We are initiating coverage on Bellevue Gold with a HOLD rating and set a A$1.50 price target. Gold production has commenced at the Bellevue Gold project, and we expect the asset to generate strong cash flow at full production. However, in the absence of guidance, we believe that the pace of the production ramp up could disappoint market expectations, particularly for the next six months. The release of production and cost guidance in late January presents a major near-term catalyst for BGL.
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