# BGL: Quarterly Activities Report Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/bgl-quarterly-activities-report--5b35df58-fed8-4ad6-980f-1e8706af9235 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03154290 Publisher: asx Original announcement: 2026-10-19T21:14:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-19T22:44:39.251Z Atlas analysis updated: 2026-10-19T22:44:39.251Z - Company: Bellevue Gold Limited - Ticker: BGL - Exchange: ASX - Region: Western Australia - Primary commodity: Gold - Secondary commodities: None reported - Document categories: Production, Drill results, Resource update, Metallurgy - Extracted: 2026-10-19 22:44:39 UTC Narrative sentiment: 0.20 · Bullish ## Minestarters Atlas summary Bellevue Gold Limited reported lower gold production and higher all-in sustaining costs for the September 2026 quarter, primarily due to a slower-than-expected ramp-up by a new mining contractor. Despite this, the company maintained its FY27 production and cost guidance, expecting deferred production to be recovered in subsequent quarters. The quarter also saw high-grade infill drill results at Deacon North, continued reduction of the hedge book, and an increase in cash and gold on hand. Reasoning: The quarterly report presents mixed results with lower production and higher costs due to a contractor transition, but maintains full-year guidance and shows strong high-grade drill results. The hedge book reduction is a significant positive financial de-risking event. Resource and reserve updates are noted but are not new information in this release. - Positive factor: High-grade infill drill intercepts at Deacon North, confirming continuity and supporting mine planning. - Positive factor: Consistent mined grades quarter-on-quarter, indicating stable orebody performance. - Positive factor: Hedge book reduction ahead of schedule, targeting full extinguishment in FY27, which is expected to increase free cash flow. - Positive factor: Increased cash and gold on hand to $213 million. - Positive factor: FY27 production and cost guidance maintained despite initial contractor ramp-up issues. - Positive factor: Bellevue Gold Project chosen to supply gold for St Paul's Cathedral, highlighting sustainability and traceability. - Positive factor: Awarded Golden Gecko Award for Environmental Excellence. - Negative factor: Lower quarterly gold production \(35,585 oz\) compared to the previous quarter \(41,643 oz\). - Negative factor: Higher project all-in sustaining cost \(A$3,096/oz\) compared to the previous quarter \(A$2,604/oz\). - Negative factor: Slower than expected ramp-up by the new mining contractor impacting production. - Negative factor: Metallurgical recovery slightly lower \(94.9%\) quarter-on-quarter due to inconsistent ore feed. - Negative factor: Resource and Reserve updates are restatements of previously announced figures, offering low novelty in this document. Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 17 ## Classification and evidence No classification tags are available. ## Extracted facts Stored fact records: 12. Some facts used in scoring do not have a stored record. ## Drill Results (8) ### Fact 1 [Link to this fact](https://atlas-staging.minestarters.com/news/bgl-quarterly-activities-report--5b35df58-fed8-4ad6-980f-1e8706af9235#fact-drill-facts-5) Bellevue · gold Needs review: drill\_no\_hole\_id #### Identity - Project: Bellevue - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: BGL #### Geometry - Grade: 62.1 - Grade Unit: g/t - Intercept: 9.3 m #### Classification - Deposit Type: orogenic - Program: resource - Sample Type: drill - Mining Method: underground #### Location - Location: Deacon North - Loc. Source: document #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: This intercept represents an exceptional high-grade result over a significant width, confirming the continuity of mineralisation at Deacon North and supporting mine planning. - Positive factor: Exceptional gold grade for an underground deposit. - Positive factor: Strong intercept length, contributing to significant contained metal. - Positive factor: Infill drilling confirms continuity of high-grade mineralisation. - Negative factor: Apparent width only, true width not disclosed. - Negative factor: No specific QA/QC disclosure for this intercept in the document. Evidence · text > 9.3m @ 62.1g/t gold #### Tags used in scoring **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: The drilling is described as 'infill drilling at Deacon North' to confirm continuity. Evidence · text > Infill drilling at Deacon North has defined new high-grade plunging shoots of mineralisation **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "FY27 Mineral Resource and Ore Reserve Statement An updated indicated and inferred Mineral Resource for the Bellevue Gold" #### Rejected tags **Bonanza Intercept** — Rejected; excluded from scoring Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Reason: 62.1 g/t gold over 9.3m is an exceptionally high-grade result for an underground gold deposit, significantly exceeding the 'exceptional' threshold of 15 g/t Au. Evidence · text > 9.3m @ 62.1g/t gold **Apparent Width Only** — Rejected; excluded from scoring Polarity: negative Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Reason: The interval is given as downhole width \(9.3m\) with no true width or drill orientation disclosed. Evidence · text > 9.3m @ 62.1g/t gold **No QA/QC Disclosure** — Rejected; excluded from scoring Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Reason: The release does not disclose QA/QC procedures for these specific drill results. Evidence · text > Recent Deacon North results include ### Fact 2 [Link to this fact](https://atlas-staging.minestarters.com/news/bgl-quarterly-activities-report--5b35df58-fed8-4ad6-980f-1e8706af9235#fact-drill-facts-6) Bellevue · gold Needs review: drill\_no\_hole\_id #### Identity - Project: Bellevue - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: BGL #### Geometry - Grade: 31 - Grade Unit: g/t - Intercept: 8.9 m #### Classification - Deposit Type: orogenic - Program: resource - Sample Type: drill - Mining Method: underground #### Location - Location: Deacon North - Loc. Source: document #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: This intercept shows an exceptional high-grade result over a strong width, confirming the continuity of mineralisation at Deacon North. - Positive factor: Exceptional gold grade for an underground deposit. - Positive factor: Strong intercept length, contributing to significant contained metal. - Positive factor: Infill drilling confirms continuity of high-grade mineralisation. - Negative factor: Apparent width only, true width not disclosed. - Negative factor: No specific QA/QC disclosure for this intercept in the document. Evidence · text > 8.9m @ 31.0g/t gold #### Tags used in scoring **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: The drilling is described as 'infill drilling at Deacon North' to confirm continuity. Evidence · text > Infill drilling at Deacon North has defined new high-grade plunging shoots of mineralisation **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "FY27 Mineral Resource and Ore Reserve Statement An updated indicated and inferred Mineral Resource for the Bellevue Gold" #### Rejected tags **Bonanza Intercept** — Rejected; excluded from scoring Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Reason: 31.0 g/t gold over 8.9m is an exceptionally high-grade result for an underground gold deposit, significantly exceeding the 'exceptional' threshold of 15 g/t Au. Evidence · text > 8.9m @ 31.0g/t gold **Apparent Width Only** — Rejected; excluded from scoring Polarity: negative Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Reason: The interval is given as downhole width \(8.9m\) with no true width or drill orientation disclosed. Evidence · text > 8.9m @ 31.0g/t gold **No QA/QC Disclosure** — Rejected; excluded from scoring Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Reason: The release does not disclose QA/QC procedures for these specific drill results. Evidence · text > Recent Deacon North results include ### Fact 3 [Link to this fact](https://atlas-staging.minestarters.com/news/bgl-quarterly-activities-report--5b35df58-fed8-4ad6-980f-1e8706af9235#fact-drill-facts-7) Bellevue · gold Needs review: drill\_no\_hole\_id #### Identity - Project: Bellevue - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: BGL #### Geometry - Grade: 50.3 - Grade Unit: g/t - Intercept: 4.6 m #### Classification - Deposit Type: orogenic - Program: resource - Sample Type: drill - Mining Method: underground #### Location - Location: Deacon North - Loc. Source: document #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: This intercept delivers an exceptional high-grade result over a moderate width, supporting the continuity of mineralisation at Deacon North. - Positive factor: Exceptional gold grade for an underground deposit. - Positive factor: Moderate intercept length. - Positive factor: Infill drilling confirms continuity of high-grade mineralisation. - Negative factor: Apparent width only, true width not disclosed. - Negative factor: No specific QA/QC disclosure for this intercept in the document. Evidence · text > 4.6m @ 50.3g/t gold #### Tags used in scoring **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: The drilling is described as 'infill drilling at Deacon North' to confirm continuity. Evidence · text > Infill drilling at Deacon North has defined new high-grade plunging shoots of mineralisation **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "FY27 Mineral Resource and Ore Reserve Statement An updated indicated and inferred Mineral Resource for the Bellevue Gold" #### Rejected tags **Bonanza Intercept** — Rejected; excluded from scoring Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Reason: 50.3 g/t gold over 4.6m is an exceptionally high-grade result for an underground gold deposit, significantly exceeding the 'exceptional' threshold of 15 g/t Au. Evidence · text > 4.6m @ 50.3g/t gold **Apparent Width Only** — Rejected; excluded from scoring Polarity: negative Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Reason: The interval is given as downhole width \(4.6m\) with no true width or drill orientation disclosed. Evidence · text > 4.6m @ 50.3g/t gold **No QA/QC Disclosure** — Rejected; excluded from scoring Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Reason: The release does not disclose QA/QC procedures for these specific drill results. Evidence · text > Recent Deacon North results include ### Fact 4 [Link to this fact](https://atlas-staging.minestarters.com/news/bgl-quarterly-activities-report--5b35df58-fed8-4ad6-980f-1e8706af9235#fact-drill-facts-8) Bellevue · gold Needs review: drill\_no\_hole\_id #### Identity - Project: Bellevue - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: BGL #### Geometry - Grade: 32.1 - Grade Unit: g/t - Intercept: 5.2 m #### Classification - Deposit Type: orogenic - Program: resource - Sample Type: drill - Mining Method: underground #### Location - Location: Deacon North - Loc. Source: document #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: This intercept provides an exceptional high-grade result over a moderate width, confirming the continuity of mineralisation at Deacon North. - Positive factor: Exceptional gold grade for an underground deposit. - Positive factor: Moderate intercept length. - Positive factor: Infill drilling confirms continuity of high-grade mineralisation. - Negative factor: Apparent width only, true width not disclosed. - Negative factor: No specific QA/QC disclosure for this intercept in the document. Evidence · text > 5.2m @ 32.1g/t gold #### Tags used in scoring **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: The drilling is described as 'infill drilling at Deacon North' to confirm continuity. Evidence · text > Infill drilling at Deacon North has defined new high-grade plunging shoots of mineralisation **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "FY27 Mineral Resource and Ore Reserve Statement An updated indicated and inferred Mineral Resource for the Bellevue Gold" #### Rejected tags **Bonanza Intercept** — Rejected; excluded from scoring Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Reason: 32.1 g/t gold over 5.2m is an exceptionally high-grade result for an underground gold deposit, significantly exceeding the 'exceptional' threshold of 15 g/t Au. Evidence · text > 5.2m @ 32.1g/t gold **Apparent Width Only** — Rejected; excluded from scoring Polarity: negative Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Reason: The interval is given as downhole width \(5.2m\) with no true width or drill orientation disclosed. Evidence · text > 5.2m @ 32.1g/t gold **No QA/QC Disclosure** — Rejected; excluded from scoring Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Reason: The release does not disclose QA/QC procedures for these specific drill results. Evidence · text > Recent Deacon North results include ### Fact 5 [Link to this fact](https://atlas-staging.minestarters.com/news/bgl-quarterly-activities-report--5b35df58-fed8-4ad6-980f-1e8706af9235#fact-drill-facts-9) Bellevue · gold Needs review: drill\_no\_hole\_id #### Identity - Project: Bellevue - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: BGL #### Geometry - Grade: 23.5 - Grade Unit: g/t - Intercept: 6.7 m #### Classification - Deposit Type: orogenic - Program: resource - Sample Type: drill - Mining Method: underground #### Location - Location: Deacon North - Loc. Source: document #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: This intercept shows an exceptional high-grade result over a moderate width, confirming the continuity of mineralisation at Deacon North. - Positive factor: Exceptional gold grade for an underground deposit. - Positive factor: Moderate intercept length. - Positive factor: Infill drilling confirms continuity of high-grade mineralisation. - Negative factor: Apparent width only, true width not disclosed. - Negative factor: No specific QA/QC disclosure for this intercept in the document. Evidence · text > 6.7m @ 23.5g/t gold #### Tags used in scoring **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: The drilling is described as 'infill drilling at Deacon North' to confirm continuity. Evidence · text > Infill drilling at Deacon North has defined new high-grade plunging shoots of mineralisation **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "FY27 Mineral Resource and Ore Reserve Statement An updated indicated and inferred Mineral Resource for the Bellevue Gold" #### Rejected tags **Bonanza Intercept** — Rejected; excluded from scoring Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Reason: 23.5 g/t gold over 6.7m is an exceptionally high-grade result for an underground gold deposit, significantly exceeding the 'exceptional' threshold of 15 g/t Au. Evidence · text > 6.7m @ 23.5g/t gold **Apparent Width Only** — Rejected; excluded from scoring Polarity: negative Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Reason: The interval is given as downhole width \(6.7m\) with no true width or drill orientation disclosed. Evidence · text > 6.7m @ 23.5g/t gold **No QA/QC Disclosure** — Rejected; excluded from scoring Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Reason: The release does not disclose QA/QC procedures for these specific drill results. Evidence · text > Recent Deacon North results include ### Fact 6 [Link to this fact](https://atlas-staging.minestarters.com/news/bgl-quarterly-activities-report--5b35df58-fed8-4ad6-980f-1e8706af9235#fact-drill-facts-10) Bellevue · gold Needs review: drill\_no\_hole\_id #### Identity - Project: Bellevue - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: BGL #### Geometry - Grade: 27.4 - Grade Unit: g/t - Intercept: 5.1 m #### Classification - Deposit Type: orogenic - Program: resource - Sample Type: drill - Mining Method: underground #### Location - Location: Deacon North - Loc. Source: document #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: This intercept delivers an exceptional high-grade result over a moderate width, supporting the continuity of mineralisation at Deacon North. - Positive factor: Exceptional gold grade for an underground deposit. - Positive factor: Moderate intercept length. - Positive factor: Infill drilling confirms continuity of high-grade mineralisation. - Negative factor: Apparent width only, true width not disclosed. - Negative factor: No specific QA/QC disclosure for this intercept in the document. Evidence · text > 5.1m @ 27.4g/t gold #### Tags used in scoring **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: The drilling is described as 'infill drilling at Deacon North' to confirm continuity. Evidence · text > Infill drilling at Deacon North has defined new high-grade plunging shoots of mineralisation **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "FY27 Mineral Resource and Ore Reserve Statement An updated indicated and inferred Mineral Resource for the Bellevue Gold" #### Rejected tags **Bonanza Intercept** — Rejected; excluded from scoring Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Reason: 27.4 g/t gold over 5.1m is an exceptionally high-grade result for an underground gold deposit, significantly exceeding the 'exceptional' threshold of 15 g/t Au. Evidence · text > 5.1m @ 27.4g/t gold **Apparent Width Only** — Rejected; excluded from scoring Polarity: negative Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Reason: The interval is given as downhole width \(5.1m\) with no true width or drill orientation disclosed. Evidence · text > 5.1m @ 27.4g/t gold **No QA/QC Disclosure** — Rejected; excluded from scoring Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Reason: The release does not disclose QA/QC procedures for these specific drill results. Evidence · text > Recent Deacon North results include ### Fact 7 [Link to this fact](https://atlas-staging.minestarters.com/news/bgl-quarterly-activities-report--5b35df58-fed8-4ad6-980f-1e8706af9235#fact-drill-facts-11) Bellevue · gold Needs review: drill\_no\_hole\_id #### Identity - Project: Bellevue - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: BGL #### Geometry - Grade: 20 - Grade Unit: g/t - Intercept: 6.4 m #### Classification - Deposit Type: orogenic - Program: resource - Sample Type: drill - Mining Method: underground #### Location - Location: Deacon North - Loc. Source: document #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: This intercept provides an exceptional high-grade result over a moderate width, confirming the continuity of mineralisation at Deacon North. - Positive factor: Exceptional gold grade for an underground deposit. - Positive factor: Moderate intercept length. - Positive factor: Infill drilling confirms continuity of high-grade mineralisation. - Negative factor: Apparent width only, true width not disclosed. - Negative factor: No specific QA/QC disclosure for this intercept in the document. Evidence · text > 6.4m @ 20.0g/t gold #### Tags used in scoring **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: The drilling is described as 'infill drilling at Deacon North' to confirm continuity. Evidence · text > Infill drilling at Deacon North has defined new high-grade plunging shoots of mineralisation **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "FY27 Mineral Resource and Ore Reserve Statement An updated indicated and inferred Mineral Resource for the Bellevue Gold" #### Rejected tags **Bonanza Intercept** — Rejected; excluded from scoring Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Reason: 20.0 g/t gold over 6.4m is an exceptionally high-grade result for an underground gold deposit, significantly exceeding the 'exceptional' threshold of 15 g/t Au. Evidence · text > 6.4m @ 20.0g/t gold **Apparent Width Only** — Rejected; excluded from scoring Polarity: negative Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Reason: The interval is given as downhole width \(6.4m\) with no true width or drill orientation disclosed. Evidence · text > 6.4m @ 20.0g/t gold **No QA/QC Disclosure** — Rejected; excluded from scoring Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Reason: The release does not disclose QA/QC procedures for these specific drill results. Evidence · text > Recent Deacon North results include ### Fact 8 [Link to this fact](https://atlas-staging.minestarters.com/news/bgl-quarterly-activities-report--5b35df58-fed8-4ad6-980f-1e8706af9235#fact-drill-facts-12) Bellevue · gold Needs review: drill\_no\_hole\_id #### Identity - Project: Bellevue - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: BGL #### Geometry - Grade: 21.9 - Grade Unit: g/t - Intercept: 5.3 m #### Classification - Deposit Type: orogenic - Program: resource - Sample Type: drill - Mining Method: underground #### Location - Location: Deacon North - Loc. Source: document #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: This intercept delivers an exceptional high-grade result over a moderate width, supporting the continuity of mineralisation at Deacon North. - Positive factor: Exceptional gold grade for an underground deposit. - Positive factor: Moderate intercept length. - Positive factor: Infill drilling confirms continuity of high-grade mineralisation. - Negative factor: Apparent width only, true width not disclosed. - Negative factor: No specific QA/QC disclosure for this intercept in the document. Evidence · text > 5.3m @ 21.9g/t gold #### Tags used in scoring **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: The drilling is described as 'infill drilling at Deacon North' to confirm continuity. Evidence · text > Infill drilling at Deacon North has defined new high-grade plunging shoots of mineralisation **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "FY27 Mineral Resource and Ore Reserve Statement An updated indicated and inferred Mineral Resource for the Bellevue Gold" #### Rejected tags **Bonanza Intercept** — Rejected; excluded from scoring Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Reason: 21.9 g/t gold over 5.3m is an exceptionally high-grade result for an underground gold deposit, significantly exceeding the 'exceptional' threshold of 15 g/t Au. Evidence · text > 5.3m @ 21.9g/t gold **Apparent Width Only** — Rejected; excluded from scoring Polarity: negative Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Reason: The interval is given as downhole width \(5.3m\) with no true width or drill orientation disclosed. Evidence · text > 5.3m @ 21.9g/t gold **No QA/QC Disclosure** — Rejected; excluded from scoring Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Reason: The release does not disclose QA/QC procedures for these specific drill results. Evidence · text > Recent Deacon North results include ## Resource Estimates (3) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/bgl-quarterly-activities-report--5b35df58-fed8-4ad6-980f-1e8706af9235#fact-resource-facts-13) Bellevue Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Bellevue Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: BGL #### Resource scope - Estimate type: resource - Resource group id: resource:321c5e068d38b53696f9 #### Resource Data - Category: indicated - Tonnes: 5500000 - Grade: 9.3 - Grade Unit: g/t - Contained Metal: 1.6 - Contained Unit: moz - Cutoff Grade: 2.5 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-03-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-09-21T00:00:00.000Z #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The indicated resource is high-grade and material, but its inclusion in this report is a restatement of prior information, reducing its novelty. - Positive factor: High-grade indicated resource. - Positive factor: Cut-off grade is disclosed. - Negative factor: This is a restatement of a previously announced resource, offering low novelty in this document. Evidence · text > 5.5Mt at 9.3g/t gold for 1.6Moz gold Indicated #### Tags used in scoring **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/bgl-quarterly-activities-report--5b35df58-fed8-4ad6-980f-1e8706af9235#fact-resource-facts-14) Bellevue Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Bellevue Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: BGL #### Resource scope - Estimate type: resource - Resource group id: resource:679d5b284eaab997ca13 #### Resource Data - Category: inferred - Tonnes: 4300000 - Grade: 7.8 - Grade Unit: g/t - Contained Metal: 1.1 - Contained Unit: moz - Cutoff Grade: 2.5 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-03-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-09-21T00:00:00.000Z #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The inferred resource is high-grade but represents a lower confidence category and is a restatement of prior information. - Positive factor: High-grade inferred resource. - Positive factor: Cut-off grade is disclosed. - Negative factor: This is a restatement of a previously announced resource, offering low novelty in this document. - Negative factor: Inferred category represents lower geological confidence. Evidence · text > 4.3Mt at 7.8g/t gold for 1.1Moz gold Inferred #### Tags used in scoring **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/bgl-quarterly-activities-report--5b35df58-fed8-4ad6-980f-1e8706af9235#fact-resource-facts-15) Bellevue Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Bellevue Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: BGL #### Resource scope - Estimate type: reserve - Reporting standards: jorc - Resource group id: resource:0a81b4d8f8c198be5023 - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 6800000 - Grade: 4.5 - Grade Unit: g/t - Contained Metal: 1 - Contained Unit: moz #### Prior Estimate - Resource Date: 2026-03-01 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The probable ore reserve is a material figure indicating economic viability, but its inclusion in this report is a restatement of prior information. - Positive factor: Probable Ore Reserve indicates economic viability. - Negative factor: This is a restatement of a previously announced reserve, offering low novelty in this document. Evidence · text > Total Project Ore Reserves have been updated to 6.8Mt at 4.5g/t gold for 1.0Moz gold #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ## Metallurgical Results (1) ### Fact 1 [Link to this fact](https://atlas-staging.minestarters.com/news/bgl-quarterly-activities-report--5b35df58-fed8-4ad6-980f-1e8706af9235#fact-metallurgical-facts-16) Bellevue Gold Project · gold #### Identity - Project: Bellevue Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: BGL #### Test Work - Program Status: detailed - Processing Route: mill #### Recovery - Recovery: 94.9 % - Recovery Basis: actual\_test #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: Metallurgical recovery remained high for the quarter, although it was slightly lower than the previous quarter due to inconsistent ore feed, which is expected to improve. - Positive factor: High metallurgical recovery for a mill processing route. - Negative factor: Recovery was slightly lower quarter-on-quarter. - Negative factor: Inconsistent ore feed impacted recovery. Evidence · text > Metallurgical recovery averaged 94.9% for the Quarter ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.