Bellevue reports maiden net profit
ASX-listed Bellevue Gold has announced a maiden net profit after tax of A$75-million for the year ended June 30.
The result follows a successful year which saw the company commission its Bellevue gold mine, in Western Australia, with commercial production declared in May.
Bellevue generated free cash flow of A$41-million in the June 2024 quarter from production of 42 705 oz.
“This demonstrates the substantial cash flow generating capacity of the project as we grow production and reduce unit costs in the process.
“With the recent successful capital raising enabling us to reduce debt significantly, freeing up cash flow to help fund growth, we are very well-positioned to increase production, cash flow and mine life,” said MD Darren Stralow.
In July, Bellevue announced its five-year growth plan under which production is forecast to increase to 250 000 oz/y by the 2028 financial year, materially growing the earnings and production profile and reducing the project all-in sustaining cost (AISC) profile to A$1 500/oz to A$1 600/oz in 2029.
The company’s guidance for the 2025 financial year is 165 000 oz to 180 000 oz at an AISC of A$1 750 to A$1 850/oz, with the production expected to be back-ended to the second half of 2025 as further development headings and underground advance rates ramp up to a forecast run rate of 1.35-million tonnes a year by the end of 2025.
Exploration expenditure of $30-million has been budgeted for each of 2025 and 2026 to drill-test the exploration target of 1.5-million to 2.5-million ounces at 8 g/t to 10 g/t gold to the south of the deposit.
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