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 6.8Mt @ 6.1 g/t gold for 1.34 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 Project Update forecasts that the project will generate $2.1 billion of free cashflow (pre-tax) (assuming gold price of A$2,500/oz) over a 10 year life of mine. For the first 5 years of the operation production is forecast to average 201,000 oz per annum at an AISC of $1000 - $1,100/oz. The projected cashflow underpins an outstanding internal rate of return of 68% (pre-tax) and a payback period of 1.4 years (post-tax). 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”, on 2 September 2021 titled “Bellevue Gold Project Stage Two Feasibility Study” and on 10 June 2022 titled “Project Production, De-risking and Growth Update-update”.
The Company is fully funded to production with a $200 million underwritten and credit-approved loan secured to fund development.