Bellevue Gold has reported strong underground development progress at its flagship project in Western Australia, positioning the operation for long-term, high-grade production growth.
The company completed significant upgrades to the Bellevue gold project’s underground infrastructure, including ventilation and pumping systems, enabling increased mining productivity.
The commissioning of additional jumbos has accelerated development rates, with December 2024 recording a record advance of over 1400m.
“This has positioned the project to unlock key high grade mining areas in H2 FY25 (second half of the 2024–25 financial year), where development rates are also set to increase,” the company said.
This momentum continued into January, with development rates surpassing 1700m.
Gold production ramped up, with underground ore tonnes exceeding a one million tonnes per annum (Mtpa) run rate in December.
The company forecasts a production run rate of over 200,000 ounces per annum from the fourth quarter of FY25, supported by the increased access to high-grade zones.
Bellevue’s processing plant consistently operated at 1–1.2Mtpa, with a peak run rate of 1.35Mtpa successfully tested.
Record monthly throughput of 106,000 tonnes and a 95 per cent recovery rate were achieved in December. The company remains on track to expand processing capacity to 1.35Mtpa in the second half of FY25 and 1.6Mtpa in FY26.
Bellevue sold 65,635 ounces of gold in first half FY25 at an average realised price of $3388 per ounce, delivering total gold revenue of $222.3 million and profit of $12.1 million.
This is a 303.5 per cent increase compared to the same period in the previous financial year, where the company sold 16,266 ounces of gold.
Exploration remains a key focus, with 64,000m of underground diamond drilling completed in the first half of FY25.
Notable high-grade intersections include 10.8m at 66.8 grams per tonne (g/t) gold and 8.9m at 71.1g/t gold from the Deacon main area.
Bellevue is also advancing its sustainability initiatives, targeting net-zero Scope 1 and 2 emissions by 2026. Its power station achieved 50 per cent renewable energy in December, with wind farm construction on track for mid-2025.
Bellevue remains focused on executing its five-year growth plan, with increased production, grade improvements, and cost reductions expected to drive strong free cash flow in the second half of FY25.
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