Bellevue Gold (ASX:BGL) outlined its cash-flow trajectory and expansion plans at the Resources Rising Stars Gold Coast conference on September 9, presenting a picture of a gold producer moving into the higher-grade core of its Western Australia mine and preparing for a surge in free cash flow once its hedge book is retired.
Presenter Duncan said underlying free cash flow has reached AUD 158 million in recent quarters at spot gold prices, and AUD 110 million in the last quarter at steady-state production. He said FY2027 will see the remaining 68,000 ounces of the hedge book fully eliminated — down from a position reduced by 83,000 ounces over the past financial year — after which “you will see a whole lot of free cash flow coming out of this high-grade mine.”
The company described its debt as a small amount not payable until 2027. Capital spending in the first half of the financial year is focused on installing a paste plant.
At the mine itself, operations have advanced 450 to 500 meters below historic workings across five key mining areas served by five jumbos and six underground drill rigs, most currently dedicated to grade control with two or three planned for exploration. Mining spans three main lodes — Tribune, the shallowest; Bellevue, the middle; and Deacon, the lower and highest-grade lode encompassing Marceline, Deacon Main and Deacon North.
“The orebody is now in the core,” Duncan said. “We can deliver consistently, and we can deliver from the higher-grade parts.”
Processing capacity was upgraded roughly a year ago and now achieves 70 percent gravity recovery — described as among the highest rates in Western Australia — with excess capacity still available.
Reserve and resource figures stand at more than 1 million ounces of proven and probable reserves and about 3 million ounces of resources, roughly three times the reserve base. Exploration targets include Tribune South and Deacon South as potential next mining areas, alongside active programs at Westralia, Bellevue South and the Southern Belle Decline/Viago drill drive-out zone south of historic workings.
Initial drilling at Tribune South returned 3.5 meters at nearly 50 grams per tonne of gold, while a surface hole at Westralia hit 3.5 meters at 19 grams per tonne. Down-hole electromagnetic surveys are being used to track sulfide mineralization, which Duncan said correlates one-to-one with gold.
Historic mined-out areas at Bellevue South have been identified as requiring infill drilling, and down-hole EM plates suggest high-grade lodes continue deeper and along strike.
On the sustainability side, operations are 90 percent powered by renewable energy and described as a net-zero gold operation.
Bellevue Gold’s shares were trading around $0.20, down nearly 98 percent from a 52-week high of $14.20 over the past year. The company carries a market capitalization of approximately $8.33 million and a beta of 2.96, according to InvestingPro data.
The presentation was hosted by Read Corporate and Bell Potter. Greenvale Energy managing director Alex Cheeseman also presented at the conference.
