Bellevue shares fall despite meeting guidance
Make us a preferred source
Make us a preferred source on Google
The news: Bellevue Gold shares fell after the miner announced its production met the midpoint of its guidance for the six months to June.
The numbers: Bellevue shares were down nearly 5% to $1.93 as of 3:41pm AEST.
Its quarterly report said it had generated $41 million free cash flow from gold production over the quarter, and that it was on track for volume at a quarterly production of 42,705 ounces.
This brought total production for the second half of FY24 to 80,043 ounces — the midpoint of the targeted range of 75,000 to 85,000 ounces.
The context: Over the last two quarters, the price of gold has steadied after three years of near-continuous growth. The World Gold Council estimated in April that global gold mine production would reach a new record high in 2024 in the sustained high price environment.
What they said: “It was a successful quarter in which we ramped up production in line with our plan, met guidance and generated strong free cash flow,” Bellevue managing director Darren Stralow said.
The sources: ASX announcement, World Gold Council
