Ann: Quarterly Activities Report, page-2

Though a little disappointing, has been well broadcast and contains plenty of optimism for H2. This may well be the low point is the cycle and see the buyers return.

The positives....

Balance Sheet - Cash flow and debt - a self funding quarter and expected to be cash flow positive going forward

Free cash flow of negative $25M, after investing $34.2M in growth and exploration

Estimated quarters of funding available (Item 8.6 divided by Item 8.3) 51

Grade / production - low grade processing ending and moving to higher grade parts of mine. Forward run rate up to 200koz from Q4

With the planned progressive ramp up, H2 FY25 production is expected to be weighted
approximately 40%/60% across Q3/Q4
• Increased access to high-grade mining areas forecast to deliver a >200,000oz2 pa run rate from
Q4 FY25

AISC - forecast to fall from $2,765 to $1,850 - down 915 per oz or 33%. On production of 200koz, that equates to $183m to the bottom line from Q4.

Q2 FY25 all-in sustaining cost (AISC) of A$2,765/oz

H2 FY25 - a project AISC of A$1,750-1,950/oz


Relative to the scale of development and transformation and the things that could go wrong, this is not a disaster and the SP has really caved in the last 6 months.

The Fin's take is positive too....

Bellevue on track for production guidance

Joshua Peach

Share post

Bellevue Gold says its on track to meet its production guidance of 90,000 ounces of gold in the six months to the end of June.

Bellevue Managing Director Darren Stralow said recent drilling and mining results had been in line with expectations.

We have five underground diamond drill rigs in operation, continuing grade control and exploration drilling. And we have invested heavily in infrastructure which has set up the mine as a long life, large-scale underground operation, ensuring this production level can be maintained and increased in future years,” he said.

Bellevue no longer expects to process low-grade open pit stockpiles in H2 FY25.

Am changing my sentiment back to buy.


Wazz