We attended the official mine opening ceremony at the Bellevue Gold Mine. Mine development is progressing and BGL expects to be operating at target stoping rates by June, at which time we expect commercial production will be declared. Milling rates have already pushed marginally beyond our 1.0mtpa base case and present upside risk to our medium-term forecasts. We are reiterating our HOLD rating on BGL and A$1.60 price target. Life of mine AISC guidance for BGL of A$1,000-1,100/oz is stale, and we believe cost guidance for FY25 is a potential negative catalyst for BGL.
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