute to a safe, inclusive, and
productive mining and exploration
industry. Bellevue is proud to be leading
the mining and exploration industry in
diversity and inclusion, such as through
the Diversity Ambassador program
which the organisation runs.
AMEC awards
Bellevue the
inaugural AMEC
Diversity and
Inclusion Award
28
Vision, Purpose, Objective & ValuesOperating & Financial ReviewBELLEVUE GOLD LIMITED ANNUAL REPORT 2023 Workplace Flexibility
& Impacts of Diversity
and Retention
Bellevue considers itself to be a
progressive organisation, with a
management team who are open-
minded and adaptable. In addition
to this, with the organisation being
young and having a clean slate,
this has provided an opportunity for
Bellevue to implement industry best
practices and build an organisation
and culture which our people rated
as a ‘great place to work’ in a recent
culture survey.
A key element of our positive
workplace culture can be attributed
to the workplace flexibility afforded
to employees, which enables our
people to work in ways which best
suit them. Bellevue’s flexible Work
Policy enables employees to create
a balance between their family
caring responsibilities and their work
responsibilities, which supports mums
(in particular) to return to and stay in
the workforce.
Bellevue values and trusts its people
to deliver on their responsibilities in
a flexible manner, and in doing so
they deliver to a higher standard
and have greater work satisfaction,
from executives right through the
workforce. An additional benefit
Bellevue has gained from its flexible
work approach has been that more
women have been attracted to work
in our organisation. Much of the
positive workplace culture developed
at Bellevue can be attributed to our
progressive practices and approach
towards work flexibility, inclusivity, and
adaptability. Pleasingly these factors
have also supported below average
industry turnover. The flexibility afforded
within the organisation also extends
to our site-based employees, with a
DIDO employee enjoying a hybrid work
arrangement or alternate rosters.
Bellevue has a paid Parental Leave
Policy which supports both primary and
secondary carers to take paid time off
work to focus on family responsibilities.
During FY23 Bellevue increased
the amount of paid parental leave
entitlement offered to employees to 16
weeks paid parental leave for primary
care givers, with a view to reviewing this
amount again once the Bellevue Gold
Project commences production.
“I have been an employee at Bellevue for almost 3 years now,
the organisation has always supported flexible work arrangements which has
allowed me to balance my family needs along with being able to deliver on my
work requirements. As a single father of four kids, I greatly appreciate the support
and trust the organisation and my manager has in me, which in turn has built a
strong sense of loyalty and commitment to the organisation. Bellevue is a great
place to work which lives and breathes its values every day”
Adrian, Lead Procurement and Supply
“As a mum of two Primary School aged children, with a husband who works on
a DIDO roster, taking up a role that requires me to work at a remote site is not
necessarily straightforward. Bellevue, however, has been entirely flexible and
consequently I am able to work part-time both remotely from home and also DIDO
to site when my husband is home. He calls it my “Hollywood” roster and I’m grateful
to Bellevue for their consideration of my work/life balance as it allows me to be home
for my children and also spend time on-site working with my Bellevue colleagues.”
Jessica, Senior Environmental Advisor
29
Directors' ReportRemuneration ReportFinancial StatementsBELLEVUE GOLD LIMITED ANNUAL REPORT 2023 People strategy
Annual performance reviews
for all employees
Paid Primary and Secondary Carer’s
Leave for both women and men
I N A D D I T I O N T O T H E
A B O V E - M E N T I O N E D
S T R AT E G I E S A N D
P O L I C I E S , B E L L E V U E A L S O
C O M M I T S T O :
Annual remuneration reviews
for all employees
Promoting and supporting
flexible work arrangements
Annual gender pay equity audit
Employee Reward and
Recognition Program
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
• Aboriginal Cultural Awareness
Indigenous Trainee Program -
Ongoing partnership with Clontarf
Foundation and commitment to Tjiwarl
Aboriginal Corporation to support the
employment of trainees
Employee Referrals Program, to reward
employees who refer new applicants
Leadership Training Program to
promote the desired company
culture and encourage and support
internal promotions
Mentoring program - Select employees
take part in mentoring programs each
year. Where possible Bellevue focuses
on succession planning and creating
pathways for internal promotion, and
having the right guidance and mentoring
in place supports employees to develop.
There are currently four Bellevue
employees participating in the AusIMM
and WIMWA mentoring program and one
employee who acts as a mentor
“Over the reporting period we are pleased to have promoted eleven employees
internally, six of whom are women. Providing employees with development
opportunities and supporting them to reach their full potential is a very rewarding
part of the Bellevue leadership development program”.
Daina, GM People and Company Culture
“I have thoroughly enjoyed the WIMWA mentoring program and it could not
have come at a better time. The early stages of the program coincided with a
promotion, so having someone to celebrate with outside of work that understands
the industry and is there for professional support, along with mentoring me through
the change was advantageous. The relationship formed with my mentor has really
inspired me in my career and to be surrounded by the other mentees, there was
a special energy with this group of women that has me excited for this newer
generation of women in mining. I am grateful to Bellevue for the opportunity to be
a part of this programme to get involved and make the most of this experience”.
Kacee, Project Geologist
30
Vision, Purpose, Objective & ValuesOperating & Financial ReviewBELLEVUE GOLD LIMITED ANNUAL REPORT 2023 Graduate and
Vacation Student
Program
The Bellevue and
Clontarf Indigenous
employment program
Our passionate leaders at Bellevue
are focused on building and
developing a great team to share in
Bellevue’s success and to be part of
Bellevue’s exciting future. Critical to
our success is the recruitment and
development of university graduates.
In 2022, Bellevue employed three
graduate engineers into vacation
student roles. Two of these engineers
have gone on to graduate engineer
roles in 2023 with the third graduate
commencing in 2024. These roles
involve on-the-job learning through a
rotation schedule in various areas of
the organisation.
Bellevue 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. Trainees
are offered the opportunity to gain
work experience in the mining industry
to improve their chances of gaining
permanent employment. Where an
opportunity arises for a permanent
role at Bellevue, those who have
successfully completed the program
are considered. These roles involve
on-the-job learning through a rotation
schedule in various areas of the
organisation.
“I was referred to Bellevue by the Clontarf Foundation due to their longstanding
relationship with Bellevue. During my traineeship I found it exciting, fun and
educational as I learned about the mining industry and its various aspects. I
enjoyed my time with each department, learning specific skills associated with
each role I support in. It’s been a great opportunity to familiarise myself with the
intricacies of the workplace”.
Paul, Trainee Field Technician
“Being a graduate geologist at Bellevue has been a great opportunity for my
career, the dynamic environment of a brand new mine is a joyful way of learning all
the processes involved in surface and underground gold mining. One of the things
that I find most valuable about working here is the opportunity to participate on
the opening of a mine site that is engaged into producing gold with the minimum
environmental impact. I aim to become a mine geologist and be able to conciliate
stablishing my career with a personal life in a sustainable way.”
Ana, Graduate Geologist
31
Directors' ReportRemuneration ReportFinancial StatementsBELLEVUE GOLD LIMITED ANNUAL REPORT 2023 Training and Upskilling Programs
Bellevue has a Learning and
Development Policy and is committed
to providing learning and development
opportunities to employees.
Bellevue 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 Bellevue 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.
During FY23 many employees took the
opportunity to complete a training
course and/or gain a new qualification.
Furthermore, throughout 2023 Bellevue
has run six tailored Leadership
Development Training sessions. The
program aptly named ‘Pursuing an
Awesome Culture Every Day’ aims
to capture all employees who are
operating in a leadership role and
empower them with the formulas
for successful leadership. As well as
defining desired behaviors which
align to Bellevue’s core values and
encouraging leaders to lead by
example in displaying these behaviors
and conduct.
32
Vision, Purpose, Objective & ValuesOperating & Financial ReviewBELLEVUE GOLD LIMITED ANNUAL REPORT 2023 Strategies to support
employee wellness
Employee wellness is an important
aspect of our commitment to health
and safety. Bellevue believes that
the wellbeing of our employees is
key to our organisational success
and sustainability. Bellevue has a
wellness program in place which
delivers initiatives to encourage overall
employee health and wellbeing.
Bellevue is committed to supporting
employee wellness from both a physical
and mental health point of view and has
implemented a number of initiatives.
Mental Health
Initiatives
Bellevue is committed to providing
a workplace that is safe, respectful
and inclusive.
Recognising and promoting mental
health wellness is a vital part of
creating a safe and healthy workplace.
Bellevue has a culture that fosters a
sense of family and community, where
everyone looks out for each other.
Bellevue promotes a range of activities
and initiatives throughout the year to
support employees’ mental health,
physical health and wellbeing including
The Push Up Challenge, Dry July,
Strong Minds Strong Mines, R U OK?,
Pink Ribbon Day, Movember Men’s
Health and awareness for mental
health during the summer holidays.
M E N TA L H E A LT H F I R S T A I D T R A I N I N G
With one in five Australian adults experiencing a common mental health challenge
each year it was identified as critical that Bellevue employees are equipped
with mental health first aid skills to be able to identify a co-worker who may
be experiencing a mental health challenge. The mental health first aid training
enables 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. Bellevue
is endeavoring to have all employees trained and qualified as Mental Health First
Aiders, with multiple training sessions already delivered throughout 2022 and
2023. Through open dialogue, Bellevue aims to reduce the stigma associated
with mental illness and ensure employees feel comfortable asking for help when
needed. Mental Health First Aid training sessions are run multiple times throughout
the year at Bellevue for all employees to attend.
GY M C O N T R I B U T I O N
Bellevue’s Health and Wellness Program includes a $1,000 per annum Health &
Fitness Membership reimbursement for each employee. The amount covers 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 employees and subsidises their
gym fees, which assists with creating a happy and healthy lifestyle.
E M P L OY E E A S S I S TA N C E P R O G R A M
From the very early stages of the project, Bellevue has engaged the support of
an Employee Assistance Program (EAP) provider which provides all employees with
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 currently engages the services of 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 an
employee’s general well-being and extends to an employee’s immediate family.
N A I D O C W E E K
Bellevue is proud to celebrate NAIDOC Week each year, and recognise the history,
culture and achievements of Aboriginal and Torres Strait Islander peoples.
Bellevue recognises that the Bellevue Project is located on the lands of the Tjiwarl
Native Title holders, and our head office is on the land of the Whadjuk nation of the
Noongar people.
Bellevue 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.
33
Directors' ReportRemuneration ReportFinancial StatementsBELLEVUE GOLD LIMITED ANNUAL REPORT 2023 RESOURCES AND
RESERVES STATEMENT
Mineral Resources & Ore Reserve estimates
– Bellevue Gold Project
The current Mineral Resource estimate for the Bellevue Gold Project is reported below:
G L O B A L M I N E R A L R E S O U R C E E S T I M AT E AT 3 0 J U N E 2 0 2 3
Mineral Resource
Indicated Mineral Resources
Inferred Mineral Resources
Total Mineral Resources
Tonnes
(Mt)
Grade
(g/t Au)
4.6
5.2
9.8
11.2
8.8
9.9
Contained
Ounces
(Moz)
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.
D O M A I N B R E A K D O W N O F I N D I C AT E D
& I N F E R R E D M I N E R A L R E S O U R C E E S T I M AT E
Domain
Marceline/Deacon North
Deacon Main
Viago
Tribune
Hamilton/Henderson/Armand
Bellevue Remnant
Vanguard Pit
Southern Belle
Total
Tonnes
(Mt)
Indicated
Au Grade
(g/t)
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
Gold
(Moz)
0.59
0.32
0.33
0.19
0.21
-
0.02
-
1.65
Tonnes
(Mt)
Inferred
Au Grade
(g/t)
1.2
0.7
0.6
0.3
1.0
1.0
0.04
0.36
5.2
7.4
11.2
8.2
5.9
7.6
10.8
5.4
10.4
8.8
Gold
(Moz)
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.
34
Vision, Purpose, Objective & ValuesOperating & Financial ReviewBELLEVUE GOLD LIMITED ANNUAL REPORT 2023 The Ore Reserve estimates for the Bellevue Gold Project (based on the 10 June 2022 Project Update, which have not changed
through to 30 June 2023) is reported below:
O R E R E S E R V E E S T I M AT E AT 3 0 J U N E 2 0 2 3
Ore Reserve
Proved Ore Reserve
Probable Ore Reserve
Total Ore Reserve
Tonnes
(Mt)
Grade
(g/t Au)
-
6.8
6.8
-
6.1
6.1
Contained
Ounces
(Moz)
-
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.
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
or reviewed by Bellevue Gold Limited
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.
Previous Mineral Resource estimate
- Bellevue Gold Project
There is no reported change from the FY22 reported Resource and Reserve.
35
Directors' ReportRemuneration ReportFinancial StatementsBELLEVUE GOLD LIMITED ANNUAL REPORT 2023 Competent persons’ statements,
notes & cautionary statements
C O M P E T E N T P E R S O N S ’
S TAT E M E N T S
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 or
reviewed by Mr Sam Brooks.
Mr Brooks is a Competent Person who
is a full-time employee of Bellevue
Gold Limited 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
which 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.
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
Limited. Mr McLeay is a Fellow of the
Australasian Institute of Mining and
Metallurgy. Mr McLeay does not hold
securities in Bellevue Gold Limited.
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 holds
securities in Bellevue Gold Limited. Mr
Brooks is 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.
D I S C L A I M E R
This report has been prepared by
Bellevue Gold Limited 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
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.
References in this report to Bellevue or
Group are references to Bellevue Gold
Limited and its subsidiaries. References
in this report to the Company are
references to Bellevue Gold Limited.
36
Vision, Purpose, Objective & ValuesOperating & Financial ReviewBELLEVUE GOLD LIMITED ANNUAL REPORT 2023 greenhouse gas emissions for the
Bellevue Gold Project by 2026,
including targeted renewable energy
penetration rates, are based on the
material assumptions detailed in the
Company’s 2022 Sustainability Report
released to the ASX on 25 January
2023. The Company confirms that
the assumptions as disclosed in that
announcement continue to apply and
have not materially changed.
F O R WA R D L O O K I N G
I N F O R M AT I O N
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/
projections based on new information,
future events or otherwise except to the
extent required by applicable laws.
Any statements in relation to or
connected with the Company’s
ambition to achieve net-zero
37
Directors' ReportRemuneration ReportFinancial StatementsBELLEVUE GOLD LIMITED ANNUAL REPORT 2023 38
Vision, Purpose, Objective & ValuesOperating & Financial Review Directors’
Report
The Directors present their report on the
consolidated financial statements of Bellevue
Gold Limited (Company) and the entities
controlled (collectively, the Group), for the year
ended 30 June 2023.
39
Directors' ReportRemuneration ReportFinancial StatementsBELLEVUE GOLD LIMITED ANNUAL REPORT 2023 D I R E C T O R S ’ D E TA I L S
The following persons were Directors of the Company during FY23:
Kevin Tomlinson
N O N - E X E C U T I V E C H A I R M A N
Mr Tomlinson has over 40 years’
experience in exploration, development
and financing of mining projects
globally in the North American,
Australasian and European markets.
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 in Perth, Australia. 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 was most
recently the Chairman of Cardinal
Resources Ltd, leading its C$587 million
sale to Shandong Gold.
Mr Tomlinson is currently Chairman
of Cygnus Metals (ASX), a significant
lithium explorer in Quebec, Canada,
a Non-Executive Director of Auteco
Minerals (ASX), a gold and copper
explorer in Canada and a Non-
Executive Director Kodiak Copper
(TSXV), where he is a member of the
Audit Committee and chairs the Health,
Safety, Environment and Community
Committee. Kevin was previously
the lead banker and subsequently
a director of Centamin Plc (ASX, LSE,
TSX) and Chairman of Medusa Mining
(ASX, LSE, TSX), as well as a member
of the gold producers’ respective
Health, Safety and Environment
Committees. At Centamin he was
also involved with environmental and
community studies and was a member
of the Remuneration and Nomination
Committee. Former directorships also
include Cardinal Resources (ASX, TSX)
and Burkina Faso gold developer Orbis
Gold (ASX), where he was a member of
their respective Technical Committees.
Mr Tomlinson is a Fellow of the
Chartered Institute of Securities
and Investment (CISI), a Fellow of
the Institute of Directors (IoD) and a
Liveryman of the Worshipful Company
of International Bankers (WCIB). 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.
D I R E C T O R S I N C E
9 S E P T E M B E R 2 0 1 9
Mr Tomlinson chairs the Company’s
Health, Safety & Sustainability
Committee and is a member of the
Nomination & Remuneration Committee
and the Audit & Risk Management
Committee.
C U R R E N T L I S T E D
D I R E C T O R S H I P S :
• Kodiak Copper Corp
(Appointed 14 December 2020)
• Auteco Minerals Limited
(Appointed 15 December 2022)
• Cygnus Metals Limited
(Appointed 3 April 2023)
PA S T L I S T E D D I R E C T O R S H I P S
( L A S T 3 Y E A R S ) :
• C3 Metals Inc (5 January 2021 to
30 June 2022)
• Cardinal Resources Limited
(7 November 2016 to 31 January 2021)
• Churchill Resources Inc
(21 June 2021 to 24 March 2023)
• Samco Gold Limited
(from 15 January 2012 to 15 April 2021)
40
Vision, Purpose, Objective & ValuesOperating & Financial ReviewBELLEVUE GOLD LIMITED ANNUAL REPORT 2023 Shannon Coates
N O N - E X E C U T I V E D I R E C T O R
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,
risk management and compliance,
regulation and corporate governance,
both in Australia and internationally.
Ms Coates is currently Managing
Director of Source Governance,
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. 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 (LLB,
BJuris), 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.
D I R E C T O R S I N C E
1 3 M AY 2 0 2 0
Ms Coates chairs the Company’s
Nomination & Remuneration Committee
and is a member of the Audit & Risk
Management Committee.
C U R R E N T L I S T E D
D I R E C T O R S H I P S :
• Vmoto Limited (Appointed 22 May 2014)
PA S T L I S T E D D I R E C T O R S H I P S
( L A S T 3 Y E A R S ) :
• Enrg Elements Limited (formerly
Kopore Metals Limited)
(14 October 2015 to 16 March 2020)
41
Directors' ReportRemuneration ReportFinancial StatementsBELLEVUE GOLD LIMITED ANNUAL REPORT 2023 Michael Naylor
N O N - E X E C U T I V E D I R E C T O R
Mr Naylor is a Chartered Accountant
with 27 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.
Mr Naylor holds a Bachelor of
Commerce degree.
D I R E C T O R S I N C E 2 4 J U LY 2 0 1 8
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 the Company’s Nomination
and Remuneration Committee.
C U R R E N T L I S T E D
D I R E C T O R S H I P S :
• Auteco Minerals Limited
(Appointed 30 November 2018)
• Midas Minerals Ltd
(Listed 7 September 2021)
• Cygnus Gold Limited
(Appointed 25 May 2022)
• Bellavista Resources Limited
(Appointed 7 March 2023)
42
Vision, Purpose, Objective & ValuesOperating & Financial ReviewBELLEVUE GOLD LIMITED ANNUAL REPORT 2023 Stephen Parsons
N O N - E X E C U T I V E D I R E C T O R
D I R E C T O R S I N C E
3 1 M A R C H 2 0 1 7
Mr Parsons is a member of the
Company’s Health, Safety &
Sustainability Committee
C U R R E N T L I S T E D
D I R E C T O R S H I P S :
• Auteco Minerals Limited
(Appointed 28 January 2020)
PA S T L I S T E D D I R E C T O R S H I P S
( L A S T 3 Y E A R S ) :
• African Gold Limited
(1 February 2018 to 1 April 2020)
• Blackstone Minerals Ltd
(30 October 2017 to 24 December 2020)
Mr Parsons is a geologist with over 20
years’ experience in the mining industry.
Mr Parsons has been instrumental
in the discovery and growth of the
Bellevue Gold Project since he joined
the business in 2017 and led the
company from the exploration phase
through to project development. 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 is currently
a director of Auteco Minerals Limited.
Mr Parsons has an honours degree
in Geology and is a member of the
Australasian Institute of Mining and
Metallurgy.
43
Directors' ReportRemuneration ReportFinancial StatementsBELLEVUE GOLD LIMITED ANNUAL REPORT 2023 Fiona Robertson AM
N O N - E X E C U T I V E D I R E C T O R
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 and 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.
Ms Robertson is currently an
independent non-executive director of
ASX-listed 29Metals Limited (ASX:29M)
and Whitehaven Coal Limited
(ASX:WHC). At Whitehaven Coal
Ms Robertson chairs the Audit & Risk
Management Committee, is a member
of its Remuneration Committee and
Governance & Nomination Committee,
and was previously a member of
its Health, Safety, Environment and
Community Committee. At 29Metals
Ms Robertson chairs the Audit,
Governance & Risk Committee and is a
member of its Sustainability Committee.
Ms Robertson 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 received an Honour
in the Kings Birthday Honours List
- Member in the General Division
of the order of Australia (AM) - for
her exceptional contribution to the
mining industry. Ms Robertson has
been a pioneer in promoting women
in mining and fostering diversity. This
prestigious recognition is a testament
to her unwavering commitment,
groundbreaking work, and visionary
leadership.
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.
D I R E C T O R S I N C E 1 3 M AY 2 0 2 0
Ms Robertson chairs the Company’s
Audit & Risk Management Committee
and is a member of the Nomination
and Remuneration Committee and
the Health, Safety & Sustainability
Committee.
C U R R E N T L I S T E D
D I R E C T O R S H I P S :
• Whitehaven Coal Limited (Appointed
16 February 2018)
• 29Metals Limited (Appointed
27 May 2021)
44
Vision, Purpose, Objective & ValuesOperating & Financial ReviewBELLEVUE GOLD LIMITED ANNUAL REPORT 2023 Darren Stralow
M A N A G I N G D I R E C T O R &
C H I E F E X E C U T I V E O F F I C E R
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.
Mr Stralow has a Bachelor of
Engineering (Mining Engineering) from
the Western Australian School of
Mines, is a member of the Australasian
Institute of Mining and Metallurgy and a
Graduate of the AICD.
Mr Stralow commenced as Managing
Director & CEO in March 2023 having
previously been Chief Executive Officer
since December 2021.
45
Directors' ReportRemuneration ReportFinancial StatementsBELLEVUE GOLD LIMITED ANNUAL REPORT 2023 Executive
Management
team
46
A M B E R S TA N T O N
L U K E G L E E S O N
G U Y M O O R E
Chief Financial Officer
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
in the Financial Assurance
and Capital Markets and
Accounting Consulting
Services groups.
General Counsel &
Company Secretary
Ms Stanton has more than 20
years of legal, commercial,
strategic and corporate
governance experience.
Ms Stanton has significant
experience in all forms of
public and private mergers
and acquisitions, capital
markets (both equity and
debt), mining law, corporate
governance and general
corporate and commercial
matters and has extensive
cross-border experience.
Ms Stanton was most
recently General Counsel
& 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 was the 2011
WA winner of the Telstra
Business Woman of the Year
Award in the Hudson Private
& Corporate Sector Award
category.
Ms Stanton holds a Bachelor
of Laws.
Chief Sustainability Officer
& Head of Corporate
Development
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.
Mr Gleeson has a Bachelor
of International Finance
from Griffith University, a
graduate diploma in Mineral
Exploration Geoscience
(WASM) and a Master of
Science in Mineral Economics
(Western Australian School
of Mines).
Mr Gleeson is a Director
of the Denver Gold Group
and is a member of the
Australasian Institute of
Mining and Metallurgy.
Mr Gleeson is also a member
of the Australian Defence
Force where he is an active
member of the Australian
Army Reserve serving
with the Regional Force
Surveillance Group (RFSG).
Vision, Purpose, Objective & ValuesOperating & Financial ReviewBELLEVUE GOLD LIMITED ANNUAL REPORT 2023 S A M B R O O K S
D A I N A D E L B O R R E L L O
B I L L S T I R L I N G
Chief Geologist
GM People &
Company Culture
Chief Operating Officer
Ms Del Borrello 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. Ms Del Borrello
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.
Ms Del Borrello holds a
Bachelor of Psychology
Degree specialising in
Organisational Psychology.
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 as
Chief Operating Officer
in March 2023 having
previously been General
Manager Operations since
January 2022.
Mr Stirling holds a Bachelor
of Engineering (Mining).
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 Australian
Institute of Geoscientists.
47
Directors' ReportRemuneration ReportFinancial StatementsBELLEVUE GOLD LIMITED ANNUAL REPORT 2023 Director & Executive
Changes
Interests in the shares, options & performance
rights of the Company & related bodies corporate
At the date of this report, the Interests of the Directors in the shares and
performance rights of Bellevue Gold Limited were:
Name
Shannon Coates
Michael Naylor
Stephen Parsons
Fiona Robertson
Darren Stralow
Kevin Tomlinson
Ordinary
Fully Paid Shares
Performance
Rights
122,265
494,770
17,208,799
169,895
471,254
803,865
-
2,967,789
9,648,921
-
5,984,447
-
Mr Stephen Parsons transitioned
from the role of Managing Director to
Non-Executive Director effective from
1 March 2023.
Mr Darren Stralow commenced in the
role of Managing Director effective from
1 March 2023 and remained in his role as
Chief Executive Officer.
Mr William Stirling commenced in the
role of Chief Operating Officer effective
from 1 March 2023, having previously
held the role of General Manager.
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 (ARMC)
Nomination &
Remuneration
Committee (NRC)
Health, Safety
& Sustainability
Committee (HSSC)
Held while
Director
Attended
Held while a
Committee
member
Attended
as a
Committee
member
Held while a
Committee
member
Attended
as a
Committee
member
Held while a
Committee
member
Attended
as a
Committee
member
8
8
8
8
2
8
8
8
7
8
2
8
5
N/A
N/A
5
N/A
5
5
N/A
N/A
5
N/A
5
2
2
N/A
2
N/A
2
2
2
N/A
2
N/A
2
N/A
N/A
3
3
N/A
3
N/A
N/A
3
3
N/A
3
Director Name
Shannon Coates
Michael Naylor
Stephen Parsons
Fiona Robertson
Darren Stralow
Kevin Tomlinson
All Directors were eligible to attend all meetings held.
48
Vision, Purpose, Objective & ValuesOperating & Financial ReviewBELLEVUE GOLD LIMITED ANNUAL REPORT 2023 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
U N I S S U E D S H A R E S
At the date of this report, no unissued shares of the Company under option are outstanding.
S H A R E P L A C E M E N T S A N D I S S U E S
During FY23, the Company issued the following shares, excluding performance rights exercised:
Details
Shares issued as consideration for services received
Shares issued under employee securities incentive plan
Shares issued as consideration for services received
Placement
Shares issued as consideration for services received
Share purchase plan
Shares issued as consideration for services received
Date
2 August 2022
3 August 2022
4 October 2022
12 December 2022
5 January 2023
20 January 2023
20 April 2023
No. of
shares
12,818,305
246,556
1,550,099
57,142,858
547,495
23,809,537
772,678
Price
per share
-
-
-
$1.05
-
$1.05
-
Amount raised
before costs
-
-
-
$60,000,001
-
$25,000,446
-
S H A R E S I S S U E D O N V E S T I N G O F P E R F O R M A N C E R I G H T S
During FY23, the Company issued the following shares on the conversion of vested
performance rights:
Date
3 August 2022
4 October 2022
5 January 2023
30 January 2023
20 February 2023
14 April 2023
18 April 2023
20 April 2023
6 June 2023
No. of shares
880,568
600,000
51,575
45,953
13,308
8,132
14,843
105,996
139,800
49
Directors' ReportRemuneration ReportFinancial StatementsBELLEVUE GOLD LIMITED ANNUAL REPORT 2023 O P T I O N S I S S U E D
During FY23, no options were granted over the ordinary shares of the Company.
P E R F O R M A N C E R I G H T S G R A N T E D
During FY23, the Company granted the following performance rights which convert to
shares subject to the satisfaction of certain performance and/or retention milestones:
Performance Rights
6,074,142
1,544,629
416,433
1,827,763
248,918
63,920
1,507,264
101,839
129,747
75,108
2,750,000
31,235
74,906
20,255
478,300
1,237,961
15,373
50,161
Grant Date
26 July 2022
15 August 2022
15 August 2022
15 August 2022
1 September 2022
14 September 2022
17 November 2022
4 November 2022
4 November 2022
4 November 2022
20 February 2023
28 February 2023
28 February 2023
28 February 2023
29 March 2023
29 March 2023
12 April 2023
12 April 2023
Expiry Date
30 June 2027
30 June 2024
30 September 2024
30 November 2026
30 June 2027
30 June 2027
30 June 2027
30 June 2024
30 November 2026
30 June 2027
20 February 2028
30 June 2024
30 November 2026
30 June 2027
30 June 2024
30 November 2026
30 June 2024
30 November 2026
As at 30 June 2023, there were 47,549,457 performance rights outstanding.
R E V I E W O F O P E R AT I O N S
E V E N T S S U B S E Q U E N T T O
R E P O R T I N G D AT E
Information on the operations, financial
position, business strategy and risks is
set out in the Operating and Financial
Review section on pages 9 to 39 of this
Annual Report.
S I G N I F I C A N T C H A N G E S I N T H E
S TAT E O F A F FA I R S
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.
Subsequent to year end, Bellevue
obtained an additional $25.0 million
debt facility limit (Facility) from
Macquarie Bank Limited. This Facility
is separate to the existing $200.0
million Project Loan Facility (PLF) with
Macquarie and provides a source of
contingent funds and further balance
sheet flexibility. The Facility will expire
if unused on 31 March 2024, or earlier
if otherwise voluntarily cancelled. The
Facility contains terms and conditions
similar to the existing PLF facility. Should
Bellevue choose to utilise the Facility,
draw down is subject to conditions and
warranties customary for a financing
facility of this nature plus a requirement
to hedge forward gold sales in
proportion to the amount of the Facility
utilised (25,000 ounces of forward gold
sales if $25.0 million was drawn, or lower
amount as applicable), at a minimum
forward gold price of $3,000/oz.
L I K E LY D E V E L O P M E N T S
Bellevue 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.
Production is expected to commence in
the December 2023 quarter. Regional
exploration and evaluation activities
will continue.
E N V I R O N M E N TA L R E G U L AT I O N
& C O M P L I A N C E
Bellevue is committed to ensuring
compliance with environmental laws
and minimising the environmental
impacts of its exploration and
operation of the Bellevue Gold Project.
During 2020 Bellevue became aware
of the accidental discharge of
hypersaline water from the Prospero
Pit at the Bellevue Gold Project
onto neighbouring tenements which
occurred in late 2019 and early 2020.
The Western Australian Department of
Water and Environmental Regulation
(DWER) undertook an investigation
and commenced proceedings against
Bellevue under the Environmental
Protection Act 1986 (WA) (EP Act).
50
Vision, Purpose, Objective & ValuesOperating & Financial ReviewBELLEVUE GOLD LIMITED ANNUAL REPORT 2023 During FY23 Bellevue pleaded guilty to
charges under section 50B(2) and 56(1)
(a) of the EP Act and paid a total fine of
$41,250 (plus costs).
purpose of taking responsibility on
behalf of the Company for all or part of
those proceedings.
No material environmental breaches
have occurred or have been notified by
any Government agencies during FY23.
I N D E M N I F I C AT I O N & I N S U R A N C E
O F D I R E C T O R S & O F F I C E R S
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.
P R O C E E D I N G S O N B E H A L F O F
T H E C O M PA N Y
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
I N D E M N I T Y O F A U D I T O R S
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.
N O N - A U D I T S E R V I C E S
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.
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 17 to the financial
statements.
The Board has considered the non-
audit services provided during FY23
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; and
• none of the services undermine the
general principles relating to auditor
independence as set out in APES
110 Code of Ethics for Professional
Accountants.
D I V I D E N D S
No dividend was paid or declared by
the Company in the financial period
and up to the date of this report.
R O U N D I N G
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.
A U D I T O R ’ S I N D E P E N D E N C E
D E C L A R AT I O N
The auditor’s independence
declaration, as required under section
307C of the Corporations Act 2001 (Cth),
is set out on page 77 and forms part of
this report.
51
Directors' ReportRemuneration ReportFinancial StatementsBELLEVUE GOLD LIMITED ANNUAL REPORT 2023 LETTER FROM OUR NOMINATION
AND REMUNERATION COMMITTEE CHAIR
Dear Shareholders
On behalf of the Board, I am pleased
to present the Remuneration Report
for the year ended 30 June 2023.
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 2023.
O U R Y E A R
Bellevue continues to forge ahead
with construction and underground
development as we draw nearer to our
key objective of first production which
is targeted for the December 2023
quarter. Despite the challenges the
mining sector faced during FY23, with
the impacts of COVID-19 still affecting
the industry, labour pressures and rising
costs, Bellevue remains on time and on
budget to pour first gold at the mine
site in calendar year 2023.
The organisation continues to perform
well across health and safety, environment
and its people and culture metrics. Some
of the significant achievements over the
last 12 months include:
• Camp construction was completed
in the September 2022 quarter.
• Native Title Agreement with Tjiwarl
Aboriginal Corporation signed in
September 2022.
• Award of open pit mining contract
to NRW Holdings Limited with
commencement of open pit mining
occurring from April 2023.
• Successful ramp up of underground
mining fleet from one to four jumbos,
leading to over 8km of underground
development during the year
• Over 100km of drilling with a primary
focus on grade control and de-
risking the mine plan completed
during the year
• Signed a Toll Treating Agreement
with Genesis Minerals Limited for
the toll treatment of approximately
100,000t of ore.
• Signed a Power Purchase Agreement
with Zenith Energy Operations Pty
Ltd in May 2023.
• Construction of the process plant
commenced in October 2022 and
completion is on track for first gold
production in December 2023
quarter.
The performance outcomes for
FY23 are a testament of the KMP’s
leadership demonstrated throughout
a challenging and busy year and the
alignment that all Bellevue employees
demonstrate towards our common
vision and values.
K E Y M A N A G E M E N T
P E R S O N N E L C H A N G E S
As we prepare to move forward with
production and transition to cashflow
at our Bellevue Gold Project in WA, we
have made some important executive
appointments to guide us through this
transition. In December 2021, Darren
Stralow was appointed as Chief
Executive Officer, and earlier in the year
we were pleased to announce that he
would transition to Managing Director
& Chief Executive Officer, effective
from 1 March 2023. This appointment
marks the end of Stephen Parsons’
six-year tenure as Managing Director
at Bellevue, where he led the business
from the initial Tribune lode discovery
through to the development and
construction of the Project. From 1
March 2023, Mr Parsons has continued
supporting Bellevue in a Non-Executive
Director role. Additionally, earlier in the
year we were pleased to announce
William Stirling as Chief Operating
Officer, effective from 1 March 2023.
Mr Stirling previously held the position
of General Manager, having been
appointed to that role in January 2022.
These appointments reflect Bellevue’s
immense achievements and the ongoing
strength of our management team.
52
Vision, Purpose, Objective & ValuesOperating & Financial ReviewBELLEVUE GOLD LIMITED ANNUAL REPORT 2023 • Long-term Incentive – For FY23, the
maximum annual LTI opportunity for
Stephen Parsons and Darren Stralow
was 175% of fixed remuneration and
for Guy Moore and William Stirling
was 140% of fixed remuneration.
• Transitional LTI Performance Rights
– In FY23, Bellevue awarded a
transitional LTI to Mr Stralow and
Mr Stirling upon their appointment to
Managing Director & Chief Executive
Officer and Chief Operating Officer,
respectively. Both individuals are
considered business-critical at this
transitional time for Bellevue, with
this grant acting as an additional
performance based incentive to
drive Bellevue’s long-term strategic
plan and strong alignment between
incentive outcomes and long-term
shareholder value creation. Further,
this grant acts as a retention tool,
reflected in the four-year service
condition required before any
performance rights can vest.
Further detail is included later in
the report.
F Y 2 3 R E M U N E R AT I O N
O U T C O M E S
A summary of the key remuneration
outcomes for Bellevue’s Executives for
FY23 is as follows:
• Reflective of the Group’s strong
performance in FY23, with Bellevue
on track and on-budget to
transition to production in 2023,
Executives achieved 93.75% of
their FY23 maximum short-term
incentive (STI) opportunity, based on
safety management targets, ESG
targets, and meeting key project
construction and budget milestones.
During FY23, 200,000 performance
rights held by Kevin Tomlinson also
vested and were converted to shares.
These performance rights were issued
in 2019 and vested upon 36 months of
continuous service with the Company.
F Y 2 3 R E M U N E R AT I O N
O V E R V I E W
Bellevue is committed to attracting
and retaining high-calibre employees.
Central to this are the Executives
who are responsible for planning,
directing and controlling the activities
of Bellevue to deliver on Bellevue’s
strategic objectives, as set by the
Board. How Bellevue chooses to pay
its Executives must be aligned with
Bellevue’s business objectives and
will underpin the type of people it
attracts and the results they deliver. It is
therefore important that the Executive
remuneration framework is developed
with Bellevue’s business objectives
in mind and that Executives are
remunerated competitively for the work
that they perform.
During FY23, the Board, in conjunction
with external remuneration consultant
BDO Remuneration Consultants (BDO),
reviewed executive remuneration
arrangements to ensure they were
fit-for-purpose for our stage of
development and in consideration
of continued growth in size and
complexity of the business over the
course of FY23 and beyond. The review
considered a number of factors such
as individual performance and overall
performance of Bellevue, external
market conditions, the practices of
comparable listed peers, industry
remuneration surveys, data, and
tailored reports. The review also
considered the significant increase in
our market capitalisation of 117% during
FY23, which elevated Bellevue into the
ASX200 index in April 2023. Taking this
into account, and considering other
factors listed above, we believe the
following changes implemented in
FY23 are appropriate for our business’
circumstances:
• Fixed Remuneration – In his role
as Chief Executive Officer, Darren
Stralow’s fixed remuneration was
increased by 5% in FY23. Further,
upon his appointment as Chief
Executive Officer and Managing
Director, his remuneration was set at
$675,000, which largely considered
the increase in workload associated
with this appointment. Guy Moore,
the Chief Financial Officer, received
a fixed remuneration increase of
4.5% in FY23. Bellevue also passed
on the 0.5% superannuation
contribution to its Executives
as mandated by the Australian
Government, now being a 10.5%
superannuation contribution during
FY23.
• Short-term Incentive – During FY23,
the maximum STI opportunity for
all executives was 50% of fixed
remuneration. This was an increase
from 25% in FY22 for the Chief
Executive Officer and an increase
from 10% in FY22 for other Executives.
The Board considers that this
remains a conservative
STI opportunity.
53
Directors' ReportRemuneration ReportFinancial StatementsBELLEVUE GOLD LIMITED ANNUAL REPORT 2023 L O O K I N G F O R WA R D
F Y 2 4 R E M U N E R AT I O N C H A N G E S
Bellevue production is forecast
to commence in the December
2023 quarter. As Bellevue moves
from developer to producer, there
are several factors that the Board
continues to consider when setting the
Executive pay approach, which include:
In FY24, there will be some changes applied to the remuneration framework and
TFR to ensure it remains fit-for-purpose as we continue to evolve. Benchmarking
revealed that the COO and CFO’s fixed remuneration were at the entry level
against comparable peers in terms of size and operations. As a result, and
considering additional factors such as executive KMP’s total remuneration
package, company growth, role complexity, and role responsibilities, the Board
determined to apply the following changes, effective 1 July 2023:
• Business sustainability: Bellevue
needs to ensure continuity and
retention of key personnel at a time
when these skills are becoming
increasingly scarce in the West
Australian market.
• Competition for labour: There have
been considerable changes across
the West Australian market for talent
over the last 12/18 months and
Bellevue must be cognisant that
Executives may be ‘lost to’ one of
the many other projects proceeding
within the broader mining and
resources sector.
•
Incentives: There have been
significant shifts in remuneration
frameworks over recent years. The
societal and psychological impact
of COVID-19 has resulted in people
re-evaluating what is important
to them, in work and in non-work
fields. As a result, companies have
introduced a number of incentives
that help with improving work-life
balance and longer-term retention.
• Valued skills and experience:
Consideration that Bellevue is to
become a producer in FY24 which
indicates that the organisation
requires producer environment ‘skills’
and experience, which it has in its
Executives.
Executive KMP
Darren Stralow (MD & CEO)
Bill Stirling (COO)
Guy Moore (CFO)
FY23
Total Fixed
Remuneration
FY24
Total Fixed
Remuneration
$675,000
$420,000
$345,000
$675,000
$475,000
$400,000
%
increase
0%
13.1%
15.9%
The LTI opportunities will remain consistent with FY23, however the FY24 Annual
LTI Performance Rights will not have any operational measures, to align with the
broader market and reflect our evolving priorities. From FY24, performance under
the LTI plan will be determined by measurement against two equally weighted
measures, relative total shareholder return (TSR) and absolute TSR growth. The
2023 Annual General Meeting Notice of Meeting will contain further information in
relation to these changes. The available STI also remains unchanged at 50% of
fixed remuneration although there has been a stretch component included which
results in a maximum STI payment of 60% of fixed remuneration.
The Board is confident that our remuneration framework remains appropriate for
our size and business circumstances, however, we will continue to seek feedback
from our stakeholders on how to evolve our remuneration practices going forward,
particularly as we transition to a producer.
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 2023
Annual General Meeting.
Yours sincerely
Shannon Coates
Nomination and Remuneration
Committee Chair
54
Vision, Purpose, Objective & ValuesOperating & Financial ReviewBELLEVUE GOLD LIMITED ANNUAL REPORT 2023
55
Directors' ReportRemuneration ReportFinancial StatementsBELLEVUE GOLD LIMITED ANNUAL REPORT 2023 REMUNERATION REPORT (AUDITED)
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 2023. 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 FY23, the Company’s
KMP comprised:
• Non-Executive Directors; and
• Managing Director & Chief Executive Officer, Chief Operating Officer (where appointed) and Chief Financial Officer (Executives).
K M P O F T H E G R O U P A N D T H E I R M O V E M E N T S D U R I N G F Y 2 3
Name
Position
Term as KMP
Non-Executive Directors
Kevin Tomlinson
Fiona Robertson
Shannon Coates
Stephen Parsons
Michael Naylor
Executive Directors
Stephen Parsons
Darren Stralow
Key Management Personnel (Executives)
Darren Stralow2
Guy Moore
William Stirling
Non-Executive Chair
Non-Executive Director
Non-Executive Director
Non-Executive Director1
Non-Executive Director
Managing Director1
Managing Director2
Chief Executive Officer
Chief Financial Officer
Chief Operating Officer3
Full financial year
Full financial year
Full financial year
Part financial year
Full financial year
Part financial year
Part financial year
Full financial year
Full financial year
Part financial year
1 Stephen Parsons ceased as Managing Director effective from 1 March 2023 and transitioned to Non-Executive Director effective from
that date.
2 Darren Stralow commenced in the role of Managing Director effective from 1 March 2023 and remained in his role as Chief Executive Officer
which he held prior.
3 William Stirling commenced in the role of Chief Operating Officer effective from 1 March 2023 having previously held the role of
General Manager.
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. The remuneration of Non-Executive Directors and
Executives 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 and changes in role complexities. The NRC is also tasked with
determining and setting performance targets, as well as evaluating performance and outcomes against these targets.
56
Vision, Purpose, Objective & ValuesOperating & Financial ReviewBELLEVUE GOLD LIMITED ANNUAL REPORT 2023 The roles and responsibilities of the Board, NRC and external advisors in relation to remuneration for KMP and employees at
Bellevue are outlined below:
B O A R D
• 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.
N O M I N AT I O N A N D R E M U N E R AT I O N C O M M I T T E E
• 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 Non-Executive Directors, having regard to
the remuneration policy and the maximum remuneration pool as determined by the Company’s shareholders.
M A N A G I N G D I R E C T O R
• The Managing Director makes recommendations to the NRC regarding remuneration for Executives such as:
-
Incentive targets and outcomes.
- STI and LTI participation.
-
Individual remuneration and contractual arrangements.
E X T E R N A L A D V I S O R S
• 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 FY23, the Board engaged the services of independent external 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 the Company in relation to the Executive remuneration
framework for FY23. The NRC considered the data from BDO, along with other contributing factors, in making its remuneration
recommendations to the Board for the Executive remuneration framework (including total fixed remuneration increases) for FY23.
In addition to using BDO for the Executive remuneration framework review, the Company engaged BDO for the collection and
analysis of market data used in the remuneration framework for all employees. BDO also reviewed Bellevue’s Non-Executive
Director remuneration arrangements, however there were no changes to Board or Committee fees during FY23.
The Board is satisfied that any input provided by BDO was made free from undue influence from any of the KMP. During the
year advisors did not provide a remuneration recommendation as defined in section 9B of the Corporations Act 2001 (Cth).
M E M B E R S O F T H E N R C D U R I N G F Y 2 3 W E R E :
Name
Shannon Coates
Fiona Robertson
Kevin Tomlinson
Michael Naylor
Position
Committee Chairperson
Committee Member
Committee Member
Committee Member
Appointment
1 June 2020
1 June 2020
1 June 2020
1 April 2022
57
Directors' ReportRemuneration ReportFinancial StatementsBELLEVUE GOLD LIMITED ANNUAL REPORT 2023
Historical performance, shareholder
wealth and remuneration
Historical performance, shareholder wealth and remuneration as at 30 June 2023
670%
Share price
3.1Moz
Discovery
Over the last five years Bellevue has achieved a share
price increase of 670% vs the ASX 300 return of 17%,
through Resource discovery and more recently through
the development of the Bellevue Gold Project.
The project is exhibiting world class characteristics and,
as a result, attracting a team full of industry leaders in a
competitive labour environment.
The Global Resource has grown at an impressive compound
annual growth rate of 63% to 3.1Moz at 9.9g/t gold 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 at 6.1g/t gold since the maiden
Reserve in February 2021.
B G L V S A S X 3 0 0 I N D E X & G D X J
BGL AU Equity
ASX 300 Index
GDXJ
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58
Vision, Purpose, Objective & ValuesOperating & Financial ReviewBELLEVUE GOLD LIMITED ANNUAL REPORT 2023
R E S O U R C E G R O W T H E V O L U T I O N ( ko z )
63% Resource CAGR1
Maiden
Resource
Q4
2018
Q3
2019
Q4
2020
Q2
2021
Q3
2021
Q4
2022
500koz
1,040koz
1,800koz
2,410koz
2,700koz
3,000koz
3,110koz
1,040koz
1,370koz
1,200koz
1,500koz
1,400koz
1,600koz
1,650koz
1,460koz
1 Compound annual growth rate.
Indicated Resource (koz)
Inferred Resources (koz)
B U S I N E S S P E R F O R M A N C E
Share Price as at 30 June1 ($)
Share Price Increase / (Decrease) (%)
from prior year
FY23
1.2683
63%
FY22
0.7795
(10%)
FY21
0.8675
(10%)
FY20
0.9638
48%
FY19
0.6508
281%
Market Capitalisation ($M)
1,433
804
745
660
326
Inferred Resources2
Indicated Resources2
Total Mineral Resources2
Probable Ore Reserve2
1.46m ounces
@ 8.8g/t gold
from 5.2Mt
1.46m ounces
@ 8.8g/t gold
from 5.2Mt
1.52m ounces
@ 9.1g/t gold
from 5.2Mt
2.22m ounces
@ 11.3 g/t gold
from 6.1Mt
1.53m ounces
@ 11.8 g/t gold
from 4Mt
1.65m ounces
@ 11.2g/t gold
from 4.6Mt
1.65m ounces
@ 11.2g/t gold
from 4.6Mt
1.20m ounces
@ 11.0g/t gold
from 3.4Mt
Nil
Nil
3.13m ounces
@ 9.9g/t gold
from 9.8Mt
3.13m ounces
@ 9.9g/t gold
from 9.8Mt
2.72m ounces
@ 9.9g/t gold
from 8.6Mt
2.22m ounces
@ 11.3 g/t gold
from 6.1Mt
1.53m ounces
@ 11.8 g/t gold
from 4Mt
1.34m ounces
@ 6.1g/t gold
from 6.8Mt
1.34m ounces
@ 6.1g/t gold
from 6.8Mt
0.70m ounces
@ 8.0g/t gold
from 2.7Mt
Loss After Income Tax ($M)
25
18
12
20-day VWAP
1
2 The Company has not published an updated Resources and Reserves statement during the year
Nil
6
Nil
7
59
Directors' ReportRemuneration ReportFinancial StatementsBELLEVUE GOLD LIMITED ANNUAL REPORT 2023 Executive Remuneration
Bellevue engaged the services of BDO to review the current remuneration packages of its Executives against the
Company’s comparable 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 individual performance to best align with the Company’s strategic objectives.
The Company’s remuneration framework for its executives includes fixed remuneration, short-term incentives (STI) and
long-term incentives (LTI).
The objectives and principles of the Company’s Executive remuneration policy 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, including the
successful delivery of its key project;
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 as evidenced by 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; and
•
to enable Executives to share in the upside of the Company’s growth.
F Y 2 3 E X E C U T I V E S ’ P O T E N T I A L M A X I M U M A N N U A L R E M U N E R AT I O N 1
Managing
Director/
CEO
Chief
Operating
Officer
CFO
STI
LTI
FIXED
15%
54%
31%
STI
LTI
FIXED
17%
48%
35%
STI
LTI
FIXED
17%
48%
35%
The graphs represent the typical annual potential remuneration package for FY23 at stretch/maximum for Executives.
The performance period for the LTI commenced on 1 July 2022 and runs for three years. Further detailed information
pertaining to the LTI and STI are contained in this remuneration report.
1
These figures have been rounded. These graphs only include the FY23 Annual LTI Performance Rights and do not include the Transitional
LTI Performance Rights. The graphs above are a voluntary disclosure included in this report to improve transparency around how Bellevue
rewards Executives and have not been prepared in accordance with Australian Accounting Standards. The percentages in the graphs
above have been determined with reference to TFR and incentives issued at the start of the year.
60
Vision, Purpose, Objective & ValuesOperating & Financial ReviewBELLEVUE GOLD LIMITED ANNUAL REPORT 2023 F I X E D R E M U N E R AT I O N
All Executives receive a fixed base cash salary as well as a superannuation guarantee contribution as required by Australian
legislation (which from 1 July 2022 increased to 10.5% 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” provided by BDO, which for FY23 comprised of
a mix of listed mining project developer and mining producer companies (see below for further information).
During FY22, Bellevue had Stephen Parsons in the role of Managing Director, and Darren Stralow was appointed as Chief
Executive Officer. During this time, responsibilities were shared across both roles, effectively preparing for succession, which
subsequently occurred during FY23. In conjunction with the peer review conducted by BDO, the Board determined that upon
Mr Stralow’s appointment as Managing Director & Chief Executive Officer, TFR should be increased to $675,000 per annum.
Similarly, Mr Stirling’s TFR was set at $420,000 following his appointment as Chief Operating Officer (Mr Stirling was not
previously considered a KMP member).
The following table outlines Executive KMP TFR for FY22 and FY23:
Name
Stephen Parsons1
Darren Stralow2
Darren Stralow3
Michael Naylor4
Position
Managing Director
Chief Executive Officer (CEO)
Managing Director & Chief Executive Officer
Executive Director, Chief Financial Officer &
Company Secretary, Non-Executive Director4
(Full-time equivalent FTE5)
Guy Moore
Chief Financial Officer
William Stirling6
Chief Operating Officer
Craig Jones7
Chief Operating Officer
FY22
$553,850
$495,000
N/A
$365,750
FY23
$575,000
$520,000
$675,000
N/A
$330,000
N/A
$400,000
$345,000
$420,000
N/A
% Increase
3.8%
5.0%
N/A
N/A
4.5%
N/A
N/A
1. Stephen Parsons ceased as Managing Director effective from 1 March 2023 and transitioned to Non-Executive Director effective from that date.
The amounts included in this table are for Mr Parsons in his role as Managing Director until 1 March 2023, and do not include fees as a Non-
Executive Director from that date.
2. Darren Stralow commenced in the role of Chief Executive Officer from 6 December 2021 to 1 March 2023. From 1 March 2023 he continued in
the role of Chief Executive Officer and also assumed the role of Managing Director.
3. Darren Stralow commenced in the role of Managing Director effective from 1 March 2023 and remained in his role as Chief Executive Officer which
he held prior. As the combined position of Managing Director & Chief Executive Officer did not exist in FY22, there is no comparative salary.
4. Michael Naylor ceased as Company Secretary effective from 26 July 2022 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 that date.
5. Michael Naylor was working as an Executive as an 0.8 FTE.
6. William Stirling commenced in the role of Chief Operating Officer effective from 1 March 2023 having previously held the role of General Manager.
7. Craig Jones ceased employment with Bellevue Gold effective 15 November 2021.
P E E R G R O U P
During FY23 Bellevue has been in a unique situation as it had a market capitalisation generally at a level of a producer, whilst
still being a project developer. The Company has therefore utilised a number of comparator markets that serve to capture
the ‘size’ of Bellevue 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 on the fringe of commencing production. The comparator
group therefore is representative of companies with similar skills and competency sets to and/or required by Bellevue (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, which include common value drivers such as commodity price, wage and funding costs. During FY23
Bellevue moved into the ASX 200 which has also since elevated its peer group.
Comparator market data alone is not sufficient to be utilised for remuneration benchmarking purposes, but rather has been
utilised to inform Bellevue’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 appropriate to attract, retain and motivate the right calibre
of individual for Bellevue. BDO assisted the Board in the development of this peer group and endorse the use of this group as
a suitable benchmarking tool.
61
Directors' ReportRemuneration ReportFinancial StatementsBELLEVUE GOLD LIMITED ANNUAL REPORT 2023
Performance Linked Remuneration
S H O R T-T E R M I N C E N T I V E ( S T I ) P R O G R A M
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 challenging but achievable. These performance-based outcomes are considered to be an appropriate link
between Executive remuneration and the potential for creation of shareholder wealth.
The below table outlines the details of the FY23 STI Program (FY23 STIP).
How is it paid?
STI bonuses under the FY23 STIP are payable in cash for all Executives.
How much can Executives earn?
Under the FY23 STIP, Executives had a maximum STI opportunity of 50% of total fixed
remuneration.
What was the performance period?
1 July 2022 to 30 June 2023.
How was performance measured?
Performance targets were derived from the Company’s critical short term (12 month)
objectives that are considered critical to the Company’s longer-term strategy of
becoming a significant gold producer. These performance targets are detailed below.
When was it paid?
What happens if Executive leaves?
What happens if there is a
change of control?
Malus and Clawback
The STI bonuses payable under the FY23 STIP were determined after the end of the
performance period following a review by the NRC and Board of performance against
the STI performance targets.
The Board approved the final STI bonus based on this assessment of performance,
with each STI bonus payable in cash after the performance period ended.
For retention purposes, the Executive must remain an employee, office-bearer or
consultant of the Company at 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.
If there is a 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 under the FY23 STIP.
The Board may, in its sole and absolute discretion, adjust any STI bonus payable
under the FY23 STIP prior to payment (malus) or to reclaim all or part of any STI bonus
within 12 months after payment (clawback), such where the Executive has:
• acted fraudulently or dishonestly;
• wilfully breached his/her duties to the Company;
• been knowingly involved in a material misstatement of financial statements; or
• breached the Company Code of Conduct.
62
Vision, Purpose, Objective & ValuesOperating & Financial ReviewBELLEVUE GOLD LIMITED ANNUAL REPORT 2023 F Y 2 3 S T I P TA R G E T S A N D P E R F O R M A N C E O U T C O M E S
Achievement of the FY23 STIP targets is detailed in the table below (93.75% achieved).
Weighting
Area
Description
Measurement
Outcomes
25%
25%
Safety
ESG
Positive Safety
Performance
Positive
contribution to
ESG Strategy
• Achievement of key targets for leading and lagging
Achieved (25%)
indicators
• Achievement of diversity targets including female
Achieved (25%)
participation >30%
• Achievement of Board determined ESG outcomes
including power purchase agreement, indigenous
procurement and carbon offset strategies
25%
Project
Finalise Permitting • Obtain all key project permits including Native Title
Agreement with Tjiwarl Aboriginal Corporation, WA
Department of Mines, Industry Regulation and Safety,
and WA Department of Water and Environmental
Regulation approvals to facilitate project construction
Achieved (25%)
25%
Project
Meet project
construction KPIs
• Achieve key operational milestones including camp
and process plant construction
• Achieve budgeted development and ore stocks by
end of measurement period
Partially Achieved
(ore stocks target not
achieved) (18.75%)
F Y 2 3 S T I P B O N U S PAY M E N T S
Executives achieved 93.75% of their FY23 maximum short-term incentive (STI) opportunity.
Role
MD
Executive
Stephen Parsons2
MD & CEO
Darren Stralow4
CFO
COO
Guy Moore
William Stirling5
Maximum STI bonus
available for FY23
(as a % of TFR as at
1 July 2022)1
Total STI bonus
available for
FY23 ($)
50%
50%
50%
50%
$191,4043
$260,000
$172,500
$200,000
Total
Total STI bonus
awarded ($)
$179,441
$243,750
$161,718
$187,500
$772,409
1. STI maximum opportunity was not adjusted for TFR increases to Darren Stralow and William Stirling following changes in roles during FY23.
2. Stephen Parsons ceased as Managing Director effective from 1 March 2023 and transitioned to Non-Executive Director effective from that date.
3. Stephen Parsons’ total STI bonus was pro-rated for the year based on him ceasing as an Executive effective from 1 March 2023.
4. Darren Stralow commenced in the role of Managing Director effective from 1 March 2023 and remained in his role as Chief Executive Officer
which he held prior. Darren Stralow’s STI bonus opportunity was based on his total fixed remuneration as at 1 July 2022.
5. William Stirling commenced in the role of Chief Operating Officer (COO) effective from 1 March 2023. William Stirling’s STI bonus opportunity
was based on his total fixed remuneration as at 1 July 2022. The amount in the table has not been pro-rated for the period he was COO and
reflects the total amount available and payable for the full year he was employed.
63
Directors' ReportRemuneration ReportFinancial StatementsBELLEVUE GOLD LIMITED ANNUAL REPORT 2023 L O N G -T E R M I N C E N T I V E ( LT I ) P R O G R A M
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 key Executives.
The performance targets set are considered challenging, but achievable, progressions for the Company. It is through the
achievement of these milestones, and continued development of the Bellevue Gold Project, that Shareholder value can be
best aligned with Executive remuneration.
Q U A N T U M O F A N N U A L LT I P E R F O R M A N C E R I G H T S G R A N T E D T O E X E C U T I V E S D U R I N G F Y 2 3
Annual LTI Performance Rights were issued to Executives during FY23 (FY23 Annual LTI Performance Rights) as follows:
Executive
Stephen Parsons3
Darren Stralow4
Guy Moore
William Stirling5
No. of FY23 Annual
LTI Performance Rights1
% of total fixed
remuneration as at
1 July 20222 (TFR)
Vesting period
1,507,264
1,363,091
723,487
838,825
175%
175%
140%
140%
Three years
(1 July 2022 to 30 June 2025)
1. 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 30 June 2022, being $0.6676.
2. LTI maximum opportunity was not adjusted for TFR increases to Darren Stralow and William Stirling following changes in roles during FY23.
3.
Issue of Performance Rights to Stephen Parsons was approved by shareholders at the Company’s Annual General Meeting held on
17 November 2022.
4. Darren Stralow commenced in the role of Managing Director effective from 1 March 2023 and remained in his role as Chief Executive
Officer which he held prior. The number of FY23 Annual LTI Performance Rights issued to Darren Stralow was calculated using his total fixed
remuneration as at 1 July 2022.
5. William Stirling commenced in the role of Chief Operating Officer effective from 1 March 2023. The number of FY23 Annual LTI Performance
Rights issued to William Stirling was calculated using his total fixed remuneration as at 1 July 2022.
V E S T I N G C O N D I T I O N S
The FY23 Annual LTI Performance Rights will vest based on the achievement of three Vesting Conditions, as set out below.
(a) Relative Total Shareholder Return (RTSR) – 50%
TSR means the growth in a company’s Share Price over the Measurement Period, plus dividends paid during that period.
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 Measurement Period and the 10 trading days up to and including the last day of the
Measurement Period.
Peer Group means Calidus Resources Limited, De Grey Mining Limited, Evolution Mining Limited, Gold Road Resources Limited,
OceanaGold Corporation, Pantoro Limited, Perseus Mining Limited, Red 5 Limited, Regis Resources Limited, Ramelius Resources
Limited, St Barbara Limited, Silver Lake Resources Limited, West African Resources Limited and Westgold Resources Limited.
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Vision, Purpose, Objective & ValuesOperating & Financial ReviewBELLEVUE GOLD LIMITED ANNUAL REPORT 2023 The Company’s TSR will be ranked against a Peer Group to measure performance against the RTSR Vesting Condition:
•
•
•
•
the TSR of each company in the Peer Group will be calculated;
the Peer Group companies will be ranked according to their TSR;
the Company’s TSR will be calculated to determine its percentile in relation to the Peer Group companies; and
the Company’s percentile will determine the outcome of the RTSR Vesting Condition in accordance with the following table:
Performance Level
Below Threshold
Threshold
Company's TSR relative to
Peer Group over measurement period
Percentage
vesting
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