Gold production at the Bellevue Gold mine increased to 13.4koz in February, a 28% increase on January. Importantly, we estimate that the improvement has been entirely from higher grades milled. The improvement in grade reflects increased stoping tonnes vs development ore and stockpiles. BGL noted it is on track to deliver on its 75-85koz production guidance and we have lifted our forecast to the upper end of the range. Updated AISC guidance remains elusive, with BGL not expected to provide an updated cost outlook until the 4QFY24 result. The improved near-term outlook and strength in gold prices drives a 3% lift in our price target and we reiterate our HOLD rating on BGL.
To access the full report please log in under the Client Area at the bottom of this page.
Argonaut’s Client Area allows you to view delayed share prices, access Argonaut’s wealth of Research as well as create custom portfolios and set up company watch lists.
If you would like to access our research please contact us to create an account.
