Bellevue Gold Surpasses Midpoint of FY24 Guidance with Strong June Quarter Production and Expansion Plans

Bellevue Gold has exceeded the midpoint of its June quarter guidance for the 2023-24 financial year (FY24) due to a continuous production ramp-up.

The Bellevue Gold Project delivered a robust quarter with 42,705 ounces (oz) of gold produced, an increase from the March quarter's 37,338 oz. This production has generated $41 million in free cash flow, a notable achievement given that commercial production was only declared in May.

For the second half of FY24, total gold production reached 80,043 oz, surpassing the company's guidance range of 75,000-85,000 oz.

"It was a successful quarter in which we ramped up production in line with our plan, met guidance, and generated strong free cash flow," said Bellevue Managing Director Darren Stralow. "Underground tonnes increased in line with the plan, and the processing plant is performing strongly. We are now well into the expansion study, which aims to leverage our current infrastructure and unlock the full value of the Bellevue asset."

Bellevue Gold is continuing its expansion studies to explore the project's potential by expanding the plant beyond its current capacity of one million tonnes per annum. A scoping study is already underway, focusing on expanding the plant to 1.5 million tonnes per annum (Mtpa) and assessing the capital requirements for non-processing infrastructure. This study is expected to be completed in the first half of the 2024-25 financial year.

Additionally, Bellevue announced that it is on track to achieve its goal of net-zero greenhouse gas emissions for the Bellevue Project by 2026, thanks to investments in thermal and wind power technologies.