Bellevue Gold's FY24 Performance and Growth Strategy

Bellevue Gold Limited (Bellevue or Company) (ASX:BGL) has announced a maiden net profit after tax of $75m for the year ending 30 June 2024. The company achieved this result following the commencement of production at its Bellevue Gold Mine in WA, with commercial production declared in May 2024. Bellevue generated free cash flow of $41m in the June 2024 quarter from the production of 42,705oz, highlighting the cash flow potential of the project as production continues to grow. The company has also outlined a five-year growth plan, aiming to increase production to 250,000oz a year by FY28 and reduce the project AISC profile to A$1,500-1,600/oz in FY29.

Executive Commentary on FY24 Performance and Growth Strategy

Bellevue Managing Director Darren Stralow stated, 'We achieved many major milestones during the year as we made the transition to gold producer. Production commenced in October 2023, and we are pleased to report a profit of $75m for FY24 over the subsequent eight-month production period. This demonstrates the substantial cash flow generating capacity of the project as we grow production and reduce unit costs in the process. With the recent successful capital raising enabling us to reduce debt significantly, freeing up cash flow to help fund growth, we are very well-positioned to increase production, cash flow, and mine life.'

Summary of FY24 Results and Future Outlook

Bellevue Gold has reported a significant milestone with a maiden net profit after tax of $75m for FY24, following the successful commencement of production at its Bellevue Gold Mine. The company's five-year growth plan aims to increase production to 250,000oz a year by FY28, materially growing the earnings and production profile and reducing the project AISC profile to A$1,500-1,600/oz in FY29. With a proforma 30 June 2024 liquidity of $102m and bank debt of $99m, Bellevue Gold is well-positioned to self-fund investment in the accelerated underground development, in-mine exploration, and infrastructure upgrades outlined in the five-year growth plan. The company's ambitions and goals indicate a strong outlook for future growth and development.