Ann: Quarterly Activities Report, page-20

From Proactive investors.

Feasibility study

The feasibility study, which is being led by mining specialist Entech, is based on the updated indicated resource of 1 million ounces at 11.4 g/t gold.
This study is progressing well with the inclusion of the recently discovered Armand resource in the mine planning.
Mine design, geotechnical, metallurgical, hydrogeology, power supply, process design and non-process infrastructure studies are nearing completion and are ready for inclusion into the project schedule and financial modelling cases.
The studies are progressing on schedule with an expected release date in the current quarter.
Engagement and consultation with recognised traditional owners of the land over the planned infrastructure locations to support the feasibility study continued throughout the quarter.
Importantly, there is a further 1.4 million ounces of inferred resource at the Bellevue project and infill drilling is now underway to upgrade a significant proportion of this to the indicated category.

Resource increase

Bellevue marked its transition to project developer with an increase in its independently estimated indicated resource by 20% to 1.04 million ounces of gold at 11.4 g/t.
The updated resource includes the maiden estimate for the Armand Lode discovery, comprising indicated resources of 200,000 tonnes at 15.4 g/t for 100,000 ounces and inferred resources of 220,000 tonnes at 12.0 g/t for 800,000 ounces.
This resource includes three independent mining areas between Armand, Deacon and Viago totalling 1.15 million tonnes at 15.2 g/t gold for 560,000 ounces of indicated resources within those high-grade areas.
The total resource at the Bellevue Gold Project increased to 2.41 million ounces at 10.0 g/t gold, comprised of 1.04 million ounces at 11.4 g/t gold of indicated and 1.37 million ounces at 9.2 g/t gold of inferred resources.

Looking forward

As of December 31 2020, Bellevue Gold held $127.6 million in cash.
In November 2020, the company appointed Orimco Pty Ltd as independent debt advisors to assist and support management in the preparation, planning, implementation and completion for the Bellevue project financing.
With the feasibility study due for release in the March 2021 quarter, the company believes the appointment will provide for a more efficient financing process and allow sufficient time for competitive tendering.