HIGH-GRADE GOLD & RAPIDLY GROWING
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 3.1 million ounces of gold at an impressive 9.9 g/t from 9.8Mt 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 3.1 Moz at 9.9 g/t gold, including a Probable Ore Reserve of 5.3Mt @ 6.1 g/t gold for 1.0 Moz, making it one of the highest grade gold development projects 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 2 Feasibility Statement forecasts that the project will generate $1.8 billion of free cashflow (pre-tax) (assuming gold price of A$2,400/oz) over a 8.1 year life of mine with average production of 183,000 oz per annum at a Life Of Mine all-in sustaining cost (AISC) of $1,014/oz. For the first 5 years of the operation production is forecast to average 200,000 oz per annum at an AISC of $922/oz. The projected cashflow underpins an outstanding internal rate of return of 72% (pre-tax) and a payback period of 1.4 years (post-tax). The Stage 2 Feasibility Study forecasts that the Project will generate $2.4 billion of EBITDA at an EBITDA Margin of 66% over the LOM and an average free cashflow (pre-tax) of $270 million a year, over the first five years. For further details, refer to the Company’s ASX announcements on 8 July 2021 titled "Bellevue set for expanded feasibility study with increase in Resources to 3.0Moz at 9.9 g/t” and on 2 September 2021 titled “Bellevue Gold Project Stage Two Feasibility Study”.
The Company is fully funded to production with a $200 million underwritten and credit-approved loan secured to fund development.
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