Ann: Bellevue declares a maiden FY NPAT of $75m for FY24, page-31

Don't know if the sellers are really so shart in crunching the numbers. Let's assume FY25 BGL production 170koz, POG $3700/oz, AISC $1850/oz. The cashflow after tax should be ((170000-65250)*(3700-1850)+65250*(2927-1850))*0.7 =$184,843,225.
$99m debt, assuming 10% interest rate, will incurr $12m interest repayment. That gives FY25 net profit about $172m. Given the clear road map ahead (will becoming better), a PE of 10 should value the company's current MC at $1.7b and SP of $1.33/share. This PE 10 assumption is conservative if you compare it to peers like GOR 14, CMM 15, RMS 11, WGX 13 and GMD 28. Be minded RMS has fragmented deposits and relative low reserves.
If market gives BGL a PE of 13, the SP will be $1.73/share. I don't think such a PE ratio is too streching, unless I overlook some major negativities.