o For personal use only - Bellevue Gold Limited...Table 2 - Bellevue global Inferred category...

2. All material assumptions and technical parameters underpinning the Mineral Resource estimate in the ASX announcement dated 5 February 2019 continue to apply and have not materially changed since last reported.

Bellevue Gold Mine

“A forgotten treasure” Unlocking the potential of

one of Australia’s historic

great high-grade gold mines

Global Inferred Resource 1,530,000oz @ 11.8g/t gold2

& historically produced

800,000oz @ 15g/t gold

Significant landholding of +3,600km2 in a major gold producing district

Corporate Directory

Non-Executive Chairman

Mr Ray Shorrocks

Managing Director

Mr Steve Parsons

Executive Director and Company Secretary

Mr Michael Naylor

Contact Details

Principal and Registered Office

Level 3, Suite 3

24 Outram Street

West Perth WA 6005

T: +61 8 6424 8077

E: [email protected]

ASX Code: BGL

www. bellevuegold.com.au

ASX Announcement 30 April 2019

31 March 2019 Quarterly Report Highlights

Bellevue Gold Project

• The Company announced an increase in Inferred Resources to 1,530,000oz @ 11.8 g/t gold (5th

of Feb 2019) as a result from drilling completed in Quarter 4 2018. o This resource upgrade reflects drilling that targeted the Bellevue Surrounds mineralisation

only. o The resource reflects a >50% increase in tonnes and 47% increase in global contained metal

relative to the October 2018 resource estimate. o Mineralisation is open on all Lodes with step-out expansion drilling continuing. o Resources are from surface to a maximum depth of 600 metres and adjacent to existing

mine development.

• Following the resource upgrade drilling, four diamond drill rigs moved to focus on step-out drilling at the Viago and Tribune Lodes. Significant high grade results include: o 6.0 m @ 24.9 g/t gold and 6.5 m @ 22.2 g/t gold - Tribune extension. o 2.6 m @ 15.4 g/t gold and 2.4 m @ 15.4 g/t gold - Viago North new discovery. o 4.0 m @ 14.8 g/t gold and 1.7 m @ 34.6 g/t gold - Viago extension. o These new results are not included in the current reported resource.

• Viago Lode o Broad spaced first pass step-out drilling has doubled the current strike length of the

existing 750 metre Viago Lode. o Discovery of Viago North high-grade gold mineralization, similar to the discovery drill

results at Viago Lode. o High-grade gold mineralisation has been extended a further 550 metres north & 200

metres south of the limits of the current resource envelope. o Viago Lode now extended to over 1,400 metres & remains open both north & south.

• Tribune Lode o Drilling almost doubles current strike length of Tribune Lode mineralization. o High-grade gold mineralisation has been extended a further 350 metres north & 50

metres south of the limits of the current resource envelope. o Tribune Lode now extends over 1,000 metres and remains open both north & south for

upcoming drill testing.

• Regional o Three extensive gold trends identified with walk up drill targets along strike of Bellevue

Mine. o Historical shallow broad spaced drill results for follow up include:

▪ 2 m @ 19.7 g/t gold from 32m and 2 m @ 22.8 g/t gold from 8 m o Recent rock chip results of 102 g/t gold, 87.6 g/t gold & 40 g/t gold. o Significant untested +1 km gold-in-soil & EOH gold walk up drill targets.

• Updated Resource estimated due for release in the second quarter of 2019.

Corporate

• As at 31 March 2019, Bellevue Gold had a strong cash position of $28.7 million in cash (December 2018: $13.7 million).

• A $20 million placement (before costs) was completed with strong support from institutional and sophisticated investors based in Australia, as well as continued support from North American institutional investors, including a number of specialist global gold funds.

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Bellevue Gold Project, Western Australia - A Significant High-Grade Gold Deposit

The Bellevue Gold Project is located in the northern part of the Norseman-Wiluna Greenstone belt in the Yilgarn Craton, Western Australia. The project is approximately 40 kilometres north by sealed highway from the regional centre of Leinster and covers approximately 1,930km2. Bellevue Golds total exploration tenement package including applications covers in excess of 3,600km2.

High grade gold was mined at the project at various times for over 100 years at the Bellevue lode through to 1997 when the operation shut down at around 430 metres below surface. Around 800,000 ounces of gold have been produced at a reported head grade of ~ 15 g/t from a narrow vein operation. After the mine closure in 1997 very little modern exploration was completed at the project and Bellevue Gold is undertaking the first systematic exploration at the property in the last 20 years.

Figure 1: Location of Projects

Bellevue Mining 1,530,000oz @ 11.8 g/t gold

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Resource Upgrade at the Bellevue Gold Project2

In February 2019, Bellevue Gold released a resource upgrade at the Bellevue Gold Project.

The update incorporates the geological and depletion model for the Bellevue Surrounds area and is based on a combination of historical and BGL diamond drilling at the project. The estimate builds on the October 2018 global resource of 2.6 Mt @ 12.3 g/t 1,040,000 of contained gold (refer ASX announcement on 22/10/18).

The February upgrade reflects a 54% increase in global tonnes, a 47% increase in contained metal and only a 4% reduction in global grade.

Mineralisation remains open and further expansion drilling is continuing on site with four diamond core drill rigs currently operating.

Table 1 - Bellevue global Inferred category resources January 2019 Update

JORC 2012 Inferred resource estimate at selected lower cut-off grades at the Bellevue Gold Project

Lower Cut-Off Tonnes

(Mt)

Grade Gold g/t

Gold ounces

2.0 g/t Au 5.5 9.6 1,660,000

3.5 g/t Au 4.0 11.8 1,530,000

5.0 g/t Au 3.3 13.6 1,430,000

Note: Rounding has been applied to represent appropriate precision

Figure 2: Bellevue Surrounds drill hole DRDD085 Bellevue Lode: quartz, 10% massive to disseminated pyrrhotite, minor disseminated chalcopyrite with trace visible gold mineralisation. Interval assayed 3.9 m @ 16.0 g/t gold.

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Figure 3: Bellevue Surrounds drill hole DRDD089 Bellevue Lode: quartz with 5% disseminated pyrrhotite, minor disseminated chalcopyrite trace visible gold mineralisation, interval assayed 2.4 m @ 26.1 g/t gold.

The current global resource is divided into four main domains of what is a continuous high-grade vein lode system. All resources are contained within the top 600 metres from surface and remain open both along strike and at depth. Mineralisation is characterised by a pyrhotite, chalcopyrite mineralisation assemblage associated with deformed quartz veins hosted within biotite, amphibole shears within the Mount Goode basalt sequence. The breakdown of the resource domains is reported below in Table 2.

Exploration results reported in Q1 2019 were not included in the current reported project resource inventory.

Table 2 - Bellevue global Inferred category resources domains reported at the 3.5 g/t cut

Domain Tonnes

(Mt)

g/t ounces

gold gold

Bellevue Surrounds 2.3 9.6 710,000

Viago Lode 0.8 22.0 550,000

Tribune Lode 0.6 7.8 150,000

Southern Belle Lode 0.4 10.4 120,000

TOTAL 4.0 11.8 1,530,000

Note: Rounding has been applied to represent appropriate precision Sub domains may not equal total estimate due to rounding

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Figure 4: Plan view of resource wireframes for the Bellevue Lode system, February 2019 resource upgrade.

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Figure 5: Long Section looking east summarizing the February 2019 modelled resource estimate envelopes for the current global inferred resource.

Figure 6: Long Section looking east of the Bellevue Surrounds Mineral Resource Block Mode (exisiting mined out stopes are black & unmined areas & mineralised extensions in coloured blocks).

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Figure 7: Bellevue Surrounds cross section 6939460mN showing Bellevue Lode ( 2.4m @ 13.1 g/t gold) extending at depth below the underground development as well as a new parallel lode (0.45m @ 33.2 g/t gold) to the south of the existing mine development. Significant potential for further hangwall lodes has been indicated with recent drilling.

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Diamond Drilling Continuing at the Project

The company continued a significant exploration program with 18,260m of diamond drilling completed during the quarter at the Tribune, Viago and Bellevue discoveries. Results are still pending for the majority of the drilling completed during the quarter and results will be made available at the first opportunity.

Exploration Results Reported During the Quarter

Significant strike extensions were reported at the Tribune and Viago discoveries from ongoing exploration drilling during the reporting period.

High grade mineralisation in the Tribune Mineralised Shear has now been extended approximately 350 metres north of the original resource envelope (currently 650 metres of strike length) and a further 50 metres south and remains completely open.

Diamond drill core hole DRDD111 has intersected 6m @ 24.9 g/t gold from 188 metres downhole (ASX 14/3/2019)1 indicating further high-grade ore shoots 350 meters to the north hosted in the Tribune Shear. This intercept is located in the hanging-wall to the historic Bellevue Mine.

High-grade mineralisation has also been extended further south with the most southern hole drilled at Tribune DRDD112 intersecting 6.5m @ 22.2 g/t gold from 96 metres down hole (ASX 14/3/2019)1 .

High grade lode positions at Tribune are defined by gently southerly plunging ore shoots controlled by fold axes within the shear zone. These folds at Tribune have an analogous fold asymmetry and plunge lineation to mineralisation at the Bellevue lode located just 300 metres to the east.

The long section of Tribune with the recent piercements is shown in Figure 10 showing the gentle plunge of the high-grade shoots, similar to the historic Bellevue Mine, ore shoots remain completely open both to the north and south and at depth.

Figure 8: Tribune Lode Diamond core hole DRDD111 high-grade mineralization associated with ~15% semi massive pyrrhotite, trace disseminated chalcopyrite and fine-grained visible gold.

Interval assayed 6 m @ 24.9 g/t gold and is located 350 metres north of previously defined high-grade mineralization at the Tribune Lode.

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Figure 9: Tribune Lode Diamond core hole DRDD112 high-grade mineralization associated with ~15% semi massive pyrrhotite, trace disseminated chalcopyrite and fine-grained visible gold. Interval assayed 6.5 m @ 22.2 g/t gold and is located 50 metres south of previously defined high-grade mineralization at the Tribune Lode.

Figure 10: Long Section of Tribune Lode looking West showing gently southerly plunging high-grade ore shoots consistent with plunge directions at the adjacent Bellevue Mine. Tribune Lode remains open to the north, south and at depth.

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Previously released high grade drill results from Tribune include: 1

• DRCD004 5m @ 22.9 g/t gold from 25m (asx 11/12/17)

• DRRC1024 7m @ 27.4 g/t gold from 93m (asx 20/11/17)

• DRDD006 15m @ 5.8 g/t gold from 79.5m (including 0.3m @ 242g/t gold from 79.5m) (asx 07/02/18)

• DRDD010 12m @ 12.0 g/t gold from 68m (asx 07/02/18)

• DRDD013 2.4m @ 21.9 g/t gold from 162.8m (asx 07/02/18)

• DRCD020 3.8m @ 5.2 g/t gold from 133m and 2.5m @ 29 g/t gold from 147.5m (asx 22/03/18)


• DRCC033 8m @ 5.0 g/t gold from 53m including 4m @ 9.0 g/t gold from 57m (asx 22/03/18)

• DRDD034 7m @ 7.2 g/t gold including 2m @ 17.8 g/t from 289m (asx 22/03/18)





Viago Lode: Drilling Confirms Northern Discovery, Doubles Strike Length to 1,400 metres & Remains Open Both North & South. (ASX 14/3/2019)1

Recent first pass broadly spaced diamond core drilling has extended the initial resource envelope of 750 metres strike length by approximately 550 metres to the north in the hanging wall of the Bellevue Mine and a further 200 metres to the south. The previously reported Viago resource is 550,000 ounces @ 22.0 g/t gold of inferred category resources over a strike length of only 750 metres (refer ASX 22/10/18)2.

• The Viago Shear strike length has now been doubled to a total of 1,400 metres and remains open to the north and south.

• DHEM has indicated the continuation of the significant EM plates into this area which are largely untested, and mineralisation remains open to the north.

• The DHEM plates are similar to what the Company encountered in its first pass drilling when it discovered the Viago Lode (refer ASX 17/7/18).

To the north the Viago Lode has been offset approximately 50 metres by an east-west trending normal fault with a southerly dip (north block moved up – northern extensions are 50 metres shallower). Mineralisation remains open to the north.

Four diamond drill core holes have intersected the Viago Lode with visible fine-grained gold present in all drill holes, the most northern hole (DRDD111) intersected 2.6 metres @ 15.4 g/t gold from 397.7 metres as well as hole DRDD128 which intersected 2.4 metres @ 15.4 g/t gold from 445.4 metres and hole DRDD114 returned 4.0 metres @ 14.8 g/t gold from 544.6 metres.

To the south the Viago Lode has been extended a further 200 metres with initial broad reconnaissance step-out drilling on 160 metre drill spacings. Drilling to the south indicates the Viago Shear to be more bifurcated than the northern Viago Shear, often split into two or three mineralised shears associated within a much broader and strongly sheared zone.

To the south diamond drill hole DRDD101 returned 3.9 metres @ 8.1 g/t gold (including 0.35 metres @ 78.2g/t gold) and hole DRDD120 returned 1.7 metres @ 34.6 g/t gold from 623.7 metres.

Diamond drilling to the south has been complicated by excessive deviation of the drill rods meaning on several holes the drill target has been missed by significant distances. A new drill pad is currently being located to help minimise this drilling deviation as well as the use of navigational downhole drilling tools. This will then allow correct targeting of the high priority DHEM targets that were missed by these recent southerly drill holes. While the southern drill pad is prepared the drilling will continue targeting the Viago north extensions.

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Figure 11: Viago Northern discovery diamond core hole DRDD129 high-grade mineralization associated with ~15% semi massive pyrrhotite, trace disseminated chalcopyrite and fine-grained visible gold. Interval assayed 2.4 m @ 15.4 g/t gold.

Figure 12: Viago Northern discovery (The most northern drill hole drilled to date) Diamond core hole DRDD111 high-grade mineralization associated with ~15% semi massive pyrrhotite, trace disseminated chalcopyrite and fine-grained visible gold. Interval assayed 2.6 m @ 15.4 g/t gold.

Previously released high grade drill results from Viago include:1

• DRDD069 3m @ 87.6 g/t gold from 597m including 0.5 m @ 445.0 g/t gold from 598m (refer asx 09/10/18)

• DRDD073 6.4m @ 27.9 g/t gold from 587.6m including 2.8 m @ 62.8 g/t gold from 587.6m (refer asx 09/10/18)

• DRDD013 4.3m @ 58.8 g/t gold from 575.5m (refer asx 06/08/18)

• DRDD072 2.8m @ 32.3 g/t gold from 606.8m (refer asx 09/10/18)

• DRDD070 3.35 m @ 37.4 g/t gold from 562.45m (refer ASX 26/09/18)

• DRCDW020 6.9 m @ 18.0 g/t gold from 535.9m including 0.35 m @ 203.3 g/t gold from 540.8m (refer asx 09/10/18)

• DRDD065 2.8m @ 19.0 g/t gold from 571.65m (refer ASX 26/09/18)

• DRCD022 2.5 m @ 13.1 g/t gold from 560.5m (refer ASX 17/07/18)

• DRDD066 1.5 m @ 23.9 g/t gold from 566.3m (refer ASX 26/09/18)

• DRDD059 4.3 m @ 8.8 g/t gold from 575.3 m (refer ASX 30/05/18)

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Figure 13: Plan view of Viago Lode showing recent northern discovery & southern extensions and recently defined DHEM plates. The Viago Lode sits adjacent to the historical Bellevue underground mine development and was missed by historical underground drilling. The Viago Lode now extends for over 1,400 metres and remains open.

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Figure 14: Long Section of Bellevue Lode System showing recent high-grade extensions to the Viago & Tribune Lode positions. Mineralisation remains open to the North, South and at depth.

Camp Expansion

The exploration camp at the Bellevue Gold Project has been upgraded to 20 beds with the installation of 8 new accommodation units. Core handling facilities were also increased to handle an expected increase in core production during Q1 2019.

A further 12 beds are scheduled for installation Q2 2019 to accommodate early project development.

Regional Exploration (ASX 11/4/2019)1

Government Well Prospect: +4 km long gold trend with significant historical high-grade drill results and recent high-grade rock chips.

Multiple gold trends over more than 4 km in strike length have been identified from historical drilling, old workings and recent rock chip sampling at the Government well target area, 4.5 km to the north of the Bellevue Gold Deposit - refer to Figure 16.

Historical drill results include:

• 2m @ 19.7 g/t Gold from 32m in GC002.

• 10m @ 1.7 g/t Gold from 14m in GC001.

• 2m @ 22.58 g/t Gold from 8m in H007.

Only around 500m of the >4 km mineralised trend identified has received any historical drill testing to date and, given that this drilling has delivered significant intercepts represents a significant opportunity to Bellevue Gold.

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Much of the trend is covered by thin, wind-blown sands rendering the surface geochemical exploration techniques utilised by prior explorers largely ineffective but recent rock chipping from shallow excavations and old shafts in the area have consistently yielded high grade results with rock chips of 40 g/t, 31.8 g/t and 31.9 g/t gold.

Figure 15: Compilation map showing location of multiple high-grade & high priority gold targets along strike and within only 20 km of the Bellevue Gold Deposit.

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Figure 16: Government Well Summary map showing location shallow reconnaissance drilling.

North West Bellevue: Rock chipping on multiple, undrilled, Bellevue style veins 1.6 km along strike from the current Bellevue Resource drilling significantly extends strike potential of Bellevue.

Recent surface mapping has identified multiple new, partially outcropping, ‘Bellevue Style’ veins around 1.6 km along strike from recent drilling on the Tribune Lode. Results of 102 g/t, 4.3 g/t and 2.9 g/t gold have been returned from reconnaissance rock chip sampling. The veins are observed of 50cm thickness on surface with weathered textures reminiscent of the cataclasically remobilised sulphides observed in higher grade sections of the Bellevue Gold Deposit (see Figure 17 below).

These results constitute a 650m step out along strike from a high angle, west dipping, biotite altered structure striking NNW at 198m in DRDD095 and a 1.6km step-out from recent drill results from the northern end of the Tribune Lode currently being drilled along strike including:

• DRDD112: 6.5m @ 22.2g/t Au gold from 96m downhole (ASX 14/3/2019)1.

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This constitutes an immediate drill target for possible resource extension on the Tribune Lode.

Figure 17: North West and West Bellevue target summary map showing location of recently mapped mineralised veins at North West Bellevue and recently defined >100ppb gold in EOH drilling as well as the untested +1km gold-in-soil anomaly adjacent to the Bellevue Mine & Resource area.

West of Bellevue: >2km long, >100ppb Gold in Historical RAB End Of Hole (BOH) target

A trend of >100ppb maximum gold in wide spaced historical drilling has been identified over more than 2 km strike length, under thin transported soil cover, less than 1 km to the west of the high-grade Bellevue Gold Deposit (refer to Figure 17 above).

Follow up bottom-of-hole sampling has identified coincident multi-element anomalism highlighting a large-scale alteration system. Tribune style mineralisation (smokey quartz veins with remobilised pyrrhotite>>chalcopyrite within a biotite shear) has been identified in RAB and RC chips further highlighting the prospectivity of the target.

Historical results from wide spaced RAB and RC drilling within the target area include:

• 1m @ 4.58 g/t Gold from 21m in BX0666 (RAB)

• 1m @ 3.25 g/t Gold from 21m in BARC0281 (RC)

• 10m @ 0.4 g/t Gold from 23m to End of Hole in BX0186 (RAB)

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Significantly Down-hole electromagnetics (DHEM) was not used as a follow up to the historical drilling. DHEM is a critical tool, vectoring drilling at the Bellevue Gold Deposit towards higher grade intercepts. This represents a significant opportunity for Bellevue Gold to re-appraise the target area using lessons learned at the Bellevue Gold deposit <1km to the East of the target.

In addition, a >1 km long gold-in-soil anomaly of more than 20ppb gold (with a max of 408ppb gold) has been identified sub-parallel to the trend of max, downhole gold in drilling. This near surface walk up drill target is largely undrilled.

Corporate

Cash

As at 31 March 2019, Bellevue Gold held $28.7 million (31 December 2018: $13.7 million) in cash. Refer to the Appendix 5B (ASX website) for principal movements in cash for the quarter.

Capital Raising

Bellevue completed a $20 million placement of approximately 37 million shares at an offer price of $0.55 per share (the “Placement”). The Placement was undertaken pursuant to ASX Listing Rule 7.1.

The Placement received strong support from institutional and sophisticated investors based in Australia, as well as continued support from North American institutional investors, including a number of specialist global gold funds.

Funds raised via the Placement will be used for:

• Ongoing exploration at the Company’s flagship Bellevue Gold Project; and • General working capital purposes.

Canaccord Genuity (Australia) Limited acted as Sole Lead Manager and Bookrunner to the Placement. Sprott Capital Partners acted as Co-Manager to the placement.

Native Title

The Company received ministerial approval through Section 18 consent to undertake exploration drilling on an island within Lake Miranda in the October quarter of 2018. The current drilling is not affected by the Section 18 as all drilling undertaken to date is located on the mainland and away from the lake. The approval however will allow drill testing within the Western Corridor to the south.

The Company has been advised that the Native Title Party have submitted a Section 9 and 10 application of the Aboriginal & Torres Strait Islanders Heritage Protection Act 1984 (cth) over the area of Section 18 consent.

Further information

Please visit the ASX platform (ASX: BGL) or the Company’s website www.Bellevuegold.com.au

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Appendix 1 The following information is provided pursuant to Listing Rule 5.3.3 for the quarter ended 31 March 2019.

Tenement Location Registered Owner Structure and Ownership

Bellevue Gold Project

M36/24 Western Australia Golden Spur Resources Pty Ltd 100%



E36/535 Western Australia Golden Spur Resources Pty Ltd 100%

P36/1867 Western Australia Golden Spur Resources Pty Ltd 100%

M36/660 Western Australia Giard Pty Ltd 100%







E36/919 Western Australia Giard Pty Ltd 100%

P36/1873 Western Australia Giard Pty Ltd 100%









E36/857 Western Australia Weebo Exploration Pty Ltd 100%






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E36/906 Western Australia Green Empire Pty Ltd 100%










Mining Tenements disposed: E53/2038, E53/2033, E53/2034, E53/2035, E53/2037, E53/2039, E53/2040, E53/2041, E69/3566, E69/3576 Mining Tenements acquired: Nil Beneficial percentage interests held in farm in or farm-out agreements: Nil Beneficial percentage interests in farm-in or farm-out agreements acquired or disposed: Nil

Competent Persons’ Statement

The information in this report that relates to Exploration Results and Exploration Targets is based on information compiled by Mr Shane Hibbird who is a member of the AusIMM, Australian Institute of Geoscientists (AIG) and the Society of Exploration Geologists (SEG). Mr Hibbird has sufficient experience relevant to the styles of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person, as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Hibbird is a consultant of Bellevue Gold and holds securities in Bellevue Gold Limited. He has consented to the inclusion of the matters in this report based on his information in the form and context in which it appears.

Information in this exploration report that relates to Mineral Resources at the Western Corridor and Viago Lodes is based on, and fairly represents, information and supporting documentation prepared by Mr Brian Wolfe, an independent consultant specialising in mineral resource estimation, evaluation and exploration. Mr Wolfe is a Member of the Australian Institute of Geoscientists. Mr Wolfe has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person (or “CP”) as defined in the 2012 Edition of the Australasian Code for Reporting of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code).

Information in this exploration report that relates to Mineral Resources at the Bellevue Surrounds is based on, and fairly represents, information and supporting documentation prepared by Mr Sam Brooks, an employee of Bellevue Gold. 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 he is undertaking to qualify as a Competent Person (or “CP”) as defined in the 2012 Edition of

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the Australasian Code for Reporting of Information in this announcement that relates to mineral resources. Mr Brooks is an employee and holds securities in Bellevue Gold Limited and consents to the inclusion in this announcement of all technical statements based on his information in the form and context in which they appear. Information relating to the Bellevue Surrounds resource has been reviewed by Mr Brian Wolfe, an independent consultant specialising in mineral resource estimation, evaluation and exploration. Mr Wolfe is a Member of the Australian Institute of Geoscientists. Mr Wolfe has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person (or “CP”) as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code).

Disclaimer

This report has been prepared by Bellevue Gold Limited (the Company) based on information from its own and third-party sources and is not a disclosure document. No party other than the Company has authorised or caused the issue, lodgement, submission, despatch or provision of this report, or takes any responsibility for, or makes or purports to make any statements, representations or undertakings in this announcement. Except for any liability that cannot be excluded by law, the Company and its related bodies corporate, directors, employees, servants, advisers and agents (Affiliates) disclaim and accept no responsibility or liability for any expenses, losses, damages or costs incurred by you relating in any way to this presentation 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 announcement, its accuracy, completeness, currency or reliability. 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 announcement does not purport to contain all the information that a prospective investor may require in connection with any potential investment in the Company. Each recipient must make its own independent assessment of the Company before acquiring any shares in the Company (Shares). The Company has made reference to historic drilling and exploration results from a variety of exploration companies over the past 30 years that had previously explored the Project.

Forward Looking Information

This report contains forward-looking statements. Wherever possible, words such as “intends”, “expects”, “scheduled”, “estimates”, “anticipates”, “believes”, and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, have been used to identify these forward-looking statements. Although the forward-looking statements contained in this release 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 presentation, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, unless otherwise required by law. This presentation may contain certain forward-looking statements and projections regarding:

- estimated, resources and reserves; - planned production and operating costs profiles; - planned capital requirements; and - planned strategies and corporate objectives.

Such forward looking statements/projections are estimates for discussion purposes only and should not be relied upon. They are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors many of which are beyond the control of the Company. The forward looking statements/projections are inherently uncertain and may therefore differ materially from results ultimately achieved. The Company does not make any representations and provides no warranties concerning the accuracy of the projections, and disclaims any obligation to update or revise any forward looking statements/projects based on new information, future events or otherwise except to the extent required by applicable laws.

End Notes

1 For full details of these Exploration results, refer to the said Announcement or Release on the said date. Bellevue Gold is not aware of any new information or data that materially affects the information included in the said announcement

2 All material assumptions and technical parameters underpinning the Mineral Resource estimate in the ASX announcement dated 5 February 2019 continue to apply and have not materially changed since last reported.

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