Ann: Bellevue declares a maiden FY NPAT of $75m for FY24, page-88

I think their ASIC will be disappoint, and part of why I have not factored any increase in the gold price into 'valuing'. My back of the envelope way of keeping some fat in there with any increase in ASIC hopefully made up by higher gold price. BGL at least acknowledge this in their notes, they arent alone in doing this and one of my (many) gripes about AISC and the gold industry generally.



I will at least give them credit that any investment decision has been modelled on a declining gold price (I think they are wrong here....) leaving some upside on their assumptions. The other saving grace for BGL is their grade is actually pretty good. A good grade can 'hide' a lot of mining inefficiencies.

Someone earlier on the thread made a bit of a comparison to EVN. I have a large holding in EVN and don't consider BGL to be quite up to comparison.. But it might be worth noting that EVN did a capital raise at the start of the year to fund a purchase of an operating mine (Northparkes). The shareprice did as it does and it fell about a third from $3.90 to a low of $2.90. (The placement price was at a whopping $3.80 a share, although with VWAP considerations, Retail managed to buy in for $3.06 - EVN do look after retail 'reasonably')

Raising took place at Blue arrow below. Took about 7 weeks to put a low in at $2.83, and was back over the placement price in a further 5 weeks.

For reference, at the end of this week will be 7 weeks since BGL's placement. Time will tell if this charting comparison is worth anything.