December 2024 quarter gold sales totalled 26,230 ounces at an average sale price of $3,339 per ounce for Bellevue Gold (ASX:BGL).
As detailed in the company’s five-year growth plan released in July, FY25 production is weighted to the second half of this year. In line with this, Bellevue says it is on track to reach a production rate of more than 200,000 ounces per annum from early in the June quarter.
Despite the production growth forecast in the mining schedule for the second half of FY25, the company revises its FY25 gold production guidance to 150,000 to 165,000 ounces. Forecast gold production in the second half of FY25 is 90,000 ounces.
On an annualised basis, Bellevue notes this is equal to the higher end of the original production guidance of 165,000 to 180,000 ounces. Bellevue will review its FY25 all-in sustaining costs (AISC) guidance in its quarterly report in late January.
Cash and gold on hand at the end of the quarter totaled $81 million, with debt of $100 million and no principal debt repayments due until 2027.
December 2024 quarter gold production was affected by lower grade as the mine sequence progressed through the outer edges of the orebody moving towards the higher-grade core.
In the Armand, Marceline, and Bellevue South mine areas, development and production was centred primarily on the outer edges of the main ore zones where increased geological variability was encountered.
High-grade stoping continued in the Deacon area, which continues to be the priority mining area. Grade improvements are expected in the second half of FY25 as the mining sequence moves into areas of lower geological complexity and higher grade in key mining areas (Armand, Marceline, Bellevue South/Viago).
Development rates in the main mining area averaged 270m per jumbo per month, with mining performance affected by increased interactions between production and development activities, increased equipment downtime and completion and commissioning of infrastructure upgrades.
This has resulted in a delay to accessing higher grade areas which will now be mined in the second half of FY25.
Bellevue adds that development in Tribune is progressing, with rates increasing each month through the quarter and 300m achieved in December 2024 utilising a single jumbo. The plant was operating at 1.1 million tonnes per annum run rate for the quarter with improved recovery performance from previous quarters.
In December 2024 the processing rate was 1.25 million tonnes per annum with recovery of 95%.
Write to Adam Orlando at Mining.com.au
Images: Supplied
