We recently attended a site tour to BGL’s Bellevue Gold Mine, which included viewing underground development and stoping operations plus key surface infrastructure. Underground production is ramping up, and we believe BGL will likely commit to an expansion of the process plant from 1.1mtpa to 1.5mtpa. BGL is set to release its maiden production and cost guidance later this month, which will also include a multi-year outlook. We have adjusted our production forecasts for BGL to incorporate a higher mining rate and mill expansion, which lifts production to ~250kozpa from FY27. However, to achieve this we have incorporated increased lower grade ore, which drives upgrades to our AISC forecasts. The changes have had a mixed impact on our earnings outlook, and we reiterate our HOLD rating, lifting our price target 5% to A$1.90 price target.
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