Bellevue Gold revealed conservative profits for the first half of the 2023–24 financial year (H1 FY24) ahead of the ramp up of the Bellevue gold project in Western Australia.
The company held a cash position at December 31 2023 of $44.2 million, down from $64.7 million at June 30 2023, but held another $4.3 million in bullion and finished goods.
This brought Bellevue’s total liquidity at the end of H1 to $48.5 million, down from $134.7 million at June 30 2023.
The company declared a net profit after tax of $2.2 million, up from a loss of $12.5 million at the end of H1 FY23.
Bellevue produced 13,364 ounces (oz) of gold during the month of February, representing a 28 per cent increase from the previous month.
The ramp up in production has the company on track to achieve its production guidance of 75,000–85,000oz for FY24.
“Our production ramp up continues to improve month on month,” Bellevue Gold managing director and chief executive officer Darren Stralow said.
“It is very pleasing to see milling nameplate throughput (one million tonnes per annum) achieved for a third straight month as we progress towards steady state operations.
“This resulted in production of 13,364oz in the month of February 2024 and ensures we are well on track to meet our guidance for the six months to June 30 2024 and generate free cash flow.”
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