Bellevue posts $75.4m NPAT

Bellevue Gold’s transition from gold developer to producer has resulted in posting a net profit after tax of $75.4 million for the 2024 financial year.

This result followed eight months of production at its Bellevue gold project, after Darren Stralow-led Bellevue posted a net loss of $24.7 million during the prior corresponding period.

Revenue reached $298.4 million, on the back of 93,600oz of gold being sold. It also has $48.6 million cash in the till, down from $64.7 million on June 30, 2023.

On July 26, Bellevue’s share price fell by 20 per cent, after it tapped investors for $150 million in order to not only repay some of its debt, but also self-fund its five-year growth plan.

Alongside its placement, the company also undertook a share purchase plan to the value of approximately $25 million.

In line with its update to the market on July 26, the gold miner has set a 165,000-185,000 ounce annual production guidance for the 2025 financial year, along with an all-in sustaining cost range of $1,750-$1,850/oz.

Bellevue also hopeful it will produce around 250,000oz per annum at its Bellevue gold mine, located near Meekatharra, by the 2028 financial year.

“With the recent successful capital raising enabling us to reduce debt significantly, freeing up cash flow to help fund growth, we are very well-positioned to increase production, cash flow and mine life,” Mr Stralow said.

As of 10.24am WST, Bellevue shares were down 5 per cent to $1.20.