Switching underground mining contractor

Research evidence excerpt

Switching underground mining contractor

down at

ROE = adjusted net profit / average shareholders funds least 15–25% in a year.

Recommendations – 12 months Gross cashflow = adjusted net profit + depreciation * Applicable to select stocks in Asia/Australia/NZ

12-month target – Expected share price *equivalent fully paid ordinary weighted average number of

in 12 months Note: expected return is reflective of a Medium Volatility shares

Valuation – The company's estimated stock and should be assumed to adjust proportionately

All Reported numbers for Australian/NZ listed stocks are fair value share price based on the disclosed with volatility risk

modelled under IFRS (International Financial Reporting valuation methodology

Standards). Note: Quant recommendations may differ

from Fundamental Analyst recommendations

Recommendation proportions for quarter ending 31 Mar 2026

AU/NZ Asia USA

Outperform 66.90% 69.32% 67.14% (for global coverage by Macquarie, 1.93% of stocks followed are investment banking clients)

Neutral 27.18% 17.21% 32.86% (for global coverage by Macquarie, 0.40% of stocks followed are investment banking clients)

Underperform 5.92% 13.47% 0.00% (for global coverage by Macquarie, 0.00% of stocks followed are investment banking clients)

Company-Specific Disclosures

Company Name Disclosure

Bellevue Gold (BGL AU) A Macquarie analyst(s) involved with the preparation of this research has, in the past 12 months, visited material operations of

Outperform Bellevue Gold Ltd. In connection with such a visit, the company may have furnished local transportation and/or accommodation,

12-month target: AUD2.10 - 1.2x NAV which requires authorisation in adherence with Macquarie policy requirements.

and 8x OCF Macquarie has provided non-securities services to Bellevue Gold Ltd.