Bellevue Gold has tipped over the midpoint of its June quarter guidance for the 2023–24 financial year (FY24) thanks to a production ramp up showing no signs of slowing.
The Bellevue gold project delivered a solid quarter of gold production with 42,705 ounces (oz) produced, a jump on the March quarter which came in at 37,338oz.
Production from the project has delivered $41 million of free cash flow, an impressive feat considering commercial production was only declared in May.
Total gold produced for the second half of FY24 was 80,043oz, passing the mid-way milestone of the company’s 75,000–85,000oz guidance.
“It was a successful quarter in which we ramped up production in line with our plan, met guidance and generated strong free cash flow,” Bellevue managing director Darren Stralow said.
“Underground tonnes increased in line with the plan and the processing plant is performing strongly.
“We are now well into the expansion study, which is aimed at leveraging the infrastructure we now have in place and enabling us to unlock the full value of the Bellevue asset.”
Bellevue Gold is continuing expansion studies to determine the project’s potential by expanding the plant beyond its current nameplate operating rate of one million tonnes per annum.
A scoping study has already commenced, which will focus on a plant expansion to 1.5Mtpa and the expansion’s capital requirements, including non-processing infrastructure. The study is expected to be completed in the first half of the 2024–25 financial year.
The company also announced it is on track to achieve its aspirational goal of net-zero greenhouse gas emissions for the Bellevue project by 2026 thanks to investment in thermal and wind power technologies.
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