Bellevue Gold has welcomed a $75 million net profit after tax for the 2023–24 financial year (FY24), which was defined by the company’s transition from explorer to miner.
Bellevue brought its namesake Bellevue gold mine in Western Australia online in 2024, generating free cash flow of $41 million in the June quarter alone, from a production of 42,705 ounces (oz) of gold.
Bellevue also announced its five-year growth plan in the June quarter, under which production is forecast to increase to 250,000oz a year by FY28.
“We achieved many major milestones during the year as we made the transition to gold producer,” Bellevue managing director Darren Stralow said.
“Production commenced in October 2023, and we are pleased to report profit of $75 million for FY24 over the subsequent eight-month production period.
“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.”
Looking ahead, Bellevue’s guidance for FY25 is 165,000–180,000oz at an AISC of $1750–1850/oz.
Production is expected to be back-ended to the second half of FY25 as further development headings and underground advance rates ramp up to a forecast run rate of 1.35 million tonnes per year by the end of FY25.
The company revealed an exploration expenditure of $30 million has been budgeted for each of FY25 and FY26 to drill-test exploration targets to the south of the Bellevue gold deposit in a bid to increase the mine’s resource base and life.
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