Amid high gold prices, Bellevue Gold has detailed strong operations and financial performance in its March 2024 quarterly, following the official opening of the Bellevue Gold mine in March.
The gold miner produced 37,338 ounces (oz) during the period, with the growth driven by a higher ore grade as underground mining continued to deliver increasing stope tonnages to the Bellevue Gold project’s mill.
Bellevue processed gold at 5.8 grams per tonne (g/t), with the development head grade reaching 9.2 g/t gold. The company poured 13,721oz in the March quarter, with 32,893oz sold and 258,000 tonnes of ore processed at 5.0 g/t gold.
The company also delivered $20 million in normalised free cashflow during the March quarter, with Bellevue’s production ramp up set to bring significant free cash flow growth in the June 2024 quarter.
“Our highly successful mining and production ramp up has enabled us to make a very strong transition to free cash generation,” Bellevue managing director Darren Stralow said.
“The production ramp up is proceeding to plan, with tonnages and mill throughput rates well on budget. And now we can see that the grade is hitting the mark too.
“The free cash we generated as production ramped up over the course of the March quarter highlights the huge cashflow generating capacity of this project as we move towards steady-state production and unit costs come down accordingly.
“We are comfortably on track to meet our production guidance of 75,000-85,000oz for the six months to June 30, generating increased free cashflow in the process and paving the way for the declaration of commercial production in the coming quarter.”
Bellevue closed the quarter with $40 million in total liquidity.
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