Ramelius Resources and Bellevue Gold have released their preliminary December 2024 quarterly results, with both companies delivering solid financial performances.
Ramelius Resources
During the December quarter, Ramelius produced 85,311 ounces (oz) of gold, a notable increase from the 62,444oz delivered in the previous quarter.
A total of 67,050oz came from the Mt Magnet hub in Western Australia during the period, with the balance coming from the Edna May hub in WA.
“The addition of the high-grade Cue ore into the Mt Magnet mill has so far exceeded expectations in terms of grade leading to an outstanding quarterly production performance, particularly the record underlying free cash flow,” Ramelius managing director Mark Zeptner said.
“We look forward to the second half with production from both Penny and Cue in combination for a full six months. Further, our work on Eridanus and the mill expansion has extended slightly but will be incorporated into an updated Mt Magnet mine plan where the positive impacts will be more clearly demonstrated.”
The updated Mt Magnet mine plan is expected to be combined with the recently released Rebecca-Roe gold project pre-feasibility study to form a consolidated group production profile.
Financially, Ramelius closed the December quarter with a cash and gold balance of $501.7 million and a record underlying free cash flow of $174.5 million before the company increased its shareholding in Spartan Resources to 19.9 per cent and made a dividend payment of $43.4 million.
Bellevue Gold
Bellevue sold 26,230oz at an average sale price of $3339/oz during the December quarter, with the company’s final all-in sustaining costs for the period and the 2024–25 financial year (FY25) to be released later this month.
Bellevue said its December quarterly production results were affected by a “lower grade as the (Bellevue gold) mine sequence progressed through the outer edges of the orebody moving towards the higher-grade core”.
“In the Armand, Marceline and Bellevue South mine areas, development and production was centred primarily on the outer edges of the main ore zones where increased geological variability was encountered,” Bellevue said.
“High-grade stoping continued in the Deacon area, which continues to be the priority mining area. Grade improvements are expected in the second half of FY25 as the mining sequence moves into areas of lower geological complexity and higher grade in key mining areas.”
Despite this, Bellevue’s processing plant operated at approximately 1.1 million tonnes per annum for the December quarter.
In July 2024, Bellevue revealed its five-year growth plan, which is targeting an annual production increase to 250,000oz by FY28. The company said its total FY25 production is weighted to the second half of the period.
“In line with this, Bellevue is on track to reach a production rate of (more than) 200,000oz (per annum) from early in the June 2025 quarter,” Bellevue said.
“Despite the production growth forecast in the mining schedule for the second half of FY25, the company revises its FY25 gold production guidance to 150,000–165,000oz. Importantly, forecast gold production in the second half of FY25 is (approximately) 90,000oz.
“On an annualised basis, this is equal to the higher end of the original FY25 gold production guidance of 165,000–180,000 ounces.”
Bellevue’s cash and gold on hand at the end of the December quarter equalled approximately $81 million. The company also holds $100 million in debt and has no principal debt repayments due until 2027.
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