Bellevue Gold (ASX:BGL) has announced it’s posted a maiden profit of $75M for FY24 – a benefit of record gold prices in the same year production kicked off in May.
That’s only if you count commercial production – first production occurred back in October 2023. In FY24, the company sold just over 93,000 ounces of gold. Gold is fetching USD$2,503 per ounce on Monday morning.
The company’s WA-based Bellevue Gold Mine is hereafter set to remain a strong point of its portfolio. Guidance for FY25 is 165Koz – 180Koz at an AISC of $1,750 – $1,850/oz.
By 2028, Bellevue Gold expects to be increasing production by 250Koz per year, which would see AISC drop to the $1,500 – $1,600 range.
Underground mine development will be self-funded with end of FY24 cash sitting at $102M; bank debt of $99M, and Bellevue recently threw a raise.
“We achieved many major milestones during the year as we made the transition to gold producer,” Bellevue MD Darren Stralow said.
“Production commenced in October 2023, and we are pleased to report profit of $75m for FY24 over the subsequent eight-month production period.”
BGL last traded at $1.27.