Ann: Bellevue declares a maiden FY NPAT of $75m for FY24, page-109

"result follows a year which saw the company commission its Bellevue gold mine, with commercial production declared in May 2024"

"generated free cash flow of $41 million in the June 2024 quarter from production of 42,705 ounces"

"highlighs the cash flow potential of the project as production continues to grow"

"in July, Bellevue announced its five-year growth plan under which production is forecast to increase to 250,000 ounces a year by FY 2028"

"materially growing the earnings and production profile and reducing the project all in sustaining cost profile to A$1,500-1,600/ounce in FY 2029"

"guidance for FY 2025 is 165,000-180,000 ounces at an all in sustaining cost of A$1,750- A$1,850/ounce"

"production expected to be back-ended to the second half of FY 2025"

"further development headings and underground advance rates ramp up to a forecast run rate of 1.35 million tonnes per annum by the end of FY 2025"

"exploration expenditure of $30m budgeted for each of FY 2025 and FY 2026"

"drill-test the exploration target of 1.5-2.5 million ounces at 8-10 grammes per tonne of gold to the south of the deposit"

"aimed at increasing the resource base and extending mine life"

"cash flows generated from the project forecast to self-fund investment in the accelerated underground development, in-mine exploration and infrastructure upgrades outlined in the five-year growth plan"

https://mining.beehiiv.com/p/jims-mining-letter-september-4-2024

Worth reading