September 2025 Quarterly Report
Project due diligence ongoing– Brumby bioleach initial tests confirm metals leaching
KEY POINTS
Exploration
• The initial orientation round of bioleaching of Brumby hyper-enriched black shale mineralisation has confirmed critical and strategic mineral recovery. Preliminary analysis has confirmed these include Zinc, Vanadium, Copper, Silver, Nickel, Molybdenum and Yttrium
• Detailed mineral analysis, including umpire analyses at a commercial laboratory, is underway to quantify recovery percentages and to determine the best experimental conditions to maximise recovery from the Brumby mineralisation
• Next steps are a targeted shallow drilling program (anticipated to commence in Q4 2025) to collect a bulk sample to scale-up the bioleaching experiments to column tests (emulates bio-heap leaching conditions)
• Further surface sampling of the HEBS horizon across Bellavista’s Edmund Basin, including Brumby, is also being planned following a LiDAR survey of the tenure; this includes the uraniferous sediments sampled in early 2024 at Kiangi Project Generation
• The Company is actively engaged in technical and financial due diligence on multiple high-calibre project opportunities, both in Australia and internationally
• Bellavista has now reviewed in excess of 50 projects with the potential to host world-class scaled gold, silver or copper deposits. Bellavista is seeking complementary Projects that can deliver substantial value growth for shareholders
Corporate
• As at 30 September 2025, Bellavista remains well funded with $3.1m cash on hand
• Bellavista’s out-of-pocket costs associated with the Brumby bioleaching study are expected to qualify for future R&D Tax claims
• Recognising the immense scale of the Brumby Deposit and surrounding district to host critical and strategic minerals, Bellavista continues to engage interested parties regarding potential funding and development solutions for the Edmund Basin assets.
03 November
Glenn Jardine and Peter Canterbury appointed MD and Finance Director respectively
The duo led highly successful WA gold company De Grey Mining post discovery of the Hemi Gold deposit until De Grey’s $6b takeover by Northern Star
Bellavista Resources is pleased to announce that it has appointed highly experienced resources executives Glenn Jardine and Peter Canterbury as Managing Director and Finance Director, respectively.
Mr Jardine was Managing Director of highly successful Pilbara gold explorer and developer De Grey Mining up until its $6 billion takeover by Northern Star Resources in May this year. Mr Canterbury was De Grey’s Chief Financial Officer from 2021 until completion of the takeover.
As part of the changes, Mick Wilson has transitioned to Non-Executive Director, Steve Zaninovich has resigned as Non-Executive Director and Carl Travaglini has stepped down as Chief Financial Officer, all effective 1 November 2025.
Bellavista Chairman Mel Ashton said: “Glenn and Peter are extremely experienced resources executives who have overseen major exploration and development strategies, project acquisitions and corporate transactions.
“They have outstanding track records of creating strong shareholder value, as shown by their success at De Grey. This culminated in what was the largest takeover of a pre-development company ever seen in Australia.
“On behalf of the Board, I would also like to thank Mick, Steve and Carl for their hard work in helping to establish Bellavista, including advancing the Brumby Project through the IPO process and beyond. We also wish Mick all the best in his new role as Managing Director of Oceana Lithium Limited (ASX: OCN)”.
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BRUMBY
>>World-class scaled hyper-enriched black shale (HEBS) deposit
• “Seam-like” in nature
• Shallow-dipping – gently folded geometry
• Continuous and consistent 20-30m thick horizon over at least 30 km² area
• Open in all directions
>> Reporting to the HEBS Horizon:
• Zinc
• Vanadium
• Copper
• Silver
• ~8% Organic Carbon