Bellevue Gold (ASX:BGL) has been a top performer on Monday (12 August) as the Australian Securities Exchange (ASX) closes higher, gaining 36 points or 0.46% to 7,813.70.
Bellevue was the top three performing stock and top performer of listed miners, closing 5.814% higher to $1.365 per share.
The S&P/ASX200 has lost 1.63% for the past five days and sits 4.11% below its 52-week high.
The ASX started the week on a much more positive note compared to last week as investors eagerly awaited earnings from some of the ASX’s biggest companies, as reported. On Monday morning, the S&P/ASX200 rallied 58.1 points to 7,835.80 as of 10:16am AEST.
The exchange ended last week in the green following a rollercoaster trading week largely driven by concerns of a looming US recession.
Bellevue’s run today follows a presentation at Diggers & Dealers last week and an announcement on 25 July, when it released its five-year growth plan and funding strategy to significantly de-risk the company by eliminating more than half of its debt while growing annual production to 250,000 ounces.
The company’s Bellevue Gold Project is located in Western Australia’s Yilgarn Craton.
With commissioning completed, commercial production declared, and operational free cash flow of $41m generated in the past quarter, Bellevue is reportedly one of only seven gold projects in the world producing more than 200,000 ounces at 5g/t Au or more in a tier one jurisdiction.
Growth capital of $255 million has been forecast over the next two financial years to complete the underground mining ramp up to deliver growth to a 250,000 ounces per annum production rate in FY28 and FY29.
Bellevue: Top performer, plenty of proceeds
Bellevue late last month also completed an underwritten $150 million placement to unlock operating cash flows to self-fund the five-year growth plan, allowing investment into development, infrastructure, exploration, and project plant expansion.
Some $120 million of the proceeds will be used towards repaying the project loan facility with Macquarie Bank, which will reduce Bellevue’s bank debt to $100 million.
Macquarie Capital (Australia), Canaccord Genuity (Australia), and UBS Securities Australia acted as joint lead managers, underwriters, and bookrunners.
The S&P/ASX200 is Australia’s leading share market index and contains the top 200 ASX-listed companies in terms of market capitalisation, and accounts for about 80% of the country’s equity market. The index is designed to measure the performance of the 200 largest index-eligible stocks listed on the ASX by float-adjusted market capitalisation
It is recognised as the institutional investable benchmark in the country.
Write to Adam Orlando at Mining.com.au
Images: iStock & Bellevue Gold
