Bellevue Gold Ltd (ASX:BGL) has discovered an exceptionally high-grade gold system in the world-class Goldfields mining district of Western Australia. The Company has rapidly delineated a Mineral Resource of 3.0 million ounces of gold at an impressive 9.9 g/t from 9.4Mt since the discovery hole in late 2017, making it one of the highest-grade and fastest-growing gold projects in Australia, and we are advancing to gold production.

The Company has a global JORC Mineral Resource of 3.0 Moz at 9.9 g/t gold, including a Maiden Probable Ore Reserve of 2.7Mt @ 8.0 g/t gold for 690,000oz, making it one of the highest grade gold discoveries in the world. Bellevue is now advancing its dual track strategy for growth via ongoing exploration and development of the Bellevue Gold Project in WA.

Our recent Stage 1 Feasibility Statement forecasts that the project will generate $1.1 billion of free cashflow (assuming gold price of A$2,300/oz) over a 7.4 year life of mine with production of 151,000 oz per annum at a Life Of Mine all-in sustaining cost (AISC) of $1,079/oz. The projected cashflow underpins an outstanding internal rate of return of 58% (pre-tax) and a payback period of 1.4 years (pre-tax). The current Stage 1 Feasibility Study forecasts that the Project will generate $1.6 billion of EBITDA at an EBITDA Margin of 63% over the LOM and an average free cashflow of $190 million a year. For further details, refer to the Company’s ASX announcements on 8 July 2021 titled "Bellevue set for expanded feasibility study with increase in Resource to 3.0Moz at 9.9 g/t” and on 18 February 2021 titled “Bellevue Gold Stage 1 Feasibility Study”.



A Stage Two Feasibility Study (based on a Resource upgrade) is scheduled for the September quarter 2021 and is designed to identify immediate growth opportunities incorporating the latest discoveries and additional mineralisation. The Stage Two Feasibility Study will include the recent Resource upgrades (15 April 2021, 8 July 2021), with the Marceline discovery.




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