Bellevue Gold (BGL) H2 2024 earnings summary

Executive summary

• Achieved transition from developer to producer, with first gold pour in October 2023 and commercial production declared in May 2024, delivering 80,043 ounces in 2H FY24 and $41m operational free cash flow in Q4 FY24.

• Successfully delivered the Bellevue Gold Project on time and on budget, with a focus on growth, margin expansion, and sustainability, including a five-year plan to reach ~250,000 ounces per annum by FY28.

• Strong ESG focus with 34.8% women in the workforce, 6.3% Indigenous participation, and significant progress on renewable energy initiatives targeting net zero (Scope 1 and 2) emissions by 2026.

Financial highlights

• Revenue of $298.4m from gold sales (93,577 oz at $3,189/oz) in FY24, with net profit after tax of $75.4m (FY23: $24.8m loss).

• Gross profit of $109.2m, with cost of sales at $189.2m, and EBITDA margin reflecting strong operational performance post-commercial production.

• Total assets increased to $934.7m (from $629.7m), with available liquidity of $75.7m at year-end.

• Total liabilities rose to $375.1m, mainly due to increased borrowings and recognition of lease liabilities for the power purchase agreement.

• Basic EPS of 6.52 cents (FY23: -2.28 cents).

Outlook and guidance

• Five-year growth plan targets production of ~250,000 ounces per annum by FY28, with staged plant upgrades to 1.6Mtpa and ongoing investment in underground development and exploration.

• Focus on ramping up production, increasing cashflow, and maximizing returns from the Bellevue asset.

• Guidance for FY25 includes increased development rates, additional mining areas, and infrastructure upgrades.