The company produced 13,364 ounces of gold at a head grade of 5.2gpt gold from the mine in February, marking its third consecutive month of achieving nameplate throughput.
Importantly, a Bellevue spokesperson told MNN that for the month of February, the company generated positive free cashflow for the first time.
It puts Bellevue nicely on track to meet its production guidance for the first half of 2024 — announced back in January — of between 75,000 ounces and 85,000 ounces of gold.
With 10,475 ounces of gold produced in January, even if Bellevue’s production for the remainder of the half-year plateaus from February onwards, the company will still achieve this guidance.
Bellevue says hitting this guidance means it will continue to generate positive free cash flow. The company plans to announce a cost guidance once it declares commercial production from the Bellevue mine.
Shares in Bellevue tacked on 10.45% to trade touch $1.61 on Tuesday afternoon, capitalising the company at $1.71 billion. While this marks a 27% share price run from early February, Bellevue still trades around 12.6% lower than its December 2023 high of $1.83.
Looking ahead, Bellevue says its immediate focus remains on increasing its mine stoping rate to ‘steady-state’ status, which the company says will deliver further increases in grade to the mill as the underground mining rate matches the plant throughput.
Bellevue had around $44 million in the bank at the end of December.
