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Highlights
Gold Sales and Pricing: Bellevue Gold achieved 26,230 ounces in gold sales during the December 2024 quarter, with an average sale price of AU$3,339/oz.
Production Guidance Update: The company revised its FY25 gold production guidance to 150,000 – 165,000 ounces, with the second half of FY25 expected to contribute approximately 90,000 ounces.
Cash Position and Debt: Cash and gold on hand totaled ~AU$81 million, with AU$100 million in debt, and no principal debt repayments due until CY27.
Bellevue Gold Limited (ASX:BGL) has provided an update on its performance for the December 2024 quarter, with solid sales results and an updated production outlook for FY25.
In the December 2024 quarter, Bellevue achieved 26,230 ounces of gold sales at an average sale price of AU$3,339 per ounce. The company will release its final all-in sustaining costs (AISC) for the quarter in its full quarterly report, which is scheduled for late January 2025.
As per the 5-year growth plan released in July 2024, Bellevue’s production is expected to be weighted toward the second half of FY25. The company remains on track to reach a production rate of >200,000 ounces per annum by early in the June 2025 quarter. However, Bellevue has revised its full-year FY25 gold production guidance to 150,000 – 165,000 ounces, a decrease from the previous guidance of 165,000 – 180,000 ounces. The revised forecast reflects an expected ~90,000 ounces of production in the second half of FY25, which would equate to the higher end of the initial guidance if annualized.
Bellevue’s cash and gold on hand at the end of the December quarter totaled ~AU$81 million, a decrease from AU$109 million at the end of the September quarter. The company also reported A$100 million in debt, with no principal repayments due until CY27.
The quarter’s production was impacted by lower grades as the mining sequence progressed through the outer edges of the orebody. As the company moves toward the higher-grade core in the second half of FY25, Bellevue expects an improvement in grade. In the meantime, development and production have focused on areas of increased geological variability in the Armand, Marceline, and Bellevue South mine areas, with high-grade stoping continuing in the Deacon area, which remains a priority for mining.
Development rates in the main mining area averaged ~270 meters per jumbo per month, with increased interactions between production and development activities leading to some delays in accessing higher-grade zones. These areas are now expected to be mined in the second half of FY25. Notably, development in the Tribune area is progressing strongly, with monthly rates increasing throughout the quarter, reaching >300 meters in December 2024 using a single jumbo.
On the processing front, Bellevue reported excellent performance, with the plant operating at a ~1.1 million tonnes per annum run rate for the quarter. In December 2024, the processing rate increased to 1.25 Mtpa, with ~95% recovery, reflecting improved processing efficiency.
