Bellevue Gold (ASX:BGL) Reports Maiden $75M Profit for FY24 Following Gold Production Initiation

2 min read | September 02, 2024 09:45 AM AEST | By Team Kalkine Media

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Bellevue Gold (ASX:BGL) Reports Maiden $75M Profit for FY24 Following Gold Production Initiation — Image source: Shutterstock

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Bellevue Gold Limited (ASX:BGL) has recorded a maiden profit of $75 million for the fiscal year 2024, capitalizing on the favorable conditions presented by record gold prices. This milestone comes in the same year that the company commenced gold production, with initial commercial production having started in May 2024. However, the company had previously achieved its first production in October 2023.

During FY24, Bellevue Gold successfully sold over 93,000 ounces of gold, benefiting from strong market prices, with gold trading at approximately USD$2,503 per ounce as of Monday morning. The Bellevue Gold Mine, located in Western Australia, is poised to remain a cornerstone of the company's portfolio.

Looking ahead, Bellevue Gold has provided guidance for FY25, targeting production of between 165,000 to 180,000 ounces of gold, with an all-in sustaining cost (AISC) estimated at $1,750 to $1,850 per ounce. The company has ambitious plans for the future, aiming to increase production to 250,000 ounces per year by 2028, which would result in a reduction of AISC to the $1,500 to $1,600 range.

The ongoing development of the underground mine is set to be self-funded, with Bellevue Gold ending FY24 with a cash position of $102 million and bank debt of $99 million. Additionally, the company recently undertook a capital raise to further support its financial position.

Bellevue Gold's Managing Director, Darren Stralow, highlighted the significant achievements made during the year, noting the successful transition to gold producer status. Stralow emphasized that production commenced in October 2023, and the company is pleased to report a profit of $75 million for FY24, covering the eight-month production period.

Bellevue Gold's strategic focus on optimizing production and reducing costs positions the company for sustained growth in the coming years, reinforcing its standing as a key player in the Australian gold mining industry.

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